AG Direct Lending SMA

ANGELO 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

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