Kayne Anderson BDC, Inc. Announces March 31, 2026 Financial Results and Declares Second Quarter 2026 Dividend of $0.40 Per Share

Kayne Anderson BDC, Inc. Announces March 31, 2026 Financial Results and Declares Second Quarter 2026 Dividend of $0.40 Per Share CHICAGO--(BUSINESS WIRE)-- Kayne Anderson BDC, Inc. (NYSE: KBDC) (“KBDC or the Company”), a business development company externally managed by its investment adviser, KA Credit Advisors, LLC, today announced its financial results for the first quarter ended March 31, 2026. Financial Highlights for the Quarter Ended March 31, 2026 Net investment income of $28.9 million, or $0.43 per share; Net asset value of $16.23 per share, decreased from $16.32 per share as of December 31, 2025, primarily as a result of realized and unrealized losses of $0.17, partially offset by higher net investment income earned over distributions paid of $0.03 and accretive share repurchases of $0.05; New private credit and equity co-investment commitments of $92.5 million, fundings of $99.1 million and repayments of $74.6 million, resulting in a net funded private credit and equity investment increase of $24.5 million; Sales and repayments of broadly syndicated loans of $17.4 million; The Company’s Board of Directors (the “Board”) declared a regular dividend of $0.40 per share, to be paid on July 16, 2026 to stockholders of record as of June 30, 2026. “KBDC's stable performance in today’s market reinforces the differentiation of our value lending strategy," said Doug Goodwillie, Co-Chief Executive Officer. "Our focus on conservative structures in stable, staple industries and our negligible exposure to software positions us to navigate uncertainty from a place of strength and to continue delivering attractive risk-adjusted returns over the long term." "First quarter results demonstrate the consistency and resiliency of our credit approach," said Ken Leonard, Co-Chief Executive Officer. "NII of $0.43 per share again exceeded our $0.40 dividend, on a 93% first-lien focused portfolio yielding 10.1%. Our selective approach resulted in new originations priced at SOFR plus 549 basis points aimed at attractive risk-adjusted opportunities underwritten with our consistent time-tested, conservative approach." Selected Financial Highlights As of (in thousands, except per share data) March 31, 2026 December 31, 2025 Investment portfolio, at fair value $ 2,194,304 $ 2,198,421 Total assets $ 2,252,359 $ 2,286,702 Total debt outstanding, at principal $ 1,138,000 $ 1,130,000 Net assets $ 1,079,192 $ 1,109,931 Net asset value per share $ 16.23 $ 16.32 Total debt-to-equity ratio 1.05x 1.02x For the quarter ended March 31, 2026 December 31, 2025 Net investment income per share $ 0.43 $ 0.44 Net realized and unrealized gains (losses) per share(1) $ (0.17) $ (0.12) Earnings per share $ 0.26 $ 0.32 Regular dividend per share $ 0.40 $ 0.40 (1) Amounts shown may not correspond for the period as it includes the effect of the timing of the distribution, shares repurchased, and the issuance of common stock. Results of Operations Total investment income for the quarter ended March 31, 2026 was $57.3 million, as compared to $61.9 million for the quarter ended December 31, 2025. The decrease was primarily driven by lower average reference rates and less accelerated OID and repayment fees related to realization activity, partially offset by PIK interest income from Arborworks Acquisition resulting from the change from non-accrual to accrual status. PIK income represented 7.5% of total interest income for the quarter, as compared to 7.4% for the quarter ended December 31, 2025. For the quarter ended March 31, 2026, 3.9% of total interest income relates to PIK interest recognized on the Company’s debt investments in Arborworks Acquisition, LLC following the change to accrual status. Net investment income for the quarter ended March 31, 2026 was $28.9 million or $0.43 per share as compared to $30.1 million or $0.44 per share for the quarter ended December 31, 2025. Net expenses for the quarter were $28.4 million, as compared to $31.8 million for the quarter ended December 31, 2025. The decrease was primarily related to lower interest expense and lower incentive fees during the quarter. For the quarter ended March 31, 2026, the Company had realized losses of $2.3 million and had a net change in unrealized losses on investments of $9.0 million. In February 2026, the Company completed a restructure of its debt investment in Regiment Security Partners LLC whereby the existing first lien senior secured debt was exchanged for new debt that included a tranche of last out first lien senior secured debt, and the Company recognized a $2.0 million realized loss as a result of the debt restructure. The Company also recognized a $0.3 million realized loss due to the rotation out of one of its broadly syndicated loans. The unrealized losses for the quarter were primarily driven by decreases in fair value and quarterly amortization of original issue discounts, partially offset by new upfront fees for originations during the quarter. Portfolio and Investment Activity As of ($ in thousands) March 31, 2026 December 31, 2025 Investments at fair value $ 2,194,304 $ 2,198,421 Number of portfolio companies 105 107 Average portfolio company investment size $ 20,898 $ 20,546 Asset class: First lien debt 92.6% 93.2% Subordinated debt 5.5% 4.9% Equity 1.9% 1.9% Non-accrual debt investments: Non-accrual investments at fair value $ 53,685 $ 30,951 Non-accrual investments as a percentage of debt investments at fair value 2.5% 1.4% Interest rate type: Percentage floating-rate 95.1% 95.7% Percentage fixed-rate 4.9% 4.3% Yields excluding non-income producing debt investments (at fair value): Weighted average yield on private middle market loans 10.2% 10.4% Weighted average yield on broadly syndicated loans 6.5% 6.0% Weighted average yield on total debt portfolio 10.1% 10.3% Yields including non-income producing debt investments (at fair value): Weighted average yield on private middle market loans 9.9% 10.2% Weighted average yield on broadly syndicated loans 6.5% 6.0% Weighted average yield on total debt portfolio 9.9% 10.1% Investment activity during the quarter ended: Gross new investment commitments $ 92,510 (1) $ 112,814 (2) Principal amount of investments funded $ 99,102 (1) $ 99,336 (2) Principal amount of investments sold or repaid $ (91,995) (1) $ (151,507) (2) Net principal amount of investments funded (repaid) $ 7,107 $ (52,171) _________________ (1) For the quarter ending March 31, 2026, broadly syndicated loans represent $0 of new investment commitments, $0 of investments funded and $17,357 of investments sold or repaid. (2) For the quarter ending December 31, 2025, broadly syndicated loans represent $0 of new investment commitments, $0 of investments funded and $19,810 of investments sold or repaid. Liquidity and Capital Resources As of March 31, 2026, the Company had $275 million senior unsecured notes outstanding, $863 million borrowed under its credit facilities and cash and cash equivalents of $32.7 million (including investments in money market funds). As of that date, the Company had $537 million of undrawn commitments available on its credit facilities (subject to borrowing base restrictions and other conditions). As of March 31, 2026, the Company’s debt-to-equity ratio was 1.05x and its asset coverage ratio was 195%. The Company targets a debt-to-equity ratio of 1.0x to 1.25x (which equates to asset coverage of 200% to 180%). The Company may operate above or below its target based on market conditions. Recent Developments On May 5, 2026, the Board of Directors declared a regular dividend to common stockholders in the amount of $0.40 per share. The regular dividend of $0.40 per share will be paid on July 16, 2026, to stockholders of record as of the close of business on June 30, 2026. 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 $1.9 million. As of May 5, 2026, $36.7 million remains for repurchase under the Company’s current 10b5-1 Plan. On May 5, 2026, the Board of Directors of the Company authorized an extension to the Company's share repurchase plan to extend the expiration to May 24, 2027. Under the terms of the program (effective May 25, 2026), which are substantially the same as the Company’s existing share repurchase program, the Company may repurchase up to $100 million 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. Conference Call Information KBDC will host a conference call at 10:00 am ET on Tuesday, May 12, 2026, to review its financial results. All interested parties are invited to participate using the following telephone dial-in or the webcast details: Telephone Dial-in Domestic: 800-715-9871 International: +1 646-307-1963 Conference ID: 2324672 Webcast Link https://events.q4inc.com/attendee/575759472 To avoid potential delays, please join at least 10 minutes prior to the start of the earnings call. A telephone replay will also be available by dialing 800-770-2030 (domestic) and +1 609-800-9909 (international) and conference ID of 2616610. The replay will be available until May 19, 2026. Kayne Anderson BDC, Inc. Consolidated Statements of Assets and Liabilities (amounts in 000’s, except share and per share amounts) March 31, December 31, 2026 2025 Assets: (Unaudited) Investments, at fair value: Non-controlled, non-affiliated investments (amortized cost of $2,052,231 and $2,079,041) $ 2,058,477 $ 2,084,737 Non-controlled, affiliated investments (amortized cost of $129,946 and $118,459) 125,491 113,684 Controlled, affiliated investments (amortized cost of $20,228 and $0) 10,336 - Investments in money market funds (amortized cost of $18,348 and $25,409) 18,348 25,409 Cash 14,314 18,027 Deposits for investments - 13,015 Receivable for sales of investments - 7,168 Receivable for principal payments on investments 722 308 Interest receivable 24,420 24,063 Prepaid expenses and other assets 251 291 Total Assets $ 2,252,359 $ 2,286,702 Liabilities: Corporate Credit Facility $ 115,000 $ 135,000 Unamortized Corporate Credit Facility issuance costs (3,135) (3,372) Revolving Funding Facility 553,000 525,000 Unamortized Revolving Funding Facility issuance costs (6,639) (4,671) Revolving Funding Facility II 195,000 195,000 Unamortized Revolving Funding Facility II issuance costs (1,970) (2,100) Notes 273,822 274,701 Unamortized notes issuance costs (2,362) (2,560) Shares repurchased payable 97 496 Distributions payable 26,595 27,213 Management fee payable 5,416 5,613 Incentive fee payable 3,111 3,935 Accrued expenses and other liabilities 15,232 22,041 Accrued excise tax expense - 475 Total Liabilities $ 1,173,167 $ 1,176,771 Commitments and contingencies Net Assets: Common Shares, $0.001 par value; 100,000,000 shares authorized; 66,481,923 and 67,998,184 as of March 31, 2026 and December 31, 2025, respectively, issued and outstanding $ 66 $ 68 Additional paid-in capital 1,086,618 1,108,001 Total distributable earnings (deficit) (7,492) 1,862 Total Net Assets $ 1,079,192 $ 1,109,931 Total Liabilities and Net Assets $ 2,252,359 $ 2,286,702 Net Asset Value Per Common Share $ 16.23 $ 16.32 Kayne Anderson BDC, Inc. Consolidated Statements of Operations (amounts in 000’s, except share and per share amounts) For the Three Months Ended March 31, 2026 2025 Income: (Unaudited) (Unaudited) Investment income from investments: Interest income from non-controlled, non-affiliated investments $ 49,746 $ 54,708 Interest income from non-controlled, affiliated investments 2,994 - Payment-in-kind interest income from non-controlled, non-affiliated investments 4,273 306 Dividend income 312 231 Total Investment Income 57,325 55,245 Expenses: Management fees 5,416 5,131 Incentive fees 3,111 4,490 Interest expense 18,860 17,125 Professional fees 314 345 Directors fees 164 158 Excise tax expense (benefit) (11) (43) Other general and administrative expenses 575 581 Total Expenses 28,429 27,787 Less: Management fee waiver - (1,283) Net Expenses 28,429 26,504 Net Investment Income (Loss) 28,896 28,741 Realized and unrealized gains (losses) on investments Net realized gains (losses): Non-controlled, non-affiliated investments (2,247) 566 Total net realized gains (losses) (2,247) 566 Net change in unrealized gains (losses): Non-controlled, non-affiliated investments (7,006) (6,493) Non-controlled, affiliated investments 321 (18) Controlled, affiliated investments (2,336) - Total net change in unrealized gains (losses) (9,021) (6,511) Total realized and unrealized gains (losses) (11,268) (5,945) Income tax (expense) benefit on unrealized appreciation/depreciation on investments (387) (581) Net Increase in Net Assets Resulting from Operations $ 17,241 $ 22,215 Per Common Share Data: Basic and diluted net investment income per common share $ 0.43 $ 0.40 Basic and diluted net increase in net assets resulting from operations $ 0.26 $ 0.31 Weighted Average Common Shares Outstanding - Basic and Diluted 67,144,353 71,234,684 About Kayne Anderson BDC, Inc. Kayne Anderson BDC, Inc. is a business development company (“BDC”) that invests primarily in first lien senior secured loans, with a secondary focus on unitranche and split-lien loans to middle market companies. KBDC is externally managed by its investment adviser, KA Credit Advisors, LLC, an indirect controlled subsidiary of Kayne Anderson Capital Advisors, L.P., a prominent alternative investment management firm. KBDC has elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (“1940 Act”). KBDC’s investment objective is to generate current income and, to a lesser extent, capital appreciation. For more information, please visit www.kaynebdc.com. Forward-looking Statements This press release may contain “forward-looking statements” that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about KBDC, its current and prospective portfolio investments, its industry, its beliefs and opinions, and its assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond KBDC’s control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors identified in KBDC’s filings with the SEC. All forward-looking statements speak only as of the date of this press release. KBDC does not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. View source version on businesswire.com: https://www.businesswire.com/news/home/20260511212395/en/ Investor Relations [email protected] Source: Kayne Anderson BDC, Inc.