Tricon Capital GP Inc

ITEM 5. FEES AND COMPENSATION

Our Advisory Business generates three main revenue streams for Tricon: Management Fees and
General Partner Distributions (the latter of which are applicable only to Canadian funds), which
are not contingent on the performance of the investment vehicle, and Performance Fees, described
below. Investors should refer to the relevant fund’s governing documents for a detailed description
of the fees associated with investments in the funds.

Management Fees

Limited partnership interests in our funds are sold by way of private placement to accredited or
otherwise eligible investors who become limited partners in the funds. During our funds’
investment periods (typically three to four years), limited partners pay, via capital calls,
Management Fees ranging typically from 1% to 2% of committed capital per annum depending on
the size of their respective investment. Following completion of the investment period, these fees
are typically calculated, at the same rates, on the outstanding invested capital. Management Fees
decline over time as fund investments are realized. The Management Fees are payable monthly in
advance and are collected directly by the Company from the funds.

Tricon Capital GP Inc.
Form ADV Part 2A – Brochure
March 31, 2026

General Partner Distributions (Canadian Funds Only)

General Partner Distributions are based on prescribed formulas within a Canadian fund’s limited
partnership agreement and are not contingent on the performance of the funds.

Performance Fees

If we achieve prescribed investment returns in the funds, the Company or its affiliates are entitled
to earn Performance Fees.

Performance Fees are calculated based on prescribed formulas within a fund’s contractual terms.
These fees are earned following the repayment of investor capital and a predetermined rate of
return and as a result are typically paid toward the end of a fund/investment’s term. Performance
Fees are typically calculated as 20% of net cash flow and are paid after investors’ capital has been
returned, together with a preferred return on capital of, typically, 9% to 10%.

The Performance Fee formula may also contain a “catch-up” provision that enables the Company
or affiliate to earn a higher percentage of net cash flow as a Performance Fee until the ratio of the
investor return (preferred return plus its share of net cash flow) to Performance Fees paid is 80/20.

Given that Performance Fees are only earned once a fund’s limited partners have received the
return of their committed capital plus a preferred return, our Performance Fees are back-ended and
are typically only earned six to eight years after the commencement of a fund and only if the funds
achieve their prescribed investment returns.

Other Fees and Expenses

The funds pay, and the investors in those funds indirectly bear, all reasonable costs and expenses
of the funds’ operations as further detailed in each fund’s governing documents including, but not
limited to:

    •   out-of-pocket expenses, including travel, meals and entertainment expenses incurred in
        connection with the identification, making, holding, sale or proposed sale of any
        investment, including any expenses associated with proposed investments that are
        ultimately not made by the funds;

    •   routine expenses of the funds, including legal, auditing, consulting and financing fees and
        expenses associated with the funds’ financial statements and tax returns, insurance expense
        and other administrative expenses (including regulatory filings) of the funds;

    •   engineering, surveying, entitlement, brokerage, market research, title, consulting,
        appraisal, valuation, property management, development, loan servicing, collateral
        management, evaluation, inspection and due diligence of or for potential investments;

Tricon Capital GP Inc.
Form ADV Part 2A – Brochure
March 31, 2026

    •   origination, acquisition, ownership, maintenance, servicing, management, operation, use,
        lease, entitlement, preservation, enhancement, improvement, development, financing,
        valuation, marketing, or sale or other disposition of any investment;

    •   litigation-related and indemnification expenses; and

    •   organizational costs (which may include the types of expenses set forth above) up to a
        certain dollar amount.

Certain funds earn transaction fees, including commitment fees and asset management/supervision
fees, for making investments. These fees will be applied directly to the applicable fund for the
benefits of such fund investors.

As noted above in Item 4, our fund investments involve providing equity (or equity-type) financing
to land developers and homebuilders. Those development partners will also generally be required
to invest a certain portion of the capital needed to undertake the land or homebuilding project.

The development partners are responsible for completing the project in question and can, as a result
of their services and investment in the project, receive compensation in the form of development
management fees or incentive allocations if the project financial performance exceeds certain
hurdles. This compensation is typically paid to the development partner by the underlying project,
which is an indirect expense of the funds.

ITEM 7. TYPES OF CLIENTS

The Company and its affiliates provide discretionary investment advice to pooled investment
vehicles organized as limited partnerships. The Company’s minimum investment in its funds is
generally $5,000,000 for institutional investors and $150,000 for high net worth individuals, which
may be waived at the discretion of the Company. The funds are closed to new investors.

Investment advice is provided directly to the funds and not individually to its investors. Investors
in the Funds may include, but are not limited to, high net worth individuals, banks, thrift
institutions, pension and profit-sharing plans, sovereign wealth funds, trusts, estates, endowments,
foundations, and corporate or other business entities. Each investor is required to meet certain
suitability qualifications, such as being an “Accredited Investor,” “Qualified Client” and
“Qualified Purchaser,” as applicable, within the meaning set forth under the United States federal
securities laws and in accordance with each fund’s offering documents.

The Company, on behalf of its funds, has entered into “side letter” agreements with certain
investors in specific funds that grant such investors additional rights, and may, without notice to
other investors, enter into additional “side letter” or other agreements with other prospective or
existing investors.

Terms of such side letters include or may include, among other things, greater portfolio
transparency, special liquidity rights, fee waivers or adjustments, future capacity rights in the
funds, membership on the Investor Advisory Committee, reduced minimum subscription amounts,
additional rights to reports and other information and other more favorable investment terms than
the standard terms that are described in the applicable fund’s offering documents. The granting of
preferred terms to certain investors is solely at the discretion of Company, and the funds shall have
no obligation to offer such differing or additional rights, terms or conditions to all investors, absent
a written agreement to the contrary.