MARINER INSTITUTIONAL, LLC

Item 1-Cover Page Mariner Institutional, LLC 531 W Morse Blvd, Suite 200 Winter Park, FL 32789 Form ADV Part 2A March 27, 2026 https://www.marinerwealthadvisors.com/our-services/business/mariner-institutional/ This Disclosure Brochure provides information about the qualifications and business practices of Mariner Institutional, LLC (“Mariner Institutional” or the “Firm”). If you have any questions about the contents of this Brochure, please contact us at (844) 442-6326. The information in this Brochure has not been approved or verified by the United States Securities and Exchange Commission (“SEC”) or by any state securities authority. The Firm is a registered investment adviser. Registration of an investment adviser does not imply a certain level of skill or training. The oral and written communications of an Adviser provide you with information through which you determine to hire or retain an Adviser. Additional information about Mariner Institutional also is available on the SEC’s website at IAPD - Investment Adviser Public Disclosure - Homepage (sec.gov) and on Mariner Institutional’s website at https://www.marinerwealthadvisors.com/our-services/business/mariner-institutional/ Mariner Institutional, LLC - Form ADV Part 2A March 27, 2026 1  Item 2-Material Changes This Item 2 includes a discussion of material changes to this Brochure since our annual update filed on March 28, 2025. It does not describe other modifications to this Brochure, such as updates to dates and numbers, stylistic changes or clarifications. Pursuant to SEC Rules, we will provide you a summary of any material changes to this and subsequent Brochures within 120 days of the close of our business’ fiscal year. We may provide other ongoing disclosure information about material changes as necessary. • • • • Item 4 - Advisory Business – Updated to reflect our client types and the various services offered to our clients by us and our affiliates. Item 8 - Methods of Analysis, Investment Strategies and Risk of Loss - Updated to include additional risks. Item 10 - Other Financial Industry Activities and Affiliations - Updated to reflect changes to our affiliations and services provided through our affiliates. Item 14 - Client Referrals and Other Compensation-Updated various sections to align with our current practices. without charge. Currently, Brochure may be accessed We will provide you with a new Brochure if requested based on changes or new information, at any time, at our www.marinerwealthadvisors.com/legal or requested by contacting us at (844) 442-6326 or institutionalcompliance@mariner.com. Mariner Institutional, LLC - Form ADV Part 2A March 27, 2026 2  Item 3-Table of Contents Item 1-Cover Page......................................................................................................................... 1 Item 2-Material Changes .............................................................................................................. 2 Item 3-Table of Contents .............................................................................................................. 3 Item 4-Advisory Business ............................................................................................................. 4 Item 5-Fees and Compensation.................................................................................................. 10 Item 6-Performance-Based Fees and Side-By-Side Management .......................................... 11 Item 7-Types of Clients ............................................................................................................... 12 Item 8-Methods of Analysis, Investment Strategies and Risk of Loss ................................... 12 Item 9-Disciplinary Information ............................................................................................... 20 Item 10-Other Financial Industry Activities and Affiliations................................................. 21 Item 11-Code of Ethics, Participation or Interest in Client Transactions and Personal Trading......................................................................................................................................... 25 Item 12-Brokerage Practices ...................................................................................................... 25 Item 13-Review of Accounts ....................................................................................................... 27 Item 14-Client Referrals and Other Compensation ................................................................ 28 Item 15-Custody .......................................................................................................................... 29 Item 16-Investment Discretion................................................................................................... 29 Item 17-Voting Client Securities................................................................................................ 29 Item 18-Financial Information .................................................................................................. 31 Mariner Institutional, LLC - Form ADV Part 2A March 27, 2026 3  Item 4-Advisory Business About the Firm Mariner Institutional, LLC (“Mariner Institutional”) is an investment adviser registered with the SEC since 2001. We are wholly owned by Mariner, LLC (“Mariner Wealth”). Mariner Wealth is wholly owned by Mariner Wealth Advisors, LLC (“Mariner”). In turn, Mariner is ultimately owned in principal by 1248 Holdings, LLC (“1248”) and the Martin C. Bicknell Revocable Trust dated August 7, 1996, as amended and restated, each of which are controlled by Martin Bicknell, the CEO and President of the Firm, as well as entities affiliated with Leonard Green & Partners, LLC (together with its affiliates, “LGP”) and NB Alternative Advisers LLC (together with its affiliates, “NBAA”), each of which operate separately from the Firm. Mariner Institutional’s primary office is located in Winter Park, Florida. Mariner’s headquarters are in Overland Park, Kansas. For a complete listing of Mariner Institutional’s office locations, please see our Form ADV Part 1A, a copy of which is available on the SEC website at MARINER INSTITUTIONAL, LLC - Investment Adviser Firm, or upon request. Who We Are Mariner Institutional is an institutional investment and retirement plan consulting firm. We are structured as a Limited Liability Company, offering a broad range of investment and fiduciary consulting services to all types of institutional clients. WHAT WE DO Institutional Investment and Fiduciary Consulting Services Mariner Institutional is an institutional consulting firm that provides investment and retirement plan advisory services, acting in a fiduciary capacity for our clients. We offer a range of investment consulting services for all types of institutional plans, serving both traditional and defined contribution plans. Mariner Institutional also services a limited number of retail accounts (e.g., high-net worth individuals), primarily from legacy relationships or acquisitions. We help clients construct and manage portfolio performance and risk factors that aim to efficiently and effectively achieve their objectives. Traditional Plans: In the traditional space, we provide investment consulting for pools of assets sponsored by public and government entities, public and private educational institutions, unions (Taft-Hartley), insurance companies, endowments, foundations, corporations, hospitals, healthcare systems and self-insurance funds). We provide these services in both a non-discretionary and discretionary capacity. Our typical services include: Investment Policy Development • • Asset Allocation & Liability Modeling Analysis Mariner Institutional, LLC - Form ADV Part 2A March 27, 2026 4  • Manager Research • Ongoing Performance Monitoring • Trustee Education We strive to deliver our services in a customized and user‐friendly format based on each client’s unique needs. Using a combination of data, general education, frequent presentations and various communication tools, we attempt to provide our clients with the resources and actionable recommendations that will allow them to make informed decisions. Simplified Approach: We believe in simplifying investment and fiduciary decisions. We have found that the most effective way to accomplish this objective is to build client “partnerships” based on understanding and trust. By taking time to meet and understand our clients on a personal level, we are able to provide them with meaningful and actionable investment guidance that aims to produce sustainable, solid results that are specific to each plan. While our recommendations are based on a wealth of experience and in‐depth analysis, we strive to present client information in a format that is understandable and intuitive. As a result, we do not structure our presentations or communications to impress the client with our technical knowledge, but rather to allow clients to easily recall the reasoning behind each of the recommendations we make for their portfolio. Definitive Recommendations & Guidance: One of the greatest criticisms of the consulting industry as a whole is that firms are “long on theory and short on execution.” We continuously work to provide our clients with what we believe to be definitive recommendations and efficient implementation of portfolio structures and strategies. Although most portfolio decisions are ultimately implemented at the direction of the client, our process is focused on identifying and quantifying investment themes that allow for the realistic assessment of risk and the establishment of return expectations. The presentation and communication of this information is structured toward allowing clients to make informed investment and fiduciary decisions they can trust. Straight Forward Solutions: In today’s investment and regulatory environment, client needs, portfolio and plan design strategies are increasingly complex. Despite these challenges, we continuously work to tailor our information and recommendations using a straightforward approach that aims to result in actionable, cost‐ efficient client solutions. We encourage any prospect to communicate with our clients and other industry professionals to evaluate their opinion of our services and professionalism. Client Service Approach: Each client will be assigned a primary consultant who is accountable and responsible for coordinating the relationship and understanding that client’s specific needs. However, to maximize Mariner Institutional, LLC - Form ADV Part 2A March 27, 2026 5  the effectiveness of our recommendations, Mariner Institutional utilizes a team‐based approach to client service, providing dedicated resources designed to further meet and help exceed our client needs. This client service approach is based on the belief that the formulation of an investment plan or participant outcome strategy, coupled with prudent implementation and performance evaluation, is essential to the oversight of investment assets. Our primary objective is to serve as the client’s advocate and guide in implementing effective strategies to reach their unique goals. At Mariner Institutional, we focus on creating partnerships, not customers. Our investment and fiduciary consulting services are specifically tailored to meet each client’s distinctive needs. From return requirements, risk tolerance, cash flow, and liquidity needs, to plan design and participant outcomes, we work with each client to implement dynamic strategies based on their goals through time. Additionally, we will work with our clients to help customize investment guidelines within their Investment Policy Statement, including imposing certain restrictions or limitations relative to investing in certain securities or types of securities. Through careful research and collaboration, our focused consultants and dedicated service teams provide the key ingredients necessary for fostering and maintaining strong client‐centered relationships across all plan types. In short, we work to meet the needs and demands of our clients by establishing a framework that simplifies their investment and fiduciary decisions. Defined Contribution (DC) Plans: We provide consulting and advisory services for employer-sponsored retirement plans that are designed to assist plan sponsors of employee benefit plans on both a discretionary and non- discretionary basis. Generally, such retirement plan consulting and advisory services consist of managing, or otherwise advising sponsors in establishing, selecting, monitoring, removing and/or replacing, the investment options under the plan, consistent with the objectives, written guidelines and/or investment objectives set forth in the written investment policy statement adopted by the plan sponsor. As the needs of the plan sponsor dictate, the Firm offers the following areas of management or advisement: plan governance, plan investment options, asset allocation, plan structure, participant education, and managing model portfolios through Advisor Managed Accounts. Practically such areas generally fall into the following general core services: • • • • • • • • • • Fee Benchmarking Plan Provider-Administrator Benchmarking Recordkeeper Search & Review Fund Lineup Selection/Recommendations Performance Measurement & Reporting Trustee Education Participant Education Plan Governance Regulatory Updates Resources to the Board for Strategy and Decision-making When providing consulting and/or management services to plan sponsors of employee benefit plans, plan participants should not assume that general informational materials or educational Mariner Institutional, LLC - Form ADV Part 2A March 27, 2026 6  sessions devised and/or provided by the Firm on behalf of the plan serves as the receipt of, or as a substitute for, personalized investment advice from the Firm, or from any other investment professional. To the extent that any participant requires initial or ongoing personalized investment advice, he/she is encouraged to consult with the investment professional of his/her choosing. In addition to the services described above, the Firm may also provide discretionary advisory services to client accounts that are governed by the Employment Retirement Income Security Act of 1974, as amended (“ERISA”). Retirement plan investment advisory services shall be in compliance with the applicable state law(s) regulating retirement plan advisory services. This applies to client accounts that are plans governed by ERISA. If the client accounts are part of the plan, and we accept appointments to provide our services to such accounts, we acknowledge that we are a fiduciary within the meaning of section 3(21) of ERISA (but only with respect to the provision of services described in the applicable agreement). If services provided include investment discretion, we also serve as an investment manager within the meaning of Section 3(38) of ERISA (likewise, only with respect to the provision of services described in the applicable agreement).We emphasize regular account supervision. Once the appropriate plan investments have been determined, we review the plan investments at least annually and if necessary, provide advice to or otherwise add, replace or remove investment options based upon the plan sponsor’s objectives, written guidelines and/or investment objectives. Within Mariner Institutional’s DC practice, certain individuals are dually registered with our affiliate, Mariner Wealth, and likewise certain clients may be serviced by Mariner Institutional associates through a Mariner Wealth investment advisory agreement. The Pathway DC Solution The Pathway DC solution provides a comprehensive service solution for small Defined Contribution (DC) plans which incorporates institutional investment vehicles in plan line ups, plan design, and available technology solutions to deliver necessary information in an electronic format (including education, quarterly reports and annual benchmarking). This solution provides clients with 3(38) fiduciary support on the investments by Mariner Institutional, as well as 3(16) plan administration support provided by the recordkeeper. We are contracted with Empower, T. Rowe Price, and Vestwell as the underlying recordkeepers. Accordingly, as these recordkeepers are considered preferred providers, clients should be aware that their options are limited to choosing one of these three providers. If a client prefers a different recordkeeper, they may be better served to opt for a customized approach within Mariner Institutional DC services, rather than the Pathway DC Solution. Certain Advisor Managed Account Services If you are the sponsor or other fiduciary (e.g., a committee or trustee) of a 401(k) or other participant-directed plan, we may recommend to you (either through a typical DC relationship or through the Pathway DC Solution) that your plan utilize one of the Firm’s Advisor Managed Account Services, which are provided in partnership with certain third-party providers. Advisor Managed Account Services will result in our receipt of additional asset-based fees (which vary Mariner Institutional, LLC - Form ADV Part 2A March 27, 2026 7  according to the specific program selected), and the level of fees will likewise depend on whether a regular qualified default investment alternative (QDIA), “dynamic” QDIA service, or an “opt-in” QDIA, will be used. A QDIA is a default investment used when money is contributed to an employee’s 401(k) account, but the employee has not made an investment election. Likewise, our Advisor Managed Account Services with certain third-party partners impose a “minimum assets” requirement which, if not met, would require the Firm to make a payment to the third-party partner. Again, as noted above, our individual advisors are typically compensated in part based on the total fees and other revenues they generate for our Firm. Therefore, both our Firm and our individual advisors have financial incentives to recommend Advisor Managed Account Services, and those particular services, which would pay us the most additional revenues. If we recommend an Advisor Managed Account Service for your plan, you will be provided with additional information about fees and costs at that time. A recommendation to a retirement plan sponsor or fiduciary to use a specific Advisor Managed Account Service would pose a conflict because some programs and service levels cause the Firm to receive more advisory fees than others. Also, where a “minimum assets” requirement is imposed upon the Firm by a third-party provider of Advisor Managed Account Services (or any other services), this poses a conflict because the Firm may avoid having to make a payment to the provider by recommending it to enough plans to maintain the “minimum assets” required. It should be understood that, when recommending a particular Advisor Managed Account Service and/or specific service level, this may constitute a recommendation of a specific investment program, and not merely a non-fiduciary “hire me” recommendation. Our Fiduciary Acknowledgement If your plan is covered by ERISA, when we provide investment advice to you regarding your account, we are fiduciaries within the meaning of Title I of ERISA and/or Section 4975 of the Internal Revenue Code (the “Code”), as applicable, which are laws governing retirement accounts. The way we make money creates some conflicts with your interests, so we operate under a special rule that requires us to act in your best interest and not put our interest ahead of yours. Under this special rule’s provisions, we must: • • • • • • Meet a professional standard of care when making investment recommendations (give prudent advice) Never put our financial interests ahead of yours when making recommendations (give loyal advice) Avoid misleading statements about conflicts of interest, fees, and investments Follow policies and procedures designed to ensure that we give advice that is in your best interest Charge no more than is reasonable for our services Give you basic information about conflicts of interest For purposes of this special rule, covered “plans” include 401(k), 403(b), profit sharing, pension and all other plans that are subject to ERISA, together with tax-qualified retirement plans under the Mariner Institutional, LLC - Form ADV Part 2A March 27, 2026 8  Code (even if not subject to ERISA) such as Solo 401(k) and “Keogh” plans. “IRAs” subject to the special rule include both traditional and Roth IRAs, individual retirement annuities, health savings accounts, Archer medical savings accounts and Coverdell education savings accounts. Rollovers to Affiliated Wealth Advisors Mariner Institutional has affiliates, such as Mariner Wealth, that provide wealth management and other advisory services to individual investors (as further defined within this document). In connection with Mariner Institutional’s services to employer-sponsored retirement plans and plan sponsors, plan participants may become aware of, be introduced to, or be referred to the wealth management or other advisory service offerings provided by our affiliates. Participants who terminate employment or otherwise become eligible to take a distribution may choose to roll over plan assets to an IRA or other account managed by our affiliate(s). If a participant elects to roll assets to an account managed by our affiliate, our affiliate will generally receive advisory fees and/or other compensation on those assets. The fees earned by our affiliates for advisory services provided to an IRA or other account of an individual participant are generally higher than (or in addition to) the fees earned by Mariner Institutional with respect to the advisory services provided to retirement plans and plan sponsors. In addition, personnel of our affiliates are typically compensated, directly or indirectly, based in part on the advisory fees or other revenues generated from accounts established through such rollover recommendations. Likewise, our institutional advisors are generally entitled to receive an internal referral fee for making such a recommendation to utilize the services of affiliates. Accordingly, Mariner Institutional and its institutional advisors have a financial incentive for rollover assets to be invested in accounts managed by our affiliate(s), which creates a conflict of interest. The services we provide to retirement plans and plan sponsors are separate from any retail advisory or wealth management services offered to individual participants by our affiliate(s). Participants are under no obligation to engage our affiliate(s) or any related person for such services. Client Agreement Prior to engaging us, clients will be required to enter into one or more written agreements setting forth the terms, conditions, and objectives under which we shall render our services (the “Agreement”). Additionally, we will only implement our investment recommendations, or provide investment recommendations for implementation by the client or its designated service providers, as relevant, after a client has arranged for and furnished all information and authorization regarding accounts with appropriate financial institutions. Our clients are advised to promptly notify us through their designated representatives(s) of any changes in their financial circumstances or investment objectives. Mariner Institutional, LLC - Form ADV Part 2A March 27, 2026 9  Asset Value: As of December 31, 2025, our approximate assets consisted of the following: Discretionary* Assets Under Advisement** Total Amount of Approximate Assets $2,822,300,000 $455,602,500,000 $458,424,800,000 * This is equivalent to the regulatory assets under management disclosed in Item 5.F of Adviser’s Form ADV Part 1A. Please note that Mariner Institutional has no non-discretionary regulatory assets under management. All its non-discretionary assets are assets under advisement as further explained below. **Assets under advisement represent primarily our Pension Consulting assets, for which we have neither discretionary authority nor responsibility for arranging or effecting the purchase or sale of recommendations provided to and accepted by the ultimate client. We simply provide recommendations. Inclusion of these assets will make our total assets number different from regulatory assets under management disclosed in Item 5.F of Adviser’s Form ADV Part 1A due to specific calculation instructions for Regulatory Assets Under Management. Item 5-Fees and Compensation Traditional Plans Our fees are generated from the annual retainer advisory fee the client pays directly to us for our services. These fees are hard-dollar only and may be fixed or variable, and may include an annual fee escalator of an agreed-upon percentage. We do not have a set fee schedule for traditional plans. Invoices are sent directly to the client or their designated representative and payment is rendered to us. Defined Contribution Plans For defined contribution plans, the advisory fee will vary by client based upon the services provided but shall be reasonable in conformity with U.S. Department of Labor regulations. The structure and level of fees relating to these services will vary by client based upon the services provided and other considerations deemed relevant by the Firm, but typically takes the form of a fixed fee or a percentage of assets under management. We will generally bill these fees in arrears and payment is typically collected by directly remitted payments from clients or through client directed deductions through a plan’s recordkeeper Our Pathway DC Solution is based on a set fee schedule, which may vary by provider, but is generally a tiered asset-based fee, and in some cases, a separate flat fee paid by a Plan Sponsor. Please see your advisory agreement for specific fees applicable to you. Our hard dollar fees vary depending on the complexity of the engagement. Fees are negotiated directly with clients prior to entering into each new engagement. We do not have a minimum plan size that we will accept, nor do we have a minimum stated fee. All fees are fully disclosed and negotiated with the client in advance. Most clients’ fees are billed quarterly in arrears, however some are billed for services quarterly in advance. In these instances, any unearned fee would be Mariner Institutional, LLC - Form ADV Part 2A March 27, 2026 10  returned to the client in the event the relationship was terminated. Some clients request to have their fees deducted from their accounts, which we honor on an exception basis. While some clients elect to base our fee on a stated percentage of assets under advisement, under no circumstances are our fees based on participating in a share of capital gains or appreciation of funds beyond the stated percentage of assets. Clients can terminate our advisory services at any time upon written notice. Any other fees incurred to manage or custody client assets are the result of, and are billed by, other service providers under their separate agreements directly with the client. Such fees could include investment manager fees, brokerage fees and custody fees, among others, and should all be disclosed under those separate agreements. All fees paid to us for investment consulting and advisory services are separate from the fees and expenses charged to shareholders of mutual fund shares or ETFs by their respective managers. A complete explanation of these expenses charged by the mutual funds or ETFs is contained in each strategy’s prospectus. Also, all fees paid to us for consulting and advisory services are separate from the fees and expenses which may be charged by other third-party investment managers, custodian fees and other service providers. In addition, for our traditional non-discretionary clients, we do not typically trade clients’ accounts and therefore in those cases would receive no brokerage or other transaction fees. There are a limited number of clients whereby we do have certain authorities to trade clients’ accounts. In such cases, there are processes in place for oversight and monitoring. For our discretionary clients, although we also do not receive any brokerage or other transaction fees, we do, however, support portfolio administration (e.g., rebalancing) and accordingly will facilitate trades for their designated accounts, and for a limited number of clients will trade clients’ accounts. These activities have an additional level of oversight within Mariner Institutional and, except for the aforementioned limited clients, actual execution of trades is generally carried out by the client’s qualified custodian. Accordingly, even in a discretionary capacity, we still receive no brokerage or other transaction fees. Please see additional detail under Item 12. As indicated above, we do not have a set fee schedule. Rather, our annual consulting fee varies depending on the engagement. Based on the services requested and plan complexity, fees could range from approximately $25,000 to over $1,000,000 annually. Moreover, for clients deemed not to be “qualified purchasers” as defined in Section 2(a)(51)(A) of the Investment Company Act of 1940, our fees generally range from $5,000 to $40,000 annually depending on the size and complexity of the client. Item 6-Performance-Based Fees and Side-By-Side Management We do not charge fees based on participating in a share of capital gains or the capital appreciation of client assets under advisement. Mariner Institutional, LLC - Form ADV Part 2A March 27, 2026 11  Item 7-Types of Clients Mariner Institutional works with many different types of institutional plans sponsored by public and government entities, public and private educational institutions, unions (Taft-Hartley), insurance companies, endowments, foundations, corporations, hospitals, healthcare systems and self-insurance funds. Mariner Institutional also services a limited number of retail accounts (e.g., high- net worth individuals), primarily from legacy relationships or acquisitions. Our firm is structured to be able to consult and advise any institutional pool of assets. Some of the plan types we work with include: • Retirement plans, including defined benefit pension, cash balance, defined contribution, ESOP and money purchase plans • Post retirement and benefit plans, such as health and welfare, OPEB, VEBA and other retiree health plans • Endowments and foundations • Other asset pools, such as operational, liquid reserve, insurance, and risk pools As stated in “Item 5 – Fees & Compensation,” we do not have minimum plan size requirements, nor a stated minimum fee for establishing a new client relationship for investment consulting services. Item 8-Methods of Analysis, Investment Strategies and Risk of Loss The focus of our strategic asset allocation is the development of “collective manager intelligence” by our research team leading to manager recommendations that aim to be consistent and repeatable. Our dedicated research team’s sole responsibility is to conduct due diligence on current and prospective management strategies that can be utilized by clients in accordance with their Investment Policy Statement. The open and ongoing manager due diligence process, which includes both qualitative and quantitative aspects, is focused on identifying managers and strategies that we believe maintain a sustainable competitive advantage relative to their peers. Risk Control Risk control is central to manager evaluation, performance measurement processes and investment consulting in general. While a portfolio’s standard deviation over time represents the most visible component of investment risk, it is certainly not the only risk to be considered. There are several quantitative and qualitative factors that should be considered when assessing both portfolio and manager risk such as governance and operational procedures, regulatory history, compliance practices, portfolio construction, style consistency, and professional experience. Each clients’ consulting team is responsible for the evaluation and mitigation of risk management at the portfolio and manager level. Each consulting team is further supported by our Manager Research Department’s evaluation of strategic asset allocation structures and ongoing manager evaluation and due diligence. Our Consulting and Research Departments are effectively integrated and overseen from an investment risk perspective by our Institutional Investment Policy Committee that reviews and approves certain manager strategies for client portfolios. An additional layer of Mariner Institutional, LLC - Form ADV Part 2A March 27, 2026 12  risk control is provided by Mariner’s Enterprise Investment Policy Committee, led by the Chief Investment Officer and supported by the investment team, which is generally responsible for overseeing the due diligence process on prospective investment strategies, managers and products that are made more broadly available for investment in client portfolios. We believe multi-layered risk management is central to investment consulting and extends well beyond the observable measurement of portfolio or manager volatility. Risks can appear in a variety of forms and consultants must use different tools and assessments to effectively mitigate them. Philosophy on Risk  Risk extends beyond systematic market risk (standard deviation of index returns).  Other types of risk such as manager risk, litigation risk, liquidity risk, interest rate risk, headline risk, political risk and default risk must be recognized and mitigated.  Risk mitigation is essential to each of our services: investment policy development, asset allocation development, manager research, and performance analysis.  The client must understand both qualitative and quantitative risk factors. Risk Management at the Total Portfolio Level The number one factor driving the risk of an investment portfolio is arguably the asset allocation decision. Thus, we believe it is extremely important to educate our clients on the importance of asset allocation in order to assist them in making informed and sound decisions. In addition to education, we use a combination of mean variance and stochastic modeling tools to help clients understand the risks that might exist with different asset allocation structures. The goal is to build a portfolio with a diversified mix of asset classes that are not highly correlated with each other. When the desired asset allocation structure has been determined, we then generally define the target allocation structure in the client’s investment policy statement. Risk at the total portfolio level is managed by keeping the client’s asset allocation structure in compliance with its investment policy statement. We assist the client in staying compliant using our various monitoring, analytical, and reporting tools. Risk Management at the Individual Manager Level The individual managers employed by a client are the building blocks of the investment program, and they must fit within the client’s asset allocation structure as determined above. To further mitigate risk, we believe it is essential to build a roster of managers that are also not highly correlated with each other within an asset class. As such, it is important to fully understand the factors driving a manager’s performance and risk profile. To gain such an understanding of each manager, we evaluate many financial and risk characteristics, which may include, but is not limited to, the following: • MPT statistics: Alpha, Batting Average, Beta, Correlation Coefficient, Downside/Upside Market Capture Ratio, Down/Up Market Return, Downside Risk, Information Ratio, Max Drawdown, Number of Negative/Positive Periods, R-Squared, Sharpe Ratio, Sortino Ratio, Standard Deviation, Treynor Ratio, Tracking Error, etc. Mariner Institutional, LLC - Form ADV Part 2A March 27, 2026 13  • Portfolio Characteristics: Price/Earnings Ratio, Price/Book Ratio, Price/Cash Flow Ratio, Dividend Yield, Earnings Growth Rate, etc. • Portfolio turnover • Portfolio concentration/number of holdings • Sector/country allocations • Holdings and returns-based style analysis • Holdings-based attribution • Cross holdings analysis between strategies We make ongoing quantitative and qualitative assessments of managers to gauge their success and failure. This allows us to detect risk at the manager level and to judge if such risks are appropriate within the client’s portfolio structure. The factors considered may include but are not necessarily limited to the following: Quantitative factors: • Annualized, calendar year and market cycle return vs. appropriate industry benchmarks and peer groups • Various risk-based analysis (Sharpe, Sortino, Information ratios, etc.) • Factor analysis (value, growth, size, momentum, quality, social & governance, etc.) Qualitative factors: Our qualitative analysis focuses on the stability of the investment manager’s organization and staff, adherence to their stated investment philosophy and process, asset/client turnover, and the quality of client service. Investment policy statement compliance issues • Professional turnover • • Regulatory or legal issues • Significant loss or gain of clients, including asset outflows/inflows • Change in firm ownership • Change in investment process • Risk management approach (within the investment team or driven externally) • Style drift from mandate • Fee structure change • Poor client service • Loss of client confidence There are no automatic triggers that place a strategy on a watch list or to terminate. We assess each situation independently and aim to make thoughtful, reasonable decisions in a timely manner. Risk of Loss & Other Risks Investing in securities involves a risk of loss that you should be prepared to bear, including loss of your original principal. Past performance is not indicative of future results; therefore, you should not assume that future performance of any specific investment or investment strategy will be profitable. We do not provide any representation or guarantee that your goals will be achieved. Mariner Institutional, LLC - Form ADV Part 2A March 27, 2026 14  In addition to general investment risks, there are additional material risks associated with the types of strategies in which your portfolio invests from time to time. Please refer to the relevant prospectus or offering materials for more information regarding risk factors for a particular investment. Depending on the different types of investments and strategies employed for your portfolio, there are varying degrees of risk: • Market Risk–Either the market as a whole, or the value of an individual underlying company, goes down, resulting in a decrease in the value of Client investments. Global markets are interconnected, and events like hurricanes, floods, earthquakes, forest fires and similar natural disturbances, war, terrorism or threats of terrorism, civil disorder, public health crises, and similar “Act of God” events have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term and wide-spread effects on world economies and markets generally. Clients may have exposure to countries and markets impacted by such events, which could result in material losses. • Geopolitical Risks – Unexpected political, regulatory and diplomatic events within the United States and abroad, such as the U.S.-China “trade war,” may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. The current political climate and the renewal or escalation of a trade wars between United States and other countries may have an adverse effect on both the U.S. and such other countries’ economies, including as the result of one country’s imposition of tariffs on the other country’s products. In addition, sanctions or other investment restrictions could preclude the clients from investing in certain non-U.S. issuers or cause the clients to sell investments at disadvantageous times. Events such as these and their impact on clients and their investments are difficult to predict and further tariffs may be imposed or other escalating actions may be taken in the future. For example, the United States recently imposed additional tariffs on imports from certain countries. These additional tariffs, as well as a government’s adoption of “buy national” policies or retaliation by another government against such tariffs or policies may have introduced significant uncertainty into the market. At this time, it remains unclear what additional actions, if any, will be taken by the United States or other governments with respect to international trade agreements, the imposition of additional tariffs on goods imported into the United States, tax policy related to international commerce, increased export control, sanctions and investment restrictions, or other trade matters. Other effects of these changes, including impacts on the price of raw materials, and responsive or retaliatory actions from governments could also have significant impacts on markets. • Technological Advance – Artificial Intelligence; Machine Learning – Recent technological advances in artificial intelligence and related machine learning technologies (collectively, “AI Technology”) pose risks to the Firm, its clients, and its portfolio investments. AI Technology and its applications, including in the financial sector, continue to develop rapidly, and it is impossible to predict the future risks that may arise from such developments. Mariner Institutional, LLC - Form ADV Part 2A March 27, 2026 15  The use of AI Technology has become increasingly prevalent in recent years, and presents risks and challenges that could affect the business of the Firm and its portfolio investments. AI Technology, and the processes used to develop AI Technology, can raise privacy concerns, subjecting the Firm and its portfolio investments to legal liability, and brand or reputational harm. AI Technology is generally highly reliant on the collection and analysis of large amounts of data, and it is not possible or practicable to review all data upon which AI Technology is trained, or which is otherwise utilized. Certain data in such models will inevitably contain a degree of inaccuracy and error - potentially materially so - and could be inadequate, biased or otherwise flawed. Similarly, it is not possible to review whether all relevant data has been used to develop the relevant models, the combined effect of which would be likely to degrade the effectiveness of A Technology. To the extent that the Firm and/or its portfolio investments use AI Technology, any such inaccuracies, errors or flaws could have adverse impacts on such persons. Conversely, to the extent competitors of such persons utilize AI Technology more extensively than the Firm or its portfolio investments, there is a possibility that such competitors will gain a competitive advantage. Use of AI Technology by the Firm, its personnel or its service providers could include the input of confidential information, including confidential information of the Firm’s clients and investors, either by third parties in contravention of non-disclosure agreements, or by the Firm’s personnel in contravention of the Firm’s policies, contractual or other obligations or restrictions, or otherwise in violation of applicable laws or regulations relating to treatment of confidential and/or personally identifiable information (including material non- public information). By inputting data into AI Technology, such confidential information may become part of a dataset that is accessible by other third-party AI Technology applications and users. Further, some AI Technology scenarios may present ethical issues. For example, if the Firm uses, enables or offers AI Technology that are controversial because of their impact on human rights, privacy, employment or other social issues, the Firm may incur legal liability or experience brand or reputational harm. Intellectual property ownership issues, licensing and privacy rights surrounding AI Technology are evolving which may expose the Firm and its portfolio investments to claims of intellectual property infringement or misappropriation or privacy rights violations, or result in inquiries by government bodies or agencies. In addition, many jurisdictions have passed laws implementing regulations or are considering the same related to the use and development of AI Technology which could have an adverse effect on the Firm, its clients, portfolio investments and their businesses. • Federal Workforce Reductions and Budget Cuts – The current administration has commenced efforts to implement significant changes to the size and scope of the federal government and reform its operations to achieve stated goals that include reducing the federal budget deficit and national debt, improving the efficiency of government operations, and promoting innovation and economic growth. To date, these efforts have been carried out through a mix of executive actions aimed at eliminating or modifying federal agency and federal program funding, reducing the size of the federal workforce, reducing or altering the scope of activities conducted by, and possibly eliminating, various federal agencies and bureaus, and encouraging the use of artificial intelligence and other advanced technologies Mariner Institutional, LLC - Form ADV Part 2A March 27, 2026 16  within the public and private sectors. These changes, if implemented and taken as a whole, may have varied effects on the economy that are difficult to predict. For instance, the delivery of government services and the distribution of federal program funds and benefits may be disrupted or, in some cases, eliminated as a result of funding cuts or recasting of federal agency mandates. Further, a substantial reduction of the federal workforce could adversely affect regional and local economies, both directly and indirectly, in geographies with significant concentrations of federal employees and contractors. It is possible that such comprehensive changes to the federal government may be materially adverse to the regional and local economies and financial markets more broadly. • Equity Risk–Equity strategies are susceptible to fluctuations and to the volatile increases and decreases in value as the underlying issuers’ confidence in or perceptions of the market change. • Fixed Income Risk–Investing in fixed income strategies involves the risk that the underlying issuers will default on the bonds and be unable to make payments. In addition, investors should be aware of the risk and impact of inflation as changes in interest rates have a more pronounced effect on securities with longer durations. Underlying fixed income securities are also subject to reinvestment risk in that if interest rates are falling during a period of reinvestment, returns will be lower. Interest rate risk increases as portfolio duration increases. Reinvestment risk increases as portfolio duration decreases. portfolio may contain strategies based • Socially Conscious Investing–Depending on the strategy or Client-specific restrictions, a Client’s on environmental, social and corporate governance criteria, as well as other criteria based on religious beliefs. These criteria are nonfinancial reasons to exclude or include a strategy and therefore the strategy may forgo some market opportunities available to portfolios that don’t use such screening and the strategy’s performance may at times be better or worse than the performance of accounts or strategies that do not use such criteria. • REITs and Real Estate Risk–The value of a portfolio’s investment in real estate investment trusts (“REITs”) or real estate strategies may change in response to changes in the real estate market. Such investments may also be subject to the following additional risks: declines in the value of real estate, changes in interest rates, lack of available mortgage funds or other limits on obtaining capital and financing, overbuilding, extended vacancies of properties, increases in property taxes and operating expenses, changes in zoning laws and regulations, casualty or condemnation losses, and tax consequences of the failure of a REIT to comply with tax law requirements. A portfolio may also bear a proportionate share of the REIT or real estate fund’s ongoing operating fees and expenses, which may include management, operating and administrative expenses. • International Investing Risk–International investing, especially in emerging markets, involves special risks, such as currency exchange and price fluctuations, as well as political and economic risks. Mariner Institutional, LLC - Form ADV Part 2A March 27, 2026 17  • Emerging Markets Risk–The risks associated with foreign investments are heightened when investing in emerging markets. The governments and economies of emerging market countries may show greater instability than those of more developed countries. Such investments tend to fluctuate in price more widely and to be less liquid than other foreign investments. • Liquidity and Transferability–Certain investment funds – for example, private funds and interval funds -- offer their investors only limited liquidity and interests are generally not freely transferable. In addition to other liquidity restrictions, investment funds may offer liquidity at infrequent times (i.e., monthly, quarterly, annually, or less frequently). Accordingly, investors in investment funds should understand that they may not be able to liquidate their investment in the event of an emergency or for any other reason. • Third-Party Aggressive Investment Technique Risk–Managers and investment funds may use investment techniques and financial instruments that may be considered aggressive, including but not limited to investments in derivatives, such as futures contracts, options on futures contracts, securities and indices, forward contracts, swap agreements and similar instruments. Such techniques may also include taking short positions or using other techniques that are intended to provide inverse exposure to a particular market or other asset class, as well as leverage, which can expose a Client’s portfolio to potentially dramatic changes (losses or gains). These techniques may expose a Client to potentially dramatic changes (losses) in the value of its allocation to the manager and/or investment fund. • Liquidity and Transferability–Certain investment funds – for example, private funds, interval funds, and tender offer funds –_ offer their investors only limited liquidity and interests are generally not freely transferable. In addition to other liquidity restrictions, investments investment funds may offer liquidity at infrequent times (i.e., monthly, quarterly, annually or less frequently). Accordingly, investors in investment funds should understand that they may not be able to liquidate their investment in the event of an emergency or for any other reason. In addition, where a client determines to terminate its client agreement with the Firm, the Firm may be unable to liquidate certain investment fund holdings prior to the effective date of the termination of the client agreement. • Alternative Investment Risk–Alternative investments encompass a broad array of strategies, each with its own unique return and risk characteristics that must be considered on a case- specific basis. • Non-Diversification Risk–If a strategy is “non-diversified,” its investments are not required to meet certain diversification requirements under federal law. A “non-diversified” strategy is permitted to invest a greater percentage of its assets in the securities of a single issuer than a diversified strategy. Thus, the strategy may have fewer holdings than other strategies. As a result, a decline in the value of those investments would cause the strategy’s overall value to decline to a greater degree than if the strategy held a more diversified portfolio. • Risk Related to Funds Not Registered–Client may invest in funds that are not registered as investment companies under the Investment Company Act and, therefore, the Client will Mariner Institutional, LLC - Form ADV Part 2A March 27, 2026 18  not have the benefit of various protections afforded by the Investment Company Act with respect to its investment in underlying funds. In addition, some underlying fund managers will not be registered as investment advisers under the Advisers Act in reliance on certain exceptions from registration under that Act. In such cases, underlying fund managers will not be subject to various disclosure requirements that would apply to registered advisers. As an investor in the underlying funds managed by fund managers that are not registered as investment advisers, the Client will not have the benefit of certain protections of the Advisers Act. • Risk of Loss–Investing in securities involves risk of loss that Clients 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. Our clients should be aware that there are numerous other risk factors related to the market in general associated with implementing investment strategies. Such risks can affect actual results and have a risk of loss that clients should be prepared to bear and should carefully consider before investing in any strategy. There are also additional risks that our clients should be aware of, including but not limited to: pandemics, technology, cybersecurity and legal and regulatory matters, as further described below. • Technology and Cybersecurity–The Firm’s information and technology systems may be vulnerable to damage or interruption from computer viruses, network failures, computer and telecommunication failures, infiltration by unauthorized persons and security breaches, usage errors by its professionals, power outages and catastrophic events such as fires, tornados, floods, hurricanes, and earthquakes. Although the Firm has implemented various measures to protect the confidentiality of its internal data and to manage risks relating to these types of events, if these systems are compromised, become inoperable for extended periods of time or cease to function properly, the Firm will likely have to make a significant investment to fix or replace them. The failure of these systems and/or of disaster recovery plans for any reason could cause significant interruptions in the Firm’s operations and result in a failure to maintain the security, confidentiality, or privacy of sensitive data, including personal information relating to Clients. Such a failure could harm the Firm’s reputation or subject it or its affiliates to legal claims and otherwise affect their business and financial performance. The Firm will seek to notify affected Clients of any known cybersecurity incident that will likely pose substantial risk of exposing confidential personal data about such Clients to unintended parties. • Regulation Risk–Regulation and laws affecting the Firm change from time to time. The Firm cannot predict the effects, if any, of future regulatory and legal changes on our business or the services provided. • Inflation Risk–Security prices and portfolio returns will vary in response to changes in inflation and interest rates. Inflation causes the value of future dollars to be worth less and may reduce the purchasing power of a Client’s future interest payments and principal. Mariner Institutional, LLC - Form ADV Part 2A March 27, 2026 19  Inflation also generally leads to higher interest rates, which may cause the value of many types of security investments to decline. • Interest Rate Risks–The prices of and the income generated by most debt and equity securities will most likely be affected by changes interest rates and by changes to the effective maturities and credit ratings of these securities. In addition, falling interest rates may cause an issuer to redeem or refinance a security before its stated maturity date, which would typically result in having to reinvest the proceeds in lower-yielding securities. • Credit Risk–Debt securities are credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. • Data Sources Risks–The Firm uses external software applications to analyze performance attribution and to assist in investment decision making or investment research. As a result, if information that the Firm receives from a third-party data source is incorrect, the Firm may not achieve the desired results. Although the Firm has found the third-party data sources to be generally reliable, the Firm typically receives these services “as is” and cannot guarantee that the data received from these sources is accurate. • Possibility of Fraud and Other Misconduct–When Client assets are allocated to a manager or investment funds, the Firm does not have custody of the assets. Therefore, there is the risk that the manager or investment fund or its custodian could divert or abscond with those assets, fail to follow agreed upon investment strategies, provide false reports of operations, or engage in other misconduct. Moreover, there can be no assurances that all managers and investment funds will be operated in accordance with all applicable laws and that assets entrusted to the manager or investment funds will be protected. • Counterparty Risk–The institutions (such as banks) and prime brokers with which a manager or investment fund does business, or to which securities have been entrusted for custodial purposes, could encounter financial difficulties. This could impair the operational capabilities or the capital position of a manager or create unanticipated trading risks. The summary above is qualified in its entirety by the risk factors set forth in the applicable offering materials for the applicable strategy. Item 9-Disciplinary Information The Firm is required to disclose all material facts regarding any legal or disciplinary events that would be material to your evaluation of the Firm, or the integrity of our management. The Firm reviews advisory personnel records on a periodic basis to ensure that no disciplinary events have been reported. The Firm has no material legal or disciplinary events in response to this item. The Firm maintains ADV Part 2B for its advisors, which are provided to each client, and detail each individual team member's professional credentialing, and other pertinent information about the advisor. Mariner Institutional, LLC - Form ADV Part 2A March 27, 2026 20  Item 10-Other Financial Industry Activities and Affiliations As part of our services provided to clients, we recommend other registered investment advisors to clients. Mariner Institutional, in service of our clients, supports and promotes an objective approach to its investment consulting practice through various internal policies and controls. Notwithstanding the foregoing, Mariner Institutional is a wholly owned subsidiary of Mariner Wealth and by virtue of this, we are deemed to have relationships and arrangements that are material to our advisory business or to our clients with related persons that provide a variety of financial services and products, as detailed below. With respect to the services and products (including private funds) described herein offered by Firm’s principal voting owners and their affiliates, namely Mariner, 1248, LGP and NBAA, there exists a conflict of interest in our recommending such services or products to the Firm’s clients as all or a portion of the revenues earned by such parties ultimately flow to the Firm’s principal voting owners and/or their affiliates. Except as noted herein, the affiliated services, products and private funds charge fees in addition to the fees charged by the Firm. As such, the Firm has an indirect financial incentive to recommend other services/products provided and/or private funds managed by such parties. Specifically, Martin Bicknell, the CEO and President of the Firm, has significant ownership stakes in Mariner and 1248, which in turn directly and indirectly hold financial interests in various other investment advisers and other financial entities, as detailed below. Where the Firm recommends services or products provided by Mariner, 1248 or its affiliates, the Firm will provide such recommendations to applicable clients on a fully disclosed basis, as applicable. In addition, as discussed herein, the Firm is owned in significant part by entities affiliated with LGP and NBAA. Each of LGP and NBAA are large, global financial services firms, offering a wide range of financial products and services. Further, as part of their standard business operations, LGP and NBAA will periodically, directly or indirectly, own or control other financial services companies. Due to the global nature of the products and services offered by LGP and NBAA directly, and each of their portfolio companies indirectly, the Firm may allocate or recommend to clients the products and/or services offered by LGP, NBAA or their portfolio companies from time to time. Any such decision will be based on client-specific considerations, needs and circumstances, and incidental to any indirect financial interest on the part of LGP and/or NBAA. Additional information relating to the products and services of LGP and NBAA is publicly available on their respective Form ADVs, as filed with the SEC. The Firm seeks to manage the conflicts of interest discussed above by disclosing them to clients and not sharing revenue from affiliated services, products and private funds with the advisors who recommend client investments, except as specifically disclosed to applicable client. Further, the affiliated services, products and private funds are recommended to clients by advisors with consideration of various factors, including but not limited to, the client’s investment objective and financial circumstances. The Firm has procedures in place to monitor the conflicts of interest presented by these relationships. Mariner Institutional, LLC - Form ADV Part 2A March 27, 2026 21  Other Investment Advisers The Firm is wholly owned by Mariner Wealth (CRD No. 140195), a SEC registered investment advisor. Through this ownership, the Firm is affiliated with and under common control with: • Mariner Wealth Advisors-IC, LLC (CRD No. 289886), a SEC registered investment adviser. • Mariner Platform Solutions, LLC (“MPS”) (CRD No. 305418), a SEC registered investment adviser. • Mariner Independent Advisor Network, LLC (“MIAN”) (CRD No. 283824), a SEC registered investment adviser. • Mariner Managed Account Solutions, LLC (CRD No. 151664), a SEC registered investment adviser. The Firm is affiliated with and under common control with the following investment advisers as a result of 1248’s significant ownership stake through its subsidiary holding company, Montage Investments, LLC. • 1248 Partners, LLC (CRD No. 325304), a SEC registered investment adviser. • Flyover Capital Partners, LLC (CRD No. 173709), a SEC registered investment adviser. • Ubiquity Management, LP (CRD No. 311168), an exempt reporting investment adviser. These investment advisers serve as the investment manager or investment adviser to private funds, (please see the Form ADV of each adviser for specific information). The Firm does not generally recommend affiliated private fund investments to its clients. To the extent applicable, relevant information, terms and conditions relative to the aforementioned affiliated private funds, including the investment objectives and strategies, minimum investments, qualification requirements, suitability, fund expenses, risk factors, and potential conflicts of interest, are set forth in the offering documents (which typically include confidential private offering memorandum, Limited Partnership Agreement/Limited Liability Company Agreement, or Subscription Agreement), which each investor is required to receive and/or execute prior to being accepted as an investor. Through the ownership structures discussed above, Mariner’s affiliates have a passive, direct or indirect minority financial interest in the following investment advisers. • Eaglebrook Advisors, Inc (CRD: 304438), a SEC registered investment adviser. • Altruist, LLC (CRD: 299398), a SEC registered investment adviser. • Lifeworks Advisors, LLC (CRD: 288255), a SEC registered investment adviser. • Dynasty Wealth Management, LLC (CRD: 153377), a SEC registered investment adviser. • 503 Capital Partners, LLC (CRD No. 327580), a SEC registered investment adviser; • Alpine Fox Capital, LLC (CRD No. 324348), an exempt reporting adviser. Mariner Institutional, LLC - Form ADV Part 2A March 27, 2026 22  These investment advisers provide advisory services to a variety of Clients, across various different formats, including through separately managed accounts, model portfolios, private funds and facilitating access to online marketplaces (please see the Form ADV of each adviser for specific information). Broker-Dealer We are affiliated, and under common ownership and control, with MSEC (CRD No. 154327), a broker-dealer registered with the SEC and various state jurisdictions, member of the Financial Industry Regulatory Authority (“FINRA”), Securities Investor Protection Corporation (“SIPC”), and Municipal Securities Rulemaking Board (“MSRB”). We do not currently anticipate any utilization or recommendation of this affiliated broker-dealer in providing services to our clients. We are affiliated, and under common control, with W G Securities, LLC (CRD No. 140869) (“W G”), a capital acquisition broker registered with the SEC and various state jurisdictions, member of FINRA and SIPC. To the extent applicable, we may refer clients in need of institutional investment banking services to our affiliate Woodbridge International, LLC, the direct owner of W G Securities, LLC. To the extent an investment banking engagement requires use of a broker dealer, the transaction will typically be executed through W G. The Firm’s affiliation with W G and Woodbridge International, LLC creates a financial incentive for the Firm to recommend the services of W G and Woodbridge International, LLC over unaffiliated parties. In addition, certain eligible personnel of the Firm are generally entitled to a referral fee from W G and/or Woodbridge International, LLC, as applicable, for the referral of investment banking clients and/or opportunities. Trust Company We are under common control with Mariner Trust Company, LLC. Mariner Trust Company, LLC, is a state-chartered public trust company organized under the laws of South Dakota and serves to provide its customers with administrative trust services and other related services. The entity is subject to the regulatory oversight of the South Dakota Department of Labor and Regulation. Investment Banking Firm We are under common control with Woodbridge International, LLC (“Woodbridge”) which provides investment banking services. To the extent that a Client requires these services, we recommend Woodbridge, all of which services shall be rendered independent of the Firm pursuant to a separate agreement between the Client and Woodbridge. To the extent applicable, the Firm could receive compensation for referrals to Woodbridge in addition to the indirect financial incentive to refer Clients due to common ownership. In addition, certain eligible personnel of the Firm are generally entitled to a referral fee from Woodbridge for the referral of investment banking clients and/or opportunities. Mariner Institutional, LLC - Form ADV Part 2A March 27, 2026 23  Insurance Companies or Agencies We are under common control with Mariner Insurance Resources, LLC, an insurance agency. Cowell Insurance Services, LLC (“CIS”), Medical Repricing Services, LLC (“MRS”), and Americomp, LLC (“Americomp”) are affiliated companies under common control through CIS Holdings, LLC. CIS provides insurance products and related services, MRS provides medical bill repricing and cost-containment services, and Americomp establishes and maintains provider network contracts utilized in connection with medical bill negotiations. Clients are under no obligation to utilize the services of these affiliated entities. Financial Planning Wellness Platform We are under common control with Mariner Financial Wellness, LLC, which provides a Financial Wellness Platform to companies. Through the Financial Wellness Platform, associates of these companies are able to access Financial Wellness Coaching provided by Mariner Wealth advisors. Mariner Financial Wellness, LLC does not provide any investment advisory services. Legal Services Solution Through the ownership structures discussed above, Mariner’s affiliates have a passive, direct or indirect minority financial interest in Vanilla, a software solution that provides certain legal services. To the extent that a Client requires these services, we recommend Vanilla, all of which services shall be rendered independent of the Firm pursuant to a separate agreement between the Client and Vanilla. Specialty Tax Services We are under common control with Mariner Specialty Tax Services, LLC, which provides specialty tax services to certain clients. Other Affiliates MPS wholly owns Honor Bound Partners, LLC (“HBP”) which wholly owns MIAN, Honor Bound Consulting Services, LLC (“HBC”) and Honor Bound Network, LLC (“HBN”). HBC is a California limited liability company that offers virtual administrative and training services, as well as technology consulting services to investment adviser representatives of MPS and MIAN as well as investment adviser representatives of other registered investment advisers/broker-dealers. HBN is a California limited liability company that primarily serves to hold the assets and income of an office of supervisory jurisdiction with LPL Financial. In this capacity, HBN is responsible for overseeing the activities of registered representatives assigned to the branch. In many instances, these same registered representatives serve as investment adviser representatives of MIAN. Mariner Institutional, LLC - Form ADV Part 2A March 27, 2026 24  Item 11-Code of Ethics, Participation or Interest in Client Transactions and Personal Trading Overview of Code of Ethics and Personal Trading We have adopted a code of ethics that sets forth the standards of conduct expected of our supervised persons and requires compliance with applicable securities laws (“Code of Ethics”). In accordance with Section 204A of the Advisers Act, the Code of Ethics contains written policies reasonably designed to prevent the unlawful use of material non-public information by us or any of our supervised persons. The Code of Ethics also requires that certain of our personnel (“access persons”) report their personal securities holdings and transactions and obtain pre-approval of transactions in certain securities deemed reportable under the Code of Ethics, including initial public offerings, limited offerings and virtual coins or tokens in initial coin offerings. A conflict of interest exists to the extent the Firm and/or its related persons invest in the same securities that are recommended to clients. In order to address this conflict of interest, the Firm has implemented certain policies and procedures in its Code of Ethics, as further described herein. If an access person is aware that the Firm or an advisor within the Firm is purchasing/selling any security on behalf of a client, the access person may not themselves effect a transaction in that security until the transaction is completed for the relevant client(s). This does not include transactions for accounts that are executed as part of a block trade within a managed strategy or for accounts over which the access person has no direct or indirect influence or control. Certain securities are excluded from the Code of Ethics requirements as outlined in Section 204A of the Advisers Act. No supervised person may trade, either personally or on behalf of others, (including client accounts), while in the possession of material, nonpublic information, nor may any supervised person communicate material, nonpublic information to others in violation of the law. We maintain restrictions on receiving and giving of gifts and entertainment to and from clients and others with which the Firm does business. This is in an effort to curb potential conflicts of interest this may create. We also monitor our associates’ outside business activities to review situations that would compete with the interests of the Firm. Participation or Interest in Client Transactions If we determine that it is appropriate based on the client’s investment objectives and investor status, we recommend to clients, or buy or sell for client accounts, securities in which our related persons have a financial interest. This includes, but is not limited to, instances in which the Firm or an affiliate acts as the general partner in a partnership or a managing member of a limited liability company in which we recommend client(s) invest. This also includes products and services offered by other financial entities in which a principal voting owner of the Firm – Mariner, 1248, LGP and/or NBAA have a direct or indirect ownership interest. These types of transactions present a conflict of interest in that the Firm has a financial incentive as revenues earned by the related person ultimately flow to the principal voting owners of the Firm. See Item 10 for additional disclosure regarding this conflict, including the policies and procedures the Firm has implemented in order to address the conflict. Mariner Institutional, LLC - Form ADV Part 2A March 27, 2026 25  To address these potential conflicts and protect and promote the interests of clients, we employ the following policies and procedures: • • • • • • • If we enter into a transaction on behalf of our clients that presents either a material or nonmaterial conflict of interest, the conflict should be prominently disclosed to the client prior to the consummation of such transaction. Associates must comply with our policy on the handling and use of material inside information. Associates are reminded that they may not purchase or sell, or recommend the purchase or sale, of a security for any account while they are in possession of material inside information. In addition, associates may not disclose confidential information except to other associates who “need to know” that information to carry out their duties to clients. Associates must report securities transactions required by the Code of Ethics. In instances in which client trades are aggregated with associate accounts, the Firm will seek to ensure that: Trades for clients are treated equally with those for associate-related accounts; Each participant in the trade will receive the average execution price and commissions; and Securities will be allocated in a fair and equitable manner pursuant to our Firm’s policies and procedures. In addition, we have adopted trading practices designed to address potential conflicts of interest inherent in proprietary and client discretionary trading. There can be no assurance, however, that all conflicts have been addressed in all situations. Further, during periods of unusual market conditions, the Firm may deviate from its normal trade allocation practices. From time to time, certain clients of the Firm may invest in private investments or limited investment opportunities. The allocation of these investments across client portfolios is generally not executed on a pro rata basis as a number of factors will determine whether the private or limited offering is appropriate or suitable for a client. Accordingly, such opportunities may be allocated based on another approach, including random selection, selection based on account size or another methodology. Factors which may impact the allocation include, but are not limited to: account size, liquidity, investor qualification and risk tolerance. We note that private investments or limited investment opportunities may not be appropriate for smaller accounts, depending on factors such as minimum investment size, account size, risk, and diversification requirements, and accordingly may not be allocated such investments. Mariner Institutional’s clients or prospective clients may request a copy of the firm's Code of Ethics by contacting the Compliance Department at institutionalcompliance@mariner.com. Charitable Contributions From time to time, Mariner Institutional or its associates donate to charitable organizations that are affiliated with clients, are supported by clients, and/or are supported by an individual employed by one of our clients. In general, such donations are made in response to requests from clients or their personnel. Because our contributions could possibly result in the recommendation of Mariner Institutional or its services, such contributions may raise a potential conflict of interest. As a result, we maintain procedures that review the dollar amount and frequency of charitable contributions and require that all contributions are tracked and made directly to the charitable organization Mariner Institutional, LLC - Form ADV Part 2A March 27, 2026 26  (normally a 501(c)(3) organization). No contribution will be made if the contribution implies that continued or future business with Mariner Institutional depends on making such contribution. Item 12-Brokerage Practices We do not maintain a custodial relationship with any licensed broker‐dealer because we do not generally execute trades on publicly traded individual securities. Any purchases or redemptions we direct on behalf of a client are generally executed by the client’s independent custodian. Directed Brokerage However, as disclosed in Item 5, there are a limited number of clients whereby we do trade their accounts. Accordingly, certain clients have the option to direct us in writing to use a particular broker-dealer to execute some or all transactions for the client. In that case, at the direction of the client, the advisor will negotiate terms and arrangements for the account trade(s) with that broker- dealer, and we will not seek better execution services or prices from other broker-dealers or be able to “batch” client transactions for execution through other broker-dealers with orders for other accounts managed by us. As a result, the client could pay higher commissions or other transaction costs or greater spreads, or receive less favorable net prices, on transactions for the account than would otherwise be the case. Clients are free to choose their own custodian and brokerage firm. We do not receive any incentives, commissions, or soft dollars in connection with client-directed brokerage arrangements. Subject to our duty of best execution, we will decline a client’s request to direct brokerage if, in our sole discretion, we are unable to effectively implement or service the arrangement through the designated broker-dealer. From time to time, we are asked to recommend custodial options for our clients. If there is a need for custody services, and depending on the circumstances and needs, we may recommend several custodians, provided such custodians can meet their fiduciary obligation of best execution. Factors we consider when making any recommendations may include, but are not limited to: the custodian’s ability to provide professional services, our experience with the firm(s), their reputation, and the firms' quality of execution services and costs for such services, among other factors. We do not consider whether we or a related person receive client referrals, nor do we have any soft dollar relationships as we do not execute individual securities trades and receive no direct services from any custodian we may recommend. Clients are under no obligation to accept any of our recommendations and are free to select any custodian they may choose. Item 13-Review of Accounts Performance Reports On a periodic basis, we will provide clients with a performance evaluation of the investment(s) (hereinafter called the Performance Report). The Performance Report reviews the performance of the clients’ assets, expressed by various modern portfolio statistics that compare the performance of the investment managers to the guidelines called for by the Investment Policy Statement. The Performance Report provides historical and comparative information and is not to be relied upon Mariner Institutional, LLC - Form ADV Part 2A March 27, 2026 27  as a forecast or predictor of future performance returns. Performance Reports are reviewed with the client by the Consultant who works with that Client on all matters pertaining to the relationship. From time to time, client circumstances, securities market movements, or other external events may necessitate a review of a client’s portfolio outside of a normal review cycle. In such cases the Consultant will work closely with the client to ensure that all questions and concerns are addressed and make any appropriate recommendations for client action. Investment Manager Reports For most of our clients, we will review the fund’s investment managers on at least a quarterly basis with respect to their overall performance in achieving the desired objectives of the Investment Policy Statement. For all clients, we provide support based on the specific needs of each client. The review is directed to whether the investment manager’s performance and discipline is consistent with the intent and objectives of the Investment Policy Statement. We will provide information to facilitate comparisons of the investment manager’s overall performance benchmarks described in the plan’s Investment Policy Statement. The client is responsible for reviewing and understanding the information and analysis we provide and assessing the adequacy of any particular investment manager’s overall performance. We will assist the client in fulfilling this responsibility. Item 14-Client Referrals and Other Compensation Mariner Institutional does not compensate third-party persons/firms for client referrals. As discussed within this document, our affiliates offer a variety of services and products to clients. We may therefore receive or give client referrals from/to our affiliates. Associates of the Firm are generally entitled to receive an internal referral fee for making a recommendation to utilize the services of an affiliate. From time to time, our parent company receives indirect compensation from service providers or third-party vendors in the form of gifts, entertainment and/or gratis attendance at industry conferences, meetings and other educational events. When received, these occasions are evaluated to ensure they are reasonable in value and customary in nature to ensure their occurrence does not present any conflicts of interest. In addition, service providers and/or third-party vendors provide our affiliates/parent company economic benefits in the form of serving as sponsors for certain of our events and/or conferences. Sponsorships & Third-Party Support Enterprise Partnership Alliance Mariner has in place an Enterprise Partnership Alliance program through which firms are able to sponsor events such as seminars and conferences. In connection with such support, these firms may Mariner Institutional, LLC - Form ADV Part 2A March 27, 2026 28  receive certain benefits, including but not limited to, promotional opportunities, visibility at events, or access to Mariner personnel. These arrangements create a potential conflict of interest in that such firms may receive additional exposure to the firm’s professionals or similar advantages. Firms that partake in this partnership alliance may include investment managers, recordkeepers and other third parties with which the firm does business and/or may recommend to clients. Firms that currently participate in this program, include, but are not necessarily limited to: Apollo, AQR, Baystate Financial for Mass Mutual, Blackrock, Blackstone, BYN, CAIS, Cantor, Capital Group, Cohen & Steers, Dimensional Fund Advisors (DFA), Eaglebrook Advisors, Fidelity, Flourish, Goldman Sachs, Inland, John Hancock, JP Morgan, KKR, MFS, Net Law, powering Hargrove Firm LLP, Northern Trust, Neuberger Berman, Orion, Palmer Square, PIMCO, Pontera, Schwab, StoneCastle, Vanguard, and Vanilla. This list is subject to change from time to time. Other Support Services The Firm may also receive from Fidelity, Schwab or Pershing (or another broker-dealer/custodian, investment platform and/or mutual fund sponsor) without cost (and/or at a discount) support services and/or products, certain of which assist us to better monitor and service client accounts maintained at such institutions. Possible support services the firm receives include: sponsorships of Firm events and/or conferences, investment-related research, pricing information and market data, software and other technology that provide access to client account data, compliance and/or practice management- related publications, discounted or gratis consulting services, discounted and/or gratis attendance at conferences, meetings, and other educational and/or social events, marketing support, transition support services, computer hardware and/or software and/or other products used by the Firm in furtherance of its investment advisory business operations. The aforementioned Enterprise Partnership Alliance and other support services could create a potential conflict of interest in that an advisor may have an incentive to recommend that a client utilize the services of a particular third-party provider (e.g., custodian, broker-dealer, money manager, recordkeeper, etc...), as a result of the additional support or sponsorships of those firms. The Firm has procedures in place to monitor the conflicts of interest presented by these relationships. Our institutional unit continues to support an objective approach in its consulting practice and will periodically monitor such sponsorships accordingly. Item 15-Custody We do not take possession of or maintain custody of any funds or securities, but simply monitor the holdings within the portfolio. Possession and custody of the funds and/or securities is maintained by an independent custodian selected by the client. Item 16-Investment Discretion Many of our services under ERISA are provided as a 3(21)-limited scope fiduciary. Under this arrangement we are a fiduciary to the plan but do not have discretionary authority to make Mariner Institutional, LLC - Form ADV Part 2A March 27, 2026 29  investment selections or replace investment options within the plan. We provide extensive investment tools to the trustees and/or administrators of the plan to guide them in their duty to implement, maintain, administer and provide fiduciary oversight of their investment programs. We do, however, take on the role of a discretionary fiduciary for some clients. In these instances, we generally do not execute any trades for publicly traded securities, except as otherwise described below. Mutual fund trades are generally executed by the client’s independent custodian. If a separately managed account is employed, the investment discretion and securities trading for that portfolio is further delegated to an investment manager vetted by our Manager Research Department and either the Institutional Investment Policy Committee or Enterprise Investment Policy Committee. As further described in Items 5 & 12, we do have a limited number of clients whereby we do have discretion and authority to trade their accounts via platforms at their qualified custodian. Such trading is done according to internal policies and procedures. Item 17-Voting Client Securities Proxy voting for any separately managed account is delegated to the investment manager retained by the client at our direction. We do not generally vote proxies for non-discretionary clients. For a limited number of clients, at their request, we may vote proxies on their behalf. When performing this service, we do so in a manner consistent with the best economic interests of the clients and may utilize a proxy voting service. Additionally, occasionally Mariner Institutional is hired as a discretionary advisor. Under these circumstances and within this capacity as a discretionary advisor, it is the policy of Mariner Institutional to vote all proxies over which it has voting authority solely in the interests of the client and with the goal of maximizing the value of the client’s investments. Mariner Institutional will not, however, take responsibility for voting proxies on securities or investments that Mariner Institutional does not have discretionary authority over in the client’s portfolio. Mariner Institutional will also not take responsibility for voting proxies for securities or investments purchased and held by investment managers that Mariner Institutional did not recommend. These proxies will be voted by the manager according to their proxy voting guidelines or guidelines designated by the client and agreed to by the manager. As an investment advisor representing an ongoing client investment shareholder, Mariner Institutional will generally vote for recommended proxy proposals unless it is judged the proposal is not in the best interest of ongoing client shareholders. Mariner Institutional will not take responsibility to vote proxies according to a specific set of published organizational guidelines. If a client desires to have their proxies voted according to a specific set of non-Mariner Institutional guidelines, the client must take responsibility to vote proxies or retain a third-party proxy voting service to assume this responsibility. All proxies are reviewed and voted by Mariner Institutional according to the firm’s Discretionary Services Proxy Voting Policy. Absent special circumstances, this policy generally covers proxy Mariner Institutional, LLC - Form ADV Part 2A March 27, 2026 30  proposals for matters of routine business, reorganization, reincorporation, compensation, matters related to the board of directors, shareholder rights and other matters found in proxy proposals. In certain circumstances, including to accommodate client specific guidelines or other unique client considerations, Mariner Institutional may facilitate proxy voting through the engagement of a third- party proxy voting service. Mariner Institutional believes that it is unlikely serious conflicts of interest will arise in the context of Mariner Institutional’s proxy voting because Mariner Institutional does not engage in investment banking or the management of public companies. However, Mariner Institutional is sensitive to conflicts of interest that may nevertheless arise in the proxy decision-making process. In those instances when a proxy vote involves a potential for a conflict of interest, the firm may resolve the conflict in any of following ways: (1) contacting the client and voting pursuant to their direction; (2) abstaining; (3) voting according to the Proxy Policy Guidelines; or (4) following the vote recommendation of an independent fiduciary appointed for that purpose. Clients wishing to review Mariner Institutional’s Discretionary Services Proxy Voting Policy may receive a copy upon request by email at institutionalcompliance@mariner.com. Furthermore, clients with a particular interest in reviewing the firm’s proxy voting records for their account may also do so upon request. Item 18-Financial Information Registered investment advisers are required in this Item to provide you with certain financial information or disclosures about our financial condition. We have no financial commitment that impairs our ability to meet contractual and fiduciary commitments to Clients and have not been the subject of a bankruptcy proceeding. Mariner Institutional, LLC - Form ADV Part 2A March 27, 2026 31