Experienced Senior Team Overview

ESG Considerations ■ ■ ■ AC Purpose Angelo Gordon recognizes the value generated for our limited partners, joint venture operating partners, employees, and local communities in which we operate that comes with integrating ESG considerations into our business decisions. Our objective is to make financial decisions on a full set of risk reward factors and we view ESG considerations and risk factors to be one input of many in our investment process. I Considerations The Team's regular diligence process will vary by situation but will typically include, but is not limited to, background checks of management teams, full business analysis and underwriting encompassing a borrower's employee base, value proposition, and customer profiles as well analyzing related environmental impacts and practices and regulatory requirements. Our diligence relies on public filings and employs select third parties to review environment-related diligence and conduct background checks. Angelo Gordon recently became a member of the SASB Alliance and licensed SASB's Materiality Map. The Team is beginning the process of incorporating the Materiality Map into its investment diligence process. Consistent with firmwide policy, the Team ultimately seeks to make financial decisions based on a full set of risk reward factors, which includes ESG factors. The Team does not seek to exclude companies or sectors from consideration because they are perceived to be exposed to a higher degree of ESG risk; however, there are a number of industries that the Team would be more likely to avoid or for which it would require a significantly heightened level of due diligence in order to get comfortable with a loan. These include: Debt collection, Payday loans / Savings and loan associations, Vice industries or companies that would not meet a moral social standard, Gaming/casinos, Firearms, Hotels, motels and resorts, Leveraged leases, Project finance, Real estate related actions (including construction loans), High technology, Cable and cellular, Builders and contractors Please refer to our Firm and Middle Market Direct Lending ESG policies for further information. AG ■ ■ Page 109 Integration The level of control or influence the Team has over ESG factors varies throughout the life of an investment Diligence phase preceding execution of a transaction The Team seeks to identify and understand the ESG-related and other financial risks to determine whether it will proceed with an investment or take further action I In some cases, the Team may require a sponsor or borrower to present or perform additional diligence, take specific actions or put in place an action plan to address ESG factors not currently in compliance with the strategy's ESG policy and standards Any issues deemed material, or related actions, are detailed both in the underwriting memo and the closing memo, which are completed prior to the final approval of an investment Portfolio Management Phase We rely on a borrower's private equity sponsor to conduct ongoing third-party diligence as we do not have equity control or board control/rights over the underlying borrower. Should a transaction have a "post-closing" deliverable or action required as part of making the investment, the Team will monitor the progress of said actions/requirements Despite the presence of one or more ESG-related issues, at times, the Team will proceed with an investment having fully understood and evaluated the potential impact of relevant ESG-related risks, and where possible, will implement action plans to mitigate or resolve such risks. In some cases, we will determine that the ESG-related risks are overwhelmingly detrimental to the potential performance of an investment and abandon the process ■ Proprietary and Confidential Trade Secret 30

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