Arcadia Funds Arcadia Funds is a federally registered investment adviser that provides investment management services to clients, as further described below. Arcadia Funds is a Delaware limited liability company with its principal place of business in Massachusetts. Arcadia has been in business since 2012. Arcadia Funds is wholly owned by Andrew Hallowell (Managing Director and Chief Executive Officer), Brent Clark (Managing Director), and Jonathan Green (Managing Director). Arcadia Funds provides investment advisory services and investment management sub- advisory services to pooled 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”). Cirrix Capital LP, Cirrix Capital TE, L.P., Cirrix Capital IDF / SALI Multi Series Shares (insurance dedicated fund) and AF Specialty Finance Partners, L.P. (collectively, the “Funds”) are structured as limited partnerships. Arcadia Funds may in the future provide investment advisory services to investment vehicles that are registered under the 1940 Act and the Securities Act. From time to time, Arcadia Funds also provides investment advisory services to institutional clients through separate accounts. The Funds and the separate accounts historically primarily purchased prime consumer and small business installment loans and loan participations. These loans included, but were not limited to, consumer installment loans and loans made to private businesses. Starting in 2017-2018, per our disclosure to our investors, Arcadia Funds pursued a strategy of redeploying the Funds’ capital away from a primarily unsecured consumer lending to a broader mandate, as described further below. The Funds, except for AF Specialty Finance Partners, LP, and Cirrix Capital IDF Series, invest all their assets in Cirrix Investments, LLC, which in turn invests in Cirrix Capital, LLC, Cirrix IV Trust, and Cirrix Finance, LLC (together, the “SPEs” or “Portfolio Companies”), all of which are managed by Arcadia Funds. When deemed appropriate by Arcadia Funds, debt is employed by some of the Portfolio Companies to help enhance returns to the investors. Arcadia Funds foresees establishing future SPEs to invest in loan platforms and other specialty finance/fintech opportunities. Arcadia Funds provides investment advisory services to each of the Funds and any separate accounts pursuant to separate investment and advisory agreements (each, an “Advisory Agreement”). Investment guidelines for each Fund, if any, are generally established in its organizational or offering documents and side letter agreements may be negotiated with certain investors. Investment advice will be provided directly to the separate accounts and to each Fund and not individually to the investors in the Funds. As described more fully in Item 11 below, Arcadia Funds may enter into side letter agreements with certain investors in the Funds that provide them with customized terms, which may result in preferential treatment. The Funds and the separate accounts invest in credit opportunities in which Arcadia Funds believes attractive risk adjusted returns can be realized. Such opportunities include, among other things, acquiring an interest in loans to, or guaranteeing the debt obligations of, individuals or businesses. Attractive risk adjusted returns refers to expected returns sufficient, in the estimation Arcadia Funds, to compensate for expected credit losses and other operating expenses and result in net returns providing appropriate compensation for the inherent risks of the investment. The Fund’s primary investment objective is to achieve a high level of current income and attractive risk-adjusted returns, with an emphasis on preservation of capital, through exposure to specialty finance assets often originated by “digital lending” platforms. “Specialty finance,” in this context, means fixed income interests arising from “digital

lending” programs typically designed to address underserved areas of consumer and small business borrowing. The Funds seek to achieve its objective primarily through a strategy employing sophisticated analysis and modeling to select, purchase and curate pools of fixed income interests arising from digital lending programs that would generally be considered specialty finance in that they are typically designed to address underserved areas of business and consumer borrowing. A Fund’s holdings may include, but are not limited to, loans, both secured and unsecured, interests in loans, leases, receivables financing and receivables supported by legal settlements. The primary investment vehicles are discussed in more detail below. The Funds will target participation in digital lending programs where they either (a) have structural enhancement via a subordinate layer provided by the platform or another party, (b) is participating in secured assets, or (c) it is provided with contractual credit enhancement. The Funds may seek equity or warrants in a platform as a potential enhancement to its investments, though it is expected that the investment under consideration should meet the Funds’ return targets without factoring in potential return of any equity position. To evaluate potential investment opportunities, the Investment Manager will use a combination of analyses and due diligence to assess the underlying loan programs and platforms, including:
• Quantitative analysis of loans originated by the platform, including modeling of expected go- forward loss-adjusted yields based on underwriting trends and credit outlook;
• Fundamental analysis of the platform as a business, establishing its financial stability as an ongoing concern for future originations and servicing;
• Analysis of opportunities in a given specialty finance market and expected evolution of available yields and credit performance; and
• Analysis of primary and secondary financial and credit models. The Investment Manager will typically use analytical tools developed in-house that rely on our extensive performance databases designed to underwrite and select large portfolios of consumer and business loans. Sub-advisory Agreement Under an Investment Subadvisor Agreement dated November 18, 2014 between Arcadia Funds and SALI Fund Management, LLC, SALI Fund Management appointed Arcadia Funds to act as an investment sub-adviser to the SALI Multi-Series Fund, L.P. (“Series Fund”). Pursuant to the Subadvisor Agreement, Arcadia Funds is responsible for, among other things: constructing an investment portfolio that may include investments in credit opportunities funds, (including credit opportunities funds managed by Arcadia Funds) whole loans, and individual securities, conduct ongoing due diligence on the underlying investments selected; monitoring the performance of all underlying investments and suggesting changes to the investments, including allocations, as necessary; selecting investments in according with the Series Fund’s investment mandate; providing an investment mandate that describes the investment style of the Series Fund and the potential risks associated with an investment in the Series Fund; and ensuring the actual investments made through the Series Fund have been consistent with the investment mandate. Investments in the Series Funds are available only to insurance company investors on behalf of certain of their segregated separate accounts for owners of variable life insurance and variable annuity contracts. While an insurance company, not a policy owner, will become a limited partner in the Series Funds, it is expected that policy owners will be able to allocate a portion of their investment held in the separate account to the Series Fund as one of the investment options of the policies. As of December 31, 2023 Arcadia Funds had $233,200,000 in discretionary assets under management and approximately $0 in non-discretionary AUM. Arcadia Funds does not participate in wrap fee programs.