Experienced Senior Team Overview

M ▪ We have had a consistent, conservative approach to utilizing leverage since the inception of our strategy in 2014 ▪ We have not historically, nor do we plan to, utilize the maximum leverage available to us ▪ Our 1.25-1.5x target leverage allows for cushion based on the leverage the banks offer us ▪ We continuously stress test our available liquidity and the cushion in place Prudent Approach to Leverage ▪ We use a diversified group of lenders and generally have two types of asset-based facilities ▪ A "strike-zone" facility whereby if a loan meets specific parameters it can be financed without any additional approval A deal-by-deal approval facility ■ To date, all of our facilities are highly negotiated, and: They do not have mark-to-market adjustments, all changes in leverage are based on underlying borrower performance Each asset-based lender only has recourse to the loans they are financing ▪ Our lenders do not have the ability to terminate the financing at their discretion General expectation subject to market conditions. Please refer to the fund's LPA section on use of leverage for more information. Page 096 AG Proprietary and Confidential Trade Secret 17

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