Ivy Hill Middle Market Credit Fund XXI, Ltd.: 21 August 2023

Ivy Hill Asset Management LP will act as asset manager for the Issuer. The Issuer’s investment portfolio will consist primarily of Senior Secured First Lien Loans, Middle Market Corporate Loans and Second Lien Loans.

IHAM is a wholly owned portfolio company of Ares Capital Corporation and was established in November 2007 by ARCC to serve as an asset management company focused on acquiring and managing primarily senior secured debt of private US middle market companies. As of 31 March 2023, IHAM had assets under management of approximately $13.5 billion.

The Notes are offered, subject to prior sale, when, as and if delivered to and accepted by J.P. Morgan Securities LLC.

EU & UK Risk Retention: For the purposes of the EU Securitisation Regulation and the UK Securitisation Regulation, Ivy Hill Asset Management LP, as the Asset Manager, will act as the Retention Holder and, for so long as any Class of Rated Debt remains outstanding, shall acquire and retain on an ongoing basis a material net economic interest in the securitisation, comprised of an interest in the first loss tranche within the meaning of paragraph (d) of Article 6(3) of the EU Securitisation Regulation and of the UK Securitisation Regulation, being Subordinated Notes with an aggregate principal amount of not less than 5%.

US Risk Retention: The Asset Manager, as the Retention Holder, will act as holder of the US Retention Interest for the purposes of the US Risk Retention Rules.