AG Direct Lending SMA

ANGELO 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

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