# EDGAR Filing Document

**Accession Number:** 0001747172
**File Stem:** 0001213900-26-022429
**Filing Date:** 2026-3
**Character Count:** 42390
**Document Hash:** 2208c5cacfc9301bc3043da818a9bdb1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-022429.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0001213900-26-022429

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20260302

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**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:** 26709224

**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): March 2, 2026

**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 March 2, 2026, Kayne Anderson BDC, Inc. (the "Company") issued a press release announcing its financial results for the fourth quarter ended December 31, 2025. The text of the press release is included as Exhibit 99.1 to this Form 8-K.

On March 3, 2026, the Company will host a conference call to discuss its financial results for the fourth quarter ended December 31, 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 March 2, 2026, the Company issued a press release, included herewith as Exhibit 99.1, announcing the declaration of a first quarter 2026 dividend of $0.40 per share, which will be payable on April 16, 2026 to stockholders of record as of March 31, 2026.

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 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 March 2, 2026.](ea027923901ex99-1.htm) |
| 99.2 | [Kayne Anderson BDC, Inc. Fourth Quarter 2025 Earnings Presentation.](ea027923901ex99-2.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: March 2, 2026 | By: | /s/ Terry A. Hart |
|  | Name: | Terry A. Hart |
|  | Title: | Chief Financial Officer and Treasurer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](ea027923901_ex99-1img1.jpg)

**Kayne Anderson BDC, Inc. Announces December 31, 2025 Financial Results and Declares First Quarter 2026 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 fourth quarter ended December 31, 2025.

**Financial Highlights for the Quarter Ended December 31, 2025**

● Net investment income of $30.1 million, or $0.44 per share;

● Net asset value of $16.32 per share, decreased from $16.34 per share as of September 30, 2025, primarily as a result of realized and unrealized losses of $0.12, partially offset by higher net investment income earned over distributions paid of $0.04 and accretive share repurchases of $0.06;

● New private credit and equity co-investment commitments of $112.8 million, fundings of $99.3 million and repayments of $131.7 million, resulting in a net funded private credit and equity investment decrease of $32.4 million;

● Sales and repayments of broadly syndicated loans of $19.8 million;

● The Company's Board of Directors (the "Board") declared a regular dividend of $0.40 per share, to be paid on April 16, 2026 to stockholders of record as of March 31, 2026.

"We remain proud of our investment performance and portfolio stability amid ongoing market volatility. We believe the current environment underscores the differentiation of our investment strategy, particularly the fact that we purposefully have the lowest software exposure in the BDC space at approximately 2% of our portfolio," said Doug Goodwillie, Co-Chief Executive Officer. "We expect that our value lending strategy focused on lending at conservative leverage multiples to borrowers in stable and staple industries will continue to differentiate our platform over the long term."

"During the fourth quarter, we maintained a healthy spread premium relative to the upper middle market, with new floating rate loan originations averaging 529 basis points over SOFR. Based on our current view of the market and our portfolio, we expect to be able to pay the $0.40 base dividend for all of 2026. We believe demonstrating the stability of our approach to direct lending is particularly important in the current market environment," said Ken Leonard, Co-Chief Executive Officer.

**Selected Financial Highlights**

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
| (in thousands, expect per share data) | **December 31, <br> 2025** | **September 30,<br> 2025** |
| Investment portfolio, at fair value | $2198421 | $2255513 |
| Total assets | $2286702 | $2337968 |
| Total debt outstanding, at principal | $1130000 | $1153000 |
| Net assets | $1109931 | $1140096 |
| Net asset value per share | $16.32 | $16.34 |
| Total debt-to-equity ratio | 1.02 x | 1.01 x |

---

---

| | | |
|:---|:---|:---|
|  | **For the quarter ended** | **For the quarter ended** |
|  | **December 31, <br> 2025** | **September 30,<br> 2025** |
| Net investment income per share | $0.44 | $0.43 |
| Net realized and unrealized gains (losses) per share <sup>(1)</sup> | $(0.12) | $(0.08) |
| Earnings per share | $0.32 | $0.35 |
| Regular dividend per share | $0.40 | $0.40 |
| Special dividend per share | $- | $- |

---

(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 December 31, 2025 was $61.9 million, as compared to $61.3 million for the quarter ended September 30, 2025. The increase was primarily driven by rotations out of the lower yielding broadly syndicated loans into middle market loans, accelerated amortization and fees earned from repayments, partially offset by lower SOFR rates. PIK income represented 7.4% and 3.9% of total interest income for the quarter and year ended December 31, 2025.

Net investment income for the quarter ended December 31, 2025 was $30.1 million or $0.44 per share as compared to $30.0 million or $0.43 per share for the quarter ended September 30, 2025. Net expenses for the fourth quarter were $31.8 million, as compared to $31.3 million for the quarter ended September 30, 2025. The increase was primarily the result of $0.5 million of excise taxes related to undistributed income for the year and higher interest expense, partially offset by lower incentive fees during the fourth quarter.

For the quarter ended December 31, 2025, the Company had realized losses of $0.6 million and had a net change in unrealized losses on investments of $7.2 million. The unrealized losses for the quarter were primarily driven by decreases in fair value 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** |
| ($ in thousands) | **December 31,<br> 2025** | **September 30, <br> 2025** |
| Investments at fair value | $2198421 | $2255513 |
| Number of portfolio companies | 107 | 108 |
| Average portfolio company investment size | $20546 | $20884 |
| **Asset class:** |  |  |
| First lien debt | 93.2% | 93.7% |
| Subordinated debt | 4.9% | 4.6% |
| Equity | 1.9% | 1.7% |
| **Non-accrual debt investments:** |  |  |
| Non-accrual investments at fair value | $30951 | $30974 |
| Non-accrual investments as a percentage of debt investments at fair value | 1.4% | 1.4% |
| Number of investments on non-accrual | 5 | 5 |
| **Interest rate type:** |  |  |
| Percentage floating-rate | 95.7% | 96.0% |
| Percentage fixed-rate | 4.3% | 4.0% |
| **Yields excluding non-income producing debt investments (at fair value):** |  |  |
| Weighted average yield on private middle market loans | 10.4% | 10.7% |
| Weighted average yield on broadly syndicated loans | 6.0% | 6.7% |
| Weighted average yield on total debt portfolio | 10.3% | 10.6% |
| **Yields including non-income producing debt investments (at fair value):** |  |  |
| Weighted average yield on private middle market loans | 10.2% | 10.5% |
| Weighted average yield on broadly syndicated loans | 6.0% | 6.7% |
| Weighted average yield on total debt portfolio | 10.1% | 10.4% |
| **Investment activity during the quarter ended:** |  |  |
| Gross new investment commitments | $112814<sup>(1)</sup> | $295492<sup>(2)</sup> |
| Principal amount of investments funded | $99336<sup>(1)</sup> | $273574<sup>(2)</sup> |
| Principal amount of investments sold or repaid | $(151507) <sup>(1)</sup> | $(186434) <sup>(2)</sup> |
| Net principal amount of investments funded (repaid) | $(52171) | $87140 |

---

(1) For the quarter ending December 31, 2025, broadly syndicated
loans represent $0 of new investment commitments, $0 of investments funded and $19,810 of investments sold or repaid.

(2) For the quarter ending September 30, 2025, broadly syndicated
loans represent $0 of new investment commitments, $0 of investments funded and $112,952 of investments sold or repaid

**Liquidity and Capital Resources**

As of December 31, 2025, the Company had $275 million senior unsecured notes outstanding, $855 million borrowed under its credit facilities and cash and cash equivalents of $43.4 million (including investments in money market funds). As of that date, the Company had $545 million of undrawn commitments available on its credit facilities (subject to borrowing base restrictions and other conditions).

As of December 31, 2025, the Company's debt-to-equity ratio was 1.02x and its asset coverage ratio was 198%. 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 may operate above or below its target based on market conditions.

**Recent Developments**

● On February 12, 2026, 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 April 16, 2026, to stockholders of record as of the close of business on March 31, 2026.

● On February 20, 2026, the Company and its wholly owned special purpose financing subsidiary Kayne Anderson BDC Financing, LLC ("KABDCF") amended the Revolving Funding Facility. Under the terms of the amendment, the Company extended the final maturity date to February 20, 2031 and reduced the interest rate on borrowings from daily SOFR plus 2.15% to daily SOFR plus 1.95% per annum.

● From January 1, 2026 to February 20, 2026, the Company's agent repurchased 1,020,586 shares of common stock at an average price of $14.25 per share for a total amount of $14.5 million. As of February 20, 2026, $45.4 million remains for repurchase under the Company's amended 10b5-1 Plan.

**Conference Call Information**

KBDC will host a conference call at 10:00 am ET on Tuesday, March 3, 2026, 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/890378919

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 March 10, 2026.

**Kayne Anderson BDC, Inc.**

**Consolidated Statements of Assets and Liabilities**

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

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2025** | **December 31,**<br>**2024** |
| **Assets:** |  |  |
| Investments, at fair value: |  |  |
| Non-controlled, non-affiliated investments (amortized cost of $2,079,041 and $1,956,617) | $2084737 | $1982947 |
| Non-controlled, affiliated investments (amortized cost of $118,459 and $15,438, respectively) | 113684 | 12196 |
| Investments in money market funds (amortized cost of $25,409 and $48,683) | 25409 | 48683 |
| Cash | 18027 | 22375 |
| Deposits for investments | 13015 |  |
| Receivable for sales of investments | 7168 |  |
| Receivable for principal payments on investments | 308 | 540 |
| Interest receivable | 24063 | 14965 |
| Prepaid expenses and other assets | 291 | 958 |
| **Total Assets** | $2286702 | $2082664 |
| **Liabilities:** |  |  |
| Corporate Credit Facility | $135000 | $250000 |
| Unamortized Corporate Credit Facility issuance costs | (3372) | (3235) |
| Revolving Funding Facility | 525000 | 420000 |
| Unamortized Revolving Funding Facility issuance costs | (4671) | (4746) |
| Revolving Funding Facility II | 195000 | 113000 |
| Unamortized Revolving Funding Facility II issuance costs | (2100) | (1251) |
| Notes | 274701 | 75000 |
| Unamortized notes issuance costs | (2560) | (643) |
| Shares repurchased payable | 496 |  |
| Distributions payable | 27213 | 28424 |
| Management fee payable | 5613 | 3712 |
| Incentive fee payable | 3935 |  |
| Accrued expenses and other liabilities | 22041 | 15236 |
| Accrued excise tax expense | 475 | 825 |
| **Total Liabilities** | $1176771 | $896322 |
| Commitments and contingencies |  |  |
| **Net Assets:** |  |  |
| Common Shares, $0.001 par value; 100,000,000 shares authorized; 67,998,184 and 71,059,689 as of December 31, 2025 and December 31, 2024, respectively, issued and outstanding | $68 | $71 |
| Additional paid-in capital | 1108001 | 1152396 |
| Total distributable earnings (deficit) | 1862 | 33875 |
| **Total Net Assets** | $1109931 | $1186342 |
| **Total Liabilities and Net Assets** | $2286702 | $2082664 |
| **Net Asset Value Per Common Share** | $16.32 | $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 Years Ended** | **For the Years Ended** |
|  | **December 31** | **December 31** | **December 31** | **December 31** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Income:** | (Unaudited) | (Unaudited) |  |  |
| &nbsp;&nbsp;&nbsp;Investment income from investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income from non-controlled, non-affiliated investments | $54392 | $55282 | $220909 | $208178 |
| &nbsp;&nbsp;&nbsp;Interest income from non-controlled, affiliated investments | 2700 |  | 4763 | 754 |
| &nbsp;&nbsp;&nbsp;Payment-in-kind interest income from non-controlled, non-affiliated investments | 4578 | 587 | 9093 | 2706 |
| &nbsp;&nbsp;&nbsp;Dividend income | 233 | 471 | 1054 | 1468 |
| **Total Investment Income** | 61903 | 56340 | 235819 | 213106 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | 5613 | 4950 | 21739 | 17487 |
| &nbsp;&nbsp;&nbsp;Incentive fees | 3935 | 5104 | 17296 | 17449 |
| &nbsp;&nbsp;&nbsp;Interest expense | 20645 | 16552 | 76361 | 61516 |
| &nbsp;&nbsp;&nbsp;Professional fees | 350 | 461 | 1432 | 1503 |
| &nbsp;&nbsp;&nbsp;Directors fees | 164 | 158 | 638 | 621 |
| &nbsp;&nbsp;&nbsp;Excise tax expense (benefit) | 474 | 825 | 431 | 817 |
| &nbsp;&nbsp;&nbsp;Other general and administrative expenses | 606 | 609 | 2381 | 2159 |
| **Total Expenses** | 31787 | 28659 | 120278 | 101552 |
| &nbsp;&nbsp;&nbsp;Less: Management fee waiver |  | (1238) | (2071) | (2900) |
| &nbsp;&nbsp;&nbsp;Less: Incentive fee waiver | - | (5104) | - | (14818) |
| **Net Expenses** | 31787 | 22317 | 118207 | 83834 |
| **Net Investment Income (Loss)** | 30116 | 34023 | 117612 | 129272 |
| **Realized and unrealized gains (losses) on investments** |  |  |  |  |
| Net realized gains (losses): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | (613) | 708 | (79) | 570 |
| **Total net realized gains (losses)** | (613) | 708 | (79) | 570 |
| Net change in unrealized gains (losses): |  |  |  |  |
| Non-controlled, non-affiliated investments | (7172) | 1460 | (20636) | 4783 |
| Non-controlled, affiliated investments | (32) | (25) | (1533) | (1968) |
| **Total net change in unrealized gains (losses)** | (7204) | 1435 | (22169) | 2815 |
| **Total realized and unrealized gains (losses)** | (7817) | 2143 | (22248) | 3385 |
| &nbsp;&nbsp;&nbsp;Income tax (expense) benefit on unrealized appreciation/depreciation on investments | (331) | (717) | (1658) | (717) |
| **Net Increase in Net Assets Resulting from Operations** | $21968 | $35449 | $93706 | $131940 |
| **<u>Per Common Share Data:</u>** |  |  |  |  |
| Basic and diluted net investment income per common share | $0.44 | $0.48 | $1.67 | $2.03 |
| Basic and diluted net increase in net assets resulting from operations | $0.32 | $0.50 | $1.33 | $2.07 |
| Weighted Average Common Shares Outstanding - Basic and Diluted | 68482556 | 71032941 | 70255235 | 63762377 |

---

**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<br> kaynebdc@kaynecapital.com

## Exhibit 99.2

**Exhibit 99.2**

![](ea027923901_ex99-2img1.jpg)

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

![](ea027923901_ex99-2img2.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 .

![](ea027923901_ex99-2img3.jpg)

EXECUTIVE SUMMARY

![](ea027923901_ex99-2img4.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 and opportunistic investments. As of December 31, 2025, KBDC held $47 milli on (fair market value) of broadly syndicated loans and $159 million (fair market value) of opportunistic investments, representing ~2% and ~7%, respectively, of total fair market value of investments . Opportunistic investments include Cuisine Solutions, M2S Group, SG Credit and Texas Coffee Partners. 4 Excludes investments on watchlist representing 5.1% of total market fair value. 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: $0.44 » Net asset value per share: $16.32 » Annualized ROE: 10.8% on net investment income » 4Q'25 dividend per share: $0.40 regular » Annualized regular dividend yield of ~9.8% (1) » Total fair value was approximately $2.2 billion invested in 107 companies » Insignificant software exposure consistent with value lending strategy » Weighted average yield at amortized cost of debt investments was 10.4% excluding non - income producing investments and 10.1% including non - income producing investments (2) » 93% first - lien portfolio » Weighted average and median EBITDA of borrowers of $52.7 million (3)(4) and $39.8 million (3)(4) , respectively » Average position size of 0.9% with 10 largest positions representing 19.5% of the portfolio (5) » 1.4% of investments (based on fair value) on non - accrual » Outstanding debt balance was $1,130 million; quarter - end debt - to - equity ratio was 1.02x » Total liquidity of $588.4 million, including cash and cash equivalents of $43.4 and undrawn committed debt capacity of $545.0 million » $100 million Share Repurchase Plan: Repurchased 1,766,615 shares / $24.9 million for the three months ended December 31, 2025 » Declared 1Q'26 regular distribution of $0.40 per share on February 12, 2026 » Amended the Revolving Funding Facility to extend the maturity date and reduce borrowing cost

![](ea027923901_ex99-2img5.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 (insignificant software exposure) 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

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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 Executive Summary At - a - Glance 1 Excludes investments in broadly syndicated loans and opportunistic investments . As of December 31 , 2025 , KBDC held $47 million (fair market value) of broadly syndicated loans and $159 million (fair market value) of opportunistic investments, representing ~ 2 % and ~ 7 % , respectively, of total fair market value of investments . Opportunistic investments include Cuisine Solutions, M 2 S Group, SG Credit and Texas Coffee Partners . 2 Weighted average yield is calculated on fair value of debt investments excluding non - income producing investments . 3 Excludes investments on watchlist . 4 NII yield is calculated by dividing annualized 4 Q NII per share by NAV per share at December 31 , 2025 . KBDC OVERVIEW (DECEMBER 31, 2025) $2.2bn Portfolio Fair Value ($2.5bn commitments) (Q3: $2.3bn FV / $2.6bn commitments) 100% Financial Maint. Covenants 1 (Q3: 100%) ~93% First Lien Senior Secured (Q3: ~94%) 99% PE Sponsored Companies 1 (Q3: 99%) 107 Portfolio Companies (Q3: 108) 2.4x Wtd. Avg. Interest Coverage 1,3 (Q3: 2.4x) ~10.3% Wtd. Avg. Portfolio Yield 2 (Q3: ~10.6%) 4.5x Wtd. Avg. Net Leverage 1,3 (Q3: 4.4x) 1.4% FV Debt on Non - Accrual (Q3: 1.4%) 10.8% NII Yield 4 (Q3: 10.5%)

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7 Executive Summary Key Financial Highlights 1 Yield on an annualized basis. ($000 except per share data) Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Net Investment Income $0.44 $0.43 $0.40 $0.40 $0.48 Net Realized and Unrealized Gains (Losses) ($0.12) ($0.08) ($0.05) ($0.09) $0.02 Net Income (loss) $0.32 $0.35 $0.35 $0.31 $0.50 Net Asset Value $16.32 $16.34 $16.37 $16.51 $16.70 Annualized ROE (on Net Investment Income) 10.8% 10.5% 9.8% 9.7% 11.5% Annualized ROE (on Net Income) 7.8% 8.6% 8.6% 7.5% 12.0% Regular Distributions $0.40 $0.40 $0.40 $0.40 $0.40 Supplemental Distributions - - - - - Special Distributions - - $0.10 $0.10 $0.10 Total Distributions $0.40 $0.40 $0.50 $0.50 $0.50 Regular Distribution Yield (1) 9.8% 9.8% 9.8% 9.7% 9.6% Supplemental Distribution Yield (1) - - - - - Special Distribution Yield (1) - - 2.4% 2.4% 2.4% Total Distribution Yield 9.8% 9.8% 12.2% 12.1% 12.0% Total Debt $1,130,000 $1,153,000 $1,054,000 $1,015,500 $858,000 Net Assets $1,109,931 $1,140,096 $1,157,331 $1,176,559 $1,186,342 Debt-to-Equity at Quarter End 1.02x 1.01x 0.91x 0.86x 0.72x As of Date and for the Three Months Ended

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PORTFOLIO OVERVIEW

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9 Portfolio Overview Key Statistics 1 Includes KBDC's investments in BC CS 2, L.P. and SG Credit Partners, Inc. which are considered subordinated debt. 2 As of 12/31/2025, KBDC held $47 million (fair value) of broadly syndicated loans across 5 borrowers. KEY PORTFOLIO STATISTICS ($ IN MILLIONS) Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Portfolio Highlights Funded Investments at Fair Value $2,198 $2,256 $2,175 $2,167 $1,995 Number of Portfolio Companies 107 108 114 116 110 Average Position Size at Fair Value ($) $20.5 $20.9 $19.1 $18.7 $18.1 Average Position Size at Fair Value (%) 0.9% 0.9% 0.9% 0.9% 0.9% Portfolio Composition (at fair value) First Lien 93% 94% 98% 98% 98% Second Lien - - - - - Subordinated (1) 5% 4% 1% 1% 1% Equity 2% 2% 1% 1% 1% Loans by Interest Rate Type % Floating Rate Debt Investments 95.7% 96.0% 100.0% 100.0% 100.0% % Fixed Rate Debt Investments 4.3% 4.0% 0.0% 0.0% 0.0% Asset Level Yields excluding non-income producing debt investments (at fair value) Weighted Average Yield on Private Credit Loans 10.4% 10.7% 10.9% 11.0% 11.3% Weighted Average Yield on Broadly Syndicated Loans (2) 6.0% 6.7% 6.9% 6.9% 7.1% Weighted Average Yield on Debt Investments 10.3% 10.6% 10.6% 10.5% 10.7% Asset Level Yields including non-income producing debt investments (at fair value) Weighted Average Yield on Private Credit Loans 10.2% 10.5% 10.7% 10.8% 11.1% Weighted Average Yield on Broadly Syndicated Loans (2) 6.0% 6.7% 6.9% 6.9% 7.1% Weighted Average Yield on Debt Investments 10.1% 10.4% 10.4% 10.4% 10.6% Non-accrual Debt Investments (at fair value) Non-accrual Investments $31.0 $31.0 $34.5 $33.3 $25.0 Non-accrual Investments as a % of Debt Investments 1.4% 1.4% 1.6% 1.6% 1.3% Number of Investments on Non-accrual 5 5 5 4 3

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10 SG Credit Subordinated Debt 4.3% Keany 1.8% CREO Group 1.7% Handgards 1.7% Vitesse 1.7% M2S 1.7% Century Box 1.7% FreshEdge 1.6% Improving 1.6% Zep 1.6% All Others 80.5% Portfolio Overview Diversity (As of December 31, 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) (Avg Position: 0.9%) 107 Borrowers Private Credit, 96% BSL , 2% Equity , 2% » Diversified industry exposure across the portfolio, with insignificant exposure to software 20.0% 3.7% 3.8% 4.8% 6.6% 6.9% 9.1% 10.5% 10.8% 11.9% 11.9% All Others (16 Total) Chemicals Aerospace & Defense Financial Services Professional Services Machinery Containers and Packaging Food Products Health Care Providers & Services Commercial Services & Supplies Distributors

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11 Portfolio Overview Asset Mix GROSS NEW COMMITMENTS ($M) (1) ASSET MIX AT END OF PERIOD (2) » KBDC committed approximately $113 million to new investments in 4Q'25 » Portfolio is 96% floating rate and nearly all first lien senior secured loans » Asset mix at approximately 93% first lien senior secured ROLLING INVESTMENT ACTIVITY ($ 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. 98% 98% 98% 98% 98% 98% 94% 93% 1% 1% 1% 1% 1% 1% 4% 5% 1% 1% 1% 1% 1% 1% 2% 2% 0% 20% 40% 60% 80% 100% 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 First Lien Subordinated Debt Equity $463 $168 $183 $231 $340 $129 $296 $113 $- $100 $200 $300 $400 $500 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Gross New Investment Commitments(1) $463 $168 $183 $231 $340 $129 $296 $113 Investment Fundings (Private Credit) 147 136 184 207 294 129 262 97 Investment Fundings (BSL) 302 26 - - - - - - Investment Fundings (Equity) 1 1 1 2 1 - 12 2 Investments Repaid or Sold (Private Credit) (32) (41) (83) (139) (86) (72) (74) (132) Investments Repaid or Sold (BSL) - (55) (2) (18) (27) (47) (113) (20) Investment Repaid (Equity) - - - - (1) - - - Net Investment Activity $417 $67 $100 $52 $181 $10 $87 ($52)

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FINANCIAL HIGHLIGHTS

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13 Financial Highlights Net Asset Value NAV PER SHARE BRIDGE » NAV was lower by $0.02 per share, primarily the result of realized and unrealized losses on the portfolio (- $0.12), partially of fset by net investment income exceeding dividends paid (+$0.04) and accretive share repurchases (+$0.06). $16.34 $0.90 ($0.01) ($0.11) ($0.46) ($0.40) $0.06 $16.32 $15.00 $15.50 $16.00 $16.50 $17.00 $17.50 3Q'25 NAV Interest Income Realized Gain (Loss) Unrealized Gain (Loss) Operating Expenses Regular Distribution Share Repurchase 4Q'25 NAV

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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 » As of December 31 , 2025 , KBDC had undistributed net investment income of $0 . 21 per share 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 NII Yield 12.5% 12.3% 12.5% 11.5% 9.7% 9.8% 10.5% 10.8% Total Dividend Yield 9.6% 9.7% 9.6% 12.0% 12.1% 12.2% 9.8% 9.8% $0.40 $0.40 $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 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Base Dividend Special Dividend

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BALANCE SHEET AND OPERATING RESULTS

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16 Balance Sheet Summary ($000 except per share data) Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Assets Long-term investments (fair value) $2,198,421 $2,255,513 $2,174,640 $2,166,770 $1,995,143 Cash and cash equivalents 43,436 46,125 44,355 45,980 71,058 Deposits for investments 13,015 - - - - Receivable for sales of investments 7,168 14,150 14,813 - - Receivable for principal pmts. on invest. 308 334 615 220 540 Interest receivable 24,063 21,500 21,329 17,240 14,965 Prepaid expenses and other assets 291 346 239 290 958 Total Assets $2,286,702 $2,337,968 $2,255,991 $2,230,500 $2,082,664 Liabilities Debt $1,129,701 $1,153,000 $1,054,000 $1,015,500 $858,000 Unamortized debt issuance costs (12,703) (11,736) (11,527) (12,461) (9,875) Shares repurchased payable 496 706 193 144 - Distributions payable 27,213 27,927 28,291 28,514 28,424 Management fee payable 5,613 5,583 4,624 3,848 3,712 Incentive fee payable 3,935 4,419 4,452 4,490 - Accrued expenses and other liabilities 22,516 17,973 18,627 13,906 16,061 Total Liabilities $1,176,771 $1,197,872 $1,098,660 $1,053,941 $896,322 Net Assets: Common Shares 68 70 71 71 71 Additional paid-in capital 1,108,001 1,133,350 1,147,270 1,156,039 1,152,396 Total distributable earnings (deficit) 1,862 6,676 9,990 20,449 33,875 Total Net Assets $1,109,931 $1,140,096 $1,157,331 $1,176,559 $1,186,342 Total Liabilities and Net Assets $2,286,702 $2,337,968 $2,255,991 $2,230,500 $2,082,664 Net Asset Value Per Common Share $16.32 $16.34 $16.37 $16.51 $16.70 Debt to equity at quarter end 1.02x 1.01x 0.91x 0.86x 0.72x Average debt to equity 1.03x 0.97x 0.87x 0.79x 0.69x Average Debt Outstanding 1,162,788 1,110,174 1,013,511 927,772 817,288

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17 Operating Results Summary ($000 except per share data) Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Investment income: Interest and dividend income $57,325 $59,227 $55,235 $54,939 $55,753 Payment-in-kind interest income 4,578 2,146 2,063 306 587 Total investment income $61,903 $61,373 $57,298 $55,245 $56,340 Expenses: Management fees 5,613 5,583 5,412 5,131 4,950 Incentive fees 3,935 4,419 4,452 4,490 5,104 Interest expense 20,645 20,207 18,384 17,125 16,552 Other general and admin. expenses 1,120 1,118 1,129 1,084 1,228 Excise tax expense (benefit) 474 - - (43) 825 Total expenses $31,787 $31,327 $29,377 $27,787 $28,659 Management fee waiver - - (788) (1,283) (1,238) Incentive fee waiver - - - - (5,104) Net expenses $31,787 $31,327 $28,589 $26,504 $22,317 Net investment income $30,116 $30,046 $28,709 $28,741 $34,023 Net realized gains (losses) (613) (22) (10) 566 708 Net change in unrealized gains (losses) (7,204) (4,983) (3,471) (6,511) 1,435 Income tax (expense) benefit (331) (428) (318) (581) (717) Net increase in net assets resulting from operations $21,968 $24,613 $24,910 $22,215 $35,449 Net investment income per share $0.44 $0.43 $0.40 $0.40 $0.48 Earnings per share $0.32 $0.35 $0.35 $0.31 $0.50 Weighted average shares outstanding 68,482,556 70,430,331 70,901,688 71,234,684 71,032,941 For the Three Months Ended

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18 Balance Sheet and Liquidity Financing Profile Note: Commitment and drawn amounts are as of December 31, 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 maintain 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 ▪ During February 2026, KBDC amended its Funding Facility to extend the maturity and reduce the spread to 1.95% Commitment Drawn Availability Pricing Maturity Corporate Facility $475.0 $135.0 $340.0 S + 2.10% November 22, 2029 Funding Facility 675.0 525.0 150.0 S + 1.95% February 20, 2031 Funding Faclity II 250.0 195.0 55.0 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 Series C Notes 40.0 40.0 - S + 2.32% June 30, 2028 Series D Notes 60.0 60.0 - S + 2.37% June 30, 2028 Series E Notes 100.0 100.0 - S + 2.6565% October 15, 2030 Total $1,675.0 $1,130.0 $545.0 $817 $928 $1,014 $1,110 $1,163 7.9% 7.4% 7.2% 7.1% 6.9% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% $0 $200 $400 $600 $800 $1,000 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 Average Daily Borrowing Average Interest Rate