AUM Calculation Methodology
Angelo Gordon (the “firm”) generally considers the different investment strategies and fund types the firm sponsors in calculating AUM for each fund, which leads to different factors being considered in calculating fund-level AUM. The starting point for each fund type differs: the fair value of investments and financial instruments held by real estate and credit funds (including fund-level asset-related leverage), the current face value of the underlying collateral in CLOs or CBOs, and gross asset value (including leverage where applicable) for publicly-traded permanent capital vehicles. The firm then adjusts the base number to reflect various applicable factors, including subscription lines, uncalled investor capital, recallable investor capital, plus principal cash. Prior to May 15, 2023, the firm calculated fund and firm-level AUM to exclude fund-level asset-related leverage.