AG Direct Lending SMA

ANGELO 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

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