BACKGROUND This brochure provides certain information regarding the investment advisory services Arlington Partners, LLC, an Alabama limited liability company (referred to below as “Arlington Partners,” “Firm,” “we,” “our,” or “us”), provides as a registered investment adviser. Arlington Partners is owned by Arlington Holdings, LLC (“Arlington Holdings”). Arlington Management Company, Inc. (“Arlington Management”) serves as manager of Arlington Holdings. Arlington Holdings and Arlington Management are privately owned by a group of their officers and managers, including the executive officers of Arlington Partners, each of whom is actively working in the business. We are affiliated with Arlington Trust Company®, LLC (“Arlington Trust”), a non-depository bank exercising trust and fiduciary powers, which provides broad family office services, including various wealth management services, to multigenerational families of significant net worth with the goal of enhancing their lives. We also are affiliated with Arlington Associates, LLC (“Arlington Associates”), an accounting and tax services firm. Arlington Family Offices® is a trade name under which Arlington Trust and certain of its affiliates offer holistic service to families of significant wealth. Arlington Trust and Arlington Associates are also owned by Arlington Holdings, and thus we are under common control with Arlington Trust and Arlington Associates. Arlington Family Offices’ work is to provide holistic family office services for multi-generational families. In light of the growing focus on intergenerational trusts and foundations, in 2023, all of Arlington Partners’ managed accounts (i.e., investment advisory accounts for individuals, trusts, estates, foundations, family limited partnerships, and the like) were transitioned to our affiliate, Arlington Trust, at which time Arlington Partners ceased offering investment advisory services to managed account clients (the “Internal Restructuring”). This transition resulted in a material decrease in our assets under management as these “managed accounts” are no longer included in the calculation. Qualifying managed account clients of Arlington Trust are eligible to invest in Arlington-Affiliated Private Funds. See Item 11 – Other Financial Industry Activities and Affiliations for additional information. Arlington Partners offers investment advisory services to privately placed pooled investment vehicles for which Arlington Partners or one of its affiliates serves as fund manager, general partner, managing member and/or in similar roles ("Arlington-Affiliated Private Funds” or “Funds”). See below under “Arlington-Affiliated Private Funds” for additional information. With the transition described above, Arlington Partners does not offer investment advisory services to persons other than Arlington-Affiliated Private Funds. Revised March 2024 5 As of December 31, 2023, Arlington Partners managed a total of $1,340,641,610 of client assets, all of which constituted assets of Arlington-Affiliated Private Funds and all of which were managed on a discretionary basis. The reduction in our assets under management reported in our October 26, 2023 brochure, as well as the further

reduction reported here, reflects the completion of the Internal Restructuring. ARLINGTON-AFFILIATED PRIVATE FUNDS As noted above, we provide investment advisory services to various Arlington-Affiliated Private Funds. In some cases, certain investments or other activities of an Arlington-Affiliated Private Fund will be conducted through one or more special-purpose entities (the “Fund-Related Entities”) in which the applicable Arlington-Affiliated Private Fund (the “Parent Fund Entity”) owns at least a controlling interest. Fund Related Entities will be formed for, among other reasons, the purpose of investing in one or more portfolio companies or other assets in connection with pursuing the investment objectives and strategies of the Parent Fund Entity. The general partner, manager or managing member (or entity holding a similar capacity) of the Arlington-Affiliated Private Funds and Fund-Related Entities (the “Fund Managers”) are, in each case, Arlington Partners or an entity that is under common control with Arlington Partners. In addition to any applicable management fees, often the Fund Manager or another designated affiliate of Arlington Partners will be entitled to receive a profits interest, carried interest, incentive fees of other types of performance-based compensation from Arlington-Affiliated Private Funds and/or Fund-Related Entities. Arlington-Affiliated Private Funds typically are organized as domestic limited partnerships or limited liability companies. Investments in Arlington-Affiliated Private Funds involve significant risk factors, including, but not limited to, potential for loss of principal, liquidity constraints and a lack of transparency found in public market investments. Unlike liquid investments, Arlington-Affiliated Private Funds do not provide daily liquidity or pricing. Therefore, investors should consider whether an Arlington-Affiliated Private Fund meets their investment objectives, liquidity needs, and risk tolerance before investing. Some Arlington-Affiliated Private Funds are illiquid and have no readily available market or sales price, and some Arlington-Affiliated Private Funds only produce a return on capital invested when making distributions or when liquidating the investment entities themselves. The respective offering documents for an Arlington-Affiliated Private Fund, including private offering memorandums or similar documents (the “Offering Documents”), contain a detailed discussion about the applicable Arlington-Affiliated Private Fund, including important information concerning applicable investment objectives, fees and expenses, risk factors and conflicts of interest. In addition to completing and signing the Arlington-Affiliated Private Fund’s subscription agreement and other required documentation, each investor generally is required to certify, among other things, that the investor is an "accredited investor" (as defined in Rule 501, Regulation D Revised March 2024 6 under the Securities Act of 1933) and a “qualified purchaser” (as defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended). WRAP FEE PROGRAMS Arlington Partners does not sponsor or participate in wrap fee programs.