Arena was created in 2015 to establish a multi‐strategy asset management business that seeks to create attractive risk‐adjusted returns for its clients across a wide variety of fundamentals‐based, asset oriented, credit‐focused investment opportunities. The senior management team of Arena is led by Chief Executive Officer (“CEO” and Chief Investment Officer (“CIO”) Daniel Zwirn. The Westaim Corporation (TSXV:WED), a publicly listed Canadian corporation, owns Arena through indirect holding companies (collectively, The Westaim Corporation and its holding companies are referred to herein as “Westaim”). Arena is directly owned by Arena Investors Group Holdings, LLC (“AIGH”), which is owned and controlled by Westaim. Additionally, Bernard Partners, LLC (“BernardCo”) holds a 49% stake in the Investment Adviser. Clients (as defined below) will be required to consent in advance to any change of ownership in their subscription documentation or otherwise. In addition, or alternatively, to the extent any change in the equity ownership of Arena represents an “assignment” or change of control within the meaning of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), Clients or an independent representative with relevant experience, will be asked to provide consent to such assignment or change of control on behalf of a fund Client and its investors; any such consent given will be binding on such fund and its investors. Separately managed account Clients will be required to consent in advance to such change of ownership in their investment management agreement (“IMA”). Advisory Clients Arena provides investment advisory services directly, and indirectly through its affiliated advisory entities, to: (i) certain private investment vehicles including domestic and foreign partnerships and corporations sponsored and/or organized by Arena (“Arena Funds”); and (ii) separately managed accounts and single investor vehicles that may be domestic or foreign

partnerships or corporations each established by, or on behalf of, a single third party investor (or two or more affiliated third party investors) (collectively, “SMAs” and together with Arena Funds, “Clients”). The descriptions of Arena Funds and SMAs managed by Arena set forth in this brochure, including the types of investments made and strategies used, fees and expenses charged, risk factors and conflicts of interests that will arise in Arena’s management of such Arena Funds and SMAs, are qualified in the formal offering materials (e.g., the offering memoranda, memorandum and articles of association, limited partnership agreement, as the case may be, and subscription documents) provided to investors in the Arena Funds which Arena manages (collectively referred to herein as the “Offering Documents”) or the IMA for SMAs, as applicable. Arena provides investment advisory services to pooled investment vehicles, or single investor managed accounts or funds, the related investment strategies of which typically are expected to be substantially similar to or invest in some of, but not all of the related investment strategies of one of the other Arena Clients and Arena proprietary accounts. Investment strategies will vary depending on the investment mandate for each Client. As more fully described below, Arena’s investment strategies include, but are not limited to: (i) corporate private investments, (ii) real estate private investments, (iii) structured finance & assets, (iv) natural resources, (v) secondaries & liquidity solutions, (vi) Asia-pacific private investments, (vii) European private investments, and (viii) corporate securities. Assets Under Management As of December 31, 2023, Arena had approximately $3,675,146,923 in regulatory assets under management (of which approximately $935,123,487 of assets were non‐discretionary and $2,740,023,436 were discretionary). Arena does not participate in wrap fee programs.