On behalf of our 2,000 colleagues across Western Europe and our 23 best-in-class asset management and servicing platforms, we wish all our investors, clients, and service providers a safe and joyful festive season.

This has been another transformative year for Arrow. Alongside delivering strong results across our franchise platform and multi-product offerings—spanning opportunistic credit, real estate, and lending—we have made strategic moves to further strengthen our leadership in high-quality, granular investments across European credit and real estate.

Strong fundraising progress has been central to our success, reflecting strong investor appetite and confidence in our platform. This financial strength, combined with record originations, underpins our ability to capitalise on growth opportunities through diversified investments, while simultaneously driving strong realisations and investor distributions.

In January, we appointed Rob Leary as Chair of the Arrow Board. His deep understanding of asset management has been invaluable as Arrow continues to expand its market presence and evolve as a multi-strategy European alternative asset manager.

To accommodate our strong growth, we relocated to a new London office in Golden Square, Soho, in April. This vibrant HQ reflects our ambition and forward momentum.

In May, we acquired Amitra Capital Limited from CPP Investments. This transaction significantly expanded our presence in Spain and laid the groundwork for future collaboration with CPP Investments across both current and prospective investment opportunities.

Following this, in June, we acquired the operating platform and assets of Interboden GmbH & Co KG, a leading real estate business in Germany. This acquisition enhanced our servicing capabilities and positioned us to unlock new real estate opportunities across the country. It aligns perfectly with our strategy of targeting assets with substantial value-add and repositioning potential. Notably, through the Interboden platform, we also secured our first third-party servicing mandate in Germany this year, highlighting the continued success of our asset management and third-party servicing business, which has secured a record number of new mandates in 2024.

In July, we made significant progress in materially expanding our real estate lending business, securing commitments for our real estate lending franchise, driven by strong support from our global investor base across the Americas, Europe, and the Middle East. A key highlight of this success was the $400 million commitment from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA).

Our Western European footprint is now firmly established, with three fully operational investment strategies—opportunistic credit, real estate, and lending—all leveraging our local platforms and vertically integrated model.

These milestones were recognised in November with the distinction of being named ‘Distressed Debt Manager of the Year’ at the 2024 Alternative Credit Investor Awards. This recognition highlights the strong performance of our opportunistic credit strategy, Arrow Credit Opportunities (ACO), which has consistently delivered outstanding results through its granular investment focus.

Finally, to wrap up a very successful year, in December, our entry in France through the acquisition of iQera Group was announced. This restructuring agreement will see Arrow become the controlling shareholder of iQera, further solidifying our leadership in debt purchasing and servicing across Western Europe.

As we look ahead to 2025, we are confident in our ability to seize new opportunities and continue building on our achievements. We appreciate the continued trust and partnership of our investors, clients and service providers and look forward to working together in the year ahead.

Wishing you a prosperous and joyful festive season,

The Arrow team