Kayne Anderson BDC, Inc.

Kayne Anderson BDC, Inc. (NYSE: KBDC) is a business development company regulated under the Investment Company Act of 1940. It is externally managed by KA Credit Advisors, LLC, an indirect controlled subsidiary of the alternative investment manager Kayne Anderson Capital Advisors, L.P.

**Investment focus**
- Invests primarily in first-lien senior secured loans, with a secondary focus on unitranche and split-lien loans.
- Targets private equity-sponsored, core middle market companies with roughly $10–$75+ million of EBITDA.
- Follows a 'value lending' approach built on conservative capital structures, financial maintenance covenants and stable, staple industries.
- Has insignificant software exposure.

**Portfolio (September 30, 2026)**
- About $2.2 billion at fair value ($2.6 billion of commitments) across 100 companies.
- Roughly 93% first lien, 5% subordinated and 2% equity; 95% floating rate.
- Largest industry exposures are health care providers and services, commercial services and supplies, distributors, and food products.
- Opportunistic positions include SG Credit and Cuisine Solutions.

**Funding**
- Financed through three credit facilities and Series A–E senior unsecured notes.
- Targets debt-to-equity of 1.0x–1.25x.

**Objective**
- Generate current income and, to a lesser extent, capital appreciation.
- Pays a $0.40 quarterly base dividend. Updated Nov 5, 2026