Investment Portfolio - As of September 30, 2023, the company had investments in 72 portfolio companies with an aggregate fair value of approximately $1,278 million and unfunded commitments of $109 million[179]. - The portfolio consisted of 97.7% first lien senior secured loans, 1.7% junior debt, and 0.6% equity investments[179]. - The largest industries in the portfolio were Trading Companies & Distributors (13.8%), Food Products (10.9%), and Commercial Services & Supplies (10.5%) based on fair value[181]. - The average position size based on commitment was $19.5 million, with a weighted average and median last twelve months (LTM) EBITDA of $55.8 million and $43.4 million, respectively[182]. - The weighted average loan-to-value (LTV) of debt investments at the time of initial investment was 44.5%[183]. - As of September 30, 2023, the company had one investment on non-accrual status, comprising 1.9% of total debt investments at cost[184]. Investment Income and Expenses - Total investment income for the three months ended September 30, 2023, was $41.2 million, a 100% increase from $20.5 million in the same period of 2022[199]. - Net investment income for the three months ended September 30, 2023, was $21.4 million, compared to $11.3 million for the same period in 2022, reflecting an increase of 89%[199]. - Total expenses for the three months ended September 30, 2023, were $19.8 million, significantly higher than $9.2 million in the same period of 2022, marking a 115% increase[201]. - Interest and debt financing expenses for the three months ended September 30, 2023, were $13.9 million, up from $5.5 million in the same period of 2022, reflecting a 153% increase[201]. - Investment income for the nine months ended September 30, 2023, totaled $118.3 million, up from $45.4 million in the same period of 2022, representing a 160% increase[200]. - Net investment income for the nine months ended September 30, 2023, was $62.4 million, compared to $24.6 million for the same period in 2022, indicating a 154% increase[199]. Unrealized Gains and Losses - Net unrealized losses on investments for the three months ended September 30, 2023, were $(7.5) million, compared to unrealized gains of $3.3 million in the same period of 2022[204]. - The total unrealized appreciation (depreciation) for the three months ended September 30, 2023, was $(7.5) million, compared to $7.3 million in unrealized gains for the same period in 2022[204]. - The top contributor to unrealized gains for the three months ended September 30, 2023, was Genuine Cable Group, LLC, with $0.7 million[205]. - Total unrealized appreciation (depreciation), net for the nine months ended September 30, 2023, was $(8.1) million, reflecting a challenging investment environment[208]. Financial Position and Commitments - As of September 30, 2023, the company had $75 million in senior unsecured notes outstanding and $523 million borrowed under credit facilities, with cash and cash equivalents of $29 million[212]. - The asset coverage ratio was 214% as of September 30, 2023, compared to 203% as of December 31, 2022, indicating strong leverage management[210]. - The company has aggregate capital commitments of $988.2 million, with $329.9 million undrawn from investors, representing 66.6% funding[213]. - The Corporate Credit Facility has a total commitment of $400 million, with a potential increase to $550 million under certain conditions[214]. - The Revolving Funding Facility has a total commitment of $455 million, with a maturity date of February 18, 2027[216]. - The company expects cash and cash equivalents, along with undrawn capital commitments, to be sufficient for anticipated investment activities over the next twelve months[211]. - The company has $598 million in total contractual obligations related to outstanding indebtedness as of September 30, 2023[218]. - The company anticipates that its cash and liquidity needs will continue to be met by cash generated from ongoing operations and financing activities beyond twelve months[211]. Management and Fees - The Investment Advisory Agreement was renewed for one year through March 15, 2024, with payments consisting of a base management fee and an incentive fee based on performance[230]. - The base management fee is calculated as a percentage of the fair market value of investments, excluding cash and certain securities[231]. - The Administration Agreement was also renewed for one year through March 15, 2024, with the Administrator reimbursed for administrative expenses incurred[233]. - The Administrator has engaged U.S. Bank Global Fund Services and Ultimus Fund Solutions, LLC for sub-administration services effective in 2023[233]. - Incentive fees earned by the Advisor will only be payable upon an Exchange Listing or sale of the company[232]. Interest Rate Sensitivity - Interest rate sensitivity indicates that net investment income may be adversely affected by changes in interest rates due to the use of borrowings for investments[235]. - A hypothetical decrease of 200 basis points in interest rates would result in a decrease of $14.7 million in net investment income[237]. - Conversely, a hypothetical increase of 200 basis points in interest rates would lead to an increase of $14.7 million in net investment income[237]. - The company may use hedging instruments to mitigate interest rate fluctuations, but this could limit benefits from lower interest rates[238]. - The company does not include non-accrual and non-income producing investments in its interest rate sensitivity calculations[236].

Investment Performance - Total investment income for the three months ended June 30, 2023, was $40.7 million, compared to $13.0 million for the same period in 2022, representing a 213% increase[199] - Net investment income for the three months ended June 30, 2023, was $21.7 million, up from $7.1 million in the same period of 2022, reflecting a 205% increase[199] - The weighted average total yield to maturity of debt and income-producing securities at fair value was 12.3% as of June 30, 2023[188] - The net unrealized gains on investments for the three months ended June 30, 2023, were $4.4 million, compared to $2.0 million for the same period in 2022, reflecting a 120% increase[204] - The total unrealized appreciation for the six months ended June 30, 2023, was $6.6 million, up from $2.8 million in the same period of 2022, indicating a 136% increase[210] Investment Commitments - The company made gross new investment commitments of $57.2 million for the three months ended June 30, 2023, compared to $118.3 million for the same period in 2022[191] - The average new investment commitment amount for the three months ended June 30, 2023, was $5.7 million, compared to $4.7 million in the same period of 2022[191] - As of June 30, 2023, the company had subscription agreements with investors for an aggregate capital commitment of $887.0 million, of which $228.7 million is undrawn[185] - Unfunded commitments to provide debt financing to portfolio companies were $116.1 million as of June 30, 2023[227] Financial Position - As of June 30, 2023, the company had 157 debt investments and 13 equity investments in 73 portfolio companies, with an aggregate fair value of approximately $1,284 million[187] - Cash and cash equivalents as of June 30, 2023, totaled $28.0 million, down from $14.9 million as of August 10, 2023[220] - The company had $75 million in senior unsecured notes outstanding as of June 30, 2023, with $25 million due in June 2027 and $50 million due in June 2028[221] - Total contractual obligations amount to $641 million, with $632 million due after one year[226] Operating Expenses - Operating expenses for the three months ended June 30, 2023, were $19.0 million, significantly up from $5.9 million in the same period of 2022, representing a 221% increase[201] Leadership Changes - The company accepted the resignation of its CEO and appointed two Co-CEOs effective August 16, 2023[186] Interest Rate Sensitivity - The company is subject to interest rate sensitivity, with a potential decrease in net investment income of $14.4 million if interest rates rise by 200 basis points[243][245] - The company may hedge against interest rate fluctuations using standard hedging instruments, which could limit benefits from lower interest rates[246] Credit Facilities - As of June 30, 2023, the Corporate Credit Facility has a total commitment of $400 million, with a potential increase to $550 million under certain circumstances[222] - The Revolving Funding Facility has a total commitment of $455 million, with an interest rate of daily SOFR plus 2.75% per annum[224] - The Subscription Credit Agreement allows borrowing up to $125 million, with an interest rate of Term SOFR plus 1.975%[225] - The company has a commitment fee of 0.375% per annum on any unused portion of the Corporate Credit Facility[222] - The interest rate on the Subscription Credit Agreement is subject to a 0.275% floor[225] Accounting Estimates - The company’s critical accounting estimates affect the reported amounts of assets, liabilities, revenues, and expenses, which could lead to actual results differing from estimates[228] Shareholder Distributions - The company declared a distribution of $0.53 per share to common stockholders, totaling $20.7 million, with $1.4 million reinvested into the company[184]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Delaware 83-0531326 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) Title of each class Trading Symbol(s) Name of each exchange on which registered None None None FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 ☐ 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. (Exact name of registrant as specified in its charter) Delaware 83-0531326 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. E ...

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 September 30, 2022 ☐ 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) | Identifica ...

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, 2022 ☐ 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 ...

(Registrant's telephone number, including area code) 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 March 31, 2022 ☐ 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. Employe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 ☐ 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. (Exact name of registrant as specified in its charter) | Delaware | 83-0531326 | | --- | --- | | (State or Other Jurisdiction of | (I.R.S. Employer ...

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 September 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 000-56201 Kayne Anderson BDC, Inc. | Delaware | 83-0531326 | | --- | --- | | (State or other jurisdiction of | (I.R.S. Employer | | incorporation or organization) | Identifica ...

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, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 000-56201 Kayne Anderson BDC, Inc. | Delaware | 83-0531326 | | --- | --- | | (State or other jurisdiction of | (I.R.S. Employer | | incorporation or organization) | Identification ...