UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 10, 2026

Kayne Anderson BDC, Inc.

(Exact name of registrant as specified in its charter)

Delaware		814-01363		83-0531326
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

717 Texas Avenue, Suite 2200, Houston, TX		77002
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: 1 (713) 493-2020

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.001		KBDC		NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On August 10, 2026, Kayne Anderson BDC, Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2026. The text of the press release is included as Exhibit 99.1 to this Form 8-K.

On August 11, 2026, the Company will host a conference call to discuss its financial results for the second quarter ended June 30, 2026. In connection therewith, the Company provided an earnings presentation on its website at https://www.kaynebdc.com. A copy of the earnings presentation is attached hereto as Exhibit 99.2 to this Form 8-K.

The information disclosed under this Item 2.02, including Exhibit 99.1 and Exhibit 99.2 hereto, is being “furnished” and shall not be deemed “filed” by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 7.01. Regulation FD Disclosure.

On August 10, 2026, the Company issued a press release, included herewith as Exhibit 99.1, announcing the declaration of a third quarter 2026 dividend of $0.40 per share, which will be payable on October 16, 2026 to stockholders of record as of September 30, 2026.

The information disclosed under this Item 7.01, including Exhibit 99.1 hereto, is being “furnished” and shall not be deemed “filed” by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number		Description
99.1		Press Release of Kayne Anderson BDC, Inc., dated August 10, 2026.
99.2		Kayne Anderson BDC, Inc. Second Quarter 2026 Earnings Presentation.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	KAYNE ANDERSON BDC, INC.

Date: August 10, 2026	By:	/s/ Terry A. Hart
	Name:	Terry A. Hart
	Title:	Chief Financial Officer and Treasurer

Exhibit 99.1

Kayne Anderson BDC, Inc. Announces June 30, 2026 Financial Results and Declares Third Quarter 2026 Dividend of $0.40 Per Share

CHICAGO--(BUSINESS WIRE)-- Kayne Anderson BDC, Inc. (NYSE: KBDC) (“KBDC or the Company”), a business development company externally managed by its investment adviser, KA Credit Advisors, LLC, today announced its financial results for the second quarter ended June 30, 2026.

Financial Highlights for the Quarter Ended June 30, 2026

Net investment income of $27.5 million, or $0.42 per share;

Net asset value of $16.00 per share, decreased from $16.23 per share as of March 31, 2026, primarily as a result of realized and unrealized losses of $0.26, partially offset by higher net investment income earned over distributions paid of $0.02 and accretive share repurchases of $0.01;

New private credit and equity investment commitments of $138.7 million, fundings of $146.4 million and repayments of $38.1 million, resulting in a net funded private credit and equity investment increase of $108.3 million;

Sales and repayments of the remaining broadly syndicated loans of $29.8 million;

The Company’s Board of Directors (the “Board”) declared a regular dividend of $0.40 per share, to be paid on October 16, 2026 to stockholders of record as of September 30, 2026.

“We delivered another quarter of solid performance, with net investment income of $0.42 per share covering our dividend and an annualized ROE on net investment income of 10.5%," said Doug Goodwillie, Co-Chief Executive Officer. "Our year-to-date results highlight the resilience of our value lending strategy. This strategy’s core philosophy involves lending to stable industries with conservative leverage at the borrower level, thereby mitigating many of the challenges currently facing the private credit sector.”

“We are pleased to see a pickup in deal flow in the core middle market at the start of the third quarter and are encouraged by our closing of $139 million of new private credit commitments during a rather slow second quarter for M&A," said Ken Leonard, Co-Chief Executive Officer. "New floating rate originations priced at SOFR plus 566 basis points, 17 basis points wider than the prior quarter, reflects a favorable pricing environment for our selective, time-tested, conservative, underwriting approach.”

Selected Financial Highlights

	As of
(in thousands, except per share data)	June 30, 2026			March 31, 2026

Portfolio company investments, at fair value	$	2,266,618		$	2,194,304
Total assets	$	2,341,758		$	2,252,359
Total debt outstanding, at principal	$	1,238,000		$	1,138,000
Net assets	$	1,059,652		$	1,079,192
Net asset value per share	$	16.00		$	16.23
Total debt-to-equity ratio		1.17	x		1.05	x

	For the quarter ended
	June 30, 2026			March 31, 2026

Net investment income per share	$	0.42		$	0.43
Net realized and unrealized gains (losses) per share⁽¹⁾	$	(0.26	)	$	(0.17	)
Earnings per share	$	0.16		$	0.26
Regular dividend per share	$	0.40		$	0.40

(1)	Amounts shown may not correspond for the period as it includes the effect of the timing of the distribution, shares repurchased, and the issuance of common stock.

Results of Operations

Total investment income for the quarter ended June 30, 2026 was $55.7 million, as compared to $57.3 million for the quarter ended March 31, 2026. The decrease was primarily driven by catch-up PIK interest income from Arborworks Acquisition following the change to accrual status during the first quarter and the impact of American Soccer Company being on non-accrual during the second quarter, partially offset by interest income on new investments made during the second quarter. PIK income represented 4.5% of total interest income for the quarter, as compared to 7.5% for the quarter ended March 31, 2026. For the quarter ended March 31, 2026, 3.9% of total interest income relates to PIK interest recognized on the Company’s debt investments in Arborworks Acquisition, LLC following the change to accrual status.

Net investment income for the quarter ended June 30, 2026 was $27.5 million or $0.42 per share as compared to $28.9 million or $0.43 per share for the quarter ended March 31, 2026. Net expenses for the quarter were $28.2 million, as compared to $28.4 million for the quarter ended March 31, 2026. The decrease was primarily related to lower incentive fees during the quarter, partially offset by higher interest expense from higher average borrowings and slightly higher management fees during the second quarter.

For the quarter ended June 30, 2026, the Company had realized losses of $12.2 million and had a net change in unrealized losses on investments of $4.6 million. The realized losses are primarily due to Sundance Holdings Group, LLC, for which the liquidation process was completed in the second quarter ($9.4 million), Diverzify Intermediate LLC, for which our existing debt was exchanged for new debt that included a first lien last out tranche ($0.9 million) and the rotation out of our four remaining broadly syndicated loans ($1.9 million). The unrealized losses for the quarter were primarily driven by decreases in fair value and quarterly amortization of original issue discounts, partially offset by new upfront fees for originations during the quarter and reversal of unrealized losses to realized losses.

Portfolio and Investment Activity

	As of
($ in thousands, unless otherwise noted)	June 30, 2026			March 31, 2026

Portfolio company investments at fair value	$	2,266,618		$	2,194,304
Number of portfolio companies		104			105
Average portfolio company investment size	$	21,794		$	20,898

Asset class:
First lien debt		92.8	%		92.6	%
Subordinated debt		5.3	%		5.5	%
Equity		1.9	%		1.9	%

Non-accrual debt investments:
Non-accrual investments at fair value	$	59,130		$	53,685
Non-accrual investments as a percentage of debt investments at fair value		2.7	%		2.5	%

Interest rate type:
Percentage floating-rate		95.3	%		95.1	%
Percentage fixed-rate		4.7	%		4.9	%

Yields on debt investments (at fair value):
Weighted average yield - excluding non-accruals		10.2	%		10.1	%
Weighted average yield - including non-accruals		9.9	%		9.9	%

Investment activity during the quarter ($ in millions):
Gross new investment commitments	$	138.7	⁽¹⁾	$	92.5	⁽²⁾
Principal amount of investments funded	$	146.4	⁽¹⁾	$	99.1	⁽²⁾
Principal amount of investments sold or repaid	$	(67.9	)⁽¹⁾	$	(92.0	)⁽²⁾
Net principal amount of investments funded (repaid)	$	78.5		$	7.1

(1)	For the quarter ending June 30, 2026, broadly syndicated loans represent $0 of new investment commitments, $0 of investments funded and $29.8 million of investments sold or repaid.

(2)	For the quarter ending March 31, 2026, broadly syndicated loans represent $0 of new investment commitments, $0 of investments funded and $17.4 million of investments sold or repaid.

Liquidity and Capital Resources

As of June 30, 2026, the Company had $275 million senior unsecured notes outstanding, $963 million borrowed under its credit facilities and cash and cash equivalents of $39.7 million (including investments in money market funds). As of that date, the Company had $437 million of undrawn commitments available on its credit facilities (subject to borrowing base restrictions and other conditions).

As of June 30, 2026, the Company’s debt-to-equity ratio was 1.17x and its asset coverage ratio was 186%. The Company targets a debt-to-equity ratio of 1.0x to 1.25x (which equates to asset coverage of 200% to 180%). The Company may operate above or below this target based on market conditions.

Recent Developments

On August 5, 2026, the Board of Directors declared a regular dividend to common stockholders in the amount of $0.40 per share. The regular dividend of $0.40 per share will be paid on October 16, 2026, to stockholders of record as of the close of business on September 30, 2026.

From July 1, 2026 to August 5, 2026, the Company’s agent repurchased 178,752 shares of common stock at an average price of $13.67 per share for a total amount of $2.4 million. As of August 5, 2026, $95.8 million remains for repurchase under the Company’s current 10b5-1 Plan.

Conference Call Information

KBDC will host a conference call at 10:00 am ET on Tuesday, August 11, 2026, to review its financial results. All interested parties are invited to participate using the following telephone dial-in or the webcast details:

Telephone Dial-in

Toll Free: +1 833-461-5787

Alternative: +1 585-542-9983

Conference ID: 212440753

Webcast Link

https://events.q4inc.com/attendee/212440753

Participants can pre-register and receive a unique passcode to skip operator assisted entry and dial directly into the earnings call. To avoid potential delays, please join at least 10 minutes prior to the start of the earnings call. Following completion of the call, a replay will be available at the Events & Presentation page of KBDC’s website.

Kayne Anderson BDC, Inc.

Consolidated Statements of Assets and Liabilities

(amounts in 000’s, except share and per share amounts)

	June 30,			December 31,
	2026			2025
	(Unaudited)
Assets:
Portfolio company investments, at fair value:
Non-controlled, non-affiliated investments (amortized cost of $2,128,442 and $2,079,041)	$	2,131,279		$	2,084,737
Non-controlled, affiliated investments (amortized cost of $130,651 and $118,459)		125,719			113,684
Controlled, affiliated investments (amortized cost of $20,228 and $0)		9,620			-
Total portfolio company investments, at fair value (amortized cost of $2,279,321 and $2,197,500)		2,266,618			2,198,421
Investments in money market funds (amortized cost of $25,184 and $25,409)		25,184			25,409
Cash		14,519			18,027
Deposits for investments		-			13,015
Receivable for sales of investments		10,303			7,168
Receivable for principal payments on investments		407			308
Interest receivable		24,196			24,063
Prepaid expenses and other assets		531			291
Total Assets	$	2,341,758		$	2,286,702

Liabilities:
Corporate Credit Facility	$	230,000		$	135,000
Unamortized Corporate Credit Facility issuance costs		(2,921	)		(3,372	)
Revolving Funding Facility		540,000			525,000
Unamortized Revolving Funding Facility issuance costs		(6,069	)		(4,671	)
Revolving Funding Facility II		193,000			195,000
Unamortized Revolving Funding Facility II issuance costs		(1,838	)		(2,100	)
Notes		272,099			274,701
Unamortized notes issuance costs		(2,162	)		(2,560	)
Shares repurchased payable		97			496
Distributions payable		26,490			27,213
Management fee payable		5,561			5,613
Incentive fee payable		1,895			3,935
Accrued expenses and other liabilities		25,954			22,041
Accrued excise tax expense		-			475
Total Liabilities	$	1,282,106		$	1,176,771

Commitments and contingencies

Net Assets:
Common Shares, $0.001 par value; 100,000,000 shares authorized; 66,216,562 and 67,998,184 as of June 30, 2026 and December 31, 2025 respectively, issued and outstanding	$	66		$	68
Additional paid-in capital		1,082,851			1,108,001
Total distributable earnings (deficit)		(23,265	)		1,862
Total Net Assets	$	1,059,652		$	1,109,931
Total Liabilities and Net Assets	$	2,341,758		$	2,286,702
Net Asset Value Per Common Share	$	16.00		$	16.32

Kayne Anderson BDC, Inc.

Consolidated Statements of Operations

(amounts in 000’s, except share and per share amounts)

(Unaudited)

	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2026			2025			2026			2025
Income:
Investment income from investments:
Interest income from non-controlled, non- affiliated investments	$	49,730		$	55,057		$	99,476		$	109,765
Interest income from non-controlled, affiliated investments		3,086			-			6,080			-
Payment-in-kind interest income from non- controlled, non-affiliated investments		2,501			2,063			6,774			2,369
Dividend income		386			178			698			409
Total Investment Income		55,703			57,298			113,028			112,543

Expenses:
Management fees		5,561			5,412			10,977			10,543
Incentive fees		1,895			4,452			5,006			8,942
Interest expense		19,609			18,384			38,469			35,509
Professional fees		328			368			642			713
Directors fees		164			158			328			316
Excise tax expense (benefit)		-			-			(11	)		(43	)
Other general and administrative expenses		585			603			1,160			1,184
Total Expenses		28,142			29,377			56,571			57,164
Less: Management fee waiver		-			(788	)		-			(2,071	)
Net Expenses		28,142			28,589			56,571			55,093
Net Investment Income (Loss)		27,561			28,709			56,457			57,450

Realized and unrealized gains (losses) on investments
Net realized gains (losses):
Non-controlled, non-affiliated investments		(12,221	)		(10	)		(14,468	)		556
Total net realized gains (losses)		(12,221	)		(10	)		(14,468	)		556
Net change in unrealized gains (losses):
Non-controlled, non-affiliated investments		(3,408	)		(1,564	)		(10,414	)		(8,057	)
Non-controlled, affiliated investments		(478	)		(1,907	)		(157	)		(1,925	)
Controlled, affiliated investments		(716	)		-			(3,052	)		-
Total net change in unrealized gains (losses)		(4,602	)		(3,471	)		(13,623	)		(9,982	)
Total realized and unrealized gains (losses)		(16,823	)		(3,481	)		(28,091	)		(9,426	)
Income tax (expense) benefit on unrealized appreciation/depreciation on investments		(21	)		(318	)		(408	)		(899	)
Net Increase in Net Assets Resulting from Operations	$	10,717		$	24,910		$	27,958		$	47,125

Basic and diluted net investment income per share	$	0.42		$	0.40		$	0.85		$	0.81
Basic and diluted net increase in net assets resulting from operations per share	$	0.16		$	0.35		$	0.42		$	0.66
Weighted Average Common Shares Outstanding - Basic and Diluted		66,347,339			70,901,688			66,743,644			71,067,266

About Kayne Anderson BDC, Inc.

Kayne Anderson BDC, Inc. is a business development company (“BDC”) that invests primarily in first lien senior secured loans, with a secondary focus on unitranche and split-lien loans to middle market companies. KBDC is externally managed by its investment adviser, KA Credit Advisors, LLC, an indirect controlled subsidiary of Kayne Anderson Capital Advisors, L.P., a prominent alternative investment management firm. KBDC has elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (“1940 Act”). KBDC’s investment objective is to generate current income and, to a lesser extent, capital appreciation. For more information, please visit www.kaynebdc.com.

Forward-looking Statements

This press release may contain “forward-looking statements” that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about KBDC, its current and prospective portfolio investments, its industry, its beliefs and opinions, and its assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond KBDC’s control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors identified in KBDC’s filings with the SEC. All forward-looking statements speak only as of the date of this press release. KBDC does not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law.

Contacts:

Investor Relations
[email protected]

Exhibit 99.2

KAYNEBDC.COM KAYNE ANDERSON BDC, INC. EARNINGS PRESENTATION Second Quarter 2026

2 Disclaimer and Forward - Looking Statement This presentation may contain “forward - looking statements” that involve substantial risks and uncertainties . Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon . These forward - looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Kayne Anderson BDC, Inc . (“KBDC”), its current and prospective portfolio investments, its industry, its beliefs and opinions, and its assumptions . Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward - looking statements . These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond KBDC’s control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward - looking statements including, without limitation, the risks, uncertainties and other factors identified in KBDC’s filings with the SEC . All forward - looking statements speak only as of the date of this presentation . KBDC does not undertake any obligation to update or revise any forward - looking statements or any other information contained herein, except as required by applicable law .

EXECUTIVE SUMMARY

4 Executive Summary Quarterly Highlights 1 Annualized dividend yield is calculated by dividing the declared dividend per share by the net asset value per share at the end of the quarter and annualizing such amount over four quarterly periods. There can be no assurance that the same dividend yield will be achieved. 2 Actual yields earned over the life of investments could be materially different from the yields presented herein. 3 Excludes opportunistic investments. As of June 30, 2026, KBDC held $170 million (fair market value) of opportunistic investm ent s, representing ~8% of total fair market value of investments. Opportunistic investments include BC CS 2, L.P. (Cuisine Solutions, Inc.), SGCP Partners, Inc. (SG Credit), M2S Group Intermediate Holding s, Inc. and Texas Coffee Holdco. 4 Excludes investments on watchlist representing ~5% of total market fair value. Financial Results Portfolio Balance Sheet & Liquidity Recent Events » Net investment income per share: $0.42 » Net asset value per share: $16.00 » Annualized ROE: 10.5% on net investment income » 2Q’26 dividend per share: $0.40 regular » Annualized regular dividend yield of ~10.0% (1) » Total fair value was approximately $2.3 billion invested in 104 companies » Insignificant software exposure consistent with value lending strategy » Weighted average yield at amortized cost of debt investments was 10.3% excluding non - income producing investments and 9.8% including non - income producing investments (2) » 93% first - lien portfolio » Weighted average and median EBITDA of borrowers of $53.7 million (3)(4) and $35.4 million (3)(4) , respectively » Average position size of 1.0% with 10 largest positions representing 19.3% of the debt portfolio » 2.7% of total debt investments (fair value) and 4.5% (amortized cost) were on non - accrual » Outstanding debt balance was $1,238 million; quarter - end debt - to - equity ratio was 1.17x » Total liquidity of $476.7 million, including cash and cash equivalents of $39.7 million and undrawn committed debt capacity of $437.0 million » $100 million Share Repurchase Plan: Repurchased 265,361 shares / $3.8 million for the three months ended June 30, 2026 » Declared 3Q’26 regular distribution of $0.40 per share on August 5, 2026

CONFIDENTIAL 5 » Scaled, differentiated BDC via focus on core middle market ($10 - $75+ million of EBITDA) » Target market and credit selection process facilitates: (i) conservative structures (first lien, lower leverage) in (ii) priv ate equity - backed businesses with (iii) financial maintenance covenants generating (iv) attractive yields Executive Summary At - a - Glance 1 Includes the last out position of Regiment . 2 Exclu des opportunistic investments . As of June 30 , 2026 , KBDC held $ 170 million (fair market value) of opportunistic investments, representing ~ 8 % of total fair market value of investments . Opportunistic investments include BC CS 2 , L . P . (Cuisine Solutions, Inc . ), SGCP Partners, Inc . (SG Credit), M 2 S Group Intermediate Holdings, Inc . and Texas Coffee Holdco . 3 Excludes investments on watchlist . 4 Weighted average yield is calculated on fair value of debt investments excluding non - income producing investments . 5 NII yield is calculated by dividing annualized 2 Q NII per share by NAV per share at June 30 , 2026 . KBDC OVERVIEW (JUNE 30, 2026) $2.3bn Portfolio Fair Value ($2.6bn commitments) (Q1: $2.2bn FV / $2.5bn commitments) 100% Financial Maint. Covenants 2,3 (Q1: 100%) ~93% First Lien Senior Secured 1 (Q1: ~93%) 98% PE Sponsored Companies 2 (Q1: 99%) 104 Portfolio Companies (Q1: 105) 2.4x Wtd. Avg. Interest Coverage 2 ,3 (Q1: 2.4x) ~10.2% Wtd. Avg. Portfolio Yield 4 (Q1: ~10.1%) 4.5x Wtd. Avg. Net Leverage 2 ,3 (Q1: 4.4x) 2.7 % FV Debt on Non - Accrual (Q1: 2.5%) 10.5% NII Yield 5 (Q1: 10.6%)

6 Executive Summary Key Financial Highlights 1 Yield on an annualized basis. ($000 except per share data) Jun 30 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Net Investment Income $0.42 $0.43 $0.44 $0.43 $0.40 Net Realized and Unrealized Gains (Losses) ($0.26) ($0.17) ($0.12) ($0.08) ($0.05) Net Income (loss) $0.16 $0.26 $0.32 $0.35 $0.35 Net Asset Value $16.00 $16.23 $16.32 $16.34 $16.37 Annualized ROE (on Net Investment Income) 10.5% 10.6% 10.8% 10.5% 9.8% Annualized ROE (on Net Income) 4.0% 6.4% 7.8% 8.6% 8.6% Regular Distributions $0.40 $0.40 $0.40 $0.40 $0.40 Supplemental Distributions - - - - - Special Distributions - - - - $0.10 Total Distributions $0.40 $0.40 $0.40 $0.40 $0.50 Regular Distribution Yield (1) 10.0% 9.9% 9.8% 9.8% 9.8% Supplemental Distribution Yield (1) - - - - - Special Distribution Yield (1) - - - - 2.4% Total Distribution Yield 10.0% 9.9% 9.8% 9.8% 12.2% Total Debt $1,238,000 $1,138,000 $1,130,000 $1,153,000 $1,054,000 Net Assets $1,059,652 $1,079,192 $1,109,931 $1,140,096 $1,157,331 Debt-to-Equity at Quarter End 1.17x 1.05x 1.02x 1.01x 0.91x As of Date and for the Three Months Ended

PORTFOLIO OVERVIEW

8 Portfolio Overview Key Statistics 1 Includes KBDC’s investments in BC CS 2, L.P. (Cuisine Solutions, Inc.) and SGCP Partners, Inc. (SG Credit) which are consider ed subordinated debt. KEY PORTFOLIO STATISTICS ($ IN MILLIONS) Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Portfolio Highlights Funded Investments at Fair Value $2,267 $2,194 $2,198 $2,256 $2,175 Average Position Size at Fair Value ($) $21.8 $20.9 $20.5 $20.9 $19.1 Average Position Size at Fair Value (%) 1.0% 1.0% 0.9% 0.9% 0.9% Portfolio Composition (at fair value) First Lien 93% 93% 93% 94% 98% Second Lien - - - - - Subordinated (1) 5% 5% 5% 4% 1% Equity 2% 2% 2% 2% 1% Loans by Interest Rate Type % Floating Rate Debt Investments 95.3% 95.1% 95.7% 96.0% 100.0% % Fixed Rate Debt Investments 4.7% 4.9% 4.3% 4.0% 0.0% Asset Level Yields excluding non-income producing debt investments (at fair value) Weighted Average Yield on Debt Investments 10.2% 10.1% 10.3% 10.6% 10.6% Asset Level Yields including non-income producing debt investments (at fair value) Weighted Average Yield on Debt Investments 9.9% 9.9% 10.1% 10.4% 10.4% Non-accrual Debt Investments (at fair value) Non-accrual Investments $59.1 $53.7 $31.0 $31.0 $34.5 Non-accrual Investments as a % of Debt Investments 2.7% 2.5% 1.4% 1.4% 1.6%

9 Private Credit, 98% Equity , 2% SG Credit Subordinated Debt 4.7% Keany 1.7% CREO Group 1.7% Handgards 1.7% Vitesse 1.7% Century Box 1.6% M2S 1.6% Improving 1.6% Smyth 1.5% Bishop Lifting 1.5% All Others 80.7% Portfolio Overview Diversity (As of June 30, 2026) Note: Please see the Company’s filings with the SEC for more information about the Company’s portfolio. 1 Calculated as a percentage of total debt investments at fair value. 2 In some instances, we have disclosed the borrower’s DBA name. 3 Calculated as a percentage of total fair value. BORROWER CONCENTRATION (1)(2) INDUSTRY CONCENTRATION INVESTMENT TYPE (3) (Avg Position: 1 .0%) 104 Borrowers » Diversified industry exposure across the portfolio, with insignificant exposure to software 20.9% 3.6% 4.0% 5.2% 5.3% 6.3% 9.5% 9.9% 10.4% 11.7% 13.2% All Others (16 Total) Chemicals Aerospace & Defense Financial Services Machinery Professional Services Containers and Packaging Food Products Distributors Commercial Services & Supplies Health Care Providers & Services

10 Portfolio Overview Asset Mix GROSS NEW COMMITMENTS ($M) (1) ASSET MIX AT END OF PERIOD (2) » KBDC committed approximately $139 million to new investments in 2Q’26 » Portfolio is 95% floating rate and nearly all first lien senior secured loans » Asset mix at approximately 93% first lien senior secured ROLLING INVESTMENT ACTIVITY ($ IN MILLIONS) Note: Please see the Company’s filings with the SEC for more information about the Company’s portfolio. 1 Based on principal amount of investments and includes unfunded commitments. 2 Based on fair value of investments. 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 Gross New Investment Commitments(1) $183 $231 $340 $129 $296 $113 $93 $139 Investment Fundings (Private Credit) 184 207 294 129 262 97 99 146 Investment Fundings (Equity) 1 2 1 - 12 2 0 1 Investments Repaid or Sold (Private Credit) (83) (139) (86) (72) (74) (132) (75) (38) Investments Repaid or Sold (BSL) (2) (18) (27) (47) (113) (20) (17) (30) Net Investment Activity $100 $52 $181 $10 $87 ($52) $7 $79 98% 98% 98% 98% 94% 93% 93% 93% 1% 1% 1% 1% 4% 5% 5% 5% 1% 1% 1% 1% 2% 2% 2% 2% 0% 20% 40% 60% 80% 100% 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 First Lien Subordinated Debt Equity $183 $231 $340 $129 $296 $113 $93 $139 $- $100 $200 $300 $400 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26

FINANCIAL HIGHLIGHTS

12 Financial Highlights Net Asset Value NAV PER SHARE BRIDGE » NAV was lower by $0.23 per share, primarily the result of realized and unrealized losses on the portfolio ( - $0.26), partially of fset by net investment income exceeding dividends paid (+$0.02) and accretive share repurchases (+$0.01). $16.23 $0.84 $(0.19) $(0.07) $(0.42) $(0.40) $0.01 $16.00 $15.00 $15.50 $16.00 $16.50 $17.00 $17.50 1Q'26 NAV Interest Income Realized Gain (Loss) Unrealized Gain (Loss) Operating Expenses Regular Distribution Share Repurchase 2Q'26 NAV

13 Financial Highlights Dividend History 1 Yields presented above calculated by dividing either (i) dividends or (ii) NII, as applicable by the net asset value per shar e a t the end of the quarter and annualizing such amount over four quarterly periods. 2 All amounts presented on a per share basis utilizing end of period share count. DIVIDEND HISTORY (2) DIVIDEND AND NII YIELD (1) » Prior to 2024 , KBDC did not distinguish between regular and supplemental or special distributions and generally distributed substantially all its income on a quarterly basis ▪ During 2 Q’ 24 , KBDC established a $ 0 . 40 per share regular dividend ▪ KBDC paid three special dividends on 12 / 20 / 24 , 3 / 18 / 25 and 6 / 24 / 25 following pre - IPO share lock - up expirations » As of June 30 , 2026 , KBDC had undistributed net investment income of $ 0 . 26 per share 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 NII Yield 12.5% 11.5% 9.7% 9.8% 10.5% 10.8% 10.6% 10.5% Total Dividend Yield 9.6% 12.0% 12.1% 12.2% 9.8% 9.8% 9.9% 10.0% $0.40 $0.40 $0.40 $0.40 $0.40 $0.40 $0.40 $0.40 $0.10 $0.10 $0.10 $0.00 $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 Base Dividend Special Dividend

BALANCE SHEET AND OPERATING RESULTS

15 Balance Sheet Summary ($000 except per share data) Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Assets Portfolio company invest., at fair value $2,266,618 $2,194,304 $2,198,421 $2,255,513 $2,174,640 Cash and cash equivalents 39,703 32,662 43,436 46,125 44,355 Deposits for investments - - 13,015 - - Receivable for sales of investments 10,303 - 7,168 14,150 14,813 Receivable for principal pmts. on invest. 407 722 308 334 615 Interest receivable 24,196 24,420 24,063 21,500 21,329 Prepaid expenses and other assets 531 251 291 346 239 Total Assets $2,341,758 $2,252,359 $2,286,702 $2,337,968 $2,255,991 Liabilities Debt $1,235,099 $1,136,822 $1,129,701 $1,153,000 $1,054,000 Unamortized debt issuance costs (12,990) (14,106) (12,703) (11,736) (11,527) Shares repurchased payable 97 97 496 706 193 Distributions payable 26,490 26,595 27,213 27,927 28,291 Management fee payable 5,561 5,416 5,613 5,583 4,624 Incentive fee payable 1,895 3,111 3,935 4,419 4,452 Accrued expenses and other liabilities 25,954 15,232 22,516 17,973 18,627 Total Liabilities $1,282,106 $1,173,167 $1,176,771 $1,197,872 $1,098,660 Net Assets: Common Shares 66 66 68 70 71 Additional paid-in capital 1,082,851 1,086,618 1,108,001 1,133,350 1,147,270 Total distributable earnings (deficit) (23,265) (7,492) 1,862 6,676 9,990 Total Net Assets $1,059,652 $1,079,192 $1,109,931 $1,140,096 $1,157,331 Total Liabilities and Net Assets $2,341,758 $2,252,359 $2,286,702 $2,337,968 $2,255,991 Net Asset Value Per Common Share $16.00 $16.23 $16.32 $16.34 $16.37 Debt to equity at quarter end 1.17x 1.05x 1.02x 1.01x 0.91x Average debt to equity 1.11x 1.03x 1.03x 0.97x 0.87x

16 Operating Results Summary ($000 except per share data) Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Investment income: Interest and dividend income $53,202 $53,052 $57,325 $59,227 $55,235 Payment-in-kind interest income 2,501 4,273 4,578 2,146 2,063 Total investment income $55,703 $57,325 $61,903 $61,373 $57,298 Expenses: Management fees 5,561 5,416 5,613 5,583 5,412 Incentive fees 1,895 3,111 3,935 4,419 4,452 Interest expense 19,609 18,860 20,645 20,207 18,384 Other general and admin. expenses 1,077 1,053 1,120 1,118 1,129 Excise tax expense (benefit) - (11) 474 - - Total expenses $28,142 $28,429 $31,787 $31,327 $29,377 Management fee waiver - - - - (788) Incentive fee waiver - - - - - Net expenses $28,142 $28,429 $31,787 $31,327 $28,589 Net investment income $27,561 $28,896 $30,116 $30,046 $28,709 Net realized gains (losses) (12,221) (2,247) (613) (22) (10) Net change in unrealized gains (losses) (4,602) (9,021) (7,204) (4,983) (3,471) Income tax (expense) benefit (21) (387) (331) (428) (318) Net increase in net assets resulting from operations $10,717 $17,241 $21,968 $24,613 $24,910 Net investment income per share $0.42 $0.43 $0.44 $0.43 $0.40 Earnings per share $0.16 $0.26 $0.32 $0.35 $0.35 Weighted average shares outstanding 66,347,339 67,144,353 68,482,556 70,430,331 70,901,688 For the Three Months Ended

17 Balance Sheet and Liquidity Financing Profile Note: Commitment and drawn amounts are as of June 30, 2026. 1 Includes amortization of debt issuance and monitoring costs. DEBT FUNDING MIX ($M) BORROWING PER QUARTER ($M) » KBDC has diverse and adequate sources of liquidity to maintain its target debt - to - equity ratio of 1.00x to 1.25x » Debt capital is comprised of the following committed credit facilities and senior unsecured notes outstanding: Commitment Drawn Availability Pricing Maturity Corporate Facility $475.0 $230.0 $245.0 S + 2.10% November 22, 2029 Funding Facility 675.0 540.0 135.0 S + 1.95% February 20, 2031 Funding Facility II 250.0 193.0 57.0 S + 2.25% December 22, 2029 Series A Notes 25.0 25.0 - 8.65% June 30, 2027 Series B Notes 50.0 50.0 - 8.74% June 30, 2028 Series C Notes 40.0 40.0 - S + 2.32% June 30, 2028 Series D Notes 60.0 60.0 - S + 2.37% June 30, 2028 Series E Notes 100.0 100.0 - S + 2.6565% October 15, 2030 Total $1,675.0 $1,238.0 $437.0 $25 $150 $100 $230 $540 $193 2027 2028 2029 2030 2031 Unsecured Notes Corporate Facility Funding Facility Funding Facility II DEBT MATURITY PROFILE ($M) $1,014 $1,110 $1,163 $1,126 $1,190 7.18% 7.12% 6.95% 6.70% 6.52% 5.60% 6.10% 6.60% 7.10% 7.60% $700 $800 $900 $1,000 $1,100 $1,200 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Average Daily Borrowing Average Interest Rate