Triangle Investment Management LLC

Item 5.    Fees and Compensation

The fees applicable to the Clients are set forth in detail in the Offering Documents and the IMA.
A general summary of the fees charged by the Adviser is provided below.
Management Fee

The Adviser or an affiliate of the Adviser (the “General Partner”) is paid an asset-based investment
management fee of 2.0% per year based on the value of each Fund Investor’s capital commitment
or unreturned capital contributions (the “Management Fee”). Any payment of the Management
Fee in respect of a period less than a quarter of a fiscal year will be prorated based on the actual
number of days in such period. The General Partner may reduce the Management Fee with respect
to certain Fund Investors and may reduce or eliminate the Management Fee with respect to certain
affiliates, their employees, and such employees’ affiliates. In addition, the Adviser will receive a
management fee from one or more of the Funds’ underlying investments. Accordingly, the
Adviser will receive two layers of management fees with respect to such underlying investments:
the Management Fee paid by the Fund and the management fee paid by the underlying investment,
that will be paid directly to an affiliate of the Adviser through a special purpose vehicle that will
be owned by the Fund and facilitates the Fund’s investment in the underlying investments. The
payment of a management fee by the underlying investments will reduce the value of the
underlying investment and create a conflict of interest in that the Adviser has a financial incentive
to invest in underlying investments that pay a management fee to the Adviser.
With respect to the JV Entity, the Adviser receives (i) an asset management fee (“Asset
Management Fee”) of 0.5% per year of all capital contributions to the JV Entity and the principal
amount of the loans made by members of the JV Entity, and (ii) a transaction fee (“Transaction

Fee”) of 0.5% of the purchase price for assets acquired (“Acquired Asset”) by the JV Entity. The
Asset Management Fee is payable quarterly in arrears on the last business day of each calendar
quarter and pro-rated for any partial calendar quarter. The Transaction Fee is payable upon the JV
Entity’s acquisition of the Acquired Asset.
The Account pays the Adviser a management fee computed at an annual rate of 0.25% of the value
of the net assets as of the first day of each quarter. The management fee is paid in the beginning
of each month. In the event the Adviser is not acting as the adviser of the Account for an entire
quarter, the management fee will be prorated based on the actual number of days in such period.
Performance-Based Compensation

With respect to the Funds, an affiliate of the Adviser is entitled to performance-based
compensation (a “Performance Fee”) of 30% of capital gains on or capital appreciation of the
invested assets of the Funds after the Funds have achieved a minimum per-annum return hurdle.
The Performance Fee for the Funds may be reduced with respect to certain Fund Investors and
may be reduced or eliminated with respect to certain affiliates, their employees, and such
employees’ affiliates. In addition, the Adviser or its affiliate will receive a Performance Fee from
one or more of the Funds’ underlying investments. Accordingly, the Adviser or its affiliate will
receive two layers of Performance Fees with respect to such underlying investments: the
Performance Fee paid by the Fund and the Performance Fee paid by the underlying investment,
that will be paid directly to an affiliate of the Adviser through a special purpose vehicle that will
be owned by the Fund and facilitates the Fund’s investment in the underlying investments. The
payment of a Performance Fee by the underlying investments will reduce the value of the
underlying investment and create a conflict of interest in that the Adviser or its affiliate have a
financial incentive to invest in underlying investments that pay a Performance Fee to the Adviser
or its affiliate.
With respect to the JV Entity, an affiliate of the Adviser is entitled to a Performance Fee of 10%
of capital gains on or capital appreciation of the invested assets of the JV Entity after the JV Entity
has achieved a minimum per-annum return hurdle.
With respect to the Account, the Adviser, or an affiliate of the Adviser, is entitled to receive a
Performance Fee of 25% of net profits after the Account has achieved a minimum per-annum
return hurdle.
Fees charged by the Adviser to co-investors, which may include without limitation, a management
fee and carried interest, will be based on a consideration of factors that may include, without
limitation, the strategic value provided by the co-investor, prevailing market rates for co-investor
capital, and the Adviser’s prior history with the co-investor. As a result, there will be differences
in expenses allocated among clients and co-investors, and there may be occasions where co-
investors do not bear a share of such expenses and instead such amounts are borne by participating
clients. This arrangement may present risks and potential conflicts of interest, such as differing
fee structures and priorities between the Adviser or its affiliates and co-investors. These
differences can impact the management of investments and alignment of interests, potentially
affecting overall returns.

At times, the Adviser, the General Partner, and/or their respective affiliates, may receive carried
interest compensation from certain co-investors in the form of an allocation of servicing fee splits
that the co-investors are entitled to by virtue of their ownership of certain controlling bonds. The
Adviser will seek to negotiate such fee splits with third party servicers to maximize the portion
received by the Fund and any co-investor.
Other Types of Fees and Expenses

In addition to paying the investment management fees and performance-based compensation
...

Item 7.    Types of Clients

The Adviser’s clients consist of the Funds and the Account. Any minimum investment amount
with respect to a Fund is disclosed in the Fund’s Offering Documents. The Account is not subject
to a minimum investment amount.