Overview
- TickerKBDC on NYSE2
- HeadquartersDover, United States2
- Incorporated inDE3
- Business address717 Texas Avenue, 22Nd Floor, Houston, Tx 770023
- Filer categoryLarge accelerated filer3
- Legal formCorporation2
- Kind of organizationInvestment fund2
- LEI213800L27Z3YODNCUQ032
- StatusActive2
- LEI statusIssued and current2
- Registered addressC/O COGENCY GLOBAL INC., 19904 Dover, United States2
- Registered withDivision of Corporations, Department of State, 68810712
See how the biggest companies compare on our leaderboards
First lien debt : Typically senior on a lien basis to the other liabilities in the issuer’s capital structure with a first priority lien against substantially all assets of the borrower and often including a pledge of the capital stock of the business. The security interest ranks above the security interest of second lien lenders on those assets. These securities are typically floating rate investments priced with a spread to the reference rate (typically SOFR);4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.6
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Dividend income | $1.1M | $1.5M | $571.0K |
| Total Investment Income | $235.8M | $213.1M | $161.0M |
| Management fees | $21.7M | $17.5M | $11.4M |
| Incentive fees | $17.3M | $17.4M | $9.4M |
| Interest expense | $76.4M | $61.5M | $52.3M |
| Professional fees | $1.4M | $1.5M | $691.0K |
| Directors fees | $638.0K | $621.0K | $611.0K |
| Excise tax | $431.0K | $817.0K | $101.0K |
| Other general and administrative expenses | $2.4M | $2.2M | $1.6M |
| Total Expenses | $120.3M | $101.6M | $76.2M |
| Less: Management fee waiver (Note 3) | -$2.1M | -$2.9M | |
| Less: Incentive fee waiver (Note 3) | -$14.8M | ||
| Net expenses | $118.2M | $83.8M | $76.2M |
| Net Investment Income (Loss) | $117.6M | $129.3M | $84.8M |
| Total net realized gains (losses) | -$79.0K | $570.0K | -$10.7M |
| Total net change in unrealized gains (losses) | -$22.2M | $2.8M | $2.9M |
| Total realized and unrealized gains (losses) | -$22.2M | $3.4M | -$7.7M |
| Income tax (expense) benefit on unrealized appreciation/depreciation on investments | -$1.7M | -$717.0K | |
| Net Increase in Net Assets Resulting from Operations | $93.7M | $131.9M | $77.1M |
| Basic and diluted net investment income per common share (in Dollars per share) | $1.67 | $2.03 | $2.16 |
| Diluted net investment income per common share (in Dollars per share) | $1.67 | $2.03 | $2.16 |
| Basic net increase in net assets resulting from operations (in Dollars per share) | $1 | $2 | $2 |
| Diluted net increase in net assets resulting from operations (in Dollars per share) | $1 | $2 | $2 |
| Weighted Average Common Shares Outstanding - Basic (in Shares) | 70.3M shares | 63.8M shares | 39.3M shares |
| Weighted Average Common Shares Outstanding - Diluted (in Shares) | 70.3M shares | 63.8M shares | 39.3M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 6 quarters (quarterly), latest first.6
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Investments in money market funds (amortized cost of $25,409 and $48,683) | $25.4M | $48.7M | |||
| Cash | $18.0M | $22.4M | |||
| Deposits for investments | $13.0M | ||||
| Receivable for sales of investments | $7.2M | ||||
| Receivable for principal payments on investments | $308.0K | $540.0K | |||
| Interest receivable | $24.1M | $15.0M | |||
| Prepaid expenses and other assets | $291.0K | $958.0K | |||
| Total Assets | $2.3B | $2.1B | |||
| Corporate Credit Facility (Note 6) | $135.0M | $250.0M | |||
| Unamortized Corporate Credit Facility issuance costs | -$3.4M | -$3.2M | |||
| Revolving Funding Facility (Note 6) | $525.0M | $420.0M | |||
| Unamortized Revolving Funding Facility issuance costs | -$4.7M | -$4.7M | |||
| Revolving Funding Facility II (Note 6) | $195.0M | $113.0M | |||
| Unamortized Revolving Funding Facility II issuance costs | -$2.1M | -$1.3M | |||
| Notes (Note 6) | $274.7M | $75.0M | |||
| Unamortized notes issuance costs | -$2.6M | -$643.0K | |||
| Shares repurchased payable (Note 7) | $496.0K | ||||
| Distributions payable | $27.2M | $28.4M | |||
| Management fee payable (Note 3) | $5.6M | $3.7M | |||
| Incentive fee payable (Note 3) | $3.9M | ||||
| Accrued expenses and other liabilities | $22.0M | $15.2M | |||
| Accrued excise tax expense | $475.0K | $825.0K | |||
| Total Liabilities | $1.2B | $896.3M | |||
| Common Shares, $0.001 par value; 100,000,000 shares authorized; 67,998,184 and 71,059,689 as of December 31, 2025 and December 31, 2024, respectively, issued and outstanding | $68.0K | $71.0K | |||
| Additional paid-in capital | $1.1B | $1.2B | |||
| Total distributable earnings (deficit) | $1.9M | $33.9M | $13.0M | ||
| Total Net Assets | $1.1B | $1.2B | $683.1M | $592.0M | |
| Total Liabilities and Net Assets | $2.3B | $2.1B | |||
| Net Asset Value Per Common Share (in Dollars per share) | $16.32 | $16.70 | $16.42 | $16.50 | $16.22 |
| Investments in money market funds (amortized cost) | $25.4M | $48.7M | |||
| Common shares, par value (in Dollars per share) | $0.00 | $0.00 | |||
| Common shares, shares authorized (in Shares) | 100.0M shares | 100.0M shares | |||
| Common shares, shares issued (in Shares) | 68.0M shares | 71.1M shares | |||
| Common shares, shares outstanding (in Shares) | 68.0M shares | 71.1M shares | 41.6M shares | 35.9M shares | 19.2M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 |
|---|---|---|---|---|---|---|
| Investments in money market funds (amortized cost of $25,409 and $48,683) | $25.4M | $48.7M | ||||
| Cash | $18.0M | $22.4M | ||||
| Deposits for investments | $13.0M | |||||
| Receivable for sales of investments | $7.2M | |||||
| Receivable for principal payments on investments | $308.0K | $540.0K | ||||
| Interest receivable | $24.1M | $15.0M | ||||
| Prepaid expenses and other assets | $291.0K | $958.0K | ||||
| Total Assets | $2.3B | $2.1B | ||||
| Corporate Credit Facility (Note 6) | $135.0M | $250.0M | ||||
| Unamortized Corporate Credit Facility issuance costs | -$3.4M | -$3.2M | ||||
| Revolving Funding Facility (Note 6) | $525.0M | $420.0M | ||||
| Unamortized Revolving Funding Facility issuance costs | -$4.7M | -$4.7M | ||||
| Revolving Funding Facility II (Note 6) | $195.0M | $113.0M | ||||
| Unamortized Revolving Funding Facility II issuance costs | -$2.1M | -$1.3M | ||||
| Notes (Note 6) | $274.7M | $75.0M | ||||
| Unamortized notes issuance costs | -$2.6M | -$643.0K | ||||
| Shares repurchased payable (Note 7) | $496.0K | |||||
| Distributions payable | $27.2M | $28.4M | ||||
| Management fee payable (Note 3) | $5.6M | $3.7M | ||||
| Incentive fee payable (Note 3) | $3.9M | |||||
| Accrued expenses and other liabilities | $22.0M | $15.2M | ||||
| Accrued excise tax expense | $475.0K | $825.0K | ||||
| Total Liabilities | $1.2B | $896.3M | ||||
| Common Shares, $0.001 par value; 100,000,000 shares authorized; 67,998,184 and 71,059,689 as of December 31, 2025 and December 31, 2024, respectively, issued and outstanding | $68.0K | $71.0K | ||||
| Additional paid-in capital | $1.1B | $1.2B | ||||
| Total distributable earnings (deficit) | $1.9M | $33.9M | $13.0M | |||
| Total Net Assets | $1.1B | $1.2B | $683.1M | $592.0M | ||
| Total Liabilities and Net Assets | $2.3B | $2.1B | ||||
| Net Asset Value Per Common Share (in Dollars per share) | $16.32 | $16.70 | $16.42 | $16.50 | $16.22 | $14.86 |
| Investments in money market funds (amortized cost) | $25.4M | $48.7M | ||||
| Common shares, par value (in Dollars per share) | $0.00 | $0.00 | ||||
| Common shares, shares authorized (in Shares) | 100.0M shares | 100.0M shares | ||||
| Common shares, shares issued (in Shares) | 68.0M shares | 71.1M shares | ||||
| Common shares, shares outstanding (in Shares) | 68.0M shares | 71.1M shares | 41.6M shares | 35.9M shares | 19.2M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.6
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net increase (decrease) in net assets resulting from operations | $93.7M | $131.9M | $77.1M |
| Net realized (gains)/losses on investments | $79.0K | -$570.0K | $10.7M |
| Net change in unrealized (gains)/losses on investments | $22.2M | -$2.8M | -$2.9M |
| Net accretion of discount on investments | -$15.3M | -$12.5M | -$9.8M |
| Sales (purchases) of investments in money market funds, net | $23.3M | -$35.9M | -$3.0M |
| Purchases of portfolio investments | -$773.8M | -$983.5M | -$391.3M |
| Proceeds from sales of investments and principal repayments | $569.9M | $370.4M | $196.6M |
| Paid-in-kind interest from portfolio investments | -$9.1M | -$2.7M | -$1.7M |
| Amortization of deferred financing cost | $4.0M | $3.7M | $2.7M |
| (Increase)/decrease in deposits for investments | -$13.0M | ||
| (Increase)/decrease in receivable for sales of investments | -$7.2M | ||
| (Increase)/decrease in interest and dividends receivable | -$6.4M | -$2.1M | -$2.4M |
| (Increase)/decrease in receivable for principal payments on investments | $232.0K | -$436.0K | $7.0K |
| Increase/(decrease) in accrued excise tax expense | -$350.0K | $724.0K | $101.0K |
| (Increase)/decrease in prepaid expenses and other assets | $667.0K | -$639.0K | $28.0K |
| Increase/(decrease) in payable for investments purchased | -$956.0K | ||
| Increase/(decrease) in management fees payable | $1.9M | $716.0K | $581.0K |
| Increase/(decrease) in incentive fee payable | $3.9M | -$14.2M | $9.4M |
| Increase/(decrease) in accrued expenses and other liabilities | $6.5M | $3.3M | $4.7M |
| Net cash used in operating activities | -$98.7M | -$544.5M | -$110.1M |
| Borrowings/(payments) on Corporate Credit Facility, net | -$115.0M | $16.0M | -$35.0M |
| Borrowings on Revolving Funding Facility, net | $105.0M | $114.0M | $106.0M |
| Borrowings on Revolving Funding Facility II, net | $82.0M | $43.0M | $70.0M |
| Borrowings/(payments) on Subscription Credit Agreement, net | -$10.8M | -$97.2M | |
| Payments of debt issuance costs | -$6.8M | -$7.2M | -$3.7M |
| Payable for shares repurchased | $496.0K | ||
| Dividends paid in cash | -$123.3M | -$101.8M | -$70.0M |
| Proceeds from issuance of common shares | $481.0M | $90.6M | |
| Proceeds from issuance of Notes | $200.0M | $75.0M | |
| Repurchase of common shares | -$48.0M | -$1.5M | |
| Net cash provided by financing activities | $94.4M | $532.8M | $135.6M |
| Net increase (decrease) in cash | -$4.3M | -$11.7M | $25.5M |
| Interest paid during the period | $67.5M | $55.0M | $44.4M |
| Non-cash financing activities not included herein consisted of reinvestment of dividends | $4.0M | $3.8M | $5.0M |
No quarter-by-quarter statement was filed.
Corporate structure
Kayne Anderson BDC, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Kayne Anderson BDC, Inc.
- Koch Companies Defined Benefit Master Trust Filed SCHEDULE 13G/A on Kayne Anderson BDC, Inc., latest Aug 14, 2026 (4 filings since Jan 7, 2022)
- Bank of America Filed SCHEDULE 13G/A on Kayne Anderson BDC, Inc., latest Feb 12, 2026 (2 filings since Aug 13, 2025)
- Of Michigan Retirement System State Filed SCHEDULE 13G on Kayne Anderson BDC, Inc., latest Jan 15, 2026
- Kayne Anderson BDC, Inc. Dover, Delaware, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Kayne Anderson BDC, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $22.4M5 Dec 31, 2024 | $34.1M5 Dec 31, 2023 | −34.3% |
| Marketable securities, current | $48.7M6 Dec 31, 2024 | $12.8M5 Dec 31, 2023 | +280.3% |
| Stakes in other companies (equity method) | $41.0M6 Dec 31, 2025 | $22.7M6 Dec 31, 2024 | +80.4% |
Properties, in its own words
The headquarters of KA Credit Advisors, LLC is located at 717 Texas Avenue, Suite 2200, Houston, TX 77002.
Item 2 of the 10-K filed Mar 2, 2026.4
Leadership
Who has led Kayne Anderson BDC, Inc., and when. Pick a name to see everywhere that person has worked.
- Chief executive officerMichael J. Levitt Nov 18, 2020 to Feb 9, 202111
- Chief financial officerTerry A. Hart Nov 18, 2020 to Apr 16, 202412
Board members and other officers (14)
- Senior Vice PresidentAndrew Franklyn Wedderburn-Maxwell Nov 12, 2025 to now13
- Senior Vice PresidentFrank P. Karl Nov 13, 2023 to Apr 16, 202414
- Co-Chief Investment OfficerGoodwillie Doug Nov 18, 2020 to Apr 16, 202415
- Co-Chief Investment OfficerLeonard Ken Nov 18, 2020 to Apr 16, 202416
- Chief Compliance OfficerMichael J. O'Neil Nov 18, 2020 to Apr 16, 202417
- Vice chairQuinn Terry Nov 18, 2020 to Apr 16, 202418
- Board memberJames L. Robo Jan 25, 2023 to now19
- Board memberRhonda Scott Smith Nov 9, 2022 to now20
- Board memberAlbert Rabil Nov 15, 2021 to now21
- Board memberGeorge E. Marucci Jr. Nov 18, 2020 to now22
- Board memberMariel A. Joliet Nov 18, 2020 to Jul 22, 202423
- Board memberMichael J. Levitt Nov 18, 2020 to Oct 4, 202111
- Board memberQuinn Terry Nov 18, 2020 to Apr 16, 202418
- Board memberSusan C. Schnabel Nov 18, 2020 to Mar 6, 202524
Named in SEC Form D filings
People the company listed in its private-offering notices.
Former names
- Kayne Anderson BDC, LLCAug 15, 2018 to Feb 5, 20213
Timeline
- Oct 9, 20268-K Regulation FD disclosure26
- Aug 10, 20268-K Results of operations; Regulation FD disclosure27
- Jul 9, 20268-K Regulation FD disclosure28
- Jun 29, 20268-K Executive or director change29
- Jun 16, 20268-K Shareholder vote30
- May 11, 20268-K Results of operations; Regulation FD disclosure31
- Apr 9, 20268-K Regulation FD disclosure32
- Mar 31, 20268-K Entered a material agreement33
- Mar 2, 20268-K Results of operations; Regulation FD disclosure34
- Jan 15, 20268-K Regulation FD disclosure35
- Nov 10, 20258-K Results of operations; Executive or director change; Regulation FD disclosure36
- Oct 10, 20258-K Regulation FD disclosure37
- Nov 18, 2020New chief executive Michael J. Levitt becomes CEO11
- Oct 5, 2018Founded Kayne Anderson BDC, Inc. is founded2
Calendar
Coming up
- Nov 5, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.43 a share, on Nov 10, 2025.38
When it reported results
- Aug 10, 2026Reported quarterly or annual results27
- May 11, 2026Reported quarterly or annual results31
- Mar 2, 2026Reported quarterly or annual results34
- Nov 10, 2025Reported quarterly or annual results36
- Aug 11, 2025Reported quarterly or annual results39
- May 12, 2025Reported quarterly or annual results40
- Mar 3, 2025Reported quarterly or annual results41
- Nov 13, 2024Reported quarterly or annual results42
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
198 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 57 major events, 67 insider forms, 7 large holders, 2 private raises, 45 other. The latest 20:
- Oct 9, 20268-K CURRENT REPORT EDGAR
- Sep 30, 20264 PRIMARY DOCUMENT EDGAR
- Sep 25, 20264 PRIMARY DOCUMENT EDGAR
- Sep 23, 20264 PRIMARY DOCUMENT EDGAR
- Sep 16, 20264 PRIMARY DOCUMENT EDGAR
- Aug 14, 2026SCHEDULE 13G/A EDGAR
- Aug 10, 20268-K CURRENT REPORT EDGAR
- Aug 10, 202610-Q EDGAR
- Jul 13, 2026CORRESP EDGAR
- Jul 9, 20268-K CURRENT REPORT EDGAR
- Jun 29, 20268-K CURRENT REPORT EDGAR
- Jun 16, 20268-K CURRENT REPORT EDGAR
- May 11, 20268-K CURRENT REPORT EDGAR
- May 11, 202610-Q EDGAR
- Apr 24, 2026DEF 14A PROXY STATEMENT EDGAR
- Apr 9, 20268-K CURRENT REPORT EDGAR
- Mar 31, 20268-K EDGAR
- Mar 31, 2026424B2 EDGAR
- Mar 31, 2026N-2ASR EDGAR
- Mar 27, 20264/A PRIMARY DOCUMENT EDGAR
The 198 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
66 open-market trades by officers, directors and large owners since October 2021: 60 buys and 6 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 28, 2026 | ROBO JAMES LDirector | Buy | 146,755 | $13.03 | $1.9M | Form 4 |
| Sep 24, 2026 | ROBO JAMES LDirector | Buy | 105,000 | $13.05 | $1.4M | Form 4 |
| Sep 23, 2026 | ROBO JAMES LDirector | Buy | 94,120 | $13.08 | $1.2M | Form 4 |
| Sep 22, 2026 | ROBO JAMES LDirector | Buy | 20,841 | $13.14 | $273.9K | Form 4 |
| Sep 16, 2026 | ROBO JAMES LDirector | Buy | 340,000 | $13.04 | $4.4M | Form 4 |
| Sep 14, 2026 | ROBO JAMES LDirector | Buy | 60,000 | $13.02 | $781.2K | Form 4 |
| Mar 6, 2026 | MARUCCI GEORGE E JRDirector | Buy | 9,000 | $13.74 | $123.7K | Form 4 |
| Mar 4, 2026 | MARUCCI GEORGE E JRDirector | Buy | 1,000 | $13.96 | $14.0K | Form 4 |
| Sep 29, 2025 | Smith Rhonda ScottDirector | Buy | 365 | $13.68 | $5.0K | Form 4 |
| May 28, 2025 | Rabil AlbertDirector | Sale | 164,706 | $15.84 | $2.6M | Form 4 |
| May 28, 2025 | ROBO JAMES LDirector | Buy | 43,020 | $15.84 | $681.4K | Form 4 |
| May 28, 2025 | Rabil AlbertDirector | Sale | 43,020 | $15.84 | $681.4K | Form 4 |
| May 28, 2025 | ROBO JAMES LDirector | Buy | 164,706 | $15.84 | $2.6M | Form 4 |
| May 23, 2025 | Rabil AlbertDirector | Sale | 30,000 | $15.68 | $470.4K | Form 4 |
| May 22, 2025 | Rabil AlbertDirector | Sale | 314,465 | $15.90 | $5.0M | Form 4 |
| Mar 5, 2025 | SCHNABEL SUSAN CDirector | Buy | 5,000 | $16.40 | $82.0K | Form 4 |
| Dec 18, 2024 | SCHNABEL SUSAN CDirector | Buy | 2,500 | $16.54 | $41.4K | Form 4 |
| Sep 18, 2024 | SCHNABEL SUSAN CDirector | Buy | 472 | $16.02 | $7.6K | Form 4 |
| Aug 23, 2024 | SCHNABEL SUSAN CDirector | Buy | 115 | $16.00 | $1.8K | Form 4 |
| Aug 22, 2024 | SCHNABEL SUSAN CDirector | Buy | 5,000 | $16.03 | $80.2K | Form 4 |
All 66 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Koch Companies Defined Benefit Master TrustSCHEDULE 13G/A, 4 filings Jan 7, 2022 to Aug 14, 202643
- Bank of AmericaSCHEDULE 13G/A, 2 filings Aug 13, 2025 to Feb 12, 202644
- Of Michigan Retirement System StateSCHEDULE 13G, 1 filing Jan 15, 202645
Money raised
Private offerings the company reported to the SEC on Form D.
- Feb 5, 2021Raised $907.3 million in a private offering of securities Form D: 472 investors so far Form D
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 92. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Koch, Inc. | 10,485,004 | $141.9M | 13.0% | −1,696,347 |
| State Of Michigan Retirement System | 6,566,762 | $88.8M | 0.4% | No change |
| HF Capital, LLC | 2,216,905 | $30.0M | 10.1% | −128,160 |
| Pathstone Holdings, LLC | 1,063,041 | $14.4M | 0.0% | −55,137 |
| Russell Investments Group, Ltd. | 796,324 | $10.8M | 0.0% | +244,504 |
| Franklin Resources Inc | 779,757 | $10.6M | 0.0% | +27,571 |
| UBS Group AG | 747,232 | $10.1M | 0.0% | +99,744 |
| Van Eck Associates Corp | 669,889 | $9.1M | 0.0% | +71,447 |
| Requisite Capital Management, LLC | 645,130 | $9.0M | 1.5% | +39,385 |
| Morgan Stanley | 662,123 | $9.0M | 0.0% | +204,063 |
| Columbus Macro, LLC | 610,736 | $8.3M | 0.8% | New |
| Envestnet Asset Management Inc | 608,963 | $8.2M | 0.0% | New |
| Cetera Investment Advisers | 590,495 | $8.0M | 0.0% | New |
| Kennedy Capital Management LLC | 384,999 | $5.2M | 0.1% | −6,134 |
| Sage Mountain Advisors LLC | 353,274 | $4.8M | 0.3% | −64,788 |
| American Financial Group Inc | 283,903 | $3.8M | 1.4% | +78,000 |
| HB Wealth Management, LLC | 280,189 | $3.8M | 0.0% | +44,848 |
| Renaissance Technologies LLC | 250,829 | $3.4M | 0.0% | +105,507 |
| Wells Fargo & Company/mn | 239,142 | $3.2M | 0.0% | +12,742 |
| BlackRock, Inc. | 235,871 | $3.2M | 0.0% | −5,664 |
| AG Asset Advisory, LLC | 203,300 | $2.8M | 2.2% | No change |
| Corient Private Wealth LP | 183,877 | $2.5M | 0.0% | −193,585 |
| Activest Wealth Management | 149,137 | $2.0M | 0.4% | −97,829 |
| Centric Wealth Management | 131,578 | $2.0M | 0.3% | No change |
| Citadel Advisors LLC | 129,630 | $1.8M | 0.0% | +51,881 |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How Kayne Anderson BDC, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARKayne Anderson BDC, Inc.1
- CIK0001747172
- Employer ID (EIN)83-05313264
- Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
- Incorporated inDelaware4
- Fiscal year endsDecember 311
- Business address717 Texas Avenue, 22Nd Floor, Houston, TX 770021
- Phone713-493-20001
- Shares outstanding66,037,810 as of Aug 5, 20269
- Public float$0 as of Jun 30, 20256
- AuditorPricewaterhouseCoopers LLP, Los Angeles, California PCAOB ID 238; it also attests to the company’s internal control over financial reporting4
- On EDGAR sinceAug 15, 20181
- Filings245 in all: 4 (67), 8-K (60), 10-Q (17), 3 (16), CORRESP (11), 40-APP/A (9), 10-K (6), 40-17G (6)1
All 36 form types
DEF 14A (6), N-2/A (6), 40-APP (4), 10-12G/A (3), DRS/A (3), 4/A (2), D/A (2), EFFECT (2), N-2 (2), SC 13G/A (2), SCHEDULE 13G (2), SCHEDULE 13G/A (2), UPLOAD (2), 10-12G (1), 424B1 (1), 424B2 (1), 497AD (1), 8-A12B (1), 8-K12G3 (1), APP WD (1), CERT (1), D (1), DRS (1), N-2ASR (1), N-54A (1), N-6F (1), N-6F/A (1), SC 13G (1)
- Latest filingsAnnual report (10-K) Mar 2, 2026
Quarterly report (10-Q) Aug 10, 2026
Proxy statement (DEF 14A) Apr 24, 2026
Latest 8-K (8-K) Oct 9, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, par value $0.001 per share | KBDC | NYSE |
From the cover page of the 10-K filed Mar 2, 2026 (Section 12(b) of the Exchange Act).4
Risk factors and legal proceedings
The risks Kayne Anderson BDC, Inc. names in Item 1A of its 10-K filed Mar 2, 2026: 61 risks under these headings, as written.4
- Principal Risks Relating to Our Business and Structure
- Principal Risks Relating to Our Investments
- Risks Relating to Our Common Stock
- Risks Relating to Our Business and Structure
- We have a limited operating history and may not replicate the historical results achieved by other entities managed by members of the Advisor’s investment committee, the Advisor or its affiliates.
- We use leverage pursuant to borrowings under credit facilities and issuances of senior unsecured notes to finance our investments and changes in interest rates will affect our cost of capital and net investment income.
- Further downgrades of the U.S. credit rating, impending automatic spending cuts or government shutdowns could negatively impact our liquidity, financial condition and earnings.
- We depend upon our Advisor and Administrator for our success and upon their access to the investment professionals and partners of Kayne Anderson and its affiliates. Any inability of the Advisor or the Administrator to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.
- Our financial condition, results of operations and cash flows depend on our ability to manage our business and future growth effectively.
- The Advisor may frequently be required to make investment analyses and decisions on an expedited basis in order to take advantage of investment opportunities, and our Advisor may not have knowledge of all circumstances that could impact an investment by the Company.
- There are significant potential conflicts of interest that could affect our investment returns, including conflicts related to obligations the Advisor’s investment committee, the Advisor or its affiliates have to other clients and conflicts related to fees and expenses of such other clients, the valuation process for certain portfolio holdings of ours, other arrangements with the Advisor or its affiliates, and the Advisor’s recommendations given to us may differ from those rendered to their other clients.
- The Advisor’s investment committee, the Advisor or its affiliates may, from time to time, possess material non-public information, limiting our investment discretion.
The other 52 risks
- The Investment Advisory Agreement and the Administration Agreement were not negotiated on an arm’s-length basis and may not be as favorable to us as if they had been negotiated with an unaffiliated third party.
- We generally may make investments that could give rise to a conflict of interest and our ability to enter into transactions with our affiliates will be restricted.
- We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses.
- We will be subject to corporate-level income tax if we are unable to continue to qualify as a RIC.
- We may be subject to risks that may arise in connection with the rules under ERISA related to investment by ERISA Plans.
- We may have difficulty paying our required distributions if we recognize income before, or without, receiving cash representing such income.
- Regulations governing our operation as a BDC affect our ability to, and the way in which we, raise additional capital. As a BDC, the necessity of raising additional capital exposes us to risks, including the typical risks associated with leverage.
- We finance our investments with borrowings under credit facilities and issuances of senior unsecured notes, which will magnify the potential for gain or loss on amounts invested and may increase the risk of investing in us.
- Provisions in our credit facilities and our senior unsecured notes contain various covenants, which, if not complied with, could accelerate our repayment obligations under such facilities, thereby materially and adversely affecting our liquidity, financial condition, results of operations and ability to pay distributions.
- Adverse developments in the credit markets may impair our ability to enter into new credit facilities or our ability to issue senior unsecured notes.
- If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to qualify as a BDC or be precluded from investing according to our current business strategy and such failure would decrease our operating flexibility.
- The majority of our portfolio investments are recorded at fair value as determined in good faith by our Advisor and, as a result, there may be uncertainty as to the value of our portfolio investments.
- New or modified laws or regulations governing our operations and government intervention in the credit markets generally may adversely affect our business.
- Our Board may change our investment objective, operating policies and strategies without prior notice or stockholder approval, and we may temporarily deviate from our regular investment strategy.
- The Advisor can resign on 60 days’ notice, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.
- We incur significant costs as a result of being registered under the Exchange Act.
- Efforts to comply with the Exchange Act and the Sarbanes-Oxley Act will involve significant expenditures, and non-compliance will adversely affect us and the value of our shares of common stock.
- We are highly dependent on information systems, and cybersecurity risks and cyber incidents may adversely affect our business or the business of our portfolio companies, which may, in turn, negatively affect the value of our shares of common stock and our ability to pay distributions.
- Purchases of shares of our common stock by us under our open market repurchase program, including the Company Rule 10b5-1 Plan, may result in the price of shares of our common stock being higher than the price that otherwise might exist in the open market and are subject to our ability to finance such repurchases.
- There may be trademark risk, as we do not own the Kayne Anderson name.
- Risks Relating to Our Investments
- We are subject to risks associated with the current interest rate environment, and rising interest rates could affect the value of our investments and make it more difficult for portfolio companies to make periodic payments on their loans.
- Our business is dependent on bank relationships and recent strain on the banking system may adversely impact us.
- Limitations of investment due diligence expose us to investment risk.
- We invest in highly leveraged companies, which could cause us to lose all or a part of our investment in those companies.
- We are subject to risks associated with our investments in unitranche secured loans and securities, including the potential loss of all or part of such investments.
- Our investments in securities that are rated below investment grade (i.e. “junk bonds”) may be risky and we could lose all or part of our investments.
- Defaults by our portfolio companies, including defaults relating to collateral, will harm our operating results.
- The lack of liquidity and price decline in our investments may adversely affect our business, including by reducing our NAV through increased net unrealized depreciation.
- Our portfolio companies may prepay loans, which may reduce our yields if capital returned cannot be invested in transactions with equal or greater expected yields.
- Our portfolio companies may be unable to repay or refinance outstanding principal on their loans at or prior to maturity.
- Our investments in portfolio companies may expose us to environmental risks.
- We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we are not limited with respect to the proportion of our assets that may be invested in securities of a single issuer.
- Our portfolio may be concentrated in a limited number of portfolio companies and industries, which will subject us to a risk of significant loss if any of these companies defaults on its obligations under any of its debt instruments or if there is a downturn in a particular industry.
- Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio.
- Because we generally do not hold controlling equity interests in our portfolio companies, we may not be able to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments and there is no assurance that portfolio company management will be able to operate their companies in accordance with our expectations.
- Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies and such portfolio companies may not generate sufficient cash flow to service their debt obligations to us.
- The disposition of our investments may result in contingent liabilities.
- The Advisor’s and Administrator’s liability is limited, and we have agreed to indemnify each against certain liabilities, which may lead them to act in a riskier manner on our behalf than it would when acting for its own account.
- We are subject to risks under hedging transactions and our ability to enter into transactions involving derivatives and financial commitment transactions may be limited.
- We may not realize gains from our equity investments.
- We are subject to risks associated with our investment and trading of liquid credit (i.e., broadly syndicated loans).
- We cannot assure you that a market for our shares of common stock will continue, or that the market price of our shares of common stock will not decline. Our share of common stock price may be volatile and may fluctuate substantially.
- Sales of substantial amounts of our shares of common stock in the public market may have an adverse effect on the market price of our shares of common stock.
- Trading and liquidity in our shares may be limited and our shares may trade below our NAV.
- Certain provisions of the DGCL, our certificate of incorporation, bylaws, and actions of our Board could deter takeover attempts and have an adverse impact on the value of common stock.
- During extended periods of capital market disruption and instability, there is a risk that you may not receive distributions or that our distributions may not grow over time and a portion of our distributions may be a return of capital.
- A stockholder’s interest in us will be diluted if we issue additional shares, which could reduce the overall value of an investment in us.
- Our stockholders may receive our shares of Common Stock as dividends, which could result in adverse tax consequences to them.
- We may in the future determine to issue preferred stock, which could adversely affect the value of shares of Common Stock.
- General Risk Factors
- Global economic, political and market conditions, including uncertainty about the financial stability of the United States, could have a significant adverse effect on our business, financial condition and results of operations.
- Political, social and economic uncertainty creates and exacerbates risks.
- We are subject to risks related to corporate responsibility.
Legal proceedings
Neither we nor our Advisor is currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us, or against our Advisor.
From time to time, we, or our Advisor, may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.
From time to time we are involved in various legal proceedings, lawsuits and claims incidental to the conduct of our business. Our businesses are also subject to extensive regulation, which may result in regulatory proceedings against us.
The opening of Item 3, Legal Proceedings.4
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13
- 14SEC EDGARFrank P. Karl, Senior Vice President
- 15
- 16
- 17
- 18SEC EDGARQuinn Terry, Vice chair
- 19SEC EDGARJames L. Robo, Board member
- 20SEC EDGARRhonda Scott Smith, Board member
- 21SEC EDGARAlbert Rabil, Board member
- 22SEC EDGARGeorge E. Marucci Jr., Board member
- 23SEC EDGARMariel A. Joliet, Board member
- 24SEC EDGARSusan C. Schnabel, Board member
- 25
- 26SEC EDGARRegulation FD disclosure
- 27
- 28SEC EDGARRegulation FD disclosure
- 29SEC EDGARExecutive or director change
- 30SEC EDGARShareholder vote
- 31
- 32SEC EDGARRegulation FD disclosure
- 33SEC EDGAREntered a material agreement
- 34
- 35SEC EDGARRegulation FD disclosure
- 36
- 37SEC EDGARRegulation FD disclosure
- 38NasdaqNasdaq calendar
- 39
- 40
- 41
- 42
- 43
- 44
- 45