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 ...