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Investor Presentaiton

Arena Investors - Q4 2021 Quarterly Result Highlights (dollars in millions) Recurring Income Management Fees Servicing Fees Other Income Recurring Income Operating Expenses Fee Related Earnings (Loss) Incentive Income Incentive Fees Incentive Fee Compensation Net Incentive Fees Net Income EBITDA Depreciation Interest Expense Taxes (Foreign) Net Income (Loss) Q4 2021 Results: Q4 2021 Q4 2020 FY 2021 FY 2020 $ 7.2 $ 4.5 $ 24.0 $ 16.1 2.1 1.4 7.0 4.6 0.2 0.1 0.5 $9.5 $ 6.0 $ 31.5 0.3 $ 21.0 (7.0) $2.5 (6.0) ($0.0) (31.6) ($0.1) (24.0) ($ 3.0) $ 15.4 $ 4.2 $ 34.3 $ 1 (6.3) (1.1) (13.1) $9.1 $3.1 $21.2 7.8 (3.8) $4.0 $ 11.6 $3.1 $ 21.1 $ 1.0 (0.0) (0.0) (0.1) (0.1) (0.3) (0.3) (1.4) (1.1) (0.0) (0.0) (0.0) (0.0) $ 11.3 $ 2.8 $ 19.6 ($0.2) 1. Arena is under no contractual obligation (past or future) to pay Incentive Fees earned to employees. • 22 Net profit was $11.3 million for Q4 2021 and $19.6 million for FY 2021, compared to $2.8 million for Q4 2020 and a ($0.2) million loss for FY 2020. Management Fee revenue was $7.2 million for Q4 2021 and $24.0 million for FY 2021, compared to $4.5 million for Q4 2020 and $16.1 million for FY 2020. Service Fee revenue was $2.1 million for Q4 2021 and $7.0 million for FY 2021, compared to $1.4 million for Q4 2020 and $4.6 million for FY 2020. Net incentive income was $9.1 million for Q4 2021 and $21.2 million for FY 2021, compared to $3.1 million for Q4 2020 and $4.0 million for FY 2020. Recurring revenue is growing. Fee related earnings are at a break-even point for FY 2021, turning positive in Q4 2021. Arena is now reaching a point where future growth is well positioned to drive significant operating leverage given the overall platform has largely been built-out ahead of this growth. ARENA INVESTORS LP
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