10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 814-01363

Kayne Anderson BDC, Inc.

Delaware	83-0531326
(State or other jurisdiction of <br>incorporation or organization)	(I.R.S. Employer <br>Identification No.)
717 Texas Avenue, Suite 2200, Houston, TX	77002
(Address of principal executive offices)	(Zip Code)

(713)

493-2020

(Registrant’s telephone number, including area code)

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 per share	KBDC	NYSE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

As of May 5, 2026, the registrant had 66,350,002 shares of common stock, $0.001 par value per share, issued and outstanding.

		Page
PART I.	FINANCIAL INFORMATION	1
Item 1.	Consolidated Financial Statements	1
	Consolidated Statements of Assets and Liabilities as of March 31, 2026 (Unaudited) and December 31, 2025	1
	Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (Unaudited)	2
	Consolidated Statement of Changes in Net Assets for the three months ended March 31, 2026 and 2025 (Unaudited)	3
	Consolidated Statement of Cash Flows for the three months ended March 31, 2026 and 2025 (Unaudited)	4
	Consolidated Schedule of Investments as of March 31, 2026 (Unaudited) and December 31, 2025	5
	Notes to Consolidated Financial Statements (Unaudited)	35
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	57
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	67
Item 4.	Controls and Procedures	68
PART II.	OTHER INFORMATION	69
Item 1.	Legal Proceedings	69
Item 1A.	Risk Factors	69
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	69
Item 3.	Defaults Upon Senior Securities	70
Item 4.	Mine Safety Disclosures	70
Item 5.	Other Information	70
Item 6.	Exhibits	71
Signatures		74

Forward-Looking Statements

This quarterly report on Form 10-Q contains forward-looking statements that involve substantial known and unknown risks, uncertainties and other factors. Undue reliance should not be placed on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about the company, current and prospective portfolio investments, the industry, beliefs and assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” 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 control of Kayne Anderson BDC, Inc. (“the Company”) and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including:

future operating results;
business prospects and the prospects of portfolio companies in which we invest;
the ability of our portfolio companies to achieve their objectives;
changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets;
the ability of KA Credit Advisors, LLC (our "Advisor") to locate suitable investments and to monitor and administer investments;
the ability of the Advisor and its affiliates to attract and retain highly talented professionals;
risks associated with possible disruptions in our operations, the operations of our portfolio companies or the economy generally, including disruptions due to terrorism, war or other geopolitical conflict, natural disasters, pandemics or cybersecurity incidents;
the adequacy of our cash resources, financing sources and working capital;
the timing of cash flows, distributions and dividends, if any, from the operations of the companies in which the Company invests;
the ability to maintain qualification as a business development company (“BDC”) and as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”);
the use of borrowings under our credit facilities and issuances of senior unsecured notes to finance a portion of the Company’s investments;
the adequacy, availability and pricing of financing sources and working capital for the Company;
actual or potential conflicts of interest with the Advisor and its affiliates;
contractual arrangements and relationships with third parties;

ii
the risks associated with an economic downturn, increased inflation, political instability, tariffs and trade policy instability, supply chain issues, interest rate volatility, loss of key personnel, and the illiquid nature of investments of the Company; and
the risks, uncertainties and other factors the Company identifies under “Item 1A. Risk Factors” and elsewhere in this quarterly report on Form 10-Q, as well as in the Company’s annual report on Form 10-K for the year ended December 31, 2025.

	For the three months ended<br>March 31,
	2026			2025
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	17,241		$	22,215
Adjustments to reconcile net increase (decrease) in net assets resulting from<br> operations to net cash provided by (used in) operating activities:
Net realized (gains)/losses on investments		2,247			(566	)
Net change in unrealized (gains)/losses on investments		9,021			6,511
Net accretion of discount on investments		(3,235	)		(3,467	)
Sales (purchases) of investments in money market funds, net		7,061			20,067
Purchases of portfolio investments		(88,832	)		(287,737	)
Proceeds from sales of investments and principal repayments		91,721			113,990
Paid-in-kind interest from portfolio investments		(4,273	)		(306	)
Amortization of deferred financing cost		1,119			921
Increase/(decrease) in operating assets and liabilities:
(Increase)/decrease in deposits for investments		13,015			-
(Increase)/decrease in receivable for sales of investments		7,168			-
(Increase)/decrease in interest and dividends receivable		(2,889	)		(2,327	)
(Increase)/decrease in receivable for principal payments on investments		(414	)		320
Increase/(decrease) in accrued excise tax expense		(475	)		(825	)
(Increase)/decrease in prepaid expenses and other assets		40			668
Increase/(decrease) in management fees payable		(197	)		136
Increase/(decrease) in incentive fee payable		(824	)		4,490
Increase/(decrease) in accrued expenses and other liabilities		(7,688	)		(1,330	)
Net cash provided by (used in) operating activities		39,806			(127,240	)
Cash Flows from Financing Activities:
Borrowings/(payments) on Corporate Credit Facility, net		(20,000	)		(56,000	)
Borrowings on Revolving Funding Facility, net		28,000			157,000
Borrowings on Revolving Funding Facility II, net		-			56,500
Payments of debt issuance costs		(2,522	)		(3,507	)
Change in payable for shares repurchased		(399	)		144
Dividends paid in cash		(27,213	)		(31,524	)
Repurchase of common shares		(21,385	)		(384	)
Net cash provided by (used in) financing activities		(43,519	)		122,229
Net increase (decrease) in cash		(3,713	)		(5,011	)
Cash, beginning of period		18,027			22,375
Cash, end of period	$	14,314		$	17,364
Supplemental and Non-Cash Information:
Interest paid during the period	$	25,277		$	17,838
Non-cash financing activities not included herein consisted of reinvestment of<br> dividends	$	-		$	4,027

Portfolio Company	Footnotes(1)(2)		Cost		Fair Value
Investments in Money Market Funds
Morgan Stanley Institutional Liquidity Fund, Institutional Class, 3.52%	(24)	18,347,720		18,348		18,348		1.7	%
Total Investments in Money Market Funds		18,347,720		18,348		18,348		1.7	%
Total Investments			$	2,220,753	$	2,212,652		205.1	%
Liabilities in Excess of Other Assets						(1,133,460	)	(105.1	)%
Net Assets					$	1,079,192		100.0	%

As of March 31, 2026, unless otherwise noted, investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company. As of March 31, 2026, the total value of the Company’s non-controlled, non-affiliated investments was $2,058,477.
Unless otherwise noted, security is a Level 3 holding. As of March 31, 2026, the aggregate value of Level 3 securities held by the Company was $2,166,974. See Note 5 – Fair Value.
Debt investments are pledged to the Company’s credit facilities, and a single debt investment may be divided into parts that are individually pledged to separate credit facilities.
Includes Secured Overnight Financing Rate (“SOFR”) credit spread adjustment if applicable.
Unless otherwise noted, all loans contain a variable rate structure, that may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either SOFR (which can include one-(M), three-(Q) or six-month (S) SOFR), or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate).
The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
Security is a Level 2 holding. As of March 31, 2026, the aggregate value of Level 2 securities held by the Company was $27,330. See Note 5 – Fair Value.
Non-qualifying investment as defined by Section 55(a) of the Investment Company Act of 1940. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2026, 2.2% of the Company’s total assets were in non-qualifying investments.

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of March 31, 2026

(amounts in 000’s, except number of shares, units)

(Unaudited)

The Company may be entitled to receive additional interest as a result of an arrangement with other lenders in the syndication. In exchange for the higher interest rate, the “last-out” portion is at a greater risk of loss. Certain lenders represent a “first out” portion of the investment and have priority to the “last-out” portion with respect to payments of principal and interest.
Debt investment on non-accrual status as of March 31, 2026.
Non-income producing investment.
The Company has a senior secured loan in an investment vehicle (BC CS 2, L.P.) that is collateralized by a preferred stock investment in Cuisine Solutions, Inc. that is characterized as subordinated debt. In addition, the Company’s senior secured loan and senior secured delayed draw term loan in SG Credit is considered subordinated debt.
As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of this portfolio company as the Company owns more than 5% but less than 25% of the portfolio company’s voting securities or has the power to exercise control over management or policies of such portfolio company, including through a management agreement (“non-controlled affiliate”).

In September 2024, the Company completed a restructure of the investment in Trademark Global LLC whereby the existing term loan and revolver became a restructured term loan and revolver and no debt was converted to equity. The Company received new common units in TG Parent Newco LLC for which it owns 6.23% of the overall business (Kayne Anderson entities in aggregate own 20.77%).

In July 2025, the Company made an investment in SG Credit Partners, Inc. through debt and equity investments in SGCP Intermediate, Inc. and SGCP Holdings, LLC (collectively “SG Credit), an independent national credit platform focused on lower middle market investments. The Company’s investment in SG Credit was structured as a term loan facility, unfunded delayed draw term loan facility and a common equity investment. Through the common equity investment, the Company owns 22.5% of the outstanding common equity of SG Credit.

The common equity investment includes a call option providing the Company the right, but not the obligation, to purchase additional equity interests in SG Credit through June 30, 2028 (the “Option Expiration Date”). The fixed call option price is based on the performance of SG Credit over the option period. Upon exercise, the Company would own 72.0% - 91.0% of the outstanding common equity of SG Credit depending upon certain tag-along rights and any shares issued under SG Credit’s management incentive plan. If the call option is exercised, the Company would still not control SG Credit, nor would it consolidate its common equity investment in SG Credit.

As of March 31, 2026, the total value of the Company’s investments in non-controlled affiliates was $125,491 (5.9% of amortized cost of total long-term investments) and are described below.

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of March 31, 2026

(amounts in 000’s, except number of shares, units)

(Unaudited)

Investment(1)	Value at 12/31/2025		Gross Additions(a)		Gross Reductions (b)		Net Realized Gains (Losses)		Net Change in Unrealized Gains(Losses)			Value at 03/31/2026		Interest and PIK Income		Dividend Income		Other Income
TG Parent Newco LLC (Trademark Global LLC) - debt investment	$	8,684	$	-	$	-		-	$	(194	)	$	8,491	$	-	$	-	$	-
TG Parent Newco LLC (Trademark Global LLC) - equity investment		-		-		-		-		-			-		-		-		-
SGCP Intermediate, Inc. (SG Credit) - debt investment		93,000		11,482		-		-		518			105,000		2,994		-		-
SGCP Holdings, LLC (SG Credit) - equity investment		12,000		3		-		-		(3	)		12,000		-		-		-
Total	$	113,684	$	11,485	$	-	$	-	$	321		$	125,491	$	2,994	$	-	$	-

(a) Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind (“PIK”) interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement at fair value of an existing portfolio company into this controlled affiliated category from a different category.

(b) Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.

As defined in the 1940 Act, the Company is deemed to be an “affiliated person” and "control" of this portfolio company as the Company owns more than 25% of the portfolio company’s voting securities or has the power to exercise control over management or policies of such portfolio company, including through a management agreement (“controlled affiliate”).

In January 2026, the Company completed an equity restructuring of its investment in Siegel Egg Co., LLC whereby the Company obtained 44.8% of the equity of the portfolio company (Kayne Anderson affiliates in aggregate own 100%). The terms of the existing debt remain unchanged with the restructure.

As of March 31, 2026, the total value of the Company's investments in controlled affiliates was $10,336 (0.9% of amortized cost of total long-term investments) and are described below.

Investment(1)	Value at 12/31/2025		Gross Additions(a)		Gross Reductions (b)		Net Realized Gains (Losses)		Net Change in Unrealized Gains(Losses)			Value at 03/31/2026		Interest and PIK Income		Dividend Income		Other Income
Siegel Egg Co., LLC - debt investment		-		12,672		-		-		(2,336	)		10,336		-		-		-
Siegel Egg Co., LLC - equity investment		-		-		-		-		-			-		-		-		-
Total	$	-	$	12,672	$	-	$	-	$	(2,336	)	$	10,336	$	-	$	-	$	-

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of March 31, 2026

(amounts in 000’s, except number of shares, units)

(Unaudited)

All or a portion of the stated interest rate may be settled in PIK for a specified period pursuant to the credit agreement.
Portfolio company is in a liquidation process and, as such, the maturity date of our debt investment in this portfolio company will not be finally determined until such process is complete. Our debt investment in this portfolio company is on non-accrual status.
The Company uses Global Industry Classification (GICS), Level 3 – Industry, for classifying the industry groupings of its portfolio companies. In instances where the composition of portfolio companies within a category does not as closely align with the GICS, Level 3 – Industry, the Company presents a more specific description, keeping the GICS, Level 3 – Industry in parenthesis for reference.
Security is exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act.
KABDC Corp, LLC, a wholly owned subsidiary of the Company, owns common and/or preferred equity of ArborWorks Intermediate Holdco, LLC, Bloomington Holdings, LP (BW Fusion), City Line Distributors LLC, CCFF Parent, LLC (California Custom Fruits & Flavors, LLC), ML Buyer, LLC (Mama Lycha Foods, LLC), NMA Super Holdings, LLC (Neuromonitoring Associates), NSC Coffee Investors, LLC (Texas Coffee Partners Ltd.), Robinette Company Acquisition, LLC, RMH Parent LLC (RMH Systems), TG Parent Newco LLC (Trademark Global LLC) and US Masonry & Building Products Co. (f/k/a US Anchors Group, Inc.).
The Company owns 31.04% of a pass-through, taxable limited liability company, KSCF IV Equity Aggregator Blocker, LLC (the “Aggregator Blocker”), which holds the Company’s equity investments in American Equipment Holdings LLC, Gulf Pacific Holdings, LLC, WPP Fairway Aggregator A, L.P. (IF&P Foods, LLC - FreshEdge) and LSL Industries, LLC (LSL Healthcare). Through the Company’s ownership of the Aggregator Blocker, the Company owns the respective units of each company listed above in the Schedule of Investments.
The Company owns 0.53% of the common equity of BLP Buyer, Inc. (Bishop Lifting Products).
The Company owns 17.52% of a pass-through limited liability company, KSCF IV Equity Aggregator, LLC (the “Aggregator”), which holds the Company’s equity investments in Siegel Parent, LLC and BVG SCORE Buyer, Inc. (American Soccer Company, Incorporated). Through the Company’s ownership of the Aggregator, the Company owns the respective units of each company listed above in the Schedule of Investments.
The Company owns 44.8% of a pass-through limited liability company, KAPC NewCo, LLC ("NewCo"), which holds the Company’s equity investment in Siegel Parent, LLC. Through the Company’s ownership of NewCo, the Company owns the respective units listed above in the Schedule of Investments.
The indicated rate is the yield as of March 31, 2026.

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of March 31, 2026

(amounts in 000’s, except number of shares, units)

(Unaudited)

Interest rate swap contracts

Below are the Company’s outstanding interest rate swap contracts as of March 31, 2026. The Company designed each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship. See Note 6 – Debt.

Counterparty	Hedged<br>Instrument	Company<br>Receives	Company<br>Pays	Maturity<br>Date	Notional<br>Amount		Fair Value			Unrealized<br>Appreciation<br>(Depreciation)
Regions Bank	Series D Notes	5.80%	S + 2.3700%	6/30/2028	$	60,000	$	(355	)	$	(355	)	-
Regions Bank	Series E Notes	6.15%	S + 2.6565%	10/15/2030		100,000		(823	)		(823	)	-
					$	160,000	$	(1,178	)	$	(1,178	)

See accompanying notes to consolidated financial statements.

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2025

(amounts in 000’s, except number of shares, units)

Portfolio Company	Footnotes (1)(2)	Investment (3)						Reference(4)	Maturity Date	Principal / Par		Amortized Cost(5)		Fair Value
Debt and Equity Investments
Aerospace & defense
Aviation Concepts, LLC		First lien senior secured loan	9.24	%	5.50	%	-	SOFR(M)	12/17/2030	$	16,420	$	15,919	$	16,420	1.5	%
		First lien senior secured delayed draw loan	9.24	%	5.50	%	-	SOFR(M)	12/17/2030		-		-		-	0.0	%
		First lien senior secured revolving loan	9.24	%	5.50	%	-	SOFR(M)	12/17/2030		-		-		-	0.0	%
Fastener Distribution Holdings, LLC		First lien senior secured loan	8.42	%	4.75	%	-	SOFR(Q)	11/4/2031		19,866		19,724		20,065	1.8	%
		First lien senior secured delayed draw loan	8.42	%	4.75	%	-	SOFR(Q)	11/4/2031		2,885		2,855		2,913	0.3	%
TransDigm Inc	(7)	First lien senior secured loan	6.22	%	2.50	%	-	SOFR(M)	2/28/2031		6,924		6,953		6,948	0.6	%
Vitesse Systems Parent, LLC		First lien senior secured loan	10.93	%	7.26	%	-	SOFR(M)	12/22/2028		30,584		30,075		30,431	2.7	%
		First lien senior secured revolving loan	10.96	%	7.26	%	-	SOFR(Q)	12/22/2028		6,239		6,128		6,208	0.6	%
											82,918		81,654		82,985	7.5	%
Automobile components
Clarios Global LP	(7)(8)	First lien senior secured loan	6.22	%	2.50	%	-	SOFR(M)	5/6/2030		4,985		5,002		4,985	0.4	%
Speedstar Holding LLC		First lien senior secured loan	9.84	%	6.00	%	-	SOFR(M)	7/22/2027		6,039		6,000		5,948	0.5	%
		First lien senior secured delayed draw loan	9.84	%	6.00	%	-	SOFR(M)	7/22/2027		659		654		650	0.1	%
WAM CR Acquisition, Inc. (Wolverine)		First lien senior secured loan	10.09	%	6.25	%	-	SOFR(Q)	7/23/2029		26,561		26,151		26,826	2.4	%
											38,244		37,807		38,409	3.4	%
Biotechnology
Alcami Corporation		First lien senior secured delayed draw loan	10.83	%	7.10	%	-	SOFR(M)	12/21/2028		838		838		838	0.1	%
		First lien senior secured revolving loan	10.83	%	7.10	%	-	SOFR(M)	12/21/2028		332		305		332	0.0	%
		First lien senior secured loan	10.97	%	7.15	%	-	SOFR(Q)	12/21/2028		11,383		11,161		11,383	1.0	%
											12,553		12,304		12,553	1.1	%
Building products
Ruff Roofers Buyer, LLC		First lien senior secured loan	8.84	%	5.00	%	-	SOFR(Q)	11/19/2029		7,043		6,778		6,972	0.6	%
		First lien senior secured loan	8.67	%	5.00	%	-	SOFR(Q)	11/19/2029		2,640		2,611		2,613	0.2	%
		First lien senior secured revolving loan	8.84	%	5.00	%	-	SOFR(Q)	11/19/2029		-		-		-	0.0	%
		First lien senior secured delayed draw loan	8.84	%	5.00	%	-	SOFR(Q)	11/19/2029		-		-		-	0.0	%
		First lien senior secured delayed draw loan	8.84	%	5.00	%	-	SOFR(Q)	11/19/2029		5,264		5,234		5,211	0.5	%
		First lien senior secured delayed draw loan	8.67	%	5.00	%	-	SOFR(Q)	11/19/2029		2,642		2,642		2,615	0.2	%
US Masonry & Building Products Co. (f/k/a US Anchors Group, Inc.)		First lien senior secured loan	8.67	%	5.00	%	-	SOFR(Q)	7/15/2029		17,021		16,741		17,021	1.5	%
		First lien senior secured revolving loan	8.73	%	5.00	%	-	SOFR(M)	7/15/2029		370		321		370	0.1	%
											34,980		34,327		34,802	3.1	%
Chemicals
Fralock Buyer LLC		First lien senior secured loan	9.67	%	6.00	%	-	SOFR(Q)	9/30/2026		12,913		12,798		12,881	1.2	%
		First lien senior secured loan	9.67	%	6.00	%	-	SOFR(Q)	9/30/2026		4,443		4,426		4,432	0.4	%
		First lien senior secured revolving loan	9.67	%	6.00	%	-	SOFR(Q)	9/30/2026		3,338		3,336		3,330	0.3	%
Gage CR Acquisition, LLC		First lien senior secured loan	8.92	%	5.25	%	-	SOFR(Q)	10/1/2030		27,048		26,570		27,048	2.4	%
		First lien senior secured revolving loan	8.92	%	5.25	%	-	SOFR(Q)	10/1/2030		-		-		-	0.0	%
TL Atlas Merger Sub Corp. (Zep)		First lien senior secured loan	8.67	%	5.00	%	-	SOFR(Q)	6/30/2031		33,605		33,252		34,025	3.1	%
		First lien senior secured revolving loan	8.67	%	5.00	%	-	SOFR(Q)	6/30/2031		-		-		-	0.0	%
											81,347		80,382		81,716	7.4	%
Commercial services & supplies

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2025

(amounts in 000’s, except number of shares, units)

Portfolio Company	Footnotes (1)(2)	Investment (3)								Reference(4)	Maturity Date
Advanced Environmental Monitoring Intermediate, Inc.	(9)	First lien senior secured loan	10.24	%		6.40	%	-		SOFR(Q)	12/31/2028	3,651	3,610	3,651	0.3	%
		First lien senior secured loan	10.24	%		6.40	%	-		SOFR(Q)	12/31/2028	12,559	12,386	12,559	1.1	%
		First lien senior secured loan	10.09	%		6.40	%	-		SOFR(Q)	12/31/2028	7,372	7,340	7,372	0.7	%
		First lien senior secured loan	10.09	%		6.40	%	-		SOFR(Q)	12/31/2028	2,787	2,725	2,787	0.3	%
AeriTek Global Holdings LLC		First lien senior secured loan	10.32	%		6.50	%	-		SOFR(Q)	8/27/2030	10,027	9,886	10,027	0.9	%
		First lien senior secured revolving loan	10.32	%		6.50	%	-		SOFR(Q)	8/27/2030	415	400	415	0.0	%
Allentown, LLC		First lien senior secured loan	10.97	%		6.15	%	1.00	%	SOFR(Q)	4/22/2027	7,580	7,518	7,371	0.7	%
		First lien senior secured delayed draw loan	10.97	%		6.15	%	1.00	%	SOFR(Q)	4/22/2027	1,369	1,356	1,332	0.1	%
		First lien senior secured revolving loan	12.75	%		5.00	%	1.00	%	PRIME	4/22/2027	104	98	101	0.0	%
American Equipment Holdings LLC		First lien senior secured loan	10.19	%		6.00	%	-		SOFR(S)	5/5/2028	13,056	12,813	13,056	1.2	%
		First lien senior secured loan	10.19	%		6.00	%	-		SOFR(S)	5/5/2028	1,398	1,393	1,398	0.1	%
		First lien senior secured loan	10.06	%		6.00	%	-		SOFR(S)	5/5/2028	1,679	1,662	1,679	0.1	%
		First lien senior secured loan	10.20	%		6.00	%	-		SOFR(S)	5/5/2028	456	456	456	0.0	%
		First lien senior secured loan	10.04	%		6.00	%	-		SOFR(S)	5/5/2028	520	514	520	0.0	%
		First lien senior secured loan	10.01	%		6.00	%	-		SOFR(S)	5/5/2028	2,135	2,115	2,135	0.2	%
		First lien senior secured delayed draw loan	10.19	%		6.00	%	-		SOFR(S)	5/5/2028	5,035	5,014	5,035	0.5	%
		First lien senior secured delayed draw loan	10.06	%		6.00	%	-		SOFR(S)	5/5/2028	4,010	3,917	4,010	0.4	%
		First lien senior secured revolving loan	10.19	%		6.00	%	-		SOFR(S)	5/5/2028	-	-	-	0.0	%
Arborworks Acquisition, LLC	(10)(11)	First lien senior secured loan	-		-	-		-		-	11/6/2028	4,688	4,688	4,688	0.4	%
		First lien senior secured revolving loan	-		-	-		-		-	11/6/2028	2,139	2,139	2,139	0.2	%
Bloomington Holdco, LLC (BW Fusion)		First lien senior secured loan	9.90	%		6.00	%	-		SOFR(Q)	5/1/2030	21,035	20,659	21,035	1.9	%
		First lien senior secured revolving loan	9.67	%		6.00	%	-		SOFR(Q)	5/1/2030	3,612	3,442	3,612	0.3	%
BLP Buyer, Inc. (Bishop Lifting Products)		First lien senior secured loan	9.97	%		6.25	%	-		SOFR(M)	12/22/2029	25,708	25,360	25,708	2.3	%
		First lien senior secured loan	9.97	%		6.25	%	-		SOFR(M)	12/22/2029	1,208	1,189	1,208	0.1	%
		First lien senior secured loan	10.29	%		6.25	%	-		SOFR(S)	12/22/2029	506	499	506	0.0	%
		First lien senior secured loan	9.97	%		6.25	%	-		SOFR(M)	12/22/2029	563	555	563	0.1	%
		First lien senior secured delayed draw loan	9.97	%		6.25	%	-		SOFR(M)	12/22/2029	3,146	3,102	3,146	0.3	%
		First lien senior secured revolving loan	9.97	%		6.25	%	-		SOFR(M)	12/22/2029	2,773	2,721	2,773	0.2	%
Connect America.Com, LLC	(9)	First lien senior secured loan	9.42	%		5.75	%	-		SOFR(Q)	10/11/2029	25,509	25,203	24,999	2.2	%
Diverzify Intermediate LLC		First lien senior secured delayed draw loan	9.74	%		6.01	%	-		SOFR(M)	4/4/2026	-	-	-	0.0	%
		First lien senior secured loan	9.74	%		6.01	%	-		SOFR(Q)	5/11/2027	5,972	5,909	5,823	0.5	%
Gusmer Enterprises, Inc.		First lien senior secured loan	9.33	%		5.61	%	-		SOFR(M)	5/7/2027	2,721	2,705	2,721	0.2	%
		First lien senior secured delayed draw loan	9.33	%		5.61	%	-		SOFR(M)	5/7/2027	3,750	3,729	3,750	0.3	%
		First lien senior secured delayed draw loan	9.33	%		5.61	%	-		SOFR(M)	5/7/2027	990	985	990	0.1	%
		First lien senior secured revolving loan	9.39	%		5.61	%	-		SOFR(M)	5/7/2027	735	716	735	0.1	%
Superior Intermediate LLC (Landmark Structures)		First lien senior secured loan	9.22	%		5.50	%	-		SOFR(M)	12/18/2029	17,223	16,834	17,395	1.6	%
		First lien senior secured delayed draw loan	9.22	%		5.50	%	-		SOFR(M)	12/18/2029	-	-	-	0.0	%
		First lien senior secured revolving loan	9.22	%		5.50	%	-		SOFR(M)	12/18/2029	-	-	-	0.0	%
PMFC Holding, LLC		First lien senior secured loan	11.84	%		8.15	%	-		SOFR(Q)	7/31/2026	5,445	5,423	5,445	0.5	%
		First lien senior secured delayed draw loan	11.99	%		8.15	%	-		SOFR(Q)	7/31/2026	2,731	2,730	2,731	0.2	%

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2025

(amounts in 000’s, except number of shares, units)

Portfolio Company	Footnotes (1)(2)	Investment (3)						Reference(4)	Maturity Date
		First lien senior secured revolving loan	11.99	%	8.15	%	-	SOFR(Q)	7/31/2026	34	34	34	0.0	%
Regiment Security Partners LLC	(12)	First lien senior secured loan	13.84	%	10.15	%	-	SOFR(Q)	9/15/2026	6,360	6,325	5,381	0.5	%
		First lien senior secured loan	15.50	%	8.75	%	-	PRIME	9/15/2026	3,305	3,305	2,796	0.3	%
		First lien senior secured delayed draw loan	13.84	%	10.15	%	-	SOFR(Q)	9/15/2026	2,602	2,590	2,201	0.2	%
		First lien senior secured revolving loan	13.84	%	10.15	%	-	SOFR(Q)	9/15/2026	780	774	660	0.1	%
Tempo Acquisition, LLC	(7)	First lien senior secured loan	5.47	%	1.75	%	-	SOFR(M)	8/31/2028	8,103	8,124	7,774	0.7	%
Tapco Buyer LLC		First lien senior secured loan	8.22	%	4.50	%	-	SOFR(M)	11/15/2030	10,471	10,340	10,576	1.0	%
		First lien senior secured loan	8.23	%	4.50	%	-	SOFR(M)	11/15/2030	2,921	2,887	2,950	0.3	%
		First lien senior secured delayed draw loan	8.23	%	4.50	%	-	SOFR(M)	11/15/2030	7,221	7,050	7,293	0.7	%
		First lien senior secured revolving loan	8.22	%	4.50	%	-	SOFR(M)	11/15/2030	-	-	-	0.0	%
										246,404	243,220	243,536	21.9	%
Containers & packaging
Carton Packaging Buyer, Inc. (Century Box)		First lien senior secured loan	10.09	%	6.25	%	-	SOFR(Q)	10/30/2028	23,776	23,400	23,538	2.1	%
		First lien senior secured loan	9.99	%	6.25	%	-	SOFR(S)	10/30/2028	11,905	11,692	11,786	1.0	%
		First lien senior secured revolving loan	9.98	%	6.25	%	-	SOFR(M)	10/30/2028	854	814	846	0.1	%
Drew Foam Companies Inc.		First lien senior secured loan	9.82	%	6.15	%	-	SOFR(Q)	12/5/2026	6,904	6,836	6,904	0.6	%
		First lien senior secured loan	10.02	%	6.15	%	-	SOFR(Q)	12/5/2026	19,625	19,549	19,625	1.8	%
FCA, LLC		First lien senior secured loan	9.21	%	5.00	%	-	SOFR(S)	7/18/2028	18,673	18,537	18,673	1.7	%
		First lien senior secured loan	9.47	%	5.75	%	-	SOFR(M)	7/18/2028	740	731	748	0.1	%
M2S Group Intermediate Holdings, Inc.		First lien senior secured loan	8.59	%	4.75	%	-	SOFR(M)	8/25/2031	37,471	35,215	36,534	3.3	%
Monza Purchaser, LLC (Smyth)		First lien senior secured loan	9.17	%	5.50	%	-	SOFR(Q)	2/28/2030	26,360	25,917	26,360	2.4	%
		First lien senior secured revolving loan	9.17	%	5.50	%	-	SOFR(Q)	2/28/2030	1,234	1,095	1,234	0.1	%
		First lien senior secured delayed draw loan	9.35	%	5.50	%	-	SOFR(Q)	2/28/2030	5,271	5,178	5,271	0.5	%
The Robinette Company		First lien senior secured loan	9.84	%	6.00	%	-	SOFR(Q)	5/10/2029	10,123	9,976	10,225	0.9	%
		First lien senior secured revolving loan	9.84	%	6.00	%	-	SOFR(Q)	5/10/2029	2,414	2,355	2,438	0.2	%
		First lien senior secured delayed draw loan	9.84	%	6.00	%	-	SOFR(Q)	5/10/2029	-	-	-	0.0	%
WCHG Buyer, Inc. (Handgards)		First lien senior secured loan	8.47	%	4.75	%	-	SOFR(M)	4/10/2031	37,363	37,007	37,363	3.4	%
										202,713	198,302	201,545	18.2	%
Diversified consumer services
BCDI Meteor Acquisition, LLC		First lien senior secured loan	10.77	%	7.10	%	-	SOFR(Q)	6/29/2028	15,722	15,523	15,722	1.4	%
		First lien senior secured loan	10.77	%	7.10	%	-	SOFR(Q)	6/29/2028	2,167	2,136	2,167	0.2	%
										17,889	17,659	17,889	1.6	%
Diversified telecommunication services
Network Connex (f/k/a NTI Connect, LLC)		First lien senior secured loan	8.57	%	4.90	%	-	SOFR(Q)	7/31/2027	3,552	3,542	3,552	0.3	%
Financial services
SGCP Intermediate, Inc. (SG Credit)	(13)(14)	First lien senior secured loan	11.00	%	11.00	%	-	FIXED	7/15/2030	80,000	78,557	80,000	7.2	%
		First lien senior secured loan	11.00	%	11.00	%	-	FIXED	7/15/2030	13,000	12,547	13,000	1.2	%
										93,000	91,104	93,000	8.4	%
Food products
BC CS 2, L.P. (Cuisine Solutions, Inc.)	(8)(14)		10.31	%	6.10	%	-	SOFR(S)	7/8/2028	14,793	14,604	14,793	1.3	%
BR PJK Produce, LLC (Keany)		First lien senior secured loan	10.39	%	6.40	%	-	SOFR(Q)	12/14/2027	29,042	28,733	29,042	2.6	%
		First lien senior secured loan	10.39	%	6.40	%	-	SOFR(Q)	12/14/2027	4,295	4,237	4,295	0.4	%
		First lien senior secured delayed draw loan	10.38	%	6.40	%	-	SOFR(Q)	12/14/2027	4,321	4,253	4,321	0.4	%
		First lien senior secured delayed draw loan	10.39	%	6.40	%	-	SOFR(Q)	12/14/2027	1,404	1,389	1,404	0.1	%
CCFF Buyer, LLC (California Custom Fruits & Flavors, LLC)		First lien senior secured loan	9.08	%	5.00	%	-	SOFR(S)	2/26/2030	13,757	13,500	13,894	1.3	%

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2025

(amounts in 000’s, except number of shares, units)

Portfolio Company	Footnotes (1)(2)	Investment (3)							Reference(4)	Maturity Date
		First lien senior secured delayed draw loan	9.06	%	5.00	%	-		SOFR(S)	2/26/2030	8,375	8,264	8,459	0.8	%
		First lien senior secured revolving loan	9.08	%	5.00	%	-		SOFR(S)	2/26/2030	-	-	-	0.0	%
City Line Distributors LLC		First lien senior secured loan	10.10	%	6.26	%	-		SOFR(Q)	8/31/2028	8,717	8,586	8,717	0.8	%
		First lien senior secured delayed draw loan	10.13	%	6.26	%	-		SOFR(Q)	8/31/2028	3,572	3,537	3,572	0.3	%
		First lien senior secured revolving loan	10.10	%	6.26	%	-		SOFR(Q)	8/31/2028	-	-	-	0.0	%
Gulf Pacific Acquisition, LLC		First lien senior secured loan	10.82	%	7.10	%	-		SOFR(M)	9/29/2028	19,771	19,523	19,771	1.8	%
		First lien senior secured delayed draw loan	10.83	%	7.10	%	-		SOFR(M)	9/29/2028	1,667	1,664	1,667	0.2	%
		First lien senior secured revolving loan	10.82	%	7.10	%	-		SOFR(M)	9/29/2028	2,697	2,635	2,697	0.2	%
IF&P Foods, LLC (FreshEdge)		First lien senior secured loan	9.40	%	5.73	%	-		SOFR(Q)	10/3/2028	26,694	26,345	26,427	2.4	%
		First lien senior secured loan	9.77	%	6.10	%	-		SOFR(Q)	10/3/2028	212	208	211	0.0	%
		First lien senior secured loan	9.02	%	5.35	%	-		SOFR(Q)	10/3/2028	704	683	690	0.1	%
		First lien senior secured delayed draw loan	9.40	%	5.73	%	-		SOFR(Q)	10/3/2028	3,964	3,917	3,924	0.4	%
		First lien senior secured revolving loan	9.40	%	5.73	%	-		SOFR(Q)	10/3/2028	3,490	3,450	3,455	0.3	%
J&K Ingredients, LLC		First lien senior secured loan	8.67	%	5.00	%	-		SOFR(Q)	11/16/2028	24,313	23,915	24,252	2.2	%
		First lien senior secured loan	8.67	%	5.00	%	-		SOFR(Q)	11/16/2028	7,888	7,811	7,868	0.7	%
		First lien senior secured loan	8.67	%	5.00	%	-		SOFR(Q)	11/16/2028	-	-	-	0.0	%
ML Buyer, LLC (Mama Lycha Foods, LLC)		First lien senior secured loan	9.49	%	5.75	%	-		SOFR(Q)	9/7/2029	11,439	11,260	11,553	1.0	%
		First lien senior secured revolving loan	9.49	%	5.75	%	-		SOFR(Q)	9/7/2029	798	739	806	0.1	%
Siegel Egg Co., LLC	(10)(11)	First lien senior secured loan	-		-		-		-	12/29/2026	14,727	14,620	8,615	0.8	%
		First lien senior secured loan	-		-		-		-	12/29/2026	382	375	382	0.0	%
		First lien senior secured loan	-		-		-		-	12/29/2026	912	894	912	0.1	%
		First lien senior secured revolving loan	-		-		-		-	12/29/2026	3,179	3,157	1,860	0.2	%
Texas Coffee Holdco LLC		First lien senior secured delayed draw loan	11.49	%	7.65	%	-		SOFR(Q)	10/31/2030	15,000	14,451	15,000	1.3	%
		First lien senior secured delayed draw loan	11.49	%	7.65	%	-		SOFR(Q)	10/31/2030	-	-	-	0.0	%
Worldwide Produce Acquisition, LLC		First lien senior secured delayed draw loan	11.59	%	2.50	%	5.25	%	SOFR(Q)	1/18/2029	571	561	553	0.0	%
		First lien senior secured delayed draw loan	11.59	%	2.50	%	5.25	%	SOFR(Q)	1/18/2029	474	455	459	0.0	%
		First lien senior secured delayed draw loan	11.59	%	2.50	%	5.25	%	SOFR(Q)	1/18/2029	-	-	-	0.0	%
		First lien senior secured revolving loan	10.61	%	6.75	%	-		SOFR(Q)	1/18/2029	64	64	62	0.0	%
		First lien senior secured loan	11.59	%	2.50	%	5.25	%	SOFR(Q)	1/18/2029	2,913	2,864	2,819	0.3	%
											230,135	226,694	222,480	20.1	%
Health care equipment & supplies
ECS Opco 1, LLC (Spectrum Vascular)		First lien senior secured loan	8.42	%	4.75	%	-		SOFR(Q)	3/26/2031	5,861	5,775	5,670	0.5	%
		First lien senior secured delayed draw loan	8.42	%	4.75	%	-		SOFR(Q)	3/26/2031	-	-	-	0.0	%
		First lien senior secured revolving loan	8.42	%	4.75	%	-		SOFR(Q)	3/26/2031	-	-	-	0.0	%
LSL Industries, LLC		First lien senior secured loan	10.67	%	6.76	%	-		SOFR(Q)	11/3/2027	17,897	17,531	17,763	1.6	%
		First lien senior secured delayed draw loan	10.67	%	6.76	%	-		SOFR(Q)	11/3/2027	-	-	-	0.0	%
		First lien senior secured revolving loan	10.67	%	6.76	%	-		SOFR(Q)	11/3/2027	-	-	-	0.0	%
											23,758	23,306	23,433	2.1	%
Health care providers & services

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2025

(amounts in 000’s, except number of shares, units)

Portfolio Company	Investment (3)						Reference(4)	Maturity Date
Aegis Toxicology Sciences Corporation	First lien senior secured loan	9.69	%	6.00	%	-	SOFR(Q)	6/20/2030	27,360	26,755	27,360	2.5	%
	First lien senior secured revolving loan	9.69	%	6.00	%	-	SOFR(Q)	6/20/2030	-	-	-	0.0	%
Brightview, LLC	First lien senior secured loan	9.58	%	5.86	%	-	SOFR(M)	12/14/2026	12,607	12,602	12,607	1.1	%
	First lien senior secured delayed draw loan	9.58	%	5.86	%	-	SOFR(M)	12/14/2026	1,684	1,683	1,684	0.2	%
	First lien senior secured revolving loan	9.58	%	5.86	%	-	SOFR(M)	12/14/2026	620	618	620	0.1	%
Guardian Dentistry Practice Management, LLC	First lien senior secured loan	9.33	%	5.61	%	-	SOFR(M)	8/20/2027	5,853	5,799	5,853	0.5	%
	First lien senior secured delayed draw loan	9.33	%	5.61	%	-	SOFR(M)	8/20/2027	11,472	11,371	11,472	1.0	%
	First lien senior secured delayed draw loan	9.33	%	5.61	%	-	SOFR(M)	8/20/2027	4,475	4,462	4,475	0.4	%
	First lien senior secured revolving loan	11.25	%	4.50	%	-	Prime	8/20/2027	155	155	155	0.0	%
Guided Practice Solutions: Dental, LLC (GPS)	First lien senior secured delayed draw loan	10.08	%	6.36	%	-	SOFR(M)	11/24/2026	16,486	16,345	16,486	1.5	%
	First lien senior secured delayed draw loan	10.08	%	6.36	%	-	SOFR(M)	11/24/2026	3,940	3,940	3,940	0.4	%
	First lien senior secured delayed draw loan	10.08	%	6.36	%	-	SOFR(M)	11/24/2026	9,637	9,609	9,637	0.9	%
Integrated Dermatology LLC	First lien senior secured delayed draw loan	10.35	%	6.50	%	-	SOFR(Q)	8/1/2030	25,425	24,907	25,552	2.3	%
	First lien senior secured revolving loan	10.35	%	6.50	%	-	SOFR(Q)	8/1/2030	-	-	-	0.0	%
	First lien senior secured delayed draw loan	10.36	%	6.50	%	-	SOFR(Q)	8/1/2030	938	835	942	0.1	%
Light Wave Dental Management, LLC	First lien senior secured revolving loan	9.19	%	5.50	%	-	SOFR(Q)	6/30/2029	3,837	3,751	3,837	0.3	%
	First lien senior secured loan	9.19	%	5.50	%	-	SOFR(Q)	6/30/2029	21,972	21,560	21,972	2.0	%
	First lien senior secured loan	9.19	%	5.50	%	-	SOFR(Q)	6/30/2029	2,727	2,680	2,727	0.2	%
	First lien senior secured loan	9.19	%	5.50	%	-	SOFR(Q)	6/30/2029	489	478	489	0.0	%
	First lien senior secured loan	9.19	%	5.50	%	-	SOFR(Q)	6/30/2029	2,265	2,234	2,265	0.2	%
MVP VIP Borrower, LLC	First lien senior secured loan	10.17	%	6.50	%	-	SOFR(Q)	1/3/2029	19,283	18,966	19,283	1.7	%
	First lien senior secured delayed draw loan	10.17	%	6.50	%	-	SOFR(Q)	1/3/2029	1,555	1,530	1,555	0.1	%
NMA Holdings, LLC (Neuromonitoring Associates)	First lien senior secured loan	8.70	%	5.00	%	-	SOFR(Q)	12/18/2030	16,261	15,974	16,423	1.5	%
	First lien senior secured revolving loan	8.70	%	5.00	%	-	SOFR(Q)	12/18/2030	-	-	-	0.0	%
	First lien senior secured delayed draw loan	8.70	%	5.00	%	-	SOFR(Q)	12/18/2030	769	732	777	0.1	%
Redwood MSO, LLC (Smile Partners)	First lien senior secured loan	9.17	%	5.50	%	-	SOFR(Q)	12/20/2029	11,103	10,920	11,103	1.0	%
	First lien senior secured delayed draw loan	9.17	%	5.50	%	-	SOFR(Q)	12/20/2029	1,216	1,190	1,216	0.1	%
	First lien senior secured revolving loan	11.25	%	4.50	%	-	PRIME	12/20/2029	283	267	283	0.0	%
Refocus Management Services, LLC	First lien senior secured loan	9.27	%	5.60	%	-	SOFR(Q)	2/14/2029	18,037	17,656	18,037	1.6	%
	First lien senior secured delayed draw loan	9.44	%	5.60	%	-	SOFR(Q)	2/14/2029	7,091	6,933	7,091	0.6	%
	First lien senior secured delayed draw loan	9.27	%	5.60	%	-	SOFR(Q)	2/14/2029	3,527	3,527	3,527	0.3	%
	First lien senior secured revolving loan	9.44	%	5.60	%	-	SOFR(Q)	2/14/2029	496	464	496	0.1	%
Salt Dental Collective LLC	First lien senior secured delayed draw loan	10.57	%	6.85	%	-	SOFR(M)	2/15/2028	3,940	3,940	3,940	0.4	%
									235,503	231,883	235,804	21.2	%
Household durables
Curio Brands, LLC	First lien senior secured loan	8.92	%	5.25	%	-	SOFR(Q)	4/2/2031	10,333	10,227	10,540	0.9	%

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2025

(amounts in 000’s, except number of shares, units)

Portfolio Company	Footnotes (1)(2)	Investment (3)							Reference(4)	Maturity Date
		First lien senior secured revolving loan	8.92	%	5.25	%	-		SOFR(Q)	4/2/2031	-	-	-	0.0	%
		First lien senior secured delayed draw loan	8.92	%	5.25	%	-		SOFR(Q)	4/2/2031	-	-	-	0.0	%
Del-Air Heating, Air Conditioning & Refrigeration, LLC		First lien senior secured loan	9.37	%	5.50	%	-		SOFR(Q)	2/4/2031	5,259	5,190	5,259	0.5	%
		First lien senior secured revolving loan	9.36	%	5.50	%	-		SOFR(Q)	2/4/2031	1,078	1,048	1,078	0.1	%
		First lien senior secured delayed draw loan	9.32	%	5.50	%	-		SOFR(Q)	2/4/2031	3,362	3,306	3,362	0.3	%
											20,032	19,771	20,239	1.8	%
Household products
CREO Group Inc. (HMS Manufacturing)		First lien senior secured loan	10.35	%	6.51	%	-		SOFR(Q)	9/24/2029	33,794	33,211	32,949	3.0	%
		First lien senior secured revolving loan	10.18	%	6.51	%	-		SOFR(Q)	9/24/2029	4,908	4,810	4,785	0.4	%
Home Brands Group Holdings, Inc. (ReBath)		First lien senior secured loan	8.72	%	5.00	%	-		SOFR(M)	1/8/2028	15,141	15,019	15,141	1.4	%
		First lien senior secured revolving loan	8.72	%	5.00	%	-		SOFR(M)	1/8/2028	—	—	—	0.0	%
											53,843	53,040	52,875	4.8	%
Insurance
Allcat Claims Service, LLC		First lien senior secured loan	8.57	%	4.85	%	-		SOFR(M)	7/7/2027	971	964	971	0.1	%
		First lien senior secured delayed draw loan	8.57	%	4.85	%	-		SOFR(M)	7/7/2027	21,169	20,850	21,169	1.9	%
		First lien senior secured delayed draw loan	8.57	%	4.85	%	-		SOFR(M)	7/7/2027	—	—	—	0.0	%
		First lien senior secured revolving loan	8.57	%	4.85	%	-		SOFR(M)	7/7/2027	—	—	—	0.0	%
											22,140	21,814	22,140	2.0	%
IT services
Improving Acquisition LLC		First lien senior secured loan	10.32	%	6.65	%	-		SOFR(Q)	7/26/2027	34,538	34,264	34,538	3.1	%
		First lien senior secured revolving loan	10.59	%	6.65	%	-		SOFR(M)	7/26/2027	167	156	167	0.0	%
											34,705	34,420	34,705	3.1	%
Leisure products
MacNeill Pride Group Corp.		First lien senior secured loan	10.18	%	6.51	%	-		SOFR(Q)	4/22/2026	7,824	7,816	7,824	0.7	%
		First lien senior secured delayed draw loan	10.18	%	6.51	%	-		SOFR(Q)	4/22/2026	1,465	1,463	1,465	0.1	%
		First lien senior secured delayed draw loan	10.18	%	6.51	%	-		SOFR(Q)	4/22/2026	1,639	1,631	1,639	0.2	%
		First lien senior secured revolving loan	10.18	%	6.51	%	-		SOFR(Q)	4/22/2026	-	-	-	0.0	%
Olibre Borrower LLC (Revelyst)		First lien senior secured loan	9.42	%	5.75	%	-		SOFR(Q)	1/3/2030	33,586	33,021	33,670	3.0	%
TG Parent Newco LLC (Trademark Global LLC)	(10)(11)(13)	First lien senior secured loan	-		-		-		-	6/30/2027	12,623	12,555	7,100	0.6	%
		First lien senior secured revolving loan	-		-		-		-	6/30/2027	2,815	2,800	1,583	0.2	%
VENUplus, Inc. (f/k/a CTM Group, Inc.)		First lien senior secured loan	11.32	%	6.85	%	0.75	%	SOFR(M)	11/30/2026	4,446	4,410	4,424	0.4	%
											64,398	63,696	57,705	5.2	%
Machinery
MRC Keystone Acquisition LLC (Automated Handing Solutions)		First lien senior secured loan	10.17	%	6.50	%	-		SOFR(Q)	12/18/2029	13,876	13,583	13,391	1.2	%
		First lien senior secured revolving loan	10.17	%	6.50	%	-		SOFR(Q)	12/18/2029	-	-	-	0.0	%
CMT Intermediate Holdings, LLC (Capital Machine Technologies)		First lien senior secured loan	9.22	%	5.50	%	-		SOFR(M)	3/29/2030	16,197	15,838	16,359	1.5	%
		First lien senior secured revolving loan	9.22	%	5.50	%	-		SOFR(M)	3/29/2030	-	-	-	0.0	%
LEM Buyer, Inc. (CFS Technologies Intermediate, Inc.)		First lien senior secured loan	9.62	%	5.75	%	-		SOFR(Q)	4/24/2031	11,150	10,997	11,150	1.0	%
		First lien senior secured loan	9.59	%	5.75	%	-		SOFR(Q)	4/24/2031	15,502	15,282	15,502	1.4	%

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2025

(amounts in 000’s, except number of shares, units)

Portfolio Company	Footnotes (1)(2)	Investment (3)							Reference(4)	Maturity Date
		First lien senior secured delayed draw loan	9.59	%	5.75	%	-		SOFR(Q)	4/24/2031	4,899	4,807	4,899	0.5	%
		First lien senior secured revolving loan	9.59	%	5.75	%	-		SOFR(Q)	4/24/2031	-	-	-	0.0	%
Eppinger Technologies, LLC	(8)	First lien senior secured loan	12.32	%	7.90	%	0.75	%	SOFR(Q)	2/4/2026	24,847	24,810	24,847	2.2	%
		First lien senior secured revolving loan	11.52	%	6.90	%	0.75	%	SOFR(Q)	2/4/2026	1,884	1,880	1,884	0.2	%
Luxium Solutions, LLC		First lien senior secured loan	8.92	%	5.25	%	-		SOFR(Q)	12/1/2027	3,776	3,742	3,776	0.3	%
		First lien senior secured loan	8.92	%	5.25	%	-		SOFR(Q)	12/1/2027	4,650	4,608	4,650	0.4	%
		First lien senior secured delayed draw loan	8.92	%	5.25	%	-		SOFR(Q)	12/1/2027	1,221	1,215	1,221	0.1	%
PVI Holdings, Inc (Vytl Controls Group Inc)		First lien senior secured loan	8.92	%	4.94	%	-		SOFR(Q)	1/18/2028	23,411	23,250	23,411	2.1	%
RMH Systems, LLC		First lien senior secured loan	8.90	%	5.00	%	-		SOFR(Q)	2/4/2030	10,185	10,013	9,930	0.9	%
		First lien senior secured delayed draw loan	8.84	%	5.00	%	-		SOFR(Q)	2/4/2030	2,697	2,553	2,630	0.2	%
		First lien senior secured revolving loan	8.90	%	5.00	%	-		SOFR(Q)	2/4/2030	-	-	-	0.0	%
United Titanium, LLC		First lien senior secured loan	8.42	%	4.75	%	-		SOFR(M)	8/29/2031	18,412	18,146	18,596	1.7	%
		First lien senior secured revolving loan	8.42	%	4.75	%	-		SOFR(M)	8/29/2031	-	-	-	0.0	%
											152,707	150,724	152,246	13.7	%
Personal care products
DRS Holdings III, Inc. (Dr. Scholl's)		First lien senior secured loan	8.97	%	5.25	%	-		SOFR(M)	11/1/2028	10,039	9,984	10,039	0.9	%
		First lien senior secured revolving loan	8.97	%	5.25	%	-		SOFR(M)	11/1/2028	-	-	-	0.0	%
PH Beauty Holdings III, Inc.		First lien senior secured loan	8.78	%	5.00	%	-		SOFR(S)	9/28/2027	13,920	13,699	13,920	1.3	%
											23,959	23,683	23,959	2.2	%
Pharmaceuticals
Foundation Consumer Brands, LLC		First lien senior secured loan	9.09	%	5.15	%	-		SOFR(Q)	2/12/2029	6,103	6,055	6,103	0.6	%
		First lien senior secured revolving loan	9.09	%	5.15	%	-		SOFR(Q)	2/12/2029	-	-	-	0.0	%
											6,103	6,055	6,103	0.6	%
Professional services
4 Over International, LLC	(15)	First lien senior secured loan	10.82	%	7.10	%	-		SOFR(M)	12/7/2026	18,772	18,511	18,209	1.7	%
CI (MG) Group, LLC (Mariani Premier Group)		First lien senior secured loan	9.17	%	5.50	%	-		SOFR(Q)	3/27/2030	21,188	20,910	21,400	1.9	%
		First lien senior secured delayed draw loan	9.17	%	5.50	%	-		SOFR(Q)	3/27/2030	4,407	4,316	4,451	0.4	%
		First lien senior secured delayed draw loan	9.17	%	5.50	%	-		SOFR(Q)	3/27/2030	922	910	931	0.1	%
		First lien senior secured revolving loan	9.17	%	5.50	%	-		SOFR(Q)	3/27/2030	1,537	1,503	1,552	0.1	%
DISA Holdings Corp.		First lien senior secured delayed draw loan	8.99	%	5.00	%	-		SOFR(Q)	9/9/2028	8,236	8,126	8,236	0.7	%
		First lien senior secured delayed draw loan	8.99	%	5.00	%	-		SOFR(Q)	9/9/2028	1,051	1,050	1,051	0.1	%
		First lien senior secured revolving loan	8.99	%	5.00	%	-		SOFR(Q)	9/9/2028	631	601	631	0.1	%
		First lien senior secured loan	8.99	%	5.00	%	-		SOFR(Q)	9/9/2028	1,298	1,285	1,298	0.1	%
		First lien senior secured loan	8.99	%	5.00	%	-		SOFR(Q)	9/9/2028	21,729	21,392	21,729	2.0	%
Envirotech Services, LLC		First lien senior secured loan	9.34	%	5.50	%	-		SOFR(S)	1/18/2029	32,315	31,731	32,441	2.9	%
		First lien senior secured loan	9.33	%	5.50	%	-		SOFR(S)	1/18/2029	121	120	122	0.0	%
		First lien senior secured revolving loan	9.34	%	5.50	%	-		SOFR(S)	1/18/2029	-	-	-	0.0	%
PGI Parent LLC (Prime Electric)		First lien senior secured loan	8.67	%	5.00	%	-		SOFR(Q)	12/31/2031	13,160	13,000	13,160	1.2	%
		First lien senior secured revolving loan	8.67	%	5.00	%	-		SOFR(Q)	12/31/2031	-	-	-	0.0	%
KAMC Holdings, Inc. (Franklin Energy)		First lien senior secured loan	9.10	%	5.25	%	-		SOFR(Q)	8/1/2031	18,792	18,530	18,792	1.7	%

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2025

(amounts in 000’s, except number of shares, units)

Portfolio Company	Footnotes (1)(2)	Investment (3)							Reference(4)	Maturity Date
		First lien senior secured revolving loan	9.07	%	5.25	%	-		SOFR(Q)	8/1/2031	472	447	472	0.0	%
											144,631	142,432	144,475	13.0	%
Specialty retail
Harbor Freight Tools USA Inc	(7)	First lien senior secured loan	5.97	%	2.25	%	-		SOFR(M)	6/11/2031	17,281	17,295	17,096	1.6	%
Sundance Holdings Group, LLC	(10)(11)(16)	First lien senior secured loan	-		-		-		-	6/30/2025	9,246	9,210	239	0.0	%
		First lien senior secured delayed draw loan	-		-		-		-	6/30/2025	628	628	16	0.0	%
		First lien senior secured delayed draw loan	-		-		-		-	6/30/2025	173	152	260	0.0	%
											27,328	27,285	17,611	1.6	%
Textiles, apparel & luxury goods
American Soccer Company, Incorporated (SCORE)		First lien senior secured loan	14.07	%	7.40	%	3.00	%	SOFR(Q)	7/20/2027	28,286	27,712	25,175	2.3	%
		First lien senior secured revolving loan	14.07	%	7.40	%	3.00	%	SOFR(Q)	7/20/2027	4,843	4,751	4,310	0.4	%
BEL USA, LLC	(10)(11)	First lien senior secured loan	-		-		-		-	6/2/2026	5,486	5,423	3,106	0.3	%
		First lien senior secured loan	-		-		-		-	6/2/2026	90	89	51	0.0	%
YS Garments, LLC		First lien senior secured loan	11.48	%	7.60	%	-		SOFR(Q)	8/9/2027	7,065	6,942	6,571	0.6	%
											45,770	44,917	39,213	3.6	%
Distributors (Trading companies & distributors)	(17)
AIDC IntermediateCo 2, LLC (Peak Technologies)		First lien senior secured loan	8.97	%	5.25	%	-		SOFR(M)	7/22/2027	33,950	33,513	33,950	3.0	%
CGI Automated Manufacturing, LLC		First lien senior secured loan	10.83	%	2.61	%	4.50	%	SOFR(M)	12/15/2028	17,386	17,072	17,298	1.6	%
		First lien senior secured loan	10.83	%	2.61	%	4.50	%	SOFR(M)	12/15/2028	3,178	3,127	3,162	0.3	%
		First lien senior secured loan	10.83	%	2.61	%	4.50	%	SOFR(M)	12/15/2028	6,699	6,614	6,665	0.6	%
		First lien senior secured delayed draw loan	10.83	%	2.61	%	4.50	%	SOFR(M)	12/15/2028	3,625	3,524	3,607	0.3	%
		First lien senior secured revolving loan	10.83	%	7.11	%	-		SOFR(M)	12/15/2028	3	-	3	0.0	%
Dusk Acquisition II Corporation (Motors & Armatures, Inc. – MARS)		First lien senior secured loan	9.67	%	6.00	%	-		SOFR(Q)	7/12/2029	7,394	7,147	7,394	0.7	%
		First lien senior secured loan	9.67	%	6.00	%	-		SOFR(Q)	7/12/2029	3,905	3,835	3,905	0.4	%
Engineered Fastener Company, LLC (EFC International)		First lien senior secured loan	10.32	%	6.65	%	-		SOFR(Q)	11/1/2027	23,128	22,871	23,128	2.1	%
Genuine Cable Group, LLC		First lien senior secured loan	9.57	%	5.85	%	-		SOFR(M)	11/1/2026	28,468	28,246	28,397	2.5	%
		First lien senior secured loan	9.57	%	5.85	%	-		SOFR(M)	11/1/2026	5,394	5,348	5,381	0.5	%
I.D. Images Acquisition, LLC		First lien senior secured loan	9.47	%	5.75	%	-		SOFR(M)	7/30/2027	5,591	5,542	5,591	0.5	%
		First lien senior secured loan	9.47	%	5.75	%	-		SOFR(M)	7/30/2027	7,770	7,731	7,770	0.7	%
		First lien senior secured loan	9.47	%	5.75	%	-		SOFR(M)	7/30/2027	4,427	4,394	4,427	0.4	%
		First lien senior secured loan	9.47	%	5.75	%	-		SOFR(M)	7/30/2027	1,021	1,016	1,021	0.1	%
		First lien senior secured delayed draw loan	9.47	%	5.75	%	-		SOFR(M)	7/30/2027	2,433	2,401	2,433	0.2	%
		First lien senior secured revolving loan	9.47	%	5.75	%	-		SOFR(M)	7/30/2027	-	-	-	0.0	%
Krayden Holdings, Inc.		First lien senior secured delayed draw loan	8.42	%	4.75	%	-		SOFR(Q)	3/1/2029	1,772	1,772	1,772	0.2	%
		First lien senior secured delayed draw loan	8.42	%	4.75	%	-		SOFR(Q)	3/1/2029	1,772	1,772	1,772	0.2	%
		First lien senior secured revolving loan	8.48	%	4.75	%	-		SOFR(M)	3/1/2029	608	575	608	0.0	%
		First lien senior secured loan	8.42	%	4.75	%	-		SOFR(Q)	3/1/2029	9,300	9,121	9,300	0.8	%
Lakewood Acquisition Corporation (R&B Wholesale)		First lien senior secured loan	9.37	%	5.50	%	-		SOFR(Q)	1/24/2030	29,473	28,803	29,767	2.7	%
		First lien senior secured revolving loan	9.37	%	5.50	%	-		SOFR(Q)	1/24/2030	-	-	-	0.0	%
OAO Acquisitions, Inc. (BearCom)		First lien senior secured loan	8.74	%	5.00	%	-		SOFR(M)	12/27/2029	20,996	20,764	20,996	1.9	%

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2025

(amounts in 000’s, except number of shares, units)

Portfolio Company	Footnotes (1)(2)	Investment (3)							Reference(4)	Maturity Date
		First lien senior secured loan	8.74	%	5.00	%	-		SOFR(M)	12/27/2029	851	844	851	0.1	%
		First lien senior secured delayed draw loan	8.74	%	5.00	%	-		SOFR(M)	12/27/2029	4,463	4,433	4,463	0.4	%
		First lien senior secured revolving loan	8.74	%	5.00	%	-		SOFR(M)	12/27/2029	-	-	-	0.0	%
TL Alpine Holding Corp. (Air Distribution Technologies Inc.)		First lien senior secured loan	9.72	%	6.00	%	-		SOFR(Q)	8/1/2030	18,070	17,772	18,070	1.6	%
Univar (Windsor Holdings LLC)	(7)	First lien senior secured loan	6.47	%	2.75	%	-		SOFR(M)	8/1/2030	9,860	9,907	9,874	0.9	%
Workholding US Holdings, LLC (Forkardt Hardinge)		First lien senior secured loan	9.36	%	5.50	%	-		SOFR(Q)	10/23/2029	7,303	7,164	7,303	0.6	%
		First lien senior secured revolving loan	9.27	%	5.50	%	-		SOFR(Q)	10/23/2029	3,422	3,365	3,422	0.3	%
											262,262	258,673	262,330	23.6	%
Wireless telecommunication services
Centerline Communications, LLC	(15)	First lien senior secured loan	11.47	%	-		11.47	%	SOFR(Q)	8/10/2027	6,529	6,452	5,909	0.5	%
	(15)	First lien senior secured loan	11.97	%	-		11.97	%	SOFR(Q)	8/10/2027	936	924	941	0.1	%
	(15)	First lien senior secured loan	11.47	%	-		11.47	%	SOFR(Q)	8/10/2027	10,108	10,031	9,148	0.8	%
	(15)	First lien senior secured delayed draw loan	11.47	%	-		11.47	%	SOFR(Q)	8/10/2027	7,842	7,785	7,097	0.6	%
	(15)	First lien senior secured delayed draw loan	11.47	%	-		11.47	%	SOFR(Q)	8/10/2027	6,826	6,771	6,178	0.6	%
	(15)	First lien senior secured revolving loan	11.47	%	-		11.47	%	SOFR(Q)	8/10/2027	1,998	1,979	1,808	0.2	%
	(15)	First lien senior secured loan	11.47	%	-		11.47	%	SOFR(Q)	8/10/2027	1,119	1,103	1,013	0.1	%
											35,358	35,045	32,094	2.9	%
Total Debt Investments											2,196,232	2,163,739	2,157,399	194.4	%

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2025

(amounts in 000’s, except number of shares, units)

			Acquisition	Number of				Fair		Percentage of
Portfolio Company	Footnotes(1)(2)	Investment	Date	Shares/Units		Cost		Value		Net Assets
Equity Investments(10)(13)
Building Products
US Masonry & Building Products Co. (f/k/a US Anchors Group, Inc.)	(19)	Class A common	7/15/2024		566,666	-		-			0.0	%
US Masonry & Building Products Co. (f/k/a US Anchors Group, Inc.)	(19)	Preferred	7/15/2024		566,666	566		608			0.1	%
							566		608		0.1	%
Commercial services & supplies
American Equipment Holdings LLC	(20)	Class A units	4/8/2022	175		284		477			0.1	%
ArborWorks Intermediate Holdco, LLC	(19)	Class A preferred units	11/6/2023		21,716		9,179		15,767		1.4	%
ArborWorks Intermediate Holdco, LLC	(19)	Class B preferred units	11/6/2023		21,716	-		-			0.0	%
ArborWorks Intermediate Holdco, LLC	(19)	Class A common units	11/6/2023		2,604	-		-			0.0	%
Bloomington Holdings, LP (BW Fusion)	(19)	Class A1 common units	11/5/2024	500		500		400			0.0	%
BLP Buyer, Inc. (Bishop Lifting Products)	(21)	Class A common	2/1/2022		582,469	652			814		0.1	%
							10,615		17,458		1.6	%
Containers & packaging
Robinette Company Acquisition, LLC	(19)	Class A common units	5/10/2024	9		-		90			0.0	%
Robinette Company Acquisition, LLC	(19)	Class A preferred units	5/10/2024	500		500		515			0.0	%
							500		605		0.0	%
Financial services
SGCP Holdings, LLC (SG Credit)	(13)	Class A common	7/15/2025		408,387		11,437		11,437		1.0	%
SGCP Holdings, LLC (SG Credit)	(13)	Class C common	7/15/2025		102,260		563		563		0.1	%
							12,000		12,000		1.1	%
Food products
BC CS 2, L.P. (Cuisine Solutions, Inc.)	(8)(14)	Series A preferred stock	7/8/2022		2,000,000		2,000		3,440		0.3	%
CCFF Parent, LLC (California Custom Fruits & Flavors, LLC)	(19)	Class A-1 units	2/26/2024	750		511			1,000		0.1	%
City Line Distributors, LLC	(19)	Class A units	8/31/2023		669,866	670		621			0.1	%
Gulf Pacific Holdings, LLC	(20)	Class A common	9/30/2022	250		250		-			0.0	%
Gulf Pacific Holdings, LLC	(20)	Class C common	9/30/2022	-		-		-			0.0	%
ML Buyer, LLC (Mama Lycha Foods, LLC)	(19)	Class A units	9/9/2024	250		250		188			0.0	%
Siegel Parent, LLC	(22)	Common	12/29/2021	250		250		-			0.0	%
Siegel Parent, LLC	(22)	Convertible note	1/19/2024	28		28		-			0.0	%
NSC Coffee Investors, LLC	(19)	Class A preferred	10/31/2025		182,277		2,000		2,000		0.2	%
WPP Fairway Aggregator A, L.P. (IF&P Foods, LLC - FreshEdge)	(20)	Class A preferred	10/3/2022	773		773		476			0.0	%
WPP Fairway Aggregator A, L.P. (IF&P Foods, LLC - FreshEdge)	(20)	Class B common	10/3/2022	-		-		-			0.0	%
							6,732		7,725		0.7	%
Health care equipment & supplies
LSL Industries, LLC (LSL Healthcare)	(20)	Common	11/1/2022		7,500	750		363			0.0	%
Health care providers & services
NMA Super Holdings, LLC (Neuromonitoring Associates)	(19)	Class A membership interests	12/18/2024		1,000,000		1,000		1,963		0.2	%
Leisure products
TG Parent Newco LLC (Trademark Global LLC)	(13)(19)	Common	9/16/2024	8		-		-			0.0	%
Machinery
RMH Parent LLC (RMH Systems)	(19)	Class A-1 Units	2/4/2025	500		500		300			0.0	%
Specialty retail
Sundance Direct Holdings, Inc.	(16)	Common	10/27/2023		21,479	-		-			0.0	%
Textiles, apparel & luxury goods
BVG SCORE Buyer, Inc. (American Soccer Company, Incorporated)	(22)	Common	7/20/2022		1,000,000		1,000		-		0.0	%
BVG SCORE Buyer, Inc. (American Soccer Company, Incorporated)	(22)	Preferred	7/20/2022		97,964		98		-		0.0	%
Total Equity Investments							33,761		41,022		3.7	%
Total Debt and Equity Investments							2,197,500		2,198,421		198.1	%

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2025

(amounts in 000’s, except number of shares, units)

Portfolio Company	Footnotes(1)(2)		Cost		Fair Value
Short-Term Investments
Morgan Stanley Institutional Liquidity Fund, Institutional<br> Class, 3.63%	(23)	25,409,468		25,409		25,409		2.3	%
Total Short-Term Investments		25,409,468		25,409		25,409		2.3	%
Total Investments			$	2,222,909	$	2,223,830		200.4	%
Liabilities in Excess of Other Assets						(1,113,899	)	(100.4	)%
Net Assets					$	1,109,931		100.0	%

As of December 31, 2025, unless otherwise noted, investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company. As of December 31, 2025, the total value of the Company’s non-controlled, non-affiliated investments was $2,084,737.
Unless otherwise noted, security is a Level 3 holding. As of December 31, 2025, the aggregate value of Level 3 securities held by the Company was $2,151,743. See Note 5 – Fair Value.
Debt investments are pledged to the Company’s credit facilities, and a single debt investment may be divided into parts that are individually pledged to separate credit facilities.
Includes Secured Overnight Financing Rate (“SOFR”) credit spread adjustment if applicable.
Unless otherwise noted, all loans contain a variable rate structure, that may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either SOFR (which can include one-(M), three-(Q) or six-month (S) SOFR), or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate).
The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
Security is a Level 2 holding. As of December 31, 2025, the aggregate value of Level 2 securities held by the Company was $46,678. See Note 5 – Fair Value.
Non-qualifying investment as defined by Section 55(a) of the Investment Company Act of 1940. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2025, 2.2% of the Company’s total assets were in non-qualifying investments.
The Company may be entitled to receive additional interest as a result of an arrangement with other lenders in the syndication. In exchange for the higher interest rate, the “last-out” portion is at a greater risk of loss. Certain lenders represent a “first out” portion of the investment and have priority to the “last-out” portion with respect to payments of principal and interest.
Debt investment on non-accrual status as of December 31, 2025.

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2025

(amounts in 000’s, except number of shares, units)

Non-income producing investment.
On February 5, 2026, the Company amended its senior credit facility with Regiment Security Partners LLC and capitalized all interest earned during fiscal 2025. As a result, the Company is reflecting all cash pay interest accrued in fiscal year 2025 as PIK interest income.
As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of this portfolio company as the Company owns more than 5% but less than 25% of the portfolio company’s voting securities or has the power to exercise control over management or policies of such portfolio company, including through a management agreement (“non-controlled affiliate”).

As of December 31, 2025, the total value of the Company’s investments in non-controlled affiliates was $113,684 (5.4% of amortized cost of total long-term investments) and are described below. In September 2024, the Company completed a restructure of the investment in Trademark Global LLC whereby the existing term loan and revolver became a restructured term loan and revolver and no debt was converted to equity. The Company received new common units in TG Parent Newco LLC for which it owns 6.23% of the overall business (Kayne Anderson entities in aggregate own 20.77%).

In July 2025, the Company made an investment in SG Credit Partners, Inc. through debt and equity investments in SGCP Intermediate, Inc. and SGCP Holdings, LLC (collectively “SG Credit), an independent national credit platform focused on lower middle market investments. The Company’s investment in SG Credit was structured as an $80,000 term loan facility, $34,000 unfunded delayed draw term loan facility and a $12,000 common equity investment. Through the common equity investment, the Company owns 22.5% of the outstanding common equity of SG Credit.

Investment(1)	Value at<br>12/31/2024		Gross Additions(a)		Gross Reductions(b)			Net Change in Unrealized Gains(Losses)			Value at 12/31/2025		Interest and PIK Income		Dividend<br>Income		Other<br>Income
TG Parent Newco LLC (Trademark Global LLC) - debt investment	$	12,196	$	-	$	(82	)	$	(3,430	)	$	8,684	$	-	$	-	$	-
TG Parent Newco LLC (Trademark Global LLC) - equity investment		-		-		-			-			-		-		-		-
SGCP Intermediate, Inc. (SG Credit) - debt investment		-		91,103		-			1,897			93,000		4,763		-		-
SGCP Holdings, LLC (SG Credit) - equity investment		-		12,000		-			-			12,000		-		-		-
Total	$	12,196	$	103,103	$	(82	)	$	(1,533	)	$	113,684	$	4,763	$	-	$	-

Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind (“PIK”) interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement at fair value of an existing portfolio company into this controlled affiliated category from a different category.

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2025

(amounts in 000’s, except number of shares, units)

Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.
The Company has a senior secured loan in an investment vehicle (BC CS 2, L.P.) that is collateralized by a preferred stock investment in Cuisine Solutions, Inc. that is characterized as subordinated debt. In addition, the Company’s senior secured loan in SG Credit is considered subordinated debt.
All or a portion of the stated interest rate may be settled in PIK for a specified period pursuant to the credit agreement.
Portfolio company is in a liquidation process and, as such, the maturity date of our debt investment in this portfolio company will not be finally determined until such process is complete. Our debt investment in this portfolio company is on non-accrual status.
The Company uses Global Industry Classification (GICS), Level 3 – Industry, for classifying the industry groupings of its portfolio companies. In instances where the composition of portfolio companies within a category does not as closely align with the GICS, Level 3 – Industry, the Company presents a more specific description, keeping the GICS, Level 3 – Industry in parenthesis for reference.
Security is exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act.
KABDC Corp, LLC, a wholly owned subsidiary of the Company, owns common and/or preferred equity of ArborWorks Intermediate Holdco, LLC, Bloomington Holdings, LP (BW Fusion), City Line Distributors LLC, CCFF Parent, LLC (California Custom Fruits & Flavors, LLC), ML Buyer, LLC (Mama Lycha Foods, LLC), NMA Super Holdings, LLC (Neuromonitoring Associates), NSC Coffee Investors, LLC (Texas Coffee Partners Ltd.), Robinette Company Acquisition, LLC, RMH Parent LLC (RMH Systems), TG Parent Newco LLC (Trademark Global LLC) and US Masonry & Building Products Co. (f/k/a US Anchors Group, Inc.).
The Company owns 31.07% of a pass-through, taxable limited liability company, KSCF IV Equity Aggregator Blocker, LLC (the “Aggregator Blocker”), which holds the Company’s equity investments in American Equipment Holdings LLC, Gulf Pacific Holdings, LLC, WPP Fairway Aggregator A, L.P. (IF&P Foods, LLC - FreshEdge) and LSL Industries, LLC (LSL Healthcare). Through the Company’s ownership of the Aggregator Blocker, the Company owns the respective units of each company listed above in the Schedule of Investments.
The Company owns 0.53% of the common equity BLP Buyer, Inc. (Bishop Lifting Products).
The Company owns 17.59% of a pass-through limited liability company, KSCF IV Equity Aggregator, LLC (the “Aggregator”), which holds the Company’s equity investments in Siegel Parent, LLC and BVG SCORE Buyer, Inc. (American Soccer Company, Incorporated). Through the Company’s ownership of the Aggregator, the Company owns the respective units of each company listed above in the Schedule of Investments.
The indicated rate is the yield as of December 31, 2025.

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2025

(amounts in 000’s, except number of shares, units)

Interest rate swap contracts

Below are the Company’s outstanding interest rate swap contracts as of December 31, 2025. The Company designed each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship. See Note 6 – Debt.

Counterparty	Hedged Instrument			Company Pays	Maturity Date	Notional Amount		Fair Value			Unrealized Appreciation (Depreciation)
Regions Bank	Series D Notes	5.80	%	S + 2.3700%	6/30/2028	$	60,000	$	(24	)	$	(24	)	-
Regions Bank	Series E Notes	6.15	%	S + 2.6565%	10/15/2030		100,000		(275	)		(275	)	-
						$	160,000	$	(299	)	$	(299	)

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

Note 1. Organization

Organization

Kayne Anderson BDC, Inc. (the “Company”) is an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, the Company intends to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Company is a Delaware corporation formed to make investments in middle-market companies and commenced operations on February 5, 2021. Following its initial public offering, the Company’s common stock began trading on the New York Stock Exchange (“NYSE”) under the ticker symbol “KBDC” on May 22, 2024.

The Company is managed by KA Credit Advisors, LLC (the “Advisor”), an indirect controlled subsidiary of Kayne Anderson Capital Advisors, L.P. (“Kayne Anderson”), a prominent alternative investment management firm. The Advisor operates within Kayne Anderson’s middle market private credit platform (“KAPC” or “Kayne Anderson Private Credit”). The Advisor is registered with the United States Securities and Exchange Commission (the “SEC”) under the Investment Advisory Act of 1940, as amended. Subject to the overall supervision of the Company’s board of directors (the “Board”), the Advisor is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring investments, determining the value of the investments and monitoring its investments and portfolio companies on an ongoing basis. The Board consists of seven directors, four of whom are independent.

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.

Note 2. Significant Accounting Policies

A. Basis of Presentation — the accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 — “Financial Services — Investment Companies.” In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair statement of the consolidated financial statements for the periods presented, have been included. Certain prior period information has been reclassified or conformed to the current period presentation and has no effect on the Company’s consolidated statements of assets and liabilities or consolidated statement of operations as previously reported. B. Consolidation — as provided under Regulation S-X and ASC Topic 946 – “Financial Services – Investment Companies”, the Company will generally not consolidate its investment in a company other than a wholly-owned investment company or controlled operating company whose business consists of providing services to the Company.

Accordingly, the Company consolidated the accounts of the Company’s wholly-owned subsidiaries, Kayne Anderson BDC Financing, LLC, (“KABDCF”); Kayne Anderson BDC Financing II, LLC (“KABDCF II”), and KABDC Corp, LLC in its consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. KABDC Corp, LLC is a Delaware LLC that has elected to be treated as a corporation for U.S. tax purposes and was formed to facilitate compliance with the requirements to be treated as a RIC under the Code by holding (directly or indirectly through a subsidiary) equity or equity related investments in portfolio companies organized as limited liability companies or limited partnerships. C. Use of Estimates — the preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Actual results could differ materially from those estimates.

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

D. Cash and Cash Equivalents — cash and cash equivalents include short-term, liquid investments with an original maturity of three months or less and include money market fund accounts. Cash equivalents, which are the Company’s investments in money market fund accounts, are presented on the Company’s consolidated schedule of investments, and within investments on the Company’s consolidated statement of assets and liabilities. E. Investment Valuation, Fair Value — the Company conducts the valuation of its investments consistent with GAAP and the 1940 Act. The Company’s investments will be valued no less frequently than quarterly, in accordance with the terms of Topic 820 of the Financial Accounting Standards Board’s Accounting Standards Codification, Fair Value Measurement and Disclosures (“ASC 820”).

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Directors has designated the Advisor as the “valuation designee” to perform fair value determinations of the Company’s portfolio holdings, subject to oversight by and periodic reporting to the Board. The valuation designee performs fair valuation of the Company’s portfolio holdings in accordance with the Advisor’s Valuation Program, as approved by the Board.

Traded Investments (Level 1 or Level 2)

Investments for which market quotations are readily available will typically be valued at those market quotations. Traded investments such as corporate bonds, preferred stock, bank notes, broadly syndicated loans or loan participations are valued by using the bid price provided by an independent pricing service, by an independent broker, the agent bank, syndicate bank or principal market maker. When price quotes for investments are not available, or such prices are stale or do not represent fair value in the judgment of the Company’s Advisor, fair market value will be determined using the Advisor’s valuation process for investments that are privately issued or otherwise restricted as to resale.

The Company may also invest, to a lesser extent, in equity securities purchased in conjunction with debt investments. While the Company anticipates these equity securities to be issued by privately held companies, the Company may hold equity securities that are publicly traded. Equity securities listed on any exchange other than the NASDAQ Stock Market, Inc. (“NASDAQ”) are valued, except as indicated below, at the last sale price on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the most recent bid and ask prices on such day. Securities admitted to trade on the NASDAQ are valued at the NASDAQ official closing price. Equity securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities. Equity securities traded in the over-the-counter market, but excluding securities admitted to trading on the NASDAQ, are valued at the closing bid prices.

Non-Traded Investments (Level 3)

Investments that are privately issued or otherwise restricted as to resale, as well as any security for which (a) reliable market quotations are not available in the judgment of the Company’s Advisor, or (b) the independent pricing service or independent broker does not provide prices or provides a price that in the judgment of the Company’s Advisor is stale or does not represent fair value, shall each be valued in a manner that most fairly reflects fair value of the security on the valuation date. The Company expects that a significant majority of its investments will be Level 3 investments. Unless otherwise determined by the Advisor, the following valuation process is used for the Company’s Level 3 investments:

Valuation Designee. The applicable investments will be valued no less frequently than quarterly by the Advisor, with new investments valued at the time such investment was made. The value of each Level 3 investment will be initially reviewed by the persons responsible for such portfolio company or investment. The Advisor will use a standardized template designed to approximate fair market value based on observable market inputs, updated credit statistics and unobservable inputs to determine a preliminary value. The Advisor will specify the titles of the persons responsible for determining the fair value of Company investments, including by specifying the particular functions for which they are responsible, and will reasonably segregate fair value determinations from the portfolio management of the Company such that the portfolio manager(s) may not determine, or effectively determine by exerting substantial influence on, the fair values ascribed to portfolio investments.

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

Valuation Firm. Quarterly, a third-party valuation firm engaged by the Advisor reviews the valuation methodologies and calculations employed for each of the Company’s investments that the Advisor has placed on the “watch list” and approximately 25% of the Company’s remaining investments. The third-party valuation firm will review and independently value all of the Level 3 investments at least once per year, on a rolling twelve-month basis. The quarterly report issued by the third-party valuation firm will provide positive assurance on the fair values of the investments reviewed.
Oversight. The Board has appointed the Advisor as the valuation designee for the Company for purposes of making determinations of fair value as permitted by Rule 2a-5 under the 1940 Act. The Audit Committee shall aid the Board in overseeing the Advisor’s fair valuation of securities that are not publicly traded or for which current market values are not readily available. The Audit Committee shall meet quarterly to review the fair value determinations, processes and written reports of the Advisor as part of the Board’s oversight responsibilities.

Commencing on the IPO Date, the base management fee is calculated at an annual rate of 1.00% of the fair market value of the Company’s investments. Since the IPO Date was on a date other than the first day of a calendar quarter, the management fee was calculated for the calendar quarter at a weighted rate based on the fee rates applicable before and after the IPO Date based on the number of days in such calendar quarter before and after the IPO Date. Pursuant to the Fee Waiver Agreement, commencing on the IPO Date, the Advisor has contractually agreed to waive the base management fee at an annual rate of 0.25% for one year following the IPO Date.

For the three months ended March 31, 2026, the Company incurred base management fees of $5,416. For the three months ended March 31, 2025, the Company incurred base management fees of $3,848, net of waiver of $1,283.

Incentive Fee

The Company also pays the Advisor an incentive fee. The incentive fee consists of two parts—an incentive fee on income and an incentive fee on capital gains. Described in more detail below, these components of the incentive fee are largely independent of each other with the result that one component may be payable even if the other is not.

Incentive Fee on Income

The incentive fee based on income (the “income incentive fee”) is determined and paid quarterly in arrears in cash. The Company’s quarterly pre-incentive fee net investment income must exceed a preferred return of 1.50% of the Company’s net asset value (“NAV”) at the end of the immediately preceding calendar quarter (6.0% annualized but not compounded) (the “Hurdle Amount”) in order for the Company to receive an income incentive fee.

Commencing on the IPO Date, the Company pays the Advisor an income incentive fee based on its aggregate pre-incentive fee net investment income with respect to the then-current calendar quarter and the eleven preceding calendar quarters beginning with the quarter ended September 30, 2024 (or the appropriate portion thereof in the case of any of the Company’s first eleven calendar quarters that commence with the quarter ended September 30, 2024) (those calendar quarters, the “Trailing Twelve Quarters”).

Commencing with the quarter ended September 30,2024, subject to the Incentive Fee Cap (described below), the pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters is compared to a “Hurdle Rate” equal to the product of (i) the hurdle rate of 1.50% per quarter (6.00% annualized) and (ii) the sum of our net assets at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The Hurdle Rate is calculated after making appropriate adjustments to the Company’s net asset value at the beginning of each applicable calendar quarter for all issuances by the Company of shares of its common stock, including issuances pursuant to its dividend reinvestment plan, and distributions during the applicable calendar quarter. The income incentive fee for each calendar quarter is determined as follows:

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

no income incentive fee is payable to the Advisor in any calendar quarter in which aggregate pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters does not exceed the Hurdle Rate;
100% of the aggregate pre-incentive fee net investment income in respect of the Trailing Twelve Quarters with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Rate, but is less than or equal to an amount, which we refer to as the “Catch-up Amount,” determined on a quarterly basis by multiplying 1.7647% by the Company’s net asset value at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters (after making appropriate adjustments to the Company’s net asset value at the beginning of each applicable calendar quarter for all issuances by the Company of shares of its common stock, including issuances pursuant to its dividend reinvestment plan, and distributions during the applicable calendar quarter); and
15.0% of the aggregate pre-incentive fee net investment income in respect of the Trailing Twelve Quarters that exceeds the Catch-up Amount.

Commencing with the quarter ended September 30,2024, each income incentive fee is subject to an “Incentive Fee Cap” that in respect of any calendar quarter is an amount equal to 15.0% of the Cumulative Pre-Incentive Fee Net Return (as defined below) during the Trailing Twelve Quarters less the aggregate income incentive fees that were paid to the Advisor in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters. In the event the Incentive Fee Cap is zero or a negative value then no income incentive fee shall be payable and if the Incentive Fee Cap is less than the amount of income incentive fee that would otherwise be payable, the amount of income incentive fee shall be reduced to an amount equal to the Incentive Fee Cap.

“Cumulative Pre-Incentive Fee Net Return” means with respect to the relevant Trailing Twelve Quarters, the pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters minus any Net Capital Loss (as defined below), if any, in respect of the relevant Trailing Twelve Quarters. If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company will pay no income incentive fee to the Advisor for such quarter. If, in any quarter, the Incentive Fee Cap for such quarter is a positive value but is less than the income incentive fee that is payable to the Advisor for such quarter (before giving effect to the Incentive Fee Cap) calculated as described above, the Company will pay an income incentive fee to the Advisor equal to the Incentive Fee Cap for such quarter. If, in any quarter, the Incentive Fee Cap for such quarter is equal to or greater than the income incentive fee that is payable to the Advisor for such quarter (before giving effect to the Incentive Fee Cap) calculated as described above, the Company will pay an income incentive fee to the Advisor equal to the incentive fee calculated as described above for such quarter without regard to the Incentive Fee Cap.

“Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in such period and (ii) aggregate capital gains, whether realized or unrealized, in such period.

These calculations are prorated for any period of less than three months and adjusted for any share issuances or repurchases during the relevant quarter. Amounts waived by the Advisor pursuant to the Fee Waiver Agreement are not subject to recoupment by the Advisor.

Incentive Fee on Capital Gains

Commencing on the IPO Date, the incentive fee on capital gains is calculated and payable in arrears in cash as 15.0% of the Company’s realized capital gains, if any, on a cumulative basis from formation through the end of a given calendar year or upon termination of the Investment Advisory Agreement, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees. In the event that the Investment Advisory Agreement terminates as of a date that is not a fiscal year end, the termination date will be treated as though it were a fiscal year end for purposes of calculating and paying a capital gain incentive fee.

For the three months ended March 31, 2026, the Company incurred incentive fees on income of $3,111 and no incentive fees on capital gains. For the three months ended March 31, 2025, the Company incurred incentive fees on income of $4,490 and no incentive fees on capital gains.

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

Note 4. Investments

The following table presents the composition of the Company’s investment portfolio at amortized cost and fair value as of March 31, 2026 and December 31, 2025.

	March 31, 2026				December 31, 2025
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
First-lien senior secured debt investments	$	2,168,589	$	2,151,607	$	2,163,739	$	2,157,399
Equity investments		33,816		42,697		33,761		41,022
Investments in money market funds		18,348		18,348		25,409		25,409
Total Investments	$	2,220,753	$	2,212,652	$	2,222,909	$	2,223,830

As of March 31, 2026 and December 31, 2025, $49,903 and $49,949, respectively, of the Company’s total assets were non-qualifying assets, as defined by Section 55(a) of the 1940 Act.

The Company uses Global Industry Classification Standards (GICS), Level 3 – Industry, for classifying the industry groupings of its portfolio companies.

The industry composition of long-term investments based on fair value as of March 31, 2026 and December 31, 2025 was as follows:

	March 31,<br>2026			December 31,<br>2025
Commercial services & supplies		12.4	%	11.9		%
Health care providers & services		11.1	%	10.8		%
Distributors		11.1	%	11.9		%
Food products		10.4	%	10.5		%
Containers & packaging		9.8	%	9.1		%
Professional services	6.5		%	6.6		%
Machinery	5.5		%	6.9		%
Financial services(1)	5.3		%	4.8		%
Aerospace & defense	3.8		%	3.8		%
Chemicals	3.7		%	3.7		%
Leisure products	2.6		%	2.6		%
Household products	2.4		%	2.4		%
Personal care products	2.2		%	1.1		%
Automobile components	1.7		%	1.7		%
Textiles, apparel & luxury goods	1.7		%	1.8		%
Building products	1.7		%	1.6		%
IT services		1.6	%	1.6		%
Wireless telecommunication services		1.5	%	1.5		%
Health care equipment & supplies		1.1	%	1.1		%
Insurance		1.1	%		1.0	%
Household durables		0.9	%	0.9		%
Diversified consumer services		0.8	%	0.8		%
Biotechnology		0.6	%	0.6		%
Pharmaceuticals		0.3	%	0.3		%
Diversified telecommunication services		0.2	%	0.2		%
Specialty retail		-	%	0.8		%
		100.0	%		100.0	%

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

Includes the Company’s debt and equity investment in SGCP Partners, Inc. (SG Credit), through investments in SGCP Intermediate, Inc. and SGCP Holdings, LLC, an asset based lending platform company, where the Company has a minority investment.

Note 5. Fair Value

The Fair Value Measurement Topic of the FASB Accounting Standards Codification (ASC 820) defines fair value as the price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants under current market conditions at the measurement date. As required by ASC 820, the Company has performed an analysis of all investments measured at fair value to determine the significance and character of all inputs to their fair value determination. Inputs are the assumptions, along with considerations of risk, that a market participant would use to value an asset or a liability. In general, observable inputs are based on market data that is readily available, regularly distributed and verifiable that the Company obtains from independent, third-party sources. Unobservable inputs are developed by the Company based on its own assumptions of how market participants would value an asset or a liability.

The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into the following three broad categories.

Level 1 — Valuations based on quoted unadjusted prices for identical instruments in active markets traded on a national exchange to which the Company has access at the date of measurement.

Level 2 — Valuations based on quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers.

Level 3 — Model derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Company’s own assumptions that market participants would use to price the asset or liability based on the best available information.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

The following tables present the fair value hierarchy of investments as of March 31, 2026 and December 31, 2025. Note that the valuation levels below are not necessarily an indication of the risk associated with the underlying investment.

	Fair Value Hierarchy as of March 31, 2026
	Level 1		Level 2			Level 3		Total
First-lien senior secured debt investments	$	-	$	27,330		$	2,124,277	$	2,151,607
Equity investments	-		-				42,697		42,697
Investments in money market funds		18,348	-			-			18,348
Total Investments at Fair Value	$	18,348	$	27,330		$	2,166,974	$	2,212,652
Interest rate swaps	-			(1,178	)	-			(1,178	)
Total	$	18,348	$	26,152		$	2,166,974	$	2,211,474

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

	Fair Value Hierarchy as of December 31, 2025
	Level 1		Level 2			Level 3		Total
First-lien senior secured debt investments	$	-	$	46,678		$	2,110,721	$	2,157,399
Equity investments	-		-				41,022		41,022
Investments in money market funds		25,409	-			-			25,409
Total Investments at Fair Value	$	25,409	$	46,678		$	2,151,743	$	2,223,830
Interest rate swaps	-			(299	)	-			(299	)
Total	$	25,409	$	46,379		$	2,151,743	$	2,223,531

The following tables present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the three months ended March 31, 2026 and 2025.

For the three months ended March 31, 2026	First-lien<br>senior secured<br>debt investments			Private<br>equity<br>investments		Total
Fair value, beginning of period	$	2,110,721		$	41,022	$	2,151,743
Purchases of investments		88,778			54		88,832
Proceeds from sales of investments and principal repayments		(74,634	)		-		(74,634	)
Net change in unrealized gain (loss)		(8,671	)		1,621		(7,050	)
Net realized gain (loss)		(1,957	)		-		(1,957	)
Net accretion of discount on investments		3,235			-		3,235
PIK interest and dividends		6,805			-		6,805
Transfers into (out of) Level 3		-			-		-
Fair value, end of period	$	2,124,277		$	42,697	$	2,166,974
For the three months ended March 31, 2025	First-lien<br>senior secured<br>debt investments			Private<br>equity<br>investments			Total
---	---	---	---	---	---	---	---	---	---
Fair value, beginning of period	$	1,719,182		$	22,737		$	1,741,919
Purchases of investments		287,324			500			287,824
Proceeds from sales of investments and principal repayments		(86,256	)		(816	)		(87,072	)
Net change in unrealized gain (loss)		(5,423	)		1,136			(4,287	)
Net realized gain (loss)		-			566			566
Net accretion of discount on investments		3,555			-			3,555
PIK interest		358			-			358
Transfers into (out of) Level 3		-			-			-
Fair value, end of period	$	1,918,740		$	24,123		$	1,942,863

For the three months ended March 31, 2026 and 2025, the Company did not recognize any transfers to or from Level 3. The change in unrealized gain (loss) relates to investments that were held during the period. The Company includes these unrealized gains and losses on the Statement of Operations – Net Change in Unrealized Gains (Losses).

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

Valuation Techniques and Unobservable Inputs

Non-traded debt investments are typically valued using either a market yield analysis or an enterprise value analysis. For debt investments that are not considered to be credit impaired, the Advisor uses a market yield analysis to determine fair value. If the debt investment is considered to be credit impaired (which is determined by performing an enterprise value analysis), the Advisor will use the enterprise value analysis or a liquidation basis analysis to determine fair value.

To determine fair value using a market yield analysis, the Advisor discounts the contractual cash flows of each investment at an appropriate discount rate (the market yield). To determine the estimated market yield for its debt investments, the Advisor analyzes changes in the risk/reward (measured by yields and leverage) of middle market indices as compared to changes in risk/reward for the underlying investment and estimates the appropriate discount rate for such debt investment. In this context, the discount rate and the fair market value of the investment is impacted by the structure and pricing of the security relative to current market yields for similar investments in similar businesses as well as the financial performance of such business. In performing this analysis, the Advisor considers data sources including, but not limited to: (i) industry publications, such as S&P Global’s High-End Middle Market Lending Review; Thomson Reuter’s Refinitiv Middle Market Monthly Stats; CapitalIQ; Pitchbook News; The Lead Left, and other data sources; (ii) comparable investments reviewed or completed by affiliates of the Advisor, and (iii) information obtained and provided by the Advisor’s independent valuation managers.

To determine if a debt investment is credit impaired, the Advisor estimates the enterprise value of the business and compares such estimate to the outstanding indebtedness of such business. The Advisor utilizes the following valuation methodologies to determine the estimated enterprise value of the company: (i) analysis of valuations of publicly traded companies in a similar line of business (“public company comparable analysis”), (ii) analysis of valuations of M&A transaction valuations for companies in a similar line of business (“precedent transaction analysis”), (iii) discounted cash flows (“DCF analysis”) and (iv) other valuation methodologies.

In determining the non-traded debt investment valuations, the following factors are considered, where relevant: the nature and realizable value of any collateral; the company’s ability to make interest payments, amortization payments (if any) and other fixed charges; call features, put features and other relevant terms of the debt security; the company’s historical and projected financial results; the markets in which the company does business; changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be valued; and other relevant factors.

Equity investments in private companies are typically valued using one of or a combination of the following valuation techniques: (i) public company comparable analysis, (ii) precedent transaction analysis and (iii) DCF analysis.

Under all of these valuation techniques, the Advisor estimates operating results of the companies in which it invests, including earnings before interest expense, income tax expense, depreciation and amortization (“EBITDA”) and free cash flow. These estimates utilize unobservable inputs such as historical operating results, which may be unaudited, and projected operating results, which will be based on operating assumptions for such company. Investment performance data utilized will be the most recently available as of the measurement date which in many cases may reflect up to a one quarter lag in information. These estimates will be sensitive to changes in assumptions specific to such company as well as general assumptions for the industry. Other unobservable inputs utilized in the valuation techniques outlined above include: discounts for lack of marketability, selection of publicly traded companies, selection of similar precedent transactions, selected ranges for valuation multiples and expected required rates of return (discount rates).

Quantitative Table for Valuation Techniques

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of March 31, 2026 and December 31, 2025. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Advisor’s determination of fair value. The Company calculates weighted average, based on the value of the unobservable input of each investment relative to the fair value of the investment compared to the total fair value of all investments. First-lien senior secured debt investments include the Company’s senior secured loan in an investment vehicle (BC CS 2, L.P.), which is considered subordinated debt since it is collateralized by a preferred stock investment in Cuisine Solutions, Inc.

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

	As of March 31, 2026
			Valuation	Unobservable		Weighted
	Fair Value		Technique	Input	Range	Average
First-lien senior secured debt investments	$	2,124,277	Discounted cash flow analysis	Discount rate	6.5% - 20.6%		9.7	%
Preferred equity investment		16,156	Discounted cash flow analysis	Discount rate	15.0%		15.0	%
Other equity investments		26,541	Comparable Multiples	EV / EBITDA	3.3 - 17.2		6.7
	$	2,166,974
	As of December 31, 2025
---	---	---	---	---	---	---	---	---
			Valuation	Unobservable		Weighted
	Fair Value		Technique	Input	Range	Average
First-lien senior secured debt investments	$	2,110,721	Discounted cash flow analysis	Discount rate	6.4% - 15.0%		9.5	%
Preferred equity investment		15,767	Discounted cash flow analysis	Discount rate	15.0%		15.0	%
Common equity investment		14,000	Precedent Transaction Analysis	Original cost	1.0		1.0
Other equity investments		11,255	Comparable Multiples	EV / EBITDA	6.3 - 17.2		10.6
	$	2,151,743

Note 6. Debt

Corporate Credit Facility

As of March 31, 2026, the Company had a senior secured revolving credit facility (the “Corporate Credit Facility”), that has a total commitment of $475,000 which has a maturity date of November 22, 2029. The Corporate Credit Facility also provides for a feature that allows the Company, under certain circumstances, to increase the overall size of the Corporate Credit Facility to a maximum of $600,000. The interest rate on the Corporate Credit Facility is equal to Term SOFR (a forward-looking rate based on SOFR futures) plus an applicable spread of 2.10% per annum or an “alternate base rate” (as defined in the agreements governing the Corporate Credit Facility) plus an applicable spread of 1.00%. The Company is also required to pay a commitment fee of 0.375% per annum on any unused portion of the Corporate Credit Facility.

Under the Corporate Credit Facility, the Company is required to comply with various covenants, reporting requirements and other customary requirements for similar revolving credit facilities, including, without limitation, covenants related to: (a) limitations on the incurrence of additional indebtedness and liens, (b) limitations on certain investments, (c) limitations on certain restricted payments, (d) maintaining a certain minimum stockholders’ equity, and (e) maintaining a ratio of total assets (less total liabilities not representing indebtedness) to total indebtedness of the Company and its consolidated subsidiaries of not less than 1.5:1.0. These covenants are subject to important limitations and exceptions that are described in the agreements governing the Corporate Credit Facility. Amounts available to borrow under the Corporate Credit Facility are subject to compliance with a borrowing base that applies different advance rates to different types of assets (based on their value as determined pursuant to the Corporate Credit Facility) that are pledged as collateral. The Corporate Credit Facility is secured by certain assets in the Company’s portfolio and excludes investments held by Kayne Anderson BDC Financing LLC (“KABDCF”) under the Revolving Funding Facility and by Kayne Anderson BDC Financing II, LLC (“KABDCF II”) under the Revolving Funding Facility II (each as defined below).

For the three months ended March 31, 2026 and 2025, the average amount of borrowings outstanding under the Corporate Credit Facility was $143,833 and $283,089, respectively, with a weighted average interest rate of 5.79% and 6.43%, respectively, for the Corporate Facility portion. As of March 31, 2026, the Company had $115,000 outstanding under the Corporate Credit Facility at a weighted average interest rate of 5.77%.

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

Revolving Funding Facility

As of March 31, 2026, the Company and KABDCF, a wholly-owned, special purpose financing subsidiary, had a senior secured revolving funding facility (the “Revolving Funding Facility”), that has a total commitment of $675,000. The end of the reinvestment period is February 20, 2029, and the maturity date is February 20, 2031. The interest rate on the Revolving Funding Facility is SOFR plus 1.95% per annum. The Revolving Funding Facility is secured by all of the assets held by KABDCF and the Company has agreed that it will not grant or allow a lien on the membership interest of KABDCF.

KABDCF is also required to pay a commitment fee of between 0.50% and 1.50% per annum depending on the size of the unused portion of the Revolving Funding Facility. Amounts available to borrow under the Revolving Funding Facility are subject to a borrowing base that applies different advance rates to different types of assets held by KABDCF and is subject to limitations with respect to the loans securing the Revolving Funding Facility, including restrictions on, loan size, industry concentration, payment frequency and status, as well as restrictions on portfolio company leverage, all of which may also affect the borrowing base and therefore amounts available to borrow. The Company and KABDCF are also required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. These covenants are subject to important limitations and exceptions that are described in the agreements governing the Revolving Funding Facility.

For the three months ended March 31, 2026 and 2025, the average amount of borrowings outstanding under the Revolving Funding Facility was $512,139 and $445,211, respectively, with a weighted average interest rate of 5.73% and 6.61%, respectively. As of March 31, 2026, the Company had $553,000 outstanding under the Revolving Funding Facility at a weighted average interest rate of 5.58%.

Revolving Funding Facility II

As of March 31, 2026, the Company and KABDCF II, a wholly-owned, special purpose financing subsidiary, had a senior secured revolving credit facility (the “Revolving Funding Facility II”). The Revolving Funding Facility II has an initial commitment of $250,000 which, under certain circumstances, can be increased up to $500,000. The Revolving Funding Facility II is secured by all of the assets held by KABDCF II and the Company has agreed that it will not grant or allow a lien on the membership interest of KABDCF II. The end of the reinvestment period is December 22, 2027, and the maturity date is December 22, 2029. The interest rate on the Revolving Funding Facility II is 3-month term SOFR plus 2.25%. KABDCF II is also required to pay a commitment fee of 0.55% on the unused portion of the Revolving Funding Facility II.

Amounts available to borrow under the Revolving Funding Facility II are subject to a borrowing base that has limitations with respect to the loans securing the Revolving Funding Facility II, including limitations on, loan size, payment frequency and status, sector concentrations, as well as restrictions on portfolio company leverage, all of which may also affect the borrowing base and therefore amounts available to borrow. The Company and KABDCF II are also required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. These covenants are subject to important limitations and exceptions that are described in the agreements governing the Revolving Funding Facility II.

For the three months ended March 31, 2026 and 2025, the average amount of borrowings outstanding under the Revolving Funding Facility II was $195,000 and $124,472, respectively, with a weighted average interest rate of 5.91% and 6.74%, respectively. As of March 31, 2026, the Company had $195,000 outstanding under the Revolving Funding Facility II at a weighted average interest rate of 5.91%.

Senior Unsecured Notes

As of March 31, 2026, the Company had $275,000 aggregate principal amount of senior unsecured notes (the “Notes”).

In connection with certain of the unsecured notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominantly floating rate loans. Under the interest rate swap agreement related to the Series D Notes, the Company receives a fixed interest rate of 5.80% per annum and pays a floating interest rate of SOFR plus 2.37% per annum on the $60,000 of the Series D Notes. Under the interest rate swap agreement related to the Series E Notes, the Company receives a fixed interest rate of 6.15% per annum and pays a floating interest rate of SOFR plus 2.6565% per annum on the $100,000 of the Series E Notes. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

The table below sets forth a summary of the key terms of each series of Notes outstanding at March 31, 2026.

	Principal				Estimated
	Outstanding		Unamortized		Fair Value		Fixed
	March 31,		Issuance		March 31,		Interest
Series	2026		Costs		2026		Rate	Maturity
A	$	25,000	$	98	$	26,045	8.65%	6/30/2027
B		50,000		288		52,977	8.74%	6/30/2028
C		40,000		291		40,568	SOFR + 2.32%	6/30/2028
D		60,000		436		60,629	5.80% (1)	6/30/2028
E		100,000		1,249		101,170	6.15% (2)	10/15/2030
	$	275,000	$	2,362	$	281,389

(1) The effective interest rate including the effects of the interest rate swap is SOFR + 2.37%.

(2) The effective interest rate including the effects of the interest rate swap is SOFR + 2.6565%.

Holders of the fixed rate Series A, B, D and E Notes are entitled to receive cash interest payments semi-annually (on January 30 and July 30) at the fixed rate. Holders of the floating rate Series C Notes are entitled to receive cash interest payments quarterly (on January 30, April 30, July 30 and October 30) at the floating rate. As of March 31, 2026, the weighted average interest rate on the outstanding Notes was 6.75%.

As of March 31, 2026, the Notes were rated “BBB” by Kroll Bond Rating Agency (“KBRA”). The Company is required to maintain a current rating from one rating agency with respect to the Notes. In the event the Company does not maintain a current rating from a rating agency for a specified period of time or the credit rating on the Notes falls below “BBB-” (a “Below Investment Grade Event”), the interest rate per annum on the Notes will increase by 1.0% during the period the Notes are rated below “BBB-”. In the event the Company’s Secured Debt Ratio exceeds 55% (a “Secured Debt Ratio Event”), the interest rate per annum on the Notes will increase by 1.5% during the period the ratio is above the stated percentage. If a Below Investment Grade Event and a Secured Debt Ratio Event is continuing at the same time the aggregate increase in interest rate per annum will not exceed 2.0%.

The Notes were issued in private placement offerings to institutional investors and are not listed on any exchange or automated quotation system. The Notes contain various covenants related to other indebtedness, liens and limits on the Company’s overall leverage. The Company must maintain a minimum amount of shareholder equity and the Company’s asset coverage ratio must be greater than 150% as of the last business day of each fiscal quarter. The Notes are redeemable in certain circumstances at the option of the Company and may be redeemed under certain circumstances to cure the asset coverage ratio covenant.

The Notes are unsecured obligations of the Company and, upon liquidation, dissolution or winding up of the Company, will rank: (1) senior to all of the Company’s outstanding common shares; (2) on parity with any unsecured creditors of the Company and any unsecured senior securities representing indebtedness of the Company; and (3) junior to any secured creditors of the Company.

At March 31, 2026, the Company was in compliance with all covenants under the Notes agreements.

As a result of the Company’s designation of the interest rate swaps as hedging instruments in qualifying fair value hedge accounting relationships, the Company is required to fair value the hedging instruments and the related hedged items, with the changes in the fair value of each being recorded in interest expense. The net losses related to the fair value hedges were approximately zero for the three months ended March 31, 2026, which are included in “Interest expense” in the Company’s consolidated statement of operations. The balance sheet impact of fair valuing the interest rate swaps as of March 31, 2026 are presented below. There were no interest rate swap activity for the period ended March 31, 2025.

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

				As of March 31, 2026
Description	Notional Amount		Maturity Date	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities			Balance Sheet Location of Amounts
Interest rate swap		60,000	6/30/2028	$	-	$	(355	)	Accrued expenses and other liabilities
Interest rate swap		100,000	10/15/2030		-		(823	)	Accrued expenses and other liabilities
				$	-	$	(1,178	)

Debt obligations consisted of the following as of March 31, 2026 and December 31, 2025.

	March 31, 2026
	Aggregate Principal		Outstanding		Amount		Net Carrying
	Committed		Principal		Available(1)		Value(2)
Notes(3)	$	275,000	$	275,000	$	-	$	271,460
Corporate Credit Facility		475,000		115,000		360,000		111,865
Revolving Funding Facility		675,000		553,000		122,000		546,361
Revolving Funding Facility II		250,000		195,000		55,000		193,030
Total debt	$	1,675,000	$	1,138,000	$	537,000	$	1,122,716

The amounts available under the Company’s credit facilities do not reflect any limitations related to each borrowing base as of March 31, 2026.
The carrying value of the Notes, Corporate Credit Facility, Revolving Funding Facility and Revolving Funding Facility II are presented net of deferred financing costs totaling $14,106.
Net carrying value is inclusive of change in fair market value of effective hedges.

	December 31, 2025
	Aggregate Principal		Outstanding		Amount		Net Carrying
	Committed		Principal		Available(1)		Value(2)
Notes(3)	$	275,000	$	275,000	$	-	$	272,141
Corporate Credit Facility		475,000		135,000		340,000		131,628
Revolving Funding Facility		675,000		525,000		150,000		520,329
Revolving Funding Facility II		250,000		195,000		55,000		192,900
Total debt	$	1,675,000	$	1,130,000	$	545,000	$	1,116,998

The amounts available under the Company’s credit facilities do not reflect any limitations related to each borrowing base as of December 31, 2025.
The carrying value of the Notes, Corporate Credit Facility, Revolving Funding Facility and Revolving Funding Facility II are presented net of deferred financing costs totaling $12,703.
Net carrying value is inclusive of change in fair market value of effective hedges.

For the three months ended March 31, 2026 and 2025, the components of interest expense were as follows:

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

	For the three months ended
	March 31, 2026			March 31, 2025
Interest expense	$	17,741		$	16,203
Amortization of debt issuance costs		1,119			921
Total interest expense	$	18,860		$	17,124
Average interest rate		6.7	%		7.4	%
Average borrowings	$	1,125,972		$	927,772

Note 7. Common Stock and Share Transactions

As of March 31, 2026, the Company had 100,000,000 shares of common stock authorized and 66,481,923 shares outstanding. As of March 31, 2026, KAPC Investment Holdings, L.P., a controlled affiliate of Kayne Anderson, owned 957,217 shares of the Company. These shares were purchased on May 22, 2024 in conjunction with the Company’s IPO.

Share Repurchase Plan

On May 21, 2024, the Company entered into a share repurchase plan, or the Company 10b5-1 Plan, to acquire up to $100,000 in the aggregate of the Company’s Common Stock at prices below the Company’s net asset value per share over a specified period, in accordance with the guidelines specified in Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The Company 10b5-1 Plan was approved by the Board of Directors on March 6, 2024. The Company 10b5-1 Plan requires Morgan Stanley Corporation as the Company’s agent, to repurchase Common Stock on its behalf when the market price per share is below the most recently reported net asset value per share (including any updates, corrections or adjustments publicly announced by the Company to any previously announced net asset value per share, including any distributions declared). Under the Company 10b5-1 Plan, the volume of purchases would be expected to increase as the price of the Company’s Common Stock declines, subject to volume restrictions. The timing and amount of any share repurchases will depend on the terms and conditions of the Company 10b5-1 Plan, the market price of the Company’s Common Stock and trading volumes, and no assurance can be given that Common Stock be repurchased in any particular amount or at all. The repurchase of shares pursuant to the Company 10b5-1 Plan is intended to satisfy the conditions of Rule 10b5-1 and Rule 10b-18 under the Exchange Act, and will otherwise be subject to applicable law, including Regulation M, which may prohibit repurchases under certain circumstances. The Company 10b5-1 Plan commenced on July 23, 2024.

On May 1, 2025, the Board of Directors of the Company authorized an amendment to the Company 10b5-1 Plan to extend the expiration to May 24, 2026. Under the amended and restated plan (effective May 25, 2025), the Company may repurchase up to $100,000 of the outstanding common stock in the open market at a price per share that meets certain thresholds below its net asset value per share. The Company 10b5-1 Plan will terminate upon the earliest to occur of (i) the close of business on May 24, 2026, (ii) the end of the trading day on which the aggregate purchase price for all shares purchased under the Company 10b5-1 Plan equals $100,000 and (iii) the occurrence of certain other events described in the Company 10b5-1 Plan. See Note 12 – Subsequent Events.

For the three months ended March 31, 2026, the agent has repurchased shares of common stock pursuant to the Company 10b5-1 Plan as follows:

					Approximate dollar		Approximate dollar
	Total number				value of shares that have		value of shares that may
	of shares		Average price		been purchased		yet be purchased
Period	repurchased		paid per share		under the plan		under the plan
January 1 - 31, 2026		528,149	$	14.49	$	7,651	$	52,290
February 1 - 28, 2026		743,792	$	13.91		10,350	$	41,940
March 1 - 31, 2026		244,320	$	13.85		3,384	$	38,556
Total stock repurchased		1,516,261			$	21,385

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

Dividends and Dividend Reinvestment

The following tables summarize the dividends declared and payable by the Company for the three months ended March 31, 2026 and 2025. For the three months ended March 31, 2025, the $0.10 per share dividend with a payment date of March 18, 2025 was one of three special dividends declared by the Board of Directors in conjunction with the Company’s IPO in May 2024.

For the three months ended March 31, 2026
Dividend	Dividend	Dividend	Dividend
declaration	record	payment	per
date	date	date	share
February 12, 2026	March 31, 2026	April 16, 2026	$	0.40
Total dividends declared			$	0.40
For the three months ended March 31, 2025
---	---	---	---	---
Dividend	Dividend	Dividend	Dividend
declaration	record	payment	per
date	date	date	share
May 8, 2024	March 3, 2025	March 18, 2025	$	0.10
March 3, 2025	March 31, 2025	April 15, 2025		0.40
Total dividends declared			$	0.50

The following tables summarize the amounts received and shares of common stock issued to shareholders pursuant to the Company’s dividend reinvestment plan (“DRIP”) for the three months ended March 31, 2026 and 2025. See Note 12 – Subsequent Events.

For the three months ended March 31, 2026
Dividend	Dividend	DRIP
record	payment	shares		DRIP
date	date	issued		value
December 31, 2025	January 16, 2026		-	$	-
			-	$	-

For the dividend paid on January 16, 2026, the DRIP value was $219 and was fulfilled through open market purchases of common stock.

For the dividend paid on April 16, 2026, the DRIP value was $382 and was fulfilled through open market purchases of common stock. This DRIP is excluded from the table above, as the DRIP share activity was after March 31, 2026.

For the three months ended March 31, 2025
Dividend	Dividend	DRIP
record	payment	shares		DRIP
date	date	issued		value
December 31, 2024	January 15, 2025		205,626	$	3,434
March 3, 2025	March 18, 2025		35,346		593
			240,972	$	4,027

For the dividend paid on January 15, 2025, the DRIP value was $3,923. Of this amount, $3,434 was reinvested into the Company through the issuance of 205,626 shares of common stock and $489 was fulfilled through open market purchases of common stock.

For the dividend paid on April 15, 2025, the DRIP value was $2,401 and was fulfilled through open market purchases of common stock. This DRIP is excluded from the table above, as the DRIP share activity was after March 31, 2025.

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

Note 8. Commitments and Contingencies

The Company had an aggregate of $289,049 and $287,456, respectively, of unfunded commitments, including $175,016 and $171,137, respectively, of unfunded commitments on revolvers, to provide debt financing to its portfolio companies as of March 31, 2026 and December 31, 2025. These commitments are not reflected in the Company’s consolidated statement of assets and liabilities but are generally incorporated into the Company’s determination of its liquidity. Consequently, such commitments result in an element of credit risk in excess of the amount recognized in the Company’s consolidated statement of assets and liabilities.

The Company’s unfunded revolving commitments are generally available on a borrower’s demand and may remain outstanding until the maturity date of the underlying senior secured loan. The Company’s unfunded delayed draw term loan commitments are generally subject to the satisfaction of certain financial and nonfinancial covenants and certain operational metrics. The commitment period for unfunded delayed draw term loan commitments may be shorter than the maturity date if drawn or funded.

A summary of the composition of the unfunded commitments as of March 31, 2026 and December 31, 2025 is shown in the table below.

	As of		As of
	March 31, 2026		December 31, 2025
Aegis Toxicology Sciences Corporation		5,769		5,769
AeriTek Global Holdings LLC		856		645
Alcami Corporation		1,076		1,232
Allcat Claims Service, LLC		17,407		17,407
Allentown, LLC		622		928
American Equipment Holdings LLC		3,653		5,479
Arborworks Acquisition, LLC		233		439
Aviation Concepts, LLC		13,127		13,127
Bloomington Holdco, LLC (BW Fusion)		10,033		6,421
BLP Buyer, Inc. (Bishop Lifting Products)		378		862
Brightview, LLC		4,323		155
Carton Packaging Buyer, Inc. (Century Box)		1,993		1,993
CCFF Buyer, LLC (California Custom Fruits & Flavors, LLC)		9,125		9,284
CGI Automated Manufacturing, LLC		2,717		2,717
CI (MG) Group, LLC (Mariani Premier Group)		5,897		5,938
City Line Distributors LLC		2,530		2,530
CMT Intermediate Holdings, LLC (Capital Machine Technologies)		3,803		3,803
CREO Group Inc. (HMS Manufacturing)		429		1,043
Curio Brands, LLC		2,605		2,605
Del-Air Heating, Air Conditioning & Refrigeration, LLC		3,137		3,137
DISA Holdings Corp.		1,262		1,766
Diverzify Intermediate, LLC		-		3,155
DRS Holdings III, Inc. (Dr. Scholl's)		310		310
ECS Opco 1, LLC (Spectrum Vascular)		2,540		2,540
Envirotech Services, LLC		6,746		6,746
Eppinger Technologies, LLC		650		632
Fastener Distribution Holdings, LLC		4,610		4,610
Foundation Consumer Brands, LLC		577		577
Fralock Buyer LLC		1,213		500
Gage CR Acquisition, LLC		6,258		6,258
Guardian Dentistry Practice Management, LLC		649		618
Gulf Pacific Acquisition, LLC		1,498		899
Gusmer Enterprises, Inc.		2,416		2,941
Home Brands Group Holdings, Inc. (ReBath)		2,099		2,099

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

	As of		As of
	March 31, 2026		December 31, 2025
I.D. Images Acquisition, LLC		2,020		2,020
IF&P Foods, LLC (FreshEdge)		288		1,626
Improving Acquisition LLC		1,504		1,504
Integrated Dermatology LLC		11,335		11,548
J&K Ingredients, LLC		1,890		1,890
KAMC Holdings, Inc. (Franklin Energy)		1,365		1,365
Krayden Holdings, Inc.		1,305		1,268
Lakewood Acquisition Corporation (R&B Wholesale)		10,305		10,305
LEM Buyer, Inc. (CFS Technologies Intermediate, Inc.)		1,320		1,885
Light Wave Dental Management, LLC		334		334
LSL Industries, LLC		5,224		5,224
MacNeill Pride Group		2,397		2,397
ML Buyer, LLC (Mama Lycha Foods, LLC)		3,293		3,193
Monza Purchaser, LLC (Smyth)		5,345		6,990
MRC Keystone Acquisition LLC (Automated Handing Solutions)		3,864		3,864
NMA Holdings, LLC (Neuromonitoring Associates)		6,686		6,687
OAO Acquisitions, Inc. (BearCom)		2,482		2,482
PGI Parent LLC (Prime Electric)		2,556		2,840
PH Beauty Holdings III, Inc.		2,009		2,009
Project Tahoe Acquisition Corp (Norton Packaging)		4,613		-
PMFC Holding, LLC		281		411
Redwood MSO, LLC (Smile Partners)		348		1,283
Refocus Management Services, LLC		1,652		5,999
Regiment Security Partners LLC		1,055		776
RMH Systems, LLC		7,964		7,964
The Robinette Company		1,609		1,609
Ruff Roofers Buyer, LLC		10,064		10,065
SGCP Intermediate, Inc. (SG Credit)		39,000		21,000
Speedstar Holding LLC		666		666
Sundance Holdings Group, LLC		377		377
Superior Intermediate LLC (Landmark Structures)		3,168		10,006
Tapco Buyer LLC		2,800		10,120
Texas Coffee Holdco LLC		15,000		15,000
TL Atlas Merger Sub Corp. (Zep)		6,335		4,789
Trademark Global LLC		480		480
United Titanium, LLC		4,343		4,343
US Masonry & Building Products Co. (f/k/a US Anchors Group, Inc.)		2,594		3,335
Workholding US Holdings, LLC (Forkardt Hardinge)		277		277
Worldwide Produce Acquisition, LLC		360		360
Total unfunded commitments	$	289,049	$	287,456

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of March 31, 2026 and December 31, 2025, management was not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure.

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

Note 9. Earnings Per Share

In accordance with the provisions of ASC Topic 260, Earnings per Share (“ASC 260”), basic earnings per share is computed by dividing earnings available to common stockholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. As of March 31, 2026 and 2025, there were no dilutive shares.

The following table sets forth the computation of basic and diluted earnings per share of common stock for the three months ended March 31, 2026 and 2025.

	For the three months ended
	March 31,<br>2026		March 31,<br>2025
Net increase (decrease) in net assets resulting from<br> operations	$	17,241	$	22,215
Weighted average shares of common stock outstanding<br> - basic and diluted		67,144,353		71,234,684
Earnings (loss) per share of common stock - basic and<br> diluted	$	0.26	$	0.31

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

Note 10. Financial Highlights

The following per share of common stock data has been derived from information provided in the unaudited financial statements. The following is a schedule of financial highlights for the three months ended March 31, 2026 and 2025.

	For the three months ended March 31,
	(amounts in thousands, except share and per share amounts)
Per Common Share Operating Performance (1)	2026			2025
Net Asset Value, Beginning of Period	$	16.32		$	16.70
Results of Operations:
Net Investment Income		0.43			0.40
Net Realized and Unrealized Gain (Loss) on Investments(2)		(0.17	)		(0.09	)
Net Increase (Decrease) in Net Assets Resulting from Operations		0.26			0.31
Dividends to Common Stockholders
Dividends		(0.40	)		(0.50	)
Net Decrease in Net Assets Resulting from Dividends		(0.40	)		(0.50	)
Capital Share Transactions
Repurchase of Common Stock		0.05			-
Net Increase (Decrease) Resulting from Capital Share Transactions		0.05			-
Net Asset Value, End of Period	$	16.23		$	16.51
Per Share Market Value, End of Period	$	13.72		$	16.22
Shares Outstanding, End of Period		66,481,923			71,276,973
Ratio/Supplemental Data
Net assets, end of period	$	1,079,192		$	1,176,559
Weighted-average shares outstanding		67,144,353			71,234,684
Total Return based on net asset value(3)		2.2	%		2.0	%
Total Return based on market value(4)		(1.6	)%		1.1	%
Portfolio turnover		4.0	%		5.5	%
Ratio of operating expenses to average net assets before waivers(5)		10.5	%		9.5	%
Ratio of operating expenses to average net assets with waiver(5)		10.5	%		9.1	%
Ratio of net investment income (loss) to average net assets(5)		10.7	%		9.9	%

The per common share data was derived by using weighted average shares outstanding.
Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period and may not be consistent or reconcile with the aggregate gains and losses in the Consolidated Statement of Operations due to the timing of share transactions during the period. For the three months ended March 31, 2026, includes less than $0.01 per share of deferred income tax expense on unrealized appreciation on investments.
Total return is calculated as the change in net asset value (“NAV”) per share during the period, plus distributions per share (if any), divided by the beginning NAV per share. The calculation also assumes reinvestment of dividends at actual prices pursuant to the Company’s dividend reinvestment plan. Total return is not annualized.
Total return based on market value is calculated as the change in market value per share during the respective periods, plus distributions per share, if any, divided by the beginning market value per share. The calculation also assumes reinvestment of dividends at actual prices pursuant to the Company’s dividend reinvestment plan.
Ratio is annualized.

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

Note 11. Segment Reporting

The Company operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through debt and equity investments. The CODM is comprised of the Company’s co-chief executive officers and these CODMs assess the performance and make operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase in stockholders’ equity resulting from operations (“net income”). In addition to numerous other factors and metrics, the CODMs utilize net income as a key metric in determining the amount of dividends to be distributed to the Company’s stockholders. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets” and the significant segment expenses are listed on the accompanying consolidated statement of operations.

Note 12. Subsequent Events

The Company’s management has evaluated subsequent events through the date of issuance of the financial statements included herein. There have been no subsequent events that require recognition or disclosure in these financial statements except as described below.

On April 16, 2026, the Company paid a regular dividend of $0.40 per share to each common stockholder of record as of March 31, 2026. The total dividend was $26,595, and, of this amount, $382 was DRIP which was fulfilled through open market purchases of common stock.

On May 5, 2026, the Board of Directors of the Company 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 July 16, 2026 to stockholders of record as of the close of business on June 30, 2026, payable in cash or shares of common stock of the Company pursuant to the Company’s Dividend Reinvestment Plan, as amended.

On May 5, 2026, the Board of Directors of the Company authorized an amendment to the Company's share repurchase plan to extend the expiration to May 24, 2027. Under the amended and restated plan (effective May 25, 2026), the Company may repurchase up to $100,000 of its outstanding common stock in the open market at a price per share that meets certain thresholds below its net asset value per share.

From April 1, 2026 to May 5, 2026, the Company’s agent repurchased 131,921 shares of common stock at an average price of $14.29 per share for a total amount of $1,885. As of May 5, 2026, $36,671 remains for repurchase under the Company’s current 10b5-1 Plan.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis should be read in conjunction with our consolidated financial statements and related notes and other financial information appearing elsewhere in this Quarterly Report on Form 10-Q. Except as otherwise specified, references to “we,” “us,” “our,” or the “Company” refer to Kayne Anderson BDC, Inc.

Investment Objective, Principal Strategy and Investment Structure

Kayne Anderson BDC, Inc. is a Delaware corporation that commenced operations on February 5, 2021. Following our initial public offering (“IPO”), our common stock began trading on the New York Stock Exchange (“NYSE”) under the ticker symbol “KBDC” on May 22, 2024. We are an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the 1940 Act, as amended. In addition, for U.S. federal income tax purposes, we intend to qualify, annually, as a RIC under Subchapter M of the Code.

Our investment activities are managed by KA Credit Advisors, LLC (the “Advisor”), an indirect controlled subsidiary of Kayne Anderson Capital Advisors, L.P. (“Kayne Anderson”), and the Advisor operates within Kayne Anderson’s middle market private credit platform (“KAPC” or “Kayne Anderson Private Credit”). The Advisor is an investment advisor registered with the United States Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended. In accordance with the Investment Advisers Act of 1940, as amended, our Advisor is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring investments, and monitoring our investments and portfolio companies on an ongoing basis. The Advisor benefits from the scale and resources of Kayne Anderson and specifically KAPC.

Our investment objective is to generate current income and, to a lesser extent, capital appreciation. We intend to have nearly all of our debt investments in private middle market companies. We use “private” to refer to companies that are not traded on a securities exchange and define “middle market companies” as companies that, in general, generate between $10 million and $150 million of annual earnings before interest, taxes, depreciation and amortization, or EBITDA. Further, we refer to companies that generate between $10 million and $75 million of annual EBITDA as “core middle market companies” and companies that generate between $75 million and $150 million, or more, of annual EBITDA as “upper middle market companies.” We typically adjust EBITDA for non-recurring and/or normalizing items to assess the financial performance of our borrowers over time.

We intend to achieve our investment objective by investing primarily in first lien senior secured loans, with a secondary focus on unitranche and split-lien loans to middle market companies. Under normal market conditions, we expect at least 90% of our portfolio (including investments purchased with proceeds from borrowings under credit facilities and issuances of senior unsecured notes) to be invested in first lien senior secured, unitranche and split-lien loans. We expect the remainder of our portfolio to be invested in second-lien loans, subordinated debt or equity securities (including those purchased in conjunction with other credit investments). We expect that a majority of these debt investments will be made in core middle market companies and will generally have stated maturities of three to six years. We expect that the loans in which we principally invest will be to companies that are located in the United States. We determine the location of a company as being in the United States by (i) such company being organized under the laws of one of the states in the United States; or (ii) during its most recent fiscal year, such company derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in the United States or has at least 50% of its assets in the United States.

The Advisor executes on our investment objective by (1) accessing the established loan sourcing channels developed by KAPC, which includes an extensive network of private equity firms, other middle market lenders, financial advisors, intermediaries and management teams, (2) selecting investments within our middle market company focus, (3) implementing KAPC’s underwriting process and (4) drawing upon its experience and resources and the broader Kayne Anderson network. KAPC was established in 2011 and manages (directly and through affiliates) assets under management (“AUM”) of approximately $7.3 billion related to middle market private credit as of March 31, 2026.

Recent Developments

On April 16, 2026, we paid a regular dividend of $0.40 per share to each common stockholder of record as of March 31, 2026. The total dividend was $26.6 million, and, of this amount, $0.4 million was DRIP which was fulfilled through open market purchases of common stock.

On May 5, 2026, our 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 July 16, 2026 to stockholders of record as of the close of business on June 30, 2026, payable in cash or shares of our common stock pursuant to our Dividend Reinvestment Plan, as amended.

On May 5, 2026, our Board of Directors authorized an extension of our existing share repurchase program to extend the expiration to May 24, 2027. Under the terms of the program, which are substantially the same as our then existing share repurchase program, we may repurchase up to $100 million of our outstanding common stock in the open market at a price per share that meets certain thresholds below its net asset value per share.

From April 1, 2026 to May 5, 2026, our agent repurchased 131,921 shares of common stock at an average price of $14.29 per share for a total amount of $1.9 million. As of May 5, 2026, $36.7 million remains for repurchase under our current 10b5-1 Plan.

Portfolio and Investment Activity

Our portfolio is currently comprised of a broad mix of loans, with diversity among investment size and industry focus. The Advisor’s team of professionals conducts due diligence on prospective investments during the underwriting process and is involved in structuring the credit terms of our private middle market investments. Once an investment has been made, our Advisor closely monitors that portfolio investment and takes a proactive approach to identify and address sector or company specific risks. The Advisor seeks to maintain a regular dialogue with portfolio company management teams (as well as their owners, the majority of whom are private equity firms, where applicable), reviews detailed operating and financial results on a regular basis (typically monthly or quarterly) and monitors current and projected liquidity needs, in addition to other portfolio management activities. There are no assurances that we will achieve our investment objectives.

As of March 31, 2026, we had investments in 105 portfolio companies with an aggregate fair value of approximately $2,194 million, and unfunded commitments to these portfolio companies of $289 million, and our portfolio consisted of 92.6% first lien senior secured loans, 5.5% subordinated debt and 1.9% equity investments. As of March 31, 2026, the weighted average remaining term of our debt investments was 3.1 years based on principal amount.

As of March 31, 2026, we held investments in broadly syndicated loans in 4 portfolio companies with an aggregate principal amount of $29.8 million. Our investments in broadly syndicated loans were made in anticipation of the receipt of proceeds from our final capital call and our IPO which closed during the second quarter of 2024. We expect to rotate out of these investments over coming quarters to invest in private middle market loans consistent with our principal strategy. We have presented certain portfolio-related information below for our private middle market loans and broadly syndicated loans separately and on a combined basis for ease of reference.

As of March 31, 2026, 95.1% of our debt investments, based on principal amount, had floating interest rates. Our weighted average yields for debt investments were as follows:

	Excluding Non-Income Producing Debt Investments						Including Non-Income Producing Debt Investments
	Fair			Amortized			Fair			Amortized
	Value			Cost			Value			Cost
Private middle market loans		10.2	%		10.3	%		9.9	%		9.8	%
Broadly syndicated loans		6.5	%		5.9	%		6.5	%		5.9	%
Total debt investments		10.1	%		10.2	%		9.9	%		9.8	%

As of March 31, 2026, our portfolio was invested across 26 different industries (Global Industry Classification “GICS”, Level 3 – Industry). The largest industries in our portfolio as of March 31, 2026 were Commercial Services & Supplies, Health Care Providers & Services, Distributors and Food Products, which represented, as a percentage of our portfolio of long-term investments, 12.4%, 11.1%, 11.1% and 10.4%, respectively, based on fair value. We are generalist investors and the mix of industries represented by our portfolio companies will vary over time.

As of March 31, 2026, our average position size based on total investment commitments (at the portfolio company level) was $24.2 million.

As of March 31, 2026, the weighted average and median last twelve months (“LTM”) EBITDA of our portfolio companies were as follows:

private middle market loans were $52.6 million and $37.2 million, respectively, based on fair value1,2
broadly syndicated loans were $2,128.5 million and $1,650.1 million, respectively, based on fair value; and
total investments were $83.3 million and $39.0 million, respectively, based on fair value1,2

As of March 31, 2026, the weighted average loan-to-enterprise-value (“LTEV”) of our debt investments at the time of our initial investment was as follows:

private middle market loans was 43.1%, based on par1,2
broadly syndicated loans was 38.1%, based on par
total investments was 43.0%, based on par1,2 and
LTEV represents the total par value of our debt investment relative to our estimate of the enterprise value of the underlying borrower

As of March 31, 2026, we had debt investments on non-accrual status, which represented 2.5% and 4.1% of total debt investments at fair value and cost, respectively.

As of March 31, 2026, our portfolio companies’ weighted average leverage ratios and weighted average interest coverage ratios (the calculations of which are based on the most recent quarter end or latest available information from the portfolio companies) were as follows:

private middle market loans were 4.4x and 2.4x, respectively, based on fair value1,2
broadly syndicated loans were 2.5x and 3.5x, respectively, based on fair value; and
total investments were 4.4x and 2.4x, respectively, based on fair value1,2

As of March 31, 2026, the percentage of our debt investments including at least one financial maintenance covenant was as follows:

private middle market loans was 100.0% based on fair value1,2
broadly syndicated loans was 0%, based on fair value; and
total investments was 98.5%, based on fair value1,2
Excludes investments on watch list, which represent 6.0% of the total fair value of debt investments as of March 31, 2026.
Excludes opportunistic debt investments of BC CS 2, L.P. (Cuisine Solutions, Inc.), SGCP Partners, Inc. (SG Credit), M2S Group Intermediate Holdings, Inc. and Texas Coffee Holdco LLC, which represent 7.9% of the total fair value of debt investments as of March 31, 2026.

Our investment activity for the three months ended March 31, 2026 and 2025 is presented below (information presented herein is at par value unless otherwise indicated).

	For the three months ended March 31,
	2026		2025
	( in millions)		( in millions)
New investments:
Gross new investments commitments
Less: investment commitments sold down, exited or repaid(1)		)		)
Net investment commitments
Principal amount of investments funded(2):
Private credit investments
Broadly syndicated loans
Preferred equity investments
Common equity investments			0.5
Total principal amount of investments funded
Principal amount of investments sold / repaid (2):
Private credit investments		)		)
Broadly syndicated loans		)		)
Common equity investments				)
Total principal amount of investments sold or repaid		)		)
Number of new private credit debt investment commitments
Average new private credit debt investment commitment amount
Number of new broadly syndicated loan commitments
Average new broadly syndicated loan commitment amount
Weighted average maturity for new debt investment commitments(3)	4.2 years		4.7 years
Percentage of new debt investment commitments at floating rates		%		%
Percentage of new debt investment commitments at fixed rates		%		%
Weighted average interest rate of new private credit debt investment commitments(4)		%		%
Weighted average interest rate of new broadly syndicated loan commitments(4)
Weighted average interest rate on debt investments sold or paid down(5)		%		%

All values are in US Dollars.

Does not include repayments on revolving loans, which may be redrawn.
Does not include restructured activity. For common equity investments, amount represents cost.
For undrawn delayed draw term loans, the maturity date used is that of the associated term loan.
Based on the rate in effect at March 31, 2026 per our Consolidated Schedule of Investments for new debt commitments entered into during the quarter.
Based on the underlying rate if still held at March 31, 2026. For those investments sold or paid down in full during the quarter, based on the rate in effect at the time of sale or paid down.

Portfolio Internal Performance Ratings

In general, we employ a strategy designed to ensure early detection of potential issues at underlying borrowers, including monthly financial reviews internal tracking memoranda, weekly “watch list” discussions and other like activities. We have designed a risk rating system to aid in our portfolio management efforts where each investment is rated level 1-9, where Level 1 is the “least risky” and Level 9 is the “most risky.” This risk-rating system is quantitative in nature and aggregates criteria such as LTEV, leverage levels and fixed charge coverage ratios (“FCCR”) (each measured at point-in-time and as relates to levels at the close of the investment).

The table below sets forth our fair value of debt investments and number of portfolio companies, including percentage of each total, that are on watch list as of March 31, 2026 and December 31, 2025. This table excludes equity and broadly syndicated loan investments that represent, in aggregate, 3.2% of total fair value of investments at March 31, 2026.

As of March 31, 2026									As of December 31, 2025
Fair Value				Number of					Fair Value				Number of
( in millions)	%			Companies		%			( in millions)	%			Companies		%
		6.0	%		10		9.5	%			5.1	%		9		8.4	%

All values are in US Dollars.

We use Global Industry Classification Standards (GICS), Level 3 – Industry, for classifying the industry groupings of our portfolio companies. The table below describes long-term investments by industry composition based on fair value as of March 31, 2026 and December 31, 2025.

	March 31,<br>2026			December 31,<br>2025
Commercial services & supplies		12.4	%	11.9		%
Health care providers & services		11.1	%	10.8		%
Distributors		11.1	%	11.9		%
Food products		10.4	%	10.5		%
Containers & packaging		9.8	%	9.1		%
Professional services	6.5		%	6.6		%
Machinery	5.5		%	6.9		%
Financial services(1)	5.3		%	4.8		%
Aerospace & defense	3.8		%	3.8		%
Chemicals	3.7		%	3.7		%
Leisure products	2.6		%	2.6		%
Household products	2.4		%	2.4		%
Personal care products	2.2		%	1.1		%
Automobile components	1.7		%	1.7		%
Textiles, apparel & luxury goods	1.7		%	1.8		%
Building products	1.7		%	1.6		%
IT services		1.6	%	1.6		%
Wireless telecommunication services		1.5	%	1.5		%
Health care equipment & supplies		1.1	%	1.1		%
Insurance		1.1	%		1.0	%
Household durables		0.9	%	0.9		%
Diversified consumer services		0.8	%	0.8		%
Biotechnology		0.6	%	0.6		%
Pharmaceuticals		0.3	%	0.3		%
Diversified telecommunication services		0.2	%	0.2		%
Specialty retail		-	%	0.8		%
		100.0	%		100.0	%

Includes our debt and equity investment in SGCP Partners, Inc. (SG Credit), through investments in SGCP Intermediate, Inc. and SGCP Holdings, LLC, an asset based lending platform company, where the Company has a minority investment.

Results of Operations

For the three months ended March 31, 2026 and 2025, our total investment income was derived from our portfolio of investments.

The following table represents the operating results for the three months ended March 31, 2026 and 2025.

	For the three months ended March 31,
	2026		2025
	( in millions)		( in millions)
Total investment income
Less: Net expenses		)		)
Net investment income
Net realized gains (losses) on investments		)
Net change in unrealized gains (losses) on investments		)		)
Income tax (expense) benefit on unrealized<br> appreciation/depreciation on investments		)		)
Net increase (decrease) in net assets resulting from<br> operations

All values are in US Dollars.

Investment Income

Investment income for the three months ended March 31, 2026 and 2025, totaled $57.3 million and $55.2 million, respectively, and consisted primarily of interest income on our debt investments. For the three months ended March 31, 2026 and 2025, we had $4.3 million and $0.3 million, respectively, of PIK interest included in interest income. For the three months ended March 31, 2026, $2.2 million, of the $4.3 million, relates to PIK interest income recognized on our debt investments in Arborworks Acquisition, LLC following our change from non-accrual to accrual status for this investment.

Expenses

Operating expenses for the three months ended March 31, 2026 and 2025 were as follows:

	For the three months ended March 31,
	2026	2025
	( in millions)	( in millions)
Interest and debt financing expenses
Management fees
Incentive fees
Directors fees
Other operating expenses
Total expenses
Management fee waiver			)
Net expenses

All values are in US Dollars.

Net Realized Gains (Losses) on Investments

During the three months ended March 31, 2026, we had realized losses of $2.3 million on our investments. In February 2026, we completed a restructure of our debt investment in Regiment Security Partners LLC whereby our existing first lien senior secured debt was exchanged for new debt that included a tranche of last out first lien senior secured debt, and we recognized a $2.0 million realized loss as a result of the debt restructure. Additionally, during the three months ended March 31, 2026, we recognized a $0.3 million realized loss due to the rotation out of one of our broadly syndicated loans. During the three months ended March 31, 2025, we had realized gains of $0.6 million on our investments.

Net Unrealized Gains (Losses) on Investments

We fair value our portfolio investments quarterly and any changes in fair value are recorded as unrealized gains or losses. During the three months ended March 31, 2026 and 2025, net unrealized gains (losses) on our investment portfolio were comprised of the following:

	For the three months ended March 31,
	2026		2025
	( in millions)		( in millions)
Unrealized gains on investments
Unrealized (losses) on investments		)		)
Net change in unrealized gains (losses) on investments		)		)

All values are in US Dollars.

For the three months ended March 31, 2026 and 2025, we had a deferred income tax expense of $0.4 million and $0.6 million, respectively, related to our net unrealized gain on our investments in KABDC Corp, LLC, a wholly owned subsidiary, that has elected to be treated as a corporation for U.S. tax purposes. In addition, as of March 31, 2026, our net deferred tax liability of $2.8 million is included in accrued expenses and other liabilities of our Consolidated Statement of Assets and Liabilities.

For the three-month periods ended March 31, 2026 and 2025, the top five largest contributors to the change in unrealized gains and change in unrealized losses on investments, and the remaining unrealized gains and losses from other portfolio companies, are presented in the following tables.

	For the three months ended
	March 31,2026
	( in millions)
Portfolio Company
Regiment Security Partners LLC
NMA Holdings, LLC (Neuromonitoring Associates)
SGCP Intermediate, Inc. (SG Credit)
INW Manufacturing, LLC
Arborworks Acquisition, LLC
Other portfolio companies unrealized gains
Other portfolio companies unrealized (losses)		)
Connect America.Com, LLC		)
4 Over International, LLC		)
Tempo Acquisition LLC		)
Siegel Egg Co., LLC		)
American Soccer Company, Incorporated (SCORE)		)
Total Change in Unrealized Gain (Loss), net		)

All values are in US Dollars.

	For the three months ended
	March 31,2025
	( in millions)
Portfolio Company
Arborworks Acquisition, LLC
CREO Group Inc. (HMS Manufacturing)
Lakewood Acquisition Corporation (R&B Wholesale)
Monza Purchaser, LLC (Smyth)
Olibre Borrower LLC (Revelyst)
Other portfolio companies unrealized gains
Other portfolio companies unrealized (losses)		)
Innopak Industries, Inc.		)
Centerline Communications, LLC		)
Vehicle Accessories, Inc.		)
Siegel Egg Co., LLC		)
Sundance Holdings Group, LLC		)
Total Change in Unrealized Gain (Loss), net		)

All values are in US Dollars.

Financial Condition, Liquidity and Capital Resources

Our liquidity and capital resources are generated primarily from the net proceeds of any offering of our shares of common stock, proceeds from borrowing on our credit facilities, proceeds from the issuance of senior unsecured notes and from cash flows from interest and fees earned from our investments and principal repayments and proceeds from sales of our investments. Our primary use of cash will be for investments in portfolio companies, payments of our expenses, repayments of borrowings under credit facilities and senior unsecured notes, and payment of cash distributions to our stockholders.

We finance our investments with leverage in the form of borrowings under credit facilities and issuances of senior unsecured notes. We also intend to further borrow under credit facilities and/or issue senior unsecured notes in the future in order to finance our investments. In accordance with the 1940 Act, we are required to meet a coverage ratio of total assets (less total liabilities other than indebtedness) to total borrowings and other senior securities (and any preferred stock that we may issue in the future) of at least 150%. As defined in the 1940 Act, a 150% asset coverage means that for every $100 of net assets we hold, we can raise $200 from borrowing and issuing senior securities. If this ratio declines below 150%, we cannot incur additional leverage and could be required to sell a portion of our investments to repay some leverage when it is disadvantageous to do so. As of March 31, 2026 and December 31, 2025, our asset coverage ratios were 195% and 198%, respectively. We currently intend to target asset coverage of 200% to 180% (which equates to a debt-to-equity ratio of 1.0x to 1.25x) but may alter this target based on market conditions.

Over the next twelve months, we expect that cash and cash equivalents, taken together with our available capacity under our credit facilities, will be sufficient to conduct anticipated investment activities. Beyond twelve months, we expect that our cash and liquidity needs will continue to be met by cash generated from our ongoing operations as well as financing activities.

As of March 31, 2026, we had $275 million Notes outstanding, $863 million borrowed under our credit facilities and cash and cash equivalents of $32.7 million (including investments in money market funds). As of that date, we had $537 million of undrawn commitments available on our credit facilities (subject to borrowing base restrictions and other conditions). As of May 5, 2026, we had $275 million Notes outstanding, $922 million borrowed under our credit facilities and cash and cash equivalents of $17.0 million (including investments in money market funds).

Senior Unsecured Notes

As of March 31, 2026, we had $275 million of senior unsecured notes outstanding, with $25 million of 8.65% Series A Notes due June 2027 (the “Series A Notes”), $50 million of 8.74% Series B Notes due June 2028 (the “Series B Notes”), $40 million of floating rate Series C Notes with an interest rate of SOFR plus 2.32% per annum due June 2028 (the “Series C Notes”), $60 million of 5.80% Series D Notes due June 2028 (the “Series D Notes”) and $100 million of 6.15% Series E Notes due October 2030 (the “Series E Notes”). We refer to all of these series of senior unsecured notes as, collectively, the “Notes”.

In connection with the Series D and Series E Notes, we entered into interest rate swaps to more closely align the interest rates of our liabilities with our investment portfolio, which consists of predominantly floating rate loans. Under the interest rate swap agreement related to the Series D Notes, we receive a fixed interest rate of 5.80% per annum and pay a floating interest rate of SOFR plus 2.37% per annum on the $60 million of the Series D Notes. Under the interest rate swap agreement related to the Series E Notes, we receive a fixed interest rate of 6.15% per annum and pay a floating interest rate of SOFR plus 2.6565% per annum on the $100 million of the Series E Notes. We designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

Credit Facilities

Corporate Credit Facility: We are party to a senior secured revolving credit facility (the “Corporate Credit Facility”), that has a total commitment of $475 million. The facility’s commitment termination date and the final maturity date are November 22, 2028 and November 22, 2029, respectively. The Corporate Credit Facility also provided for a feature that allows us, under certain circumstances, to increase the overall size of the Corporate Credit Facility to a maximum of $600 million. The interest rate on the Corporate Credit Facility is equal to Term SOFR (a forward-looking rate based on SOFR futures) plus an applicable spread of 2.10% per annum or an “alternate base rate” (as defined in the agreements governing the Corporate Credit Facility) plus an applicable spread of 1.00%. We are also required to pay a commitment fee of 0.375% per annum on any unused portion of the Corporate Credit Facility.

Revolving Funding Facility: We and our wholly owned, special purpose financing subsidiary, Kayne Anderson BDC Financing, LLC (“KABDCF”), are party to a senior secured revolving funding facility (the “Revolving Funding Facility”). We and KABDCF have a commitment of $675 million. The Revolving Funding Facility is secured by all of the assets held by KABDCF and we have agreed that it will not grant or allow a lien on the membership interest of KABDCF. The end of the reinvestment

period is February 20, 2029 and the maturity date is February 20, 2031. The interest rate on the Revolving Funding Facility is daily SOFR plus 1.95% per annum. KABDCF is also required to pay a commitment fee of between 0.50% and 1.50% per annum depending on the size of the unused portion of the Revolving Funding Facility.

Revolving Funding Facility II: We and our wholly owned, special purpose financing subsidiary, Kayne Anderson BDC Financing II, LLC (“KABDCF II”), are party to a senior secured revolving credit facility (the “Revolving Funding Facility II”). The Revolving Funding Facility II has an initial commitment of $250 million which, under certain circumstances, can be increased up to $500 million. The Revolving Funding Facility II is secured by all of the assets held by KABDCF II and we have agreed that it will not grant or allow a lien on the membership interest of KABDCF II. The end of the reinvestment period and the stated maturity date for the Revolving Funding Facility II are December 22, 2027, and December 22, 2029, respectively. The interest rate on the Revolving Funding Facility II is equal to 3-month term SOFR plus 2.25% per annum. KABDCF II is also required to pay a commitment fee of 0.55%.

Contractual Obligations

A summary of our significant contractual principal payment obligations related to the repayment of our outstanding indebtedness at March 31, 2026 is as follows:

	Payments Due by Period ( in millions)
		Less than						After
	Total	1 year		1-3 years		3-5 years		5 years
Senior Unsecured Notes		$	-	$	175.0	$	100.0	$	-
Corporate Credit Facility			-		-		115.0		-
Revolving Funding Facility			-		-		553.0		-
Revolving Funding Facility II			-		-		195.0		-
Total contractual obligations		$	-	$	175.0	$	963.0	$	-

All values are in US Dollars.

Off-Balance Sheet Arrangements

As of March 31, 2026 and December 31, 2025, we had an aggregate $289.0 million and $287.5 million, respectively, of unfunded commitments, including $175.0 million and $171.1 million, respectively, of unfunded commitments on revolvers, to provide debt financing to our portfolio companies. Such commitments are generally subject to the satisfaction of certain financial and nonfinancial covenants and involve, to varying degrees, elements of credit risk in excess of the amount recognized in our financial statements. Other than contractual commitments and other legal contingencies incurred in the normal course of our business, we do not have any other off-balance sheet financings or liabilities.

Critical Accounting Estimates

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting policies, including those relating to the valuation of our investment portfolio, are described below. The critical accounting policies should be read in conjunction with our risk factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and in this Quarterly Report. See Note 2 to our consolidated financial statements for the three months ended March 31, 2026, for more information on our critical accounting policies.

Investment Valuation

Traded Investments (Level 1 or Level 2)

Investments for which market quotations are readily available will typically be valued at those market quotations. Traded investments such as corporate bonds, preferred stock, bank notes, broadly syndicated loans or loan participations are valued by using the bid price provided by an independent pricing service, by an independent broker, the agent bank, syndicate bank or principal market maker. When price quotes for investments are not available, or such prices are stale or do not represent fair value in the judgment of our Advisor, fair market value will be determined using our Advisor’s valuation process for investments that are privately issued or otherwise restricted as to resale.

We may also invest, to a lesser extent, in equity securities purchased in conjunction with debt investments. While we anticipate these equity securities to be issued by privately held companies, we may hold equity securities that are publicly traded. Equity securities listed on any exchange other than the NASDAQ Stock Market, Inc. (“NASDAQ”) are valued, except as indicated

below, at the last sale price on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the most recent bid and ask prices on such day. Securities admitted to trade on the NASDAQ are valued at the NASDAQ official closing price. Equity securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities. Equity securities traded in the over-the-counter market, but excluding securities admitted to trading on the NASDAQ, are valued at the closing bid prices.

Non-Traded Investments (Level 3)

Investments that are privately issued or otherwise restricted as to resale, as well as any security for which (a) reliable market quotations are not available in the judgment of our Advisor, or (b) the independent pricing service or independent broker does not provide prices or provides a price that in the judgment of our Advisor is stale or does not represent fair value, shall each be valued in a manner that most fairly reflects fair value of the security on the valuation date. We expect that a significant majority of our investments will be Level 3 investments. Unless otherwise determined by the Advisor, the following valuation process is used for our Level 3 investments:

Valuation Designee. The applicable investments will be valued no less frequently than quarterly by the Advisor, with new investments valued at the time such investment was made. The value of each Level 3 investment will be initially reviewed by the persons responsible for such portfolio company or investment. The Advisor will use a standardized template designed to approximate fair market value based on observable market inputs, updated credit statistics and unobservable inputs to determine a preliminary value. The Advisor will specify the titles of the persons responsible for determining the fair value of Company investments, including by specifying the particular functions for which they are responsible, and will reasonably segregate fair value determinations from the portfolio management of the Company such that the portfolio manager(s) may not determine, or effectively determine by exerting substantial influence on, the fair values ascribed to portfolio investments.
Valuation Firm. Quarterly, a third-party valuation firm engaged by the Advisor reviews the valuation methodologies and calculations employed for each of the Company’s investments that the Advisor has placed on the “watch list” and approximately 25% of the Company’s remaining investments. The third-party valuation firm will review and independently value all of the Level 3 investments at least once per year, on a rolling twelve-month basis. The quarterly report issued by the third-party valuation firm will provide positive assurance on the fair values of the investments reviewed.
Oversight. The Board has appointed the Advisor as the valuation designee for the Company for purposes of making determinations of fair value as permitted by Rule 2a-5 under the 1940 Act. The Audit Committee shall aid the Board in overseeing the Advisor’s fair valuation of securities that are not publicly traded or for which current market values are not readily available. The Audit Committee shall meet quarterly to review the fair value determinations, processes and written reports of the Advisor as part of the Board’s oversight responsibilities.

Refer to Note 5 – Fair Value – for more information on the Company’s valuation process.

Revenue Recognition

We record interest income on an accrual basis to the extent that we expect to collect such amounts. For loans and debt securities with contractual PIK interest, which represents contractual interest accrued and added to the principal balance, we generally will not accrue PIK interest for accounting purposes if the portfolio company valuation indicates that such PIK interest is not collectible. We do not accrue as a receivable interest on loans and debt securities for accounting purposes if we have reason to doubt our ability to collect such interest. Original Issue Discounts (OIDs), market discounts or premiums are accreted or amortized using the effective interest method as interest income. We record prepayment premiums on loans and debt securities as interest income.

Related Party Transactions

Investment Advisory Agreement. On February 5, 2021, we entered into an Investment Advisory Agreement with our Advisor. On March 6, 2024, the Board approved an amended and restated investment advisory agreement (the “Amended Investment Advisory Agreement”) between the Company and the Advisor, which became effective upon the completion of the initial public offering of shares of common stock on May 24, 2024 (the “IPO Date”). On February 12, 2026, the Board approved an additional one-year term of the Amended Investment Advisory Agreement through March 15, 2027.

For services rendered under the Amended Investment Advisory Agreement, we pay a base management fee quarterly in arrears to our Advisor based on the fair market value of our 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. We also pay an incentive fee on income and an incentive fee on capital gains to our Advisor.

Under the Amended Investment Advisory Agreement, following the IPO Date, the base management fee is calculated at an annual rate of 1.00% and the incentive fee on income is subject to a twelve-quarter lookback quarterly hurdle rate of 1.50% as opposed to a single quarter measurement and is subject to an Incentive Fee Cap based on our Cumulative Pre-Incentive Fee Net Return. This lookback feature provides that the Advisor’s income incentive fee may be reduced if our portfolio experiences aggregate write-downs or net capital losses during the applicable Trailing Twelve Quarters.

Administration Agreement. On February 5, 2021, we entered into the Administration Agreement with our Advisor, which serves as our Administrator and provides or oversees the performance of its required administrative services and professional services rendered by others, which include (but are not limited to), accounting, payment of our expenses, legal, compliance, operations, technology and investor relations, preparation and filing of our tax returns, and preparation of financial reports provided to its stockholders and filed with the SEC. On February 12, 2026, the Board approved an additional one-year term of the Administration Agreement through March 15, 2027.

We reimburse the Administrator for its costs and expenses incurred in performing its obligations under the Administration Agreement, which may include its allocable portion of office facilities, overhead, and compensation paid to or compensatory distributions received by its officers (including our Chief Compliance Officer and Chief Financial Officer) and its respective staff who provide services to the Company. As the Company reimburses the Administrator for its expenses, such costs (including the costs of sub-administrators) are ultimately borne by common stockholders. The Administrator does not receive compensation from us other than reimbursement of its expenses. The Administration Agreement may be terminated by either party with 60 days’ written notice.

Since the inception of the Company, the Administrator has engaged sub-administrators to assist the Administrator in performing certain of its administrative duties. During this period, the Administrator has not sought reimbursement of its expenses other than expenses incurred by the sub-administrators. The Administrator has engaged Ultimus Fund Solutions, LLC under a sub-administration agreement. Under the terms of the sub-administration agreement, Ultimus Fund Solutions, LLC provides fund administration and fund accounting services. The Company pays fees to Ultimus Fund Solutions, LLC, which constitute reimbursable expenses under the Administration Agreement. The Administrator may enter into additional sub-administration agreements with third parties to perform other administrative and professional services on behalf of the Administrator.

Non-Controlled, Affiliated Investments. We hold TG Parent Newco LLC (Trademark Global LLC) and SGCP Partners, Inc. (SG Credit), which are non-controlled, affiliated investments, as defined in the 1940 Act. See “Item 1. – Notes to Consolidated Financial Statements – Note 3. Agreements and Related Party Transactions” for further details.

Controlled, Affiliated Investments. We hold investments in Siegel Egg Co., LLC and Siegel Parent, LLC, both collectively referred to "Siegel Egg," which are controlled, affiliated investments, as defined in the 1940 Act. See “Item 1. – Notes to Consolidated Financial Statements – Note 3. Agreements and Related Party Transactions” for further details.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are subject to financial market risks, including valuation risk and changes in interest rates.

Valuation Risk. The majority of our investments are in instruments that do not have readily ascertainable market prices and the Advisor, as our valuation designee, will value these securities at fair value as determined in good faith under procedures approved by our Board of Directors. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

Interest Rate Risk. Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

Assuming that the consolidated statement of assets and liabilities as of March 31, 2026 were to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact ($ in millions) of hypothetical base rate changes in interest rate (considering interest rate floors for floating rate instruments). We do not include investments on non-accrual status and classified as non-income producing as of March 31, 2026 in this calculation.

Change in Interest Rates	Increase<br>(Decrease) in<br>Interest Income			Increase<br>(Decrease) in<br>Interest Expense(1)			Net Increase<br>(Decrease) in Net<br>Investment Income
Down 200 basis points	$	(40.0	)	$	(21.3	)	$	(18.7	)
Down 100 basis points	$	(20.0	)	$	(10.6	)	$	(9.4	)
Up 100 basis points	$	20.0		$	10.6		$	9.4
Up 200 basis points	$	40.0		$	21.3		$	18.7

(1) Includes the impact of our interest rate swaps as a result of interest rate changes.

The data in the table is based on the Company’s current statement of assets and liabilities.

We may hedge against interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the 1940 Act. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in benefits of lower interest rates with respect to our portfolio of investments with fixed interest rates.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

As of March 31, 2026 (the end of the period covered by this report), we, including our Co-Chief Executive Officers and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended). Based on that evaluation, our management, including the Co-Chief Executive Officers and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic United States Securities and Exchange Commission (the “SEC”) filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Co-Chief Executive Officers and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Item 3. Default Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

Item 6. Exhibits.

The exhibits required by this item are set forth in the Exhibit Index attached hereto and are filed or incorporated as part of this Report.

Exhibit<br>Index
3.1	Certificate of Formation (3)
3.2	Initial Limited Liability Company Agreement (1)
3.3	Certificate of Conversion (2)
3.4	Certificate of Incorporation (2)
3.5	Amended and Restated Bylaws (5)
4.1	Description of Securities (3)
10.1	Amended and Restated Investment Advisory Agreement (12)
10.2	Fee Waiver Agreement (12)
10.3	Administration Agreement (1)
10.4	License Agreement (1)
10.5	Indemnification Agreement (1)
10.6	Custody Agreement (1)
10.7	Subscription Agreement (1)
10.8	Credit Agreement, dated February 5, 2021, by and between Kayne Anderson BDC, Inc., as borrower, lenders signatories thereto, and agent and the lead arranger (2)
10.9	Second Amendment to Credit Agreement, dated December 3, 2021, by and between Kayne Anderson BDC, Inc., as borrower, lender signatories thereto, and agent and lead arranger (5)
10.10	Third Amendment to the Credit Agreement, dated December 30, 2022, by and between Kayne Anderson BDC, Inc., as borrower, lenders, and City National Bank as administrative agent for the lenders (7)
10.11	Fourth Amendment to the Credit Agreement, dated December 31, 2024, by and between Kayne Anderson BDC, Inc., as borrower, lenders, and City National Bank as administrative agent for the lenders (10)
10.12	Senior Secured Revolving Credit Agreement (4)
10.13	Second Amendment to the Senior Secured Revolving Credit Agreement (13)
10.14	Third Amendment to the Senior Secured Revolving Credit Agreement (17)
10.15	Loan and Security Agreement (4)
10.16	First Amendment to Loan and Security Agreement, dated November 17, 2022, by and between KA Credit Advisors, LLC, as collateral manager, Kayne Anderson BDC Financing, LLC, as borrower, certain lenders thereto, administrative agent for the lenders, and collateral agent for the lenders (6)
10.17	Second Amendment to Loan and Security Agreement, dated June 29, 2023, by and between KA Credit Advisors, LLC, as collateral manager, Kayne Anderson BDC Financing, LLC, as borrower, certain lenders thereto, administrative agent for the lenders, and collateral agent for the lenders (8)
10.18	Third Amendment to Loan and Security Agreement, dated April 3, 2024, by and between KA Credit Advisors, LLC, as collateral manager, Kayne Anderson BDC Financing, LLC, as borrower, certain lenders thereto, administrative agent for the lenders, and collateral agent for the lenders (11)
10.19	Fourth Amendment to Loan and Security Agreement, dated December 13, 2024, by and between KA Credit Advisors, LLC, as collateral manager, Kayne Anderson BDC Financing, LLC, as borrower, certain lenders thereto, administrative agent for the lenders, and collateral agent for the lenders (16)
Exhibit<br>Index
---	---
10.20	Fifth Amendment to Loan and Security Agreement, dated February 13, 2025, by and between KA Credit Advisors, LLC, as collateral manager, Kayne Anderson BDC Financing, LLC, as borrower, certain lenders thereto, administrative agent for the lenders, and collateral agent for the lenders (15)
10.21	Loan and Security Agreement, dated December 22, 2023, by and between KA Credit Advisors, LLC, as portfolio manager, Kayne Anderson BDC Financing II, LLC, as borrower, certain lenders thereto, collateral administrator for the lenders, collateral agent for the lenders, securities intermediary party, and administrative agent for the lenders (9)
10.22	Amendment No. 2 to Loan and Security Agreement, dated December 22, 2023, by and between KA Credit Advisors, LLC, as portfolio manager, Kayne Anderson BDC Financing II, LLC, as borrower, certain lenders thereto, collateral administrator for the lenders, collateral agent for the lenders, securities intermediary party, and administrative agent for the lenders (14)
10.23	Sixth Amendment to Loan and Security Agreement, dated February 20, 2026, by and among KA Credit Advisors, as collateral manager, Kayne BDC Financing, LLC, as borrower, certain lenders thereto, administrative agent for the lenders and collateral manager for the lenders. (19)
10.24	Notes Purchase Agreement, dated June 29, 2023, by and among the Company and the Purchasers party thereto (8)
10.25	Notes Purchase Agreement, dated September 9, 2025, by and among the Company and the Purchasers party thereto (18)
21.1*	Subsidiaries of Kayne Anderson BDC, Inc.
---	---
31.1*	Certification of Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*	Certification of Chief Financial Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*	Inline XBRL Instance Document
101.SCH*	Inline XBRL Taxonomy Extension Schema Document
101.CAL*	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

* Filed herewith.

Incorporated by reference from the Company’s Amendment No. 2 to Form 10, as filed with the Securities and Exchange Commission on November 9, 2020.
Incorporated by reference from the Company’s Form 8-K, as filed with the Securities and Exchange Commission on February 9, 2021.
Incorporated by reference from the Company’s Form 10-K, as filed with the Securities and Exchange Commission on March 10, 2023.
Incorporated by reference from the Company’s Form 8-K, as filed with the Securities and Exchange Commission on February 25, 2022.
Incorporated by reference from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, as filed with the Securities and Exchange Commission on August 15, 2022.
Incorporated by reference from the Company’s Form 8-K, as filed with the Securities and Exchange Commission on November 22, 2022.
Incorporated by reference from the Company’s Form 8-K, as filed with the Securities and Exchange Commission on January 6, 2023.
Incorporated by reference from the Company’s Form 8-K, as filed with the Securities and Exchange Commission on July 5, 2023.
Incorporated by reference from the Company’s Form 8-K, as filed with the Securities and Exchange Commission on December 29, 2023.
Incorporated by reference from the Company’s Form 8-K, as filed with the Securities and Exchange Commission on January 5, 2024.
Incorporated by reference from the Company’s Form 8-K, as filed with the Securities and Exchange Commission on April 8, 2024.
Incorporated by reference from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, as filed with the Securities and Exchange Commission on August 13, 2024.
Incorporated by reference from the Company’s Form 8-K, as filed with the Securities and Exchange Commission on November 26, 2024.
Incorporated by reference from the Company’s Form 8-K, as filed with the Securities and Exchange Commission on February 10, 2025.
Incorporated by reference from the Company’s Form 8-K, as filed with the Securities and Exchange Commission on February 18, 2025.
Incorporated by reference from the Company’s Form 10-K, as filed with the Securities and Exchange Commission on March 3, 2025.
Incorporated by reference from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, as filed with the Securities and Exchange Commission on August 11, 2025.
Incorporated by reference from the Company’s Form 8-K, as filed with the Securities and Exchange Commission on September 10, 2025.
Incorporated by reference from the Company's Form 10-K, as filed with the Securities and Exchange Commission on March 2, 2026.

SIGNATURES

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 thereunto duly authorized.

	Kayne Anderson BDC, Inc.
Date: May 11, 2026		/s/ Douglas L. Goodwillie
	Name:	Douglas L. Goodwillie
	Title:	Co-Chief Executive Officer
		(Co-Principal Executive Officer)
Date: May 11, 2026		/s/ Kenneth B. Leonard
	Name:	Kenneth B. Leonard
	Title:	Co-Chief Executive Officer
		(Co-Principal Executive Officer)
Date: May 11, 2026		/s/ Terry A. Hart
	Name:	Terry A. Hart
	Title:	Chief Financial Officer and Treasurer
		(Principal Financial and Accounting Officer)

EX-21.1

Exhibit 21.1

Subsidiaries of Kayne Anderson BDC, Inc.

Name	Jurisdiction
Kayne Anderson BDC Financing, LLC	Delaware
Kayne Anderson BDC Financing II, LLC	Delaware
KABDC Corp, LLC	Delaware
KABDC Corp II, LLC	Delaware

EX-31.1

Exhibit 31.1

Certification of Co-Chief Executive Officer

I, Douglas L. Goodwillie, Co-Chief Executive Officer of Kayne Anderson BDC, Inc., certify that:

I have reviewed this quarterly report on Form 10-Q of Kayne Anderson BDC, Inc.;
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 11, 2026

By:	/s/ DOUGLAS L. GOODWILLIE
	Co-Chief Executive Officer
	(Co-Principal Executive Officer)

Certification of Co-Chief Executive Officer

I, Kenneth B. Leonard, Co-Chief Executive Officer of Kayne Anderson BDC, Inc., certify that:

I have reviewed this quarterly report on Form 10-Q of Kayne Anderson BDC, Inc.;
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 11, 2026

By:	/s/ KENNETH B. LEONARD
	Co-Chief Executive Officer
	(Co-Principal Executive Officer)

EX-31.2

Exhibit 31.2

Certification of Chief Financial Officer

I, Terry A. Hart, Chief Financial Officer of Kayne Anderson BDC, Inc., certify that:

I have reviewed this quarterly report on Form 10-Q of Kayne Anderson BDC, Inc.;
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 11, 2026

By:	/s/ TERRY A. HART
	Chief Financial Officer<br><br>(Principal Financial and Accounting Officer)

EX-32.1

Exhibit 32.1

Certification of Co-Chief Executive Officer

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)

In connection with the Quarterly Report on Form 10-Q for the three months ended March 31, 2026 (the “Report”) of Kayne Anderson BDC, Inc. (the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, Douglas L. Goodwillie, the Co-Chief Executive Officer of the Registrant, hereby certify, to the best of my knowledge, that:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

	/s/ DOUGLAS L. GOODWILLIE
Name:	Douglas L. Goodwillie
Title:	Co-Chief Executive Officer (Co-Principal Executive Officer)
Date:	May 11, 2026

The foregoing certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.

Certification of Co-Chief Executive Officer

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)

In connection with the Quarterly Report on Form 10-Q for the three months ended March 31, 2026 (the “Report”) of Kayne Anderson BDC, Inc. (the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, Kenneth B. Leonard, the Co-Chief Executive Officer of the Registrant, hereby certify, to the best of my knowledge, that:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

	/s/ KENNETH B. LEONARD
Name:	Kenneth B. Leonard
Title:	Co-Chief Executive Officer<br><br>(Co-Principal Executive Officer)
Date:	May 11, 2026

The foregoing certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.

EX-32.2

Exhibit 32.2

Certification of Chief Financial Officer

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)

In connection with the Quarterly Report on Form 10-Q for the three months ended March 31, 2026 (the “Report”) of Kayne Anderson BDC, Inc. (the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, Terry A. Hart, the Chief Financial Officer of the Registrant, hereby certify, to the best of my knowledge, that:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

	/s/ TERRY A. HART
Name:	Terry A. Hart
Title:	Chief Financial Officer<br><br>(Principal Financial and Accounting Officer)
Date:	May 11, 2026

The foregoing certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 814-01363

Kayne Anderson BDC, Inc.

493-2020

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

Table of Contents

Forward-Looking Statements

iii

Kayne Anderson BDC, Inc.

Consolidated Statements of Operations

See accompanying notes to consolidated financial statements.

Kayne Anderson BDC, Inc.

Consolidated Statements of Changes in Net Assets

See accompanying notes to consolidated financial statements.

Kayne Anderson BDC, Inc.

Consolidated Statements of Cash Flows

See accompanying notes to consolidated financial statements.

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of March 31, 2026

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of March 31, 2026

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of March 31, 2026

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of March 31, 2026

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of March 31, 2026

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of March 31, 2026

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of March 31, 2026

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of March 31, 2026

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of March 31, 2026

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of March 31, 2026

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of March 31, 2026

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of March 31, 2026

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of March 31, 2026

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of March 31, 2026

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of March 31, 2026

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of March 31, 2026

Interest rate swap contracts

See accompanying notes to consolidated financial statements.

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2025

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2025