Our Business Arbor Investments Management, LLC (collectively with its affiliates, “Arbor”, the “Firm”, “we”, “our” or any other such collective words) is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940 (the “Advisers Act”), with its principal place of business in Palm Beach, Florida. Arbor also maintains offices in Chicago, Illinois and New York, New York. Arbor was organized in 2006 and is principally owned by Gregory J. Purcell. Arbor provides investment management services solely to its private equity and private debt fund clients (and their respective parallel funds and alternative investment vehicles), and any references throughout this Firm Brochure to “clients” and to Arbor’s related duties to and practices on behalf of its clients and/or investors should be construed accordingly. These funds include (a) Arbor Investments III, L.P., which includes its parallel fund, Arbor Affiliates Fund III, L.P. (together, “Arbor III”), (b) Arbor Investments IV, L.P., which includes its parallel fund, Arbor Affiliates Fund IV, L.P. (together, “Arbor IV”), (c) Arbor Debt Opportunities Fund I, L.P. (“Arbor DOF I”), (d) Arbor Debt Opportunities Fund II, L. P., which includes its parallel fund, Arbor Debt Opportunities Fund II-A, L.P. (“Arbor DOF II”), and (e) Arbor Investments V, L.P. which includes its parallel fund, Arbor Investments V-A, L.P. (together, “Arbor V”). Arbor III, Arbor IV, and Arbor V, together with any future private equity investment fund to which Arbor or its affiliates provide investment management services, are referred to in this Firm Brochure each as an “Equity Fund,” and collectively as the “Equity Funds”. Arbor DOF I and Arbor DOF II, together with any future private debt investment fund to which Arbor or its affiliates provide investment management services, are referred to in this Firm Brochure each as a “Debt Fund,” and collectively as the “Debt Funds”. The Debt Funds and the Equity Funds are referred to herein each as a “Fund,” and collectively as the “Funds”. In certain circumstances, Arbor permits certain investors and third parties to invest alongside a Fund directly into portfolio company or its holding company. Such direct co-investments are not considered clients or Funds of Arbor. The general partner of each Fund (each, a “General Partner,” and collectively, the “General Partners”) is affiliated with Arbor through common ownership and control as well as shared executive officers. Each General Partner is subject to the Advisers Act pursuant to Arbor’s registration in accordance with SEC guidance. This Firm Brochure also describes the business practices of the General Partners, which operate as a single advisory business together with Arbor. The applicable General Partner of each Fund retains investment discretion and investors in the Funds do not participate in the control or management of the Funds. While the General Partners maintain ultimate authority over the respective Funds, Arbor has been designated the role of investment adviser. Each General Partner and the principals and certain investment professionals of Arbor generally participate in the Fund’s investments by investing assets directly in the Funds (through limited partner interests) or indirectly through investments in the General Partners, which in turn, invest in the Funds. Advisory Services Arbor specializes in managing private fund investments primarily in the food and beverage and related industries. Several of the senior investment professionals of Arbor have served as senior executives, entrepreneurs, investors and advisors to many of the world’s leading food and beverage companies. We believe our specialization enables us to play a decisive role in portfolio company

management and operations while maintaining perspective on valuations, financing parameters and exit/liquidation potential. Arbor provides investment advisory services as a private equity fund manager to its Funds. The Funds invest through privately negotiated transactions in operating companies, generally referred to as “portfolio companies.” Each portfolio company has its own independent management team responsible for managing its day-to-day operations, although for the Equity Funds, (i) members of Arbor or representatives appointed by the Firm are expected to serve on the boards of, or otherwise act to influence control of the management of, such portfolio companies and will therefore have a significant impact on the long-term direction of the company, including the selection of management team members and (ii) in some cases, Arbor will more directly influence the day-to- day management of a portfolio company by recruiting and installing certain individuals in various leadership roles, such as chief executive officer, chief operating officer, chief financial officer or in other roles. For each Fund, Arbor performs in-depth due diligence regarding proposed investments, structures and evaluates platform acquisitions and add-on acquisitions to portfolio companies, works closely with portfolio company management to provide strategic operating and financial advice, examines and implements succession planning, and identifies multiple exit options prior to an initial investment. Arbor’s investment advice and authority for each Fund is tailored to the investment objectives of that Fund; Arbor does not tailor its advisory services to the individual needs of investors in its Funds. Arbor’s advisory services to the Funds are detailed in and governed by the relevant private placement memoranda or other offering documents, limited partnership, subscription agreements or other operating agreements of the Funds (collectively, the “Governing Documents”) and are further described below in Item 8 under “Methods of Analysis, Investment Strategies and Risk of Loss.” Investors in the Funds participate in the overall investment program for the applicable Fund, but in certain circumstances can be excused from a particular investment due to legal, regulatory or other agreed-upon circumstances pursuant to the Governing Documents. In accordance with industry common practice, the Funds or the General Partners have entered into side letters or other similar agreements (“Side Letters”) with certain investors that have the effect of establishing rights under, or altering or supplementing the terms (including economic or other terms) of, the Governing Documents with respect to such investors. Examples of Side Letters entered into include provisions whereby investors have expressed an interest in participating in co-investment opportunities, notification provisions, reporting requirements, advisory board representation and “most favored nations” provisions, among others. These rights, benefits or privileges are not always made available to all investors, consistent with the Governing Documents and general market practice. Commencing in September 2024, Arbor will make required disclosure of certain side letters to all investors (and in certain cases, to prospective investors) in accordance with the new Private Fund Rule. Side Letters are negotiated at the time of the relevant investor’s capital commitment, and once invested in a Fund, investors generally cannot impose additional investment guidelines or restrictions on such Fund. There can be no assurance that the Side Letter rights granted to one or more investors will not in certain cases disadvantage other investors. Regulatory Assets Under Management As of December 31, 2023, Arbor managed $3.101 billion in discretionary regulatory assets under management. Arbor does not manage any assets on a non-discretionary basis.