Document:

EX-4.1

 Exhibit 4.1 

THE OFFER AND SALE OF SHARES OF COMMON STOCK IN KAYNE DL 2021, INC. 

SUBSCRIPTION BOOKLET 
 FOR 

SHARES 
 IN 

KAYNE DL 2021, INC. 
 (a Delaware
Corporation) 
 CAREFULLY REVIEW AND FOLLOW THE SUBSCRIBER’S INSTRUCTION SHEET IMMEDIATELY FOLLOWING THIS COVER PAGE 

NOTE TO INVESTORS: 
 Please note that Kayne DL
2021, Inc., reserves the right to obtain, and that you will be required to provide, additional information and documentation if you are not a U.S. person (as defined below) and, accordingly, do not provide a U.S. Internal Revenue Service
(“IRS”) Form W-9. Please contact Investor Relations for additional information in this regard. 

 INSTRUCTIONS TO SUBSCRIBERS 

These instructions are provided to assist you with completing the attached Subscription Agreement. The Subscription Agreement is complicated,
so we encourage you to go one step at a time with these instructions as your guide. 
 IF YOU HAVE ANY QUESTIONS OR NEED ASSISTANCE IN
COMPLETING YOUR SUBSCRIPTION, PLEASE CONTACT THE FOLLOWING: 
 Investor Relations (310)
284-5591 
 Email: InvestorRelations@kaynecapital.com 

A. SUBSCRIPTION AGREEMENT/POWER OF ATTORNEY 

To subscribe, please follow these steps: 
  

	 	1.	 Read and execute Subscription Agreement. 

 

	 	2.	 Complete Attachment I (Account Information). 

 

	 	3.	 If applicable, complete Attachment II (Names and Addresses of Shareholders, Partners or Members).

  

	 	4.	 IRS Form(s) W-9 and/or
W-8: If you are a “U.S. person”1 for U.S. federal income tax purposes, complete, sign and date IRS Form
W-9 in accordance with the instructions accompanying the form. If you are not a “U.S. person” for U.S. federal income tax purposes, complete and sign the appropriate IRS Form(s) W-8 (together with all appropriate attachments) in accordance with the instructions accompanying the appropriate form to certify your non-U.S. tax status. See Attachment
III for more information. 

  

	 	5.	 If applicable, complete Attachment IV (Additional Contacts) 

 

	 	6.	 Provide applicable documents listed on Attachment V (Required Documentation). 

 

	 	7.	 Read Attachment VI (Privacy Notice). 

 

	1 	 As set forth in the instructions to IRS Form W-9, a “U.S.
person” generally includes (i) a citizen or resident of the United States, (ii) a partnership, corporation or other entity created or organized under the laws of the United States, any State thereof or the District of Columbia, and
(iii) an estate the income of which is subject to U.S. federal income tax regardless of its source, or any trust if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more
U.S. persons have the authority to control all of the substantial decisions of the trust. 

 THE SUBSCRIPTION AGREEMENT AND ATTACHMENTS, WHERE APPLICABLE, SHOULD BE DELIVERED TO 

Kayne DL 2021, Inc. 
 c/o Kayne
Anderson Capital Advisors, L.P. 
 811 Main Street, 14th Floor 

Houston, Texas 77002 

Attention: Investor Relations 

  
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 B. PAYMENT OF CAPITAL CONTRIBUTIONS 

Each of the BDC Capital Contributions required to be paid under the Subscription Agreement must be paid by wire transfer in same day funds in
accordance with the terms thereof and the account instructions set forth in the applicable capital call notice. 
 END OF INSTRUCTIONS

  
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 KAYNE DL 2021, INC. 

(a Delaware Corporation) 

SUBSCRIPTION AGREEMENT/POWER OF ATTORNEY 

THE SHARES OF COMMON STOCK REFERRED TO IN THIS SUBSCRIPTION AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), NOR UNDER ANY APPLICABLE STATE SECURITIES LAWS. SUCH SHARES OF COMMON STOCK ARE BEING OFFERED AND SOLD UNDER THE EXEMPTION PROVIDED BY SECTION 4(A)(2) OF THE SECURITIES ACT AND/OR PURSUANT TO REGULATION D, RULE 506,
THEREUNDER. NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS PASSED ON ANY ASPECT OF THE OFFERING OF SUCH SHARES OF COMMON STOCK AND ANY REPRESENTATION TO THE CONTRARY IS ILLEGAL. 

A PURCHASER OF SHARES OF COMMON STOCK SHOULD BE PREPARED TO BEAR THE ECONOMIC RISK OF THE INVESTMENT FOR AN INDEFINITE PERIOD OF TIME BECAUSE
THE SHARES OF COMMON STOCK HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT AND, THEREFORE, CANNOT BE SOLD UNLESS THEY ARE SUBSEQUENTLY REGISTERED OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. THERE IS NO OBLIGATION OF THE ISSUER TO REGISTER THE
SHARES OF COMMON STOCK UNDER THE SECURITIES ACT OR UNDER ANY APPLICABLE STATE SECURITIES LAWS. 
  

  
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 KAYNE DL 2021, INC. 

SUBSCRIPTION AGREEMENT/POWER OF ATTORNEY 
  

	TO:	 Kayne DL 2021, Inc. 

c/o Kayne Anderson Capital Advisors, L.P. 

811 Main Street, 14th Floor, Houston, Texas 77002 

Ladies and Gentlemen: 
 THIS SUBSCRIPTION
AGREEMENT / POWER OF ATTORNEY (together with all attachments, the “Subscription” or the “Subscription Agreement”) is entered into by Kayne DL 2021, Inc., a Delaware corporation (the “Company”), and
the undersigned in connection with the purchase of shares of common stock in the Company (the “Shares”). 
 Kayne DL 2021,
Inc., was formed as a Delaware corporation pursuant to Delaware General Corporation Law. KA Credit Advisors II, LLC is the investment manager of and the administrator to the Company (the “Investment Manager”); the Company is to be
operated in accordance with its charter and bylaws (“Organizational Documents”), as amended; the Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation primarily through debt
investments in middle-market companies, all as is more fully set forth in registration statement on Form 10, once becoming effective, and any related or associated disclosure document or memorandum, as it may be modified or amended and any
applicable attachments/exhibits thereto (collectively, the “Memorandum”) previously furnished to the undersigned. The minimum amount for which any person may subscribe for an interest in the Company is $2 million; however, the
Company may, in its discretion, accept subscriptions for lesser amounts. Each investor must be an “accredited investor,” as such term is defined in Regulation D (“Regulation D”) promulgated under the Securities Act of
1933, as amended (the “Securities Act”) and a “qualified purchaser,” as such term is defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”). 

1. The Company 
 If
the undersigned’s subscription is accepted by the Company, the undersigned will become a stockholder of the Company. Capitalized terms used but not defined herein shall have the meanings given to them in the Memorandum. 

2. Subscription and Acceptance of Subscription. 

(a) Subject to the terms and conditions hereof, the undersigned (the “Purchaser” or “Investor”) hereby
tenders this Subscription whereby the undersigned irrevocably commits and agrees to contribute to the Company, in cash, an amount (the “Commitment”) equal to the amount set forth on Attachment I as consideration for Shares,
portions of such Commitment to be contributed in immediately available funds on an as-needed basis at such time as the Investment Manager in its sole and absolute discretion shall determine, in all cases in
accordance with, and subject to the limitations set forth in, the Memorandum (all amounts actually drawn down, the “BDC Capital Contributions”). 

  
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 (b) All BDC Capital Contributions shall be paid by the undersigned to the Company by wire
transfer of same day funds on the day specified for such payment in the written notice to be delivered by the Company pursuant to the Memorandum. 

(c) The undersigned shall have no right to any interest income earned on any Capital Contribution. 

(d) The undersigned understands that the Commitment is not binding on the Company until accepted by the Investment Manager. The Investment
Manager shall have the right to accept or reject this Subscription, in whole or in part, in its sole and absolute discretion. 
 (e) Subject
only to the acceptance of the Investment Manager, the undersigned hereby agrees to adhere to and be bound by the Company’s Organizational Documents. 

(f) In the event that the Purchaser is permitted by the Company to make an additional Commitment to purchase Shares on a date after its initial
subscription has been accepted, the Purchaser shall be required to enter into an addendum to this Subscription Agreement covering such additional Commitment. 

(g) The Company may enter into separate subscription agreements (the “Other Subscription Agreements” and, together with this
Subscription Agreement, the “Subscription Agreements”) with other purchasers (the “Other Purchasers”), providing for the sale to the Other Purchasers of Shares at other Closings. This Subscription Agreement and the
Other Subscription Agreements are separate agreements, and the sales of Shares to the Purchaser and the Other Purchasers are separate sales. Notwithstanding anything to the contrary set forth in this section, the Company shall not seek to raise
additional Commitments from Other Purchasers that are unaffiliated with the Investor without the prior consent or approval of the holders of the majority of the Company’s then outstanding Shares. 

(h) The closing of the subscription for and commitment to purchase by the Purchaser of Shares shall take place at the offices of the Investment
Manager on the date that this Subscription Agreement (having been also signed by the Purchaser) has been accepted by the Company (the date of such acceptance, which shall be indicated on the Company Acceptance provided to the Purchaser, being
hereinafter referred to as the “Closing Date”). On the date of the receipt of the Purchaser’s first Drawdown Purchase (as defined below), assuming the Closing has taken place, the Purchaser shall be registered as a stockholder
of the Company (each a “Stockholder” and together, the “Stockholders”). 
 (i) A Stockholder that holds or
owns more than 5% of the Company’s Shares agrees to furnish information reasonably requested by the Company listing such Stockholder’s affiliates (an affiliate is generally a person 5% or more of whose outstanding voting securities are
directly or indirectly owned or held by a Stockholder). 

  
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 3. Drawdowns 

(a) The Purchaser agrees to purchase Shares for an aggregate purchase price equal to its Commitment, payable at such times and in such amounts
as required by the Company. The Purchaser shall be required to fund a capital contribution to purchase Shares (a “Drawdown Purchase”) each time the Company delivers a notice (the “Drawdown Notice”) to the Purchaser.
Drawdown Notices shall be delivered at least 10 Business Days prior to the date on which payment will be due (each, a “Drawdown Date”) and shall set forth the amount, in U.S. dollars, of the aggregate purchase price (the
“Drawdown Purchase Price”) to be paid by the Purchaser to purchase Shares on such Drawdown Date. Drawdown Purchase Price will be at least equal to net asset value, or NAV, per share in accordance with the limitations under
Section 23 of the Investment Company Act of 1940 (“Investment Company Act”). No Purchaser shall be required to invest more than the total amount of its Commitment. “Business Day” shall mean any day other than a
Saturday, a Sunday or a day on which banking institutions in the State of New York are authorized or obligated by law or executive order to close. 

(b) On the Drawdown Date, the Company shall issue to the Purchaser a number of Shares equal to the amount of the Drawdown Purchase Price funded
by the Purchaser on the applicable Drawdown Date divided by the per share price determined by the Board or an appropriately designated committee. For the avoidance of doubt, the Company shall not issue Shares for any portion of the Purchaser’s
Commitment that has not been paid to the Company and used to purchase Shares pursuant to one or more Drawdown Notices (the “Undrawn Commitment”). 

(c) The Company may draw down Commitments to make investments at any time during the period after the initial closing, which is expected to
occur immediately prior to the Company’s election to be treated as BDC under the Investment Company Act (the “Initial Closing”). Upon the conclusion of the five-year period after the Initial Closing (the “Commitment
Period”), investors will be released from any further obligation to purchase additional Shares with respect to a Commitment, except to the extent necessary to (a) pay the Company expenses, including management fees, any amounts that
may become due under any borrowings or other financings or similar obligations and any other liabilities, contingent or otherwise, in each case to the extent they relate to the Commitment Period, (b) complete investments in any transactions for
which there are binding written agreements as of the end of the Commitment Period (including investments that are funded in phases), (c) fund follow-on investments made in existing portfolio
companies that, in the aggregate, do not exceed 20% of total commitments, (d) fund obligations under any guarantee or indemnity made by the Company during the Commitment Period and/or (e) fund any defaulted commitments. In addition,
notwithstanding the foregoing, upon providing 60 days’ notice to the Company, holders of the majority of the Company’s then outstanding Shares may terminate the Commitment Period following the second anniversary of the Initial Closing.
Upon conclusion of the Commitment Period (the “Initial Term”), the Company will cease making new investments and commence an orderly disposition of its investments, unless holders of the majority of the Company’s then
outstanding Shares vote to extend the Initial Term. During the Commitment Period, no investor will be permitted to sell, assign, transfer or otherwise dispose of its shares of common stock or Commitment unless the Company provides its prior written
consent, which shall not be unreasonably withheld, and the transfer is otherwise made in accordance with applicable law; provided however a Commitment or shares of common stock may be transferred to an Investor affiliate. 

  
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 (d) In the event that the Company enters into a Subscription Agreement with one or more
Investors after the Initial Closing, each such Investor will be required to make purchases of Shares (each, a “Catch-up Purchase”) on one or more dates to be determined by the Company. The
aggregate purchase price of any Catch-up Purchase will be equal to an amount necessary to ensure that, upon payment of the aggregate purchase price, such Investor will have contributed the same percentage of
its Commitment to the Company as all Investors whose subscriptions were accepted at previous closings. Catch-up Purchases will be made at a price as determined by the Company’s Board of Directors as of
the end of the most recent calendar quarter or such other date as determined by the Board prior to the date of the applicable Drawdown Notice, or such other date as may be required to comply with the provisions of the Investment Company Act. In
order to more fairly allocate organizational expenses among all of the Investors, Investors subscribing after the initial drawdown will be required to pay a price above net asset value reflecting a variety of factors, including, without limitation,
the total amount of the Company’s organizational and other expenses. 
 4. Pledging. 

(a) The Purchaser specifically agrees and consents that the Company may, at any time, without further notice to or consent from the Purchaser
(except to the extent otherwise provided in this Subscription Agreement), grant security over and, in connection therewith, transfer its right to draw down Commitments from the Purchaser and the Company’s right to receive the Drawdown Purchase
Price (and any related rights of the Company), to lenders or other creditors or holders of other obligations or guarantees of the Company, in connection with any indebtedness, guarantee or surety of the Company (such right of the Company with
respect to the Purchaser and Other Purchasers, collectively, the “Assigned Rights”); provided that, for the avoidance of doubt, any such grantee’s right to draw down capital shall be subject to the limitations on the
Company’s right to draw down capital pursuant to Section 3; provided, further, that, for the avoidance of doubt, the Company may exclude from such Assigned Rights all or a portion of the Assigned Rights of any Purchasers that are officers
or directors of the Company and certain other persons, to the extent restricted under, or considered by the Board to be necessary or desirable to facilitate compliance with, applicable laws or regulations, including the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”), the Investment Company Act and the Sarbanes-Oxley Act of 2002, as amended. 
 (b) The
Purchaser specifically agrees and consents that the Company may, in each case subject to such other conditions as the Company may reasonably determine, (i) authorize any lender or other creditors or holders of other obligations or guarantees of
the Company, including any agent or trustee acting on their behalf, as agent and on behalf of the Company, or in such other capacity as the Company may specify (A) to exercise from time to time Assigned Rights, (B) to issue Drawdown
Notices and to require all or any portion of Purchaser’s Undrawn Commitment to be contributed to the Company for purposes of paying such funds to a lender or other creditor or holders of other obligations or guarantees,

  
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including by payment to an account or accounts pledged to a lender, a creditor or such holder, (C) to exercise any right or remedy of the Company under this Subscription Agreement in respect
of any Assigned Rights or in respect of any Drawdown Notice, capital contributions or Undrawn Commitment, and (D) to enforce obligations of the Purchaser and the Other Purchasers under their respective Subscription Agreements, and
(ii) take any other action the Company reasonably determines to be necessary for the purpose of providing such Assigned Rights (collectively, clauses (i) and (ii), the “Lender Powers”); provided that any exercise of such
Lender Powers with respect to Purchaser shall be made in accordance with this Subscription Agreement. In addition, the Company is hereby authorized to provide to or receive from any lender or other creditors or holders of other obligations or
guarantees, including any agent or trustee acting on their behalf, financial information related to the Purchaser and other documentation reasonably and customarily required to incur or assume such indebtedness, subject to applicable law and in
connection therewith, each Purchaser hereby agrees to cooperate with the Company with respect to the provision of such information and documentation. 

(c) To facilitate the Company’s ability to incur and maintain borrowings or other financings or similar obligations and to otherwise make
available Assigned Rights and/or the right to exercise any Lender Power for such borrowings or other financings or similar obligations, the Purchaser acknowledges and agrees that: (i) in the event of a failure by Purchaser or any Other
Purchaser to pay all or any portion of the purchase price due from Purchaser or such Other Purchaser, as applicable, on any Drawdown Date, in addition to the Lender Powers, the related creditor or lender may issue additional Drawdown Notices in
order to make up any deficiency caused by the failure to fund the Drawdown Purchase Price and Purchaser’s ownership in the Company may be diluted as a result, provided that, for the avoidance of doubt, Purchaser shall not be required to fund
more than its Undrawn Commitments, (ii) its obligation to fund Drawdown Notices is irrevocable, and shall be without setoff, counterclaim or defense, including any defense under Section 365(c) of the U.S. Bankruptcy Code, and (iii) it
has received full and adequate consideration on the date hereof for its subscription for Shares, and any defense of non-consideration or similar defenses for its subscription are hereby irrevocably waived,
whether in bankruptcy, insolvency, receivership or similar proceedings or otherwise, including any failure or inability of the Company to issue Shares or for any such Shares to have positive value. 

(d) The Investment Manager confirms that (i) the Investor shall not be obligated in connection with any borrowing by the Company, to
(A) provide, execute or deliver any guaranty, warranty or indemnity, (B) deliver financial information to the Investment Manager or any lender which is not generally available to the public, or (C) execute or deliver any document,
agreement, instrument or certificate which is inconsistent with the Investor’s rights and obligations under the Subscription Agreement, the Organizational Documents, or applicable law, including ERISA; and (ii) the Investor shall not be
obligated to provide for the benefit of any lender under any borrowing by the Company any opinions of counsel. 
 (e) Notwithstanding
anything herein to the contrary, any lender or other person granted a lien with respect to any of the Assigned Rights and/or the right to exercise any Lender Power shall be intended beneficiary of this Subscription Agreement and shall be entitled to
enforce the provisions of this Section. 

  
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 5. Dividends. 

As more fully described in the Memorandum, the Company generally intends to distribute on a quarterly basis, out of assets legally available
for distribution, substantially all of its available earnings in such amount so the Company will not have to pay corporate-level income tax, subject to the discretion of the Board. 

The Company shall provide at least five (5) Business Days’ notice prior to the payment date of any distribution to a Stockholder.
Distributions shall consist of cash or cash equivalents, except that the Company may make distributions of assets in kind to a Stockholder with the prior consent of such Stockholder. 

6. Remedies upon Drawdown Purchase Default. 

In the event that the Purchaser fails to pay all or any portion of the Drawdown Purchase Price due from the Purchaser on any Drawdown Date (such amount,
together with the amount of the Purchaser’s Undrawn Commitment, a “Defaulted Commitment”) and such default remains uncured for a period of ten Business Days, then the Company shall be permitted to declare the Purchaser to be in
default on its obligations under this Subscription Agreement (in such capacity, a “Defaulting Purchaser” and, collectively with any Other Purchasers declared to be in default, the “Defaulting Stockholders”) and
shall be permitted to pursue one or any combination of the following remedies:  
 (a) Company may prohibit the Defaulting
Purchaser from purchasing additional Shares on any future Drawdown Date. 
 (b) The Company may offer up to 100% of the Defaulting
Purchaser’s Shares first, to the Other Purchasers (other than any other Defaulting Stockholders) and if such Other Purchasers do not purchase all of such offered Shares, to third parties for purchase at a price equal to the lesser of the net
asset value of such Shares on the relevant trade date or the highest price reasonably obtainable by the Company, subject to such other terms as the Company in its discretion shall determine, which offer(s) shall be binding upon the Defaulting
Purchaser if the Other Purchasers or third parties agree to assume the related Commitment with respect to such Shares of the Defaulting Purchaser, including any portion then due and unpaid, and the Company pursuant to its authority under
Section 12 of this Subscription Agreement may execute on behalf of the Defaulting Purchaser any documents necessary to effect the transfer of the Defaulting Purchaser’s Shares pursuant to this Section 6(b); provided, however, that
notwithstanding anything to the contrary contained in this Subscription Agreement, no Shares shall be transferred to any Other Purchaser pursuant to this Section 6(b) in the event that such transfer would (i) violate the 1933 Act, the
Investment Company Act or any state (or other jurisdiction) securities or “blue sky” laws applicable to the Company or such transfer, (ii) constitute a non-exempt “prohibited
transaction” under Section 406 of ERISA or Section 4975 of the Code, or (iii) cause all or any portion of the assets of the Company to constitute “plan assets” under ERISA or Section 4975 of the Code; 

 

  
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 (c) The Company may pursue any other remedies against the Defaulting Purchaser available to
the Company at law or in equity. No course of dealing between the Company and any Defaulting Stockholder and no delay in exercising any right, power or remedy conferred in this Section or now or hereafter existing at law or in equity or otherwise
shall operate as a waiver or otherwise prejudice any such right, power or remedy. In addition to the foregoing, the Company may in its discretion institute a lawsuit against the Defaulting Purchaser for specific performance of its obligation to pay
any Drawdown Purchase Price and any other payments to be made by the Defaulting Purchaser pursuant to this Subscription Agreement and to collect any overdue amounts hereunder. Notwithstanding any other provision of this Subscription Agreement, the
Purchaser agrees (i) to pay on demand all costs and expenses (including attorneys’ fees) incurred by or on behalf of the Company in connection with the enforcement of this Subscription Agreement against the Purchaser sustained as a result
of any default by the Purchaser and (ii) that any such payment shall not constitute payment of a Drawdown Purchase Price or reduce the Purchaser’s Commitment. 

(d) The Purchaser further agrees that the Purchaser cannot and will not seek to enforce this Section 6 against the Company or any other
investor in the Company. 
 7. Accredited Investor Status. 

(a) Regulation D defines an “Accredited Investor” as any person coming within any one or more of the following categories.
Please indicate the category or categories of Accredited Investor applicable to you on Attachment I. 
 (1) Any bank as defined in
section 3(a)(2) of the Act, or any savings and loan association or other institution as defined in section 3(a)(5)(A) of the Act whether acting in its individual or fiduciary capacity; any broker or dealer registered pursuant to section 15 of the
Securities Exchange Act of 1934 (“1934 Act”); any investment adviser registered pursuant to section 203 of the Investment Advisers Act of 1940 or registered pursuant to the laws of a state; any investment adviser relying on the exemption
from registering with the Commission under section 203(l) or (m) of the Investment Advisers Act of 1940; any insurance company as defined in section 2(a)(13) of the Act; any investment company registered under the Investment Company Act of 1940
or a business development company as defined in section 2(a)(48) of that act; any Small Business Investment Company licensed by the U.S. Small Business Administration under section 301(c) or (d) of the Small Business Investment Act of 1958; any
Rural Business Investment Company as defined in section 384A of the Consolidated Farm and Rural Development Act; any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political
subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000; any employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 if the investment decision is made by a plan
fiduciary, as defined in section 3(21) of such act, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a
self-directed plan, with investment decisions made solely by persons that are accredited investors; 
  

  
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 (2) Any private business development company as defined in Section 202(a)(22) of the
Investment Advisers Act of 1940, as amended (the “Advisers Act”);  
 (3) Any organization described in
Section 501(c)(3) of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), as a corporation, Massachusetts or similar business trust, or partnership, not formed for the specific purpose of acquiring the securities
offered, with total assets in excess of $5,000,000; 
 (4) Any director, executive officer, or general partner of the issuer of the
securities being offered or sold, or any director, executive officer, or general partner of a general partner of that issuer; 
 (5) Any
natural person whose individual net worth, or joint net worth with that person’s spouse, at the time of his purchase exceeds $1,000,000 (not including such person’s primary residence nor indebtedness thereon, except to the extent such
indebtedness exceeds the value of the residence); 
 (6) Any natural person who had an individual income in excess of $200,000 in each of
the two most recent years or joint income with that person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year; 

(7) Any trust with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose
Purchase is directed by a person who has such knowledge and experience in financial and business matters that he is capable of evaluating the merits and risks of an investment in the Company; 

(8) Any entity in which all of the equity owners are accredited investors; 

(9) Any entity, of a type not listed in paragraphs (a)(1), (a)(2), (a)(3), (a)(7), or (a)(8), not formed for the specific purpose of acquiring
the securities offered, owning investments in excess of $5,000,000; 
 (10) Any natural person holding in good standing one or more
professional certifications or designations or credentials from an accredited educational institution that the Commission has designated as qualifying an individual for accredited investor status. In determining whether to designate a professional
certification or designation or credential from an accredited educational institution for purposes of this paragraph (a)(10), the Commission will consider, among others, the following attributes: 

(i) The certification, designation, or credential arises out of an examination or series of examinations administered by a self-regulatory
organization or other industry body or is issued by an accredited educational institution; 
 (ii) The examination or series of examinations
is designed to reliably and validly demonstrate an individual’s comprehension and sophistication in the areas of securities and investing; 

  
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 (iii) Persons obtaining such certification, designation, or credential can reasonably be
expected to have sufficient knowledge and experience in financial and business matters to evaluate the merits and risks of a prospective investment; and 

(iv) An indication that an individual holds the certification or designation is either made publicly available by the relevant self-regulatory
organization or other industry body or is otherwise independently verifiable; 
 (11) Any natural person who is a “knowledgeable
employee,” as defined in rule 3c-5(a)(4) under the Investment Company Act of 1940, of the issuer of the securities being offered or sold where the issuer would be an investment company, as defined in
section 3 of such act, but for the exclusion provided by either section 3(c)(1) or section 3(c)(7) of such act; 
 (12) Any “family
office,” as defined in rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940: 
 (i)
With assets under management in excess of $5,000,000; 
 (ii) That is not formed for the specific purpose of acquiring the securities
offered; and 
 (iii) Whose prospective investment is directed by a person who has such knowledge and experience in financial and business
matters that such family office is capable of evaluating the merits and risks of the prospective investment; and 
 (13) Any “family
client,” as defined in rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940, of a family office meeting the requirements in paragraph (a)(12) of this section and whose prospective investment in
the issuer is directed by such family office pursuant to paragraph (a)(12)(iii). 
 (b) In determining income, an individual should add to
adjusted gross income any amounts attributable to tax exempt income received, losses claimed as a limited partner in any limited partnership, deductions claimed for depletion, contributions to an IRA or Keogh retirement plan, alimony payments, and
any amount by which income from long-term capital gains has been reduced in arriving at adjusted gross income. 
 8. Qualified
Purchaser Status. 
 (a) The Investment Company Act defines a “Qualified Purchaser” as any person in any of the
following categories. Please indicate the category or categories of Qualified Purchaser applicable to you on Attachment I. 

  
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 (1) An individual (including any person subscribing with a spouse in a joint capacity, as
community property or similar shared interest) that either individually or together with the spouse, owns Investments2 that are Valued3 at not
less than $5,000,000; 
 (2) An entity that owns Investments that are Valued at not less than $5,000,000 and is owned directly or indirectly
by two or more natural persons related as siblings, spouses (including former spouses) or direct lineal descendants by birth or adoption, spouses of such persons, the estates of such persons, or foundations, charitable organizations or trusts
established by or for the benefit of such persons; 
 (3) A trust not covered by clause (2) above and not formed for the specific
purpose of acquiring Shares, as to which the trustee or other person authorized to make decisions with respect to the trust and each settlor or other person who has contributed assets to the trust is a person described in clause (1) or (2)
above or clause (4) below; 
 (4) An entity, acting for its own account or the accounts of others described in clause (1), (2) or
(3) above, this clause (4) or clause (5) below, that in the aggregate owns and invests on a discretionary basis Investments that are Valued at not less than $25,000,000; and 

 
  

	2 	 “Investments” means any of the following: 

(A) Securities, as defined by Section 2(a)(1) of the Securities Act. Securities of an issuer that controls, is controlled by,
or is under common control with the undersigned shall not be deemed Investments unless the issuer is: 
 (i) An investment
company or a company that would be an investment company but for the exclusions provided by Sections 3(c)(1) through 3(c)(9) of the Investment Company Act, a foreign bank or insurance company, an issuer of asset-backed securities that meets certain
requirements or a commodity pool; 
 (ii) A company whose equity securities are listed on a national securities exchange,
trade on Nasdaq or listed on a designated offshore securities market; or 
 (iii) A company with shareholders’ equity of
not less than $50,000,000 (determined in accordance with GAAP) as reflected on the company’s most recent financial statements (provided such financial statements present information as of a date not more than 16 months preceding the investment
in the Partnership). 
 (B) Real estate held for investment purposes (i.e., not for personal purposes, as a place of business
or in connection with a trade or business). 
 (C) Commodity interests held for investment purposes. 

(D) Physical commodities (with respect to which a commodity interest is traded) held for investment purposes. 

(E) Financial contracts within the meaning of Section 3(c)(2)(B)(ii) of the Investment Company Act held for investment
purposes. 
 (F) If the undersigned is a company that would be an investment company but for the exclusion provided by
Section 3(c)(1) or 3(c)(7) of the Investment Company Act, or a commodity pool, any amounts payable to the undersigned pursuant to a binding commitment pursuant to which a person has agreed to acquire an interest in, or make capital contributions to,
the undersigned upon demand by the undersigned. 
 (G) Cash and cash equivalents (including bank deposits, certificates of
deposit, bankers acceptances and similar bank instruments held for investment purposes and the net cash surrender value of insurance policies). 
  

	3 	 “Valued” means either the fair market value or cost of Investments net of the amount of any
outstanding indebtedness incurred to acquire such Investments. In the case of commodity interests, the amount of Investments shall be the value of the initial margin or option premium deposited in connection with such commodity interests.

  
 10 

 (5) An entity, all of the outstanding securities of which are owned by persons or entities
described in clause (1), (2), (3) or (4) above or this clause (5). 
 9. Representations and Warranties of the
Undersigned. 
 The undersigned hereby represents and warrants to the Company, and the Investment Manager as follows: 

(a) The Shares are being acquired for the undersigned’s own account for investment, with no intention of distributing or selling any
portion thereof nor with a view to any distribution thereof within the meaning of the Securities Act, and will not be transferred by the undersigned in violation of the Securities Act or the then applicable rules or regulations thereunder. No one
other than the undersigned has any interest in or any right to acquire the Shares. The undersigned understands and acknowledges that the Company will not have any obligation to recognize the ownership, beneficial or otherwise, of such Shares by
anyone but the undersigned, except as provided for in the Memorandum; 
 (b) The undersigned’s financial condition is such that the
undersigned is able to bear the risk of holding the Shares for an indefinite period of time and the risk of loss of the undersigned’s entire investment in the Company; 

(c) If the undersigned is a partnership, joint venture, corporation, or trust, (i) it is authorized and qualified to become a shareholder
in, and to make BDC Capital Contributions equal to its Commitment to the Company and otherwise to comply with its obligations pursuant to the Company’s charter and bylaws, and (ii) the person signing this Subscription Agreement on behalf
of such entity has been duly authorized by such entity to do so; 
 (d) If the undersigned is purchasing Shares as agent, representative or
intermediary/nominee, or in any similar capacity for any other person, or is otherwise requested to do so by the Investment Manager, it shall provide a copy of its anti-money laundering policies (“AML Policies”) to the Investment
Manager. If requested by the Investment Manager the undersigned agrees to provide a letter of representation stating that (i) it is in compliance with its AML Policies, (ii) its AML Policies have been approved by counsel or internal
compliance personnel who have been reasonably informed of the legal requirements and best practices for anti-money laundering policies and their implementation, and (iii) it has not received a deficiency letter, negative report or any similar
determination regarding its AML Policies from independent accountants, internal auditors or some other person responsible for reviewing compliance with its AML Policies; 

(e) The undersigned will promptly provide any additional documentation the Investment Manager may request in the future to the extent the
Investment Manager determines necessary in order to comply with applicable anti-money laundering laws or policies or other applicable laws; 
  

  
 11 

 (f) The undersigned has received and read and understands and is familiar with the
Memorandum, Organizational Documents and this Subscription Agreement, including the various risks and conflicts of interest of the Company, as well as the fees and other compensation to which the Company is subject; 

(g) The undersigned acknowledges that the Investment Manager and its officers have made available all additional information which the
undersigned has requested in connection with the transactions contemplated by the Memorandum and that no other person is authorized to make such information available; the undersigned has relied solely on the information contained in the Memorandum
and no oral representations or warranties have been made to the undersigned by the Company, the Investment Manager, or any officer of each, other than as set forth in the Memorandum; 

(h) The undersigned has been afforded an opportunity to ask questions of and receive answers from the Investment Manager and its officers
concerning the terms of the Memorandum and the purchase of Shares and the opportunity to obtain any additional information (to the extent the Investment Manager and such officers have such information or could acquire it without unreasonable effort
or expense) necessary to verify the accuracy of information otherwise furnished by the Investment Manager and its officers; 
 (i) The
undersigned has investigated the acquisition of the Shares to the extent the undersigned has deemed necessary or desirable and the Investment Manager and its officers have provided the undersigned with any assistance he/she has requested in
connection therewith; 
 (j) The undersigned has such knowledge and experience in financial and business matters that the undersigned is
capable of evaluating the merits and risks of acquisition of Shares and of making an informed investment decision with respect thereto; 

(k) The undersigned is aware that the undersigned’s rights to transfer the Shares are restricted by the Securities Act, applicable state
securities laws, and the absence of a market for the Shares, and the undersigned agrees that the undersigned will not offer for sale, sell or otherwise transfer the Shares without complying with the provisions of the Organizational Documents,
Memorandum, the Securities Act and state securities laws; 
 (l) The address set forth below is the undersigned’s true and correct
residence, the undersigned is neither a nonresident alien individual, a foreign corporation, a foreign partnership, a foreign trust nor a foreign estate, and the undersigned has no present intention of becoming a resident of any other jurisdiction;

 (m) The undersigned understands that Shares have not been registered under the Securities Act or under any state securities laws in
reliance on an exemption for private offerings, and the undersigned acknowledges that the undersigned is purchasing the Shares without being furnished any offering literature or prospectus other than the Memorandum; 

  
 12 

 (n) The undersigned understands that the Company intends to file or has filed an election to
be treated as a business development company (“BDC”) under the Investment Company Act and intends to elect or has elected to be treated as a “regulated investment company” within the meaning of Section 851 of
the Code for U.S. federal income tax purposes. Pursuant to these elections, the undersigned shall be required to furnish certain information to the Company as required under U.S. Treasury Regulation §1.852-6(a) and other regulations. If the
undersigned is unable or refuse to provide such information directly to the Company, it understands that it shall be required to include additional information on its income tax return as provided in U.S. Treasury Regulation § 1.852-7; 
 (o) The undersigned: (i) is not registered or required to be registered as an
“investment company” under the Investment Company Act; (ii) has not elected to be regulated as a BDC under the Investment Company Act; and (iii) either (A) is not relying on the exception from the definition of “investment
company” under the Investment Company Act set forth in Section 3(c)(1) or 3(c)(7) thereunder or (B) is otherwise permitted to acquire and hold more than 3% of the outstanding voting securities of a BDC. 

(p) The undersigned has furnished (or, prior to the acceptance of this Subscription, will furnish) to the Investment Manager or its agents or
affiliates, to the best of the undersigned’s knowledge and ability, any and all relevant information requested by the Company; 
 (q) If
the undersigned is an entity, the undersigned hereby represents and warrants as set forth on Attachment I, Item 7. If the undersigned is an entity, (i) the names and addresses of the shareholders, members or partners are set forth on the
list annexed hereto as Attachment II and (ii) the applicable documents required by Attachment V have been provided; 
 (r)
If the undersigned is, or is acting on behalf of, a Plan Investor (as defined below) to induce the Company to accept this subscription, the undersigned hereby makes the following additional representations, warranties and covenants to the Company:

 (i) The person executing this Subscription Agreement on behalf of the undersigned either is a “named fiduciary” (within the
meaning of ERISA) of the undersigned, or is acting on behalf of a named fiduciary of the undersigned pursuant to a proper delegation of authority; 

(ii) The person executing this Subscription Agreement on behalf of the undersigned represents and warrants on behalf of such person or the
Investor, as applicable, as follows: 
 1. The undersigned is (i) an employee benefit plan within the meaning of
Section 3(3) of Title I of ERISA, (ii) a plan as defined in Section 4975(e)(1) of the Code that is subject to Section 4975 of the Code, including individual retirement accounts or Keogh plans (a party described in (i) or
(ii), a “Plan”), or (iii) any entity whose underlying assets include plan assets by reason of plans investing in such entity (a “Plan Asset Entity”) (collectively, (i), (ii) and (iii), a “Plan
Investor”); 

  
 13 

 2. The execution and delivery of this Subscription Agreement and the consummation of
the transactions contemplated hereunder will not result in a breach or violation of any charter or organizational documents pursuant to which the undersigned was formed, or any statute, rule, regulation or order of any court or governmental agency
or body having jurisdiction over the undersigned or any of its assets, or in any material respect, any mortgage, indenture, contract, agreement or instrument to which the Investor is a party or otherwise subject; and 

3. The investments in the Company are permitted by the constituent documents, policies, and procedures of the undersigned and such
documents, policies, and procedures permit the Investor to invest in the Company which will engage in the investment program described in the Memorandum. 

(iii) The undersigned is not in any way affiliated with (i.e., does not own or control, is not owned or controlled by, nor is under common
ownership or control with) any person or entity which will receive compensation, directly or indirectly, from the Company; 
 (iv) The
undersigned acknowledges and agrees that the decision to invest in the Company and the review of the terms of the Company must be made solely and independently by a fiduciary of the undersigned who has no affiliation with the Investment Manager or
any of its affiliates or employees, without relying on any recommendation of the Investment Manager or any of its affiliates or employees as a primary basis for its decision; 

(v) The appropriate fiduciaries of the undersigned have considered the investment in light of the risks relating thereto and fiduciary
responsibility provisions of ERISA applicable to the undersigned and have determined that, in view of such considerations, the investment is appropriate for the Investor and is consistent with such fiduciaries’ responsibilities under ERISA, and
the appropriate fiduciaries: (a) are responsible for the undersigned’s decision to invest in the Company, including the determination that such investment is consistent with the requirement imposed by Section 404 of ERISA that
employee benefit plan investments be diversified so as to minimize the risk of large losses; (b) are independent of the Investment Manager and any of its affiliates and employees and of any person or entity which will receive compensation,
whether directly or indirectly, from the Company; (c) are qualified and authorized to make such investment decision; and (d) in making such decision, have not relied on the recommendation of the Investment Manager or any of its affiliates
or employees; 
 (vi) The undersigned through the appropriate fiduciaries has been given the opportunity to discuss the undersigned’s
investment in the Company, and the structure and operation of the Company, with the Investment Manager and has been given all information that the undersigned or the appropriate fiduciaries have requested and which the undersigned or the appropriate
fiduciaries deemed relevant to the undersigned’s decision to invest in the Company; 
 (s) If the undersigned is acquiring Shares with
the assets of the general account of an insurance company, the undersigned represents, warrants and covenants that on each day the undersigned owns Shares either (i) the assets of such general account are not considered to be plan assets within
the meaning of Department of Labor Regulations Section 2510.3-101 or Department of Labor regulations issued pursuant to Section 401(c)(1)(A) of ERISA, or (ii) the execution and delivery of this
Subscription Agreement, and the acquisition and withdrawal of Shares, is exempt from the prohibited transaction rules of Section 406(a) of ERISA and Section 4975(c)(1)(A)—(D) of the Code by virtue of Department of Labor Prohibited
Transaction Class Exemption 95-60 or some other exemption of such rules; 

  
 14 

 (t) By signing this Subscription Agreement, each undersigned that is either a Plan Asset
Entity or is using the assets of an insurance company general account, hereby covenants that if, after its initial acquisition of Shares, at any time during any calendar month the percentage of the assets of such general account or Plan Asset
Entity, as applicable, that constitute “plan assets” for purposes of Title I of ERISA or Section 4975 of the Code exceeds the percentage specified by the undersigned in Question 11(c)(iv) of Attachment I, then such undersigned
shall promptly notify the Investment Manager of such occurrence and the Investment Manager may require the Investor to redeem or dispose of some or all of such Shares; 

(u) The undersigned has full power and authority to make the representations and warranties referred to herein, and to purchase the Shares
pursuant to the Memorandum, and to execute and deliver this Subscription Agreement, and if the undersigned is an entity, the partner, officer or trustee executing this Subscription Agreement represents and warrants that he or she has full power and
authority from all of the partners, the board of directors or all of the trustees of such entity, as the case may be, to execute this Subscription Agreement on behalf of such entity and that the purchase of Shares is not prohibited by the governing
documents of the entity or any applicable laws; 
 (v) The undersigned acknowledges and is aware of the following: 

(i) The Company has no operating history; and an investment in the Shares is speculative and involves a high degree of risk of loss of the
entire investment in the Company; 
 (ii) The Investor understands that the offering and sale of Shares is intended to be exempt from
registration under the 1933 Act, applicable U.S. state securities laws and the laws of any non-U.S. jurisdictions by virtue of the private placement exemption from registration provided in
Section 4(a)(2) of the 1933 Act, exemptions under applicable U.S. state securities laws and exemptions under the laws of any non-U.S. jurisdictions. The Investor will not, directly or indirectly,
transfer, assign, sell or pledge all or any part of any Shares acquired by the Investor (or solicit any offers to buy, purchase or otherwise acquire or take a pledge of all or any part of such Shares) except in accordance with (i) the
registration provisions of the 1933 Act or an exemption from such registration provisions and (ii) any applicable state or non-U.S. securities laws. The Investor understands that the Investor must bear
the economic risk of the Investor’s investment in the Shares for an indefinite period of time because, among other reasons, the offering and sale of Shares has not been registered under the 1933 Act and, therefore, the Shares cannot be sold
other than through a privately negotiated transaction unless they are subsequently registered under the 1933 Act or an exemption from such registration is available; 
  

  
 15 

 (iii) The Investor may not transfer any of its Shares unless the transfer is made in
accordance with applicable securities laws and is otherwise in compliance with the transfer restrictions set forth in the Memorandum. Each transferee must agree to be bound by these restrictions and all other obligations as an investor in the
Company; and 
 (iv) No state or federal agency or other governmental authority has made any finding or determination as to the fairness of
the terms of the offering and sale of Shares; 
 (w) The Investor agrees to provide the Company any information it reasonably requests in
order for the Company to comply with the Foreign Account Reporting Regimes. The Investor consents to the use of any information provided by the Investor for purposes of complying with the Foreign Account Reporting Regimes. Without limiting the
generality of the foregoing, the Investor agrees to waive any provision of non-U.S. law that, absent such waiver, would prevent any reporting of information required by the Foreign Account Reporting Regimes,
or would otherwise prevent compliance by the Company with its obligations under the Foreign Account Reporting Regimes. “Foreign Account Reporting Regimes” means the Foreign Account Tax Compliance provisions enacted as part of
the U.S. Hiring Incentives to Restore Employment Act and codified in Sections 1471 through 1474 of the Code and any successor provisions, and all rules, regulations and other guidance issued thereunder, and all administrative and judicial
interpretations thereof; any intergovernmental agreements between the United States and any jurisdiction relating to such Code sections, and any laws, rules or regulations pursuant to such an agreement; and any legislation, regulations or guidance
enacted in any jurisdiction, or any intergovernmental agreements between any two or more jurisdictions, which seeks to implement similar tax reporting and/or withholding tax regimes, including the Organization for Economic Co-operation and Development Standard for Automatic Exchange of Financial Account Information for Tax Matters – the Common Reporting Standard and any associated legislation, regulations or guidance. 

(x) The information set forth in Attachment I, which shall be considered an integral part of this Subscription Agreement (including,
without limitation, any IRS Forms W-9 or any successor forms), is accurate and complete as of the date hereof, and the undersigned will promptly notify the Company of any change in such information. The
undersigned consents to the disclosure of any such information, and any other information furnished to the Investment Manager or the Company, to any governmental authority, self-regulatory organization or, to the extent required by law or deemed
(subject to applicable law) by the Company or the Investment Manager to be in the best interest of the Company to any other person. The tax representations, warranties and covenants made by the Investor in this Subscription Agreement are true,
accurate and correct as of the date hereof and shall survive such date; 
 (y) The undersigned represents and warrants that neither it, nor
any holder of any beneficial interest in the Shares (each, a “Beneficial Interest Holder”), and, if the undersigned represents an entity, no Related Person4 is: 

 
  

	4 	 A “Related Person” is, with respect to any entity, an interest holder, director, senior
officer, trustee, beneficiary or grantor of such entity; provided that, in the case of an entity that is a Publicly Traded Company or a Qualified Plan, the term “Related Person” shall exclude any interest holder holding less than 5% of any
class of securities of such Publicly Traded Company and beneficiaries of such Qualified Plan. “Publicly Traded Company” means an entity whose securities are listed on a recognized securities exchange or quoted on an automated
quotation system in the U.S. or country other than a Non-Cooperative Jurisdiction or a wholly-owned subsidiary of such an entity. “Qualified Plan” means a tax qualified pension or retirement
plan in which at least 100 employees participate that is maintained by an employer that is organized in the U.S. or is a U.S. government entity.” 

  
 16 

 (i) A person or entity whose name appears on the List of Specially Designated Nationals and
Blocked Persons maintained by the Office of Foreign Asset Control from time to time; 
 (ii) A Foreign Shell Bank5; or 
 (iii) A person or entity resident in or whose subscription funds are transferred
from or through an account in a Non-Cooperative Jurisdiction6. 

The undersigned agrees to promptly notify the Investment Manager or the person appointed by the Investment Manager to administer the
Company’s anti-money laundering program, if applicable, of any change in information affecting this representation and covenant. 
 (z)
The undersigned represents that (except as otherwise disclosed to the Investment Manager in writing): 
 (i) neither it, any Beneficial
Interest Holder nor any Related Person (if the undersigned represents an entity) is a Senior Foreign Political Figure7, any member of a Senior Foreign Political Figure’s Immediate Family8 or any Close Associate9 of a Senior Foreign Political Figure; 
  

 

	5 	 A “Foreign Shell Bank” is a Foreign Bank without a Physical Presence in any country; does not
include a Regulated Affiliate. A “Foreign Bank” is an organization that does not have a Physical Presence in any country and (a) is organized under the laws of a country outside the United States; (b) engages in the
business of banking; (c) is recognized as a bank by the bank supervisory or monetary authority of the country of its organization or principal banking operations; (d) receives deposits to a substantial extent in the regular course of its
business; and (e) has the power to accept demand deposits, but does not include the U.S. branches or agencies of a foreign bank. “Physical Presence” means a place of business that is maintained by a Foreign Bank and is located
at a fixed address, other than solely a post office box or an electronic address, in a country in which the Foreign Bank is authorized to conduct banking activities, at which location the Foreign Bank: (a) employs one or more individuals on a
full-time basis, (b) maintains operating records related to its banking activities and (c) is subject to inspection by the banking authority that licensed the Foreign Bank to conduct banking activities. “Regulated
Affiliate” means a Foreign Shell Bank that: (a) is an affiliate of a depository institution, credit union, or Foreign Bank that maintains a Physical Presence in the U.S. or a foreign country, as applicable; and (b) is subject to
supervision by a banking authority in the country regulating such affiliated depository institution, credit union, or Foreign Bank. 

	6 	 A “Non-Cooperative Jurisdiction” is any foreign
country or territory that has been designated as non-cooperative with international anti-money laundering principles or procedures by an intergovernmental group or organization, such as the Financial Action Task Force (“FATF”), of
which the United States is a member and with which designation the United States representative to the group or organization continues to concur. For FATF’s list of non-cooperative countries
and territories, see http://www.fatf-gafi.org/topics/high-riskandnon-cooperativejurisdictions/. 

	7 	 A “Senior Foreign Political Figure” is a current or former senior official in the executive,
legislative, administrative, military or judicial branches of a non-U.S. government (whether elected or not), a senior official of a major non-U.S. political party, a
senior executive of a non-U.S. government-owned corporation or other persons entrusted with prominent public functions. In addition, a Senior Foreign Political Figure includes any corporation, business or
other entity that has been formed by, or for the benefit of, a Senior Foreign Political Figure. 

	8 	 With respect to a Senior Foreign Political Figure, “Immediate Family” typically includes the
political figure’s parents, siblings, spouse, children and in-laws. 

	9 	 “Close Associate” means, with respect to a Senior Foreign Political Figure, a person who is
widely and publicly known internationally to maintain an unusually close relationship with the Senior Foreign Political Figure; includes a person who is in a position to conduct substantial domestic and international financial transactions on behalf
of the Senior Foreign Political Figure. 

  
 17 

 (ii) neither it, any Beneficial Interest Holder nor any Related Person (if the undersigned
is an entity) is resident in, or organized or chartered under the laws of, a jurisdiction that has been designated by the Secretary of the Treasury under Section 311 or 312 of the USA PATRIOT Act as warranting special measures due to money
laundering concerns;10 and 
 (iii) its subscription funds do not originate from, nor
will they be routed through, an account maintained at a Foreign Shell Bank, an “offshore bank,” or a bank organized or chartered under the laws of a Non-Cooperative Jurisdiction. 

(aa) The undersigned acknowledges and agrees that amounts paid to the undersigned will be paid to the same account from which its subscription
funds were originally remitted, or, if the Investment Manager agrees, to another account in the name of the undersigned; 
 (bb) The
undersigned understands the investment objectives and policies of, and the investment strategies that may be pursued by, the Company. The undersigned’s investment is consistent with the investment purposes and objectives and cash flow
requirements of the undersigned and will not adversely affect the undersigned’s overall need for diversification and liquidity. The undersigned hereby directs the Investment Manager to effect the foregoing; and 

(cc) The undersigned agrees to provide the Company and/or the Investment Manager any additional tax information or documentation that the
Company or the Investment Manager believes is required or will enable it, the Company or any affiliate of the foregoing to comply with or mitigate any of their respective tax reporting, tax withholding, and/or tax compliance obligations, or which
may arise as a result of a change in law or in the interpretation thereof. 
 (dd) The undersigned (i) acknowledges that legislation has
modified the Investment Company Act by allowing a BDC to increase the maximum amount of leverage it may incur, from an asset coverage ratio of 200% to an asset coverage ratio of 150%, if certain requirements are met; (ii) acknowledges that the
Investment Manager, as the Company’s sole initial member, has approved a proposal that allows the Company to reduce 
 its asset coverage to 150%; (iii)
consents to that reduced asset coverage as a holder of Shares effective immediately upon the receipt of those Shares; and (iv) agrees that the Company’s minimum permitted asset coverage ratio is 150% as permitted by such recent
legislation. 
  

	10 	 The Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) issues
advisoriesregarding countries of primary money laundering concern. FinCEN’s advisories are posted at http://www.fincen.gov/pub_main.html. 

  
 18 

 The foregoing representations and warranties and all information in this Subscription
Agreement (including, without limitation, all attachments hereto) are true, correct, complete and accurate as of the date hereof and shall be true, correct, complete and accurate as of each Drawdown Date and shall survive the last such date. If any
portion of any such representations and warranties or any other information in this Subscription Agreement (including, without limitation, all attachments hereto) shall not be true and accurate prior to any Drawdown Date (or, in the case of any tax
representations and warranties or tax information, at any time), the undersigned shall give immediate notice of such fact to the Investment Manager by telecopy (facsimile) or email, specifying which representations and warranties or information or
portions thereof are not true and accurate and the reasons therefor; provided, however, that under no circumstances whatsoever shall any such notice diminish or disparage in any way or to any degree whatsoever or result in the waiver
of any rights the Investment Manager or the Company may have by virtue of the circumstances causing delivery of such notice. 
 10.
Representations, Warranties and Covenants of the Company and the Investment Manager. 
 Each of the Company and the
Investment Manager, as applicable, hereby represent, warrant and covenant to the Investor, as of the date hereof and as of the first Drawdown Date, as follows: 

(a) At the Closing and on the first Drawdown Date, (i) the Company is duly organized, validly existing and in good standing under the laws
of the State of Delaware; (ii) the Company has all requisite power and authority to sell Shares, as applicable, as provided herein; (iii) the sale of Shares does not violate or conflict with any provision document or instrument by which
the Company is bound as of the Closing; (iv) the sale of Shares has been duly authorized by all necessary action on the Company’s behalf and, when issued and delivered to the Investor against payment therefor as provided in this Agreement,
will be validly issued, fully paid and non-assessable; and (v) this Subscription Agreement has been duly executed and delivered by the Company and constitutes a legal, valid and binding agreement of the
Company. 
 (b) The execution and delivery of this Subscription Agreement, the Investment Advisory Agreement between the Company and the
Investment Manager (“Investment Advisory Agreement”) and the Administration Agreement between the Company and Investment Manager by the Company and the performance of its duties and obligations hereunder and thereunder do not and will not
result in a breach of any of the terms, conditions or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, credit agreement, note or other evidence of indebtedness, or any lease or other agreement, or any license,
permit, franchise or certificate, to which the Company is a party or by which it is bound or to which any of its properties are subject, or require any authorization or approval under or pursuant to any of the foregoing, violate the organizational
documents of the Company, or violate in any material respect any statute, regulation, law, order, writ, injunction or decree to which the Company is subject. 
  

  
 19 

 (c) Each of the Company and the Investment Manager is not in default (nor has any event
occurred which with notice, lapse of time, or both, would constitute a default) in the performance of any obligation, agreement or condition contained in this Subscription Agreement, the Investment Advisory Agreement and the Administration
Agreement, any indenture, mortgage, deed of trust, credit agreement, note or other evidence of indebtedness or any lease or other agreement or understanding, or any license, permit, franchise or certificate, to which it is a party or by which it is
bound or to which its properties are subject, nor is it in violation of any statute, regulation, law, order, writ, injunction, judgment or decree to which it is subject, which default or violation would materially adversely affect the business or
financial condition of the Company or the Investment Manager or impair the Company’s or the Investment Manager’s ability to carry out its obligations under this Subscription Agreement or the Investment Advisory Agreement. 

(d) There is no litigation, investigation or other proceeding pending or, to the knowledge of the Company or the Investment Manager, threatened
against the Company or the Investment Manager that, if adversely determined, would materially adversely affect the business or financial condition of the Company or the Investment Manager, or the ability of the Company or the Investment Manager to
perform its obligations under this Subscription Agreement, the Investment Advisory Agreement and the Administration Agreement. 
 (e) To the
actual knowledge of the Company or the Investment Manager, none of the information concerning the Company or the Investment Manager, nor any statement, certification, representation or warranty made by the Company or the Investment Manager in this
Subscription Agreement, Organizational Documents or Memorandum, contains any untrue statement of material fact or omits to state a material fact necessary in order to make the statements contained herein not misleading. 

(f) Each of the Company and the Investment Manager will have full power to conduct its business as described in the Memorandum. 

(g) Each of the Company and the Investment Manager is empowered, authorized and qualified to enter into this Subscription Agreement, the
Investment Advisory Agreement and the Administration Agreement, and the person signing this Subscription Agreement, the Investment Advisory Agreement and the Administration Agreement on behalf of the Company and the Investment Manager has been duly
authorized to do so. 
 (h) Based upon the Investor’s representation that the Investor is an employee welfare benefit plan, the Investor
shall not (i) be deemed to make any representations in the Subscription Agreement in respect of any Investor’s plan participants or beneficiaries (collectively, “Participants”) or (ii) be required or requested to
provide any information pursuant to the Subscription Agreement to the Company or the Investment Manager with respect to the Participants or Committee members, except that the Investor agrees to use its good faith and reasonable efforts, consistent
with its own legal obligations and internal policies, to provide information with respect to such Participants and Committee members to the Company, the Investment Manager or their respective affiliates if so required by law or regulation. 

 

  
 20 

 (i) In the event that the assets of the Company are treated as “plan assets” for
purposes of ERISA, the Company shall not provide exculpation to any person nor shall it indemnify any person to the extent such exculpation or indemnification would be prohibited by ERISA. 

(j) If the level of participation in the Company by Plan Investors will not cause the assets of the Company to be treated as “plan
assets” for purposes of ERISA or another exception to “plan assets” status under ERISA applies, the Investment Manager will provide the Investor with an annual certificate to that effect, including an annual venture capital operating
company (“VCOC”) certificate. Furthermore, the Company will provide to the Investor an initial VCOC opinion. 
 (k) To provide the
Investor with information concerning the Company reasonably necessary to satisfy the Investor’s annual reporting requirements under ERISA, the Investor, as an ERISA investor, may, without further notice to the Investment Manager, disclose
confidential information about the Company, including but not limited to confidential information, to the extent legally necessary to satisfy the Investor’s annual Form 5500 reporting requirements under ERISA. 

(l) In the event that the Investment Manager exercises its rights to require the Investor to withdraw or transfer its interest in the Company
in order to avoid the assets of the Company being treated as “plan assets” for purposes of ERISA, the Investment Manager shall, to the extent applicable and practicable, act equally with respect to each similarly situated ERISA investor,
pro rata according to each of their interest in the Company. In addition, to the extent practicable and consistent with federal securities laws, all investors will be provided with materially the same information about the Company or its
investments. 
 (m) The Investment Manager agrees that, during any period in which the assets of the Company are treated as “plan
assets” for purposes of ERISA, the Investment Manager shall use its commercially reasonable efforts to ensure that the Investment Manager (i) is registered as an investment adviser under the Investment Advisers Act of 1940 and (ii) is
a “qualified professional asset manager” within the meaning of Part VI of Prohibited Transaction Class Exemption 84-14 (a “QPAM”). The Investment Manager further agrees that during any
period in which the assets of the Company are treated as “plan assets” for purposes of ERISA (y) the Investment Manager is a fiduciary under ERISA and shall satisfy the requirements to be an “investment manager” (as that
term is defined in section 3(38) of ERISA) with respect to the Investor; and (z) the Investment Manager shall comply with the fiduciary requirements of Part 4 of Title I of ERISA in the management of the Company, including, but not limited to,
the indicia of ownership obligations set forth in section 404(b) of ERISA and the prohibited transaction provisions contained in section 406 of ERISA. 
  

  
 21 

 (n) For so long as no litigation has commenced between an Investor and the Company or the
Investment Manager, the Company or the Investment Manager will provide an Investor with information requested by the Investor to facilitate such Investor’s ongoing operational due diligence including periodic review of portfolio companies and
the internal controls and procedures utilized by the Company, upon reasonable notice and provided such information is customarily kept by the Investment Manager. Notwithstanding the foregoing, (a) an Investor shall have no right to obtain any
information relating to any other investor or the Company’s proposed investment activities; (b) information that may be subject to confidentiality agreement(s) with third parties which may preclude the Company and/or the Investment
Manager’s ability to provide such information to an Investor and (c) the Company may keep confidential from an Investor, for such periods as the Investment Manager deems reasonable, any information that the Investment Manager reasonably
believes to be in the nature of trade secrets or other information (such as, for example, the identity of a Company’s portfolio positions) the disclosure of which the Investment Manager in good faith believes is not in the Company’s best
interests or could damage the Company or its business. 
 (o) Notwithstanding any provision in the Organizational Documents to the contrary,
the Investment Manager agrees that the assets of the Company shall not be used to purchase insurance to insure any party indemnified by the Company pursuant to the terms of the Organizational Documents, against liability for any breach or alleged
breach of such party’s responsibilities to the Company that would not otherwise be subject to indemnification by the Company. 
 (p) The
Company shall not commence any investment activities until the Company’s Registration Statement on Form 10 shall have become effective under the 1934 Act. 

(q) The Investment Manager agrees, except (i) as may be required by law, applicable regulation or order of a court or other regulatory
authority, (ii) to the extent reasonably calculated to advance or protect the interests of the Company, or (iii) with the written consent of the Investor, none of the Company or the Investment Manager shall disclose, and shall use their
best efforts to cause their employees, agents, representatives and affiliates not to disclose, the participation in the Company by the Investor; provided however participation by the Initial Investors in the Company shall be disclosed to the extent
required under the applicable federal law. None of the Company or the Investment Manager shall use, and shall use their best efforts to cause their employees, agents, representatives and affiliates not to use, the name of the Investor in any
promotion or advertising. 
 (r) The Company and Investment Manager agree to provide the Investor with certain observational rights
(“Observational Rights”). Observational Rights shall entitle the Investor to observational rights with respect to all meetings of the board of directors of the Company and the right to review copies of all meeting materials. 

11. Indemnification. 

The undersigned acknowledges that he understands the meaning and legal consequences of the representations and warranties made by the
undersigned herein, and agrees to indemnify and hold harmless the Company, its respective affiliates and the Investment Manager and its partners and each officer, director, employee and agent of the Investment Manager or its general partner and any
affiliates of the Investment Manager 

  
 22 

 
from and against any and all loss, damage, liability, cost or expense (including without limitation reasonable attorneys’ and accountants’ fees) which the Company or any of them may
incur by reason of or in connection with any misrepresentation made by the undersigned or any breach of any representation or warranty of the undersigned contained in this Subscription Agreement or the accompanying Investor Questionnaire, or any
failure by the undersigned to fulfill any of its covenants or agreements under this Subscription Agreement or the accompanying Investor Questionnaire. The obligation of the Investor to indemnify each indemnified party pursuant to this Section shall
not exceed the amount of the Investor’s aggregate Commitment. 
 12. Transferability. 

Each of the undersigned, the Company and the Investment Manager agrees not to transfer or assign this Subscription Agreement, or any interest
herein, and further agrees that the assignment and transferability of Shares acquired pursuant hereto shall be made only in accordance with the Memorandum, this Subscription Agreement, and the Organizational Documents. 

13. Revocation. 

The undersigned agrees (i) not to cancel, terminate or revoke this Subscription Agreement or any agreement of the undersigned made
hereunder, and (ii) that this Subscription Agreement shall survive the death or disability of the undersigned, except as provided below in Section 14. 

14. Termination of Agreement. 

If this subscription is rejected by the Investment Manager, or if the representations and warranties of the undersigned are not true and
accurate as of the first Drawdown Date, then, in any such event, this Subscription Agreement shall be null and void and of no further force and effect, and except as otherwise provided in Section 11 above, no party shall have any rights against
any other party hereunder. 
 15. Governing Law; Arbitration; Jurisdiction. 

This Subscription Agreement shall be governed by and construed in accordance with the laws of the state of Delaware. To the fullest extent
permitted by law, the sole and exclusive forum for any action, suit or proceeding with respect to this Subscription Agreement shall be a federal or state court located in the state of Delaware or New York. 

16. OFAC Compliance. 

Kayne Anderson Capital Advisors, L.P. is committed to complying with legal requirements designed to combat money laundering and terrorist
financing. Kayne Anderson Capital Advisors, L.P. consults the list of Specially Designated Nationals and Blocker Persons compiled by the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) to verify that no prospective
client’s name appears on the list. 

  
 23 

 17. Miscellaneous. 

(a) All notices or other communications given or made hereunder shall be in writing and shall be delivered or mailed by registered or certified
mail, return receipt requested, postage prepaid, or delivered by telecopy (facsimile) or telegram to the undersigned at the address set forth below and to Kayne DL 2021, Inc. c/o Kayne Anderson Capital Advisors, L.P., 811 Main Street, 14th Floor,
Houston, TX 77002, Attention: Jarvis V. Hollingsworth, General Counsel, or at such other place as the Investment Manager may designate by written notice to the undersigned. 

(b) This Subscription Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and may
be amended only by a writing executed by all parties hereto; 
 (c) All references herein to the masculine shall include the feminine and the
neuter, and vice versa, as shall be appropriate; and 
 18. Power of Attorney. 

To the fullest extent permitted by applicable law, the Investor does hereby irrevocably constitute and appoint the officers of the Company with full power of
substitution, acting jointly or severally, the true and lawful attorneys-in-fact and agent of the Investor, to execute, acknowledge, verify, swear to, deliver, record
and file, in its or its assignee’s name, place and stead, all instruments, documents and certificates that may from time to time be required by the laws of the State of Delaware, the United States, the State of California, any other
jurisdiction in which the Company conducts or plans to conduct business, or any political subdivision or agency thereof or that the Company determines to be necessary or desirable, to effectuate, implement and continue the valid existence and
investment and other activities of the Company, including the power and authority to execute, verify, swear to, acknowledge, deliver, record and file: 

(a) any and all filings required to be made by the Investor under the 1934 Act with respect to any Shares that may be deemed to be beneficially
owned by the Investor under the 1934 Act; 
 (b) all certificates and other instruments deemed advisable by the Company to comply with the
provisions of this Subscription Agreement and applicable law and permit the Company to become or to continue as a business development company; 

(c) all conveyances and other instruments necessary or appropriate to effect the dissolution and liquidation of the Company; 

(d) all other instruments or papers not inconsistent with the terms of this Subscription Agreement that may be required by law to be filed on
behalf of the Company; 
 (e) certificates of assumed name and such other certificates and instruments as may be necessary under the
fictitious or assumed name statutes from time to time in effect in the State of Delaware and in all jurisdictions in which the Company conducts or plans to conduct business; 
  

  
 24 

 (f) all instruments that the Company determines to be appropriate in connection with any
indebtedness incurred by the Company; and 
 (g) any amendment or modification to any of the foregoing and all other certificates,
instruments and documents which said attorney-in-fact determines in its sole discretion are necessary or desirable to effect the provisions of this Subscription
Agreement and the purposes of the Company. 
 To the fullest extent permitted by applicable law, this power of attorney is irrevocable, is
coupled with an interest and is given to secure the performance of obligations owed to the donee of the power hereunder and shall survive and not be affected by the death, dissolution, insolvency, bankruptcy, incapacity or disability of the Investor
and shall extend to the Investor’s successors and assigns. To the fullest extent permitted by applicable law, any attempted revocation by an Investor of any power of attorney granted under this Subscription Agreement shall constitute a default
by such Investor hereunder, and the Company shall be entitled to any right or remedy provided by law or equity in respect of such default, including the recovery from such Investor of all costs and expenses (including attorneys’ fees) incurred
by or on behalf of the Company as a result of such default, and the institution of an action for specific performance of such Purchaser’s obligations hereunder (it being understood that a remedy at law may be inadequate in respect of such
default). To the fullest extent permitted by applicable law, this power of attorney may be exercised by such attorney-in-fact and agent for all Investors (or any of
them) by a single signature of any officer of the Company acting as attorney-in-fact with or without listing all of the Investors executing an instrument. Any person
dealing with the Company may conclusively presume and rely upon the fact that any instrument referred to above, executed by such attorney-in-fact and agent, is
authorized and binding, without further inquiry. If required, the Investor shall execute and deliver to the Company, within five Business Days after receipt of a request therefor, such further designations, powers of attorney or other instruments as
the Company shall determine to be necessary for the purposes hereof consistent with the provisions of this agreement. To the fullest extent permitted by applicable law, the Purchaser hereby waives any and all defenses that may be available to
contest, negate or disaffirm the actions of the Company taken in good faith under this power of attorney. 
 The Investment Manager confirms
that the power of attorney rights granted to the Company are intended to be ministerial in scope and are not intended to be a general grant of power to independently exercise discretionary judgment on behalf of the Investor. The Investment Manager
further agrees that any exercise of any “power of attorney” by the Company which contravenes any federal, state, or local law or any policy to which the Investor is or may become subject is not authorized by the Investor and no such
exercise shall be deemed valid. 

  
 25 

 IN WITNESS WHEREOF, the undersigned has executed this Subscription Agreement this
____________ day of _____________________, 20___. 
  

					
	  
 (Signature of Subscriber)
	 		 	  
 (Signature of
Subscriber)

	  
	 		 	  

	(Printed Name of Subscriber)	 		 	(Printed Name of Subscriber)
	  
	 		 	  

	(Signature of Subscriber)	 		 	(Signature of Subscriber)
	  
	 		 	  

	(Printed Name of Subscriber)	 		 	(Printed Name of Subscriber)

 Account Name: ______________________________________________________________________________ 

If the Purchaser is an individual retirement account, Keogh Plan or other self-directed plan, the custodian or trustee of the Purchaser must also execute this
Subscription Agreement below: 
  

					
	  
 (Signature of Custodian or
Trustee)
	 		 	  
 (Date)

	  
	 		 	
	(SSN/EIN/ITIN of Custodian or Trustee)	 		 	
	  
	 		 	
	(Printed Name of Custodian or Trustee)	 		 	

  

			
	 ACCEPTED:

	
	 KAYNE DL 2021, INC.

	
	 BY: James C.
Baker

 
			
		
	BY:	 	 

 
			
	 Name: James C. Baker

	 Title: President

  
 26 

 
			
	 ACCEPTED:

	
	 KA Credit Advisors II, LLC

		
	 BY:
	 	Kayne Anderson Capital Advisors, L.P., its member
		
	 BY:
	 	  

	 Name: Jarvis V. Hollingsworth

	 Title: Authorized Signatory

  
 27 

 ATTACHMENT I 

Account Information 
 1. Account
Name. Please print account name exactly as you want the legal title to be recorded. If you are a trust or other entity, please include the full name. 

 

	
	  

	  

 2. Commitment Amount: $__________________________ 

3. Investor Form (check any and all boxes that describe the beneficial owner(s) for whose account an interest is being acquired): 

 

									
	☐	  	Individual	  	☐	  	Benefit Plan Investor (check one)
	☐	  	Joint Tenancy/ Tenancy in Common	  		  	☐	  	ERISA Title I Plan
	☐	  	LLC (Taxed as Corporation)	  		  	☐	  	IRA / KEOGH Section 4975 Plan
	☐	  	LLC (Taxed as Partnership)	  		  	Custodian Name: _____________
	☐	  	LLC (Single Member)	  		  	Account Number: _____________
		  	Beneficial Owner Name: _____________	  		  	☐	  	Plan Assets Entity—ERISA 3(42)
		  	Beneficial Owner Tax ID: _____________	  	☐	  	Estate
	☐	  	LLP	  	☐	  	Corporation
	☐	  	Limited Partnership	  	☐	  	S-Corporation
	☐	  	Charitable Trust	  	☐	  	Governmental Benefit Plan
	☐	  	Grantor Trust	  		  		  	
		  	☐ Trust (Other: ____________)	  		  		  	
	☐	  	Exempt Organization	  		  		  	

 4. Information About Actual Ownership of Shares and Common Beneficial Ownership with Other
Investors: 
 (a) Is the undersigned subscribing for Shares as agent, custodian, nominee, trustee, partner or otherwise on behalf of,
for the account of, or jointly with any other person or entity? 

☐  YES    ☐  NO 

The undersigned should complete all questions below with reference to the beneficial owner for whom the undersigned is subscribing.
You must answer questions 4(b) through 4(e) below regardless of your answer to 4(a). 
 (b) Will any
other person or persons have a beneficial interest in the Shares acquired or a right to receive payments through contract or otherwise relating to the increase or decrease in value of Shares (other than as a shareholder, partner or other beneficial
owner of equity interests in the undersigned)? 

☐  YES    ☐  NO 

 (c) Does the undersigned control, or is the undersigned controlled by or under common
control with, any other existing or prospective investor in the Company? 
 ☐
YES    ☐ NO 
 (d) Does the undersigned have any Affiliated Investors11 in the Company? 
 ☐
YES    ☐ NO 
 (e) Has the undersigned agreed to act together with any other person for the
purpose of acquiring, holding, voting or disposing of Shares? 
 ☐
YES    ☐ NO 
 Note: If any of the above questions under this Question 4 were answered
“Yes,” please provide identifying information or contact the Investment Manager. 

	
	  

 5. Accredited Investor. The undersigned hereby represents and warrants to the Investment Manager,
and the Company that the undersigned is an Accredited Investor within the meaning of Regulation D, and is included within the Accredited Investor category or categories checked below (see Section 7 of the Subscription Agreement for category
descriptions): 
  

															
	(1) ☐	  	(2) ☐	  	(3) ☐	  	(4) ☐	  	(5) ☐	  	(6) ☐	  	(7) ☐	  	(8) ☐
	(9) ☐	  	(10) ☐	  	(11) ☐	  	(12) ☐	  	(13) ☐	  		  		  	

 6. Qualified Purchaser. 

(a) The undersigned hereby represents and warrants to the General Partner and the Partnership that the undersigned is a Qualified Purchaser
within the meaning of Section 2(a)(51) of the Investment Company Act and is included within the Qualified Purchaser category or categories checked below (see Section 8 of the Subscription Agreement for category descriptions): 

(1) ☐ (2) ☐ (3) ☐ (4) ☐ (5) ☐ 

(b) Is the undersigned a private investment company that is not registered under the Investment Company Act in reliance on Sections 3(c)(1) or
3(c)(7) thereof? 
 ☐ YES    ☐ NO 

 
  

	11 	 “Affiliated Investor” means any investor who would be deemed to be a Controlling Person with respect
to Shares held by the undersigned or who would have an indirect Controlling Person in common. A “Controlling Person” with respect to a security includes any person who, directly or indirectly, through any contract, arrangement,
understanding, relationship or otherwise, has or shares, or is deemed to have or share, (i) voting power, which includes the power to vote, or to direct the voting of, such security; and/or (ii) investment power which includes the power to
dispose, or to direct the disposition of, such security and any person that has the right to become a Controlling Person as described in (i) or (ii) within 60 days, including through the exercise of an option, the termination of a contract or
otherwise. 

  
 I-2 

 (c) If question (b) was answered “Yes,” was the undersigned formed on or
before April 30, 1996? 
 ☐ YES    ☐ NO 

(d) If question (c) was answered “Yes,” has the undersigned obtained consent of its indirect and direct beneficial owners to be
treated as a “qualified purchaser” as provided in Section 2(a)(51)(C) of the Investment Company Act and the rules and regulations thereunder? 

☐ YES    ☐ NO 

(e) The undersigned agrees to provide, if requested by the Investment Manager, audited financial statements, brokerage account statements or
other appropriate information and certifications to verify the accuracy of the representation made in subparagraph (a) above. 
 7.
Entities.  
 (a) If the undersigned is an entity, the undersigned hereby represents and warrants as
follows (check the appropriate response to each of the following statements): 
  

			
	☐ True / ☐ False	  	The undersigned is excepted from the definition of “investment company” by virtue of either Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act.
		
	☐ True / ☐ False	  	The undersigned has made investments prior to the date hereof or intends to make investments in the near future and each beneficial owner of interests in the undersigned has and will share in the same proportion to each such
investment.
		
	☐ True / ☐ False	  	The undersigned’s investment in the Company will not constitute more than 40% of the value of the assets of the undersigned (exclusive of government securities and cash items) on an unconsolidated basis.
		
	☐ True / ☐ False	  	The governing documents of the undersigned require that each of its beneficial owners participates in all of its investments and that the profits and losses from such investments are shared among such beneficial owners in the same
proportions as all other investments of the undersigned.

  
 I-3 

			
		
	☐ True / ☐ False	  	Shareholders, partners or other holders of equity or beneficial interests in the undersigned have been provided the opportunity to decide individually whether or not to participate, or the extent of their participation, in the
undersigned’s investment in the Company.

(b) Jurisdiction of Organization (Country):       
                                       
                                         
                                         
                         

(c) Year of Organization:             
                                         
                                         
                                         
                                        
     
 (d) Principal place of business (City, State):
                                        
                                         
                                         
                               

If the undersigned is an entity, set forth the names and addresses of the shareholders, members or partners on Attachment II and provide the applicable
documents required by Attachment V. 
 8. Government Entities. Is the undersigned a government entity or an officer, agent or
employee thereof acting in his or her official capacity? 
 ☐ YES    ☐ NO 

Note: For the purposes of this question only, government entities include all state and local governments, their agencies and
instrumentalities, and any investment programs, defined benefit plans as defined in Section 414(j) of the Code, state general funds, pools of assets or plans sponsored or established by state and local governments, including all public pension
plans and any participant-directed plan or program of a government entity, such as ‘‘qualified tuition plans’’ authorized by Section 529 of the Code and retirement plans authorized by Section 403(b) or 457 of the Code.

 9. Regulated Institutions. 

(a) Is the undersigned a regulated institution that is subject to legal or regulatory restrictions or limitations on the nature of its
investments (such as a bank or insurance company)? 
 ☐ YES    ☐ NO 

(b) If the answer is “Yes,” has the undersigned verified that the proposed subscription is in compliance with applicable laws and
regulations? 
 ☐ YES    ☐ NO 

(c) Is the undersigned an insured depositary institution, as defined in the Federal Deposit Insurance Act or a company that controls directly
or indirectly an insured depositary institution? 
 ☐ YES    ☐ NO 

  
 I-4 

 (d) Is the undersigned treated as a bank holding company for the purposes of Section 8
of the International Banking Act of 1978? 
 ☐ YES    ☐ NO 

(e) Is the undersigned a direct or indirect subsidiary or affiliate of an entity described in (c) or (d) above? 

☐ YES    ☐ NO 

10. Category of Investor (check one box that best describes the beneficial owner(s) for whose account Shares are being acquired): 

☐ Individual that is a US Person12 (or a trust of such person) 

☐ Individual that is not a US Person (or a trust of such person) 

☐ Broker-dealer 
 ☐ Non-profit 
 ☐ Private Fund13 

☐ Banking or Thrift Institution (Proprietary) 

☐ Insurance Company 

☐ Investment Company Registered with the SEC 

☐ Non-governmental Pension Plan 

☐ ERISA Title I Plan 

☐ IRA / KEOGH Section 4975 Plan 

☐ Plan Assets Entity—ERISA 3(42) 

☐ State or Municipal Governmental Pension Plans 

☐ State or Municipal Government14 Entities (Excluding Governmental Pension Plans)

 ☐ Sovereign Wealth Fund or Foreign Financial Institution 

☐ Other ________________________________ 

11. Tax Status. 
 (a) U.S.
Taxpayer Identification Number 
 SSN/EIN/ITIN: __________________ 

Please state your state of residence for tax purposes: 

_________________________________________ 
  

 

	12 	 A “US Person” for purposes of this question 10 only has the meaning in Rule 203(m)-1 under the Investment Advisers Act of 1940, as amended, and includes any natural person that is resident in the United States of America (including its territories or possessions). 

	13 	 A “private fund” means an issuer that would be an “investment company” (as defined by
Section 3 of the Investment Company Act of 1940, as amended) but for Section 3(c)(1) or 3(c)(7) thereof. 

	14 	 “Government entity” means any state or political subdivision of a state, including (i) any
agency, authority, or instrumentality of the state or political subdivision; (ii) a plan or pool of assets controlled by the state or political subdivision or any agency, authority, or instrumentality thereof; and (iii) any officer, agent,
or employee of the state or political subdivision or any agency, authority, or instrumentality thereof, acting in their official capacity. 

  
 I-5 

 Indicate the annual date on which your taxable year ends for U.S. federal income tax
reporting or information return filing purposes: 
 _________________ 

To the extent the undersigned is an individual, are you a United States citizen or otherwise a tax resident of the United States? 

☐ YES    ☐ NO    ☐ N/A 

If you are subscribing jointly with another person (e.g., joint tenancy, tenancy in common, or purchase jointly with spouse), is such other
person a United States citizen or otherwise a tax resident of the United States? 
 ☐ YES    ☐
NO    ☐ N/A 
 (b) Other Tax Information 

(1) Please indicate whether, for U.S. federal income tax purposes, you file now or have ever filed a tax or information return, as a
“partnership” (including a limited liability company treated as such), as a “grantor” trust or as an “S corporation” under Sections 1361 1379 of the Code? 

☐ YES    ☐ NO    ☐ N/A 

If “Yes,” please indicate: 

(i) whether more than 50 percent of the value of the ownership interest of any of your beneficial owners is (or may at any time during
the term of the Company be) attributable to your (direct or indirect) interest in the Company? 
 ☐ YES    ☐
NO 
 (2) To the extent the undersigned is an entity, does the entity have, or is it deemed to have, only a single owner for U.S. federal
income tax purposes?     
 ☐ YES    ☐ NO    ☐ N/A 

If “Yes,” has the undersigned elected to become, or is it deemed to be, an entity that is disregarded from its owner for U.S.
federal income tax purposes? 
 ☐ YES    ☐ NO    ☐ N/A 

(3) Is the undersigned exempt from U.S. federal income tax (e.g., a qualified employee benefit plan or trust, retirement account, charitable
remainder trust, or a charitable foundation or other tax-exempt organization described in Section 501(c)(3) of the Code)? 

☐ YES    ☐ NO 

  
 I-6 

 If “Yes,” is the Subscriber subject to taxation on “unrelated business
taxable income” under Sections 511-514 of the Code? 
 ☐
YES    ☐ NO 
 (c) ERISA Information 

(1) Please indicate whether or not the subscriber is (1) a Plan, (2) a Plan Asset Entity, or (3) an entity that otherwise
constitutes a “benefit plan investor” within the meaning of any Department of Labor regulation promulgated under Section 3(42) of ERISA. 

☐ YES    ☐ NO If no, please skip the following and go to Question 12 – FOIA or Similar Law. 

(2) Is the subscriber a Plan that is both involuntary and non-contributory? 

☐ YES    ☐ NO 

(3) Have beneficiaries of the Plan been provided the opportunity to decide individually whether or not to participate, or the extent of their
participation, in the Plan’s investment in the Company (i.e., have beneficiaries of the Plan been permitted to determine whether their capital will form part of the specific capital invested by the Plan in the Company)? 

☐ YES    ☐ NO 

(4) Is the subscriber either (i) an insurance company general account the underlying assets of which include “plan assets” for
purposes of ERISA or (ii) a Plan Asset Entity? 
 ☐ YES    ☐ NO 

If “Yes”, the maximum percentage of the Investor constituting “plan assets” will be _____%. 

(Note that the subscriber has an obligation under the Subscription Agreement to promptly notify the Company if this percentage is exceeded in
any calendar month.) 
 12. FOIA or Similar Law. Is the undersigned subject to the Freedom of Information Act (5 U.S.C.
Section 552), or any similar open public records laws of any state, municipality or foreign government that could result in the disclosure of confidential information relating to the Investment Manager, the Company or any of its investments?

 ☐ YES    ☐ NO 

If the answer is “Yes,” please provide a citation to the relevant law. 

______________________________________________________ 

  
 I-7 

 13. Source of Funds. Please identify the source of funds to be invested: 

 

							
	☐	  	Business Income	  	☐	  	Gift
	☐	  	Employment	  	☐	  	Inherited
	☐	  	Investments	  	☐	  	Other Investors
	☐	  	Other: ________________________________________________

 14. Line of Business. Provide a brief description of your occupation or line of business: 

___________________________________________________________________ 

15. Kayne Anderson representative: 

___________________________ 

  
 I-8 

	16.	 Primary Account Owner: 

 

					
	Contact Person:	  	  
	  	
			
	Mailing Address:	  	  
	  	
			
		  	  
	  	
			
		  	  
	  	
		
	Permanent Address (if not different from above, write “N/A”):	  	
			
		  	  
	  	
			
		  	  
	  	
			
		  	  
	  	
			
	Home Telephone:	  	  
	  	
			
	Work Telephone:	  	  
	  	
			
	Mobile Telephone:	  	  
	  	
			
	Facsimile:	  	  
	  	
			
	Email Address:	  	  
	  	
			
	If Applicable,	  	  
	  	
			
	Principal Place of	  	  
	  	
			
	Business:	  	  
	  	
		
	Personal (Optional):	  	
			
	Birth Date:	  	  
	  	
			
	Marital Status:	  	  
	  	
			
	Children:	  	  
	  	

 The undersigned acknowledges and agrees that all statements, reports, forms and notices will be sent via electronic
delivery (generally through Kayne Anderson’s online Investor Portal), unless client specifically directs otherwise in writing. 

  
 I-9 

 17. Wiring Instructions for Distributions. 

Would you like your distributions to be sent to one of Kayne Anderson’s funds? 

☐ YES 

If yes, please state the Fund name here ___________________. 

☐ NO 

If no, please provide wiring instructions below for distributions from fund investments: 

 

					
	Bank Name:	  	 	  	
			
	Bank ABA:	  	 	  	
			
	Account Name:	  	 	  	
			
	Account Number:	  	 	  	
			
	For Further Credit Account Name:	  	 	  	
			
	For Further Credit Account Number:	  	 	  	
			
	Reference:	  	 	  	
		
	If International wire, continue below	  	
			
	Beneficiary Address:	  	 	  	
			
		  	 	  	
			
		  	 	  	
			
	Bank SWIFT:	  	 	  	
			
	Beneficiary Bank Account Number:	  	 	  	
			
	Intermediary Bank Account Number:	  	 	  	
			
	Intermediary Bank Name:	  	 	  	
			
	Intermediary Bank ABA:	  	 	  	
			
	Intermediary Bank SWIFT:	  	 	  	
			
	Additional Info (i.e. IBAN, BSB, etc):	  	 	  	

  
 I-10 

 18. Advisory Firm. If referred by an outside investment advisory or similar firm,
please complete the following: 
  

					
	Advisory Firm Name:	  	  
	  	
			
	Contact Person:	  	  
	  	
			
	Work Telephone:	  	  
	  	
			
	Facsimile:	  	  
	  	
			
	Email Address:	  	  
	  	

 Please indicate what you would like us to provide to the firm identified above: 

 

	 	☐	 All Below 

  

	 	☐	 Quarterly Reporting (Fund Letter, Unaudited & Audited Financials) 

 

	 	☐	 Account Statements 

  

	 	☐	 Tax Documents 

  

	 	☐	 Capital Calls & Distribution Notices (if applicable) 

 

	 	☐	 Signed Subscription Documents 

I authorize you to take instructions from representatives of such investment advisory firm with respect to the delivery account related statements and
communications, withdrawals, contributions or transfer instructions. _____ (initial) 
 19. Additional Documentation. If you would
like your information shared with your accountant, legal counsel or other professional advisor (in addition to the advisor in Item 18, if any), please complete the following: 

Additional Professional 1: 
  

					
	Name:	  	  
	  	
			
	Professional Role:	  	  
	  	
			
	Work Telephone:	  	  
	  	
			
	Facsimile:	  	  
	  	
			
	Email Address:	  	  
	  	

 Please indicate what you would like us to provide to the Additional Professional 1 identified above: 

 

	 	☐	 All Below 

  

	 	☐	 Quarterly Reporting (Fund Letter, Unaudited & Audited Financials) 

 

	 	☐	 Account Statements 

  

	 	☐	 Tax Documents 

  

	 	☐	 Capital Calls & Distribution Notices (if applicable) 

 

	 	☐	 Signed Subscription Documents 

  
 I-11 

 Additional Professional 2: 

 

					
	Name:	  	  
	  	
			
	Professional Role:	  	  
	  	
			
	Work Telephone:	  	  
	  	
			
	Facsimile:	  	  
	  	
			
	Email Address:	  	  
	  	

 Please indicate what you would like us to provide to the Additional Professional 2 identified above: 

 

	 	☐	 All Below 

  

	 	☐	 Quarterly Reporting (Fund Letter, Unaudited & Audited Financials) 

 

	 	☐	 Account Statements 

  

	 	☐	 Tax Documents 

  

	 	☐	 Capital Calls & Distribution Notices (if applicable) 

 

	 	☐	 Signed Subscription Documents 

20. Certain Occupations / Lines of Business. If you are any of the following, please identify your occupation or line(s) of business, as
applicable, below. 
  

	 	•	 	 A FINRA member firm or other broker/dealer, or an employee or immediate family member (parent, spouse, sibling, in-law, child or other dependent) of an employee of FINRA member firm or other broker/dealer. 

  

	 	•	 	 A fiduciary (e.g., an attorney or accountant) to a firm in the business of underwriting securities offerings.

  

	 	•	 	 A senior officer or employee of the securities department of an institutional investor (e.g., a bank, savings and
loan, insurance company, investment company, or investment adviser) or otherwise in a position to influence purchases and sales of securities by an institutional investor. 

 

	 	•	 	 A bank, trust company or other conduit for an undisclosed principal. 

 

	 	•	 	 An investment partnership or corporation. 

If yes, please describe your occupation or line(s) of business: 

_______________________________________________________________________________________________________________ 

_________________________________________________________________________________________________________________ 

__________________________________________________________________________________________________________________ 

  
 I-12 

 21. Receipt of Documents. I acknowledge that, as a subscriber to Kayne DL 2021, Inc., I
have received copies of the following: 
  

	 	•	 	 Form ADV, Part 2 of KA Credit Advisors II, LLC 

 

	 	•	 	 Registration Statement on Form 10 

 

	 	•	 	 Bylaws 

  

	 	•	 	 Subscription Booklet 

  

					
			
	  

(Signature of Subscriber)
	 		  	  

(Signature of Subscriber)

			
	  

(Printed Name of Subscriber)
	 	                	  	  

(Printed Name of Subscriber)

			
	  

(Signature of Subscriber)
	 		  	  

(Signature of Subscriber)

			
	  

(Printed Name of Subscriber)
	 		  	  

(Printed Name of Subscriber)

  
 I-13 

 ATTACHMENT II 

Names and Addresses of Shareholders, Partners or Members 

If the undersigned is an entity, please list the names and addresses of the shareholders, members or partners below, together with the Accredited Investor
category (see Section 7 of the Subscription Agreement for category descriptions) or Qualified Purchaser category (see Section 8 of the Subscription Agreement for category descriptions) of each such shareholder, member or partner, as
applicable. 
  

							
	 Name
	  	Address	  	Accredited
Investor
Category	  	Qualified
Purchaser
Category

  
 II-1 

 ATTACHMENT III 

IRS FORMS 
 Anyone purchasing Unites of the
Company is required to submit appropriate tax certifications under penalties of perjury. With respect to subscribers/investors purchasing Shares as either joint tenants with right of survivorship or tenants-in-common, please note that each individual must sign and complete the appropriate IRS Form(s). Subscribers/investors who are grantors of a “grantor trust,” and “grantor trusts”
with multiple grantors, must provide an IRS Form for each grantor. 
 Please carefully review the instructions accompanying the IRS Form(s) that the
subscriber is completing. The Company will not consider an IRS Form complete unless the subscriber has submitted all statements, certifications or other documents required by the applicable IRS Form(s). Please note that subscribers may be required
to provide updated tax forms (and certain other information from time to time, including, without limitation, new or revised forms that may be published after the date hereof pursuant to FATCA). 

The most current version of IRS Form W-9 is attached. The most current versions of the relevant IRS W-8 Forms and their instructions are located at the IRS website at www.irs.gov, and are listed below. Subscribers should contact their own tax advisors on how to complete such
forms and any attachments. 
 IRS Form W-8BEN-E and its Instructions:

 https://www.irs.gov/pub/irs-pdf/fw8bene.pdf 

https://www.irs.gov/pub/irs-pdf/iw8bene.pdf 

IRS Form W-8BEN and its Instructions: 

https://www.irs.gov/pub/irs-pdf/fw8ben.pdf 

https://www.irs.gov/pub/irs-pdf/iw8ben.pdf 

IRS Form W-8ECI and its Instructions: 

https://www.irs.gov/pub/irs-pdf/fw8eci.pdf 

https://www.irs.gov/pub/irs-pdf/iw8eci.pdf 

IRS Form W-8EXP and its Instructions: 

https://www.irs.gov/pub/irs-pdf/fw8exp.pdf 

https://www.irs.gov/pub/irs-pdf/iw8exp.pdf 

IRS Form W-8IMY and its Instructions: 

https://www.irs.gov/pub/irs-pdf/fw8imy.pdf 

https://www.irs.gov/pub/irs-pdf/iw8imy.pdf 
  

 

	
	 Investment Number:

	 Capital Call From:

	 Distribution To:

  
 III-1 

 ATTACHMENT IV 

1. Additional Documentation. If you would like your information shared with your additional contacts (in addition to the contacts in Item
18 and item 19, if any), please complete the following: 
 Additional Contact 1: 

 

					
	Name:	  	  
	  	
			
	Contact Role:	  	☐   Primary     ☐   Advisor    ☐   Additional Professional	  	
			
	Work Telephone:	  	  
	  	
			
	Facsimile:	  		  	
			
	Email Address:	  	  
	  	

 Please indicate what you would like us to provide to the Additional Contact 1 identified above: 

 

	 	☐	 All Below 

  

	 	☐	 Quarterly Reporting (Fund Letter, Unaudited & Audited Financials) 

 

	 	☐	 Account Statements 

  

	 	☐	 Tax Documents 

  

	 	☐	 Capital Calls & Distribution Notices (if applicable) 

 

	 	☐	 Signed Subscription Documents 

Additional Contact 2: 
  

					
	Name:	  	  
	  	
			
	Contact Role:	  	☐   Primary     ☐   Advisor    ☐   Additional Professional	  	
			
	Work Telephone:	  	  
	  	
			
	Facsimile:	  	  
	  	
			
	Email Address:	  	  
	  	

 Please indicate what you would like us to provide to the Additional Contact 2 identified above: 

 

	 	☐	 All Below 

  

	 	☐	 Quarterly Reporting (Fund Letter, Unaudited & Audited Financials) 

 

	 	☐	 Account Statements 

  

	 	☐	 Tax Documents 

  

	 	☐	 Capital Calls & Distribution Notices (if applicable) 

 

	 	☐	 Signed Subscription Document 

  
 IV-1 

 ATTACHMENT V 

REQUIRED DOCUMENTS 
  

			
	 Type of Account
	  	 Document Required

	Individual	  	 •  Valid Driver’s License or 

•  Valid Passport

		
	 IRA or
 Roth IRA
	  	 •  Valid Driver’s License or 

•  Valid Passport

		
	Deceased IRA / Deceased Roth IRA	  	 •  Death Certificate

		
	Trust	  	 •  Fully executed Certificate of Trust Authority1 and

•  All signature pages of the Trust
Agreement2 and
 •  Proof
of Entity
  
 Note: If the Certificate of Trust Authority is not available,
then entire Trust Document is required

		
	Corporation	  	 •  Corporate Authority Certificate and 

•  Proof of Entity and Articles of Incorporation and 

•  Identification for all individuals and/or entities who hold 10% or more ownership units in the
entity (reference list above for requirements for an individual) and 

•  Register of Directors and Identification of two Directors of the entity (reference list above
for requirements for an individual). 

		
	 General Partnership (GP)
 Limited Partnership
(LP)
 Limited Liability Partnership (LLP)
	  	 •  Partnership Authority Certificate and 

•  Proof of Entity3 and

 •  Entire Partnership Agreement and 

•  Identification for all individuals and/or entities who hold 10% or more ownership units in the
partnership (reference list above for requirements for an individual) and 

•  Identification of the managing member and two Directors of the General Partner for the partnership
(reference list above for requirements for an individual). 

		
	Limited Liability Company (LLC)	  	 •  Limited Liability Company Authority Certificate and

•  Proof of Entity3 and

 •  Entire LLC Operating Agreement and 

•  Identification for all individuals and/or entities who hold 10% or more ownership units in the
entity (reference list above for requirements for an individual) and 

•  Register of Directors and 

•  Identification of two Directors of the entity (reference list above for requirements for an
individual). 

		
	Public Pension Plan	  	 •  Plan Agreement and 

•  Trust (if applicable) and 

•  Signatory Authority Certificate and 

•  Proof of Entity

		
	 Educational Institution or
 Non-Profit Organization (e.g., Foundation)
	  	 •  Corporate Authority Certificate

•  Trust Agreement (if applicable)

		
	Estate	  	 •  Court Appointment of
Executor(s)

  
 V-1 

			
		
	Tenancy in Common	  	 •  For each individual, Valid Driver’s License or Passport

		
	Joint Tenant	  	 •  For each individual, Valid Driver’s License or Passport

		
	 Money Purchase Plan
 Profit Sharing
Plan
	  	 •  Signature Authority Certificate and 

•  Proof of Entity3 and

 •  Entire Plan Document with Adoption Agreement and 

•  Trust Agreement (if applicable)

		
	Sole Proprietorship	  	 •  Sole Proprietorship Certification and 

 
 •  DBA (Doing Business As)
Certificate

		
	Investment Club	  	 •  Club Account Agreement

		
	 Association or
 Other Non-Corporate Organization
	  	 •  Association OR Other Non-Corporate
Authority Certificate

		
	All Accounts (only upon request)	  	 •  The Investment Manager may request, in order to verify the signature(s) on the
subscription agreement, as well as the authority for all future requests relating to the investment, a list of authorized signatories (with sample signatures).
  

•  The Investment Manager may request, in order to verify the investor’s residential/business
address or permanent address specified in the subscription agreement, as applicable, a copy of a recent document (no older than 3 months) that includes both the name and address of the investor and is issued by an independent third
party.

  

	1	 All trustees must sign the Certificate of Trust Authority. If a Corporation is identified as the
Trustee, then additional organizational documents listing the authorized signatories, their specimen signatures and the number of required signors must be provided. 

 

	2	 If current Trustee(s) are different than those set forth on the original Trust title page, then those
pages of the Trust indicating the appointment of the current Trustee(s) and, if it is a Testamentary Trust, the first and second signature pages and those pages of the Will creating the Trust and appointing the Trustees must be provided.

  

	3	 Formation document from the Secretary of State. 

  
 V-2 

 CERTIFICATE OF TRUST AUTHORITY 

The undersigned, trustees of the 
  

  
  

[Specify Names of trust] 
 Certify or certifies as follows: 

 

	 	1.	
Creation of Trust. The Trust was created 
______________________________________________________________________________ 

 [Specify Date] 

By _________________________________________________ 

[Specify Names of all Settlor(s)] 

As settlor(s), under a declaration of trust or trust agreement executed on that date. 

 

	 	2.	 Trustees. All the currently acting trustees of the trust is or are 

 

			
	            	  	  

 [Specify Name(s)] 
  

	 	3.	 Revocability of Trust. The Trust 

 

	 	☐	 is revocable 

  

	 	☐	 is not revocable 

The person(s) holding the power to revoke the trust is/are or are the settlers, 

 

			
	            	  	  

 [Specify Name(s) of all Trustees now Acting] 

 

	 	4.	 Powers of Trustee. The attached pages are photocopies of certain pages of the Trust containing the
designation of Trustee and the powers of the Trustee. (The dispositive provisions have been intentionally omitted from this copy.) 

  

	 	5.	 Successor Trustee. The attached pages are photocopies of certain pages of the Trust containing the
designation of the Successor Trustee(s). 

  

	 	6.	 Manner in Which Title to Assets Should Be Taken. Title to trust assets should be taken in the following
form: 

			
	            	  	  

 [Specify, for example “Mr. Smith and Mrs. Smith, Trustees, of the Smith Family Revocable
Trust”] 
  

	 	7.	 No Revocations, Modifications, or Amendments. The trust has not been revoked, modified, or amended in
any manner that would cause the representations contained in its certification of trust to be incorrect. 

  

	 	8.	 Signed by All Currently Acting Trustees. This certification is being signed by all of the currently
acting trustees of the trust 

  

	 	9.	 Accuracy. This certification of trust is a true and accurate statement of the matters referred to
herein. 

 Signature Authority. If there are two or more trustees named, please select one of the following:

  

	 	☐	 All of the trustees are required to sign in order to exercise the powers of the trustee under the trust.

  

	 	☐	 The signature of only one trustee is required to exercise the powers of the trustee under the trust.

 I (We) declare under penalty of perjury that the foregoing is true and correct. 

Date: 
  

					
	  
	 		  	  

	[Signature of Trustee]	 	            	  	[Signature of Co-Trustee]
			
	  
	 		  	  

	[Specify Name]	 		  	[Specify Name]
			
	  
	 		  	
	[Signature of Co-Trustee]	 		  	
			
	  
	 		  	
	[Signature Name]	 		  	

 ATTACHMENT VI – PRIVACY NOTICE 

Privacy Notice 
 This Privacy
Notice (“Notice”) provides information about the data that is collected, processed, used, transmitted and stored by Kayne Anderson Capital Advisors, L.P. and its affiliates (collectively “we,” “Kayne Anderson” or the
“Firm”), and Kayne Anderson’s commitment to appropriately using and protecting the data collected. 
 Generally speaking,
Kayne Anderson collects data about you from the following sources: 
  

	 	•	 	 Information we receive about you on applications or other forms; 

 

	 	•	 	 Information you provide to us orally; 

 

	 	•	 	 Information we receive from a consumer reporting agency; and 

 

	 	•	 	 Information about your transactions with us, our affiliates or others. 

This Notice applies to both clients and employees of Kayne Anderson and our affiliates. When you use our services, you acknowledge that you
have read and understand the contents of this Notice. 
 Why Does This Notice Exist? 

This Notice ensures that Kayne Anderson: 
  

	 	•	 	 Complies with data privacy laws and follows industry accepted practices; 

 

	 	•	 	 Protects the rights of its clients, employees, and partners; and 

 

	 	•	 	 Is open about how the Firm stores and processes personal data. 

Defining Personal Information 

Various laws and regulations use different terms and definitions for information about individuals that is personal and should be protected.
Some laws and regulations consider only very limited types of information to be protected and private. Others include much broader categories. 

At Kayne Anderson, we have chosen to adopt the broader approach to what information must be protected and kept private. In this notice,
“Personal Information” (or “PI”) refers to data that could be used, alone or in combination with other data, to identify you as an individual. It can include name, physical address, email address, IP address, date of birth,
social security number, passwords, credit card or other financial or payment information, and more. 

  
 VI-1 

 What Personal Information Do We Collect? 

Kayne Anderson does not collect more information than is needed to conduct its business and satisfy any associated regulatory requirements. The
following are examples of the types of personal information that we may collect: 
  

	 	•	 	 Name, address, phone number and email address; 

 

	 	•	 	 Age, date of birth, occupation and marital status; 

 

	 	•	 	 Photo identification including driver’s license or ID card and passport numbers; 

 

	 	•	 	 Personal identifier, depending on your country of residence, such as your Social Security Number; and

  

	 	•	 	 Financial information, including investment experience and objectives, account balances and assets, risk
tolerance and, in certain jurisdictions, representations required under applicable law or regulation concerning your financial resources. 

How Do We Collect Information? 

Kayne Anderson collects information from you during the onboarding process. When Kayne collects data from you directly, we will provide Kayne
Anderson’s contact information and Kayne Anderson’s purpose for collecting and processing the data. Kayne Anderson may also obtain information about you from other sources (e.g. consultants, financial advisory firms, or public registers
for background searches). 
 Do We Need Consent to Collect Your Data? 

By providing your data, you consent to its collection, processing, use, transfer and storage. Your consent can be withdrawn at any time by
providing adequate notice (see below) to Kayne Anderson. However, withdrawing your consent may impact your ability to invest in our funds. 

It is in your sole discretion to provide Personal Information to us. If you do not provide us with all or some of the PI we request, we may not
be able to accept an engagement from you, to provide all or some of our services, to enter into a contract with you or to send you information about us (e.g. marketing materials). 

How Do We Use Personal Information? 

We use your personal information for a variety of business purposes, including but not limited to, the following: 

 

	 	•	 	 For our everyday business purposes to administer, facilitate and manage your relationship and/or account(s) with
Kayne Anderson. 

  

	 	•	 	 To contact you or your designated representative(s) in connection with your relationship and/or account;

  
 VI-2 

	 	•	 	 To monitor and audit compliance with our internal policies and procedures; and 

 

	 	•	 	 To comply with and enforce applicable legal and regulatory requirements. 

If your relationship with Kayne Anderson ends, we will continue to treat your personal information, to the extent we retain it, as described in
this Notice. 
 Lawful Basis for Processing 

There is a need to process personal information for the purposes set out in this Privacy Notice as a matter of contractual necessity under or
in connection with the applicable agreement, and in the legitimate interests of Kayne Anderson to operate their respective businesses. From time to time, Kayne Anderson may need to process the personal information on other legal bases, including to
comply with a legal obligation, or if it is necessary to protect the vital interests of an investor or other data subjects. For the purposes listed above, Kayne Anderson is relying on performance of a contract necessity and legitimate interests.

 With Whom Do We Share Personal Information? 

Privacy is an integral part of the Firm. We do not disclose your personal information to third parties, except as described in this Notice, and
never for compensation. Additionally, we will not share your personal information with third parties without your specific consent or unless Kayne Anderson is required or permitted to by law (such as Regulation
S-P) and/or government authorities. 
 Examples of third parties with whom we may share your personal
information include, but are not limited to: 
  

	 	•	 	 Authorized service providers who perform services to facilitate your transactions with Kayne Anderson, such as
administrators, accountants, auditors, attorneys, tax advisors, payroll agents, insurance brokers, entities assessing our compliance with industry standards, brokers or custodians, payment processing, printing and mailing companies, email delivery,
and other similar services; 

  

	 	•	 	 A third party in the event of any contemplated or actual re-organization,
merger, sale, joint venture, assignment, transfer, or other disposition of all or any portion of our business, assets, or stocks; and 

  

	 	•	 	 Government authorities in order to comply with appropriate laws and/or requests. 

Third parties that we share personal information with are required to maintain the confidentiality of such information and are prohibited from
using your personal information for purposes other than those that were specified upon receipt of your data. We enter into contractual agreements with all nonaffiliated third parties that prohibit such third parties from disclosing or using the
information other than to carry out the purposes for which we disclose the information. 

  
 VI-3 

 We will not sell your personal information. If we share your personal information with third
parties performing services for us, or acting on our behalf, we will not allow them to use your information for other purposes, and we will contractually require them to protect your information. 

What Security Measures Do We Have? 

Kayne Anderson restricts access to personal information about you to those employees who need to know that information to provide financial
products or services to you. Kayne Anderson has physical, electronic and administrative safeguards in place to help protect data from loss, misuse, unauthorized access, disclosure, alteration, and destruction. 

Some features of our information security program are: 
  

	 	•	 	 A dedicated group of information security personnel that design, implement and monitor our information security
program; 

  

	 	•	 	 The use of firewalls and other specialized technology; 

 

	 	•	 	 Continuous monitoring of our information and technology systems infrastructure to detect weaknesses and potential
intrusions; 

  

	 	•	 	 A combination of internal and external reviews of our Internet sites and services; 

 

	 	•	 	 Implementing controls to identify, authenticate and authorize access to various systems or sites; and

  

	 	•	 	 Providing Kayne Anderson personnel with relevant training and continually updating our security practices in
light of new risks and developments in technology. 

 Please contact us for a copy of Kayne Anderson’s policies for
more information on the Firm’s information security practices and procedures. 
 How Long Do We Retain Personal Information?

 We will retain your personal information for the period necessary to fulfill our services and the purposes outlined in this Notice
unless a longer retention period is required by law. To determine the appropriate retention period for PI, Kayne Anderson will consider the amount, nature, and sensitivity of the PI, the potential risk of harm from unauthorized use or disclosure of
PI, the purposes for which we process the PI and whether we can achieve those purposes through other means, and the applicable legal requirements. 

Upon expiry of the applicable retention period Kayne Anderson should take reasonable efforts to securely destroy PI in accordance with
applicable laws and regulations. 
 How Can You Manage Your Personal Information? 

If you would like to request, delete, or update the personal information that you provided us, or exercise any of your data protection rights
you may contact us using the contact information below. For your protection, we will need to verify your identity prior to complying with your request. Kayne Anderson does not charge for this service. 

  
 VI-4 

 Kayne Anderson will make a good faith effort to process your request without undue delay and
within the timeframe provided by applicable law. You are also entitled to have Kayne Anderson modify or delete any information that you believe is incorrect or out of date. Kayne Anderson reserves the right to limit or deny access to personal
information where providing such information would be unreasonably burdensome or expensive or as otherwise permissible under relevant laws. If Kayne Anderson determines that access cannot be provided in any particular instance, Kayne Anderson will
provide the individual requesting access with an explanation of why it has made that determination and a contact point for any further inquiries. 

Is My Personal Information Transferred Outside of the European Union or European Economic Area? 

Information collected by Kayne Anderson is transferred outside of the European Union (EU) or European Economic Area (EEA) to Kayne Anderson
servers in the United States. The General Data Protection Regulation (GDPR) was adopted by the EU to protect the privacy of such personal information for all EU individuals. 

With respect to the collection, holding, storage, use, and processing of your personal information, Kayne Anderson will: 

 

	 	•	 	 Process the data lawfully, fairly and in a transparent way; 

 

	 	•	 	 Obtain the information only for valid business purposes and not use it in any way that is incompatible with those
purposes; 

  

	 	•	 	 Collect only information that will be relevant to the purposes we have told you about and limited only to those
purposes; 

  

	 	•	 	 Take reasonable steps to ensure that the information is accurate and kept up to date; 

 

	 	•	 	 Maintain the data only as long as necessary, subject to applicable legal or other requirements; and

  

	 	•	 	 Use appropriate technical and administrative measures to ensure appropriate security of the data.

 Where your personal information is processed by third parties outside the EU, we will ensure appropriate safeguards are
in place to adequately protect it, as required by applicable law. 
 What Rights Do EU and EEA Clients Have? 

Under the GDPR, clients domiciled in the EU or EEA have certain rights with respect to their personal information. In particular, you may have
the right to: 
  

	 	•	 	 Request access to your personal information; 

  
 VI-5 

	 	•	 	 Ask to have inaccurate data amended; 

 

	 	•	 	 Ask to have your personal information deleted; 

 

	 	•	 	 Withdraw your consent to the processing of your personal information; 

 

	 	•	 	 Request the prevention or restriction of processing of your personal information for any purpose; and

  

	 	•	 	 Request transfer of personal information to a third party when feasible. 

You have the right to receive your personal data that you provided to us in a structured, commonly used and machine-readable format and have
the right to transmit such data to another controller without hindrance from us. 
 Additionally, in the circumstances where you may have
provided your consent to the collection, processing and transfer of your personal information for a specific purpose, you have the right to withdraw your consent for that specific processing at any time. Once we have received notification that you
have withdrawn your consent, we will no longer process your information for the purpose or purposes you originally agreed to, unless required by law. EEA residents may also have the right to make a complaint at any time to the Information
Commissioner’s Office (ICO), the UK supervisory authority for data protection issues or, as the case may be, other competent supervisory authority of an EU member state. 

What Rights Do California Clients Have? 

Under the CCPA, clients domiciled in California have certain rights with respect to their personal information. In particular, you may have
the right to: 
  

	 	•	 	 Request that we disclose, free of charge, the categories and specifics of the PI we collect about you as a
California resident (and/or, if applicable, sell or otherwise disclose to a third party for business purposes). Currently, however, Kayne Anderson does not sell personal information. 

 

	 	•	 	 Choose to opt-out of the sale of personal information. Currently,
however, Kayne Anderson does not sell personal information. 

  

	 	•	 	 Request that we delete the PI we have collected. Following our verification of the request, we will comply with
the request and delete any or all of the PI in our possession that we collected from you and/or any or all such PI in the possession of our service providers, unless otherwise restricted by law or regulation. However, withdrawing your consent for us
to collect, process, use, transfer and store your data may impact your ability to invest in our funds. 

  
 VI-6 

 Non-Discrimination for Exercising Your CCPA Right

 We follow the requirements of California Civil Code §1798.125, and will not discriminate against any consumer who exercises the
rights under the CCPA. However, withdrawing your consent for us to collect, process, use, transfer and store your data may impact your ability to invest in our funds. 

Automated Decision Making 

We do not use computer algorithms to make automated decisions based on your personal information pursuant to the GDPR. We may process some of
your personal information automatically, with the goal of assessing certain personal aspects (profiling), such as to comply with legal or regulatory obligations to combat money laundering, terrorism financing, and offenses that pose a danger to
assets. 
 Where Can This Notice Be Accessed? 

This Notice is accessible through our websites: http://kaynecapital.com/privacy-notice/ and http://kaynefunds.com/privacy/. 

Do we use cookies on our public websites or our Investor Portal? 

We use various technologies to collect other types of information, including PI, automatically on http://kaynecapital.com and
http://kaynefunds.com. For example, in order to measure the usefulness and efficiency of our Sites, we automatically track certain information from all visitors to our Sites. The types of information we might track may include the Internet address
that you just came from, which Internet address you go to, what browser you are using, your IP address, your internet service provider, date and timestamp information, or clickstream information. 

Additionally, like most interactive web sites, we use “cookies” on certain pages of our Sites. “Cookies” are small data
files that are stored on your hard drive that store certain information, including certain PI, accessible to our Sites. These technologies help us recognize you, customize your experience on the Sites and analyze your use of the Sites to make them
more useful to you. By visiting our Sites, you agree to our use of cookies. For more details, please refer to our Cookie Policy. 

You can refuse the use of cookies by selecting the appropriate browser setting. If you opt-out, please
note that your experience using the Sites may not be optimal, and you may not be able to use certain features on our Sites. For information on how to remove or manage cookie functions and adjust your privacy and security preferences, access the
“help” menu on your internet browser, or visit http://www.aboutcookies.org/how-to-control-cookies. 

  
 VI-7 

 Contact Us 

If you have questions, concerns, or suggestions related to our Notice or our privacy practices, contact the Investor Relations Team or
Kayne’s Chief Compliance Officer, Michael O’Neil, at: 
 Kayne Anderson Capital Advisors, L.P. 

811 Main Street, 14th Floor 

Houston, TX 77002 
 Website:
https://www.kaynefunds.com/ and https://kaynecapital.com/ 
 Email Address: investorrelations@kaynecapital.com  

Toll Free Phone Number: 800-638-1496 

Changes to this Privacy Notice 

We reserve the right to update this Notice at any time to reflect changes in our policies concerning the collection and use of personal
information. The revised Notice will be effective immediately upon posting to our web site. As required by regulations, Kayne Anderson will provide to its clients annually a statement regarding their rights to privacy. 

This Privacy Notice was last revised and posted on February 6, 2020. 

  
 VI-8EX-10.1

 Exhibit 10.1 

INVESTMENT ADVISORY AGREEMENT 

BETWEEN 
 KAYNE
DL 2021, INC. 
 AND 

KA CREDIT ADVISORS II, LLC 

This Investment Advisory Agreement (this “Agreement”) is made as of [•], 2021, by and between Kayne DL 2021, Inc., a
Delaware corporation (the “Company”), and KA Credit Advisors II, LLC a Delaware limited liability company (the “Adviser”). 

WHEREAS, the Company is a newly organized non-diversified,
closed-end management investment company that intends to elect to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (together with the
rules promulgated thereunder, the “1940 Act”); 
 WHEREAS, the Adviser is registered as an investment adviser under the
Investment Advisers Act of 1940, as amended (together with the rules promulgated thereunder, the “Advisers Act”); 

WHEREAS, the Company desires to retain the Adviser to provide investment advisory services to the Company in the manner and on the terms and
conditions hereinafter set forth; and 
 WHEREAS, the Adviser is willing to provide investment advisory services to the Company in the
manner and on the terms and conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the premises and the covenants
hereinafter contained and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Company and the Adviser hereby agree as follows: 

Section 1. Duties of the Adviser. 

(a) Retention of Adviser. The Company hereby appoints the Adviser to act as the investment adviser to the Company and to manage the
investment and reinvestment of the assets of the Company, subject to the supervision of the board of directors of the Company (the “Board of Directors”), for the period and upon the terms herein set forth in accordance with: 

(i) the investment objective, policies and restrictions that are set forth in the Company’s Registration Statement on Form 10 or Form N-2 filed with the U.S. Securities and Exchange Commission (the “SEC”), as supplemented, amended or superseded from time to time (the “Registration Statement”), and in the
Company’s offering document, including any private placement memorandum and/or Registration Statement, as such may be amended from time to time or as may otherwise be set forth in the Company’s periodic reports filed in compliance with the
Securities Exchange Act of 1934, as amended, as applicable; 

 (ii) during the term of this Agreement, all other applicable federal and state laws, rules
and regulations, and the Company’s bylaws, certification of incorporation, and subscription agreement, as each may be amended from time to time (the “Organizational Documents”); 

(iii) such investment policies, directives, regulatory restrictions as the Company may from time to time establish or issue and communicate to
the Adviser in writing; and 
 (iv) the Company’s compliance policies and procedures as applicable to the Adviser and as administered
by the Company’s chief compliance officer. 
 (b) Responsibilities of Adviser. Without limiting the generality of the foregoing,
the Adviser (or one of its affiliates) shall, during the term and subject to the provisions of this Agreement: 
 (i) determine the
composition and allocation of the Company’s investment portfolio, the nature and timing of any changes therein and the manner of implementing such changes; 

(ii) identify, evaluate and negotiate the structure of the investments made by the Company; 

(iii) perform due diligence on prospective portfolio companies; 

(iv) execute, close, service and monitor the Company’s investments; 

(v) determine the securities and other assets that the Company shall purchase, retain or sell; 

(vi) arrange financings and borrowing facilities for the Company; 

(vii) commit to the Company 1% of the total Capital Commitments (as defined in the Registration Statement) made to the Company; 

(viii) provide the Company with such other investment advisory, research and related services as the Company may, from time to time,
reasonably require for the investment of its funds; and 
 (ix) to the extent permitted under the 1940 Act and the Advisers Act, on the
Company’s behalf, and in coordination with any administrator, provide significant managerial assistance to those portfolio companies to which the Company is required to provide such assistance under the 1940 Act, including utilizing appropriate
personnel of the Adviser to, among other things, monitor the operations of the Company’s portfolio companies, participate in board and management meetings, consult with and advise officers of portfolio companies and provide other organizational
and financial consultation. In addition, the Company intends to operate as a “venture capital operating company” (“VCOC”) under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and to the
extent necessary to qualify as a VCOC, the Company will obtain direct contractual rights to substantially participate in, or substantially influence, the conduct of the management of certain operating companies in which it invests and, in the
ordinary course of its business, actually exercise such management rights with respect to one or more of the operating companies in which it invests. 

  
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 (c) Power and Authority. To facilitate the Adviser’s performance of these
undertakings, but subject to the restrictions contained herein, the Company hereby delegates to the Adviser, and the Adviser hereby accepts, the power and authority to act on behalf of and in the name of the Company to effectuate investment
decisions for the Company, including the negotiation, execution and delivery of all documents relating to the acquisition and disposition of the Company’s investments, the placing of orders for other purchase or sale transactions on behalf of
the Company or any entity in which the Company has a direct or indirect ownership interest, including any interest rate, currency or other derivative instruments, and the engagement of any services providers deemed necessary or appropriate by the
Adviser to the exercise of such power and authority. In the event that the Company determines to issue debt or other securities (or to refinance existing debt or other senior securities), the Adviser shall use commercially reasonable efforts to
arrange for such financing on the Company’s behalf, subject to the oversight and approval of the Board. If it is necessary for the Adviser to make investments or obtain financing on behalf of the Company through a special purpose vehicle, the
Adviser shall have authority to create, or arrange for the creation of, such special purpose vehicle and to make investments or obtain financing through such special purpose vehicle in accordance with applicable law. The Company also grants to the
Adviser power and authority to engage in all activities and transactions (and anything incidental thereto) that the Adviser deems, in its sole discretion, appropriate, necessary or advisable to carry out its duties pursuant to this Agreement,
including the authority to open accounts and deposit, maintain and withdraw funds of the Company or any of its subsidiaries in any bank, savings and loan association, brokerage firm or other financial institution. 

(d) Acceptance of Appointment. The Adviser hereby accepts such appointment and agrees during the term hereof to render the services
described herein for the compensation provided herein, subject to the limitations contained herein. Unless and until it resigns or is removed as investment adviser to the Company in accordance with this Agreement, the Adviser, to the extent of its
powers as set forth in this Agreement, shall be an agent of the Company for the purpose of the Company’s business, and action taken by the Adviser in accordance with such powers shall bind the Company. 

(e) Independent Contractor Status. The Adviser shall, for all purposes herein provided, be deemed to be an independent contractor and,
except as expressly provided or authorized herein, shall have no authority to act for or represent the Company in any way or otherwise be deemed an agent of the Company. 

(f) Record Retention. Subject to review by and the overall control of the Board of Directors, the Adviser shall maintain and keep all
books, accounts and other records of the Adviser that relate to activities performed by the Adviser hereunder as required under the 1940 Act and the Advisers Act. The Adviser agrees that all records that it maintains and keeps for the Company shall
at all times remain the property of the Company, shall be readily accessible during normal business hours, and shall be promptly surrendered to the Company upon the termination of this Agreement or otherwise on written request by the Company. The
Adviser further agrees that the records that it maintains and keeps for the Company shall be 

  
 - 3 - 

 
preserved in the manner and for the periods prescribed by the 1940 Act, unless any such records are earlier surrendered as provided above. The Adviser shall have the right to retain copies, or
originals where required by Rule 204-2 promulgated under the Advisers Act, of such records to the extent required by applicable law. The Adviser shall maintain records of the locations where books, accounts
and records are maintained among the persons and entities providing services directly or indirectly to the Adviser or the Company. 

Section 2. Expenses Payable by the Company. 

(a) Adviser Personnel. All investment personnel of the Adviser, when and to the extent engaged in providing investment advisory services
and managerial assistance hereunder, and the compensation and routine overhead expenses of such personnel allocable to such services, shall be provided and paid for by the Adviser and not by the Company. 

(b) Company’s Costs. Subject to the limitations on expense reimbursement of the Adviser as set forth in Sections 2(a) and (c), the
Company, either directly or through reimbursement to the Adviser, shall bear all costs and expenses of its investment operations and its investment transactions including costs and expenses relating to: the Company’s initial organization costs
and operating costs incurred prior to the filing of its election to be treated as a BDC, provided however, the Company shall not bear more than $500,000 in organizational expenses incurred prior to its election to be treated as a BDC; the costs
associated with any offerings of the Company’s securities; calculating individual asset values and the Company’s net asset value (including the cost and expenses of any third-party valuation services); out-of-pocket expenses, including travel expenses, incurred by the Adviser, or members of its investment team, or payable to third parties, performing due diligence on prospective portfolio companies and, if
necessary, enforcing the Company’s rights; the Management Fee payable under this Agreement; certain costs and expenses relating to distributions paid by the Company; administration fees payable under the administration agreement, by and between
the Company and KA Credit Advisors II, LLC (in such capacity, the “Administrator”), dated as of the date hereof (the “Administration Agreement”) and any
sub-administration agreements, including related expenses; debt service and other costs of borrowings or other financing arrangements; the allocated costs incurred by the Adviser in providing managerial
assistance to those portfolio companies that request it; amounts payable to third parties relating to, or associated with, making or holding investments; transfer agent and custodial fees; costs of hedging; commissions and other compensation payable
to brokers or dealers; federal and state registration fees; U.S. federal, state and local taxes; independent director fees and expenses; provided, however, that if the Company incurs more than $200,000 in director fees and expenses annually, the
Adviser shall reimburse the Company for the portion of such fees that exceed $200,000 (the “Board Expense Cap”); provided further that the Adviser and the Initial Investors (as defined in the Registration Statement) shall
renegotiate in good faith a revised amount of the Board Expense Cap if either (i) the Company’s stockholders give notice for purposes of proposing a stockholder director nominee and such nominee is elected as a new director of the Company,
as provided in the Company’s bylaws, or (ii) the Company’s stockholders exercise their right to remove a director, and such director is removed as a director of the Company, as provided in the Company’s bylaws; costs of preparing
financial statements and maintaining books and records; costs of preparing tax returns; costs of compliance with the Sarbanes-Oxley Act of 2002, as amended (“Sarbanes-Oxley”); and attestation costs and costs of filing reports
or other documents with the 

  
 - 4 - 

 
SEC (or other regulatory bodies) and other reporting and compliance costs, including registration and listing fees, and the compensation of professionals responsible for the preparation or review
of the foregoing; the costs of any reports, proxy statements or other notices to the Company’s stockholders (including printing and mailing costs), the costs of any stockholders’ meetings and the compensation of investor relations
personnel responsible for the preparation of the foregoing and related matters; the costs of specialty and custom software expense for monitoring risk, compliance and overall investments; the Company’s fidelity bond; all costs associated with
setting up special purpose vehicles; directors and officers/errors and omissions liability insurance, and any other insurance premiums; indemnification payments; direct fees and expenses associated with independent audits, agency, consulting and
legal costs; and all other expenses incurred by either the Administrator or the Company in connection with administering its business, including payments under the Administration Agreement for administrative services that shall be based upon the
Company’s allocable portion of expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including, but not limited to third-party fees and expenses associated with performing
compliance functions, and any external audit staff, to the extent external audit performs a role in the Company’s Sarbanes-Oxley internal control assessments. 

For avoidance of doubt, it is agreed and understood that, from time to time, the Adviser or its affiliates may pay amounts or bear costs properly constituting
Company expenses as set forth herein or otherwise and that the Company shall reimburse the Adviser or its affiliates for all such costs and expenses that have been paid by the Adviser or its affiliates on behalf of the Company. 

(c) Portfolio Company’s Compensation. In certain circumstances the Adviser, or any of it respective Affiliates (as defined below),
may receive compensation from a portfolio company, in connection with the Company’s investment in such portfolio company. Any compensation received by the Adviser, or any of its respective Affiliates, attributable to the Company’s
investment in any portfolio company, shall be delivered promptly to the Company and the Company will retain such compensation for the benefit of its stockholders. 

Section 3. Compensation of the Adviser. 

The Company agrees to pay, and the Adviser agrees to accept, as compensation for the services provided by the Adviser hereunder, a management
fee (“Management Fee”), as hereinafter set forth. The Company shall make any payments due hereunder to the Adviser or to the Adviser’s designee as the Adviser may otherwise direct. 

The Management Fee will be calculated at an annual rate of 0.75% of the fair market value of the Company’s investments including, in each
case, assets purchased with borrowed funds or other forms of leverage, but excluding cash, U.S. government securities and commercial paper instruments maturing within one year of purchase. 

For services rendered under this Agreement, the Management Fee will be payable quarterly in arrears and calculated based on the average value,
at the end of the two most recently completed calendar quarters, of the Company’s fair market value of investments, including, in each case, assets purchased with borrowed funds or other forms of leverage, but excluding cash, U.S. government
securities and commercial paper instruments maturing within one year of purchase. Management Fees for any partial quarter will be appropriately pro-rated. 

  
 - 5 - 

 The Adviser shall have the right to elect to waive or defer all or a portion of the
Management Fee that would otherwise be paid to it. Any portion of a deferred fee payable to the Adviser and not paid over to the Adviser with respect to any calendar quarter or year shall be deferred without interest and may be paid over in any such
other quarter prior to the termination of this Agreement, as the Adviser may determine upon written notice to the Company. 

Section 4. Covenant of the Adviser. 

The Adviser covenants that it is registered as an investment adviser under the Advisers Act on the effective date of this Agreement, and shall
maintain such registration until the expiration or termination of this Agreement. The Adviser agrees that its activities shall at all times comply in all material respects with all applicable federal and state laws governing its operations and
investments. The Adviser agrees to observe and comply with applicable provisions of the code of ethics adopted by the Company pursuant to Rule 17j-1 under the 1940 Act, as such code of ethics may be amended
from time to time. 
 Section 5. Brokerage Commissions. 

The Adviser is hereby authorized, to the fullest extent now or hereafter permitted by law, including in compliance with Section 28(e) of
the Securities Exchange Act of 1934, to cause the Company to pay a member of a national securities exchange, broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another member of such
exchange, broker or dealer would have charged for effecting that transaction, if the Adviser determines in good faith, taking into account factors, including without limitation, price (including the applicable brokerage commission or dealer spread),
size of order, difficulty of execution, and operational facilities of the firm and the firm’s risk and skill in positioning blocks of securities, that such amount of commission is reasonable in relation to the value of the brokerage and/or
research services provided by such member, broker or dealer, viewed in terms of either that particular transaction or its overall responsibilities with respect to the Company’s portfolio, and is consistent with the Adviser’s duty to seek
the best execution on behalf of the Company. Notwithstanding the foregoing, with regard to transactions with or for the benefit of the Company, the Adviser may not pay any commission or receive any rebates or
give-ups, nor participate in any business arrangements which would circumvent this restriction. 

Section 6. Other Activities of the Adviser. 

The services of the Adviser to the Company are not exclusive, and the Adviser may engage in any other business or render similar or different
services to others including, without limitation, the direct or indirect sponsorship or management of other investment-based accounts or commingled pools of capital, however structured, having investment objectives similar to or different from those
of the Company, and nothing in this Agreement shall limit or restrict the right of any officer, director, stockholder (and their stockholders or members, including the owners of their stockholders or members), officer or employee of the Adviser to
engage in any other business or to devote his or her time and attention in part to any other business, whether of 

  
 - 6 - 

 
a similar or dissimilar nature, or to receive any fees or compensation in connection therewith (including fees for serving as a director of, or providing consulting services to, one or more of
the Company’s portfolio companies, subject to applicable law). The Adviser assumes no responsibility under this Agreement other than to render the services set forth herein. 

For purposes of this Agreement, “Affiliate” or “Affiliated” or any derivation thereof means with respect to
any individual, corporation, partnership, trust, joint venture, limited liability company or other entity or association (“Person”): (a) any Person directly or indirectly owning, controlling, or holding, with the power to vote,
10% or more of the outstanding voting securities of such other Person; (b) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such other Person;
(c) any Person directly or indirectly controlling, controlled by or under common control with such other Person; (d) any executive officer, director, trustee or general partner of such other Person; or (e) any legal entity for which
such Person acts as an executive officer, director, trustee or general partner. 
 Section 7. Responsibility of Dual Directors,
Officers and/or Employees. 
 If any person who is a director, officer, stockholder or employee of the Adviser is or becomes a director,
officer, stockholder and/or employee of the Company and acts as such in any business of the Company, then such director, officer, stockholder and/or employee of the Adviser shall be deemed to be acting in such capacity solely for the Company, and
not as a director, officer, stockholder or employee of the Adviser or under the control or direction of the Adviser, even if paid by the Adviser. 

Section 8. Indemnification. 

(a) Indemnification. Subject to Section 9, the Adviser, its directors, trustees, officers, stockholders or members (and their
stockholders or members, including the owners of their stockholders or members), agents, employees, controlling persons (as determined under the 1940 Act (“Controlling Persons”)) and any other person or entity Affiliated with, or
acting on behalf of, the Adviser (each an “Indemnified Party” and, collectively, the “Indemnified Parties”) shall not be liable to the Company for any action taken or omitted to be taken by the Adviser in connection
with the performance of any of its duties or obligations under this Agreement or otherwise as an investment adviser of the Company (except to the extent specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of
fiduciary duty with respect to the receipt of compensation for services), and the Company shall indemnify, defend and protect the Indemnified Parties (each of whom shall be deemed a third party beneficiary hereof) and hold them harmless from and
against all expenses (including reasonable attorneys’ fees), judgments, fines and amounts paid in settlement (“Losses”) actually and reasonably incurred by the Indemnified Parties in or by reason of any pending, threatened or
completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of or otherwise based upon the performance in good faith of any of the Indemnified
Parties’ duties or obligations under this Agreement, or otherwise as an investment adviser of the Company to the extent such Losses are not fully reimbursed by insurance and otherwise to the fullest extent such indemnification would not be
inconsistent with the Organizational Documents, the 1940 Act, the laws of the State of Delaware and other applicable law. 

  
 - 7 - 

 (b) For any claims indemnified by the Company under Section 8(a) above, to the fullest
extent permitted by and subject to the applicable conditions of law, the Company shall promptly pay expenses (including legal fees and expenses) incurred by any Indemnified Party in appearing at, participating in or defending any action, suit,
claim, demand or proceeding in advance of the final disposition of such action, suit, claim, demand or proceeding, including appeals, within 30 days after receipt by the Company of a statement or statements from the Indemnified Party requesting such
advance or advances from time to time. Each Indemnified Party hereby undertakes to repay any amounts advanced on its behalf (without interest) to the extent that it is ultimately determined that the Indemnified Party is not entitled under this
Agreement to be indemnified by the Company. Such undertaking shall be unsecured and without regard to the Indemnified Parties’ ultimate entitlement to indemnification under the other provisions of this Agreement. No other form of
undertaking shall be required of the Indemnified Parties other than the execution of this Agreement. 
 Section 9. Limitation on
Indemnification. 
 Notwithstanding anything in Section 8 to the contrary, nothing contained herein shall protect or be deemed
to protect any of the Indemnified Parties against, or entitle or be deemed to entitle any of the Indemnified Parties to indemnification in respect of, any Losses to the Company or its security holders or to the Indemnified Parties to which the
Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or negligence in the performance of the Adviser’s duties or by reason of the reckless disregard of the Adviser’s duties and obligations under this
Agreement (to the extent applicable, as the same shall be determined in accordance with the 1940 Act and any interpretations or guidance by the SEC or its staff thereunder). 

In addition, notwithstanding any of the foregoing to the contrary, the provisions of Section 8 and this Section 9 shall not be
construed so as to provide for the indemnification of any Indemnified Party for any liability (including liability under federal securities laws which, under certain circumstances, impose liability even on persons that act in good faith), to the
extent (but only to the extent) that such indemnification would be in violation of applicable law, but shall be construed so as to effectuate the provisions of Section 8 and this Section 9 to the fullest extent permitted by law. 

Section 10. Effectiveness, Duration and Termination of Agreement. 

(a) Term and Effectiveness. This Agreement shall become effective as of the first date written above. Once effective, this Agreement
shall remain in effect for two years, and thereafter shall continue automatically for successive one-year periods; provided that such continuance is specifically approved at least annually by: (i) the
vote of the Board of Directors, or by the vote of a majority of the outstanding voting securities of the Company and (ii) the vote of a majority of the Independent Directors, in accordance with the requirements of the 1940 Act. 

  
 - 8 - 

 (b) Termination. This Agreement may be terminated at any time, without the payment of
any penalty, (i) by the Company upon 60 days’ prior written notice to the Adviser: (A) upon the vote of a majority of the outstanding voting securities of the Company (as “majority” is defined in Section 2(a)(42)
of the 1940 Act) or (B) by the vote of the majority of the Independent Directors; or (ii) by the Adviser upon not less than 60 days’ prior written notice to the Company. This Agreement shall automatically terminate in the event of its
“assignment” (as such term is defined for purposes of construing Section 15(a)(4) of the 1940 Act). The provisions of Sections 8 and 9 shall remain in full force and effect, and the Adviser shall remain entitled to the
benefits thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Adviser shall be entitled to any amounts owed to it under Section 3 through the date
of termination or expiration and Sections 8 and 9 shall continue in force and effect and apply to the Adviser and its representatives as and to the extent applicable. 

(c) Duties of Adviser Upon Termination. The Adviser shall promptly upon termination: 

(i) deliver to the Board of Directors a full accounting, including a statement showing all payments collected by it and a statement of all
money held by it, covering the period following the date of the last accounting furnished to the Board of Directors; 
 (ii) deliver to the
Board of Directors all assets and documents of the Company then in custody of the Adviser; and 
 (iii) cooperate with the Company to
provide an orderly transition of services. 
 Section 11. Notices. 

Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at the
address listed below or at such other address for a party as shall be specified in a notice given in accordance with this Section. 

Section 12. Amendments. 

This Agreement may be amended by mutual written consent of the parties; provided that the consent of the Company is required to be obtained in
conformity with the requirements of the 1940 Act. 
 Section 13. Severability. 

If any provision of this Agreement shall be declared illegal, invalid, or unenforceable in any jurisdiction, then such provision shall be
deemed to be severable from this Agreement (to the extent permitted by law) and in any event such illegality, invalidity or unenforceability shall not affect the remainder hereof. 

  
 - 9 - 

 Section 14. Counterparts. 

This Agreement may be executed in counterparts, each of which shall be deemed to be an original copy and all of which together shall constitute
one and the same instrument binding on all parties hereto, notwithstanding that all parties shall not have signed the same counterpart. 

Section 15. Governing Law. 

Notwithstanding the place where this Agreement may be executed by any of the parties hereto and the provisions of Sections 8 and 9, this
Agreement shall be construed in accordance with the laws of the State of Delaware. For so long as the Company is regulated as a BDC under the 1940 Act, this Agreement shall also be construed in accordance with the applicable provisions of the 1940
Act and the Advisers Act. In such case, to the extent the applicable laws of the State of Delaware or any of the provisions herein conflict with the provisions of the 1940 Act or the Advisers Act, the 1940 Act and the Advisers Act shall control.

 Section 16. Third Party Beneficiaries. 

Except for any Indemnified Party, such Indemnified Parties each being an intended beneficiary of this Agreement, this Agreement is for the sole
benefit of the parties hereto and their permitted assigns and nothing herein express or implied shall give or be construed to give to any person, other than the parties hereto and such assigns, any legal or equitable rights hereunder. 

Section 17. Entire Agreement. 

This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect
to the subject matter hereof. 
 Section 18. Insurance. 

The Company shall acquire and maintain a directors and officers liability insurance policy or similar insurance policy, which may name the
Adviser as an additional insured party (each an “Additional Insured Party” and collectively the “Additional Insured Parties”). Such insurance policy shall include reasonable coverage from a reputable insurer. The
Company shall make all premium payments required to maintain such policy in full force and effect; provided, however, each Additional Insured Party, if any, shall pay to the Company, in advance of the due date of such premium, its allocated share of
the premium. Irrespective of whether the Adviser is a named Additional Insured Party on such policy, the Company shall provide the Adviser with written notice upon receipt of any notice of: (a) any default under such policy; (b) any
pending or threatened termination, cancellation or non-renewal of such policy or (c) any coverage limitation or reduction with respect to such policy. The foregoing provisions of this Section 18
notwithstanding, the Company shall not be required to acquire or maintain any insurance policy to the extent that the same is not available upon commercially reasonable pricing terms or at all, as determined in good faith by the required majority
(as defined in Section 57(o) of the 1940 Act) of the Board of Directors. 
 (signature page follows) 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the
date above written. 
  

			
	KAYNE DL 2021, INC.
	a Delaware corporation
	
	811 Main Street
	14th Floor,
	Houston, TX 77002
		
	By:	 	  

	Name:	 	James C. Baker
	Title:	 	President
	
	KA CREDIT ADVISORS II, LLC
	a Delaware limited liability company
	
	811 Main Street
	14th Floor,
	Houston, TX 77002
		
	By:	 	  

	Name:	 	Jarvis V. Hollingsworth
	Title:	 	Authorized Signatory

 [Signature Page to Investment Advisory Agreement]

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