AGL Credit Management LLC

Item 5 – Fees and Compensation
As compensation for investment advisory services, the Adviser generally receives an investment management fee and may
receive performance-based fees. The specific terms of these arrangements, including the manner in which the Adviser
charges fees to Clients, are negotiated with each Client and are set forth in the collateral or investment management
agreement, indenture, limited partnership agreement, or offering document (collectively, the "Governing Documents'").

Investment management fees for the CLOs are set forth in the applicable Governing Documents and typically include senior
and subordinated asset-based collateral management fees as well as performance-based fees. CLO management fees are
typically payable quarterly in arrears. Prepayment of fees is not required and is not anticipated. Senior and subordinated
asset-based collateral management fees for CLOs are expected to generally range from approximately 0.35% to 0.5% per
annum, in aggregate.

Investment management fees for Funds are set forth in the applicable Governing Documents and typically include an
investment management fee based on such Fund's assets under management as well as additional performance fees
provided certain investment performance hurdles are met. Investment management fees for Funds are payable in
accordance with terms and conditions described in the applicable Governing Documents and are expected to generally
range from approximately 0.30% to 0.40% per annum. Investors have from time to time negotiated alternative fee
arrangements in side letter agreements. Under certain circumstances, the Adviser may reduce or waive the investment
management fees for Funds, including performance fees, without obtaining consent of any Investor.

For certain Clients, the Adviser may not receive a performance-based fee. Under certain circumstances and subject to any
limitations in the Governing Documents, the adviser negotiates lesser or different fee schedules for particular Clients (or
underlying Investors in Funds) based on a variety of factors, including the nature of the investments, the size of the account
or the length of a Client's or Investor's commitment. For additional information on the performance-based fees paid to the
Adviser, please refer to "Performance Based Fees" in Item 6 below.

Clients also bear direct and indirect costs, fees and expenses incurred, as described in the Governing Documents applicable
to each Client. These costs, fees and expenses are exclusive of any investment management fees or performance-based
fees and vary from Client to Client.

The Adviser will assess costs or seek reimbursement of expenses from Clients including but not necessarily limited to those
referenced in the Governing Documents, including the investment management agreement ("IMA"), private placement
memorandum ("PPM") or offering memorandum ("OM"). Reimbursement of such expenses will include organizational,
operational and investment expenses such as the following (although a complete list is too exhaustive to be referenced
herein): costs of preparing audited financial statements; third-party administrator fees and expenses; consulting costs; costs
relating to the formation and organization and documentation; the Client's proportionate share of the cost of systems and
software with respect to order management systems, and investment workflow (e.g., LevPro); the Client's proportionate
share of the cost of services, systems and software for shadow accounting, reconciliation services, reporting and business
process outsourcing (e.g., Virtus Partners LLC); and the Client's proportionate share of the cost of research services and
Bloomberg systems.

To the extent any such expenses or costs are incurred for the benefit of the Clients and other entities affiliated with or
advised by the Adviser, the Adviser will make a good faith allocation of such expenses or costs among all such entities and
the Clients. Further, Investors should refer to the Governing Documents, including the IMA, PPM, OM, or similar agreements
governing the Client's relationship with the Adviser for additional/supplemental information on the fees and expenses.

The Adviser will cause the Clients to share on a fair and equitable basis in the legal fees and other expenses incurred from
investigating and negotiating potential transactions for the accounts, whether or not such transactions are consummated.

Neither the Adviser nor any of its supervised persons accept compensation (e.g., brokerage commissions) for the sale of
securities or other investment products to Clients.

See also the "Brokerage Practices" section in Item 12 below for more discussion on expenses incurred in connection with
brokerage commissions.

 AGL CREDIT MANAGEMENT LLC                                                                           DECEMBER 31, 2025

Form ADV Part 2A Disclosure Brochure

Item 7 – Types of Clients
As described in "Advisory Business," the Adviser acts as investment manager and provides discretionary investment advice
to the Clients in accordance with the applicable Governing Documents.

Certain Clients and Investors in Funds must satisfy certain requirements to invest with the Adviser. For example, Investors
in Funds must generally meet the definition of "qualified purchaser" as defined in Section 2(a)(51) of the Investment
Company Act of 1940, as amended (the “1940 Act”). The Funds and the CLOs generally impose minimum investment
amounts, although these thresholds can be waived or reduced in the Adviser's discretion.

 AGL CREDIT MANAGEMENT LLC                                                                         DECEMBER 31, 2025

Form ADV Part 2A Disclosure Brochure