Group 1 - The Q3 earnings season is nearing its end, with most major BDCs having reported their financial results [1] - 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 the institutionalization of the REIT framework in Latvia to enhance liquidity in pan-Baltic capital markets [1] Group 2 - Berzins has been involved in developing national SOE financing guidelines and frameworks to channel private capital into affordable housing [1] - He holds a CFA Charter and an ESG investing certificate, and has experience with the Chicago Board of Trade [1] - Berzins actively participates in thought-leadership activities to support the development of pan-Baltic capital markets [1]

Financial Performance - For the quarter ended September 30, 2025, net investment income was $30.0 million, or $0.43 per share, compared to $28.7 million, or $0.40 per share for the previous quarter[6]. - Total investment income for the quarter was $61.3 million, an increase from $57.3 million in the prior quarter, driven by a shift to higher-yielding middle market loans[7]. - Net Investment Income for Q3 2025 decreased to $30,046,000 from $37,053,000 in Q3 2024, representing a decline of 19.4%[19]. - Basic and diluted net investment income per common share for Q3 2025 was $0.43, down from $0.52 in Q3 2024, a decrease of 17.3%[19]. - Net Increase in Net Assets Resulting from Operations for the nine months ended September 30, 2025, was $71,738,000, compared to $96,491,000 for the same period in 2024, a decrease of 25.7%[19]. - Interest income from non-controlled, non-affiliated investments increased to $58,898,000 in Q3 2025 from $57,541,000 in Q3 2024, a rise of 2.4%[19]. - Total Expenses for Q3 2025 were $31,327,000, up 13.0% from $27,562,000 in Q3 2024[19]. - Management fees for Q3 2025 were $5,583,000, an increase of 17.2% from $4,764,000 in Q3 2024[19]. Investment Portfolio - The investment portfolio at fair value increased to $2,255.5 million from $2,174.6 million as of June 30, 2025, reflecting a growth of approximately 3.7%[5]. - New private credit and equity co-investment commitments totaled $295.5 million, with net funded investments increasing by $200.1 million during the quarter[6][10]. - The weighted average yield on private middle market loans was 10.7%, slightly down from 10.9% in the previous quarter[10]. - The company focuses on first lien senior secured loans and aims to generate current income and capital appreciation[20]. Debt and Financing - The total debt outstanding at principal rose to $1,153.0 million from $1,054.0 million, resulting in a debt-to-equity ratio of 1.01x, up from 0.91x[5][14]. - The company completed a $200 million private placement of senior unsecured notes on October 15, 2025, to refinance debt and for general corporate purposes[17]. - The company had $322 million of undrawn commitments available on its credit facilities as of September 30, 2025[13]. Credit Quality - The non-accrual rate for debt investments improved to 1.4%, down from 1.6% in the previous quarter, indicating stable credit performance[4][10]. - Total net change in unrealized gains (losses) for Q3 2025 was $(4,983,000), compared to $503,000 in Q3 2024[19].

Core Viewpoint - Kayne Anderson BDC, Inc. has announced the promotion of Frank Karl to President and the appointment of Andy Wedderburn-Maxwell as Senior Vice President, indicating a strategic move to enhance leadership and expertise within the company [1][3][5]. Group 1: Leadership Changes - Frank Karl has been with Kayne Anderson since 2013 and has served as Senior Vice President since 2023, focusing on private credit strategies [2]. - Andy Wedderburn-Maxwell joined Kayne Anderson in April 2025 as Managing Director, bringing over 15 years of investment banking experience from firms like Citigroup and Wells Fargo [4]. Group 2: Strategic Importance - Frank Karl played a crucial role in the formation of Kayne Anderson BDC and was instrumental in leading the IPO process and a recent strategic investment into SG Credit [3]. - The leadership believes that Andy's industry perspective and strategic insight will significantly benefit the growth of the private credit platform [5]. Group 3: Company Overview - Kayne Anderson BDC, Inc. is a business development company that primarily invests in first lien senior secured loans, with a secondary focus on unitranche and split-lien loans to middle market companies [6]. - The company is externally managed by KA Credit Advisors, LLC, a subsidiary of Kayne Anderson Capital Advisors, L.P., and aims to generate current income and capital appreciation [6].

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

Group 1 - Kayne Anderson BDC, Inc. (NYSE: KBDC) has been identified as a top first-lien focused BDC pick for an extended period [1] - The article highlights the experience of Roberts Berzins in financial management and his contributions to the development of capital markets in Latvia [1] - Berzins has been involved in institutionalizing REIT frameworks and developing national SOE financing guidelines [1] Group 2 - The article does not provide any specific financial data or performance metrics related to KBDC or the broader industry [2][3]

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 ...