#1AG ANGELO GORDON A AG Direct Lending SMA December 2021 North Dakota Board of University and School Lands Page 125 Confidential - Not For Further Distribution. Proprietary and Confidential Trade Secret.#2ANGELO GORDON Disclosure This presentation does not constitute an offer to sell, or a solicitation of an offer to buy the limited partnership interests or securities of any Angelo, Gordon & Co., L.P. ("AG") funds described herein. No such offer or solicitation will be made prior to the delivery of confidential offering memoranda and other materials relating to the matters described herein. Before making an investment decision with respect to such interests or securities, potential investors are advised to read carefully the confidential offering memorandum, the limited partnership agreement, if any, and the related subscription document (collectively, the "Offering Documents"), and to consult with their tax, legal and financial advisors. This presentation contains a preliminary summary of the purpose of the funds and certain business terms; this summary does not purport to be complete and is qualified and superseded in its entirety by reference to a more detailed discussion contained in the Offering Documents. The General Partner or the Investment Manager, as the case may be, has the ability in its sole discretion to change the strategy described herein and does not expect to update or revise the presentation except by means of the Offering Documents. Data presented is as of the date hereof unless otherwise indicated. References to specific investments or strategies are for illustrative purposes and are not intended to be and should not be relied upon as a recommendation to purchase or sell particular investments or engage in particular strategies. The references to specific securities or investment vehicles are not a complete list of all investment vehicles or positions in the portfolios and the positions or strategies identified herein may or may not be profitable. No representation is made that any portfolio will contain any or all of the investments identified herein, that any of such investments will actually be available for investment at such levels or in such quantities. The presentation was prepared using certain assumptions which are based on current events and market conditions and as such are subject to change without notice and we assume no obligation to update the information. Changes to the portfolio or the assumptions and/or consideration of additional or different factors may have a material impact on the results presented. Not all assumptions have been considered in compiling this data. Actual events are difficult to predict and may differ from those assumed for purposes of this presentation. There is no representation or guarantee regarding the reliability, accuracy or completeness of this material, and neither AG, its affiliates nor their respective members, officers or employees will be liable for any damages including loss of profits which result from reliance on this material. There are certain risks associated with an investment in private funds. For example, such funds can experience volatile results and an investor or limited partner could lose some or all of his investment. A fund investment is very speculative and involves a high degree of risk, not suitable for all investors. Further such an investment is illiquid, due to restrictions on transfer, the lack of registration and the absence of a current or expected secondary market for fund interests or shares. Investment strategies may include non performing/distressed illiquid assets, employ leverage and/or employ a shorting strategy. High management fees and an incentive fee or allocation may cause the manager to take greater risks than it ordinarily would without such fees. This is not a complete description of the risks associated with a hedge fund investment. This presentation is being provided to a limited number of eligible investors on a confidential basis. Accordingly, this document may not be reproduced in whole or in part without the prior written consent of AG. Past performance is no guarantee of future results. Individual investor performance may vary by investor. To the extent that target returns are included, there is no assurance that such targets can be achieved or that actual results will not differ, perhaps materially, from such target returns. Other AG funds may experience results which differ, perhaps materially, from those presented, due to different investment objectives, guidelines and market conditions. Proprietary and Confidential Trade Secret Page 126 2#3ANGELO AG GORDON Angelo Gordon Presenters Trevor Clark Drew Guyette William Cullinan Trevor Clark joined Angelo Gordon in 2014 to establish the firm's middle market direct lending loan business. He is a Managing Director and a member of the firm's executive committee. Prior to joining Angelo Gordon, Trevor was a co-founder and C.E.O. of Madison Capital Funding LLC, a wholly owned subsidiary of New York Life Investments where he oversaw operational and strategic activities of the middle market lending operation. At Madison Capital, Trevor led the Executive Committ that was responsible for all credit granting decisions and managed the relationship with New York Life Investments and other third-party investors. Prior to forming Madison Capital, Trevor held various positions in loan underwriting and origination at Antares Capital, GE Capital, and Bank of America. He holds a B.A. degree from the University of lowa, lowa City and an M.B.A. degree from Indiana University, Bloomington. Drew Guyette joined Angelo Gordon in 2015. He is a Managing Director in the Firm's middle market direct lending loan business. Prior to joining Angelo Gordon, Drew had been with Madison Capital, a wholly owned subsidiary of New York Life Investments, since 2007. Drew's primary responsibilities at Madison Capital included structuring, underwriting, negotiating, and managing client relationships, where he focused on generalist and technology transactions with middle market private equity sponsors. Additionally, Drew managed one of Madison Capital's Underwriting Teams of professionals. Prior to joining Madison Capital, Drew held a variety of positions at MB Financial Bank, N.A., including underwriting, portfolio management, and new business development. Drew received a B.S. in Finance from the University of Illinois, Urbana-Champaign. William Cullinan joined Angelo Gordon in 2016 and is a Managing Director. He focuses on the firm's US consultant relations effort. Prior to joining the firm, William was a Managing Director at Easterly Capital, LLC. While at Easterly Capital, he was responsible for capital formation and business development with institutional investors, foundations, endowments, family offices, and consultants. Previously, William worked at Putnam's Global Institutional Management Group, Garelick Capital Partners, LP, Merestone Partners, LP, and Fidelity Investments. He began his career at UBS Global Prime Services. William holds a B.A. degree from the University of Massachusetts, Amherst. Proprietary and Confidential Trade Secret Page 127 3#4ANGELO AG GORDON Table of Contents Section 15 Firm Overview Section II • 10 Middle Market Direct Lending Section III 20 Origination Section IV • 23 Underwriting and Portfolio Management Section V. 28 Summary of Key Terms Appendix • 30 Biographies Proprietary and Confidential Trade Secret Page 128 4#5AG ANGELO GORDON Proprietary and Confidential Trade Secret Section I Firm Overview Page 129 5#6ANGELO AG GORDON Angelo Gordon At-A-Glance We are a leading privately-held alternative investment firm specializing in Credit and Real Estate strategies. U.S. Offices Investment Professionals: 168 Non-Investment Staff: 308 San Francisco Los Angeles Chicago 30+ Years of Investment Experience Houston New York Washington, DC 100% Founder & Employee- Owned Europe Offices Investment Professionals: 27 Non-Investment Staff: 24 London Amsterdam Frankfurt Milan $48B Assets Under Management¹ 550+ Employees Globally¹ Asia Offices Investment Professionals: 17 Non-Investment Staff: 16 (1) As of September 30, 2021. (2) Approximate as of June 30, 2021. Includes GP, affiliate and employee related investments and acciPage 130mance allocations. Includes committed but uncalled capital. Proprietary and Confidential Trade Secret Seoul Hong Kong Singapore Tokyo $1B AG & Employee Capital Invested² 6#7ANGELO AG GORDON Our Investment Philosophy Backed by fundamental research and a commitment to capital preservation, we seek consistent absolute returns for our clients. Dynamic Match money with opportunity on a timely basis Invest in inefficient markets to generate consistent, absolute returns Proprietary and Confidential Trade Secret Rigorous Conduct extensive fundamental research to drive investment decisions Robust infrastructure to oversee operations, risk management, and compliance Page 131 Vigilant Protect principal by investing with a margin of safety Protect capital through research, diversification, and the prudent use of leverage 7#8ANGELO GORDON Diversified Platform Across Credit and Real Estate Angelo Gordon has over three decades of synergistic growth. $48B* Total AUM $34.5B¹ Credit $13.4B Real Estate $17.2B Corporate Credit ● Distressed & Corporate Special Situations Performing Credit Arbitrage² $6.0B U.S. Real Estate $10.6B Lending Middle Market Direct Lending Energy $3.0B Europe Real Estate *Estimated as of September 30, 2021. Totals may not equal the total AUM due to rounding. (1) Includes approximately $0.4bn in unallocated multi-strategy cash. (2) Arbitrage includes Convertible & Merger Arbitrage strategies. Note: The AUM table excludes Private Equity strategy, which in aggregate represents $0.3bn of the FiPage 132AUM. Proprietary and Confidential Trade Secret $2.4B Asia Real Estate $6.4B Structured Credit Residential & Consumer Debt Commercial Real Estate Debt $2.0B Net Lease Real Estate 8#9ANGELO GORDON 30+ Years of Investing Across Strategies for Our Clients We have a long history of identifying attractive opportunities that deliver the best risk-adjusted returns for our diverse investor base. Distressed & Corporate Special Situations Arbitrage 1988 Our Clients Corporate Pension 1993 U.S. Real Estate Performing Credit 1998 Endowments & Foundations Proprietary and Confidential Trade Secret 2005 Asia Real Estate Fund of Funds Commercial Real Estate Debt and Loan Origination 2006 Net Lease Real Estate High Net Worth/ Family Office Page 133 Europe Real Estate 2009 2008 Residential and Consumer Debt & Whole Loans Insurance Public Pension Middle Market Direct Lending 2014 2013 Energy Sovereign Wealth Funds Taft Hartley 9#10AG ANGELO GORDON Proprietary and Confidential Trade Secret Section II Middle Market Direct Lending Page 134 10#11ANGELO AG GORDON Twin Brook Capital Partners 2014 Founded Chicago Headquarters $12.3 Billion Asset Commitments 79 Team Members 1,100+ Closed Transactions With Over 200 different middle market private equity firms Recent Awards |AltCredit] USPENERVICCE AWARDS 20211 2021 Private Debt- Direct Lending: AG Direct Lending Fund III ● THE ● ● ● ● Twin Brook Capital Partners is a SEC registered, wholly-owned subsidiary of Angelo Gordon focused on senior secured lending to lower middle market borrowers with less than $25 million of EBITDA, strong historical performance and private equity ownership. Our middle market direct lending strategy focuses on sourcing, underwriting and actively managing a diversified portfolio of middle market, floating rate, senior secured loans (including revolvers, and first liens). Senior members of the Twin Brook team have worked together for over 19 years. Since the inception of the strategy at the firm through October 31, 2021 the team has seen over 8,729 deals from over 768 unique PE sponsors. We have closed over 250 platform financing deals with more than 100 different PE Sponsors, not inclusive of add-ons. Our strategy is focused on delivering attractive returns while minimizing volatility and protecting the downside and thus is conservatively positioned. $19.4 Billion Commitments Issued to Date M&A ATLAS AWARDS 2020 Americas Lender of the Year, Small Mid-Markets 2020 Lender, Small - Firm of the Year, U.S.A. 769 Closed Transactions Since 4th Quarter 2014 Inception Private Debt Investor AWARDS 2019 2019 Fundraising of the Year, Americas 2019 Lower Mid-Market Lender of the Year, Americas ACOUSONS 2019 Mid-Market Awards 95% Deals as Lead/Co-Lead Arranger 2019 Lender of the Year PRIVATE DEBT INVESTOR AWARDS 2018 2018 Senior Lender of the Year, Americas The awards referenced above are solely for informational purposes, are based in part on subjective criteria and a limited universe of nominees, may not be representative of any one client's experience with Angelo Gordon, and are not indicative of, nor should they be construed or relied upon as, any indicaPagef135gelo Gordon's future performance. Proprietary and Confidential Trade Secret 11#12ANGELO AG GORDON Foundation of Return Stability Highly Selective Deal Screening In Depth Due Diligence Process Leadership Role in Credit Facilities Small & Reliable Bank Groups Average LTV Under 50% Loan Docs with Significant Lender Protections Proprietary and Confidential Trade Secret Attractive & Stable Returns V Highest Quality Lower Middle Market Companies Page 136 Private Equity Ownership of Borrowers Non-Cyclical Industries Experienced and Scaled Team First Dollars in Capital Structure 19 Year History Executing Strategy Strict Limits on Allowed Earnings Adjustments 12#13ANGELO AG GORDON Capital Structure Priority Revolver Senior Loan Junior Debt Equity (35%+) Increasing Risk Level (1) Based on current market conditions and subject to change without notice. (2) Not necessarily indicative of future portfolio composition. Proprietary and Confidential Trade Secret ■ ■ ■ ■ Our Focus Revolver capabilities are a competitive advantage Help lead to administrative agent roles as they allow borrowers and sponsors to interact with one lender Provide valuable insight into the daily borrowing activities and liquidity needs of our portfolio accounts and often permit us to identify potential challenges well in advance of covenant breaches or monthly financial reporting We do not believe many other non-bank lenders are in a position to provide revolvers Concentration in 1st liens with LTV target of 40-55%¹ 98% of our portfolio is 1st lien² Secured by all assets of the borrower (working capital, PP&E, etc.) Stock pledge of the borrower Page 137 13#14ANGELO AG GORDON Sourcing Focused on Middle Market Private Equity Sponsors Our sourcing capabilities create a barrier to entry. Benefits of Sponsored Lending Relationship Lenders maintain a direct relationship with sponsors and management Capital Support Most sponsors operate with a committed pool of capital to weather liquidity challenges or invest in turnaround initiatives Diligence Sponsors share independent third party diligence for market, accounting, environmental, insurance/benefits, IT, etc. Management Lenders underwrite to sponsors who control the board and can upgrade / replace management ● ● ● ● ● ● Why sponsors will work with Angelo Gordon Well-known among private equity sponsors as a strong, reliable counterparty with a long-term commitment to the business The team has closed transactions with 228 different PE groups over the last 19 years, with 76 of those coming in the last five years Experience investing through multiple credit and economic cycles, including extensive work-out experience Deep understanding of middle market private equity business Flat organizational structure permits for quick response times Why source through sponsors Effective origination which allows for high selectivity as we believe we are seeing the best deals in the market Understand the need to include covenants in deal documentation Sponsors bring the potential to contribute additional capital if needed to support the borrower Ability to make tough decisions in challenging times PE Sponsors raised $228 billion in capital in 2018, the highest in a decade; the resulting dry powder is likely to create ongoing deal flow1¹ Past performance is no guarantee of future results. There can be no assurance that AG will be able to source suitable investment opportunities for the Fund, that the investment objective will be successful or that losses can be avoided. (1) Refinitiv, Middle Market Weekly January 2019. Page 138 Proprietary and Confidential Trade Secret 14#15ANGELO AG GORDON Recent Changes in Private Debt Markets Borrower experience during the pandemic has altered lender selection criteria • Lender experience and reliability are key differentiating factors Sub-scale lenders are viewed as introducing transaction risk ● Private Equity Groups are reducing their lender roster Lower mid-market PE groups are saying they want no more than 2 primary lenders PE groups prefer to close transaction with a single lender when possible ● Lead Lenders are more selective of bank group participants Broad syndications are increasingly rare in middle market transactions Hold levels for market leading groups have increased (lowering syndication requirements) ● ● Bank group participants who were unconstructive during pandemic related credit facility amendment discussions are being excluded from new transaction activity Proprietary and Confidential Trade Secret Page 139 15#16ANGELO AG GORDON The Growth of AG Direct Lending 2014 - Present $12.3 Billion of Asset Commitments 284 Closed Platforms 95 Realized Transactions 102 Unique Sponsors 95% Admin and Co-Lead Arranger 4,125 Unique Deals Reviewed Since Inception The above metrics are not necessarily indicative of future activity. Fund Status Fund I Raise:1 Fund II Raise:1 Fund III Raise: Fund IV Raise:1 Evergreen SMAS: Unlevered BDC: Committed Dollars ($mm) Unique Borrowers Originators Team Size $824 $12,500 $10,500 $8,500 $6,500 $4,500 $2,500 $500 $(1,500) Jun. '16 Dec. '16 Jun. '17 Dec. '17 Jun. '18 Dec. '18 Jun. '19 Dec. '19 Jun. '20 Dec. '20 Jun. '21 Current 32 5 23 $700 million Equity Raised $1.7 billion Equity Raised $2.8 billion Equity Raised $3.1 billion Equity Raised $775 million Equity Raised $216 million Equity Raised $1,459 51 5 29 Twin Brook Capital Partners History $2,256 66 6 38 $3,424 88 7 46 $4,302 97 9 48 $6,578 128 10 55 $7,729 In Harvest Period In Harvest Period Fully Invested, Reinvesting Principal Investing Fully Invested, Reinvesting Principal Investing 139 9 60 $9,414 $9,906 $10,245 156 8 66 (1) Includes separately managed accounts. Not necessarily indicative of future fundraising activity. Note: "Unique Borrowers" includes current active deals through the stated measurement date. Note: "Closed Transactions" and "Unique Sponsors" includes all active and realized closed deals acrosPageT140 Brook platform as of the stated measurement date Proprietary and Confidential Trade Secret 166 8 67 169 $10,867 8 71 175 $12,333 9 69 189 9 79 16#17ANGELO AG GORDON A Market Leader: Pitchbook League Table Results Count 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 50% 727 4.5% AG Middle Market Direct Lending Summary Quarterly Statistics¹ 2Q16 49% 1,865 3.9% 2017 48% 3,572 3.2% 2Q18 46% 5,556 6,741 3.1% 2Q19 45% 8,079 Deals Received (LHS) % of Deals Closed (RHS) % LTV (RHS) 3.2% 2Q20 44% 3.2% 2Q21 60% 45% 30% 15% 0% Antares Capital Ares Capital Golub Capital Barings 2019 Churchill PNC 227 134 Twin Brook 129 Ares Crescent Capital 103 Goldman Sachs 102 100 Annual Pitchbook League Tables² 2019 Select Roles³ Antares Capital 193 Antares Capital Twin Brook 92 Barings Ares 72 114 Crescent Capital 70 109 Madison Capital 65 Citizens Bank 64 MidCap Financial 63 Churchill 49 Varagon Capital 46 NXT Capital 45 2020 Churchill PNC 2020 Select Roles³ Antares Capital 148 113 57 112 MidCap Financial 53 BMO Financial Group 175 BMO Financial Group Mid Cap Financial 78 Twin Brook Crescent Capital 71 61 58 Golub Capital 107 86 73 Twin Brook Ares 99 Mid Cap Financial 91 ▪ Our deal flow and success in the league tables has not come at the expense of selectivity ▪ Credit selection and underwriting remain paramount 50 44 Churchill Varagon Capital 43 Crescent Capital 42 Citizen Bank 41 Madison Capital 40 44 (1) All above data is inception (4Q14) to date (quarter end) of the bottom axis. Includes all deals across the Twin Brook platform including predecessor funds. May not be reflective of offshore vehicles. May not be representative of future portfolio LTV % or deal flow activity. (2) All data sourced from PitchBook Data, Inc. ("PB"). The 2019 and 2020 data sourced from Pitchbook 2019 and 2020 US PE Lending League Tables. Rankings based on data submitted to Pitchbook on a voluntary basis by 44 firms (and excludes any firms that did not elect to participate in, and/or who provided insufficient data for, the Pitchbook rankings). This ranking may not be representative of any one client's experience with Twin Brook and is not indicative of Twin Brook's future performance. The above tables reflect lenders by deal count. The complete league tables are available upon request. The league tables are compiled using deal counts for all middle-market PitchBook debt round types. Pitchbook defines middle market as US-based companies acquired through buyout transactions between $25 million and $1 billion. PitchBook's league tables only cover US-based middle-market companies that have received some type of private equity investment and exclude minority deals. Full Pitchbook league tables can be made available upon request. (3) Select roles are comprised of bookrunners, lead arrangers, mandated lead arrangers and administrati Page 14 only. Proprietary and Confidential Trade Secret 17#18ANGELO GORDON Differentiation Within the Middle Market* Market Segmentation Type of Market BSL Upper MM5 Core MM Lower MM EBITDA Range ($MM) >$75 $40 - 50+ $25 - $40 85% <$25 Middle Market Loans Arranger Hold of Senior Debt² 4 - 6.0% 5 - 100% 30 - 100% Structural Considerations 60 - 100% 77% Leverage High (>6x) High (>6x) Moderate to High Moderate Large Cap Loans Financial Covenants None None 50/50 Yes Covenant Cushions N/A N/A 30-45% 20 - 30% 66% Average Recovery Rate Senior Secured Bonds Facility Size / Structure Economics Pricing (L+bps) ³ 325 - 400 350 - 450 450-550 500 - 650 OID 99.5-Par 99.0 - 99.5 98.5 - 99.5 98.0 - 98.5 47% No. of Lenders Certainty of Outcome¹ Reverse Pricing Flex4 50 - 75 2 - 40 1-8 1-3 Yes Sometimes No No 32% Allocation Certainty No No Sometimes Yes Senior Unsecured Bonds Senior Subordinated Bonds * Information reflects the Twin Brook team's analysis of current market conditions and data. Actual pricing, structure, etc. may differ materially from the information presented herein. (1) Refers to likelihood that deal terms, including but not limited to pricing spread and OID, and allocation may change during the time period from the announcement of a transaction to its pricing. (2) Relates to an Administrative Agent's final hold of a senior facility only. Arrangers rarely hold junior capital. (3) varies depending on a number of variables such as size of issuer, rating, repeat issuer, leverage and ind sector. The pricing above is representative of current pricing in the market for senior transactions that also include a junior capital component. (4) Reverse flex indicated that the spread offered to lenders decreases versus initial price guidance due to strong demand from investors. (5) There are numerous lenders in the middle market who define the upper middle market as up to $75MM in EBITDA. (6) Source: S&P Ratings Direct, Will Middle-Market Recoveries Falter When the Cycle Turns. Ultimate recovery rate from 1987 - June 2018, December 11, 2018. Ultimate recovery is the non-discounted dollar- weighted recovery weight following the emergence from 3 types of default: bankruptcy filings, distressed exchanges, and nonbankruptcy restructurings. The above represents historical data and is not necessarily indicative of the performance of any fund or account. Page 142 Proprietary and Confidential Trade Secret 18#19ANGELO GORDON Middle Market Direct Lending Team Senior Originators Heads of Originations: Grant Haggard 20+ years¹ Richard Christensen 20+ years¹ Pete Notter 20+ years¹ Tim Wentink 20+ years¹ Tim Healy 20+ years Betsy Booth 13+ years¹ Capital Markets Garrett Ryan 20+ years Karen Saunoris Director of Ops 20+ years¹ Danette Shepherd 18+ years¹ Matt Skly 6+ years Brandon Schmidt 3+ years James Lee 3+ years Faraaz Kamran 20+ years¹ Chris Martin 20+ years¹ Peter Coffin 7+ years Finance, Op ns & Fund Manag nt Terry Walters Chief Financial Officer, 17+ years Trevor Clark Portfolio Manager, 20+ Years Nick Flemming Treasury Director 8+ years Kate Morrissey 7+ years Mary Beth King 3+ years Michael Denos 3+ years Ryan Lannert 2+ years Tim Schifer 20+ years ¹,2 Nick Fessler 11+ years Brett Bork 9+ years Chris Kratschmer 9+ years Tim Tenaglia Controller 16+ years Kate Hansell 8+ years Dan O'Donnell 5+ years Gabriella Savino 3+ years Austin Rodger 2+ years Linnea Rimal 2+ years Tess Hannum 2+ years Years of experience as of October 2021. (1) Denotes prior experience working with the Portfolio Manager. (2) Represents one of the team members bolted on to a team that is monitoring a "watchlist" credit. Page 143 Proprietary and Confidential Trade Secret Elizabeth Moeller 7+ years Jim Lynch 5+ years Brad Sullivan 4+ years Hassan Ali 3+ years Annie Viola 2+ years Nicholas Wagner 8+ years Alexandra Good 6+ years Moises Correa 5+ years Tyler Mink 4+ years Caroline Breckenfelder 2+ years Andy Aguilar 2+ years Chief Credit Officer Drew Guyette, 19+ years ¹,2 Senior Underwriters Head of Underwriting: Kim Trick, 14+ years² Jennifer Dzwonchyk 13+ years Chris Hendrix 9+ years Aaron Pontsler 7+ years Sarah Roche 14+ years Evan Larsen 11+ years Caroline King 9+ years Underwriters Alex Small 8+ years Elizabeth Faber 6+ years Chris Sanderson 5+ years Chris Reynolds 4+ years Suhail Malik 2+ years Nick Hill 7+ years Troy Stratton 6+ years Matt Weidner 5+ years Allie Ward 4+ years Aaron Maslow 2+ years Joe Tinaglia 15+ years¹ Anthony Maggiore 9+ years¹,2 Ben Morton 7+ years Zack Wolfe 6+ years Casey Gross 5+ years Anthony Bronzo 4+ years Emily Poth 2+ years Jordan Graham 7+ years David Golembiewski 6+ years Hong Trinh 5+ years Kyle Lavelle 3+ years Mary Sheehan 2+ years 19#20ANGELO AG GORDON A Section III Proprietary and Confidential Trade Secret Origination Page 144 20#21ANGELO GORDON Building a Portfolio: Deals Reviewed 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 ~125 Average new deals added per month since 1Q16 114 387 748 Total Deals Reviewed¹ 1,197 2H 2016 1,865 1H 2017 2,636 2H 2017 3,572 4,577 1H 2018 2H 2018 5,556 1H 2019 6,365 2H 2019 7,335 6,741 1H 2020 2H 2020 8,729 8,079 1H 2021 2H 2021 대 Deal Pipeline Diversification² 8,729 4,125 768 854 284 Total deals in the pipeline Unique deals reviewed (1) Includes all deals included in the pipeline based off of the deal's 'Open Date'. Some individual deals are included multiple times if they are received from multiple sponsors. (2) Includes all viewed deals entered onto the pipeline report through October 31, 2021. There is no guarantee that suitable investments will be sourced for the fund. Page 145 Proprietary and Confidential Trade Secret Unique sponsors providing deal flow Unique deals presented to investment committee from 225 different sponsors New platform deals closed with 102 sponsors 21#22ANGELO AG GORDON Robust Origination and Deal Processes Sourcing 500+ Middle Market Private Equity Sponsor relationships Originator reviews the opportunity and determines if additional resources should be assigned to the transaction Initial Screening Deal team performs granular credit and valuation analysis after which point loan structure, terms and pricing are initially set The typical deal timeline is between 60 to 90 days. Final Investment Committee Review Initial Investment Committee Review Transaction is reviewed with Investment Committee and either approved for Term Sheet issuance or declined¹ Represents a typical process that may vary. (1) Initial screening may be conducted by a subset of the Investment Committee. Proprietary and Confidential Trade Secret Underwriting/ Due Diligence Deal team conducts in- depth due diligence to complete underwriting Page 146 Investment Committee reviews final underwriting document for final approval Documentation & Closing External counsel engaged for documentation Portfolio Management Monitor assets for performance on a monthly, quarterly and annual basis; bolt on additional team members for any watchlist credits 22#23AG ANGELO GORDON Proprietary and Confidential Trade Secret Section IV ✓ Underwriting and Portfolio Management Page 147 23#24ANGELO AG GORDON Our Portfolio Management Pillars Administrative Agent - Provides a direct dialogue and access to both the Borrower and Private Equity firm Revolvers - Provide a direct line of communication for every Revolver draw and analysis in real-time of the Borrower's liquidity Generally 4-6 Portfolio Accounts per Underwriter - Allows for a thorough monitoring and interaction of every portfolio account by Twin Brook Monthly Financial Statements and Financial Covenants - Allows for greater frequency of reporting and performance Proprietary and Confidential Trade Secret Private Equity Backed Companies - Provides both Operational support and Capital support to these Borrowers Page 148 24#25ANGELO GORDON Illustrative Benefits to Our Approach Covenants are not only critically important for value preservation but also pave the way for enhanced economics As the administrative agent or co-lead on 95% of our transactions we play a lead role in structuring the covenants in nearly all of our transactions and ensuring the cushions are appropriate ● ● Private Equity Sponsors can play an instrumental role in bringing resources and capital to bear Through the end of the second quarter of 2021 our sponsors have provided equity infusions for 35% of platform companies ● Covenants, in concert with our leadership role, can help position us to earn amendment fees and often higher spreads when restructurings occur; all fees remain in the fund • We remain actively engaged in discussion regarding future accretive actions, such as add-on acquisitions to support underperforming businesses ● ower Middle Market¹,2 We believe our lower middle market focus positions us well to continue to deploy capital through add-on acquisition activity during a period of time in which new LBO activity is negligible • We believe our vast sourcing network and long-standing presence in the market position us well to capture market share in our targeted niche and remain active, thereby enabling our LPs to benefit from the increased economics on new transactions (1) There is no guarantee that the investment objective will be successful or that losses can be avoided. (2) There is no guarantee that suitable investment opportunities will be sourced for the Fund. Page 149 Proprietary and Confidential Trade Secret 25#26ANGELO AG GORDON Active Portfolio Management ● ● Initial deal team responsible for ongoing borrower management with additional resources available, including the PM as needed Deal teams include an account manager (associate or AVP level), a team leader (VP level) and an originator Account managers typically monitor 4 - 6 borrowers Bolt on additional team members for any watchlist credits ● ● Both quantitative and qualitative metrics utilized Proprietary Credit Loan Score Model (quantitative) enables the account manager to monitor any change in risk and provides an assessment of the overall portfolio ● ● Proprietary Credit Risk Rating System (qualitative) allows the account manager to reflect intangibles or developments not reflected in the Credit Loan Score Model Daily / Weekly Approve requests for Revolver and DDTL draws Pipeline review of upcoming opportunities including potential add-ons for existing borrowers Weekly watch list meetings with senior management Monthly Proprietary loan tracking system updated on a monthly basis following the receipt and review of borrower financials Borrower financial updates summarized in a monthly portfolio report Conduct calls with sponsor and borrower management or loan agent as needed Monthly financial results compared back to original diligence materials and current year budget Represents typical management process which may vary and change without notice. Proprietary and Confidential Trade Secret Quarterly Complete quarterly portfolio reviews Credit Loan Score and Credit Risk Rating updated to reflect recent performance Quarterly valuation marks reviewed by the valuation committee Quarterly portfolio summary presented to investment committee Page 150 Annual / Ongoing Reconciliation of previously provided financials upon receipt of annual audit Review annual budgets and management long - term projections Typically visit borrowers annually or more often if needed 26#27ANGELO AG GORDON Industry Breakdown Healthcare is a vast industry; our exposure includes: . Medical devices Dental practice management Occupational and physical therapy clinics Dermatology clinics ■Healthcare: 35% Chemicals, Plastics, & Rubber: 5% Consumer Services: 4% ■Capital Equipment: 3% 17% 35% 3% 3% 3% 3% 4% Business Services: 14% ■ Software Services: 4% Durable Consumer Goods: 3% 4% 14% 4% 5% 5% ■Banking, Finance, Insurance & Real Estate: 3% Business services is also an expansive industry including exposure to businesses engaged in: ● ● Logistics Background screening Laundry service providers Wholesale Distribution: 5% Advertising, Printing & Publishing: 4% ■ Retail: 3% ■ Other Industries (less than 3% individually): 17% Note: Total committed positions as of October 31, 2021; includes all deals closed across the Twin BroPage 151m including predecessor funds. May not be representative of Fund IV. Proprietary and Confidential Trade Secret 27#28AG ANGELO GORDON Proprietary and Confidential Trade Secret Section V Summary of Key Terms Page 152 28#29ANGELO AG GORDON AG Direct Lending SMA Summary of Key Terms Fund Name: Initial North Dakota Investment: SMA Growth Schedule: SMA Term: Target Net IRR¹: Income Reinvestment: Expected Leverage: Management Fee: Compensation: Distribution Policy: In Key Person Language: AG Direct Lending SMA $50 million Following North Dakota's initial commitment of $50 million, all capital and income distributions from Fund III and Fund IV will be reinvested into the SMA as the Funds enter their harvest periods and the underlying loans mature Evergreen 10-13% Full reinvestment 1.25x1.5x debt to equity2 with a maximum allowance of 2.0x Tiered Management Fee Schedule based on SMA Commitment Level³ <$250 million: 0.75% ● $250 million $500 million: 0.60% >$500 million: 0.50% 15% to the eneral Partner subject to a 7% preferred retu with an 80/20 catch-up As North Dakota intends to recycle all principal and interest until the SMA is at desired scale there would be no distributions. The incentive fee would crystallize every 2 years based on a hypothetical liquidation at that time pursuant to the following calculation: • Waterfall: 100% to North Dakota, until North Dakota receive an amount equal to its total invested capital; 100% to North Dakota, until North Dakota receive a 7% preferred return; 80% to the general partner, until the general partner receives 15% of cumulative distributions; Thereafter, 85% to North Dakota and 15% to the general partner. Any two of Trevor Clark, Andrew Guyette, or Josh Baumgarten Please refer to the Confidential Information Memorandum for a complete description of terms. (1) Based on current market conditions as well as the assumptions and models of the portfolio manager and subject to change without notice. Should not be regarded as a representation, warranty or prediction that the fund will achieve or is likely to achieve any particular result or that investors will be able to avoid losses. The Fund's ability to achieve its target return is contingent upon, among other factors, the Fund's ability to deploy cash over time. (2) General expectation based on current market conditions and subject to change without notice. (3) Management fee calculated as Fee rate x quarterly average cost of investments (same calculation as Funds III / IV). Page 153 Proprietary and Confidential Trade Secret 29#30ANGELO AG GORDON A Appendix Proprietary and Confidential Trade Secret Biographies Page 154 30#31ANGELO AG GORDON Middle Market Direct Lending Team Trevor Clark joined Angelo Gordon in 2014 to establish the firm's middle market direct lending loan business, Twin Brook Capital Partners. He is a Managing Director and a member of the firm's Executive Committee and Partnership Advisory Board. Trevor oversees overall operations of the middle market direct lending business and leads its fundraising efforts. Prior to joining Angelo Gordon, Trevor was a co-founder and C.E.O. of Madison Capital Funding LLC, a wholly owned subsidiary of New York Life Investments where he oversaw all operational and strategic activities of the middle market lending operation. Prior to forming Madison Capital, Trevor held various positions in loan underwriting and origination at Antares Capital, GE Capital, and Bank of America. He holds a B.A. degree from the University of lowa, lowa City and an M.B.A. degree from Indiana University, Bloomington. Prior to joining Betsy Booth joined Angelo Gordon in 2015 and is a Director in the firm's middle market direct lending business, Twin Brook Capital Partners. Angelo Gordon, Betsy was at Ares Management LLC where she underwrote senior debt and unitranche credit facilities supporting private equity backed transactions primarily in the middle market space across a variety of industries. Previously, Betsy was with Madison Capital Funding LLC where she underwrote and managed senior credit facilities supporting middle-market private equity transactions, managing all aspects of the underwriting process including loan structuring, due diligence and financial modeling as well as legal documentation and negotiation. Prior to Madison Capital, Betsy held a number of positions at MB Financial Bank, N.A., including credit analyst, portfolio manager and new business development. Betsy received a B.S. in Finance from the University of Illinois, Urbana-Champaign. Richard Christensen joined Angelo Gordon in 2015 and is a Senior Partner in the firm's middle market direct lending business, Twin Brook Capital Partners. He is a Senior Originator and oversees all Capital Markets activity for the business. Prior to joining Angelo Gordon, Rich had been with Madison Capital Funding LLC, a wholly owned subsidiary of New York Life Investments, since its initial founding in 2001. Rich's primary responsibilities at Madison Capital included client relationship management and new business development, where he focused on originating and structuring transactions with middle market private equity sponsors. Additionally, at Madison Capital, he was part of the organization's specialty Micro Cap Leveraged Finance Group, which executed transactions for private equity sponsors in the Lower Middle Market. Prior to joining Madison Capital, Rich held various positions in loan underwriting and portfolio management at Bank of America's Commercial Finance Group (formerly NationsCredit Commercial Corp.) and First Source Financial, Inc. Rich received a B.S. in Finance from the University of Arkansas and an M.B.A. and an in Accounting from the University of lowa. Jennifer Dzwonchyk joined Angelo Gordon in 2017 and is a Director in the firm's middle market direct lending business, Twin Brook Capital Partners. She is focused on evaluating, underwriting, structuring, and managing senior and unitranche cash flow loans to support private equity backed transactions. Prior to Twin Brook, Jennifer worked as a Private Equity Associate at Frontenac Company. She previously held roles at JPMorgan in investment banking as well as mezzanine lending within Chase Capital, a division of JP Morgan Chase. Jennifer holds a B.A. in Economics from Middlebury College and an M.B.A. from Harvard Business School. Nick Fessler joined Angelo Gordon in 2018 and is a Vice President in the firm's middle market direct lending business, Twin Brook Capital Partners. Prior to joining the firm, Nick was an Assistant Vice President at Antares Capital LP, where his responsibilities included structuring, underwriting and portfolio management of private equity sponsored transaction across a variety of industries. Nick began his career with GE Capital as part of its financial management program (FMP). Nick holds a B.B.A. in Finance from the University of Notre Dame and an M.B.A degree from University of Chicago Booth School of Business. Proprietary and Confidential Trade Secret Page 155 31#32ANGELO AG GORDON Middle Market Direct Lending Team (continued) Drew Guyette joined Angelo Gordon in 2015 and is a Senior Partner and Chief Credit Officer in the firm's middle market direct lending business, Twin Brook Capital Partners. He is responsible for overseeing the Underwriting, Credit and Portfolio Management functions. Prior to joining Angelo Gordon, Drew had been with Madison Capital, a wholly owned subsidiary of New York Life Investments, since 2007. Drew's primary responsibilities at Madison Capital included structuring, underwriting, negotiating, and managing client relationships, where he focused on generalist and technology transactions with middle market private equity sponsors. Additionally, Drew managed one of Madison Capital's Underwriting Teams of professionals. Prior to joining Madison Capital, Drew held a variety of positions at MB Financial Bank, N.A., including underwriting, portfolio management, and new business development. Drew received a B.S. in Finance from the University of Illinois, Urbana-Champaign. Grant Haggard joined Angelo Gordon in 2015 and is a Senior Partner in the firm's middle market direct lending business, Twin Brook Capital Partners. He is primarily responsible for overseeing the business' generalist originations activity. Prior to joining Angelo Gordon, Grant had been with Ares Management LLC for the previous year. Prior to Ares, Grant was with Madison Capital Funding LLC, a wholly owned subsidiary of New York Life Investors, from 2008 to 2014. Grant's primary responsibilities at Ares and Madison Capital included client relationship management and new business development, where he focused on originating and structuring transactions with middle market private equity sponsors. Prior to joining Madison Capital, Grant held various positions in originations, loan underwriting and portfolio management at Linsalata Capital Partners and Antares Capital Corporation. Grant received a B.S. in Accounting from the University of Cincinnati and an M.B.A. from the Kellogg School of Management at Northwestern University. Tim Healy joined Angelo Gordon in 2018 and is a Managing Director in the firm's middle market direct lending business, Twin Brook Capital Partners. Tim's responsibilities include originating, evaluating and structuring new credit opportunities among private equity sponsors. Prior to joining the firm, Tim spent 13 years with Linsalata Capital Partners, rising to the level of Senior Vice President and Partner, where he led the firm's marketing, intermediary development activities and deal sourcing efforts. Tim's additional responsibilities included acquisition searches, due diligence, negotiations and portfolio company oversight. Prior to LinCap, Tim spent 13 years with National City Bank as a Senior Vice President in the Equity Sponsor Group, providing senior debt financing for private equity firms and their portfolio companies. Tim received a Master of Business Administration from the Simon Business School at the University of Rochester and a Bachelor of Arts degree in English from the University of Rochester. Christopher Hendrix joined Angelo Gordon in 2016 and is a Director in the firm's middle market direct lending business, Twin Brook Capital Partners. Previously, Chris served as an Associate at Chase Capital, a division of JPMorgan Chase. His role at Chase Capital included underwriting and managing senior and junior cash flow loans to privately-owned and sponsor-owned middle market companies across a broad range of industries. Prior to his role as an Associate, Chris served as an Analyst in JPMorgan Chase's broader middle market commercial lending division. Chris received a B.S. degree in Business Administration, summa cum laude, with a concentration in Finance from Fordham University. Proprietary and Confidential Trade Secret Page 156 32#33ANGELO AG GORDON Middle Market Direct Lending Team (continued) Faraaz Kamran joined Angelo Gordon in 2016 and is a Senior Partner in the firm's middle market direct lending business, Twin Brook Capital Partners. Faraaz focuses on the business' healthcare portfolio. Prior to joining the firm, Faraaz was with Madison Capital Funding LLC, a wholly owned subsidiary of New York Life Investors. Faraaz founded Madison Capital's healthcare group and built a team of ten professionals. Faraaz's responsibilities included building and managing the healthcare silo as well as client relationship management and new busines development, where he focused on originating and structuring transactions with middle market private equity sponsors. Prior to joining Madison Capital, Faraaz held various positions in originations, loan underwriting and portfolio management at Dresdner Kleinwort Wasserstein and American National Bank. Faraaz received a B.A. in Economics from the University of Illinois at Urbana-Champaign and an M.B.A. from the Kellogg School of Management at Northwestern University. Evan Larsen joined Angelo Gordon in 2015 and is a Director in the firm's middle market direct lending business, Twin Brook Capital Partners. Prior to joining Angelo Gordon, Evan was an Associate with U.S. Bank's Leveraged Finance division for two years, where he was responsible for underwriting new transactions and portfolio management of existing loans. Prior to his role in Leveraged Finance, Evan was an Analyst at U.S. Bank, supporting various corporate, commercial and specialty lending groups. Evan received a B.S. degree from Saint Louis University. Tony Maggiore joined Angelo Gordon in 2016 and is a Director in the firm's middle market direct lending business, Twin Brook Capital Partners. Prior to joining Angelo Gordon, Tony was a Senior Associate with Madison Capital Funding LLC, a wholly owned subsidiary of New York Life Investments, since 2014. At Madison Capital, Tony's responsibilities included the structuring, underwriting, and portfolio management of transactions across a range of industries with middle market private equity sponsors. Prior to Madison Capital, Tony worked in NewStar Financial's Leveraged Finance division for approximately two years, where he was responsible for underwriting new transactions and portfolio management of existing loans. Tony received a B.S. degree from Boston College's Carroll School of Management Honors Program. Christopher Martin joined Angelo Gordon in 2016 and is a Partner in the firm's middle market direct lending business, Twin Brook Capital Partners. Prior to joining Angelo Gordon, Chris was with Madison Capital Funding LLC, a wholly owned subsidiary of New York Life Investments, since 2008. Chris's responsibilities at Madison Capital included client relationship management, business development and underwriting, where he was responsible for originating and structuring transactions with middle market private equity sponsors. Prior to Madison Capital, Chris held various positions within Comerica Bank's Private Equity and Middle Market Banking groups, where he was responsible for business development, underwriting and portfolio management. Chris received a B.S. degree in Finance from the University of Delaware and an M.B.A degree from the Kellogg School of Management at Northwestern University. Pete Notter joined Angelo Gordon in 2016 and is a Partner in the firm's middle market direct lending business, Twin Brook Capital Partners. Prior to joining Angelo Gordon, Pete spent ten years at Madison Capital Funding LLC, working in a variety of roles including relationship management, structuring, underwriting, and portfolio management. While at Madison Capital Pete jointly founded the firm's Micro Cap lending initiative. Prior to joining Madison Capital he spent seven years at National City Bank (predecessor to PNC Bank) as a relationship manager in its Midwest Corporate Banking Group. Pete started his career at Bank of America. Pete received his B.A. degree in Economics from Ohio University and holds an M.B.A. from the Weatherhead School of Management at Case Western Reserve University. Proprietary and Confidential Trade Secret Page 157 33#34ANGELO AG GORDON Middle Market Direct Lending Team (continued) Sarah Roche joined Angelo Gordon in 2017 and is a Director in the firm's middle market direct lending business, Twin Brook Capital Partners. Prior to joining Twin Brook, Sarah was a Vice President at NXT Capital LLC. Sarah's responsibilities at NXT Capital included evaluating, structuring, underwriting, executing and syndicating leveraged finance transactions for middle market private equity sponsors. Prior to NXT, Sarah held several positions at JPMorgan Chase Bank, N.A., including credit analyst, portfolio manager, mezzanine debt private placements associate and syndicated leveraged finance associate. Sar received a B.S. in Accounting from Miam University's Farmer School of Business. Garrett Ryan joined Angelo Gordon in 2017 and is a Partner in the firm's middle market direct lending business, Twin Brook Capital Partners. With over 20 years of experience in capital markets, Garrett has extensive knowledge in middle market direct lending as well as institutional, high yield, and asset-based lending. His team maintains close relationships with all middle market lenders. Garrett supports Twin Brook's originators and underwriters in structuring, pricing, and negotiating multi lender transactions. Garrett also oversees the development and implementation of Twin Brook's Marketing strategies and initiatives. He received his finance degree from University College Dublin and an MBA from the Kellogg School of Management. Karen Saunoris joined Angelo Gordon in 2014 and is a Director of Operations in the firm's middle market direct lending business, Twin Brook Capital Partners. Prior to joining the firm, Karen was at Madison Capital Funding LLC for over 12 years, most recently as Operations Manager, where she focused on developing and building the loan servicing function. In addition, Karen worked at BAI and GE Capital in various operational roles. Karen received her B.S. degree in Finance from Illinois State University. Timothy Schifer joined Angelo Gordon in 2017 and is a Managing Director in the firm's middle market direct lending business, Twin Brook Capital Partners. Prior to joining Angelo Gordon, Tim over 14 years with Madison Capital Funding LLC serving in a variety of roles, including underwriting deal team leader, new business development and sponsor client relationship manager, senior portfolio manager, and most recently its Director of Portfolio Management overseeing Madison's loan and investment portfolio. Prior to Madison Capital, Tim's experience includes corporate lending and financing middle market private equity sponsored transactions at the leveraged finance units of Mercantile Bank (now U.S. Bank) and LaSalle Bank (now Bank of America). He is also a former active duty U.S. Air Force Captain and holds a B.S. degree from the U.S. Air Force Academy and an M.B.A. from the University of Wyoming. Danette Shepherd joined Angelo Gordon in 2015 and is a Vice President in the firm's middle market direct lending business, Twin Brook Capital Partners. Previously, Danette was at Madison Capital Funding LLC for over nine years, where she handled all of the operational needs of a diverse loan portfolio, most recently as a Senior Loan Administrator. Prior to Madison Capital, Danette worked at GE Capital in the operations department. Danette received her B.S. in finance from Governor's State University. Joe Tinaglia joined Angelo Gordon in 2019 and is a Director in the firm's middle market direct lending business, Twin Brook Capital Partners. He leads an underwriting team focusing on the structuring, diligence, negotiating, execution, and monitoring of investments. Prior to joining the firm, Joe held positions at Vista Credit Partners and Madison Capital Funding LLC, a wholly owned subsidiary of New York Life Investors. Joe's primary responsibilities at Vista and Madison Capital included executing and managing cash flow loans supporting private equity sponsors as well as additional responsibilities focused on capital raising, fund management, investor relations, and recruiting. Prior to joining Madison Capital, Joe was a credit analyst at JPMorgan Chase Bank in the middle market. Joe received a B.S. in Finance from the University of Illinois, Urbana-Champaign. Proprietary and Confidential Trade Secret Page 158 34#35ANGELO AG GORDON Middle Market Direct Lending Team (continued) Kim Trick joined Angelo Gordon in 2016 and is a Managing Director and Head of Underwriting in the firm's middle market direct lending business, Twin Brook Capital Partners. She serves as Head of Underwriting for the business and is active in the team's recruitment efforts. Prior to joining Angelo Gordon, Kim worked for Chase Capital, a division of JPMorgan Chase, since 2008. Kim's responsibilities at Chase Capital included originating, evaluating, structuring, executing and managing senior and junior cash flow loans to privately-owned and sponsor-owned middle market companies across a broad range of industries throughout North America. Prior to joining Chase Capital, Kim worked at JPMorgan's Investment Bank. Kim received her B.B.A. in Finance, cum laude, from the University of Notre Dame. Terry Walters joined Angelo Gordon in 2019 and is a Chief Financial Officer in the firm's middle market direct lending business, Twin Brook Capital Partners. Prior to joining the firm, Terry spent eight years in various roles with Victory Park Capital Advisors and Vitalogy Capital Partners. Prior to that, Terry worked at Citadel Group's fund administrator, Omnium, as well as Ernst & Young LLP. Terry holds a B.A. in accountancy and finance from Augustana College and a M.Acc. degree from the University of lowa. He is a Certified Public Accountant (inactive). Tim Wentink joined Angelo Gordon in 2019 and is a Partner in the firm's middle market direct lending business, Twin Brook Capital Partners. Tim focuses on originating, structuring, underwriting, and negotiating healthcare transactions. Prior to joining the firm, Tim spent 11 years with Madison Capital Funding LLC, as part of the company's Healthcare Leveraged Finance group. Previously, Tim held various positions within Merrill Lynch Capital Healthcare Finance's leveraged lending group, as well as JPMorgan Chase's commercial lending group. Tim received a B.S. degree in Finance from the University of Illinois at Urbana-Champaign and holds the Chartered Financial Analyst (CFA) designation. Josh Baumgarten is co-Chief Executive Officer and co-Chief Investment Officer of Angelo Gordon. He leads the Firm's Credit business and is co-portfolio manager for AG Super Fund and multi-strategy portfolios. Prior to joining Angelo Gordon in 2016, Josh was a Senior Managing Director at Blackstone and focused on Blackstone Alternative Asset Management, the firm's hedge fund solutions business. At BAAM, which he joined in 2007, Josh oversaw credit investing and worked closely with some of the most well-regarded credit investors around the globe. He played a key role in Blackstone's global co-investment business. Prior to Blackstone, Josh was a Portfolio Manager and trader at Blackrock, which he joined in 2000. His principal focus was on Blackrock's high-yield portfolios. Josh started his career at Jefferies in investment banking and also spent time early in his career in venture capital investing. Josh is a member of the Children's Board at Columbia (Columbia University Medical Center). He has a B.S. degree in Economics with concentrations in Finance and Accounting from The Wharton School at the University of Pennsylvania. Proprietary and Confidential Trade Secret Page 159 35#36AG ANGELO GORDON Proprietary and Confidential Trade Secret Contact Information Angelo Gordon 245 Park Avenue, 24th Floor, New York, NY 10167 +1 (212) 692-2000 | [email protected] www.angelogordon.com Page 160 36#37AG www.angelogordon.com Page 161