# EDGAR Filing Document

**Accession Number:** 0001747172
**File Stem:** 0001213900-25-074348
**Filing Date:** 2025-8
**Character Count:** 40465
**Document Hash:** 468fa9ce9b8c17786a44a637984add72
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-074348.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0001213900-25-074348

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20250811

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kayne Anderson BDC, Inc.
- **CENTRAL INDEX KEY:** 0001747172

**ORGANIZATION NAME:**
- **EIN:** 830531326
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01363
- **FILM NUMBER:** 251202669

**BUSINESS ADDRESS:**
- **STREET 1:** 717 TEXAS AVENUE
- **STREET 2:** 22ND FLOOR
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002
- **BUSINESS PHONE:** 713-493-2000

**MAIL ADDRESS:**
- **STREET 1:** 717 TEXAS AVENUE
- **STREET 2:** 22ND FLOOR
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Kayne Anderson BDC, LLC
- **DATE OF NAME CHANGE:** 20180718

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): August 11, 2025

**Kayne Anderson BDC, Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **814-01363** | **83-0531326** |
| (State or other jurisdiction<br> of incorporation) | (Commission File Number) | (IRS Employer<br> Identification No.) |

---

---

| | |
|:---|:---|
| **717 Texas Avenue, Suite 2200, Houston, TX** | **77002** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **1 (713) 493-2020**

**Not Applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<u>see</u> General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | |
|:---|:---|
| **Title of each class** | **Name of each exchange on which registered** |
| Common Stock, par value $0.001 KBDC | NYSE |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02. Results of Operations and Financial Condition.** 

On August 11, 2025, Kayne Anderson BDC, Inc. (the "Company") issued a press release announcing its financial results for the second quarter ended June 30, 2025. The text of the press release is included as Exhibit 99.1 to this Form 8-K.

On August 12, 2025, the Company will host a conference call to discuss its financial results for the second quarter ended June 30, 2025. In connection therewith, the Company provided an earnings presentation on its website at https://www.kaynebdc.com. A copy of the earnings presentation is attached hereto as Exhibit 99.2 to this Form 8-K.

The information disclosed under this Item 2.02, including Exhibit 99.1 and Exhibit 99.2 hereto, is being "furnished" and shall not be deemed "filed" by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 7.01. Regulation FD Disclosure.**

On August 11, 2025, the Company issued a press release, included herewith as Exhibit 99.1, announcing the declaration of a third quarter 2025 dividend of $0.40 per share, which will be payable on October 16, 2025 to stockholders of record as of September 30, 2025.

The information disclosed under this Item 7.01, including Exhibit 99.1 hereto, is being "furnished" and shall not be deemed "filed" by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Description** |
| 99.1 | [Press Release of Kayne Anderson BDC, Inc., dated August 11, 2025.](ea025238401ex99-1_kayne.htm) |
| 99.2 | [Kayne Anderson BDC, Inc. Second Quarter 2025 Earnings Presentation.](ea025238401ex99-2_kayne.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **KAYNE ANDERSON BDC, INC.** | **KAYNE ANDERSON BDC, INC.** |
| Date: August 11, 2025 | By: | /s/ Terry A. Hart |
|  | Name: | Terry A. Hart |
|  | Title: | Chief Financial Officer and Treasurer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](ex99-1_001.jpg)

**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**

● Net investment income of $28.7 million, or $0.40 per share;

● Net asset value of $16.37 per share, decreased from $16.51 per share as of March 31, 2025, primarily the result of paying a special dividend in 2Q'25 of $0.10 per share and net unrealized losses on the portfolio of $0.06 which was partially offset by accretion of $0.01 on share repurchases;

● New private credit and equity co-investment commitments of $128.7 million, fundings of $128.7 million and sales and repayments of $72.1 million, resulting in a net funded private credit and equity investment increase of $56.6 million;

● Repayments of broadly syndicated loans of $46.5 million;

● The Company's Board of Directors (the "Board") declared a regular dividend of $0.40 per share, to be paid on Oct ober 16, 2025 to stockholders of record as of September 30, 2025.

"During the second quarter when lending activity declined broadly, we were able to grow our private credit portfolio while maintaining an average spread on new investments of 540bps over SOFR", said Ken Leonard, Co-Chief Executive Officer. "Our results, continue to highlight the strength of our platform's value lending focus, conservative positioning with a portfolio of 98% first lien loans, and health of the portfolio with non-accruals flat quarter over quarter at 1.6% of fair value. Additionally, our net investment income of $0.40 per share, covered our regular quarterly dividend for shareholders."

"We are encouraged by the increase in KBDC's origination activity in the first half of the year and are confident, based on current market conditions, that we will continue to grow the portfolio over the remainder of the year to the benefit of our shareholders", said Doug Goodwillie, Co-Chief Executive Officer. "In addition, KBDC's significant strategic investment into SG Credit, further complements our direct lending portfolio and origination platform, while also being immediately accretive to our shareholders."

**Selected Financial Highlights**

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **June 30, 2025** | **March 31, 2025** |
| (in thousands, expect per share data) |  |  |
| Investment portfolio, at fair value | $2174640 | $2166770 |
| Total assets | $2255991 | $2230500 |
| Total debt outstanding, at principal | $1054000 | $1015500 |
| Net assets | $1157331 | $1176559 |
| Net asset value per share | $16.37 | $16.51 |
| Total debt-to-equity ratio | 0.91x | 0.86x |

---

---

| | | |
|:---|:---|:---|
|  | **For the quarter ended** | **For the quarter ended** |
|  | **June 30, 2025** | **March 31, 2025** |
| Net investment income per share | $0.40 | $0.40 |
| Net realized and unrealized gains (losses) per share<sup>(1)</sup> | $(0.05) | $(0.09) |
| Earnings per share | $0.35 | $0.31 |
| Regular dividend per share | $0.40 | $0.40 |
| Special dividend per share | $0.10 | $0.10 |

---

(1) Amounts shown may not correspond for the period as it includes
the effect of the timing of the distribution, shares repurchased, and the issuance of common stock.

**Results of Operations**

Total investment income for the quarter ended June 30, 2025 was $57.3 million, as compared to $55.2 million for the quarter ended March 31, 2025. The increase was primarily driven by rotations out of the lower yielding broadly syndicated loans into middle market loans and the full quarter impact of net additions to the portfolio during the first quarter. PIK income represented 3.6% of total interest income for the three months ended June 30, 2025. PIK income was elevated from prior quarters because year to date interest income from one of the Company's investments was converted to PIK during the second quarter.

Net investment income for the quarter ending June 30, 2025 was $28.7 million or $0.40 per share, which was in line with the prior quarter ending March 31, 2025. Net expenses for the second quarter were $28.6 million, as compared to $26.5 million for the quarter ended March 31, 2025. The increase was primarily related to higher average borrowings on our credit facilities and the partial expiration of the base management fee waiver.

For the quarter ended June 30, 2025, the Company had a net change in unrealized losses on investments was $3.5 million. The unrealized losses for the quarter were primarily driven by negative fair value changes and quarterly amortization of original issue discounts, partially offset by new upfront fees for originations during the quarter. Additionally, the Company had $0.3 million of deferred income tax expense related to unrealized gains on equity investments in the Company's wholly owned taxable subsidiary.

**Portfolio and Investment Activity**

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **June 30, 2025** | **March 31, 2025** |
| ($ in thousands) |  |  |
| Investments at fair value | $2174640 | $2166770 |
| Number of portfolio companies | 114 | 116 |
| Average portfolio company investment size | $19076 | $18679 |
| **Asset class:** |  |  |
| First lien debt | 98.0% | 98.1% |
| Subordinated debt | 0.8% | 0.8% |
| Equity | 1.2% | 1.1% |
| **Non-accrual debt investments:** |  |  |
| Non-accrual investments at fair value | $34535 | $33322 |
| Non-accrual investments as a percentage of debt investments at fair value | 1.6% | 1.6% |
| Number of investments on non-accrual | 5 | 4 |
| **Interest rate type:** |  |  |
| Percentage floating-rate | 100.0% | 100.0% |
| Percentage fixed-rate | 0.0% | 0.0% |
| **Yields (at fair value):** |  |  |
| Weighted average yield on private middle market loans | 10.7% | 10.8% |
| Weighted average yield on broadly syndicated loans | 6.9% | 6.9% |
| Weighted average yield on total debt portfolio | 10.4% | 10.4% |
| **Investment activity during the quarter ended:** |  |  |
| Gross new investment commitments | $128675<sup>(1)</sup> | $340160<sup>(2)</sup> |
| Principal amount of investments funded | $128665<sup>(1)</sup> | $294310<sup>(2)</sup> |
| Principal amount of investments sold or repaid | $(118602)<sup>(1)</sup> | $(113526)<sup>(2)</sup> |
| Net principal amount of investments funded | $10063 | $180784 |

---

(1) For the quarter ending June 30, 2025, broadly syndicated loans
represent $0 of new investment commitments, $0 of investments funded and $46,506 of investments sold or repaid.

(2) For the quarter ending March 31, 2025, broadly syndicated loans
represent $0 of new investment commitments, $0 of investments funded and $26,916 of investments sold or repaid.

**Liquidity and Capital Resources**

As of June 30, 2025, the Company had $75.0 million senior unsecured notes outstanding, $979.0 million borrowed under its credit facilities and cash and cash equivalents of $44.4 million (including investments in money market funds). As of that date, the Company had $346.0 million of undrawn commitments available on its credit facilities (subject to borrowing base restrictions and other conditions).

As of June 30, 2025, the Company's debt-to-equity ratio was 0.91x and its asset coverage ratio was 210%. The Company targets a debt-to-equity ratio of 1.0x to 1.25x (which equates to asset coverage of 200% to 180%). The Company is currently below its target but expects to continue to grow its private credit portfolio to achieve the low end of its targeted leverage in the third quarter of 2025.

**Recent Developments**

● On July 15, 2025, the Company made an investment in SG Credit Partners, Inc. (along with affiliates and subsidiaries; "SG Credit"), a national credit platform focused on the lower middle market. The investment is structured as an $80 million term loan facility, a $34 million delayed draw term loan facility and a $12 million common equity investment. The interest rate on the debt investments is 11.00%, and the Company will own 22.5% of the equity of SG Credit following the investment. In addition, the Company has an option to purchase additional equity interests of SG Credit at a fixed price.

● On August 5, 2025, the Board of Directors declared a regular dividend to common stockholders in the amount of $0.40 per share. The regular dividend of $0.40 per share will be paid on October 16, 2025, to stockholders of record as of the close of business on September 30, 2025.

● On August 8, 2025, the Company amended its Corporate Credit Facility and increased the total commitment from $400 million to $475 million. There was no change to the interest rates or the maturity date. Amounts available for the Company to borrow under the Corporate Credit Facility are subject to compliance with a borrowing base that applies different advance rates to different types of assets that are pledged as collateral. These advance rates and customary concentration limits may vary depending on the asset coverage ratio.

**Conference Call Information**

KBDC will host a conference call at 10:00 am ET on Tuesday, August 12, 2025, to review its financial results. All interested parties are invited to participate using the following telephone dial-in or the webcast details:

Telephone Dial-in

● Domestic: 800-715-9871

● International: +1 646-307-1963

● Conference ID: 2616610

Webcast Link

● https://events.q4inc.com/attendee/876394598

To avoid potential delays, please join at least 10 minutes prior to the start of the earnings call. A telephone replay will also be available by dialing 800-770-2030 (domestic) and +1 609-800-9909 (international) and conference ID of 2616610. The replay will be available until August 19, 2025.

**Kayne Anderson BDC, Inc.**

**Consolidated Statements of Assets and Liabilities**

**(amounts in 000's, except share and per share amounts)**

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,<br> 2024** |
|  | (Unaudited) | |
| **Assets:** |  |  |
| Investments, at fair value: |  |  |
| Non-controlled, non-affiliated investments (amortized cost of $2,146,178 and $1,956,617) | $2164451 | $1982947 |
| Non-controlled, affiliated investments (amortized cost of $15,355 and $15,438, respectively) | 10189 | 12196 |
| Investments in money market funds (amortized cost of $30,367 and $48,683) | 30367 | 48683 |
| Cash | 13988 | 22375 |
| Receivable for sales of investments | 14813 |  |
| Receivable for principal payments on investments | 615 | 540 |
| Interest receivable | 21329 | 14965 |
| Prepaid expenses and other assets | 239 | 958 |
| **Total Assets** | $2255991 | $2082664 |
| **Liabilities:** |  |  |
| Corporate Credit Facility | $224000 | $250000 |
| Unamortized Corporate Credit Facility issuance costs | (2837) | (3235) |
| Revolving Funding Facility | 574000 | 420000 |
| Unamortized Revolving Funding Facility issuance costs | (5784) | (4746) |
| Revolving Funding Facility II | 181000 | 113000 |
| Unamortized Revolving Funding Facility II issuance costs | (2365) | (1251) |
| Notes | 75000 | 75000 |
| Unamortized notes issuance costs | (541) | (643) |
| Shares repurchased payable | 193 |  |
| Distributions payable | 28291 | 28424 |
| Management fee payable | 4624 | 3712 |
| Incentive fee payable | 4452 |  |
| Accrued expenses and other liabilities | 18627 | 15236 |
| Accrued excise tax expense | - | 825 |
| **Total Liabilities** | $1098660 | $896322 |
| Commitments and contingencies |  |  |
| **Net Assets:** |  |  |
| Common Shares, $0.001 par value; 100,000,000 shares authorized; 70,714,990 and 71,059,689 as of June 30, 2025<br> and December 31, 2024, respectively, issued and outstanding | $71 | $71 |
| Additional paid-in capital | 1147270 | 1152396 |
| Total distributable earnings (deficit) | 9990 | 33875 |
| **Total Net Assets** | $1157331 | $1186342 |
| **Total Liabilities and Net Assets** | $2255991 | $2082664 |
| **Net Asset Value Per Common Share** | $16.37 | $16.70 |

---

**Kayne Anderson BDC, Inc.**

**Consolidated Statements of Operations**

**(amounts in 000's, except share and per share amounts)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30** | **June 30** | **June 30** | **June 30** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
| **Income:** |  |  |  |  |
| Investment income from investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income from non-controlled, non-affiliated investments | $57120 | $51991 | $112134 | $98228 |
| &nbsp;&nbsp;&nbsp;Dividend income | 178 | 462 | 409 | 719 |
| **Total Investment Income** | 57298 | 52453 | 112543 | 98947 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | 5412 | 4251 | 10543 | 7773 |
| &nbsp;&nbsp;&nbsp;Incentive fees | 4452 | 4109 | 8942 | 6740 |
| &nbsp;&nbsp;&nbsp;Interest expense | 18384 | 13239 | 35509 | 28895 |
| &nbsp;&nbsp;&nbsp;Professional fees | 368 | 375 | 713 | 639 |
| &nbsp;&nbsp;&nbsp;Directors fees | 158 | 158 | 316 | 305 |
| &nbsp;&nbsp;&nbsp;Excise tax expense (benefit) |  |  | (43) |  |
| &nbsp;&nbsp;&nbsp;Other general and administrative expenses | 603 | 508 | 1184 | 979 |
| **Total Expenses** | 29377 | 22640 | 57164 | 45331 |
| &nbsp;&nbsp;&nbsp;Less: Management fee waiver | (788) | (471) | (2071) | (471) |
| &nbsp;&nbsp;&nbsp;Less: Incentive fee waiver | - | (4109) | - | (4109) |
| **Net Expenses** | 28589 | 18060 | 55093 | 40751 |
| **Net Investment Income (Loss)** | 28709 | 34393 | 57450 | 58196 |
| **Realized and unrealized gains (losses) on investments** |  |  |  |  |
| Net realized gains (losses): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | (10) | (138) | 556 | (138) |
| **Total net realized gains (losses)** | (10) | (138) | 556 | (138) |
| Net change in unrealized gains (losses): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | (1564) | (3075) | (8057) | 877 |
| &nbsp;&nbsp;&nbsp;Non-controlled, affiliated investments | (1907) | - | (1925) | - |
| **Total net change in unrealized gains (losses)** | (3471) | (3075) | (9982) | 877 |
| **Total realized and unrealized gains (losses)** | (3481) | (3213) | (9426) | 739 |
| &nbsp;&nbsp;&nbsp;Income tax (expense) benefit on unrealized appreciation/depreciation on investments | (318) | - | (899) | - |
| **Net Increase in Net Assets Resulting from Operations** | $24910 | $31180 | $47125 | $58935 |
| **<u>Per Common Share Data:</u>** |  |  |  |  |
| Basic and diluted net investment income per common share | $0.40 | $0.51 | $0.81 | $1.03 |
| Basic and diluted net increase in net assets resulting from operations | $0.35 | $0.46 | $0.66 | $1.05 |
| Weighted Average Common Shares Outstanding - Basic and Diluted | 70901688 | 67426904 | 71067266 | 56386161 |

---

**About Kayne Anderson BDC, Inc.**

Kayne Anderson BDC, Inc. is a business development company ("BDC") that invests primarily in first lien senior secured loans, with a secondary focus on unitranche and split-lien loans to middle market companies. KBDC is externally managed by its investment adviser, KA Credit Advisors, LLC, an indirect controlled subsidiary of Kayne Anderson Capital Advisors, L.P., a prominent alternative investment management firm. KBDC has elected to be regulated as a BDC under the Investment Company Act of 1940, as amended ("1940 Act"). KBDC's investment objective is to generate current income and, to a lesser extent, capital appreciation. For more information, please visit www.kaynebdc.com.

**Forward-looking Statements**

This press release may contain "forward-looking statements" that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about KBDC, its current and prospective portfolio investments, its industry, its beliefs and opinions, and its assumptions. Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," "outlook," "potential," "predicts" and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond KBDC's control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors identified in KBDC's filings with the SEC. All forward-looking statements speak only as of the date of this press release. KBDC does not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law.

Contacts:

Investor Relations

kaynebdc@kaynecapital.com

## Exhibit 99.2

**Exhibit 99.2**

![](ex99-2_001.jpg)

KAYNEBDC.COM KAYNE ANDERSON BDC, INC. EARNINGS PRESENTATION Second Quarter 2025

![](ex99-2_002.jpg)

2 Disclaimer and Forward - Looking Statement This presentation may contain "forward - looking statements" that involve substantial risks and uncertainties . Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon . These forward - looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Kayne Anderson BDC, Inc . ("KBDC"), its current and prospective portfolio investments, its industry, its beliefs and opinions, and its assumptions . Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," "outlook," "potential," "predicts" and variations of these words and similar expressions are intended to identify forward - looking statements . These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond KBDC's control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward - looking statements including, without limitation, the risks, uncertainties and other factors identified in KBDC's filings with the SEC . All forward - looking statements speak only as of the date of this presentation . KBDC does not undertake any obligation to update or revise any forward - looking statements or any other information contained herein, except as required by applicable law .

![](ex99-2_003.jpg)

EXECUTIVE SUMMARY

![](ex99-2_004.jpg)

4 Executive Summary Quarterly Highlights 1 Annualized dividend yield is calculated by dividing the declared dividend per share by the net asset value per share at the end of the quarter and annualizing such amount over four quarterly periods. There can be no assurance that the same dividend yield will be achieved. 2 Actual yields earned over the life of investments could be materially different from the yields presented herein. 3 Excludes investments in broadly syndicated loans; as of June 30, 2025, KBDC held $179 million of such investments (fair value), representing ~ 8 % of total fair market value of investments. 4 Excludes investments on watchlist. 5 Calculated as a percentage of total debt investments at fair value. Financial Results Portfolio Balance Sheet & Liquidity Recent Events » Net investment income per share: $0.40 » Net asset value per share: $16.37 » Annualized ROE: 9.8% on net investment income » 2Q'25 dividend per share: $0.40 regular and $0.10 special » Annualized regular dividend yield of ~9.8% (1) » Total fair value was approximately $2.2 billion invested in 114 companies » Weighted average yield at amortized cost of debt investments was 10.4% (2) » 98% first - lien portfolio » Weighted average and median EBITDA of borrowers of $60.4 million (3)(4) and $33.7 million (3)(4) , respectively » Average position size of 0.9% with 10 largest positions representing 17.8% of the portfolio (5) » 1.6% of investments (based on fair value) on non - accrual » Outstanding debt balance was $1,054.0 million; quarter - end debt - to - equity ratio was 0.91x » Total liquidity of $390.4 million, including cash of $44.4 million and undrawn committed debt capacity of $346.0 million » $100 million Share Repurchase Plan: Repurchased 561,983 shares / $8.8 million for the three months ended June 30, 2025 » Declared 3Q'25 regular distribution of $0.40 per share on August 5, 2025 » On July 15 th we announced an investment in SG Credit Partners, a leading lower middle market credit platform. The investment, structured as an $80 million term loan facility, a $34 million delayed draw term loan, also included an equity investment of $12 million. » The interest rate on the debt investments is 11%

![](ex99-2_005.jpg)

5 CONFIDENTIAL 5 Team Expertise Unique Sourcing D iverse Portfolio Risk Management Shareholder Focus Executive Summary Investment Highlights Kayne Anderson BDC 2 3 4 5 6 Focus on core middle market in defensive, stable industries Experienced, long tenured leadership and investment team Execution framework driven by credit selectivity and quality Conservative portfolio of senior secured, PE backed, 1 st lien loans Active portfolio management and risk monitoring Investor alignment through market friendly fee structure » » » » » » » Value Lending 1

![](ex99-2_006.jpg)

CONFIDENTIAL 6 » Scaled, differentiated BDC via focus on core middle market ($10 - $75+ million of EBITDA) » Target market and credit selection process facilitates: (i) conservative structures (first lien, lower leverage) in (ii) priv ate equity - backed businesses with (iii) financial maintenance covenants generating (iv) attractive yields KBDC Portfolio Overview At - a - Glance 1 Excludes investments in broadly syndicated loans and opportunistic investments; as of June 30, 2025, KBDC held $179 million o f s uch investments (fair value), representing ~8% of total fair market value of investments. 2 Weighted average yield of amortized cost of debt investments. 3 Excludes investments on watchlist. 4 Previously reported as 3.1x for Q1'25. Due to its unique structure, Cuisine Solutions is excluded from the weighted average c alc ulation. 5 NII yield is calculated by dividing annualized 2Q NII per share by NAV per share at June 30, 2025. $2.2bn Portfolio Fair Value ($2.5bn commitments) (Q1: $2.2bn FV / $2.4bn commitments) 100% Financial Maint . Covenants (1) (Q1: 100%) ~98% First Lien Senior Secured (Q1: ~98%) 99% PE Sponsored Companies (1) (Q1: 99%) 114 Portfolio Companies (Q1: 116) 2.5x Wtd. Avg. Interest Coverage (3,4) (Q1: 2.5x) ~10.4% Wtd. Avg. Portfolio Yield (2) (Q1: ~10.4%) 4.3x Wtd. Avg. Net Leverage (3) (Q1: 4.2x) 1.6% FV Debt on Non - Accrual (Q1: 1.6%) 9.8% NII Yield (5) (Q1: 9.8%) KBDC OVERVIEW (JUNE 30, 2025)

![](ex99-2_007.jpg)

7 Executive Summary Key Financial Highlights 1 Yield on an annualized basis. ($000 except per share data) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Net Investment Income $0.40 $0.40 $0.48 $0.52 $0.51 Net Realized and Unrealized Gains (Losses) ($0.05) ($0.09) $0.02 $0.01 ($0.05) Net Income (loss) $0.35 $0.31 $0.50 $0.53 $0.46 Net Asset Value $16.37 $16.51 $16.70 $16.70 $16.57 Annualized ROE (on Net Investment Income) 9.8% 9.7% 11.5% 12.5% 12.3% Annualized ROE (on Net Income) 8.6% 7.5% 12.0% 12.7% 11.1% Regular Distributions $0.40 $0.40 $0.40 $0.40 $0.40 Supplemental Distributions - - - - - Special Distributions $0.10 $0.10 $0.10 - - Total Distributions $0.50 $0.50 $0.50 $0.40 $0.40 Regular Distribution Yield (1) 9.8% 9.7% 9.6% 9.6% 9.7% Supplemental Distribution Yield (1) - - - - - Special Distribution Yield (1) 2.4% 2.4% 2.4% 0.0% 0.0% Total Distribution Yield 12.2% 12.1% 12.0% 9.6% 9.7% Total Debt $1,054,000 $1,015,500 $858,000 $788,000 $622,000 Net Assets $1,157,331 $1,176,559 $1,186,342 $1,186,205 $1,178,176 Debt-to-Equity at Quarter End 0.91x 0.86x 0.72x 0.66x 0.53x As of Date and for the Three Months Ended

![](ex99-2_008.jpg)

PORTFOLIO OVERVIEW

![](ex99-2_009.jpg)

9 Portfolio Overview Key Statistics 1 As of 6/30/2025, KBDC held $179 million (fair value) of broadly syndicated loans across 16 borrowers. KEY PORTFOLIO STATISTICS ($ IN MILLIONS) (1) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Portfolio Highlights Funded Investments at Fair Value $2,175 $2,167 $1,995 $1,943 $1,847 Number of Portfolio Companies 114 116 110 110 106 Average Position Size at Fair Value ($) $19.1 $18.7 $18.1 $17.7 $17.4 Average Position Size at Fair Value (%) 0.9% 0.9% 0.9% 0.9% 0.9% Portfolio Composition (at fair value) First Lien 98% 98% 98% 98% 98% Second Lien 0% 0% 0% 0% 0% Subordinated 1% 1% 1% 1% 1% Equity 1% 1% 1% 1% 1% Loans by Interest Rate Type % Floating Rate Debt Investments 100.0% 100.0% 100.0% 100.0% 100.0% % Fixed Rate Debt Investments 0.0% 0.0% 0.0% 0.0% 0.0% Asset Level Yields (at fair value) Weighted Average Yield on Private Credit Loans 10.7% 10.8% 11.1% 11.9% 12.3% Weighted Average Yield on Broadly Syndicated Loans (1) 6.9% 6.9% 7.1% 7.8% 8.3% Weighted Average Yield on Debt Investments 10.4% 10.4% 10.6% 11.3% 11.7% Non-accrual Debt Investments (at fair value) Non-accrual Investments $34.5 $33.3 $25.0 $19.2 $18.9 Non-accrual Investments as a % of Debt Investments 1.6% 1.6% 1.3% 1.0% 1.0% Number of Investments on Non-accrual 5 4 3 2 2

![](ex99-2_010.jpg)

10 Suave 2.0% Paris Presents 1.9% MARS 1.9% Keany 1.8% CREO Group 1.8% Handgards 1.8% Vitesse 1.6% M2S 1.7% American Equipment 1.7% FreshEdge 1.6% All Others 82.2% Portfolio Overview Diversity (As of June 30, 2025) Note: Please see the Company's filings with the SEC for more information about the Company's portfolio 1 Calculated as a percentage of total debt investments at fair value. 2 In some instances, we have disclosed the borrower's DBA name. 3 Calculated as a percentage of total fair value. BORROWER CONCENTRATION (1)(2) INDUSTRY CONCENTRATION INVESTMENT TYPE (3) 114 Borrowers (Avg Position: 0.9%) 24.3% 3.1% 4.3% 4.7% 5.0% 5.1% 8.6% 9.0% 9.5% 10.8% 15.5% All Others (17 Total) Aerospace & Defense Leisure Products Personal Care Products Professional Services Machinery Containers & Packaging Food Products Health Care Providers & Services Commercial Services & Supplies Trading Companies & Distributors

![](ex99-2_011.jpg)

11 Portfolio Overview Asset Mix GROSS NEW COMMITMENTS ($M) (1) ASSET MIX AT END OF PERIOD (2) » KBDC committed approximately $129 million to new investments in 2Q'25 » Portfolio is 100% floating rate and nearly all first lien senior secured loans » Asset mix remains consistent at approximately 98% first lien senior secured ROLLING INVESTMENT ACTIVITY ($ IN MILLIONS) Note: Please see the Company's filings with the SEC for more information about the Company's portfolio. 1 Based on principal amount of investments and includes unfunded commitments. 2 Based on fair value of investments. 97% 98% 98% 98% 98% 98% 98% 2% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 0% 20% 40% 60% 80% 100% 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 First Lien Subordinated Debt Equity 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 Gross New Investment Commitments(1) $153 $463 $168 $183 $231 $340 $129 Investment Fundings (Private Credit) 184 147 136 184 207 294 129 Investment Fundings (BSL) - 302 26 - - - - Investment Fundings (Equity) - 1 1 1 2 1 - Investments Repaid or Sold (Private Credit) (97) (32) (41) (83) (139) (86) (72) Investments Repaid or Sold (BSL) - - (55) (2) (18) (27) (47) Investment Repaid (Equity) - - - - - (1) - Net Investment Activity 87$417$67$100$52$181$10$

![](ex99-2_012.jpg)

FINANCIAL HIGHLIGHTS

![](ex99-2_013.jpg)

13 $16.51 $0.81 ($0.00) ($0.06) ($0.40) ($0.40) ($0.10) $0.01 $16.37 $15.00 $15.50 $16.00 $16.50 $17.00 $17.50 1Q'25 NAV Interest Income Realized Gain (Loss) Unrealized Gain (Loss) Operating Expenses Regular Distribution Special Distribution Share Repurchase 2Q'25 NAV Financial Highlights Net Asset Value NAV PER SHARE BRIDGE » NAV per share was lower by $0.14, primarily as a result of paying a special dividend in 2Q'25 of $0.10 per share and unrealized losses on the portfolio $0.06. 2Q'25: $0.50 total distribution

![](ex99-2_014.jpg)

14 Financial Highlights Dividend History 1 Yields presented above calculated by dividing either (i) dividends or (ii) NII, as applicable by the net asset value per shar e a t the end of the quarter and annualizing such amount over four quarterly periods. 2 All amounts presented on a per share basis utilizing end of period share count. DIVIDEND HISTORY (2) DIVIDEND AND NII YIELD (1) » Prior to 2024 , KBDC did not distinguish between regular and supplemental or special distributions and generally distributed substantially all its income on a quarterly basis ▪ During 1 Q' 24 , KBDC established a $0 . 40 per share regular dividend ▪ KBDC paid three special dividends on 12 / 20 / 24 , 3 / 18 / 25 and 6 / 24 / 25 following pre - IPO share lock - up expirations 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 NII Yield 13.2% 12.5% 12.3% 12.5% 11.5% 9.7% 9.8% Total Dividend Yield 12.9% 9.6% 9.7% 9.6% 12.0% 12.1% 12.2% $0.53 $0.40 $0.40 $0.40 $0.40 $0.40 $0.40 $0.10 $0.10 $0.10 $- $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 Base Dividend Special Dividend

![](ex99-2_015.jpg)

BALANCE SHEET AND OPERATING RESULTS

![](ex99-2_016.jpg)

16 Balance Sheet Summary ($000 except per share data) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Assets Long-term investments (fair value) $2,174,640 $2,166,770 $1,995,143 $1,943,439 $1,847,058 Cash and Cash Equivalents 44,355 45,980 71,058 61,753 40,615 Receivable for sales of investments 14,813 - - - - Receivable for principal pmts. on invest. 615 220 540 501 5,280 Interest receivable 21,329 17,240 14,965 22,391 16,780 Prepaid expenses and other assets 239 290 958 161 117 Total Assets $2,255,991 $2,230,500 $2,082,664 $2,028,245 $1,909,850 Liabilities Debt $1,054,000 $1,015,500 $858,000 $788,000 $622,000 Unamortized debt issuance costs (11,527) (12,461) (9,875) (8,511) (9,448) Payable for investments purchased - - - 17,397 72,322 Shares repurchased payable 193 144 - 10 - Distributions payable 28,291 28,514 28,424 28,420 28,446 Management fee payable 4,624 3,848 3,712 3,573 3,780 Incentive fee payable 4,452 4,490 - - - Accrued expenses and other liabilities 18,627 13,906 16,061 13,151 14,574 Total Liabilities $1,098,660 $1,053,941 $896,322 $842,040 $731,674 Net Assets: Common Shares 71 71 71 71 71 Additional paid-in capital 1,147,270 1,156,039 1,152,396 1,153,001 1,154,108 Total distributable earnings (deficit) 9,990 20,449 33,875 33,133 23,997 Total Net Assets $1,157,331 $1,176,559 $1,186,342 $1,186,205 $1,178,176 Total Liabilities and Net Assets $2,255,991 $2,230,500 $2,082,664 $2,028,245 $1,909,850 Net Asset Value Per Common Share $16.37 $16.51 $16.70 $16.70 $16.57 Debt to equity at quarter end 0.91x 0.86x 0.72x 0.66x 0.53x Average debt to equity 0.87x 0.79x 0.69x 0.62x 0.57x

![](ex99-2_017.jpg)

17 Operating Results Summary ($000 except per share data) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Investment income: Interest and dividend income $57,298 $55,245 $56,340 $57,819 $52,453 Total investment income $57,298 $55,245 $56,340 $57,819 $52,453 Expenses: Management fees 5,412 5,131 4,950 4,764 4,251 Incentive fees 4,452 4,490 5,104 5,605 4,109 Interest expense 18,384 17,125 16,552 16,069 13,239 Other general and admin. expenses 1,129 1,084 1,228 1,124 1,041 Excise tax expense (benefit) - (43) 825 - - Total expenses $29,377 $27,787 $28,659 $27,562 $22,640 Management fee waiver (788) (1,283) (1,238) (1,191) (471) Incentive fee waiver - - (5,104) (5,605) (4,109) Net expenses $28,589 $26,504 $22,317 $20,766 $18,060 Net investment income $28,709 $28,741 $34,023 $37,053 $34,393 Net realized gains (losses) (10) 566 708 - (138) Net change in unrealized gains (losses) (3,471) (6,511) 1,435 503 (3,075) Income tax (expense) benefit (318) (581) (717) - - Net increase in net assets resulting from operations $24,910 $22,215 $35,449 $37,556 $31,180 Net investment income per share $0.40 $0.40 $0.48 $0.52 $0.51 Earnings per share $0.35 $0.31 $0.50 $0.53 $0.46 Weighted average shares outstanding 70,901,688 71,234,684 71,032,941 71,083,885 67,426,904 For the Three Months Ended

![](ex99-2_018.jpg)

18 Balance Sheet and Liquidity Financing Profile Note: Commitment and drawn amounts are as of June 30, 2025. 1 Includes amortization of debt issuance and monitoring costs. DEBT FUNDING MIX ($M) FINANCING PER QUARTER ($M) » KBDC has diverse and adequate sources of liquidity to achieve its target debt - to - equity ratio of 1.00x to 1.25x » Debt capital is comprised of the following committed credit facilities and senior unsecured notes outstanding Commitment Drawn Availability Pricing Maturity Corporate Facility $400.0 $224.0 $176.0 S + 2.10% November 22, 2029 Funding Facility 675.0 574.0 101.0 S + 2.15% February 13, 2030 Funding Faclity II 250.0 181.0 69.0 S + 2.25% December 22, 2029 Series A Notes 25.0 25.0 - 8.65% June 30, 2027 Series B Notes 50.0 50.0 - 8.74% June 30, 2028 Total $1,400.0 $1,054.0 $346.0 $569 $731 $817 $928 $1,014 9.3% 8.6% 7.9% 7.4% 7.2% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% $0 $200 $400 $600 $800 $1,000 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 Average Daily Borrowing Average Interest Rate