Experienced Senior Team Overview

Transaction Role 9% Role 3% 3% 85% Administrative Agent: 187 / 85% ■ Co-Lead Arranger: 20 / 9% ■ Co-Agent: 7 / 3% Participant: 6 / 3% 94% Closed transactions that Twin Brook has acted as Administrative Agent or Co-Lead Arranger ■ ■ ■ ■ ■ ■ r Why Do Administrative Agent and Co-Lead Arranger Titles Matter?(1) Better Economics - Higher upfront fees Primary role in structuring the credit document and covenant terms Add-on or acquisition activity drives additional fees Leadership role in the bank group results in capital markets income opportunities Stronger client relationships resulting from increased direct dialogue with the sponsor and borrower Incumbent lender often in a strong position to provide financing to new sponsor when a business is sold, thus contributing to deal flow for future funds (1) Represents the views of the Twin Brook team. There can be no assurance that each of the AG Direct Lending Funds' investment objective will be achieved or losses can be avoided. Note: Includes all deals closed across the Twin Brook platform including predecessor funds through October 31, 2020 broken out by the position that Twin Brook took in the deal. Page 104 AG Proprietary and Confidential Trade Secret 25

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