Dryden Capital, LLC

Dryden Capital, LLC (hereinafter “Dryden Capital” or the “firm”) is a registered investment adviser headquartered in New York, NY. We are a limited liability company, organized in February 2013 under the laws of the state of Delaware. Our firm’s principal owner is Matt Buffington, Manager, Member, Portfolio Manager, and Chief Compliance Officer. As used in this brochure, the term “Associated Person” refers to anyone from our firm who is an officer, employee, or individual providing investment advice on behalf of our firm. Advisory Services Dryden Capital offers discretionary investment management services to private funds (the “Dryden Funds”) and separately managed accounts ("SMAs"). Pursuant to the advisory agreement between Dryden Capital and the client or relevant fund documents for affiliated funds, Dryden Capital is granted full discretion to determine the securities to be bought and sold, the amount of securities to be bought and sold, the broker-dealer to be used, and the commission rates to be paid without prior approval from the client for each transaction. The firm bases its advice on the investment objectives and restrictions (if any) of its clients set forth in the applicable offering memoranda, organizational documents, limited partnership agreements, investment management agreements, and/or subscription agreements. Wrap Fee Programs Dryden Capital does not manage, sponsor, or participate in wrap fee programs. Assets Under Management As of December 31, 2025, Dryden Capital had regulatory assets under management of $34,622,853 managed on a discretionary basis and $42,016,041 managed on a non-discretionary basis.

The Dryden Funds typically pay a quarterly asset fee plus an annual incentive fee (i.e., a performance-based fee as below in Item 6). The asset-based fee is due quarterly in advance and is calculated based on the net asset value, as more fully described in the relevant fund offering documents. Dryden Capital is the investment adviser to the Dryden Funds, including (i) Dryden Capital Fund, LP ("DCF"), a private offering relying on exemption from registration under section 3(c)(7) of the Investment Company Act of 1940; and (ii) Dryden Special Opportunity Fund, LP ("DSOF"), a private offering relying on exemption from registration under section 3(c)(1) of the Investment Company Act of 1940. Dryden Capital GP, LLC, a related company under common control and ownership with Dryden Capital, is the General Partner to DCF and DSOF, the Dryden Funds. The annual asset-based portion of the fee is 1.5% for DCF, and the annual incentive fee is 20%. The annual asset-based portion of the fee is 1.0% for DSOF, and the annual incentive fee is 10%.

Where Dryden Capital serves as an adviser or sub-adviser to an unaffiliated fund or SMA, it may negotiate different fee structures and will be set forth in the relevant offering memorandum, investment management agreement, or equivalent. For SMAs, Dryden Capital generally receives asset-based management fees comparable to those paid by the Dryden Funds; however, fee structures may be subject to negotiation and may vary from those paid by the Dryden Funds. Dryden Capital may waive or modify its investment management fees at its discretion. Investment management fees are paid directly to Dryden Capital by the client upon receipt of an invoice from Dryden Capital. SMA accounts are not solicited to invest and are not invested in Dryden Funds. Fund and SMA accounts initiated or terminated during a calendar quarter will be charged a prorated fee. Upon termination of an account, any prepaid, unearned fees will be promptly refunded, and any earned, unpaid fees will be due and payable. Investors in the Dryden Funds are subject to early withdrawal fees as more fully described in the relevant offering documents. Operational Expenses of the Fund In addition to the management and incentive fees payable to Dryden Capital, the investors in the Dryden Funds will bear the costs and expenses related to the funds' investments, operations, and administration, including, without limitation: (i) interest expenses, (ii) other transactional charges, including commissions, (iii) expenses relating to cash management, (iv) legal, compliance, audit, accounting, tax and custodial fees and expenses and (vi) fees and expenses of the fund administrator, as more fully described in the offering materials for each fund. Other Fees for Separately Managed Accounts (SMAs) Dryden Capital provides investment advisory services to institutional clients through SMAs. SMAs typically bear certain expenses in addition to investment advisory fees, including custodial fees and brokerage costs. Dryden Capital receives no payment or remuneration from clients with respect to such expenses (except as described in Item 12-Brokerage Practices), and any such charges, fees, and commissions are exclusive of and in addition to Dryden Capital's advisory fees. No portion of such charges, fees, or commissions shall be applied as an offset to reduce the amount of advisory fees owed by a client to Dryden Capital. Please refer to Item 12 for further information on Brokerage Practices.

We may use one or more of the methods of analysis or investment strategies listed below in managing SMAs or the Dryden Funds, as more fully described in the relevant offering documents. Fundamental Analysis – involves analyzing individual companies and their industry groups, such as a company’s financial statements, details regarding the company’s product line, the experience, and expertise of the company’s management, and the outlook for the company’s industry. The resulting data is used to measure the true value of the company’s stock compared to the current market value. The risk of fundamental analysis is that the information obtained may be incorrect, and the analysis may not provide an accurate estimate of earnings, which may be the basis for a stock’s value. If securities prices adjust rapidly to new information, utilizing

fundamental analysis may not result in favorable performance. Long-Term Purchases – securities purchased with the expectation that the value of those securities will grow over a relatively long period of time, generally greater than one year. Using a long-term purchase strategy generally assumes the financial markets will go up in the long term, which may not be the case. There is also the risk that the segment of the market that you are invested in, or perhaps just your particular investment, will go down over time, even if the overall financial markets advance. Purchasing investments long-term may create an opportunity cost - "locking up" assets that may be better utilized in the short term in other investments. Short Term Purchases – securities purchased with the expectation that they will be sold within a relatively short period of time, generally less than one year, to take advantage of the securities’ short-term price fluctuations. We may use short-term trading (in general, selling securities within 30 days of purchasing the same securities) as an investment strategy when managing your account(s) when we determine that it is suitable, given your stated investment objectives and tolerance for risk. This may include buying and selling securities frequently in an effort to capture significant market gains and avoid significant losses during a volatile market. However, frequent trading can negatively affect investment performance, particularly through increased brokerage and other transactional costs and taxes. Using a short-term purchase strategy generally assumes that we can predict how financial markets will perform in the short term, which may be very difficult and will incur a disproportionately higher amount of transaction costs compared to long-term trading. There are many factors that can affect financial market performance in the short term (such as short-term interest rate changes, cyclical earnings announcements, etc.), but may have a smaller impact over longer periods of time. Short Sales – securities transactions in which an investor sells securities they borrowed in anticipation of a price decline. The investor is then required to return an equal number of shares at some point in the future. A short seller will profit if the stock goes down in price, but if the price of the shares increases, the potential losses are unlimited. Short selling is very risky. A short seller will profit if the stock goes down in price, but if the price of the shares increases, the potential losses are unlimited. There is no ceiling on how much a short seller can lose in a trade. The share price may keep going up, and the short seller will have to pay whatever the prevailing stock price is to buy back the shares. However, gains have a ceiling level because the stock price cannot fall below zero. A short seller has to undertake to pay the earnings on the borrowed securities as long as the short seller chooses to keep the short position open. If the company declares huge dividends or issues bonus shares, the short seller will have to pay that amount to the lender. Any such occurrence can skew the entire short investment and make it unprofitable. The broker can use the funds in the short seller's margin account to buy back the loaned shares or issue a "call away" to get the short seller to return the borrowed securities. If the broker makes this call when the stock price is much higher than the price at the time of the short sale, then the investor can end up taking huge losses. Margin Transactions – a securities transaction in which an investor borrows money to purchase a security, in which case the security serves as collateral on the loan. If the value of the shares drops sufficiently, the investor will be required to either deposit more cash into the account or sell a portion of the stock in order to maintain the margin requirements of the account. This is known as a "margin call." An investor’s overall risk includes the amount of money invested plus the amount that was loaned to them. If the value of the shares drops sufficiently, the investor will be required to either deposit more cash into the account or sell a portion of the stock in order to maintain the margin requirements of the account. This is known as a "margin call." An investor's overall risk includes the amount of money invested plus the amount that was loaned to them.

Options Writing – a securities transaction that involves selling an option. An option is the right, but not the obligation, to buy or sell a particular security at a specified price before the expiration date of the option. When an investor sells an option, they must deliver to the buyer a specified number of shares if the buyer exercises the option. The seller pays the buyer a premium (the market price of the option at a particular time) in exchange for writing the option. Options are complex investments and can be very risky, especially if the investor does not own the underlying stock. In certain situations, an investor’s risk can be unlimited. Basically, there are two types of options: calls and puts. A call gives the holder the right to buy an asset at a certain price within a specific period of time. Calls are similar to having a long position on a stock. Buyers of calls hope that the stock will increase substantially before the option expires. A put gives the holder the right to sell an asset at a certain price within a specific period of time. Puts are very similar to having a short position on a stock. Buyers of puts hope that the price of the stock will fall before the option expires. Selling options is more complicated and can be even riskier. The option trading risks pertaining to options buyers are: • Risk of losing your entire investment in a relatively short period of time. • The risk of losing your entire investment increases if, as expiration nears, the stock is below the strike price of the call (for a call option) or if the stock is higher than the strike price of the put (for a put option). • European style options, which do not have secondary markets on which to sell the options prior to expiration, can only realize their value upon expiration. • Specific exercise provisions of a specific option contract may create risks. • Regulatory agencies may impose exercise restrictions, which stop you from realizing value. The option trading risks pertaining to options sellers are: • Options sold may be exercised at any time before expiration. • Covered Call traders forgo the right to profit when the underlying stock rises above the strike price of the call options sold and continue to risk a loss due to a decline in the underlying stock. • Writers of call options could lose more money than a short seller of that stock could on the same rise in that underlying stock. This is an example of how the leverage in options can work against the option trader. • Call options can be exercised outside of market hours, such that effective remedy actions cannot be performed by the writer of those options. • Writers of stock options are obligated under the options that they sold, even if a trading market is not available, or they are unable to perform a closing transaction. • The value of the underlying stock may surge or fall unexpectedly, leading to automatic exercises. Other option trading risks are: • The complexity of some option strategies is a significant risk on their own. • Option trading exchanges or markets and option contracts themselves are open to changes at all times. • Options markets have the right to halt the trading of any options, thus preventing investors from realizing value. • Risk of erroneous reporting of exercise value. • If an options brokerage firm goes insolvent, investors trading through that firm may be affected. • Internationally traded options have special risks due to timing across borders.

Risks that are not specific to options trading include market risk, sector risk, and individual stock risk. Option trading risks are closely related to stock risks, as stock options are a derivative of stocks. Commodity and Futures Contracts – Commodities futures markets (including financial futures) are highly volatile and are influenced by factors such as changing supply and demand, governmental programs and policies, national and international political and economic events, and changes in interest rates. A high degree of leverage is typical in commodities futures trading, and as a result, a relatively small price movement may result in substantial losses. Leverage – The use of borrowing (leverage) exposes an investor to additional levels of risk including greater losses from investments than would otherwise have been the case without borrowing; margin calls or changes in margin requirements may force premature liquidations of investments and losses on investments where the investment fails to earn a return that equals or exceeds the cost of the leverage. Warrants – Warrants are a derivative that gives the right, but not the obligation, to buy or sell a security at a certain price before expiration. The price at which the underlying security can be bought or sold is referred to as the exercise price or strike price. An American warrant can be exercised at any time on or before the expiration date, while a European warrant can only be exercised on the expiration date. Warrants that give the right to buy a security are known as call warrants; those that give the right to sell a security are known as put warrants. Warrants are generally issued by the company itself, not a third party, and they are traded over the counter more often than on an exchange. Investors cannot write warrants like they can write options. Unlike options, warrants are dilutive. When an investor exercises their warrant, they receive newly issued stock, rather than alreadyoutstanding stock. Warrants tend to have much longer periods between issue and expiration than options, of years rather than months. Warrants do not pay dividends or come with voting rights. Warrants are often used as a means of leveraging positions in a security, hedging against the downside (for example, by combining a put warrant with a long position in the underlying stock), or exploiting arbitrage opportunities. Trading and finding information on warrants can be difficult and time-consuming, as most warrants are not listed on major exchanges, and data on warrant issues is not readily available without cost. Warrants generally trade at a premium, which is subject to time decay as the expiration date nears. Risk of Loss Investing in securities involves a risk of loss that you should be prepared to bear. We do not represent or guarantee that our services or methods of analysis can or will predict future results, successfully identify market tops or bottoms, or insulate clients from losses due to market corrections or declines. We cannot offer any guarantees or promises that your financial goals and objectives will be met. Past performance is in no way an indication of future performance. General Investment Risk: All investments come with the risk of losing money. Investing involves substantial risks, including the complete possible loss of principal plus other losses, and may not be suitable for many members of the public. Investments, unlike savings and checking accounts at a bank, are not insured by the government to protect against market losses. Different market instruments carry different types and degrees of risk, and you should familiarize yourself with the risks involved in the particular market instruments in which you intend to invest.

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Dryden Capital offers investment advisory services to private funds, corporations, and other business entities. Private fund investments generally require significant initial minimum investments upon subscription, as disclosed in the specific private funds' offering documents. In addition to meeting the minimum requirements for "Qualified Clients" as defined above in Item 6, investors in private funds must qualify as “Accredited Investors” under Regulation D of the Securities Act of 1933 and/or must meet the investor suitability standards set forth in the offering documents. Minimum initial investments for the Dryden Funds are between $250,000 and $1,000,000. Investors in private funds should refer to the funds' offering documents for further information about minimum investment requirements and other important information. SMA clients must be "Qualified Clients" as defined above in Item 6. The firm may, temporarily or otherwise, in its sole and absolute discretion, accept lesser amounts or raise the minimum investment requirement in the future.

Performance-based fees are fees based on a share of capital gains or capital appreciation of a client's account. In addition to the management fees described in response to Item 5 above, Dryden Capital is eligible to receive performance-based compensation for the Dryden Funds and SMA clients. The performance fee is generally equal to a percentage of the annual net gain. We charge performance-based fees only to “Qualified Clients” who have a net worth greater than $2,200,000, or those for whom we manage a minimum of $1,100,000 (Rule 205-3 under the Investment Advisers Act of 1940). The performance-based compensation is 20% for DCF and 10% for DSOF. Performance-based compensation for SMAs ranges from 10% to 25%. The performance fee allocation is typically subject to a “high water mark” provision as more fully described in the relevant offering documents and investment management agreement.

Clients should note that a fee in excess of 3.00% of assets under management is in excess of industry norms, and similar advisory services can be obtained for less. Dryden Capital reserves the right to waive, reduce, or calculate differently the management fee and incentive allocation (performance-based fee) for the Dryden Funds, the SMAs, investors that are members, partners, affiliates, employees of Dryden Capital, or members of the immediate families of such persons. Performance-based fee arrangements create a potential incentive for Dryden Capital to recommend investments, which may be riskier or more speculative than those that would be recommended under a different fee arrangement. Side-by-side management refers to the practice of managing accounts that are charged performance-based fees while at the same time managing accounts that are not charged performance-based fees. However, since all Dryden Funds and SMAs are subject to performance-based fees, there is no side-by-side management.

Affiliated Private Funds Dryden Capital is the investment adviser to Dryden Capital Fund, LP, a private offering relying on exemption from registration under section 3(c)(7) of the Investment Company Act of 1940; and the Dryden Special Opportunity Fund, LP, a private offering relying on exemption from registration under section 3(c)(1) of the Investment Company Act of 1940. Dryden Capital GP, LLC, a related company through common control and ownership with Dryden Capital, is the General Partner to the Dryden Capital Fund, LP and the Dryden Special Opportunity Fund, LP (collectively the "Dryden Funds"). The General Partner is responsible for the management and control of the Dryden Funds, in which certain qualified and/or accredited investors are solicited to invest. T. Matthew Buffington is the principal owner of Dryden Capital, and he is a managing member and principal owner of Dryden Capital GP, LLC. Mr. Buffington is the sole portfolio manager of the Dryden Funds and is ultimately responsible for managing the assets of the Dryden Funds. In its capacity as investment adviser to the Dryden Funds, Dryden Capital will receive compensation in the form of management fees and performance-based fees. Investors to whom investments in the Dryden Funds are offered will receive a private placement memorandum and other offering documents. Please refer to the offering documents for a complete description of the fees, conflicts of interest, investment objectives, risks, and other important information associated with investing in the Dryden Funds. Associated persons of Dryden Capital are also invested in the Dryden Funds; however, SMA clients of Dryden Capital are not invested in and are not solicited to invest in the Dryden Funds. Other Financial Industry Activities or Affiliations Other than as described below, Dryden Capital and Mr. Buffington are not involved in any other financial industry activities and do not have any other financial industry affiliations. They are not registered as a futures commission merchant, an introducing broker, a commodity trading adviser, or a commodity pool operator. They do not have

an application pending or otherwise in process for the purpose of seeking registration as any of the aforementioned types of firms. Mr. Buffington is not registered as, or currently seeking registration as, an associated person of any of the aforementioned types of firms. From time to time, certain Associated Persons of the Adviser participate in third-party programs pursuant to which they submit investment ideas, security rankings, or similar inputs to unaffiliated external organizations (each, a “Third-Party Idea Program”). Under such programs, participating Associated Persons periodically submit the tickers of long and short publicly traded equity instruments, and the third-party organization may, at its sole discretion, use or not use such submissions in any manner it sees fit, including for its own accounts and the accounts it manages. Participating Associated Persons may receive monetary compensation based on the performance ranking of their submissions. Third-Party Idea Programs present potential conflicts of interest in that participating Associated Persons may receive compensation tied to the performance of their submissions, which could create an incentive to direct investment ideas to a Third-Party Idea Program rather than acting exclusively in the best interests of the Adviser’s clients. The Adviser has adopted the following controls to mitigate these conflicts: (i) no security that is a current position in any client account may be submitted as an input to any Third-Party Idea Program; (ii) participating Associated Persons are limited on how much time can be devoted to any Third-Party Idea Program; (iii) the CCO reviews all submissions against firm and client account holdings; and (iv) all submissions are retained as books and records of the Adviser.

Dryden Capital has adopted a Code of Ethics (the “Code”) for all supervised persons of the firm, describing its high standard of business conduct and fiduciary duties to its clients. The Code focuses primarily on fiduciary duty, personal securities transactions, insider trading, gifts, and conflicts of interest. The Code includes Dryden Capital’s policies and procedures developed to protect clients’ interests in relation to the following topics:

The duty at all times is to place the interests of clients first; The requirement that all personal securities transactions, if any, be conducted in such a manner as to be consistent with the Code; The responsibility to avoid any actual or potential conflict of interest or misuse of an employee’s position of trust and responsibility; The fiduciary principle that information concerning the identity of security holdings and the financial circumstances of clients is confidential; and The principle that independence in the investment decision-making process is paramount.

Dryden Capital employees are expected to adhere strictly to these guidelines. Dryden Capital also maintains certain policies and procedures concerning the misuse of material non-public information (i.e., “inside information”) that are designed to prevent insider trading by any officer, partner, or associated person of Dryden Capital. The policy regarding the prohibited use of material non-public information applies to both Dryden Capital's affiliated parties’ accounts and its SMA clients’ accounts. The Code of Ethics also includes policies and procedures regarding general compliance with federal securities laws, the reporting of violations, and conflicts of

interest. Dryden Capital has adopted internal policies and procedures to implement and monitor its and its employees’ practices regarding Dryden Capital's Code of Ethics. Participation or Interest in Client Transactions and Personal Trading Practices SMA clients are not solicited to invest and are not invested in the Dryden Funds. Associated Persons of the firm are not allowed to conduct personal trades in individual holdings owned by funds or accounts managed by Dryden Capital. However, Associated Persons have holdings in the Dryden Funds alongside other investors in the funds. In the conduct of fund business, conflicts may arise between the interests of the firm and those of investors in the fund(s). While the firm is accountable to the Dryden Funds as a fiduciary and, consequently, must exercise good faith and integrity in handling fund business, clients should be aware of the potential for such conflicts of interest and their possible ramifications:

The structure of the performance-based fees may create an incentive for the firm to cause the fund to make riskier or more speculative investments than it otherwise would in the absence of performancebased compensation to the firm. The firm provides investment management services to various SMA clients and is engaged in advisory activities that are not exclusive to the funds. Some of these activities may conflict with the funds' investment activities.

Conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to the Dryden Funds and the SMAs. Where conflicts of interest arise between the Dryden Funds and SMAs, we will proceed in a manner that ensures that the Dryden Funds and the SMAs will be treated as equally as reasonably possible. There may be instances where similar portfolio transactions may be executed for the same security for numerous accounts managed by Dryden. In such instances, securities will be allocated in accordance with the firm's trade allocation policy. Clients may request a complete copy of Dryden Capital's Code of Ethics by contacting the firm's CCO at (646) 5969781 or info@drydenfund.com.

Selection of Brokers and Dealers Dryden Capital requires that clients provide the firm with written authority to determine the broker-dealer to be used and the commission rates to be paid by its clients for securities transactions for the clients' accounts. Clients must include any limitations or amendments thereto on this discretionary authority in writing in the investment advisory agreement or fund documents. Dryden Capital utilizes a number of broker-dealers to effect transactions for the Funds and/or SMAs. Such broker-dealers are selected based upon, among other things, the commissions, gross compensation, and other transaction costs charged by the broker; the execution capabilities with respect to the relevant type of order and access to the markets for the securities being traded; the broker-dealer’s expertise in particular markets; the reputation, experience, responsiveness and financial stability of the firm; the quality of service; the competitiveness of commission rates and spreads; the familiarity both with investment practices generally and the techniques employed by the funds and/or SMAs; research and analytic services; and clearing and settlement capabilities. These factors are subject at all times to principles of best execution. In allocating brokerage, the commissions each client will pay to such broker-dealers will not necessarily represent

the lowest commission rate available but will reflect Dryden Capital's evaluation of the brokerage-related services supplied by such brokers and which benefit a client, either alone or together with the other clients of Dryden Capital. Research and Other Soft Dollar Benefits Dryden Capital may receive research or other products or services other than execution from a broker-dealer and/or a third party in connection with the clients' securities transactions. This is known as a “soft dollar” relationship. Dryden Capital will limit the use of “soft dollars” to obtain research and brokerage services to services that constitute research and brokerage within the meaning of Section 28(e) of the Securities Exchange Act of 1934 (“Section 28(e) and as more fully described in the Dryden Funds’ offering documents. Research services within Section 28(e) may include, but are not limited to, research reports (including market research); certain financial newsletters and trade journals; software providing analysis of securities portfolios; corporate governance research and rating services; attendance at certain seminars and conferences; discussions with research analysts; meetings with corporate executives; consultants’ advice on portfolio strategy; data services (including services providing market data, company financial data and economic data); advice from broker-dealers on order execution; and certain proxy services. Brokerage services within Section 28(e) may include, but are not limited to, services related to the execution, clearing, and settlement of securities transactions, and functions incidental thereto (i.e., connectivity services between an adviser and a broker-dealer and other relevant parties such as custodians); trading software operated by a broker-dealer to route orders; software that provides trade analytics and trading strategies; software used to transmit orders; clearance and settlement in connection with a trade; electronic communication of allocation instructions; routing settlement instructions; post-trade matching of trade information; and services required by the SEC or a self-regulatory organization such as comparison services, electronic confirms or trade affirmations. When Dryden Capital uses client commissions to obtain Section 28(e) eligible research and brokerage products and services, Dryden Capital’s Chief Compliance Officer and portfolio manager meet periodically to review and evaluate its soft dollar practices and to determine in good faith whether, with respect to any research or other products or services received from a broker-dealer, the commissions used to obtain those products and services were reasonable in relation to the value of the brokerage, research or other products or services provided by the broker-dealer. This determination will be viewed in terms of either the specific transaction or Dryden Capital’s overall responsibilities to the accounts or portfolios over which Dryden Capital exercises investment discretion. Brokerage for Client Referrals We do not receive client referrals from broker-dealers in exchange for cash or other compensation, such as brokerage services or research. Directed Brokerage SMA clients may utilize any custodian they wish to use. However, Dryden Capital is granted written discretionary authorization to select any broker-dealer through which to execute transactions for SMA and fund clients. Therefore, clients may not be able to direct brokerage to a specific broker-dealer and may incur additional charges for trades executed away from the client's custodian and settled into the client's account held with the custodian. These fees are referred to as step-out fees, trading away fees, or prime brokerage fees. Not all advisers require clients to use specific or multiple broker-dealers.

Trade Aggregation/Allocation/Rotation Generally, Dryden Capital will aggregate ("block trade") orders with respect to a security if such aggregation is consistent with achieving best execution for the various client accounts. Dryden Capital is not obligated to block trade on all orders. When orders are aggregated, each participating account will receive the weighted average share price for all transactions in a particular security effected to fill such orders on a given business day. Transaction costs will be shared pro rata based upon each account's participation in the transaction, subject to the discretion of the portfolio manager and depending on factual or market conditions and the duty to achieve best execution for client accounts. Our policy on trade allocation requires that trade orders be allocated and block traded in a fair and equitable manner. In the majority of cases, trade orders are allocated on a pro-rata basis, subject to some exceptions, including but not limited to: (1) in order to adjust or maintain the overall ratios of specific securities held by a fund or an SMA; (2) based upon an account's existing positions in securities; (3) the cash availability of one or more particular accounts; (4) an account's allocation may be eliminated, reduced or increased because of investment policies and restrictions, account guideline limitations or investment objectives; (5) trading costs and efficiency considerations and (6) for tax reasons. There may be situations where non-pro-rata trade allocations occur due to limited liquidity and/or position size. If the availability of securities is not sufficient to create meaningful positions in all client accounts eligible to participate, we may choose to allocate to a limited number of clients, taking into account factors such as the costeffectiveness of the transaction, the cash holdings of accounts, or other account-specific considerations. Dryden Capital has allocation policies and procedures in place that are designed to reasonably promote fair and equitable allocations of investment opportunities among our client accounts and to promote compliance with applicable regulatory requirements.

Dryden Capital does not currently compensate any third party for referrals. Please see the disclosures under Item 12 regarding the economic benefits we may receive from brokerage arrangements.

Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events that would be material to your evaluation of us or of the integrity of our management. Neither our management persons nor our firm has a history of material legal or disciplinary events.

Client portfolios are monitored on a regular basis by Mr. Buffington. The Dryden Funds are audited at the end of each fiscal year by an independent, certified public accountant, and the audited financial statements are delivered to each investor. The audited financial statements include an income statement for the year then ended, a balance sheet as of the end of such year, and a statement of changes to such fund’s capital account. Unless otherwise agreed upon with the client, we do not provide separate reports or statements for client accounts. However, fund investors receive monthly NAV statements from the fund administrator, and SMA clients will receive regular account statements from the qualified custodian of their account(s).

We do not have physical custody of SMA client assets. We do not hold subscription documents for unaffiliated funds. SMA funds and securities will be held with a bank, broker-dealer, or other independent, qualified custodian. We do not directly debit client accounts for the payment of our advisory fees. The client will receive account statements from the independent, qualified custodian(s) holding your funds and securities or from the unaffiliated fund's fund administrator at least quarterly. We are deemed to have custody of client assets invested in the Dryden Funds because Dryden Capital GP, LLC (the General Partner to the Dryden Funds) is related to our firm through common control and ownership. As required by SEC rules and in conformity with industry practice, the Dryden Funds are subject to audits at least annually and will distribute audited financial statements prepared in accordance with generally accepted accounting principles to all respective Dryden Fund investors within 120 days of the fund's fiscal year-end. As required, the audits are conducted by an independent public accountant who is registered with the Public Company Accounting Oversight Board and subject to regular examination in accordance with its rules. Clients and investors in the Dryden Funds should carefully review account statements for accuracy. Clients can contact our CCO at (646) 596-9781 or info@drydenfund.com with any questions regarding their accounts or if they did not receive a statement.

Dryden Capital offers investment advisory services on a discretionary basis. Pursuant to the advisory agreement between Dryden Capital and the client or relevant fund documents for affiliated funds, Dryden Capital is granted full discretion to determine the securities to be bought and sold, the amount of securities to be bought and sold, the broker-dealer to be used, and the commission rates to be paid without prior approval from the client for each transaction. Investment objectives and restrictions (if any) for each fund or SMA are set forth in the applicable offering memorandum, organizational documents, limited partnership agreement, investment management agreement, and/or subscription agreement.

Dryden Capital has written authorization to vote proxies and, in accordance with Rule 206(4)-6 under the Rules of the Advisers Act, will vote all proxies in respect of securities in client accounts (Client Securities) over which it has voting discretion in a manner consistent with the best interests of the firm's clients. Matt Buffington, CCO, is responsible for ensuring adherence to the firm's Proxy Voting Policy. Dryden Capital generally will monitor proposed corporate actions and proxy issues regarding Client Securities, and will take one or more of the following actions based on the best interests of the clients: (i) determine how to vote the proxies; (ii) abstain; or (iii) follow the recommendations of an independent proxy voting service in voting the proxies. In general, Dryden Capital will determine how to vote proxies based on its reasonable judgment of the vote most likely to produce favorable financial results for its clients. Proxy votes generally will be cast in favor

of proposals that maintain or strengthen the shared interests of shareholders and management, increase shareholder value, maintain or increase shareholder influence over the issuer's board of directors and management, and maintain or increase the rights of shareholders. Proxy votes generally will be cast against proposals having the opposite effect. However, the firm will consider both sides of each proxy issue. If the CCO determines that a material conflict of interest exists, Dryden Capital will:

In the case of SMAs, disclose the existence and nature of the conflict to the client(s) owning the Client Securities, and seek directions from the client or the client’s designated representative on how to vote the proxies; or, abstain from voting, particularly if there are conflicting client interests (for example, where client accounts hold different Client Securities in a competitive merger situation); or, follow the recommendations of an independent proxy voting service in voting the proxies.

The full text of Dryden Capital’s Proxy Voting Policy is available upon client request. If you have questions regarding our Proxy Voting Policies, please contact our CCO at (646) 596-9781 or info@drydenfund.com.

This item requires Dryden Capital to provide you with certain financial information or disclosures about our firm’s financial condition.

Dryden Capital has no financial commitment that impairs its ability to meet contractual and fiduciary commitments to its clients. Dryden Capital has never been the subject of a bankruptcy proceeding. Dryden Capital does not require the prepayment of advisory fees of $500 for six or more months in advance.

Dryden Capital GP, LLC is related to Dryden Capital through common control and ownership. Dryden Capital GP, LLC, is the General Partner to the Dryden Funds. As such, Dryden Capital GP, LLC has access to the Dryden Funds' funds and securities. Dryden Capital serves as the investment adviser to the Dryden Funds. Therefore, Dryden Capital GP, LLC and Dryden Capital are deemed to have custody over the Dryden Funds. Dryden Capital provides each investor in the Dryden Funds with audited financial statements on an annual basis. Therefore, Dryden Capital is not required to present a balance sheet with this brochure.

For ADV Part 2B Brochure Supplements

200 Vesey Street, 24th Floor New York, NY 10281 (646) 596-9781 info@drydenfund.com

Form ADV Part 2B Brochure Supplement

Matt Buffington Manager, Member, Portfolio Manager, and Chief Compliance Officer

August 27, 2026

This Brochure Supplement provides information about Mr. Buffington that supplements the Disclosure Brochure of Dryden Capital, LLC (hereinafter “Dryden Capital”), a copy of which you should have received. Please contact our Chief Compliance Officer at (646) 596-9781 or info@drydenfund.com if you did not receive the Disclosure Brochure or if you have any questions about the contents of this Brochure Supplement.

Item 2 – Educational Background and Business Experience Matt Buffington Year of Birth: 1982 Formal Education After High School: • Cornell University, Bachelor of Arts in Computer Science and Economics, Class of 2005 Business Background for the Previous Five Years: • Dryden Capital, LLC 02/2013 – Present, Manager, Member, Portfolio Manager 01/2025 – Present, Chief Compliance Officer

Item 3– Disciplinary Information Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events that would be material to your evaluation of Mr. Buffington. Mr. Buffington has not been involved in any legal or disciplinary events reportable under this item.

Item 4 – Other Business Activities Mr. Buffington is not involved in any other financial industry activities and does not have any other financial industry affiliations. From time to time, Mr. Buffington participates in third-party programs pursuant to which he submits investment ideas, security rankings, or similar inputs to unaffiliated external organizations (each, a “Third-Party Idea Program”). Under such programs, Mr. Buffington periodically submits the tickers of long and short publicly traded equity instruments, and the third-party organization may, at its sole discretion, use or not use such submissions in any manner it sees fit, including for its own accounts and the accounts it manages. Mr. Buffington may receive monetary compensation based on the performance ranking of his submissions. Third-Party Idea Programs present potential conflicts of interest in that participating Associated Persons may receive compensation tied to the performance of their submissions, which could create an incentive to direct investment ideas to a Third-Party Idea Program rather than acting exclusively in the best interests of the Adviser’s clients. The Adviser has adopted the following controls to mitigate these conflicts: (i) no security that is a current position in any client account may be submitted as an input to any Third-Party Idea Program; (ii) participating Associated Persons are limited on how much time can be devoted to any Third-Party Idea Program; (iii) the CCO reviews all submissions against firm and client account holdings; and (iv) all submissions are retained as books and records of the Adviser.

Item 5 – Additional Compensation Mr. Buffington does not receive any additional forms of compensation for advisory services provided to clients of Dryden Capital.

Item 6 – Supervision As Principal of Dryden Capital, LLC, Matt Buffington is responsible for the management of the company and the supervision of the firm’s personnel. Should you have questions regarding the supervision of firm personnel, you can contact Mr. Buffington by email at info@drydenfund.com or by phone at (646) 596-9781. As Chief Compliance Officer, Mr. Buffington is responsible for the implementation of the firm’s compliance program. Dryden Capital, LLC has implemented a Code of Ethics and an internal compliance program that guides the firm and its personnel in complying with applicable securities laws and in meeting their fiduciary obligations to clients. Clients may contact Mr. Buffington at (646) 596-9781 or info@drydenfund.com to obtain a copy of our firm's Code of Ethics.

Privacy Notice Effective March 2026

This notice has been provided to you in accordance with the Securities and Exchange Commission’s rule regarding the privacy of consumer financial information (“Regulation S-P”). Please take the time to read and understand the privacy policies and procedures that we have implemented to safeguard your nonpublic personal information. INFORMATION WE COLLECT Dryden Capital, LLC must collect certain personally identifiable financial information about its customers to provide financial services and products. The personally identifiable financial information that we gather during the normal course of doing business with you may include: • information we receive from you on applications or other forms; • information about your transactions with us, our affiliates, or others; • information we receive from a consumer reporting agency. INFORMATION WE DISCLOSE We do not disclose any nonpublic personal information about our customers or former customers to anyone, except as permitted or required by law, or as necessary to provide services to you. In accordance with Section 248.13 of Regulation S-P, we may disclose all of the information we collect, as described above, to certain nonaffiliated third parties such as our attorneys, accountants, auditors, and persons or entities that are assessing our compliance with industry standards. We enter into contractual agreements with all nonaffiliated third parties that prohibit such third parties from disclosing or using the information other than to carry out the purposes for which we disclose the information. Regulation S-ID: Regulation S-ID requires our firm to have an Identity Theft Protection Program (ITPP) that controls reasonably foreseeable risks to customers or to the safety and soundness of our firm from identity theft. We have developed an ITPP to adequately identify and detect potential red flags to prevent and mitigate identity theft. CONFIDENTIALITY AND SECURITY We restrict access to nonpublic personal information about you to those employees who need to know that information to provide financial products or services to you. We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your nonpublic personal information. ACCURACY We strive to maintain accurate personal information in our client files at all times. However, as personal situations, facts, and data change over time, we encourage our clients to provide feedback and updated information to help us meet our goals. If you have questions or need to update your information, please contact our Chief Compliance Officer at (646) 596-9781 or info@drydenfund.com.