\nKayne Anderson BDC, Inc. (NYSE: KBDC) (\u201cKBDC or the Company\u201d), a business development company externally managed by its investment adviser, KA Credit Advisors, LLC, today announced its financial results for the third quarter ended September 30, 2025.<\/p>\n
Financial Highlights for the Quarter Ended September 30, 2025<\/b><\/p>\n \n\u201cWe delivered another solid quarter marked by strong origination activity, stable credit performance and a high-quality earnings mix. With nearly $300 million in new private credit investments at an average spread of 568bps over SOFR, we continue to see healthy deal flow in the core middle market, driven in-part by a recent pickup in M&A-related financing opportunities, which we believe bodes well for outlook in the near-term,\u201d said Doug Goodwillie, Co-Chief Executive Officer.<\/p>\n \n\u201cDespite broader market volatility and headlines around the private credit space, our target market broadly and portfolio specifically continue to demonstrate strong fundamentals. We remain defensively positioned with 94% of our portfolio invested in first-lien senior secured loans, lending at an average leverage level of 4.2x, lower than many of our peers, and continue to be pleased with credit performance of our loan book with a non-accrual rate of just 1.4%,\u201d said Ken Leonard, Co-Chief Executive Officer. \u201cWe believe KBDC is well-positioned to continue its relative outperformance while generating attractive, risk-adjusted returns through varying market cycles.\u201d<\/p>\n Selected Financial Highlights<\/b><\/p>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n As of<\/b><\/p>\n<\/td>\n \n(in thousands, expect per share data)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n September 30, 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n June 30, 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nInvestment portfolio, at fair value<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,255,513<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,174,640<\/p>\n<\/td>\n \nTotal assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,337,968<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,255,991<\/p>\n<\/td>\n \nTotal debt outstanding, at principal<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,153,000<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,054,000<\/p>\n<\/td>\n \nNet assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,140,096<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,157,331<\/p>\n<\/td>\n \nNet asset value per share<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n16.34<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n16.37<\/p>\n<\/td>\n \nTotal debt-to-equity ratio<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.01x<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.91x<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n For the quarter ended<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n September 30, 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n June 30, 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nNet investment income per share<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.43<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.40<\/p>\n<\/td>\n \nNet realized and unrealized gains (losses) per share(1)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(0.08)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(0.05)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nEarnings per share<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.35<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.35<\/p>\n<\/td>\n \nRegular dividend per share<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.40<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.40<\/p>\n<\/td>\n \nSpecial dividend per share<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.10<\/p>\n<\/td>\n \n(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.<\/p>\n<\/td>\n Results of Operations<\/b><\/p>\n \nTotal investment income for the quarter ended September 30, 2025 was $61.3 million, as compared to $57.3 million for the quarter ended June 30, 2025. The increase was primarily driven by rotations out of the lower yielding broadly syndicated loans into middle market loans, accelerated amortization and fees earned from repayments and the impact of net additions to the portfolio during the third quarter. PIK income represented 3.5% of total interest income for the quarter ended September 30, 2025.<\/p>\n \nNet investment income for the quarter ended September 30, 2025 was $30.0 million or $0.43 per share as compared to $28.7 million or $0.40 per share for the quarter ended June 30, 2025. Net expenses for the third quarter were $31.3 million, as compared to $28.6 million for the quarter ended June 30, 2025. The increase was primarily the result of higher average borrowings on our credit facilities and increased base management fees as a partial fee waiver was in effect during the second quarter.<\/p>\n \nFor the quarter ended September 30, 2025, the Company had a net change in unrealized losses on investments of $5.0 million. The unrealized losses for the quarter were primarily driven by negative fair value changes and quarterly amortization of original issue discounts, partially offset by new upfront fees for originations during the quarter. Additionally, the Company had $0.4 million of deferred income tax expense related to unrealized gains on equity investments in the Company\u2019s wholly owned taxable subsidiary.<\/p>\n Portfolio and Investment Activity<\/b><\/p>\n \n\u00a0<\/p>\n<\/td>\n As of<\/b><\/p>\n<\/td>\n \n($ in thousands)<\/p>\n<\/td>\n September 30, 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n June 30, 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nInvestments at fair value<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,255,513<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,174,640<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNumber of portfolio companies<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n108<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n114<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAverage portfolio company investment size<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n20,884<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n19,076<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Asset class:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nFirst lien debt<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n93.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n98.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nSubordinated debt<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.8%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nEquity<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Non-accrual debt investments:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNon-accrual investments at fair value<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n30,974<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n34,535<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNon-accrual investments as a percentage of debt investments at fair value<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNumber of investments on non-accrual<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Interest rate type:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPercentage floating-rate<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n96.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n100.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPercentage fixed-rate<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Yields excluding non-income producing debt investments (at fair value):<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nWeighted average yield on private middle market loans<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10.9%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nWeighted average yield on broadly syndicated loans<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6.9%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nWeighted average yield on total debt portfolio<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Yields including non-income producing debt investments (at fair value):<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nWeighted average yield on private middle market loans<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10.5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10.7%<\/p>\n<\/td>\n \nWeighted average yield on broadly syndicated loans<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6.9%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nWeighted average yield on total debt portfolio<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Investment activity during the quarter ended:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nGross new investment commitments<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n295,492<\/p>\n<\/td>\n (1)<\/sup><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n128,675<\/p>\n<\/td>\n (2)<\/sup><\/p>\n<\/td>\n<\/tr>\n \nPrincipal amount of investments funded<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n273,574<\/p>\n<\/td>\n (1)<\/sup><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n128,665<\/p>\n<\/td>\n (2)<\/sup><\/p>\n<\/td>\n<\/tr>\n \nPrincipal amount of investments sold or repaid<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(186,434)<\/p>\n<\/td>\n (1)<\/sup><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(118,602)<\/p>\n<\/td>\n (2)<\/sup><\/p>\n<\/td>\n<\/tr>\n \nNet principal amount of investments funded<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n87,140<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n10,063<\/p>\n<\/td>\n \n(1) For the quarter ended September 30, 2025, broadly syndicated loans represent $0 of new investment commitments, $0 of investments funded and $112,952 of investments sold or repaid.<\/p>\n<\/td>\n \n(2) For the quarter ended June 30, 2025, broadly syndicated loans represent $0 of new investment commitments, $0 of investments funded and $46,506 of investments sold or repaid.<\/p>\n<\/td>\n Liquidity and Capital Resources<\/b><\/p>\n \nAs of September 30, 2025, the Company had $75 million senior unsecured notes outstanding, $1,078 million borrowed under its credit facilities and cash and cash equivalents of $46.1 million (including investments in money market funds). As of that date, the Company had $322 million of undrawn commitments available on its credit facilities (subject to borrowing base restrictions and other conditions).<\/p>\n \nAs of September 30, 2025, the Company\u2019s debt-to-equity ratio was 1.01x and its asset coverage ratio was 199%. The Company targets a debt-to-equity ratio of 1.0x to 1.25x (which equates to asset coverage of 200% to 180%). During the third quarter, the Company reached the low end of its target debt-to-equity ratio range and expects to continue to grow its private credit portfolio.The Company may operate above or below its target based on market conditions.<\/p>\n Recent Developments<\/b><\/p>\n Conference Call Information<\/b><\/p>\n \nKBDC will host a conference call at 10:00 am ET on Tuesday, November 11, 2025, to review its financial results. All interested parties are invited to participate using the following telephone dial-in or the webcast details:<\/p>\n \nTelephone Dial-in<\/p>\n \nWebcast Link<\/p>\n \nTo 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 November 18, 2025.<\/p>\n Kayne Anderson BDC, Inc.<\/b><\/p>\n Consolidated Statements of Assets and Liabilities<\/b><\/p>\n (amounts in 000\u2019s, except share and per share amounts)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n September 30, 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n December 31, 2024<\/b><\/p>\n<\/td>\n<\/tr>\n Assets:<\/b><\/p>\n<\/td>\n \n(Unaudited)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nInvestments, at fair value:<\/p>\n<\/td>\n \nNon-controlled, non-affiliated investments (amortized cost of $2,134,139 and $1,956,617)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,146,829<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,982,947<\/p>\n<\/td>\n<\/tr>\n \nNon-controlled, affiliated investments (amortized cost of $113,426 and $15,438, respectively)<\/p>\n<\/td>\n \n108,684<\/p>\n<\/td>\n \n12,196<\/p>\n<\/td>\n<\/tr>\n \nInvestments in money market funds (amortized cost of $29,765 and $48,683)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n29,765<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n48,683<\/p>\n<\/td>\n<\/tr>\n \nCash<\/p>\n<\/td>\n \n16,360<\/p>\n<\/td>\n \n22,375<\/p>\n<\/td>\n<\/tr>\n \nReceivable for sales of investments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14,150<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n<\/tr>\n \nReceivable for principal payments on investments<\/p>\n<\/td>\n \n334<\/p>\n<\/td>\n \n540<\/p>\n<\/td>\n<\/tr>\n \nInterest receivable<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21,500<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14,965<\/p>\n<\/td>\n<\/tr>\n \nPrepaid expenses and other assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n346<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n958<\/p>\n<\/td>\n<\/tr>\n Total Assets<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,337,968<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,082,664<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Liabilities:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCorporate Credit Facility<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n301,000<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n250,000<\/p>\n<\/td>\n<\/tr>\n \nUnamortized Corporate Credit Facility issuance costs<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3,636)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3,235)<\/p>\n<\/td>\n<\/tr>\n \nRevolving Funding Facility<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n570,000<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n420,000<\/p>\n<\/td>\n<\/tr>\n \nUnamortized Revolving Funding Facility issuance costs<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5,228)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(4,746)<\/p>\n<\/td>\n<\/tr>\n \nRevolving Funding Facility II<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n207,000<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n113,000<\/p>\n<\/td>\n<\/tr>\n \nUnamortized Revolving Funding Facility II issuance costs<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,233)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,251)<\/p>\n<\/td>\n<\/tr>\n \nNotes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n75,000<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n75,000<\/p>\n<\/td>\n<\/tr>\n \nUnamortized notes issuance costs<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(639)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(643)<\/p>\n<\/td>\n<\/tr>\n \nShares repurchased payable<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n706<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n<\/tr>\n \nDistributions payable<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n27,927<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n28,424<\/p>\n<\/td>\n<\/tr>\n \nManagement fee payable<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,583<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,712<\/p>\n<\/td>\n<\/tr>\n \nIncentive fee payable<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,419<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n<\/tr>\n \nAccrued expenses and other liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n17,973<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n15,236<\/p>\n<\/td>\n<\/tr>\n \nAccrued excise tax expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n825<\/p>\n<\/td>\n<\/tr>\n Total Liabilities<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,197,872<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n896,322<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCommitments and contingencies<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Net Assets:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCommon Shares, $0.001 par value; 100,000,000 shares authorized; 69,764,799 and 71,059,689 as of September 30, 2025 and December 31, 2024, respectively, issued and outstanding<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n70<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n71<\/p>\n<\/td>\n<\/tr>\n \nAdditional paid-in capital<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,133,350<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,152,396<\/p>\n<\/td>\n<\/tr>\n \nTotal distributable earnings (deficit)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,676<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n33,875<\/p>\n<\/td>\n<\/tr>\n Total Net Assets<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,140,096<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,186,342<\/p>\n<\/td>\n<\/tr>\n Total Liabilities and Net Assets<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,337,968<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,082,664<\/p>\n<\/td>\n<\/tr>\n Net Asset Value Per Common Share<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n16.34<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n16.70<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Kayne Anderson BDC, Inc.<\/b><\/p>\n Consolidated Statements of Operations<\/b><\/p>\n (amounts in 000\u2019s, except share and per share amounts)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n For the Three Months Ended<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n For the Nine Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n September 30<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n September 30<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n<\/tr>\n Income:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(Unaudited)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(Unaudited)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(Unaudited)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(Unaudited)<\/p>\n<\/td>\n<\/tr>\n \nInvestment income from investments:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nInterest income from non-controlled, non-affiliated investments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n58,898<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n57,541<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n171,032<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n155,015<\/p>\n<\/td>\n<\/tr>\n \nInterest income from non-controlled, affiliated investments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,063<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,063<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n754<\/p>\n<\/td>\n<\/tr>\n \nDividend income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n412<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n278<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n821<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n997<\/p>\n<\/td>\n<\/tr>\n Total Investment Income<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n61,373<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n57,819<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n173,916<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n156,766<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Expenses:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nManagement fees<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,583<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,764<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16,126<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12,537<\/p>\n<\/td>\n<\/tr>\n \nIncentive fees<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,419<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,605<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13,361<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12,345<\/p>\n<\/td>\n<\/tr>\n \nInterest expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20,207<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16,069<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n55,716<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n44,964<\/p>\n<\/td>\n<\/tr>\n \nProfessional fees<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n369<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n403<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,082<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,042<\/p>\n<\/td>\n<\/tr>\n \nDirectors fees<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n158<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n158<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n474<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n463<\/p>\n<\/td>\n<\/tr>\n \nExcise tax expense (benefit)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(43)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n<\/tr>\n \nOther general and administrative expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n591<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n563<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,775<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,542<\/p>\n<\/td>\n<\/tr>\n Total Expenses<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n31,327<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n27,562<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n88,491<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n72,893<\/p>\n<\/td>\n<\/tr>\n \nLess: Management fee waiver<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,191)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,071)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,662)<\/p>\n<\/td>\n<\/tr>\n \nLess: Incentive fee waiver<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5,605)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(9,714)<\/p>\n<\/td>\n<\/tr>\n Net Expenses<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n31,327<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20,766<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n86,420<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n61,517<\/p>\n<\/td>\n<\/tr>\n Net Investment Income (Loss)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n30,046<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n37,053<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n87,496<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n95,249<\/p>\n<\/td>\n<\/tr>\n Realized and unrealized gains (losses) on investments<\/b><\/p>\n<\/td>\n<\/tr>\n \nNet realized gains (losses):<\/p>\n<\/td>\n \nNon-controlled, non-affiliated investments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(22)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n534<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(138)<\/p>\n<\/td>\n<\/tr>\n Total net realized gains (losses)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(22)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n534<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(138)<\/p>\n<\/td>\n<\/tr>\n \nNet change in unrealized gains (losses):<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNon-controlled, non-affiliated investments<\/p>\n<\/td>\n \n(5,407)<\/p>\n<\/td>\n \n1,031<\/p>\n<\/td>\n \n(13,464)<\/p>\n<\/td>\n \n3,323<\/p>\n<\/td>\n<\/tr>\n \nNon-controlled, affiliated investments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n424<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(528)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,501)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,943)<\/p>\n<\/td>\n<\/tr>\n Total net change in unrealized gains (losses)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(4,983)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n503<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(14,965)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,380<\/p>\n<\/td>\n<\/tr>\n Total realized and unrealized gains (losses)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5,005)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n503<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(14,431)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,242<\/p>\n<\/td>\n<\/tr>\n \nIncome tax (expense) benefit on unrealized appreciation\/depreciation on investments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(428)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,327)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n<\/tr>\n Net Increase in Net Assets Resulting from Operations<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n24,613<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n37,556<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n71,738<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n96,491<\/p>\n<\/td>\n<\/tr>\n Per Common Share Data:<\/span><\/b><\/p>\n<\/td>\n \nBasic and diluted net investment income per common share<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.43<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.52<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1.23<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1.55<\/p>\n<\/td>\n<\/tr>\n \nBasic and diluted net increase in net assets resulting from operations<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.35<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.53<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1.01<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1.57<\/p>\n<\/td>\n<\/tr>\n \nWeighted Average Common Shares Outstanding – Basic and Diluted<\/p>\n<\/td>\n \n70,430,331<\/p>\n<\/td>\n \n71,083,885<\/p>\n<\/td>\n \n70,852,621<\/p>\n<\/td>\n \n61,321,163<\/p>\n<\/td>\n<\/tr>\n<\/table>\n About Kayne Anderson BDC, Inc.<\/b><\/p>\n \nKayne Anderson BDC, Inc. is a business development company (\u201cBDC\u201d) 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 (\u201c1940 Act\u201d). KBDC\u2019s investment objective is to generate current income and, to a lesser extent, capital appreciation. For more information, please visit www.kaynebdc.com.<\/a><\/p>\n Forward-looking Statements<\/b><\/p>\n \nThis press release may contain \u201cforward-looking statements\u201d 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 \u201canticipates,\u201d \u201cexpects,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cwill,\u201d \u201cmay,\u201d \u201ccontinue,\u201d \u201cbelieves,\u201d \u201cseeks,\u201d \u201cestimates,\u201d \u201cwould,\u201d \u201ccould,\u201d \u201cshould,\u201d \u201ctargets,\u201d \u201cprojects,\u201d \u201coutlook,\u201d \u201cpotential,\u201d \u201cpredicts\u201d 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\u2019s 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\u2019s 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.<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20251107681493\/en\/<\/a><\/span><\/p>\n \nInvestor Relations KEYWORDS:<\/b> Illinois United States North America<\/p>\n INDUSTRY KEYWORDS:<\/b> Professional Services Finance<\/p>\n\n
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\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
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\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/p>\n
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