AG Direct Lending SMA

ANGELO GORDON Building a Portfolio: Deals Reviewed 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 ~125 Average new deals added per month since 1Q16 114 387 748 Total Deals Reviewed¹ 1,197 2H 2016 1,865 1H 2017 2,636 2H 2017 3,572 4,577 1H 2018 2H 2018 5,556 1H 2019 6,365 2H 2019 7,335 6,741 1H 2020 2H 2020 8,729 8,079 1H 2021 2H 2021 대 Deal Pipeline Diversification² 8,729 4,125 768 854 284 Total deals in the pipeline Unique deals reviewed (1) Includes all deals included in the pipeline based off of the deal's 'Open Date'. Some individual deals are included multiple times if they are received from multiple sponsors. (2) Includes all viewed deals entered onto the pipeline report through October 31, 2021. There is no guarantee that suitable investments will be sourced for the fund. Page 145 Proprietary and Confidential Trade Secret Unique sponsors providing deal flow Unique deals presented to investment committee from 225 different sponsors New platform deals closed with 102 sponsors 21

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