AG Direct Lending SMA

ANGELO AG GORDON Capital Structure Priority Revolver Senior Loan Junior Debt Equity (35%+) Increasing Risk Level (1) Based on current market conditions and subject to change without notice. (2) Not necessarily indicative of future portfolio composition. Proprietary and Confidential Trade Secret ■ ■ ■ ■ Our Focus Revolver capabilities are a competitive advantage Help lead to administrative agent roles as they allow borrowers and sponsors to interact with one lender Provide valuable insight into the daily borrowing activities and liquidity needs of our portfolio accounts and often permit us to identify potential challenges well in advance of covenant breaches or monthly financial reporting We do not believe many other non-bank lenders are in a position to provide revolvers Concentration in 1st liens with LTV target of 40-55%¹ 98% of our portfolio is 1st lien² Secured by all assets of the borrower (working capital, PP&E, etc.) Stock pledge of the borrower Page 137 13

View entire presentation