Here are 1-3 brief analogies for Kayne Anderson BDC (KBDC):

• Like KKR for private company debt.
• Like JPMorgan for private, mid-sized business loans.

• Senior Secured Debt: Provides loans primarily secured by a first lien on a borrower's assets to middle-market companies.
• Junior Secured Debt: Offers loans secured by a second lien on a borrower's assets to middle-market companies.
• Subordinated Debt: Furnishes unsecured loans that rank below senior and junior debt in the event of liquidation, often including equity features like warrants.
• Equity Investments: Makes direct investments in the common or preferred stock of private companies, frequently alongside debt investments.

Douglas L. Goodwillie, Co-Chief Executive Officer

Douglas L. Goodwillie serves as a Managing Partner and Co-Head of Kayne Anderson's private credit group. He has over 20 years of experience in middle market lending. Before joining Kayne Anderson in November 2011, Mr. Goodwillie was a Director at LBC Credit Partners, a middle market private debt fund, where he was responsible for originating senior and mezzanine loan transactions. Prior to LBC, he was an operating director at Arsenal Capital Partners, a private equity firm, where he led capital markets efforts and specialized in the financial services sector. He also spent seven years at Dymas Capital Management, a middle market finance company, managing senior and junior middle market loans. He began his career with Gleacher Partners, focusing on leveraged lending and M&A advisory.

Kenneth B. Leonard, Co-Chief Executive Officer

Kenneth B. Leonard serves as a Managing Partner and Co-Head of Kayne Anderson's private credit group. Before joining Kayne Anderson in 2011, Mr. Leonard was with Cerberus Capital Management, L.P., where he co-founded Dymas Capital Management and helped develop a middle market, private equity-focused lending business. This highlights his experience in founding and managing companies, as well as working with private equity-backed lending operations. He was also a Senior Vice President in the Merchant Banking Syndications Team at GE Capital and held roles at Heller Financial, including leading the Corporate Finance Syndications Team and serving as an investment professional in its Turnaround Private Equity Group.

Terry A. Hart, Chief Financial Officer and Treasurer

Terry A. Hart is a Managing Director in Kayne Anderson's private credit group and is responsible for the oversight of accounting, financial reporting, tax, and treasury. Prior to joining Kayne Anderson in 2005, Mr. Hart was a Senior Vice President and Controller at Dynegy, Inc. He also served as Assistant Treasurer and Director of Structured Finance at Dynegy. His career in finance and accounting began in 1992 with Illinova Corporation, which was later acquired by Dynegy, Inc.

Frank P. Karl, President

Frank P. Karl is a Managing Director of investments of middle market direct lending at Kayne Anderson. He joined Kayne Anderson in 2013 and has focused on the firm's private credit strategies. Mr. Karl played a significant role in the formation of KBDC and was instrumental in leading its IPO process and a strategic investment into SG Credit. Earlier in his career, he was an analyst with Houlihan Lokey's financial restructuring group.

Andy Wedderburn-Maxwell, Senior Vice President

Andy Wedderburn-Maxwell is a Managing Director, BDCs at Kayne Anderson, having joined in April 2025. He brings over fifteen years of investment banking experience, including senior roles at firms such as Citigroup and Wells Fargo, where he focused on financial institutions. Prior to joining Kayne Anderson, he transitioned to the asset management side in 2023, where he contributed to the development and public listing of a Business Development Company at another investment management firm.

Key Risks to Kayne Anderson BDC (KBDC)

1. Refinancing and Repayment Risks for Portfolio Companies: Kayne Anderson BDC faces heightened refinancing and repayment risks as the loans to its middle-market portfolio companies approach maturity. If borrowers are unable to repay or refinance their outstanding principal, it could negatively impact KBDC's financial condition and cash flows. Elevated interest rates can further stress debt markets, making it more challenging for borrowers to service or refinance their debt.
2. Interest Rate Fluctuations: KBDC's investment income is susceptible to changes in interest rates. While approximately 95% of KBDC's portfolio positions are floating rate, meaning higher interest rates can increase income, a decline in interest rates would consequently reduce KBDC's income.
3. Credit Risk and Portfolio Company Performance: As a business development company that lends to middle-market companies, KBDC's success is dependent on its borrowers' ability to meet their debt maintenance obligations. There is an inherent credit risk that portfolio companies may experience financial distress or default on their loans, which could lead to losses for KBDC. As of December 31, 2025, KBDC had five debt investments on non-accrual status.

Kayne Anderson BDC (KBDC) primarily operates within the U.S. private credit market, specifically focusing on direct lending to middle-market companies.

The U.S. private credit market has seen significant growth, reaching approximately $1.3 trillion as of early 2026. Other estimates place the market size between $1.5 trillion and $2.1 trillion, with about three-quarters of this market residing in the United States. The market surpassed $1.7 trillion in assets under management as of June 2023. Projections indicate continued expansion, with Moody's forecasting the U.S. private credit market to exceed $3 trillion in assets under management by 2028.

Within the broader private credit market, direct lending is a dominant strategy, representing approximately half of all gross value invested. The U.S. direct lending market was approximately $1 trillion in size as of early 2025. In 2025, total direct lending volume in the U.S. reached $369 billion.

The ultimate addressable market for private credit in the United States is estimated to be significantly larger, with McKinsey & Company suggesting it could be more than $30 trillion. This indicates substantial potential for further expansion beyond its current size.

Share Repurchases

• A Rule 10b5-1 repurchase plan authorizes up to $100 million in buybacks through May 24, 2026.
• From January 1, 2026 to February 20, 2026, the company repurchased $14.5 million of common stock at an average price of $14.25 per share.
• As of February 20, 2026, $45.4 million remains available for repurchase under the existing stock repurchase plan.

Share Issuance

• Kayne Anderson BDC completed its initial public offering (IPO) on May 24, 2024, generating net cash proceeds of $92.4 million.
• The company's common stock began trading on the New York Stock Exchange (NYSE) on May 22, 2024.

Outbound Investments

• As of December 31, 2025, Kayne Anderson BDC had investments in 107 portfolio companies with an aggregate fair value of approximately $2,198 million, primarily consisting of 93.2% first-lien senior secured loans.
• Total investments at fair value increased to $2.19 billion as of December 31, 2025, up from $1.99 billion in the prior year.
• During Q4 2025, gross new investment commitments totaled $113 million, though net investment activity for the quarter was negative, approximately $52 million, due to repayments and sales.

Capital Expenditures

• Kayne Anderson BDC reported $0.00 in capital expenditures for periods including 2021, 2022, 2023, 2024, and Q3 2025.