Many of my closest followers have probably noticed that Kayne Anderson BDC, Inc. (NYSE: KBDC ) has been my top first-lien focused BDC pick for quite some time. In fact, back in November 2024, I issued the firstRoberts Berzins has over a decade of experience in the financial management helping top-tier corporates shape their financial strategies and execute large-scale financings. He has also made significant efforts to institutionalize REIT framework in Latvia to boost the liquidity of pan-Baltic capital ma ...

Group 1 - Business Development Companies (BDCs) are financial vehicles that aim to source capital at low costs and lend it at higher yields to businesses that cannot access traditional banking services [1] Group 2 - Roberts Berzins has over a decade of experience in financial management, focusing on helping corporates with financial strategies and large-scale financings [2] - He has contributed to institutionalizing the REIT framework in Latvia to enhance liquidity in pan-Baltic capital markets [2] - His work includes developing national SOE financing guidelines and frameworks for channeling private capital into affordable housing [2]

Group 1 - The article discusses the methods for determining fair valuations, specifically mentioning discounted cash flow models and multiples approach as common techniques [1] - It highlights the experience of Roberts Berzins in financial management, particularly in shaping financial strategies for top-tier corporates and executing large-scale financings [1] - The article notes Berzins' contributions to institutionalizing the REIT framework in Latvia to enhance the liquidity of pan-Baltic capital markets [1] Group 2 - It mentions Berzins' involvement in developing national SOE financing guidelines and frameworks aimed at channeling private capital into affordable housing [1] - The article states that Berzins holds a CFA Charter and an ESG investing certificate, indicating his qualifications in the field [1] - It also references his internship experience at the Chicago Board of Trade, despite being based in Latvia, showcasing his international exposure [1]

Group 1 - The BDC (BIZD) segment is experiencing challenges with key variables negatively impacting player earnings and dividend coverage levels [1] - There is currently no significant headwind affecting the sector, yet dividend coverage remains extremely thin [1] Group 2 - Roberts Berzins has over a decade of experience in financial management, focusing on corporate financial strategies and large-scale financings [1] - Berzins has contributed to institutionalizing the REIT framework in Latvia to enhance liquidity in pan-Baltic capital markets [1] - His policy-level work includes developing national SOE financing guidelines and frameworks for channeling private capital into affordable housing [1]

Core Viewpoint - Small-cap companies are rapidly adopting AI technologies, leading to increased efficiency and potential profit growth, while currently being the cheapest sector in the market [2] Group 1: Small-Cap Dividend Stocks - BlackRock TCP Capital (TCPC) has a yield of 15.7% and invests in over 150 companies across 20 industries, but is currently facing restructuring due to credit issues [3] - TCPC is trading at an 18% discount to its net asset value (NAV), with a regular yield of 14% and an additional 1.7% from special dividends [4] - New Mountain Finance (NMFC) offers a 12.1% yield and is also trading at a 14% discount to NAV, focusing on U.S. upper-middle-market businesses [5][6] - NMFC's NAV has declined nearly 2% quarter-over-quarter, with markdowns in healthcare and consumer products, but its credit quality remains stable [8][9] - Kayne Anderson BDC (KBDC) has a yield of 12.6% and targets companies with $10 million to $75 million in EBITDA, with a focus on defensive industries [10] - KBDC has initiated a $100 million buyback program and has seen investments increase in Q3, despite a slight decline in NAV [12] Group 2: Income-Generating Investments - Mach Natural Resources LP (MNR) offers a 16.0% distribution and operates primarily in the Anadarko Basin, with a focus on natural gas [13] - MNR trades at approximately 3.5 times this year's EBITDAX estimates, which is below the average for comparable MLPs [14] - MFA Financial (MFA) has a yield of 14.4% and invests in residential mortgage loans and securities, with a recent 13% QoQ increase in origination fees [15][17] - MFA's distributable earnings are expected to drop significantly this year, but the market does not seem to be pricing in a dividend cut [18] - Armour Residential REIT (ARR) offers a high yield of 19.0% but has a history of dividend cuts, trading at about 90% of book value [19][21]

Exhibit 99.1 Kayne Anderson BDC, Inc. Announces June 30, 2025 Financial Results and Declares Third Quarter 2025 Dividend of $0.40 Per Share CHICAGO--(BUSINESS WIRE)-- Kayne Anderson BDC, Inc. (NYSE: KBDC) ("KBDC or the Company"), a business development company externally managed by its investment adviser, KA Credit Advisors, LLC, today announced its financial results for the second quarter ended June 30, 2025. Financial Highlights for the Quarter Ended June 30, 2025 "During the second quarter when lending a ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 814-01363 Kayne Anderson BDC, Inc. | Delaware | 83-0531326 | | --- | --- | | (State or other jurisdiction of | (I.R.S. Employer | | incorporation or organization) | Identification ...

Market Overview - The BDC market (BIZD) has experienced significant volatility in recent months, mirroring the fluctuations seen in major stock indices such as the S&P 500 (SPY) and the Nasdaq-100 (QQQ) [1] Professional Background - Roberts Berzins has over a decade of experience in financial management, assisting top-tier corporates in shaping financial strategies and executing large-scale financings [2] - He has contributed to institutionalizing the REIT framework in Latvia to enhance the liquidity of pan-Baltic capital markets [2] - His policy-level work includes developing national SOE financing guidelines and frameworks for channeling private capital into affordable housing [2] - Berzins is a CFA Charterholder and holds an ESG investing certificate, with experience from an internship at the Chicago Board of Trade [2] - He is actively involved in thought-leadership activities aimed at supporting the development of pan-Baltic capital markets [2]

Group 1 - One of the key challenges in retirement-focused strategies is achieving the necessary income or portfolio value goal in a timely manner, such as building a $5,000 monthly income producing portfolio [1] - Roberts Berzins has over a decade of experience in financial management, helping top-tier corporates shape their financial strategies and execute large-scale financings [1] - Berzins has made significant efforts to institutionalize the REIT framework in Latvia to enhance the liquidity of pan-Baltic capital markets [1] Group 2 - Berzins has contributed to the development of national SOE financing guidelines and frameworks for channeling private capital into affordable housing stock [1] - He is a CFA Charterholder and holds an ESG investing certificate, with experience from an internship at the Chicago Board of Trade [1] - Berzins is actively involved in "thought-leadership" activities to support the development of pan-Baltic capital markets [1]

Group 1 - Business Development Companies (BDCs) are generally not suitable for retirement income investing due to their high embedded risk levels [1] Group 2 - Roberts Berzins has over a decade of experience in financial management, focusing on corporate financial strategies and large-scale financings [2] - He has contributed to institutionalizing the REIT framework in Latvia to enhance liquidity in pan-Baltic capital markets [2] - Berzins has also worked on developing national SOE financing guidelines and frameworks for channeling private capital into affordable housing [2]