For purposes of this brochure, “Arrowhead” means Arrowhead Investment Management LLC, a Delaware limited liability company, together (where the context permits) with its affiliates that provide advisory services to and/or receive advisory fees from the Funds (as defined below). Such affiliates may or may not have identical ownership, but are under common control with Arrowhead. These affiliates may be formed for tax, regulatory or other purposes in connection with the organization of the Funds, or may serve as General Partners of the Funds. Arrowhead provides investment supervisory services to investment vehicles that are exempt from registration under the Investment Company Act of 1940, as amended (the “1940 Act”) and whose securities are not registered under the Securities Act of 1933, as amended (the “Securities Act”). As of the date of this brochure, Arrowhead Mezzanine, LLC, an affiliate of Arrowhead, serves as the investment manager for Gleacher Mezzanine Fund II, L.P. (“Fund II”), and Arrowhead serves as the investment manager for Arrowhead Capital Fund III, LP (“Fund III”, collectively with Fund II, the “Main Funds”). As of the date of this brochure, Fund II has realized all investments and is expected to complete the wind down process before June 30, 2024. Arrowhead may also, from time to time, establish, on a transaction-by-transaction basis, certain investment vehicles, through which certain persons may invest alongside one or more Main Funds in a particular investment opportunity (each such vehicle, a “Co-Investment Vehicle”). As a general matter, each such Co-Investment Vehicle is contractually required, as a condition of its investment, to exit its investment in the particular investment opportunity at substantially the same time and on substantially the same terms as the applicable Main Fund(s) that are also invested in that investment opportunity. Additionally, Arrowhead may also organize and serve as General Partner (or in an analogous capacity) to (i) alternative investment vehicles (each, an “Alternative Investment Vehicle”) organized to address, for example, specific tax,

legal, business, accounting or regulatory-related matters that may arise in connection with a transaction or transactions, and/or (ii) parallel investment vehicles, which may include any managed accounts and other separate accounts managed by Arrowhead that invest side-by-side with one or more of the Main Funds and that contain terms and conditions substantially similar to those of the Main Funds (each, a “Parallel Fund”). The Main Funds, Co-Investment Vehicles, Parallel Funds and Alternative Investment Vehicles are collectively referred to as the “Funds.” Although Co-Investment Vehicles are collectively referred to in this brochure as Funds, some or all Co-Investment Vehicles may not be clients of Arrowhead. The Funds make primarily long-term mezzanine debt and equity-related investments. Arrowhead’s advisory services consist of investigating, identifying and evaluating investment opportunities, structuring, negotiating and making investments on behalf of the Funds, managing and monitoring the performance of such investments and disposing of such investments. Arrowhead may serve as the investment adviser or General Partner to the Funds in order to provide such services. Arrowhead provides investment supervisory services to each Fund in accordance with the limited partnership agreement (or analogous organizational document) of such Fund. Investment advice is provided directly to the Funds (other than certain Co-Investment Vehicles), subject to the discretion and control of the applicable General Partner, and not individually to the investors in the Funds. Services are provided to the Funds in accordance with the Advisory Agreements with the Funds and/or organizational documents of the applicable Fund. Investment restrictions for the Funds, if any, are generally established in the organizational or offering documents of the applicable Fund and/or side letter agreements negotiated with investors in the applicable Fund. The principal owners of Arrowhead are Mary Gay, Elliot Jones, Craig Pisani and Gerald Parsky. As of September 30, 2023, Arrowhead managed approximately a total of $281 Million.