Carl Marks Advisors

Carl Marks Advisors is an investment bank that provides financial and operational advisory services. We are a collaborative partner delivering effective and durable results for our clients – whether they need solutions to complex problems or help navigating transition and growth. Our proactive, persistent approach breaks through roadblocks, identifies a viable path forward, and creates the alignment and momentum needed to achieve successful outcomes. At Carl Marks Advisors, we custom build integrated service teams for each client, uniting operational, transactional, and industry expertise to create effective solutions in even the most challenging situations. Our senior professionals are hands-on leaders who collaborate with clients to develop and implement improvement initiatives while enabling management teams to focus on running their businesses.

Percent

Percent has created the modern private credit market, empowering investors, borrowers, and underwriters with innovative technology to increase the speed and velocity of transactions at a fraction of the cost. The company’s core infrastructure delivers public market efficiencies to the analog private credit market by powering the sourcing, structuring, syndication, surveillance and servicing of private credit transactions from beginning to end. Founded in 2018, Percent’s platform is becoming the market standard for asset-based and corporate lending, powering over $1 billion in transaction volume in a multi-trillion-dollar private credit industry. For additional information, please visit www.percent.com.

Arena Investors, LP

Arena Investors is an institutional asset manager that provides creative solutions for those seeking capital in special situations. Arena brings decades of experience, a track record of comfort with complexity, the ability to deliver within time constraints, and the flexibility to engage in transactions that cannot be addressed by banks and other conventional financial institutions. Arena’s mandate is global, and also unconstrained in terms of asset class and industry.

Fenics Market Data

Fenics Market Data (“FMD”) is the exclusive distributor of data, including but not limited to, the flagship FMD packages for BGC Partners, Inc. (NASDAQ:BGCP) and its affiliates (“BGC Group Entities”), a leading global brokerage group of companies servicing the financial markets through many brands including, but not limited to: BGC, GFI, Fenics, RP Martin, Amerex, Aurel BGC, Aurel, Sunrise, Remate, BGC Liquidez, Poten & Partners, Ginga and Perimeter Markets.

Pzena Investment Management

Our investment philosophy is simple: we seek to buy good businesses at low prices. We focus exclusively on companies that are underperforming their historically demonstrated earnings power, performing fundamental, bottom-up research on these companies in an effort to determine whether the problems that caused the earnings shortfall are temporary or permanent. We typically consider companies for inclusion in the portfolio when the following criteria are met: (1) the current valuation is low compared to the company’s normalized earnings power; (2) the current earnings are below historic norms; (3) problems are viewed as temporary; (4) management has a viable strategy to generate earnings recovery; and (5) there is meaningful downside protection in case the earnings recovery does not materialize. We believe a concentrated portfolio exclusively focused on companies with these characteristics should generate meaningful excess returns for long-term investors.