Arena-Affiliated Funds Hold Material Warrants in OceanPal (OP) — 60-Day Exercise

Rhea-AI Filing Summary

OceanPal Inc. received a Schedule 13G disclosing that several Arena-affiliated investment vehicles and managers report beneficial ownership of Common Stock representing single-digit, material stakes in the company. The largest reported position is 1,600,000 shares (7.9%) held by Arena Investors, LP. Arena Special Opportunities Parallel Investor Vehicle III US, LP reports 1,295,680 shares (6.5%) and Arena Special Opportunities (Offshore) Master, LP reports 304,320 shares (1.6%). The filing explains that the reported shares consist entirely of Common Stock underlying warrants that were exercisable within 60 days of the reporting date, and that the percentage calculations use 18,586,812 shares outstanding as reported in the issuer's prospectus. The cover information identifies Arena Investors and several affiliated GP entities as reporting persons and states that certain manager and GP entities may be deemed to beneficially own shares held by the private investment vehicles. The filing does not state any intent to change or influence control.

Positive

• Material disclosure of investor interest: Arena Investors, LP reports 1,600,000 shares (7.9%), and Arena Special Opportunities Parallel Investor Vehicle III US, LP reports 1,295,680 shares (6.5%).
• Transparent basis for percentages: Percentages are explicitly calculated using 18,586,812 shares outstanding reported in the issuer's prospectus.

Negative

• Reported holdings are warrants: The shares consist entirely of Common Stock underlying warrants exercisable within 60 days, which creates potential near-term dilution upon exercise.
• Multiple related reporting persons: Several affiliated entities and GP/manager relationships mean beneficial ownership could be aggregated or complex, complicating simple ownership interpretation.

Insights

Securities Analyst

TL;DR: Multiple Arena entities disclose material positions in OceanPal, including warrants exercisable within 60 days, representing immediate potential ownership.

The filing identifies Arena Investors, LP and related Arena funds and GP entities as reporting persons. Material positions include 1,600,000 shares (7.9%) and 1,295,680 shares (6.5%), with an additional 304,320 shares (1.6%). Important for investors is that the reported shares are Common Stock underlying warrants exercisable within 60 days, meaning these positions reflect near-term exercisable interest rather than long-held free-floating common shares. Percentages are calculated using 18,586,812 shares outstanding from the issuer's prospectus. The statement expressly disclaims acquisition for purposes of changing control.

Corporate Governance Expert

TL;DR: Reported holdings by related investment vehicles rise above 5% thresholds and are formally disclosed; governance impact depends on post-exercise share distribution.

The filing documents that several affiliated Arena entities may be deemed to beneficially own the positions held by the private funds. Because two reporting persons individually exceed the 5% threshold, these holdings are material under disclosure rules. The disclosure that shares are underlying warrants exercisable within 60 days is a governance-relevant detail because exercise would convert derivative positions into voting common stock. The filing, however, contains no statement of intent to influence board composition or corporate control.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

OceanPal Inc.

(Name of Issuer)

Common Stock, $0.01 par value

(Title of Class of Securities)

Y6430L202

(CUSIP Number)

07/22/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. Y6430L202

1

Names of Reporting Persons

Arena Investors, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,600,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,600,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,600,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.9 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. Y6430L202

1

Names of Reporting Persons

Arena Investors GP, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,600,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,600,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,600,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.9 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: limited liability company

SCHEDULE 13G

CUSIP No. Y6430L202

1

Names of Reporting Persons

Arena Special Opportunities (Offshore) Master, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 304,320.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 304,320.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

304,320.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.6 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. Y6430L202

1

Names of Reporting Persons

Arena Special Opportunities Fund (Offshore) II GP, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 304,320.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 304,320.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

304,320.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.6 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. Y6430L202

1

Names of Reporting Persons

Arena Special Opportunities Fund (Offshore) GP, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 304,320.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 304,320.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

304,320.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.6 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: limited liability company

SCHEDULE 13G

CUSIP No. Y6430L202

1

Names of Reporting Persons

Arena Special Opportunities Parallel Investor Vehicle III US, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,295,680.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,295,680.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,295,680.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.5 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. Y6430L202

1

Names of Reporting Persons

Arena Special Opportunities Parallel Investor Vehicle III GP, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,295,680.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,295,680.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,295,680.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.5 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: limited liability company

SCHEDULE 13G

Item 1.
(a)	Name of issuer: OceanPal Inc.
(b)	Address of issuer's principal executive offices: Pendelis 26, 175 64 Palaio Faliro, Athens, Greece
Item 2.
(a)	Name of person filing: This Schedule 13G is filed by the following (the "Reporting Persons"): (i) Arena Investors, LP (the "Investment Manager"), who serves as investment manager to ASOFM and ASOIII (each as defined below); (ii) Arena Investors GP, LLC, who serves as the general partner of the Investment Manager (the "IM General Partner"); (iii) Arena Special Opportunities (Offshore) Master, LP ("ASOFM"); (iv) Arena Special Opportunities Fund (Offshore) II GP, LP, who serves as the general partner of ASOFM (the "ASOFM General Partner"); (v) Arena Special Opportunities Fund (Offshore) GP, LLC, who serves as the general partner of the ASOFM General Partner (the "ASOFM GP General Partner"); (vi) Arena Special Opportunities Parallel Investor Vehicle III US, LP ("ASOIII"); and (vii) Arena Special Opportunities Parallel Investor Vehicle III GP, LLC, who serves as the general partner of ASOIII (the "ASOIII General Partner"). Each of ASOFM and ASOIII is a private investment vehicle. ASOFM and ASOIII directly beneficially owns the Common Stock reported in this Schedule 13G. The Investment Manager, the IM General Partner, the ASOFM General Partner and the ASOFM GP General Partner may be deemed to beneficially own the Common Stock directly beneficially owned by ASOFM. The Investment Manager, the IM General Partner and the ASOIII General Partner may be deemed to beneficially own the Common Stock directly beneficially owned by ASOIII. Each Reporting Person disclaims beneficial ownership with respect to any Common Stock other than the Common Stock directly beneficially owned by such Reporting Person.
(b)	Address or principal business office or, if none, residence: The principal business office of the Reporting Persons is 2500 Westchester Avenue, Suite 401, Purchase, New York 10577.
(c)	Citizenship: For citizenship or place of organization see Item 4 of the cover page of each Reporting Person.
(d)	Title of class of securities: Common Stock, $0.01 par value
(e)	CUSIP No.: Y6430L202
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See Item 9 on the cover page for each Reporting Person, and Item 2, which information is given as of the close of business on July 22, 2025, the Date of Event which requires the filing of this Schedule 13G. The reported shares of Common Stock consist entirely of Common Stock underlying warrants that as of such date were exercisable within 60 days.
(b)	Percent of class: See Item 11 on the cover page for each Reporting Person. The percentages of beneficial ownership contained herein are based on: (x) 18,586,812 shares of Common Stock outstanding as of July 22, 2025, as reported by the Issuer in its Prospectus filed with the SEC on July 22, 2025; and (y) the shares of Common Stock underlying the warrants referenced in Item 4(a).
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Item 5 on the cover page for each Reporting Person.
	(ii) Shared power to vote or to direct the vote: See Item 6 on the cover page for each Reporting Person.
	(iii) Sole power to dispose or to direct the disposition of: See Item 7 on the cover page for each Reporting Person.
	(iv) Shared power to dispose or to direct the disposition of: See Item 8 on the cover page for each Reporting Person.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Arena Investors, LP

Signature:	/s/ Tsering Lama
Name/Title:	Tsering Lama / Authorized Signatory
Date:	08/08/2025

Arena Investors GP, LLC

Signature:	/s/ Tsering Lama
Name/Title:	Tsering Lama / Authorized Signatory
Date:	08/08/2025

Arena Special Opportunities (Offshore) Master, LP

Signature:	/s/ Tsering Lama
Name/Title:	Tsering Lama / Authorized Signatory
Date:	08/08/2025

Arena Special Opportunities Fund (Offshore) II GP, LP

Signature:	/s/ Tsering Lama
Name/Title:	Tsering Lama / Authorized Signatory
Date:	08/08/2025

Arena Special Opportunities Fund (Offshore) GP, LLC

Signature:	/s/ Tsering Lama
Name/Title:	Tsering Lama / Authorized Signatory
Date:	08/08/2025

Arena Special Opportunities Parallel Investor Vehicle III US, LP

Signature:	/s/ Tsering Lama
Name/Title:	Tsering Lama / Authorized Signatory
Date:	08/08/2025

Arena Special Opportunities Parallel Investor Vehicle III GP, LLC

Signature:	/s/ Tsering Lama
Name/Title:	Tsering Lama / Authorized Signatory
Date:	08/08/2025

Exhibit Information

Exhibit 1 - Joint Filing Agreement

FAQ

What stake does Arena Investors report in OceanPal (OP)?

Arena Investors, LP reports beneficial ownership of 1,600,000 shares, representing 7.9% of the class as reported in this filing.

Are the reported OceanPal shares actual stock or derivatives?

The filing states the reported shares consist entirely of Common Stock underlying warrants that were exercisable within 60 days of the reporting date.

What outstanding share count is used to calculate the percentages for OP?

Percentages are calculated using 18,586,812 shares outstanding as reported by the issuer in its prospectus referenced in the filing.

Do the Arena entities say they intend to change OceanPal's control?

No. The certification in the filing states the securities were not acquired or held for the purpose of changing or influencing control of the issuer.

Which Arena entities hold positions in OceanPal?

Reported holders include Arena Investors, LP, Arena Special Opportunities Parallel Investor Vehicle III US, LP, and Arena Special Opportunities (Offshore) Master, LP, plus related GP and manager entities.