Dear friends & partners,

2025 was a defining year at Castlelake. We deployed significant capital into creative investments, launched several new investor-focused solutions, and expanded our global team with top talent. We also celebrated our 20^th anniversary as a pure-play asset-based investment manager – a distinguishing milestone for our firm.

None of these achievements would be possible without the support and collaboration of our friends and partners. We are deeply grateful for our longstanding relationships and thank you for sharing our commitment to excellence. We wish you a season of rest and celebration, and a bright start to 2026.