AG Direct Lending SMA

ANGELO 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

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