Angelo Gordon’s investment professionals are trained to consider material ESG factors throughout the lifecycle of an investment. As with other investment risk factors, Angelo Gordon investment professionals use their discretion, within the relevant investment process, to determine which ESG factors are “material” when the investment is made or may become so during the holding period. ESG integration is owned by the investment professionals responsible for each investment strategy as we believe our investment professionals are best positioned to evaluate the ESG-related risk and value drivers within the context of their individual strategies and objectives. Depending on the investment, third-party data may be utilized to help assess ESG factors, but such data or third-party scoring metrics are not probative to AG’s analysis or ultimate investment decision-making. Historically, the Firm’s real estate investment teams have sought to mitigate ESG risks in their investment processes, particularly where the Firm has equity control of such investments. Tenant demand for sustainable buildings and market pricing of ESG features is accelerating across real estate markets globally, and we believe our strategies are positioned to promote ESG factors, where possible, while creating financial value and enhancing risk-adjusted returns and honoring our commitment to our investors. As such, our approach to ESG Integration involves both mitigating risk and identifying opportunities for strategic ESG value creation during the holding period and upon exit. Angelo Gordon’s co-CEOs are responsible for oversight of our ESG investing practices and the Firm’s corporate commitments to sustainability. Our ESG team reports to, and regularly meets with, the Firm’s General Counsel to discuss, among other things, progress on ESG integration objectives and ESG incidents that occur among investments across the Firm’s investment management platform. The General Counsel, in turn, discusses such matters with the Firm’s Co-CEOs and COO. The General Counsel also chairs the ESG Committee. The co-CEOs are responsible for reporting on relevant ESG matters to the Firm’s Partnership Advisory Board. Angelo Gordon’s ESG Committee oversees the integration of this Policy into investment and management decisions. The Committee consists of a representative group of portfolio manager-level investment professionals and leaders of key support functions, including Legal & Compliance, Client Partnership Group, Information Technology, Human Resources, and Communications. The Committee, which meets quarterly, serves as a strategic advisory forum for the development and communication of Firm-level and strategy-specific ESG integration initiatives. The ESG Committee also provides feedback to the Investment Committees or investment professionals if they raise ad hoc or investment-specific ESG questions or issues. The Committee serves as a mechanism for ongoing engagement with key ESG stakeholders across the Firm and champions both implementation and reporting of ESG initiatives across strategies and geographies.