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 ...

Valuation and Investment Strategy - The majority of the company's portfolio investments are classified as Level 3 under ASC Topic 820, indicating that valuations are based on unobservable inputs and significant management judgment [246]. - The company intends to use an independent valuation firm to review the fair value of certain instruments at least once annually, which may lead to fluctuations in valuations over short periods [247]. - Changes in fair value are recorded in the consolidated statement of operations as net change in unrealized appreciation or depreciation, reflecting quarterly adjustments [248]. - The SEC's new Rule 2a-5, effective September 1, 2022, designates the Advisor as the "valuation designee" for fair value determinations, with oversight from the Board of Directors [249]. - The Board of Directors has the authority to change investment objectives and strategies without prior notice, which could adversely affect business and stockholder value [257]. - The company may need to alter its investment strategy due to changes in laws and regulations, which could materially impact results and investment focus [251]. Regulatory and Compliance Risks - New or modified laws and regulations, including those from Dodd-Frank, may adversely affect the company's business operations and financial condition [250]. - The company anticipates incurring significant costs related to compliance with the Sarbanes-Oxley Act and other regulatory requirements, which may negatively impact financial performance [268]. - The company is classified as an "emerging growth company" until total annual gross revenues exceed $1.07 billion or other specified conditions are met [264]. - The SEC is working on proposals for mandatory disclosure of ESG-related matters, which could increase regulatory burdens and affect profitability [359]. Economic and Market Risks - Political uncertainty, including risks from global events, could lead to increased volatility and negatively impact the company's investments [256]. - Economic recessions could impair portfolio companies, leading to declines in revenue and cash flows, potentially increasing non-performing investments [274]. - The Federal Reserve raised the federal funds rate seven times in 2022 to a range of 4.25% to 4.50%, with further increases likely in 2023, which could adversely affect income-oriented investments [277]. - Rising interest rates may increase the difficulty for portfolio companies to service their debt obligations, potentially leading to defaults [303]. - The company is subject to financial market risks, including interest rate sensitivity, which can materially affect net investment income [431]. - A hypothetical 200 basis points decrease in interest rates could lead to a net decrease of $11.7 million in net investment income [433]. Investment Risks - The company may invest in highly leveraged companies, which could lead to significant risks and potential loss of investments [283]. - Investments in private middle-market companies are risky due to limited public information and potential difficulties in accessing capital markets [287]. - Defaults by portfolio companies could harm operating results and may lead to additional expenses for recovery efforts [282]. - The company may invest in "covenant-lite" loans, which provide fewer rights against borrowers and may increase the risk of loss [282]. - The company may invest in portfolio companies with second priority debt secured by the same collateral as senior debt, which may limit recovery in liquidation scenarios [289]. - Unsecured debt investments may not benefit from collateral, increasing the risk of insufficient proceeds to satisfy obligations [290]. - The company faces risks related to illiquidity in investments, which may hinder timely realization of investments and affect overall business performance [292]. - The company may lack control over portfolio companies, limiting its ability to influence management decisions that could affect investment value [311]. - There is no assurance that portfolio company management will operate in accordance with the company's expectations, which could adversely affect performance [314]. - The company may invest in second lien and subordinated loans, which carry a higher risk of default due to potential adverse changes in financial conditions [317]. - The company may make unsecured loans to portfolio companies, which do not benefit from any collateral, increasing the risk of loss [319]. - The company may engage in hedging transactions to mitigate risks, but these transactions could also introduce additional risks and may not fully protect against losses [325]. - The use of leverage increases the volatility of investments, magnifying potential gains or losses, and could negatively affect the ability to service debt or make distributions [330]. - If the ratio of total assets to total borrowings falls below 150%, the company may be required to sell investments to repay debt, potentially at a disadvantageous time [332]. Shareholder and Distribution Risks - There is no public market for the company's shares, which may limit liquidity and the ability to liquidate investments [333]. - The company intends to make periodic distributions to stockholders, but these may be affected by various risk factors and asset coverage tests [339]. - Distributions may include a return of capital, which could increase tax liabilities for stockholders upon future sales of shares [340]. - Stockholders may experience dilution in ownership percentage if additional equity interests are issued [342]. - The company is prohibited from issuing shares below NAV per share unless approved by the Board of Directors and stockholders, which may lead to dilution for existing stockholders [343]. - Subsequent closings after the Initial Closing will result in existing stockholders experiencing dilution due to Catch-up Purchases by new investors [344]. - Distributions declared in cash for stockholders participating in the DRIP will be automatically reinvested, potentially causing dilution for non-participants over time [345]. - The company may declare a large portion of dividends in shares instead of cash, with a minimum cash portion of 20%, impacting stockholders' tax obligations [346]. - The company does not currently anticipate issuing preferred stock, which could adversely affect the value of common stock [347]. Operational Risks - The Advisor and Administrator can resign with 60 days' notice, potentially disrupting operations and adversely affecting financial condition if suitable replacements are not found [260][263]. - The company may face increased operational risks due to remote working policies, which could strain technology resources and heighten cybersecurity risks [271]. - The company is highly dependent on information systems, and failures could significantly disrupt business operations and affect share value [269]. - The portfolio may be concentrated in a limited number of companies and industries, increasing exposure to significant losses if any of these companies default [308]. - Follow-on investments are at the company's discretion and failure to make them may jeopardize the value of initial investments [310]. Environmental, Social, and Governance (ESG) Risks - Environmental risks associated with portfolio companies could lead to significant liabilities and adversely impact investment performance [300]. - The company faces increasing scrutiny related to ESG activities, which could impact brand value and operational costs [357].

Investment Performance - Total investment income for the three months ended September 30, 2022, was $20.5 million, compared to $5.0 million for the same period in 2021, representing a 310% increase [200]. - Net investment income for the three months ended September 30, 2022, was $11.3 million, up from $3.0 million in the same period of 2021, reflecting a 277% increase [200]. - Net unrealized gains on investments for the three months ended September 30, 2022, were $7.3 million, compared to $1.7 million for the same period in 2021, representing a significant increase of 329% [202]. - For the nine months ended September 30, 2022, net unrealized gains totaled $9.4 million, up from $5.0 million in 2021, indicating an increase of 88% [206]. Investment Commitments - Gross new investment commitments for the three months ended September 30, 2022, were $331.8 million, significantly higher than $105.6 million in the same period of 2021 [194]. - The weighted average interest rate of new investment commitments for the three months ended September 30, 2022, was 9.7%, compared to 7.3% in the same period of 2021 [194]. - The company had subscription agreements with investors for an aggregate capital commitment of $808.2 million, of which $290.5 million was undrawn [190]. - The company has unfunded commitments of $125.2 million as of September 30, 2022, compared to $97.8 million as of December 31, 2021 [220]. Financial Position - As of September 30, 2022, the company had $464 million borrowed under credit facilities and cash and cash equivalents of $20.0 million [212]. - The asset coverage ratio as of September 30, 2022, was 213%, down from 217% as of December 31, 2021, indicating a stable financial condition [210]. - As of November 9, 2022, the company had $508 million borrowed under credit facilities and cash and cash equivalents of $7.2 million [212]. - As of September 30, 2022, total contractual obligations amount to $464 million, with $62 million due in less than one year and $402 million due after five years [219]. Distribution and Share Issuance - The company paid a distribution of $0.35 per share on October 25, 2022, totaling $11.0 million, with $2.1 million reinvested into the company [189]. - The company issued and sold 11,858,122 shares of common stock during the nine months ended September 30, 2022, raising an aggregate of $193.6 million [213]. Credit Facilities - The company increased its Corporate Credit Facility commitment from $350 million to $400 million on November 10, 2022 [191]. - The Corporate Credit Facility has a total commitment of $400 million, with a potential increase to $550 million under certain conditions [215]. - The Revolving Funding Facility has a total commitment of $250 million, with a maturity date of February 18, 2027 [217]. Interest Rate Sensitivity - The company is subject to interest rate sensitivity, with potential impacts on net investment income based on hypothetical interest rate changes [232]. - A 100 basis point increase in interest rates could lead to a $9.6 million increase in interest income and a $4.6 million increase in interest expense, resulting in a net investment income increase of $5 million [234]. - The company may hedge against interest rate fluctuations using standard hedging instruments, which could limit benefits from lower interest rates [235]. Valuation and Management Fees - The Advisor is responsible for the valuation of investments, with quarterly reviews by a third-party valuation firm for Level 3 investments [226]. - The base management fee under the Investment Advisory Agreement is based on a percentage of the fair market value of investments, excluding certain assets [228]. - The Audit Committee oversees the Advisor's fair valuation processes, meeting quarterly to review determinations and reports [226]. Portfolio Diversification - As of September 30, 2022, the company had 140 debt investments and 9 equity investments with an aggregate fair value of approximately $964.0 million [192]. - As of September 30, 2022, the portfolio was diversified across various industries, with the largest being commercial services & supplies at 13.7% [197]. Other Financial Information - Interest income is recorded on an accrual basis, with specific policies for PIK interest and OIDs, impacting revenue recognition [227]. - The company does not have any off-balance sheet financings or liabilities beyond contractual commitments and legal contingencies [220].

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 ...

Investment Income - Total investment income for the three months ended March 31, 2022, was $11.9 million, a significant increase from $1.7 million in the same period of 2021[178]. - Net investment income for the three months ended March 31, 2022, was $6.2 million, compared to $0.6 million for the same period in 2021[177]. Portfolio Composition - The company had 104 debt investments and 4 equity investments in 50 portfolio companies with an aggregate fair value of approximately $617.1 million as of March 31, 2022[170]. - The portfolio's industry composition as of March 31, 2022, included 18.0% in commercial services & supplies and 14.3% in trading companies & distributors[174]. - The company anticipates that at least 90% of its portfolio will be invested in secured middle market loans, primarily in core middle market companies[165]. Investment Activity - New investments for the three months ended March 31, 2022, totaled $11.5 million, a decrease from $159.8 million in the same period of 2021[172]. - The principal amount of investments funded for private credit investments was $66.9 million for the three months ended March 31, 2022[172]. - As of March 31, 2022, the company had $81.8 million in unfunded commitments to provide debt financing to portfolio companies, indicating ongoing investment potential[193]. Financial Health - As of March 31, 2022, the asset coverage ratio was 260%, significantly above the required minimum of 150%, indicating strong financial health[183]. - The company expects cash and cash equivalents, along with undrawn capital commitments, to be sufficient for its investing activities over the next twelve months[184]. - The company plans to target an asset coverage ratio of 200% to 180%, equating to a debt-to-equity ratio of 1.0x to 1.25x, subject to market conditions[183]. Expenses and Fees - Total expenses for the three months ended March 31, 2022, were $5.7 million, compared to $1.1 million in the same period of 2021[179]. - The company will pay a base management fee to its Advisor based on the fair market value of investments, excluding cash and certain short-term instruments[202]. - The company has an Administration Agreement with its Advisor for necessary administrative services, with reimbursement for expenses incurred on behalf of the company[205]. Borrowings and Liquidity - As of March 31, 2022, the company had $242.0 million borrowed under credit facilities and cash and cash equivalents of $8.8 million, showing a decrease in liquidity compared to $296 million borrowed and $3.8 million in cash as of May 11, 2022[185]. - The Corporate Credit Facility has a total commitment of $275 million, with a potential increase to $550 million under certain circumstances, and an interest rate of Term SOFR plus 2.35% per annum[188]. - The Revolving Funding Facility has a total commitment of $250 million, with an interest rate of daily SOFR plus 2.35% per annum, maturing on February 18, 2027[190]. Unrealized Appreciation - For the three months ended March 31, 2022, the total unrealized appreciation was $1.1 million, down from $2.8 million in the same period of 2021, reflecting a decrease of approximately 60.7%[181][183]. Interest Rate Sensitivity - The company is subject to financial market risks, particularly interest rate sensitivity, which can affect net investment income due to borrowings[206]. - A hypothetical 25 basis points decrease in interest rates would result in a net investment income increase of $0.6 million, while a 300 basis points increase would yield an increase of $11.0 million[208]. - The company may use hedging instruments such as futures, options, and forward contracts to mitigate interest rate fluctuations, although this may limit benefits from lower interest rates[209].

Valuation and Regulatory Environment - The majority of the company's portfolio investments are classified as Level 3 under ASC Topic 820, indicating that valuations are based on unobservable inputs and significant management judgment [207]. - The company intends to use an independent valuation firm to review the fair value of certain instruments at least once annually, which may lead to fluctuations in valuations over short periods [208]. - The SEC's new Rule 2a-5, effective in Q3 2022, may impact the company's valuation practices and reliance on historical valuation methods [210]. - Changes in laws and regulations, including those from Dodd-Frank, could materially affect the company's operations, cash flows, and financial condition [211]. - The company may alter its investment strategy due to new regulations, which could shift focus away from areas of expertise and adversely affect results [212]. - The U.S. Risk Retention Rules, effective December 24, 2016, may increase financing costs and impact future securitization transactions [213]. - The company is classified as an "emerging growth company" under the JOBS Act, which may affect the attractiveness of its shares to investors [223]. - The company may take advantage of reduced regulatory requirements under the JOBS Act, potentially making its shares less attractive to some investors [224]. - The company will incur significant costs due to compliance with the Sarbanes-Oxley Act and related SEC regulations, which may negatively impact financial performance and distributions [226]. Economic and Market Risks - Economic recessions could impair portfolio companies, leading to declines in revenue and cash flows, which may increase non-performing investments [229]. - Higher inflation levels can reduce returns and the value of investments, as rising interest rates increase borrowing costs and lower dividend payments [231]. - The company may invest in highly leveraged companies, which could result in significant risks and potential loss of investments [238]. - Defaults by portfolio companies could harm operating results, potentially leading to loan terminations and foreclosure on assets [237]. - The company may face challenges in conducting due diligence on portfolio companies, which could expose it to investment risks [232]. - Cybersecurity risks are heightened due to increased reliance on information systems, which could disrupt operations and negatively affect financial data [227]. - The company is currently impacted by COVID-19 measures, which may strain technology resources and introduce operational risks [228]. - Investments in private middle-market companies are risky due to limited public information and unpredictable operating results [241]. - The company may make unsecured debt investments, which will not benefit from any collateral, increasing the risk of loss [243]. - The company may face limitations on rights related to collateral securing junior priority loans due to intercreditor agreements with senior debt holders [244]. - Investments in companies experiencing financial difficulties may be illiquid, making timely realization of investments uncertain [245]. - Price declines and illiquidity in corporate debt markets could lead to significant net unrealized depreciation, adversely affecting the company's NAV [249]. - The company may be unable to liquidate investments quickly, potentially realizing less than previously recorded values [246]. - Rising interest rates may hinder portfolio companies' ability to service debt obligations, increasing the risk of defaults [254]. - The company has not yet identified all potential investments for its portfolio, which may affect anticipated investment pace [255]. - The portfolio may be concentrated in a limited number of companies and industries, increasing the risk of significant loss from defaults [257]. - The company may make unsecured loans to portfolio companies, which do not benefit from collateral, increasing risk in case of defaults [263]. - Follow-on investments in portfolio companies are at the company's discretion, and failure to make such investments could impair portfolio value [258]. - The company is classified as a non-diversified investment company, which may lead to greater NAV fluctuations due to concentration in few issuers [256]. - The company may face contingent liabilities related to the disposition of private securities, which could require indemnification of purchasers if representations about the business turn out to be inaccurate [266]. Financial Performance and Distributions - The company’s ability to pay distributions may be adversely affected by the COVID-19 pandemic, with potential limitations on cash distributions due to asset coverage tests under the 1940 Act [280]. - The company’s total assets to total borrowings ratio must remain above 150% to incur additional debt, which could impact operations if this threshold is not met [275]. - The use of leverage increases investment volatility, magnifying potential gains or losses, and could negatively affect the ability to service debt or make distributions [273]. - The company may issue preferred stock in the future, which could adversely affect the value of common stock due to cumulative dividend requirements and liquidation preferences [288]. - There is no public market for the company’s shares, which may limit liquidity and the ability to liquidate investments [276]. - Stockholders may experience dilution in ownership percentage if additional equity interests are issued at or below NAV [283]. - The company may not realize gains from equity investments, as the value of such investments may decline [271]. - The company’s investments involve higher levels of risk, making them potentially unsuitable for investors with lower risk tolerance [282]. COVID-19 Impact and Market Conditions - The COVID-19 pandemic has caused significant disruptions in local, regional, national, and global markets, affecting middle-market loan borrowers and leading to increased draws on revolving lines of credit [293]. - Increased loan delinquencies, non-accruals, and bankruptcies may occur if public health uncertainties and market disruptions persist, potentially leading to a material adverse effect on the company's financial condition [295]. - Interest rate sensitivity indicates that changes in interest rates can materially affect net investment income, with a hypothetical 200 basis points increase resulting in a net investment income increase of $3.5 million [369]. - The company may hedge against interest rate fluctuations using standard hedging instruments, which could limit participation in benefits from lower interest rates [370]. - The company faces risks related to environmental, social, and governance (ESG) activities, which could adversely impact brand value and operational costs [297]. - Political, social, and economic uncertainties, including those stemming from the COVID-19 pandemic, create significant risks for the company and its investments [291]. - The company may experience fluctuations in quarterly operating results due to various factors, including interest rates and default rates on securities [300]. - Increased governmental involvement in the economy and changes in regulations could adversely affect the company's operations and market conditions [292]. - The company is subject to potential litigation, which could result in substantial costs and divert management's attention [299]. - The company may face challenges in valuing assets and increased volatility in financial markets due to ongoing uncertainties [292].

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 ...

Investment Portfolio - As of March 31, 2021, the company had 48 debt investments in 35 portfolio companies with an aggregate fair value of approximately $156 million and an amortized cost of $153.2 million, consisting of 100% first lien senior secured debt investments[133]. - The company made gross investments of $164.8 million during the quarter, resulting in total new investments of $159.8 million after accounting for sold investments[135]. - The initial portfolio purchased from the Warehouse Entity consisted of 18 loans with an average outstanding balance of $5.9 million and an average yield of 8.8%[132]. - The company purchased an initial portfolio of investments for $103 million from an affiliate of its Advisor, funded by proceeds from common stock sales and borrowings under the credit facility[172]. - The majority of the company's investments are classified as Level 3 under ASC Topic 820, indicating that they are valued based on unobservable inputs and management assumptions[175]. Financial Performance - For the quarter ended March 31, 2021, total investment income was $1.74 million, with net investment income of $0.62 million after net expenses of $1.12 million[138]. - The company anticipates that between 80% and 90% of its portfolio will be invested in first lien senior secured, unitranche, and split-lien term loans[128]. - The weighted average interest rate of new investment commitments was 7.3%, with 99.5% of new debt investment commitments at floating rates[135]. - A hypothetical increase of 200 basis points in interest rates could result in a net investment income increase of $0.6 million[178]. Debt and Financing - The company had $90 million borrowed under credit facilities as of March 31, 2021, and cash and cash equivalents of $23.2 million[146]. - The maximum commitment of the Loan and Security Agreement (LSA) is up to $150 million, with the potential to increase by $50 million under certain conditions[148]. - The company entered into a $75 million credit agreement, which includes a Subscription Facility with a commitment of $40 million and a Treasury Facility with a commitment of $35 million as of March 31, 2021[149][150]. - The interest rate for the Subscription Facility is LIBOR plus 1.90%, while the Treasury Facility has an interest rate of LIBOR plus 0.20%[149]. - As of March 31, 2021, the company has total contractual obligations of $90 million, with $50 million due in less than one year and $40 million due in 1-3 years[166]. - The company has no off-balance sheet financings or liabilities other than contractual commitments[167]. Asset Management - As of March 31, 2021, the company's asset coverage ratio was 197%, exceeding the required minimum of 150%[145]. - The Board of Directors is responsible for determining the fair value of the company's portfolio investments, which are reviewed quarterly[165]. - The company has entered into an Investment Advisory Agreement, which includes a base management fee and performance-based incentive fees[168][169]. Risk Factors - The company is subject to interest rate risk, with potential impacts on net investment income from changes in market interest rates[176].

Table of Contents 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, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Kayne Anderson BDC, Inc. (State or Other Jurisdiction of Incorporation or Organization) 811 Main Street, 14th Floor, Houston, TX 77002 (Address of Principal Executive Offices) (Zip Code) D ...