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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

2025-03-03 compared with 2024-02-29 · 1870 added, 1547 removed, 894 unchanged (79% of the section changed)

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET

We are subject to financial market risks,

including changes in interest rates.

Interest rate sensitivity refers to the change in our earnings that may result from changes in the

level of interest rates.

Because we fund a portion of our investments with borrowings, our net investment income will be affected by

the difference between the rate at which we invest and the rate at which we borrow.

As a result, there can be no assurance that a significant

change in market interest rates will not have a material adverse effect on our net investment income.

Assuming that the consolidated

statement of assets and liabilities as of December 31, 2023 were to remain constant and that we took no actions to alter our existing

interest rate sensitivity, the following table shows the annualized impact ($ in millions) of hypothetical base rate changes in interest

rate (considering interest rate floors for floating rate instruments).

We do not include our debt investments on non-accrual status

and non-incoming producing as of December 31, 2023 in this calculation.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are subject to financial market risks, including

changes in interest rates.

Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of

interest rates.

Because we fund a portion of our investments with borrowings, our net investment income will be affected by the difference

between the rate at which we invest and the rate at which we borrow.

As a result, there can be no assurance that a significant change

in market interest rates will not have a material adverse effect on our net investment income.

Assuming that the consolidated statement of assets

and liabilities as of December 31, 2024 were to remain constant and that we took no actions to alter our existing interest rate sensitivity,

the following table shows the annualized impact ($ in millions) of hypothetical base rate changes in interest rate (considering interest

rate floors for floating rate instruments).

We do not include our debt investments on non-accrual status and non-incoming producing

as of December 31, 2024 in this calculation.

Change in Interest Rates

(Decrease) in

Down 200 basis points

2 unchanged sentences

Up 200 basis points

The data in the table is based on the Company’s

current statement of assets and liabilities.

The data in the table is based on the Company’s current statement

of assets and liabilities.

We may hedge against interest rate fluctuations

3 unchanged sentences

CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Index to Consolidated Financial Statements

to Consolidated Financial Statements

Report of Independent Registered Public Accounting Firm (PCAOB ID 238 ) F-2

5 unchanged sentences

Notes to Consolidated Financial Statements F-26

Report of Independent Registered Public Accounting

To the Board of Directors and Shareholders of

Kayne Anderson BDC, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated

statements of assets and liabilities, including the consolidated schedules of investments, of Kayne Anderson BDC Inc.

and subsidiaries

(the “Company”) as of December 31, 2023, and December 31, 2022, the related consolidated statements of operations, changes

in net assets and cash flows for each of the three years in the period ended December 31, 2023, including the related notes (collectively

referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly,

in all material respects, the financial position of the Company as of December 31, 2023, and December 31, 2022, and the results of its

operations, changes in its net assets and its cash flows for each of the three years in the period ended December 31, 2023, in conformity

with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements are the

responsibility of the Company’s management.

Our responsibility is to express an opinion on the Company’s consolidated financial

statements based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United

States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S.

federal securities laws and

the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated

financial statements in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain

reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess

the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures

that respond to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the

consolidated financial statements.

Our audits also included evaluating the accounting principles used and significant estimates made by

management, as well as evaluating the overall presentation of the consolidated financial statements.

of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of Kayne Anderson BDC, Inc.

Opinions on the Financial Statements and Internal Control

over Financial Reporting

We have audited the accompanying consolidated statements of assets

and liabilities, including the consolidated schedule of investments, of Kayne Anderson BDC, Inc.

and its subsidiaries (the "Company")

as of December 31, 2024 and 2023, and the related consolidated statements of operations, of changes in net assets and of cash

flows for each of the three years in the period ended December 31, 2024, including the related notes (collectively referred

to as the "consolidated financial statements").

We also have audited the Company's internal control over financial reporting

as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the

Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above

present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results

of its operations, changes in its net assets and its cash flows for each of the three years in the period ended December 31, 2024

in conformity with accounting principles generally accepted in the United States of America.

Also in our opinion, the Company maintained,

in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established

in Internal Control - Integrated Framework (2013) issued by the COSO.

We have also previously audited, in accordance with the standards of

the Public Company Accounting Oversight Board (United States), the consolidated statements of assets and liabilities, including the consolidated

schedules of investments, of the Company as of December 31, 2022 and 2021, and the related consolidated statements of operations, changes

in net assets and cash flows for the year ended December 31, 2021 (none of which are presented herein), and we expressed unqualified opinions

on those consolidated financial statements.

In our opinion, the information set forth in the Senior Securities table of the Company for

each of the four years in the period ended December 31, 2024 is fairly stated, in all material respects, in relation to the consolidated

financial statements from which it has been derived.

Basis for Opinions

The Company's management is responsible for these consolidated financial

statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal

control over financial reporting, included in Management’s Annual Report on Internal Control over Financial Reporting appearing

under Item 9A.

Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's

internal control over financial reporting based on our audits.

We are a public accounting firm registered with the Public Company Accounting

Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S.

securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements

are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was

maintained in all material respects.

Our audits of the consolidated financial statements included performing

procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing

procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures

in the consolidated financial statements.

Our audits also included evaluating the accounting principles used and significant estimates

made by management, as well as evaluating the overall presentation of the consolidated financial statements.

Our procedures included confirmation

of securities owned as of December 31, 2023, by correspondence with the custodian.

We believe that our audits provides a reasonable basis

for our opinion.

of securities owned as of December 31, 2024 and 2023 by correspondence with the custodian and transfer agent.

Our audit of internal control

over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material

weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.

audits also included performing such other procedures as we considered necessary in the circumstances.

We believe that our audits provide

a reasonable basis for our opinions.

Definition and Limitations of Internal Control over Financial

A company’s internal control over financial reporting is a process

designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements

for external purposes in accordance with generally accepted accounting principles.

A company’s internal control over financial reporting

includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly

reflect the transactions and dispositions of the assets of the company;

(ii) provide reasonable assurance that transactions are recorded

as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts

and expenditures of the company are being made only in accordance with authorizations of management and directors of the company;

(iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s

assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial

reporting may not prevent or detect misstatements.

Also, projections of any evaluation of effectiveness to future periods are subject

to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or

procedures may deteriorate.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from

the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee

and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially

challenging, subjective, or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the

consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate

opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Valuation of Level 3 Debt Investments

As described in Note 5 to the consolidated financial statements, the

Company held $1.74 billion of total level 3 investments at fair value as of December 31, 2024, with debt investments representing approximately

$1.72 billion of this total.

The fair values of the level 3 debt investments were determined by management using a discounted cash flow

analysis and inputs that are unobservable and reflect management’s judgments about assumptions that market participants would use

to determine a current transaction price.

The significant unobservable input in the discounted cash flow analysis is the discount rate.

The principal considerations for our determination that performing

procedures relating to the valuation of level 3 debt investments is a critical audit matter are (i) the significant judgment by management

when developing the fair value estimate of the level 3 debt investments;

(ii) a high degree of auditor judgment, subjectivity, and effort

in performing procedures and evaluating audit evidence related to management’s significant unobservable inputs related to the discount

and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating

audit evidence in connection with forming our overall opinion on the consolidated financial statements.

These procedures included testing

the effectiveness of controls relating to the valuation of level 3 debt investments, including controls over the development of significant

unobservable inputs related to discount rates.

These procedures also included, among others, testing the completeness, accuracy, and reliability

of the underlying data and either (i) testing management’s process for developing the fair value estimate of the level 3 debt investments,

as well as the involvement of professionals with specialized skill and knowledge to assist in (a) evaluating the appropriateness of the

discounted cash flow analysis and (b) evaluating the reasonableness of the significant unobservable inputs used by management related

to the discount rates;

or (ii) the involvement of professionals with specialized skill and knowledge to assist in evaluating the external

market and industry data used in the discounted cash flow analysis and the reasonableness of management’s estimate by developing

an independent fair value estimate range for level 3 debt investments using independently determined significant unobservable inputs for

the discount rates and comparing the independent fair value estimate range to management’s estimates.

/s/ PricewaterhouseCoopers LLP

Los Angeles, California

February 29, 2024

We have served as the auditor of one or more investment

companies in Kayne Anderson Funds Family since 2004.

Kayne Anderson BDC, Inc.

Consolidated Statements of Assets and Liabilities

(amounts in 000’s, except share and per

share amounts)

March 3, 2025

We have served as the auditor of one or more investment companies in

Kayne Anderson Funds Family since 2004.

Anderson BDC, Inc.

Statements of Assets and Liabilities

in 000’s, except share and per share amounts)

Investments, at fair value:

Long-term investments (amortized cost of $ 1,343,223 and $ 1,147,788 )

Non-controlled, non-affiliated Investments (amortized cost of $ 1,956,617 and $ 1,343,223 )

Non-controlled, affiliated investments (amortized cost of $ 15,438 and $ 0 , respectively)

Short-term investments (amortized cost of $ 48,683 and $ 12,802 )

13 unchanged sentences

Unamortized notes issuance costs

Payable for investments purchased

Distributions payable

Management fee payable

Incentive fee payable

Management fee payable (Note 3)

Incentive fee payable (Note 3)

Accrued expenses and other liabilities

10 unchanged sentences

Net Asset Value Per Common Share

See accompanying notes to consolidated

financial statements.

Kayne Anderson BDC, Inc.

Consolidated Statements of Operations

(amounts in 000’s, except share and per

share amounts)

For the years ended December 31,

Investment income from investments:

Interest income

Dividend income

Total Investment Income

Management fees

Incentive fees

Interest expense

Professional fees

Directors fees

Offering costs

Initial organization costs

Other general and administrative expenses

Total Expenses

Net Investment Income (Loss)

Realized and unrealized gains (losses) on investments

accompanying notes to consolidated financial statements.

Anderson BDC, Inc.

Statements of Operations

in 000’s, except share and per share amounts)

the years ended December 31,

Investment income

from investments:

income from non-controlled, non-affiliated investments

income from non-controlled, affiliated investments

Investment Income

general and administrative expenses

Management fee waiver (Note 3)

Incentive fee waiver (Note 3)

Investment Income (Loss)

and unrealized gains (losses) on investments

realized gains (losses):

Non-controlled,

non-affiliated investments

net realized gains (losses)

Total net realized gains (losses)

change in unrealized gains (losses):

Non-controlled,

non-affiliated investments

Non-controlled,

affiliated investments

income tax expense

net change in unrealized gains (losses)

Total net change in unrealized gains (losses)

Total realized and unrealized gains (losses)

Net Increase (Decrease) in Net Assets Resulting from Operations

Per Common Share Data:

Basic and diluted net investment income per common share

Basic and diluted net increase in net assets resulting from operations

Weighted Average Common Shares Outstanding - Basic and Diluted

See accompanying notes to consolidated

financial statements.

Kayne Anderson BDC, Inc.

Consolidated Statements of Changes in Net Assets

(amounts in 000’s)

For the years ended December 31,

realized and unrealized gains (losses)

Increase (Decrease) in Net Assets Resulting from Operations

Net investment income (loss)

Net realized gains (losses) on investments

Net change in unrealized gains (losses) on investments

Net Increase (Decrease) in Net Assets Resulting from Operations

Decrease in Net Assets Resulting from Stockholder Distributions

Dividends and distributions to stockholders

Net Decrease in Net Assets Resulting from Stockholder Distributions

Increase in Net Assets Resulting from Capital Share Transactions

Common Share Data:

and diluted net investment income per common share

and diluted net increase in net assets resulting from operations

Average Common Shares Outstanding - Basic and Diluted

accompanying notes to consolidated financial statements.

Anderson BDC, Inc.

Statements of Changes in Net Assets

the years ended December 31,

Increase (Decrease) in Net

Assets Resulting from Operations:

Net investment

income (loss)

Net realized gains (losses)

on investments

change in unrealized gains (losses) on investments, net of tax

Increase (Decrease) in Net Assets Resulting from Operations

Decrease in Net Assets Resulting

from Stockholder Dividends

to stockholders

Decrease in Net Assets Resulting from Stockholder Dividends

Increase in Net Assets Resulting

from Capital Share Transactions

Issuance of common shares,

Reinvestment of distributions

Net Increase in Net Assets Resulting from Capital Share Transactions

Total Increase (Decrease) in Net Assets

net of underwriting and offering costs

Common stock purchased

under the share repurchase program

Reinvestment of

Increase in Net Assets Resulting from Capital Share Transactions

Total Increase (Decrease)

in Net Assets

Net Assets, Beginning of Period

Net Assets, End of Period

See accompanying notes to consolidated financial

Kayne Anderson BDC, Inc.

Consolidated Statements of Cash Flows

(amounts in 000’s)

accompanying notes to consolidated financial statements.

Anderson BDC, Inc.

Statements of Cash Flows

For the years ended December 31,

1 unchanged sentence

Net increase (decrease) in net assets resulting from operations

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:

Adjustments to reconcile net increase (decrease) in net assets resulting from

operations to net cash used in operating activities:

Net realized (gains)/losses on investments

15 unchanged sentences

Increase/(decrease) in incentive fee payable

Increase/(decrease) in payable to affiliate

Increase/(decrease) in accrued organizational and offering costs, net

Increase/(decrease) in accrued other general and administrative expenses

Increase/(decrease) in accrued expenses and other liabilities

Net cash used in operating activities

6 unchanged sentences

Payments of debt issuance costs

Distributions paid in cash

Proceeds from issuance of common shares

Dividends paid in cash

Proceeds from issuance of common shares, net of underwriting & offering costs

Proceeds from issuance of Notes

Repurchase of common shares

Net cash provided by financing activities

Net increase in cash and cash equivalents

Net increase (decrease) in cash and cash equivalents

Cash and cash equivalents, beginning of period

3 unchanged sentences

Non-cash financing activities not included herein consisted of reinvestment of dividends

See accompanying notes to consolidated financial

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2023

(amounts in 000’s, except number of shares,

of Net Assets

accompanying notes to consolidated financial statements.

Anderson BDC, Inc.

Schedule of Investments

of December 31, 2024

in 000’s, except number of shares, units)

Portfolio Company Footnotes (1)(2) Investment (3) Interest Rate Spread PIK Rate Reference (4) Maturity

Date Principal /

Par Amortized

Cost (5) Fair

Value Percentage of

Debt and Equity Investments

Private Credit Investments (5)

Debt Investments

Aerospace & defense

Acquisition Co., Inc.

senior secured revolving loan

11.51 % (S + 6.00 %)

First lien senior secured

11.51 % (S + 6.00 %)

Fastener Distribution Holdings, LLC

First lien senior secured

12.00 % (S + 6.50 %)

First lien senior secured

delayed draw loan

12.00 % (S + 6.50 %)

Precinmac (US) Holdings, Inc.

First lien senior secured

11.46 % (S + 6.00 %)

First lien senior secured

delayed draw loan

11.46 % (S + 6.00 %)

Vitesse Systems Parent, LLC

First lien senior secured

12.63 % (S + 7.00 %)

(IAC) (6) First lien senior secured loan 9.94 % 5.50 % -

SOFR(Q) 12/5/2028 $ 18,308 $ 17,978 $ 18,570 1.6 %

First lien senior secured loan 9.94 % 5.50 % -

SOFR(Q) 12/5/2028 3,697 3,612 3,750 0.3 %

First lien senior secured delayed draw loan 9.94 % 5.50 % -

SOFR(Q) 7/8/2026 -

First lien senior secured revolving loan 9.94 % 5.50 % -

SOFR(Q) 12/5/2028 -

Fastener Distribution Holdings, LLC First lien senior secured loan 9.31 % 4.75 % -

SOFR(Q) 11/4/2031 20,067 19,870 20,067 1.7 %

First lien senior secured delayed draw loan 9.31 % 4.75 % -

SOFR(S) 11/4/2031 -

TransDigm Inc (8) First lien senior secured loan 6.83 % 2.50 % -

SOFR(Q) 2/28/2031 10,010 10,055 10,023 0.8 %

Vitesse Systems Parent, LLC First lien senior secured loan 11.47 % 7.00 % -

SOFR(M) 12/22/2028 30,896 30,249 30,819 2.6 %

First lien senior secured revolving loan 11.56 % 7.00 % -

SOFR(M) 12/22/2028 4,679 4,578 4,667 0.4 %

87,657 86,342 87,896 7.4 %

Automobile components

Speedstar Holding LLC

First lien senior secured

12.79 % (S + 7.25 %)

First lien senior secured

delayed draw loan

12.78 % (S + 7.25 %)

Clarios Global LP (6)(8) First lien senior secured loan 6.86 % 2.50 % -

SOFR(M) 5/6/2030 10,060 10,098 10,090 0.8 %

Speedstar Holding LLC First lien senior secured loan 10.59 % 6.00 % -

SOFR(Q) 7/22/2027 6,100 6,040 6,131 0.5 %

First lien senior secured delayed draw loan 10.59 % 6.00 % -

SOFR(Q) 7/22/2027 666 650 669 0.1 %

Vehicle Accessories, Inc.

First lien senior secured

10.72 % (S + 5.25 %)

First lien senior secured

revolving loan

10.72 % (S + 5.25 %)

First lien senior secured loan 9.72 % 5.25 % -

SOFR(M) 11/30/2026 26,424 26,179 26,424 2.2 %

First lien senior secured revolving loan 9.72 % 5.25 % -

SOFR(M) 11/30/2026 -

WAM CR Acquisition, Inc.

(Wolverine) First lien senior secured loan 10.58 % 6.25 % -

SOFR(Q) 7/23/2029 26,830 26,327 27,232 2.3 %

70,080 69,294 70,546 5.9 %

Biotechnology

Alcami Corporation (Alcami)

First lien senior secured

delayed draw loan

12.46 % (S + 7.00 %)

First lien senior secured

revolving loan

12.46 % (S + 7.00 %)

First lien senior secured

12.46 % (S + 7.00 %)

Alcami Corporation (Alcami) First lien senior secured delayed draw loan 11.55 % 7.00 % -

SOFR(M) 12/21/2028 846 846 855 0.1 %

First lien senior secured revolving loan 11.44 % 7.00 % -

SOFR(M) 12/21/2028 117 81 119 0.0 %

First lien senior secured loan 11.66 % 7.00 % -

SOFR(Q) 12/21/2028 11,501 11,213 11,616 1.0 %

12,464 12,140 12,590 1.1 %

Building products

Ruff Roofers Buyer, LLC

First lien senior secured

11.08 % (S + 5.75 %)

First lien senior secured

delayed draw loan

11.08 % (S + 5.75 %)

First lien senior secured

delayed draw loan

11.08 % (S + 5.75 %)

Eastern Wholesale Fence, LLC First lien senior secured loan 12.74 % 8.00 % -

SOFR(Q) 10/30/2025 2,828 2,804 2,828 0.2 %

First lien senior secured loan 12.74 % 8.00 % -

SOFR(Q) 10/30/2025 15,678 15,468 15,678 1.3 %

First lien senior secured revolving loan 12.74 % 8.00 % -

11.08 % (S + 5.75 %)

Eastern Wholesale Fence

First lien senior secured

13.50 % (S + 8.00 %)

First lien senior secured

revolving loan

13.50 % (S + 8.00 %)

Capital markets

Atria Wealth Solutions, Inc.

First lien senior secured

11.97 % (S + 6.50 %)

First lien senior secured

delayed draw loan

11.97 % (S + 6.50 %)

Technologies Holdings, Inc.(f/k/a Cyalume Technologies Holdings, Inc.)

First lien senior secured

10.61 % (S + 5.00 %)

Fralock Buyer LLC

First lien senior secured

11.61 % (S + 6.00 %)

First lien senior secured

revolving loan

11.61 % (S + 6.00 %)

Shrieve Chemical Company, LLC

First lien senior secured

11.90 % (S + 6.38 %)

First lien senior secured

11.61 % (S + 6.00 %)

First lien senior secured

revolving loan

11.47 % (S + 6.00 %)

SOFR(Q) 10/30/2025 1,077 1,074 1,077 0.1 %

Ruff Roofers Buyer, LLC First lien senior secured loan 9.86 % 5.50 % -

SOFR(M) 11/17/2029 7,115 6,880 7,115 0.6 %

First lien senior secured revolving loan 10.11 % 5.75 % -

SOFR(M) 11/17/2029 -

First lien senior secured delayed draw loan 10.11 % 5.75 % -

SOFR(M) 11/17/2029 3,818 3,782 3,818 0.3 %

US Anchors Group, Inc.

(Mechanical Plastics Corp.) First lien senior secured loan 9.33 % 5.00 % -

SOFR(Q) 7/15/2029 14,109 13,800 14,109 1.2 %

First lien senior secured revolving loan 9.33 % 5.00 % -

SOFR(Q) 7/15/2029 -

44,625 43,808 44,625 3.7 %

Fralock Buyer LLC First lien senior secured loan 10.75 % 6.00 % 0.50 % SOFR(Q) 3/31/2025 9,286 9,278 9,263 0.8 %

First lien senior secured loan 10.75 % 6.00 % 0.50 % SOFR(Q) 3/31/2025 2,388 2,385 2,382 0.2 %

First lien senior secured revolving loan 10.83 % 6.00 % 0.50 % SOFR(Q) 3/31/2025 749 747 747 0.1 %

Nouryon USA, LLC (f/k/a AkzoNobel Specialty Chemicals) (8) First lien senior secured loan 7.66 % 3.25 % -

SOFR(Q) 4/3/2028 9,854 9,904 9,913 0.8 %

22,277 22,314 22,305 1.9 %

Commercial services & supplies

Advanced Environmental Monitoring

First lien senior secured

12.01 % (S + 6.50 %)

Allentown, LLC

First lien senior secured

11.46 % (S + 6.00 %)

First lien senior secured

delayed draw loan

11.46 % (S + 6.00 %)

First lien senior secured

revolving loan

13.50 % (P + 5.00 %)

American Equipment Holdings LLC

First lien senior secured

11.86 % (S + 6.00 %)

First lien senior secured

delayed draw loan

11.88 % (S + 6.00 %)

First lien senior secured

delayed draw loan

11.81 % (S + 6.00 %)

First lien senior secured

revolving loan

11.74 % (S + 6.00 %)

Arborworks Acquisition LLC

First lien senior secured

senior secured revolving loan

Advanced Environmental Monitoring (7) First lien senior secured loan 10.41 % 5.75 % -

SOFR(Q) 1/29/2027 3,651 3,588 3,651 0.3 %

First lien senior secured loan 10.23 % 5.75 % -

SOFR(Q) 1/29/2026 7,372 7,266 7,372 0.6 %

First lien senior secured loan 10.23 % 5.75 % -

SOFR(Q) 1/29/2026 2,787 2,787 2,787 0.2 %

Alight Solutions (Tempo Acquisition LLC) (8) First lien senior secured loan 6.61 % 2.25 % -

SOFR(M) 8/31/2028 8,185 8,213 8,210 0.7 %

Allentown, LLC First lien senior secured loan 11.66 % 6.00 % 1.00 % SOFR(Q) 4/22/2027 7,584 7,474 7,318 0.6 %

First lien senior secured delayed draw loan 11.66 % 6.00 % 1.00 % SOFR(Q) 4/22/2027 1,370 1,346 1,322 0.1 %

First lien senior secured revolving loan 12.50 % 5.00 % -

PRIME 4/22/2027 367 357 354 0.0 %

See accompanying

notes to consolidated financial statements.

Anderson BDC, Inc.

Schedule of Investments

of December 31, 2024

in 000’s, except number of shares, units)

Portfolio Company Footnotes (1)(2) Investment (3) Interest Rate Spread PIK Rate Reference (4) Maturity

Date Principal /

Par Amortized

Cost (5) Fair

Value Percentage of

American Equipment Holdings LLC First lien senior secured loan 10.67 % 6.00 % -

SOFR(M) 11/5/2026 16,057 15,908 16,057 1.4 %

First lien senior secured loan 10.67 % 6.00 % -

SOFR(M) 11/5/2026 1,720 1,706 1,720 0.2 %

First lien senior secured loan 10.56 % 6.00 % -

SOFR(M) 11/5/2026 2,064 2,044 2,064 0.2 %

First lien senior secured loan 10.45 % 6.00 % -

SOFR(M) 11/5/2026 561 558 561 0.1 %

First lien senior secured loan 10.50 % 6.00 % -

SOFR(M) 11/5/2026 2,626 2,588 2,626 0.2 %

First lien senior secured delayed draw loan 10.67 % 6.00 % -

SOFR(M) 11/5/2026 6,176 6,110 6,176 0.5 %

First lien senior secured delayed draw loan 10.60 % 6.00 % -

SOFR(M) 11/5/2026 4,919 4,878 4,919 0.4 %

First lien senior secured revolving loan 10.49 % 6.00 % -

SOFR(M) 11/5/2026 2,557 2,481 2,557 0.2 %

Arborworks Acquisition LLC (9)(10) First lien senior secured loan -

- 11/6/2028 4,688 4,688 4,688 0.4 %

First lien senior secured revolving loan -

- 11/6/2028 948 948 948 0.1 %

Bloomington Holdco, LLC (BW Fusion) First lien senior secured revolving loan 10.05 % 5.50 % -

SOFR(Q) 5/1/2030 21,248 20,830 21,248 1.8 %

First lien senior secured loan 10.05 % 5.50 % -

SOFR(Q) 5/1/2030 3,612 3,417 3,612 0.3 %

BLP Buyer, Inc.

(Bishop Lifting Products)

First lien senior secured

11.11 % (S + 5.75 %)

First lien senior secured

delayed draw loan

11.11 % (S + 5.75 %)

First lien senior secured

revolving loan

11.11 % (S + 5.75 %)

(Bishop Lifting Products) First lien senior secured loan 10.34 % 6.00 % -

SOFR(M) 12/22/2029 25,969 25,538 26,163 2.2 %

First lien senior secured loan 10.34 % 6.00 % -

SOFR(M) 12/22/2029 1,220 1,198 1,229 0.1 %

First lien senior secured delayed draw loan 10.34 % 6.00 % -

SOFR(M) 12/22/2029 3,178 3,123 3,202 0.3 %

First lien senior secured revolving loan 10.34 % 6.00 % -

SOFR(M) 12/22/2029 757 692 762 0.1 %

Connect America.com, LLC First lien senior secured loan 9.83 % 5.50 % -

SOFR(Q) 10/11/2029 25,670 25,298 25,670 2.2 %

Diverzify Intermediate LLC First lien senior secured delayed draw loan 10.53 % 5.75 % -

SOFR(M) 4/4/2026 -

First lien senior secured loan 10.53 % 5.75 % -

SOFR(Q) 5/11/2027 6,033 5,902 5,957 0.5 %

Gusmer Enterprises, Inc.

First lien senior secured

12.47 % (S + 7.00 %)

First lien senior secured

delayed draw loan

12.47 % (S + 7.00 %)

First lien senior secured

revolving loan

12.47 % (S + 7.00 %)

PMFC Holding, LLC

First lien senior secured

13.02 % (S + 7.50 %)

First lien senior secured

delayed draw loan

13.03 % (S + 7.50 %)

First lien senior secured

revolving loan

13.03 % (S + 7.50 %)

Regiment Security Partners LLC

First lien senior secured

13.52 % (S + 8.00 %)

First lien senior secured

delayed draw loan

13.52 % (S + 8.00 %)

First lien senior secured

revolving loan

13.52 % (S + 8.00 %)

See accompanying notes to consolidated financial

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2023

(amounts in 000’s, except number of shares, units)

of Net Assets

Packaging Buyer, Inc.

(Century Box)

lien senior secured loan

11.39 % (S + 6.00 %)

lien senior secured revolving loan

11.39 % (S + 6.00 %)

Foam Companies, Inc.

lien senior secured loan

12.75 % (S + 7.25 %)

lien senior secured loan

12.80 % (S + 7.25 %)

LLC (FCA Packaging)

lien senior secured loan

11.90 % (S + 6.50 %)

lien senior secured revolving loan

11.90 % (S + 6.50 %)

Industries, Inc.

lien senior secured loan

11.71 % (S + 6.25 %)

telecommunication services

Connex (f/k/a NTI Connect, LLC)

lien senior secured loan

11.00 % (S + 5.50 %)

(Cuisine Solutions)

13.55 % (S + 8.00 %)

PJK Produce, LLC (Keany)

lien senior secured loan

11.50 % (S + 6.00 %)

lien senior secured delayed draw loan

11.46 % (S + 6.00 %)

Line Distributors, LLC

lien senior secured loan

11.47 % (S + 6.00 %)

lien senior secured delayed draw loan

11.47 % (S + 6.00 %)

lien senior secured revolving loan

11.47 % (S + 6.00 %)

Pacific Holdings, LLC

lien senior secured loan

11.25 % (S + 5.75 %)

lien senior secured delayed draw loan

11.38 % (S + 5.75 %)

lien senior secured revolving loan

11.29 % (S + 5.75 %)

Foods, LLC (FreshEdge)

lien senior secured loan

11.07 % (S + 5.63 %)

lien senior secured loan

11.48 % (S + 6.00 %)

lien senior secured delayed draw loan

11.07 % (S + 5.63 %)

lien senior secured revolving loan

10.91 % (S + 5.63 %)

Ingredients, LLC

lien senior secured loan

11.63 % (S + 6.25 %)

lien senior secured loan

11.99 % (S + 6.50 %)

lien senior secured revolving loan

11.99 % (S + 6.50 %)

Produce Acquisition, LLC

lien senior secured delayed draw loan

11.60 % (S + 6.25 %)

lien senior secured delayed draw loan

11.60 % (S + 6.25 %)

lien senior secured revolving loan

11.60 % (S + 6.25 %)

lien senior secured loan

11.60 % (S + 6.25 %)

care providers & services

lien senior secured loan

11.47 % (S + 6.00 %)

lien senior secured delayed draw loan

11.47 % (S + 6.00 %)

lien senior secured revolving loan

11.47 % (S + 6.00 %)

Dentistry Partners

lien senior secured loan

11.97 % (S + 6.50 %)

lien senior secured delayed draw loan

11.97 % (S + 6.50 %)

lien senior secured delayed draw loan

11.97 % (S + 6.50 %)

Practice Solutions:

Dental, LLC (GPS)

lien senior secured delayed draw loan

11.72 % (S + 6.25 %)

Wave Dental Management LLC

lien senior secured revolving loan

12.35 % (S + 7.00 %)

lien senior secured loan

12.35 % (S + 7.00 %)

Dental Partners Holdings, LLC

lien senior secured loan

11.67 % (S + 6.00 %)

lien senior secured loan

11.61 % (S + 6.00 %)

lien senior secured delayed draw loan

11.67 % (S + 6.00 %)

lien senior secured delayed draw loan

11.67 % (S + 6.00 %)

lien senior secured revolving loan

11.67 % (S + 6.00 %)

See accompanying notes to consolidated financial

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2023

(amounts in 000’s, except number of shares, units)

of Net Assets

Health care equipment & supplies

LSL Industries, LLC (LSL Healthcare)

First lien senior secured

12.15 % (S + 6.50 %)

First lien senior secured

delayed draw loan

12.15 % (S + 6.50 %)

First lien senior secured

revolving loan

12.15 % (S + 6.50 %)

Household durables

Curio Brands, LLC

First lien senior secured

10.96 % (S + 5.50 %)

First lien senior secured

revolving loan

10.96 % (S + 5.50 %)

First lien senior secured

delayed draw loan

10.96 % (S + 5.50 %)

Household products

Home Brands Group Holdings, Inc.

First lien senior secured

10.29 % (S + 4.75 %)

First lien senior secured

revolving loan

10.29 % (S + 4.75 %)

Allcat Claims Service, LLC

First lien senior secured

11.53 % (S + 6.00 %)

First lien senior secured

delayed draw loan

11.53 % (S + 6.00 %)

First lien senior secured

revolving loan

11.53 % (S + 6.00 %)

Domain Information Services Inc.

First lien senior secured

11.29 % (S + 5.75 %)

Improving Acquisition LLC

First lien senior secured

12.22 % (S + 6.50 %)

First lien senior secured

revolving loan

12.22 % (S + 6.50 %)

Leisure products

BCI Burke Holding Corp.

First lien senior secured

11.11 % (S + 5.50 %)

First lien senior secured

delayed draw loan

11.11 % (S + 5.50 %)

First lien senior secured

revolving loan

11.11 % (S + 5.50 %)

VENUplus, Inc.

(f/k/a CTM Group, Inc.)

First lien senior secured

12.29 % (S + 6.75 %)

MacNeill Pride Group

First lien senior secured

11.86 % (S + 6.25 %)

First lien senior secured

delayed draw loan

11.86 % (S + 6.25 %)

First lien senior secured

revolving loan

11.86 % (S + 6.25 %)

Trademark Global LLC

First lien senior secured

12.97 % (S +7.50%, 1.50 % is PIK)

First lien senior secured

revolving loan

12.97 % (S +7.50%, 1.50 % is PIK)

Pennsylvania Machine Works, LLC

First lien senior secured

11.61 % (S + 6.00 %)

PVI Holdings, Inc

First lien senior secured

12.16 % (S + 6.77 %)

Techniks Holdings, LLC / Eppinger Holdings Germany GMBH

First lien senior secured

12.75 % (S + 7.25 %)

First lien senior secured

revolving loan

11.80 % (S + 6.25 %)

Personal care products

DRS Holdings III, Inc.

First lien senior secured

11.71 % (S + 6.25 %)

First lien senior secured

revolving loan

11.71 % (S + 6.25 %)

PH Beauty Holdings III, Inc.

First lien senior secured

10.65 % (S + 5.00 %)

Silk Holdings III Corp.

First lien senior secured

13.10 % (S + 7.75 %)

Pharmaceuticals

Foundation Consumer Brands

First lien senior secured

11.79 % (S + 6.25 %)

First lien senior secured

revolving loan

11.79 % (S + 6.25 %)

See accompanying notes to consolidated financial

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2023

(amounts in 000’s, except number of shares, units)

of Net Assets

Over International, LLC

First lien senior

12.46 % (S + 7.00 %)

Holdings Corp.

senior secured delayed draw loan

10.84 % (S + 5.50 %)

First lien senior secured revolving

10.84 % (S + 5.50 %)

First lien senior secured loan 11.47 % 7.00 % -

10.84 % (S + 5.50 %)

Marine Medical Supply International, LLC (Unimed)

SOFR(M) 5/7/2027 3,688 3,652 3,688 0.3 %

First lien senior secured delayed draw loan 11.47 % 7.00 % -

SOFR(M) 5/7/2027 4,828 4,784 4,828 0.4 %

First lien senior secured delayed draw loan 11.47 % 7.00 % -

SOFR(M) 5/7/2027 1,349 1,302 1,349 0.1 %

First lien senior secured revolving loan 11.47 % 7.00 % -

SOFR(Q) 5/7/2027 -

Superior Intermediate LLC (Landmark Structures) First lien senior secured loan 10.35 % 6.00 % -

SOFR(M) 12/18/2029 18,257 17,762 18,257 1.5 %

First lien senior secured delayed draw loan 10.35 % 6.00 % -

SOFR(M) 12/18/2029 -

First lien senior secured revolving loan 10.38 % 6.00 % - SOFR(M) 12/18/2029 - - - 0.0 %

PMFC Holding, LLC First lien senior secured loan 12.74 % 8.00 % -

SOFR(Q) 12/19/2032 5,504 5,435 5,504 0.5 %

First lien senior secured delayed draw loan 12.74 % 8.00 % -

SOFR(Q) 12/19/2032 2,760 2,746 2,760 0.2 %

First lien senior secured revolving loan 12.74 % 8.00 % -

SOFR(Q) 12/19/2032 445 443 445 0.0 %

Regiment Security Partners LLC First lien senior secured loan 12.50 % 8.00 % -

SOFR(Q) 9/15/2026 6,360 6,298 6,360 0.5 %

First lien senior secured delayed draw loan 12.50 % 8.00 % -

SOFR(Q) 9/15/2026 2,602 2,582 2,602 0.2 %

accompanying notes to consolidated financial statements.

Anderson BDC, Inc.

Schedule of Investments

of December 31, 2024

in 000’s, except number of shares, units)

Portfolio Company Footnotes (1)(2) Investment (3) Interest Rate Spread PIK Rate Reference (4) Maturity

Date Principal /

Par Amortized

Cost (5) Fair

Value Percentage of

First lien senior secured revolving loan 12.50 % 8.00 % - SOFR(Q) 9/15/2026 1,452 1,434 1,452 0.1 %

Tapco Buyer LLC First lien senior secured loan 9.52 % 5.00 % -

SOFR(Q) 11/15/2030 10,471 10,316 10,471 0.9 %

First lien senior secured delayed draw loan 9.34 % 5.00 % -

SOFR(Q) 11/15/2030 603 503 603 0.1 %

First lien senior secured revolving loan 9.34 % 5.00 % -

SOFR(Q) 11/15/2030 -

219,638 216,195 219,492 18.5 %

Construction materials

Quikrete Holdings Inc (8) First lien senior secured loan 6.61 % 2.25 % -

SOFR(M) 3/19/2029 14,888 14,888 14,870 1.3 %

Containers & packaging

Carton Packaging Buyer, Inc.

(Century Box) First lien senior secured loan 10.84 % 6.25 % -

SOFR(Q) 10/30/2028 24,018 23,477 23,778 2.0 %

First lien senior secured revolving loan 10.84 % 6.25 % -

SOFR(S) 10/30/2028 -

Drew Foam Companies, Inc.

(7) First lien senior secured loan 10.48 % 6.00 % -

13.01 % (S + 7.50 %)

senior secured revolving loan

13.00 % (S + 7.50 %)

Intermediate Co 2, LLC (Peak Technologies)

senior secured loan

11.80 % (S + 6.25 %)

Holdings Group, LLC

SOFR(Q) 12/5/2026 6,978 6,835 6,978 0.6 %

First lien senior secured loan 10.78 % 6.00 % -

15.03 % (S + 9.50%, 1.50 % is PIK)

senior secured delayed draw loan

15.03 % (S + 9.50%, 1.50 % is PIK)

apparel & luxury goods

Soccer Company, Incorporated (SCORE)

SOFR(Q) 12/5/2026 19,835 19,685 19,835 1.7 %

FCA, LLC (FCA Packaging) First lien senior secured loan 10.13 % 5.00 % -

SOFR(S) 7/18/2028 18,673 18,492 18,673 1.6 %

First lien senior secured loan 10.11 % 5.75 % -

12.75 % (S + 7.25 %)

First lien senior secured revolving

12.75 % (S + 7.25 %)

SOFR(M) 7/18/2028 1,711 1,658 1,745 0.1 %

First lien senior secured revolving loan 10.13 % 5.00 % -

SOFR(S) 7/18/2028 -

Innopak Industries, Inc.

First lien senior secured loan 10.75 % 6.25 % -

12.53 % (S + 7.00 %)

SOFR(M) 3/5/2027 7,241 7,116 7,241 0.6 %

First lien senior secured loan 10.75 % 6.25 % -

12.53 % (S + 7.00 %)

Garments, LLC

senior secured loan

13.00 % (S + 7.50 %)

companies & distributors

Meteor Acquisition, LLC (Meteor)

SOFR(M) 3/5/2027 5,925 5,821 5,925 0.5 %

First lien senior secured loan 10.69 % 6.25 % -

12.45 % (S + 7.00 %)

SOFR(M) 3/5/2027 14,775 14,529 14,775 1.2 %

M2S Group Intermediate Holdings, Inc.

First lien senior secured loan 9.09 % 4.75 % -

11.61 % (S+ 6.00 %)

Automated Manufacturing, LLC

SOFR(M) 8/22/2031 39,080 36,446 37,713 3.2 %

The Robinette Company First lien senior secured loan 10.52 % 6.00 % -

SOFR(Q) 5/10/2029 10,226 10,042 10,431 0.9 %

First lien senior secured revolving loan 10.52 % 6.00 % -

SOFR(Q) 5/10/2029 2,414 2,322 2,462 0.2 %

First lien senior secured delayed draw loan 10.52 % 6.00 % -

SOFR(M) 11/10/2025 -

150,876 146,423 149,556 12.6 %

Diversified consumer services

Fugue Finance B.V.

(6)(8) First lien senior secured loan 8.25 % 3.75 % -

12.61 % (S + 7.00 %)

SOFR(Q) 2/26/2031 2,985 2,979 3,001 0.3 %

Diversified telecommunication services

Liberty Global/Vodafone Ziggo (6)(8) First lien senior secured loan 7.01 % 2.50 % -

SOFR(M) 4/30/2028 10,060 9,968 10,006 0.8 %

Network Connex (f/k/a NTI Connect, LLC) First lien senior secured loan 9.48 % 5.00 % -

SOFR(Q) 1/31/2026 3,552 3,530 3,552 0.3 %

Virgin Media Bristor LLC (8) First lien senior secured loan 7.01 % 2.50 % -

SOFR(M) 1/31/2028 17,500 17,343 17,361 1.5 %

31,112 30,841 30,919 2.6 %

Electrical equipment

Westinghouse (Wec US Holdings LTD) (8) First lien senior secured loan 6.80 % 2.25 % -

SOFR(M) 1/27/2031 10,035 10,046 10,033 0.8 %

See accompanying

notes to consolidated financial statements.

Anderson BDC, Inc.

Schedule of Investments

of December 31, 2024

in 000’s, except number of shares, units)

Portfolio Company Footnotes (1)(2) Investment (3) Interest Rate Spread PIK Rate Reference (4) Maturity

Date Principal /

Par Amortized

Cost (5) Fair

Value Percentage of

Food products

BC CS 2, L.P.

(Cuisine Solutions) (6)(11) - 12.55 % 8.00 % -

SOFR(S) 7/8/2028 18,111 17,788 18,111 1.5 %

BR PJK Produce, LLC (Keany) First lien senior secured loan 10.99 % 6.25 % -

SOFR(Q) 11/14/2027 29,340 28,886 29,340 2.5 %

First lien senior secured loan 10.99 % 6.25 % -

12.61 % (S + 7.00 %)

First lien senior secured delayed

12.61 % (S + 7.00 %)

First lien senior secured revolving

12.61 % (S + 7.00 %)

SOFR(Q) 11/14/2027 4,338 4,249 4,338 0.4 %

First lien senior secured delayed draw loan 10.99 % 6.25 % -

SOFR(Q) 11/14/2027 4,364 4,263 4,364 0.4 %

First lien senior secured delayed draw loan 10.99 % 6.25 % -

SOFR(Q) 11/14/2027 1,418 1,395 1,418 0.1 %

CCFF Buyer, LLC (California Custom Fruits & Flavors, LLC) First lien senior secured loan 9.77 % 5.25 % -

SOFR(Q) 2/26/2030 13,896 13,587 13,896 1.2 %

First lien senior secured delayed draw loan 9.77 % 5.25 % -

SOFR(Q) 2/26/2030 7,926 7,622 7,926 0.7 %

First lien senior secured revolving loan 9.77 % 5.00 % -

SOFR(Q) 2/26/2030 -

City Line Distributors, LLC First lien senior secured loan 10.47 % 6.00 % -

SOFR(M) 8/31/2028 8,806 8,634 8,894 0.7 %

First lien senior secured delayed draw loan 10.51 % 6.00 % -

SOFR(M) 8/31/2028 3,608 3,550 3,645 0.3 %

First lien senior secured revolving loan 10.47 % 6.00 % -

SOFR(M) 8/31/2028 -

Gulf Pacific Holdings, LLC First lien senior secured loan 10.46 % 6.00 % -

SOFR(M) 9/30/2028 19,976 19,703 19,576 1.7 %

First lien senior secured delayed draw loan 10.55 % 6.00 % -

SOFR(M) 9/30/2028 1,684 1,684 1,651 0.1 %

First lien senior secured revolving loan 10.46 % 6.00 % -

SOFR(M) 9/30/2028 4,195 4,120 4,111 0.3 %

IF&P Foods, LLC (FreshEdge) First lien senior secured loan 10.05 % 5.63 % -

SOFR(Q) 7/23/2030 26,970 26,511 26,970 2.3 %

First lien senior secured loan 10.43 % 6.00 % -

11.24 % (S + 5.75 %)

SOFR(Q) 7/23/2030 214 210 214 0.0 %

First lien senior secured loan 10.05 % 5.63 % -

11.27 % (S + 5.75 %)

First lien senior secured delayed

11.24 % (S + 5.75 %)

First lien senior secured revolving

11.24 % (S + 5.75 %)

Fastener Company, LLC (EFC International)

SOFR(Q) 7/23/2030 712 684 706 0.1 %

First lien senior secured delayed draw loan 10.05 % 5.63 % -

SOFR(Q) 7/23/2030 4,004 3,941 4,004 0.3 %

First lien senior secured revolving loan 10.05 % 5.63 % -

SOFR(Q) 7/23/2030 2,303 2,248 2,303 0.2 %

J&K Ingredients, LLC First lien senior secured loan 10.83 % 6.50 % -

SOFR(Q) 11/16/2028 11,465 11,230 11,580 1.0 %

ML Buyer, LLC (Mama Lycha Foods, LLC) First lien senior secured loan 9.68 % 5.25 % -

SOFR(Q) 9/9/2029 11,555 11,262 11,555 1.0 %

First lien senior secured revolving loan 9.68 % 5.25 % -

SOFR(Q) 9/9/2029 -

Siegel Egg Co., LLC First lien senior secured loan 13.19 % 6.50 % 2.00 % SOFR(Q) 12/29/2026 14,651 14,541 12,600 1.1 %

First lien senior secured revolving loan 13.19 % 6.50 % 2.00 % SOFR(Q) 12/29/2026 2,629 2,604 2,261 0.2 %

Worldwide Produce Acquisition, LLC First lien senior secured delayed draw loan 11.00 % 6.75 % -

SOFR(S) 1/18/2029 555 542 544 0.0 %

First lien senior secured delayed draw loan 11.00 % 6.75 % -

SOFR(S) 1/18/2029 461 437 452 0.0 %

First lien senior secured revolving loan 11.00 % 6.75 % - SOFR(S) 1/18/2029 - - - 0.0 %

First lien senior secured loan 11.00 % 6.75 % -

12.00 % (S + 6.50 %)

Cable Group, LLC

SOFR(S) 1/18/2029 2,831 2,769 2,775 0.2 %

196,012 192,460 193,234 16.3 %

Health care providers & services

Brightview, LLC First lien senior secured loan 10.47 % 6.00 % -

SOFR(M) 12/14/2026 12,738 12,729 12,611 1.1 %

First lien senior secured delayed draw loan 10.47 % 6.00 % -

SOFR(M) 12/14/2026 1,701 1,699 1,684 0.1 %

First lien senior secured revolving loan 10.34 % 6.00 % -

SOFR(M) 12/14/2026 774 771 767 0.1 %

accompanying notes to consolidated financial statements.

Anderson BDC, Inc.

Schedule of Investments

of December 31, 2024

in 000’s, except number of shares, units)

Portfolio Company Footnotes (1)(2) Investment (3) Interest Rate Spread PIK Rate Reference (4) Maturity

Date Principal /

Par Amortized

Cost (5) Fair

Value Percentage of

Guardian Dentistry Partners First lien senior secured loan 9.72 % 5.25 % -

SOFR(M) 8/20/2027 5,914 5,829 5,914 0.5 %

First lien senior secured delayed draw loan 9.72 % 5.25 % -

SOFR(M) 8/20/2027 11,592 11,433 11,592 1.0 %

First lien senior secured delayed draw loan 9.72 % 5.25 % -

SOFR(M) 8/20/2027 4,522 4,503 4,522 0.4 %

First lien senior secured revolving loan 9.72 % 5.25 % -

SOFR(M) 8/20/2027 -

Guided Practice Solutions:

Dental, LLC (GPS) First lien senior secured delayed draw loan 10.72 % 6.25 % -

SOFR(M) 11/24/2026 16,654 16,348 16,654 1.4 %

First lien senior secured delayed draw loan 10.72 % 6.25 % -

SOFR(M) 11/24/2026 3,980 3,980 3,980 0.3 %

First lien senior secured delayed draw loan 10.72 % 6.25 % -

SOFR(M) 11/24/2026 9,734 9,634 9,734 0.8 %

Light Wave Dental Management LLC First lien senior secured revolving loan 9.82 % 5.50 % -

SOFR(Q) 6/30/2029 -

First lien senior secured loan 9.82 % 5.50 % -

10.96 % (S + 5.50 %)

SOFR(Q) 6/30/2029 22,198 21,583 22,198 1.9 %

First lien senior secured loan 9.82 % 5.50 % -

10.96 % (S + 5.50 %)

Images Acquisition, LLC

SOFR(Q) 6/30/2029 494 480 494 0.0 %

First lien senior secured loan 9.85 % 5.50 % -

11.75 % (S + 6.25 %)

First lien senior secured delayed

11.75 % (S + 6.25 %)

SOFR(Q) 6/30/2029 2,288 2,250 2,288 0.2 %

MVP VIP Borrower, LLC First lien senior secured loan 10.83 % 6.50 % -

SOFR(Q) 1/3/2029 19,480 19,075 19,675 1.7 %

First lien senior secured delayed draw loan 10.83 % 6.50 % -

SOFR(Q) 1/3/2029 1,571 1,539 1,587 0.1 %

NMA Holdings, LLC (Neuromonitoring Associates) First lien senior secured loan 9.60 % 5.25 % -

SOFR(Q) 12/18/2030 16,425 16,046 16,425 1.4 %

First lien senior secured revolving loan 9.60 % 5.25 % -

SOFR(Q) 12/18/2030 -

First lien senior secured delayed draw loan 9.60 % 5.25 % -

SOFR(Q) 12/18/2030 -

Redwood MSO, LLC (Smile Partners) First lien senior secured loan 9.60 % 5.25 % -

SOFR(Q) 12/20/2029 11,216 10,955 11,216 1.0 %

First lien senior secured delayed draw loan 9.60 % 5.25 % -

SOFR(Q) 12/20/2029 -

First lien senior secured revolving loan 11.75 % 4.25 % -

PRIME 12/19/2030 -

Refocus Management Services, LLC First lien senior secured loan 10.75 % 6.00 % -

SOFR(Q) 2/14/2029 18,221 17,736 18,221 1.5 %

First lien senior secured delayed draw loan 10.75 % 6.00 % -

SOFR(Q) 2/14/2029 2,525 2,380 2,525 0.2 %

First lien senior secured revolving loan 10.75 % 6.00 % -

SOFR(Q) 2/14/2029 -

Salt Dental Collective LLC First lien senior secured delayed draw loan 11.21 % 6.75 % -

SOFR(Q) 2/15/2028 3,980 3,980 3,980 0.3 %

166,007 162,950 166,067 14.0 %

Health care equipment & supplies

LSL Industries, LLC (LSL Healthcare) First lien senior secured loan 11.78 % 7.00 % -

SOFR(Q) 11/3/2027 19,084 18,518 18,655 1.6 %

First lien senior secured delayed draw loan 11.78 % 7.00 % -

SOFR(Q) 11/3/2027 -

First lien senior secured revolving loan 11.78 % 7.00 % -

SOFR(Q) 11/3/2027 -

Medline Borrower LP (8) First lien senior secured loan 6.82 % 2.25 % -

SOFR(M) 10/23/2028 9,985 10,024 10,012 0.8 %

29,069 28,542 28,667 2.4 %

Hotels, restaurants & leisure

Inspire Brands (8) First lien senior secured loan 6.86 % 2.50 % -

SOFR(M) 12/15/2027 10,010 10,030 10,012 0.8 %

Restaurant Brands (1011778 BC ULC) (6)(8) First lien senior secured loan 6.11 % 1.75 % -

SOFR(M) 9/20/2030 17,369 17,387 17,264 1.5 %

27,379 27,417 27,276 2.3 %

See accompanying

notes to consolidated financial statements.

Anderson BDC, Inc.

Schedule of Investments

of December 31, 2024

in 000’s, except number of shares, units)

Portfolio Company Footnotes (1)(2) Investment (3) Interest Rate Spread PIK Rate Reference (4) Maturity

Date Principal /

Par Amortized

Cost (5) Fair

Value Percentage of

Household durables

Curio Brands, LLC First lien senior secured loan 9.48 % 5.00 % -

SOFR(Q) 12/21/2027 16,286 16,060 16,286 1.4 %

First lien senior secured revolving loan 9.48 % 5.00 % -

SOFR(Q) 12/21/2027 -

First lien senior secured delayed draw loan 9.48 % 5.00 % -

SOFR(Q) 12/21/2027 3,911 3,911 3,911 0.3 %

20,197 19,971 20,197 1.7 %

Household products

Home Brands Group Holdings, Inc.

(ReBath) First lien senior secured loan 9.49 % 4.75 % -

SOFR(Q) 11/8/2026 15,373 15,238 15,373 1.3 %

First lien senior secured revolving loan 9.49 % 4.75 % -

SOFR(Q) 11/8/2026 -

15,373 15,238 15,373 1.3 %

Allcat Claims Service, LLC First lien senior secured loan 10.46 % 6.00 % -

SOFR(M) 7/7/2027 7,639 7,552 7,639 0.6 %

First lien senior secured delayed draw loan 10.46 % 6.00 % -

SOFR(M) 7/7/2027 21,387 20,960 21,387 1.8 %

First lien senior secured revolving loan 10.69 % 6.00 % -

SOFR(Q) 7/7/2027 -

AmWINS Group Inc (8) First lien senior secured loan 6.72 % 2.25 % -

SOFR(M) 2/22/2028 9,956 9,970 9,982 0.9 %

38,982 38,482 39,008 3.3 %

Improving Acquisition LLC First lien senior secured loan 11.00 % 6.50 % -

SOFR(Q) 7/26/2027 33,616 33,198 33,616 2.8 %

First lien senior secured revolving loan 11.00 % 6.50 % -

SOFR(Q) 7/26/2027 -

33,616 33,198 33,616 2.8 %

Leisure products

MacNeill Pride Group Corp.

First lien senior secured loan 11.84 % 6.75 % 0.50 % SOFR(Q) 4/22/2026 8,038 8,003 7,997 0.7 %

First lien senior secured delayed draw loan 11.84 % 6.75 % 0.50 % SOFR(Q) 4/22/2026 1,505 1,499 1,497 0.1 %

First lien senior secured delayed draw loan 11.84 % 6.75 % 0.50 % SOFR(Q) 4/22/2026 1,685 1,664 1,677 0.1 %

First lien senior secured revolving loan 11.34 % 6.75 % -

SOFR(Q) 4/22/2026 599 585 596 0.1 %

Pixel Intermediate, LLC (6) First lien senior secured loan 10.92 % 6.50 % -

SOFR(S) 2/1/2029 20,723 20,276 20,931 1.8 %

First lien senior secured revolving loan 10.83 % 6.50 % -

SOFR(Q) 2/1/2029 6,989 6,810 7,059 0.6 %

Spinrite, Inc.

(6) First lien senior secured loan 9.83 % 5.50 % -

11.70 % (S + 6.25 %)

SOFR(Q) 6/30/2025 5,118 5,096 5,118 0.4 %

First lien senior secured revolving loan 9.83 % 5.50 % -

SOFR(Q) 6/30/2025 3,399 3,399 3,399 0.3 %

TG Parent Newco LLC (Trademark Global LLC) (9)(10)(12) First lien senior secured loan -

- 7/30/2030 12,623 12,623 9,972 0.8 %

First lien senior secured revolving loan -

- 7/30/2030 2,815 2,815 2,224 0.2 %

VENUplus, Inc.

(f/k/a CTM Group, Inc.) First lien senior secured loan 11.96 % 4.75 % 2.75 % SOFR(Q) 11/30/2026 4,431 4,359 4,365 0.4 %

67,925 67,129 64,835 5.5 %

MRC Keystone Acquisition LLC (Automated Handing Solutions) First lien senior secured loan 10.85 % 6.50 % -

SOFR(Q) 12/18/2029 14,016 13,660 14,016 1.2 %

First lien senior secured revolving loan 10.85 % 6.50 % -

SOFR(Q) 12/18/2029 -

Eppinger Technologies, LLC (6) First lien senior secured loan 14.48 % 8.50 % 1.50 % SOFR(Q) 2/4/2026 24,886 24,606 24,886 2.1 %

First lien senior secured revolving loan 13.23 % 7.25 % 1.50 % SOFR(Q) 2/4/2026 1,371 1,332 1,371 0.1 %

Luxium Solutions, LLC First lien senior secured loan 10.58 % 6.25 % -

SOFR(Q) 12/1/2027 3,815 3,766 3,815 0.3 %

First lien senior secured loan 10.58 % 6.25 % -

11.75 % (S + 6.25 %)

First lien senior secured revolving

11.75 % (S + 6.25 %)

Holdings, Inc.

First lien senior secured delayed

11.20 % (S + 5.75 %)

First lien senior secured delayed

11.20 % (S + 5.75 %)

First lien senior secured revolving

11.20 % (S + 5.75 %)

SOFR(Q) 12/1/2027 4,697 4,637 4,697 0.4 %

First lien senior secured delayed draw loan 10.58 % 6.25 % -

SOFR(Q) 12/1/2027 1,233 1,220 1,233 0.1 %

See accompanying

notes to consolidated financial statements.

Anderson BDC, Inc.

Schedule of Investments

of December 31, 2024

in 000’s, except number of shares, units)

Portfolio Company Footnotes (1)(2) Investment (3) Interest Rate Spread PIK Rate Reference (4) Maturity

Date Principal /

Par Amortized

Cost (5) Fair

Value Percentage of

PVI Holdings, Inc First lien senior secured loan 9.68 % 4.94 % - SOFR(Q) 1/18/2028 23,653 23,423 23,653 2.0 %

73,671 72,644 73,671 6.2 %

Directv Financing LLC (8) First lien senior secured loan 9.85 % 5.00 % - SOFR(Q) 8/2/2027 16,154 16,244 16,182 1.4 %

Personal care products

DRS Holdings III, Inc.

Scholl's) First lien senior secured loan 10.71 % 6.25 % - SOFR(M) 11/1/2025 10,618 10,596 10,618 0.9 %

First lien senior secured revolving loan 10.71 % 6.25 % - SOFR(M) 11/1/2025 - - - 0.0 %

PH Beauty Holdings III, Inc.

First lien senior secured loan 10.17 % 5.00 % - SOFR(S) 9/28/2025

10,496 10,422 10,496 0.9 %

Phoenix YW Buyer, Inc.

(Elida Beauty) First lien senior secured loan 9.33 % 5.00 % - SOFR(Q) 5/31/2030 11,013 10,747 11,013 0.9 %

First lien senior secured revolving loan 9.33 % 5.00 % - SOFR(Q) 5/31/2030 - - - 0.0 %

Silk Holdings III Corp.

(Suave) First lien senior secured loan 9.83 % 5.50 % - SOFR(Q) 5/1/2029 19,700 18,899 19,700 1.7 %

First lien senior secured loan 9.83 % 5.50 % - SOFR(Q) 5/1/2029 12,908 12,674 12,908 1.1 %

First lien senior secured revolving loan 8.33 % 4.00 % - SOFR(Q) 5/1/2029 8,333 8,062 8,333 0.7 %

73,068 71,400 73,068 6.2 %

Pharmaceuticals

Foundation Consumer Brands LLC First lien senior secured loan 10.89 % 6.25 % - SOFR(Q) 2/12/2027 6,358 6,334 6,358 0.5 %

First lien senior secured revolving loan 10.89 % 6.25 % - SOFR(Q) 2/12/2027 - - - 0.0 %

Jazz Pharmaceuticals Inc.

(6)(8) First lien senior secured loan 6.61 % 2.25 % - SOFR(M) 5/5/2028 17,301 17,407 17,334 1.5 %

Organon & Co (6)(8) First lien senior secured loan 6.60 % 2.25 % - SOFR(Q) 5/19/2031 12,440 12,411 12,455 1.0 %

36,099 36,152 36,147 3.0 %

Professional services

4 Over International, LLC First lien senior secured loan 11.46 % 7.00 % - SOFR(M) 12/7/2026 18,851 18,376 18,662 1.6 %

DISA Holdings Corp.

(DISA) First lien senior secured delayed draw loan 9.50 % 5.00 % - SOFR(Q) 9/9/2028 8,320 8,174 8,320 0.7 %

First lien senior secured delayed draw loan 9.40 % 5.00 % - SOFR(Q) 9/9/2028 125 83 125 0.0 %

First lien senior secured revolving loan 9.40 % 5.00 % - SOFR(Q) 9/9/2028 - - - 0.0 %

First lien senior secured loan 9.50 % 5.00 % - SOFR(Q) 9/9/2028 1,311 1,294 1,311 0.1 %

First lien senior secured loan 9.50 % 5.00 % - SOFR(Q) 9/9/2028 21,953 21,505 21,953 1.9 %

Dun & Bradstreet Corp (8) First lien senior secured loan 6.59 % 2.25 % - SOFR(M) 1/18/2029 9,985 9,995 9,986 0.8 %

Envirotech Services, LLC First lien senior secured loan 10.34 % 6.00 % - SOFR(Q) 1/18/2029 33,046 32,290 33,046 2.8 %

First lien senior secured loan 10.35 % 6.00 % - SOFR(Q) 1/18/2029 124 122 124 0.0 %

First lien senior secured revolving loan 10.34 % 6.00 % - SOFR(Q) 1/18/2029 - - - 0.0 %

93,715 91,839 93,527 7.9 %

Semiconductors & semiconductor equipment

MKS Instruments Inc.

(6)(8) First lien senior secured loan 6.59 % 2.25 % - SOFR(M) 8/17/2029 11,823 11,871 11,846 1.0 %

Specialty retail

Great Outdoors Group, LLC (8) First lien senior secured loan 8.22 % 3.75 % - SOFR(M) 3/6/2028 17,321 17,361 17,382 1.5 %

accompanying notes to consolidated financial statements.

Anderson BDC, Inc.

Schedule of Investments

of December 31, 2024

in 000’s, except number of shares, units)

Portfolio Company Footnotes (1)(2) Investment (3) Interest Rate Spread PIK Rate Reference (4) Maturity

Date Principal /

Par Amortized

Cost (5) Fair

Value Percentage of

Harbor Freight Tools USA Inc (8) First lien senior secured loan 6.86 % 2.75 % - SOFR(M) 10/19/2027 17,456 17,424 17,198 1.4 %

Sundance Holdings Group, LLC (7)(9)(10) First lien senior secured loan - - - - 6/30/2025 9,414 9,412 6,590 0.5 %

First lien senior secured delayed draw loan - - - - 6/30/2025 444 444 657 0.1 %

44,635 44,641 41,827 3.5 %

Textiles, apparel & luxury goods

American Soccer Company, Incorporated (SCORE) First lien senior secured loan 14.73 % 7.25 % 3.00 % SOFR(Q) 7/20/2027 27,799 26,870 27,799 2.3 %

First lien senior secured revolving loan 14.73 % 7.25 % 3.00 % SOFR(Q) 7/20/2027 2,136 1,986 2,136 0.2 %

BEL USA, LLC First lien senior secured loan 11.67 % 7.00 % - SOFR(Q) 6/2/2026 5,503 5,427 5,379 0.5 %

First lien senior secured loan 11.67 % 7.00 % - SOFR(Q) 6/2/2026 90 89 88 0.0 %

YS Garments, LLC First lien senior secured loan 12.25 % 7.50 % - SOFR(Q) 8/9/2026 6,263 6,210 6,075 0.5 %

41,791 40,582 41,477 3.5 %

Trading companies & distributors

AIDC Intermediate Co 2, LLC (Peak Technologies)

First lien senior secured loan 9.59 % 5.25 % - SOFR(M) 7/22/2027 34,300 33,591 34,129 2.9 %

TL Alpine Holding Corp.

(Air Distribution Technologies Inc.) First lien senior secured loan 10.55

% 6.00 % - SOFR(M) 8/1/2030 18,253 17,905 18,435 1.5 %

BCDI Meteor Acquisition, LLC (Meteor) First lien senior secured loan 11.43 % 7.00 % - SOFR(Q) 6/29/2028 16,133 15,859 16,133 1.3 %

First lien senior secured loan 11.43 % 7.00 % - SOFR(Q) 6/29/2028 2,223 2,180 2,223 0.2 %

CGI Automated Manufacturing, LLC First lien senior secured loan 11.59 % 7.00 % - SOFR(Q) 12/17/2026 16,979 16,565 16,979 1.4 %

First lien senior secured loan 11.59 % 7.00 % - SOFR(Q) 12/17/2026 3,104 3,041 3,104 0.3 %

First lien senior secured loan 11.59 % 7.00 % - SOFR(Q) 12/17/2026 6,542 6,447 6,542 0.5 %

First lien senior secured delayed draw loan 11.59 % 7.00 % - SOFR(Q) 12/17/2026 3,541 3,467 3,541 0.3 %

First lien senior secured revolving loan 11.59 % 7.00 % - SOFR(Q) 12/17/2026 479 421 479 0.0 %

Dusk Acquisition II Corporation (Motors & Armatures, Inc.

– MARS) First lien senior secured loan 10.33 % 6.00 % - SOFR(Q) 7/12/2029 26,133 25,663 26,133 2.2 %

First lien senior secured loan 10.33 % 6.00 % - SOFR(Q) 7/12/2029 13,801 13,500 13,801 1.2 %

Energy Acquisition LP (Electrical Components International, Inc.

- ECI) First lien senior secured loan 11.28 % 6.50 % - SOFR(Q) 5/10/2029 26,149 25,672 26,541 2.2 %

First lien senior secured delayed draw loan 11.28 % 6.50 % - SOFR(Q) 5/11/2026 - - - 0.0 %

Engineered Fastener Company, LLC (EFC International) First lien senior secured loan 10.98 % 6.50 % - SOFR(Q) 11/1/2027 23,366 22,986 23,471 2.0 %

Genuine Cable Group, LLC First lien senior secured loan 10.21 % 5.75 % - SOFR(M) 11/1/2026 28,763 28,285 28,691 2.4 %

First lien senior secured loan 10.21 % 5.75 % - SOFR(M) 11/1/2026 5,450 5,348 5,436 0.5 %

See accompanying

notes to consolidated financial statements.

Anderson BDC, Inc.

Schedule of Investments

of December 31, 2024

in 000’s, except number of shares, units)

Portfolio Company Footnotes (1)(2) Investment (3) Interest Rate Spread PIK Rate Reference (4) Maturity

Date Principal /

Par Amortized

Cost (5) Fair

Value Percentage of

Images Acquisition, LLC First lien senior secured loan 10.11 % 5.75 % -

SOFR(M) 7/30/2027 5,652 5,572 5,652 0.5 %

First lien senior secured loan 10.11 % 5.75 % -

11.20 % (S + 5.75 %)

Acquisitions, Inc.

SOFR(M) 7/30/2027 7,854 7,792 7,854 0.7 %

First lien senior secured loan 10.11 % 5.75 % -

11.61 % (S + 6.25 %)

First lien senior secured delayed

11.61 % (S + 6.25 %)

First lien senior secured revolving

11.61 % (S + 6.25 %)

Safety & Survivability Corporation (USSC)

SOFR(M) 7/30/2027 4,474 4,423 4,474 0.4 %

First lien senior secured loan 10.11 % 5.75 % -

11.79 % (S + 6.25 %)

SOFR(M) 7/30/2027 1,032 1,024 1,032 0.1 %

First lien senior secured delayed draw loan 10.11 % 5.75 % -

SOFR(M) 7/30/2027 2,459 2,407 2,459 0.2 %

First lien senior secured revolving loan 10.11 % 5.75 % -

SOFR(M) 7/30/2027 -

Krayden Holdings, Inc.

First lien senior secured delayed draw loan 9.11 % 4.75 % -

SOFR(M) 3/1/2029 -

First lien senior secured revolving loan 9.11 % 4.75 % -

SOFR(M) 3/1/2029 -

First lien senior secured loan 9.11 % 4.75 % -

11.79 % (S + 6.25 %)

First lien senior secured delayed

11.79 % (S + 6.25 %)

senior secured revolving loan

11.79 % (S + 6.25 %)

telecommunication services

Communications, LLC

SOFR(M) 3/1/2029 9,395 9,110 9,395 0.8 %

OAO Acquisitions, Inc.

(BearCom) First lien senior secured loan 9.98 % 5.50 % -

SOFR(M) 12/27/2029 21,210 20,932 21,210 1.8 %

First lien senior secured loan 9.87 % 5.50 % -

11.53 % (S + 6.00 %)

First lien senior secured delayed

11.53 % (S + 6.00 %)

First lien senior secured delayed

11.53 % (S + 6.00 %)

First lien senior secured revolving

11.53 % (S + 6.00 %)

senior secured loan

11.53 % (S + 6.00 %)

Private Credit Debt Investments

See accompanying notes to consolidated financial

SOFR(M) 12/27/2029 857 849 857 0.1 %

First lien senior secured delayed draw loan 9.87 % 5.50 % -

SOFR(M) 12/27/2025 4,498 4,420 4,498 0.4 %

First lien senior secured revolving loan 9.87 % 5.50 % -

SOFR(M) 12/27/2029 -

Univar (Windsor Holdings LLC) (8) First lien senior secured loan 7.86 % 3.50 % -

SOFR(M) 8/1/2030 9,960 10,018 10,065 0.8 %

Workholding US Holdings, LLC (Forkardt Hardinge) First lien senior secured loan 10.13 % 5.50 % -

SOFR(Q) 10/23/2029 7,377 7,208 7,377 0.6 %

First lien senior secured revolving loan 10.09 % 5.50 % -

SOFR(Q) 10/23/2029 555 484 555 0.1 %

300,539 295,169 301,066 25.4 %

Wireless telecommunication services

Centerline Communications, LLC First lien senior secured loan 12.12 % 6.00 % 1.50 % SOFR(Q) 8/10/2027 5,884 5,770 5,413 0.5 %

First lien senior secured loan 12.12 % 6.00 % 1.50 % SOFR(Q) 8/10/2027 854 835 854 0.1 %

First lien senior secured loan 12.12 % 6.00 % 1.50 % SOFR(Q) 8/10/2027 9,109 8,984 8,380 0.7 %

First lien senior secured delayed draw loan 12.12 % 6.00 % 1.50 % SOFR(Q) 8/10/2027 7,066 6,984 6,501 0.5 %

First lien senior secured delayed draw loan 12.15 % 6.00 % 1.50 % SOFR(Q) 8/10/2027 6,220 6,140 5,722 0.5 %

First lien senior secured revolving loan 12.00 % 6.00 % 1.50 % SOFR(Q) 8/10/2027 1,824 1,796 1,678 0.1 %

First lien senior secured loan 12.16 % 6.00 % 1.50 % SOFR(Q) 8/10/2027 1,023 1,000 941 0.1 %

31,980 31,509 29,489 2.5 %

Total Debt Investments 1,984,672 1,952,708 1,972,406 166.3 %

See accompanying

notes to consolidated financial statements.

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2023

(amounts in 000’s, except number of shares, units)

Percentage of Net Assets

Schedule of Investments

of December 31, 2024

in 000’s, except number of shares, units)

Footnotes (1)(2) Acquisition

Date Number of

Shares/Units Cost Fair

Value Percentage of

Equity Investments(10)(13)

3 unchanged sentences

Vehicle Accessories, Inc.

- preferred (14) 2/25/2022 250,000 250 318 0.0 %

250 907 0.1 %

Building Products

US Anchors Investor, LP - preferred (15) 7/15/2024 500,000 500 500 0.0 %

US Anchors Investor, LP - Class A Common (15) 7/15/2024 500,000 -

500 500 0.0 %

Commercial services & supplies

American Equipment Holdings LLC - Class A units (16) 4/8/2022 426 284 570 0.1 %

BLP Buyer, Inc.

(Bishop Lifting Products) - Class A common

Arborworks Acquisition LLC - Class A preferred units (15) 11/6/2023 21,716 9,179 11,114 0.9 %

1 unchanged sentence

Arborworks Acquisition LLC - Class A common units (15) 11/6/2023 2,604 -

Bloomington Holdings, LP (BW Fusion) - Class A1 common units (15) 11/5/2024 500 500 500 0.0 %

BLP Buyer, Inc.

(Bishop Lifting Products) - Class A common (17) 2/1/2022 582,469 652 1,097 0.1 %

10,615 13,281 1.1 %

Containers & packaging

Robinette Company Acquisition, LLC - Class A common units (15) 5/10/2024 9 -

Robinette Company Acquisition, LLC - Class A preferred units (15) 5/10/2024 500 500 515 0.1 %

500 598 0.1 %

Food products

1 unchanged sentence

(Cuisine Solutions) (6)(11) 7/8/2022 2,000,000 2,000 3,062 0.3 %

CCFF Parent, LLC (California Custom Fruits & Flavors, LLC) - Class A-1 units (15) 2/26/2024 750 511 936 0.1 %

City Line Distributors, LLC - Class A units (15) 8/31/2023 669,866 670 518 0.0 %

3 unchanged sentences

IF&P Foods, LLC (FreshEdge) - Class B common (16) 10/3/2022 750 -

Siegel Parent, LLC

Healthcare equipment & supplies

LSL Industries, LLC (LSL Healthcare)

Domain Information Services Inc.

ML Buyer, LLC (Mama Lycha Foods, LLC) - Class A units (15) 9/9/2024 250 250 250 0.0 %

Siegel Parent, LLC - Common (18) 12/29/2021 250 250 -

Siegel Egg Co., LLC - Convertible Note (18) 1/19/2024 28 28 16 0.0 %

4,732 5,736 0.5 %

Health care equipment & supplies

LSL Industries, LLC (LSL Healthcare) - common (16) 11/1/2022 7,500 750 274 0.0 %

Health care providers & services

NMA Super Holdings, LLC (BW Fusion) - Class A membership interests (15) 12/18/2024 1,000,000 1,000 1,000 0.1 %

Leisure products

TG Parent Newco LLC (Trademark Global LLC) – common (10)(12)(15) 9/16/2024 8 -

Specialty retail

Sundance Direct Holdings, Inc.

- common 10/27/2023 21,479 -

Textiles, apparel & luxury goods

American Soccer Company, Incorporated (SCORE)

Total Private Equity Investments

Total Private Investments

of Net Assets

American Soccer Company, Incorporated (SCORE) - common (18) 7/20/2022 1,000,000 1,000 441 0.0 %

Total Equity Investments 19,347 22,737 1.9 %

Total Debt and Equity Investments 1,972,055 1,995,143 168.2 %

Number of Shares Cost Fair Value Percentage of Net Assets

Short-Term Investments

First American Treasury Obligations Fund - Institutional Class Z, 5.21%

Morgan Stanley Institutional Liquidity Fund, Institutional Class, 4.24% (19) 48,683,210 48,683 48,683 4.1 %

Total Short-Term Investments 48,683,210 48,683 48,683 4.1 %

1 unchanged sentence

Liabilities in Excess of Other Assets ( 857,484 ) ( 72.3 )%

(1) As of December 31, 2023, all investments are non-controlled, non-affiliated investments.

Net Assets $ 1,186,342 100.0 %

(1) As of December 31, 2024, unless otherwise noted, investments are non-controlled, non-affiliated investments.

Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.

As of December 31, 2024, the total value of the Company’s non-controlled, non-affiliated investments was $1,982,947.

accompanying notes to consolidated financial statements.

Anderson BDC, Inc.

Schedule of Investments

of December 31, 2024

in 000’s, except number of shares, units)

(2) Unless otherwise noted, security is a Level 3 holding.

As of December 31, 2024, the aggregate value of Level 3 securities held by the Company was $1,741,919.

See Note 5 – Fair Value.

(3) Debt investments are pledged to the Company’s credit facilities, and a single debt investment may be divided into parts that are individually pledged to separate credit facilities.

(4) Unless otherwise noted, all loans contain a variable rate structure, that may be subject to an interest rate floor.

Variable rate loans bear interest at a rate that may be determined by reference to either the Secured Overnight Financing Rate (“SOFR”) (which can include one-(M), three-(Q) or six-month (S) SOFR), or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate).

(5) The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(4) As of December 31, 2023, the tax cost of the Company’s investments approximates their amortized cost.

(5) Loan contains a variable rate structure, that may be subject to an interest rate floor.

Variable rate loans bear interest at a rate that may be determined by reference to either the Secured Overnight Funding Rate (“SOFR” or “S”) (which can include one-, three- or six-month SOFR), or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate or “P”).

accompanying notes to consolidated financial statements.

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2023

(amounts in 000’s, except number of shares, units)

(6) Non-qualifying investment as defined by Section 55(a) of the Investment Company Act of 1940.

4 unchanged sentences

Certain lenders represent a “first out” portion of the investment and have priority to the “last-out” portion with respect to payments of principal and interest.

(8) Security is a Level 2 holding.

As of December 31, 2024, the aggregate value of Level 2 securities held by the Company was $253,224.

See Note 5 – Fair Value.

(9) Debt investment on non-accrual status as of December 31, 2024.

(10) Non-income producing investment.

(10) In November 2023, the Company completed a restructure of the investment

in Arborworks Acquisition LLC whereby the existing term loan and revolver were restructured to a new term loan and preferred and common

KABDC Corp II, LLC, a wholly owned subsidiary of the Company, holds the preferred and common equity of Arborworks Acquisition

LLC that the Company owns following this restructure.

(11) The Company has a senior secured loan in an investment vehicle (BC CS 2, L.P.) that is collateralized by a preferred stock investment in Cuisine Solutions, Inc.

This investment is characterized as subordinated debt.

(12) In September 2024, the Company completed a restructure of the investment in Trademark Global LLC whereby the existing term loan and revolver became a restructured term loan and revolver and no debt was converted to equity.

The Company did receive new common units in TG Parent Newco LLC for which it owns 6.23% of the overall business (Kayne Anderson entities as a whole own 20.77%).

As of December 31, 2024, the amortized cost basis of Trademark Global LLC was $15,438 and was 0.8% of the total amortized cost basis of our debt investments of $1,952,708.

The restructure extended the maturity from July 30, 2024 to July 30, 2030;

the rate changed from S + 5.75% to S + 8.50%.

accompanying notes to consolidated financial statements.

Anderson BDC, Inc.

Schedule of Investments

of December 31, 2024

in 000’s, except number of shares, units)

defined in the 1940 Act, the Company is deemed to be an “affiliated person” of this portfolio company as the Company owns

more than 5% but less than 25% of the portfolio company’s voting securities or has the power to exercise control over management

or policies of such portfolio company, including through a management agreement (“non-controlled affiliate”).

As of December

31, 2024, the total value of the Company’s non-controlled affiliated investments was $12,196.

Transactions related to the Company’s

investment in a non-controlled affiliate for the period December 31, 2024 were as follows:

Investment (1) Value at 12/30/2023 Gross Additions (a) Gross Reductions (b) Net Change in Unrealized Gains(Losses) Value at 12/31/2024 Interest and PIK Income Dividend Income Other Income

Trademark Global, LLC $ 13,129 $ 1,035 $ - $ (1,968 ) $ 12,196 $ 754 $ - $ -

TG Parent Newco LLC (Trademark Global LLC) - - - - - - - -

Total $ 13,129 $ 1,035 $ - $ (1,968 ) $ 12,196 $ 754 $ - $ -

(a) Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind (“PIK”) interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement at fair value of an existing portfolio company into this controlled affiliated category from a different category.

(b) Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.

(13) Security is exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act.

(14) The Company owns 0.19% of the common equity and 0.43% of the preferred equity of Vehicle Accessories, Inc.

(15) KABDC Corp, LLC, a wholly owned subsidiary of the Company, owns common and/or preferred equity of Arborworks Acquisition LLC, Bloomington Holdings, LP (BW Fusion), City Line Distributors, LLC, CCFF Parent, LLC (California Custom Fruits & Flavors, LLC), ML Buyer, LLC (Mama Lycha Foods, LLC), NMA Super Holdings, LLC (Neuromonitoring Associates), Robinette Company Acquisition, LLC, TG Parent Newco LLC (Trademark Global LLC) and US Anchors, LP (Mechanical Plastics Corp.).

(16) The Company owns 33.46% of a pass-through, taxable limited liability company, KSCF IV Equity Aggregator Blocker, LLC (the “Aggregator Blocker”), which holds the Company’s equity investments in American Equipment Holdings LLC, Gulf Pacific Holdings, LLC, IF&P Foods, LLC (FreshEdge) and LSL Industries, LLC (LSL Healthcare).

2 unchanged sentences

(Bishop Lifting Products).

(15) KABDC Corp, LLC, a wholly owned subsidiary of the Company, owns 0.62% of the common equity of City Line Distributors, LLC.

(18) The Company owns 17.15% of a pass-through limited liability company, KSCF IV Equity Aggregator, LLC (the “Aggregator”), which holds the Company’s equity investments in Siegel Parent, LLC and American Soccer Company, Incorporated (SCORE).

The Aggregator’s ownership of Siegel Parent, LLC is 1.1442%.

Through the Company’s ownership of the Aggregator, the Company owns the respective units of each company listed above in the Schedule of Investments.

(19) The indicated rate is the yield as of December 31, 2024.

See accompanying notes to consolidated financial

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(amounts in 000’s)

of Net Assets

and Equity Investments

Credit Investments (4)

accompanying notes to consolidated financial statements.

Anderson BDC, Inc.

Schedule of Investments

of December 31, 2023

in 000’s, except number of shares, units)

Maturity Principal / Amortized Fair Percentage of

Portfolio Company (1) Footnotes Investment (2) Interest Rate Date Par Cost (3)(4) Value Net Assets

Debt and Equity Investments

Private Credit Investments (5)

Aerospace & defense

Acquisition Co., Inc.

lien senior secured revolving loan

11.10 % (S + 6.50 %)

lien senior secured loan

11.10 % (S + 6.50 %)

Distribution Holdings, LLC

lien senior secured delayed draw loan

11.73 % (S + 7.00 %)

lien senior secured loan

11.73 % (S + 7.00 %)

(US) Holdings, Inc.

lien senior secured delayed draw loan

10.42 % (S + 6.00 %)

lien senior secured loan

10.42 % (S + 6.00 %)

management & custody banks

Wealth Solutions, Inc.

lien senior secured delayed draw loan

10.84 % (S + 6.00 %)

lien senior secured loan

10.84 % (S + 6.00 %)

lien senior secured loan

11.73 % (L + 7.00 %)

Accessories, Inc.

lien senior secured revolving loan

12.00 % (P + 4.50 %)

lien senior secured loan

10.34 % (S + 5.50 %)

(IAC) (6) First lien senior secured revolving loan 11.51% (S + 6.00%) 12/5/2028 $ - $ - $ - 0.0 %

First lien senior secured loan 11.51% (S + 6.00%) 12/5/2028 18,494 18,066 18,679 2.7 %

Fastener Distribution Holdings, LLC First lien senior secured loan 12.00% (S + 6.50%) 10/1/2025 20,494 20,090 20,494 3.0 %

First lien senior secured delayed draw loan 12.00% (S + 6.50%) 10/1/2025 9,098 9,009 9,098 1.3 %

Precinmac (US) Holdings, Inc.

First lien senior secured loan 11.46% (S + 6.00%) 8/31/2027 5,352 5,281 5,272 0.8 %

First lien senior secured delayed draw loan 11.46% (S + 6.00%) 8/31/2027 1,102 1,087 1,086 0.2 %

Vitesse Systems Parent, LLC First lien senior secured loan 12.63% (S + 7.00%) 12/22/2028 31,208 30,430 31,208 4.6 %

85,748 83,963 85,837 12.6 %

Automobile components

Speedstar Holding LLC First lien senior secured loan 12.79% (S + 7.25%) 1/22/2027 6,012 5,925 5,982 0.9 %

First lien senior secured delayed draw loan 12.78% (S + 7.25%) 1/22/2027 271 265 270 0.0 %

Vehicle Accessories, Inc.

First lien senior secured loan 10.72% (S + 5.25%) 11/30/2026 21,011 20,770 21,011 3.1 %

First lien senior secured revolving loan 10.72% (S + 5.25%) 11/30/2026 - - - 0.0 %

27,294 26,960 27,263 4.0 %

Biotechnology

Corporation (Alcami)

lien senior secured delayed draw loan

11.42 % (S + 7.00 %)

lien senior secured revolving loan

11.42 % (S + 7.00 %)

lien senior secured loan

11.42 % (S + 7.00 %)

Burke Holding Corp.

lien senior secured delayed draw loan

9.70 % (L + 5.50 %)

lien senior secured loan

10.23 % (L + 5.50 %)

lien senior secured revolving loan

10.23 % (L + 5.50 %)

Wholesale Fence

lien senior secured revolving loan

11.73 % (L + 7.00 %)

lien senior secured loan

11.73 % (L + 7.00 %)

Technologies Holdings, Inc.

lien senior secured loan

9.73 % (L + 5.00 %)

lien senior secured revolving loan

10.23 % (L + 5.50 %)

lien senior secured loan

10.23 % (L + 5.50 %)

Chemical Company, LLC

lien senior secured loan

10.33 % (L + 6.00 %)

lien senior secured revolving loan

10.38 % (L + 6.00 %)

lien senior secured loan

10.73 % (L + 6.00 %)

Alcami Corporation (Alcami) First lien senior secured delayed draw loan 12.46% (S + 7.00%) 6/30/2024 - - - 0.0 %

First lien senior secured revolving loan 12.46% (S + 7.00%) 12/21/2028 - - - 0.0 %

First lien senior secured loan 12.46% (S + 7.00%) 12/21/2028 11,618 11,197 11,850 1.7 %

11,618 11,197 11,850 1.7 %

Building products

Ruff Roofers Buyer, LLC First lien senior secured loan 11.08% (S + 5.75%) 11/19/2029 7,186 6,910 7,186 1.1 %

First lien senior secured delayed draw loan 11.08% (S + 5.75%) 11/17/2024 - - - 0.0 %

First lien senior secured delayed draw loan 11.08% (S + 5.75%) 11/17/2025 - - - 0.0 %

First lien senior secured revolving loan 11.08% (S + 5.75%) 11/19/2029 - - - 0.0 %

Eastern Wholesale Fence First lien senior secured loan 13.50% (S + 8.00%) 10/30/2025 20,271 19,875 20,069 2.9 %

First lien senior secured revolving loan 13.50% (S + 8.00%) 10/30/2025 368 364 365 0.0 %

27,825 27,149 27,620 4.0 %

Capital markets

Atria Wealth Solutions, Inc.

First lien senior secured loan 11.97% (S + 6.50%) 5/31/2024 5,087 5,080 5,087 0.7 %

First lien senior secured delayed draw loan 11.97% (S + 6.50%) 5/31/2024 3,218 3,211 3,218 0.5 %

8,305 8,291 8,305 1.2 %

FAR Technologies Holdings, Inc.(f/k/a Cyalume Technologies Holdings, Inc.) First lien senior secured loan 10.61% (S + 5.00%) 8/30/2024 1,274 1,271 1,274 0.2 %

Fralock Buyer LLC First lien senior secured loan 11.61% (S + 6.00%) 4/17/2024 11,654 11,628 11,567 1.7 %

First lien senior secured revolving loan 11.61% (S + 6.00%) 4/17/2024 449 449 446 0.1 %

Shrieve Chemical Company, LLC First lien senior secured loan 11.90% (S + 6.38%) 12/2/2024 8,720 8,628 8,720 1.3 %

USALCO, LLC First lien senior secured loan 11.61% (S + 6.00%) 10/19/2027 18,989 18,684 18,989 2.8 %

First lien senior secured revolving loan 11.47% (S + 6.00%) 10/19/2026 1,049 1,021 1,049 0.1 %

42,135 41,681 42,045 6.2 %

Commercial services & supplies

Advanced Environmental Monitoring (7) First lien senior secured loan 12.01% (S + 6.50%) 1/29/2026 10,158 9,994 10,158 1.5 %

Allentown, LLC First lien senior secured loan 11.46% (S + 6.00%) 4/22/2027 7,586 7,535 7,586 1.1 %

First lien senior secured delayed draw loan 11.46% (S + 6.00%) 4/22/2027 1,370 1,354 1,370 0.2 %

First lien senior secured revolving loan 13.50% (P + 5.00%) 4/22/2027 235 234 235 0.0 %

American Equipment Holdings LLC First lien senior secured loan 11.86% (S + 6.00%) 11/5/2026 20,045 19,812 19,945 2.9 %

First lien senior secured delayed draw loan 11.88% (S + 6.00%) 11/5/2026 6,239 6,167 6,208 0.9 %

First lien senior secured delayed draw loan 11.81% (S + 6.00%) 11/5/2026 4,969 4,905 4,944 0.7 %

First lien senior secured revolving loan 11.74% (S + 6.00%) 11/5/2026 2,736 2,672 2,723 0.4 %

Arborworks Acquisition LLC (8)(9)(10) First lien senior secured loan 11/6/2028 4,688 4,688 4,688 0.7 %

First lien senior secured revolving loan 11/6/2028 1,253 1,253 1,253 0.2 %

BLP Buyer, Inc.

(Bishop Lifting Products) First lien senior secured loan 11.11% (S + 5.75%) 12/22/2029 26,099 25,549 26,099 3.8 %

First lien senior secured delayed draw loan 11.11% (S + 5.75%) 12/22/2025 - - - 0.0 %

First lien senior secured revolving loan 11.11% (S + 5.75%) 12/22/2029 273 196 273 0.0 %

Gusmer Enterprises, Inc.

First lien senior secured loan 12.47% (S + 7.00%) 5/7/2027 4,747 4,682 4,735 0.7 %

First lien senior secured delayed draw loan 12.47% (S + 7.00%) 5/7/2027 7,951 7,798 7,931 1.2 %

First lien senior secured revolving loan 12.47% (S + 7.00%) 5/7/2027 - - - 0.0 %

PMFC Holding, LLC First lien senior secured loan 13.02% (S + 7.50%) 7/31/2025 5,561 5,427 5,561 0.8 %

First lien senior secured delayed draw loan 13.03% (S + 7.50%) 7/31/2025 2,789 2,787 2,789 0.4 %

First lien senior secured revolving loan 13.03% (S + 7.50%) 7/31/2025 547 547 547 0.1 %

Regiment Security Partners LLC First lien senior secured loan 13.52% (S + 8.00%) 9/15/2026 6,383 6,309 6,383 1.0 %

First lien senior secured delayed draw loan 13.52% (S + 8.00%) 9/15/2026 2,609 2,588 2,609 0.4 %

First lien senior secured revolving loan 13.52% (S + 8.00%) 9/15/2026 1,448 1,427 1,448 0.2 %

117,686 115,924 117,485 17.2 %

accompanying notes to consolidated financial statements.

Anderson BDC, Inc.

Schedule of Investments

of December 31, 2023

in 000’s, except number of shares, units)

Maturity Principal / Amortized Fair Percentage of

Portfolio Company (1) Footnotes Investment (2) Interest Rate Date Par Cost (3)(4) Value Net Assets

Containers & packaging

Carton Packaging Buyer, Inc.

(Century Box) First lien senior secured loan 11.39% (S + 6.00%) 10/30/2028 24,261 23,605 24,262 3.6 %

First lien senior secured revolving loan 11.39% (S + 6.00%) 10/30/2028 - - - 0.0 %

Drew Foam Companies, Inc.

First lien senior secured loan 12.75% (S + 7.25%) 11/5/2025 7,052 6,997 6,999 1.0 %

First lien senior secured loan 12.80% (S + 7.25%) 11/5/2025 20,045 19,789 19,895 2.9 %

FCA, LLC (FCA Packaging) First lien senior secured loan 11.90% (S + 6.50%) 7/18/2028 18,673 18,419 19,047 2.8 %

First lien senior secured revolving loan 11.90% (S + 6.50%) 7/18/2028 - - - 0.0 %

Innopak Industries, Inc.

First lien senior secured loan 11.71% (S + 6.25%) 3/5/2027 28,224 27,564 28,224 4.1 %

98,255 96,374 98,427 14.4 %

Diversified telecommunication services

Network Connex (f/k/a NTI Connect, LLC) First lien senior secured loan 11.00% (S + 5.50%) 1/31/2026 5,195 5,140 5,196 0.8 %

5,195 5,140 5,196 0.8 %

Food products

BC CS 2, L.P.

(Cuisine Solutions) (6)(11) 13.55% (S + 8.00%) 7/8/2028 21,555 21,063 21,555 3.2 %

BR PJK Produce, LLC (Keany) First lien senior secured loan 11.50% (S + 6.00%) 11/14/2027 29,564 28,973 29,564 4.3 %

First lien senior secured delayed draw loan 11.46% (S + 6.00%) 11/14/2027 2,938 2,812 2,938 0.4 %

City Line Distributors, LLC First lien senior secured loan 11.47% (S + 6.00%) 8/31/2028 8,895 8,576 8,895 1.3 %

First lien senior secured delayed draw loan 11.47% (S + 6.00%) 3/3/2025 - - - 0.0 %

First lien senior secured revolving loan 11.47% (S + 6.00%) 8/31/2028 - - - 0.0 %

Gulf Pacific Holdings, LLC First lien senior secured loan 11.25% (S + 5.75%) 9/30/2028 20,180 19,847 20,079 2.9 %

First lien senior secured delayed draw loan 11.38% (S + 5.75%) 9/30/2028 1,701 1,618 1,693 0.2 %

First lien senior secured revolving loan 11.29% (S + 5.75%) 9/30/2028 2,697 2,602 2,683 0.4 %

IF&P Foods, LLC (FreshEdge) First lien senior secured loan 11.07% (S + 5.63%) 10/3/2028 27,245 26,684 26,904 4.0 %

First lien senior secured loan 11.48% (S + 6.00%) 10/3/2028 216 211 213 0.0 %

First lien senior secured delayed draw loan 11.07% (S + 5.63%) 10/3/2028 4,045 3,969 3,994 0.6 %

First lien senior secured revolving loan 10.91% (S + 5.63%) 10/3/2028 1,759 1,690 1,737 0.3 %

J&K Ingredients, LLC First lien senior secured loan 11.63% (S + 6.25%) 11/16/2028 11,581 11,295 11,581 1.7 %

Siegel Egg Co., LLC First lien senior secured loan 11.99% (S + 6.50%) 12/29/2026 15,466 15,290 14,616 2.1 %

First lien senior secured revolving loan 11.99% (S + 6.50%) 12/29/2026 2,594 2,557 2,451 0.4 %

Worldwide Produce Acquisition, LLC First lien senior secured delayed draw loan 11.60% (S + 6.25%) 1/18/2029 631 587 625 0.1 %

First lien senior secured delayed draw loan 11.60% (S + 6.25%) 4/18/2024 - - - 0.0 %

First lien senior secured revolving loan 11.60% (S + 6.25%) 1/18/2029 198 190 196 0.0 %

First lien senior secured loan 11.60% (S + 6.25%) 1/18/2029 2,860 2,786 2,832 0.4 %

154,125 150,750 152,556 22.3 %

Health care providers & services

Brightview, LLC First lien senior secured loan 11.47% (S + 6.00%) 12/14/2026 12,870 12,855 12,645 1.9 %

First lien senior secured delayed draw loan 11.47% (S + 6.00%) 12/14/2026 1,719 1,714 1,689 0.3 %

First lien senior secured revolving loan 11.47% (S + 6.00%) 12/14/2026 774 774 761 0.1 %

Guardian Dentistry Partners First lien senior secured loan 11.97% (S + 6.50%) 8/20/2026 8,057 7,929 8,057 1.2 %

First lien senior secured delayed draw loan 11.97% (S + 6.50%) 8/20/2026 15,682 15,464 15,682 2.3 %

First lien senior secured delayed draw loan 11.97% (S + 6.50%) 8/20/2026 5,808 5,808 5,808 0.9 %

Guided Practice Solutions:

Dental, LLC (GPS) First lien senior secured delayed draw loan 11.72% (S + 6.25%) 12/29/2025 6,475 6,056 6,475 0.9 %

Light Wave Dental Management LLC First lien senior secured revolving loan 12.35% (S + 7.00%) 6/30/2029 2,181 2,099 2,181 0.3 %

First lien senior secured loan 12.35% (S + 7.00%) 6/30/2029 22,423 21,834 22,423 3.3 %

SGA Dental Partners Holdings, LLC First lien senior secured loan 11.67% (S + 6.00%) 12/30/2026 11,828 11,683 11,828 1.7 %

First lien senior secured loan 11.61% (S + 6.00%) 12/30/2026 1,681 1,563 1,681 0.2 %

First lien senior secured delayed draw loan 11.67% (S + 6.00%) 12/30/2026 11,024 10,856 11,024 1.6 %

First lien senior secured delayed draw loan 11.67% (S + 6.00%) 4/19/2024 - - - 0.0 %

First lien senior secured revolving loan 11.67% (S + 6.00%) 12/30/2026 - - - 0.0 %

100,522 98,635 100,254 14.7 %

accompanying notes to consolidated financial statements.

Anderson BDC, Inc.

Schedule of Investments

of December 31, 2023

in 000’s, except number of shares, units)

Maturity Principal / Amortized Fair Percentage of

Portfolio Company (1) Footnotes Investment (2) Interest Rate Date Par Cost (3)(4) Value Net Assets

Health care equipment & supplies

LSL Industries, LLC (LSL Healthcare) First lien senior secured loan 12.15% (S + 6.50%) 11/3/2027 19,529 18,911 19,334 2.8 %

First lien senior secured delayed draw loan 12.15% (S + 6.50%) 11/3/2024 - - - 0.0 %

First lien senior secured revolving loan 12.15% (S + 6.50%) 11/3/2027 - - - 0.0 %

19,529 18,911 19,334 2.8 %

Household durables

Curio Brands, LLC First lien senior secured loan 10.96% (S + 5.50%) 12/21/2027 17,173 16,859 16,830 2.5 %

First lien senior secured revolving loan 10.96% (S + 5.50%) 12/21/2027 - - - 0.0 %

First lien senior secured delayed draw loan 10.96% (S + 5.50%) 12/21/2027 4,121 4,121 4,039 0.6 %

21,294 20,980 20,869 3.1 %

Household products

Home Brands Group Holdings, Inc.

(ReBath) First lien senior secured loan 10.29% (S + 4.75%) 11/8/2026 17,052 16,826 16,967 2.5 %

First lien senior secured revolving loan 10.29% (S + 4.75%) 11/8/2026 - - - 0.0 %

17,052 16,826 16,967 2.5 %

Allcat Claims Service, LLC First lien senior secured loan 11.53% (S + 6.00%) 7/7/2027 7,717 7,551 7,717 1.1 %

First lien senior secured delayed draw loan 11.53% (S + 6.00%) 7/7/2027 21,605 21,266 21,605 3.2 %

First lien senior secured revolving loan 11.53% (S + 6.00%) 7/7/2027 - - - 0.0 %

29,322 28,817 29,322 4.3 %

Domain Information Services Inc.

(Integris) First lien senior secured loan 11.29% (S + 5.75%) 9/30/2025 20,444 20,122 20,342 3.0 %

Improving Acquisition LLC First lien senior secured loan 12.22% (S + 6.50%) 7/26/2027 31,650 31,140 31,492 4.6 %

First lien senior secured revolving loan 12.22% (S + 6.50%) 7/26/2027 - - - 0.0 %

52,094 51,262 51,834 7.6 %

Leisure products

BCI Burke Holding Corp.

First lien senior secured loan 11.11% (S + 5.50%) 12/14/2027 15,373 15,219 15,603 2.3 %

First lien senior secured delayed draw loan 11.11% (S + 5.50%) 12/14/2027 578 545 586 0.1 %

First lien senior secured revolving loan 11.11% (S + 5.50%) 6/14/2027 - - - 0.0 %

VENUplus, Inc.

(f/k/a CTM Group, Inc.) First lien senior secured loan 12.29% (S + 6.75%) 11/30/2026 4,420 4,325 4,398 0.6 %

MacNeill Pride Group First lien senior secured loan 11.86% (S + 6.25%) 4/22/2026 8,254 8,198 8,151 1.2 %

First lien senior secured delayed draw loan 11.86% (S + 6.25%) 4/22/2026 3,277 3,221 3,236 0.5 %

First lien senior secured revolving loan 11.86% (S + 6.25%) 4/22/2026 - - - 0.0 %

Trademark Global LLC First lien senior secured loan 12.97% (S +7.50%, 1.50% is PIK) 7/30/2024 11,798 11,776 10,736 1.6 %

First lien senior secured revolving loan 12.97% (S +7.50%, 1.50% is PIK) 7/30/2024 2,630 2,627 2,393 0.3 %

46,330 45,911 45,103 6.6 %

Pennsylvania Machine Works, LLC First lien senior secured loan 11.61% (S + 6.00%) 3/6/2027 1,908 1,896 1,908 0.3 %

PVI Holdings, Inc First lien senior secured loan 12.16% (S + 6.77%) 1/18/2028 23,895 23,602 24,074 3.5 %

Techniks Holdings, LLC / Eppinger Holdings Germany GMBH (6) First lien senior secured loan 12.75% (S + 7.25%) 2/4/2025 24,812 24,468 24,688 3.6 %

First lien senior secured revolving loan 11.80% (S + 6.25%) 2/4/2025 1,050 1,003 1,045 0.2 %

51,665 50,969 51,715 7.6 %

Personal care products

DRS Holdings III, Inc.

Scholl’s) First lien senior secured loan 11.71% (S + 6.25%) 11/1/2025 11,004 10,954 11,004 1.6 %

First lien senior secured revolving loan 11.71% (S + 6.25%) 11/1/2025 - - - 0.0 %

PH Beauty Holdings III, Inc.

First lien senior secured loan 10.65% (S + 5.00%) 9/28/2025 9,442 9,278 9,183 1.3 %

Silk Holdings III Corp.

(Suave) First lien senior secured loan 13.10% (S + 7.75%) 5/1/2029 19,900 19,351 20,298 3.0 %

40,346 39,583 40,485 5.9 %

Pharmaceuticals

Foundation Consumer Brands First lien senior secured loan 11.79% (S + 6.25%) 2/12/2027 6,781 6,744 6,832 1.0 %

First lien senior secured revolving loan 11.79% (S + 6.25%) 2/12/2027 - - - 0.0 %

6,781 6,744 6,832 1.0 %

accompanying notes to consolidated financial statements.

Anderson BDC, Inc.

Schedule of Investments

of December 31, 2023

in 000’s, except number of shares, units)

Maturity Principal / Amortized Fair Percentage

Portfolio Company (1) Footnotes Investment (2) Interest Rate Date Par Cost (3)(4) Value of Net Assets

Professional services

4 Over International, LLC First lien senior secured loan 12.46% (S + 7.00%) 12/7/2026 19,438 18,757 19,438 2.8 %

DISA Holdings Corp.

(DISA) First lien senior secured delayed draw loan 10.84% (S + 5.50%) 9/9/2028 3,714 3,578 3,714 0.5 %

First lien senior secured revolving loan 10.84% (S + 5.50%) 9/9/2028 392 347 392 0.1 %

First lien senior secured loan 10.84% (S + 5.50%) 9/9/2028 22,177 21,625 22,177 3.2 %

Universal Marine Medical Supply International, LLC (Unimed) First lien senior secured loan 13.01% (S + 7.50%) 12/5/2027 13,527 13,253 13,527 2.0 %

First lien senior secured revolving loan 13.00% (S + 7.50%) 12/5/2027 2,544 2,494 2,544 0.4 %

61,792 60,054 61,792 9.0 %

AIDC Intermediate Co 2, LLC (Peak Technologies) First lien senior secured loan 11.80% (S + 6.25%) 7/22/2027 34,650 33,736 34,650 5.1 %

Specialty retail

Sundance Holdings Group, LLC (7) First lien senior secured loan 15.03% (S + 9.50%, 1.50% is PIK) 5/1/2024 9,210 9,022 8,911 1.3 %

First lien senior secured delayed draw loan 15.03% (S + 9.50%, 1.50% is PIK) 5/1/2024 - - - 0.0 %

9,210 9,022 8,911 1.3 %

Textiles, apparel & luxury goods

American Soccer Company, Incorporated (SCORE) First lien senior secured loan 12.75% (S + 7.25%) 7/20/2027 29,816 29,317 29,145 4.3 %

First lien senior secured revolving loan 12.75% (S + 7.25%) 7/20/2027 2,128 2,067 2,080 0.3 %

BEL USA, LLC First lien senior secured loan 12.53% (S + 7.00%) 6/2/2026 5,804 5,774 5,804 0.8 %

First lien senior secured loan 12.53% (S + 7.00%) 6/2/2026 96 95 96 0.0 %

YS Garments, LLC First lien senior secured loan 13.00% (S + 7.50%) 8/9/2026 6,849 6,758 6,729 1.0 %

44,693 44,011 43,854 6.4 %

Trading companies & distributors

BCDI Meteor Acquisition, LLC (Meteor) First lien senior secured loan 12.45% (S + 7.00%) 6/29/2028 16,297 15,955 16,297 2.4 %

Broder Bros., Co.

First lien senior secured loan 11.61% (S+ 6.00%) 12/4/2025 4,640 4,439 4,640 0.7 %

CGI Automated Manufacturing, LLC First lien senior secured loan 12.61% (S + 7.00%) 12/17/2026 20,510 19,849 20,459 3.0 %

First lien senior secured loan 12.61% (S + 7.00%) 12/17/2026 6,681 6,559 6,664 1.0 %

First lien senior secured delayed draw loan 12.61% (S + 7.00%) 12/17/2026 3,616 3,510 3,607 0.5 %

First lien senior secured revolving loan 12.61% (S + 7.00%) 12/17/2026 327 244 327 0.0 %

EIS Legacy, LLC First lien senior secured loan 11.24% (S + 5.75%) 11/1/2027 18,079 17,838 18,079 2.6 %

First lien senior secured loan 11.27% (S + 5.75%) 11/1/2027 9,666 9,356 9,666 1.4 %

First lien senior secured delayed draw loan 11.24% (S + 5.75%) 4/20/2025 - - - 0.0 %

First lien senior secured revolving loan 11.24% (S + 5.75%) 11/1/2027 - - - 0.0 %

Engineered Fastener Company, LLC (EFC International) First lien senior secured loan 12.00% (S + 6.50%) 11/1/2027 23,604 23,113 23,899 3.5 %

Genuine Cable Group, LLC First lien senior secured loan 10.96% (S + 5.50%) 11/1/2026 29,057 28,336 28,984 4.2 %

First lien senior secured loan 10.96% (S + 5.50%) 11/1/2026 5,506 5,347 5,492 0.8 %

Images Acquisition, LLC First lien senior secured loan 11.75% (S + 6.25%) 7/30/2026 13,651 13,538 13,651 2.0 %

First lien senior secured delayed draw loan 11.75% (S + 6.25%) 7/30/2026 2,486 2,450 2,486 0.4 %

First lien senior secured loan 11.70% (S + 6.25%) 7/30/2026 4,522 4,457 4,522 0.7 %

First lien senior secured loan 11.75% (S + 6.25%) 7/30/2026 1,043 1,033 1,043 0.2 %

First lien senior secured revolving loan 11.75% (S + 6.25%) 7/30/2026 - - - 0.0 %

Krayden Holdings, Inc.

First lien senior secured delayed draw loan 11.20% (S + 5.75%) 3/1/2025 - - - 0.0 %

First lien senior secured revolving loan 11.20% (S + 5.75%) 3/1/2029 - - - 0.0 %

First lien senior secured loan 11.20% (S + 5.75%) 3/1/2029 9,491 9,099 9,491 1.4 %

OAO Acquisitions, Inc.

(BearCom) First lien senior secured loan 11.61% (S + 6.25%) 12/27/2029 21,370 20,979 21,370 3.1 %

First lien senior secured delayed draw loan 11.61% (S + 6.25%) 12/27/2025 - - - 0.0 %

First lien senior secured revolving loan 11.61% (S + 6.25%) 12/27/2029 - - - 0.0 %

United Safety & Survivability Corporation (USSC) First lien senior secured loan 11.79% (S + 6.25%) 9/30/2027 12,436 12,147 12,436 1.8 %

First lien senior secured loan 11.79% (S + 6.25%)

First lien senior secured delayed draw loan 11.79% (S + 6.25%) 9/30/2027 3,160 3,110 3,160 0.5 %

First lien senior secured revolving loan 11.79% (S + 6.25%) 9/30/2027 870 860 870 0.1 %

208,619 203,709 208,750 30.6 %

Wireless telecommunication services

Centerline Communications, LLC First lien senior secured loan 11.53% (S + 6.00%) 8/10/2027 14,945 14,751 13,936 2.0 %

First lien senior secured delayed draw loan 11.53% (S + 6.00%) 8/10/2027 7,044 6,954 6,568 1.0 %

First lien senior secured delayed draw loan 11.53% (S + 6.00%) 8/10/2027 6,202 6,112 5,783 0.9 %

First lien senior secured revolving loan 11.53% (S + 6.00%) 8/10/2027 1,800 1,778 1,679 0.2 %

First lien senior secured loan 11.53% (S + 6.00%) 8/10/2027 1,020 996 952 0.1 %

31,011 30,591 28,918 4.2 %

Total Private Credit Debt Investments 1,353,096 1,327,190 1,346,174 197.1 %

accompanying notes to consolidated financial statements.

Anderson BDC, Inc.

Schedule of Investments

of December 31, 2023

in 000’s, except number of shares, units)

Percentage of

Equity Investments(9)

Automobile components

Accessories, Inc.

- Class A common

Accessories, Inc.

services & supplies

Environmental Monitoring (6)

lien senior secured loan

11.68 % (S + 7.00 %)

lien senior secured delayed draw loan

10.42 % (S + 6.00 %)

lien senior secured revolving loan

12.50 % (P + 5.00 %)

lien senior secured loan

10.42 % (S + 6.00 %)

Equipment Holdings LLC

lien senior secured delayed draw loan

10.88 % (S + 6.00 %)

lien senior secured revolving loan

10.45 % (S + 6.00 %)

lien senior secured delayed draw loan

9.33 % (S + 6.00 %)

lien senior secured loan

10.51 % (S + 6.00 %)

lien senior secured loan

10.88 % (S + 6.00 %)

Acquisition LLC

lien senior secured revolving loan

11.41 % (L + 7.00 %)

lien senior secured loan

11.56 % (L + 7.00 %)

(Bishop Lifting Products)

lien senior secured revolving loan

10.67 % (S + 6.25 %)

lien senior secured loan

10.21 % (S + 6.50 %)

lien senior secured loan

10.49 % (S + 6.25 %)

Enterprises, Inc.

lien senior secured delayed draw loan

11.44 % (S + 7.00 %)

lien senior secured revolving loan

11.43 % (S + 7.00 %)

lien senior secured loan

11.43 % (S + 7.00 %)

lien senior secured delayed draw loan

10.88 % (L + 6.50 %)

First lien senior secured loan

10.88 % (L + 6.50 %)

lien senior secured revolving loan

11.18 % (L + 6.50 %)

Security Partners LLC

lien senior secured delayed draw loan

12.66 % (S + 8.00 %)

lien senior secured loan

12.66 % (S + 8.00 %)

lien senior secured revolving loan

12.66 % (S + 8.00 %)

Kleinfelder Group, Inc.

lien senior secured loan

9.98 % (L + 5.25 %)

See accompanying notes to consolidated financial

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(amounts in 000’s)

of Net Assets

Foam Companies, Inc.

First lien senior secured

11.48 % (S + 6.75 %)

First lien senior secured

10.89 % (S + 6.75 %)

LLC (FCA Packaging)

First lien senior secured

revolving loan

9.46 % (S + 6.50 %)

First lien senior secured

9.46 % (S + 6.50 %)

telecommunication services

Connex (f/k/a NTI Connect, LLC)

First lien senior secured

9.48 % (S + 4.75 %)

Corp., f/k/a Corbett Technology Solutions, Inc.

First lien senior secured

revolving loan

9.14 % (S + 5.00 %)

First lien senior secured

delayed draw loan

9.66 % (S + 5.00 %)

First lien senior secured

9.58 % (S + 5.00 %)

First lien senior secured

9.24 % (S + 5.00 %)

equipment, instruments & components

Insights, Inc.

First lien senior secured

10.49 % (S + 6.00 %)

Equipment Holdings LLC - Class A units

(Bishop Lifting Products) - Class A common

Acquisition LLC – Class A preferred units

Acquisition LLC – Class B preferred units

Acquisition LLC – Class A common units

(Cuisine Solutions)

First lien senior secured

12.18 % (S + 8.00 %)

PJK Produce, LLC (Keany)

First lien senior secured

10.47 % (S + 6.25 %)

First lien senior secured

delayed draw loan

10.47 % (S + 6.25 %)

Pacific Holdings, LLC

First lien senior secured

delayed draw loan

10.73 % (S + 6.00 %)

First lien senior secured

revolving loan

10.42 % (S + 6.00 %)

First lien senior secured

10.73 % (S + 6.00 %)

Foods, LLC (FreshEdge) (6)

First lien senior secured

delayed draw loan

8.91 % (S + 5.25 %)

First lien senior secured

revolving loan

8.91 % (S + 5.25 %)

First lien senior secured

8.91 % (S + 5.25 %)

First lien senior secured

revolving loan

9.25 % (L + 5.50 %)

First lien senior secured

9.25 % (L + 5.50 %)

care providers & services

First lien senior secured

delayed draw loan

10.14 % (L + 5.75 %)

First lien senior secured

revolving loan

10.13 % (L + 5.75 %)

First lien senior secured

10.13 % (L + 5.75 %)

Dentistry Partners

First lien senior secured

delayed draw loan

10.94 % (S + 6.50 %)

First lien senior secured

10.94 % (S + 6.50 %)

Wave Dental Management LLC

First lien senior secured

delayed draw loan

11.32 % (S + 6.50 %)

First lien senior secured

revolving loan

11.32 % (S + 6.50 %)

First lien senior secured

11.32 % (S + 6.50 %)

OMH-HealthEdge

Holdings, LLC

First lien senior secured

10.03 % (L + 5.25 %)

Dental Partners Holdings, LLC

First lien senior secured

delayed draw loan

9.93 % (S + 6.00 %)

First lien senior secured

9.93 % (S + 6.00 %)

First lien senior secured

revolving loan

9.93 % (S + 6.00 %)

See accompanying notes to consolidated financial

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(amounts in 000’s)

of Net Assets

Line Distributors, LLC - Class A units

Pacific Holdings, LLC - Class A common

Pacific Holdings, LLC - Class C common

Foods, LLC (FreshEdge) - Class A preferred

Foods, LLC (FreshEdge) - Class B common

equipment & supplies

Industries, LLC (LSL Healthcare)

First lien senior secured

delayed draw loan

10.90 % (S + 6.50 %)

First lien senior secured

revolving loan

10.90 % (S + 6.50 %)

First lien senior secured

10.90 % (S + 6.50 %)

First lien senior secured

delayed draw loan

10.23 % (L + 5.50 %)

First lien senior secured

revolving loan

10.23 % (L + 5.50 %)

First lien senior secured

10.23 % (L + 5.50 %)

Brands Group Holdings, Inc.

First lien senior secured

revolving loan

9.16 % (L + 4.75 %)

First lien senior secured

9.16 % (L + 4.75 %)

Claims Service, LLC

First lien senior secured

delayed draw loan

10.24 % (S + 6.00 %)

First lien senior secured

revolving loan

10.33 % (S + 6.00 %)

First lien senior secured

10.41 % (S + 6.00 %)

Information Services Inc.

First lien senior secured

10.63 % (S + 6.25 %)

Acquisition LLC

First lien senior secured

revolving loan

10.24 % (S + 6.00 %)

First lien senior secured

10.24 % (S + 6.00 %)

First lien senior secured

delayed draw loan

11.09 % (S + 6.25 %)

First lien senior secured

11.09 % (S + 6.25 %)

First lien senior secured

revolving loan

11.09 % (S + 6.25 %)

First lien senior secured

revolving loan

11.88 % (L + 7.50%), 4.50 % is PIK

First lien senior secured

revolving loan

11.88 % (L + 7.50%), 4.50 % is PIK

First lien senior secured

11.88 % (L + 7.50%), 4.50 % is PIK

Machine Works, LLC

First lien senior secured

11.09 % (S + 6.25 %)

Holdings, Inc

First lien senior secured

10.12 % (S + 6.38 %)

Holdings III, Inc.

First lien senior secured

revolving loan

10.48 % (L + 5.75 %)

First lien senior secured

10.48 % (L + 5.75 %)

Beauty Holdings III, Inc.

First lien senior secured

9.73 % (L + 5.00 %)

Pharmaceuticals

Consumer Brands

First lien senior secured

revolving loan

10.15 % (L + 5.50 %)

First lien senior secured

10.15 % (L + 5.50 %)

See accompanying notes to consolidated financial

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(amounts in 000’s)

of Net Assets

Over International, LLC

lien senior secured loan

10.73 % (L + 6.00 %)

Holdings Corp.

lien senior secured delayed draw loan

9.73 % (S + 5.50 %)

lien senior secured revolving loan

9.82 % (S + 5.50 %)

lien senior secured loan

9.72 % (S + 5.50 %)

Marine Medical Supply International, LLC (Unimed)

lien senior secured revolving loan

12.14 % (S + 7.50 %)

lien senior secured loan

12.10 % (S + 7.50 %)

Intermediate Co 2, LLC (Peak Technologies)

lien senior secured loan

10.44 % (S + 6.25 %)

Holdings Group, LLC (6)

lien senior secured loan

10.73 % (L + 6.00 %)

Direct Holdings, Inc.

apparel & luxury goods

Soccer Company, Incorporated (SCORE)

lien senior secured revolving loan

11.91 % (S + 7.25 %)

lien senior secured loan

11.98 % (S + 7.25 %)

lien senior secured loan

10.43 % (S + 6.00 %)

Garments, LLC

lien senior secured loan

9.51 % (L + 5.50 %)

companies & distributors

Meteor Acquisition, LLC (Meteor)

lien senior secured loan

11.66 % (S + 7.00 %)

lien senior secured loan

10.73 % (L + 6.00 %)

Automated Manufacturing, LLC

lien senior secured delayed draw loan

11.34 % (S + 6.50 %)

lien senior secured loan

11.34 % (S + 6.50 %)

lien senior secured revolving loan

11.34 % (S + 6.50 %)

lien senior secured delayed draw loan

9.73 % (L + 5.00 %)

lien senior secured revolving loan

9.73 % (L + 5.00 %)

lien senior secured loan

9.73 % (L + 5.00 %)

Cable Group, LLC

lien senior secured loan

10.17 % (S + 5.75 %)

Images Acquisition, LLC

lien senior secured loan

10.98 % (S + 6.25 %)

lien senior secured loan

10.67 % (S + 6.25 %)

lien senior secured delayed draw loan

10.98 % (S + 6.25 %)

lien senior secured revolving loan

10.67 % (S + 6.25 %)

Refrigeration

lien senior secured loan

11.26 % (L + 6.50 %)

Safety & Survivability Corporation (USSC)

lien senior secured delayed draw loan

11.41 % (S + 6.75 %)

lien senior secured revolving loan

10.88 % (S + 6.25 %)

lien senior secured loan

11.48 % (S + 6.75 %)

telecommunication services

Communications, LLC

lien senior secured loan

9.93 % (S + 5.50 %)

lien senior secured delayed draw loan

10.06 % (S + 5.50 %)

lien senior secured delayed draw loan

9.93 % (S + 5.50 %)

lien senior secured revolving loan

10.06 % (S + 5.50 %)

lien senior secured loan

10.06 % (S + 5.50 %)

Private Credit Debt Investments

See accompanying notes to consolidated

financial statements.

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(amounts in 000’s)

of Net Assets

Equity Investments

Auto components

Vehicle Accessories, Inc.

- preferred (8)

Commercial services & supplies

American Equipment Holdings LLC (9)

BLP Buyer, Inc.

(Bishop Lifting Products) - Class A

Food products

BC CS 2, L.P.

(Cuisine Solutions) (5)

IF&P Foods, LLC (FreshEdge) – Class A common

IF&P Foods, LLC

(FreshEdge) – Class B common (9)

Gulf Pacific Holdings, LLC - Class A common (9)

Gulf Pacific Holdings, LLC - Class C common (9)

Siegel Parent, LLC (11)

Healthcare equipment & supplies

LSL Industries, LLC (LSL Healthcare) (9)

Domain Information Services Inc.

Textiles, apparel & luxury goods

American Soccer Company, Incorporated (SCORE) (11)

Total Private Equity Investments

Total Private Investments

of Net Assets

Private Equity Investments

Private Investments

Percentage of

Short-Term Investments

American Treasury Obligations Fund - Institutional Class Z, 5.21%

3 unchanged sentences

accompanying notes to consolidated financial statements.

Anderson BDC, Inc.

Schedule of Investments

of December 31, 2023

in 000’s, except number of shares, units)

(2) Debt investments are pledged to the Company’s credit facilities, and a single debt investment may be divided into parts that are individually pledged to separate credit facilities.

(3) The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(4) As of December 31, 2023, the tax cost of the Company’s investments approximates their amortized cost.

See accompanying notes to

consolidated financial statements.

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2022

(amounts in 000’s)

(5) Loan contains a variable rate structure, that may be subject to an interest rate floor.

Variable rate loans bear interest at a rate that may be determined by reference to either the London Interbank Offered Rate (“LIBOR” or “L”) (which can include one-, two-, three- or six-month LIBOR), the Secured Overnight Funding Rate (“SOFR” or “S”) (which can include one-, three- or six-month SOFR), or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate or “P”).

(6) Non-qualifying investment as defined by Section 55(a) of the Investment Company Act of 1940.

4 unchanged sentences

Certain lenders represent a “first out” portion of the investment and have priority to the “last-out” portion with respect to payments of principal and interest.

(7) On December 5, 2022, the Company funded a $6,254 first lien senior secured loan in Light Wave Dental Management LLC.

The loan has an annual interest rate of 30% with a minimum of 1.3x MOIC (multiple on invested capital) if the loan is repaid prior to June 6, 2023 with further increases above 1.3x thereafter.

The interest and the prepayment premium are payable to the Company upon a triggering event or maturity in September 2023.

(8) Debt investment on non-accrual status as of December 31, 2023.

(9) Non-income producing investment.

(10) In November 2023, the Company completed a restructure of the investment in Arborworks Acquisition LLC whereby the existing term loan and revolver were restructured to a new term loan and preferred and common equity.

KABDC Corp II, LLC, a wholly owned subsidiary of the Company, holds the preferred and common equity of Arborworks Acquisition LLC that the Company owns following this restructure.

(11) The Company has a senior secured loan in an investment vehicle (BC CS 2, L.P.) that is collateralized by a preferred stock investment in Cuisine Solutions, Inc..

(12) The Company owns 0.19% of the common equity and 0.43% of the preferred equity of Vehicle Accessories, Inc.

3 unchanged sentences

(Bishop Lifting Products).

(15) KABDC Corp, LLC, a wholly owned subsidiary of the Company, owns 0.62% of the common equity of City Line Distributors, LLC.

(16) The Company owns 33.95% of a pass-through limited liability company, KSCF IV Equity Aggregator, LLC (the “Aggregator”), which holds the Company’s equity investments in Siegel Parent, LLC and American Soccer Company, Incorporated (SCORE).

2 unchanged sentences

(17) The indicated rate is the yield as of December 31, 2023.

See accompanying notes to

consolidated financial statements.

accompanying notes to consolidated financial statements.

Kayne Anderson BDC, Inc.

9 unchanged sentences

under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Company was formed as a Delaware corporation

to make investments in middle-market companies and commenced operations on February 5, 2021.

The Company is a Delaware corporation formed to

make investments in middle-market companies and commenced operations on February 5, 2021.

The Company is managed by KA Credit Advisors,

2 unchanged sentences

a prominent alternative investment management firm.

The Advisor is registered with the United States Securities and Exchange Commission

(the “SEC”) under the Investment Advisory Act of 1940, as amended.

The Advisor operates within Kayne Anderson’s middle market private credit platform

(“KAPC” or “Kayne Anderson Private Credit”).

The Advisor is registered with the United States Securities and Exchange

Commission (the “SEC”) under the Investment Advisory Act of 1940, as amended.

Subject to the overall supervision of the Company’s

6 unchanged sentences

generate current income and, to a lesser extent, capital appreciation primarily through debt investments in middle-market companies.

As of December 31, 2023, the Company has entered

into subscription agreements with investors for an aggregate capital commitment of $ 1,046,928 to purchase shares of the Company’s

common stock.

On December 5, 2023, the Company completed its final close of subscription agreements with investors.

The Company conducts private offerings of its

Common Stock to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the

“Securities Act”).

At the closing of any private offering, each investor will make a capital commitment (a “Capital

Commitment”) to purchase shares of its common stock pursuant to a subscription agreement entered into with the Company.

will be required to fund drawdowns to purchase shares of common stock up to the amount of their respective Capital Commitments each time

the Company delivers a notice to the investors.

Following the initial closing of the private offering (the “Initial Closing”)

on February 5, 2021 and prior to any Liquidity Event (as defined below), the Advisor may, in its sole discretion, permit additional closings

of the private offering.

A “Liquidity Event” is defined as (a) an initial public offering of shares of common stock (the

“Initial Public Offering”) or the listing of shares of common stock on an exchange (together with the Initial Public Offering,

an “Exchange Listing”), (b) the sale of the Company or (c) a disposition of the Company’s investments and distribution

of the net proceeds (after repayment of borrowings under credit facilities and issuances of senior unsecured notes) to the Company’s

On May 24, 2024, the Company completed its initial

public offering (“IPO”), issuing 6,000,000 shares of its common stock at a public offering price of $ 16.63 per share.

of underwriting fees and offering expenses, the Company received net cash proceeds of $ 92,363 .

The Company’s common stock began

trading on the New York Stock Exchange (“NYSE”) under the ticker symbol “KBDC” on May 22, 2024.

Prior to its IPO, the Company conducted private

offerings of its common stock to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933,

as amended (the “Securities Act”).

At the closing of any private offering, each investor made a capital commitment to purchase

shares of its common stock pursuant to a subscription agreement entered into with the Company.

From its initial closing of the private

offering (the “Initial Closing”) on February 5, 2021 through its final capital call closing on April 2, 2024, the Company

issued shares of its common stock equal to the aggregate capital commitment of $ 1,046,928 .

Following the final closing on April 2, 2024,

the Company had no remaining undrawn capital commitments.

Kayne Anderson BDC, Inc.

Notes to Consolidated

Financial Statements

Notes to Consolidated Financial Statements

(amounts in 000’s, except share and per share amounts)

14 unchanged sentences

Kayne Anderson BDC Financing

II, LLC (“KABDCF II”);

KABDC Corp, LLC and KABDC Corp II, LLC in its consolidated financial statements.

All significant intercompany

balances and transactions have been eliminated in consolidation.

KABDC Corp, LLC and KABDC Corp II, LLC are Delaware LLCs that have elected

to be treated as corporations for U.S.

tax purposes and were formed to facilitate compliance with the requirements to be treated as a

RIC under the Code by holding (directly or indirectly through a subsidiary) equity or equity related investments in portfolio companies

organized as limited liability companies or limited partnerships.

II, LLC (“KABDCF II”), and KABDC Corp, LLC in its consolidated financial statements.

All significant intercompany balances

and transactions have been eliminated in consolidation.

KABDC Corp, LLC is a Delaware LLC that has elected to be treated as a corporation

tax purposes and was formed to facilitate compliance with the requirements to be treated as a RIC under the Code by holding (directly

or indirectly through subsidiaries) equity or equity related investments in portfolio companies organized as limited liability companies

or limited partnerships.

Use of Estimates —the preparation

28 unchanged sentences

Kayne Anderson BDC, Inc.

Notes to Consolidated

Financial Statements

Notes to Consolidated Financial Statements

(amounts in 000’s, except share and per share amounts)

36 unchanged sentences

The Audit Committee shall meet quarterly to review the fair value determinations, processes and written reports of the Advisor as part of the Board’s oversight responsibilities .

Determination of fair value involves subjective

judgments and estimates.

Accordingly, the notes to the Company’s financial statements will express the uncertainty with respect

to the possible effect of such valuations, and any change in such valuations, on the Company’s financial statements.

Determination of fair value involves subjective judgments and estimates.

Accordingly, the notes to the Company’s financial statements express the uncertainty with respect to the possible effect of such

valuations, and any change in such valuations, on the Company’s financial statements.

Interest Income Recognition —

18 unchanged sentences

the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest.

For years ended December 31, 2023,

2022 and 2021, the Company had $ 1,652 , $ 151 and $ 173 , respectively, of PIK interest included in interest income, which represents 1.0 %,

0.2 % and 0.9 %, respectively, of aggregate interest income.

For the years ended December 31,

2024, 2023 and 2022, the Company had $ 2,706 , $ 1,652 and $ 151 , respectively, of PIK interest income included in interest income, which

represents 1.3 %, 1.0 % and 0.2 %, respectively, of aggregate interest income.

Kayne Anderson BDC, Inc.

Notes to Consolidated

Financial Statements

Notes to Consolidated Financial Statements

(amounts in 000’s, except share and per share amounts)

15 unchanged sentences

As of December

31, 2023, the Company had one debt investment on non-accrual status, which represented 0.4 % and 0.4 % of total debt investments at cost

and fair value, respectively.

As of December 31, 2022, the Company did not have any debt investments in portfolio companies on non-accrual

31, 2024, the Company had three debt investments on non-accrual status, which compromised 1.6 % and 1.3 %, respectively, of total debt investments

at cost and fair value.

As of December 31, 2023, the Company had one debt investment on non-accrual status,

which represented 0.4 % and 0.4 % of total debt investments at cost and fair value, respectively.

As of December 31, 2022, the

Company did not have any debt investments in portfolio companies on non-accrual status.

Debt Issuance Costs — Costs incurred

4 unchanged sentences

Act, deferred issuance costs are not deducted from the carrying value of debt or preferred stock.

Dividends to Common Stockholders —Distributions

to common stockholders are recorded on the record date.

The amount to be paid out as a dividend is determined by the Company’s board

of directors each quarter and is generally based upon the earnings estimated by management and considers the level of undistributed taxable

income carried forward from the prior year for distribution in the current year.

Net realized capital gains, if any, are generally distributed,

although the Company may decide to retain such capital gains for investment.

Organizational Costs —organizational

expenses include costs and expenses relating to the formation and organization of the Company.

The Company has reimbursed the Advisor

for these costs which are expensed as incurred.

Offering Costs —offering costs

include costs and expenses incurred in connection with the offering of the Company’s common stock.

These initial costs were capitalized

as deferred offering expenses and included in prepaid expenses and other assets on the Statement of Assets and Liabilities.

were amortized over a twelve-month period beginning with the commencement of operations.

These expenses consist primarily of legal fees

and other costs incurred in connection with the Company’s share offerings, the preparation of the Company’s registration statement

and registration fees.

The Company reimbursed the Advisor for these costs.

Income Taxes —it is the Company’s

intention to continue to be treated as and to qualify each year for special tax treatment afforded a RIC under the Code.

As long as the

Company meets certain requirements that govern its sources of income, diversification of assets and timely distribution of earnings to

stockholders, the Company will not be subject to U.S.

Dividends to Common Stockholders —

Dividends to common stockholders are recorded on the record date.

The amount to be paid out as a dividend is determined by the Company’s

board of directors each quarter and is generally based upon the earnings estimated by management and considers the level of undistributed

taxable income carried forward from the prior year for distribution in the current year.

Net realized capital gains, if any, are generally

distributed, although the Company may decide to retain such capital gains for investment.

Income Taxes — it is the

Company’s intention to continue to be treated as and to qualify each year for special tax treatment afforded a RIC under the Code.

As long as the Company meets certain requirements that govern its sources of income, diversification of assets and timely distribution

of earnings to stockholders, the Company will not be subject to U.S.

federal income tax.

6 unchanged sentences

if such distributions are declared before the due date of its tax return, including any extensions.

Kayne Anderson BDC, Inc.

Notes to Consolidated

Financial Statements

(amounts in 000’s, except share and per share amounts)

All RICs are subject to a non-deductible 4% excise

10 unchanged sentences

the distributions are declared, rather than when the distributions are actually received.

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

(amounts in 000’s, except share and per share amounts)

The Company’s wholly owned subsidiary, KABDC Corp,

LLC has elected to be a corporation and is obligated to pay federal and state income tax on its taxable income.

KABDC Corp, LLC invests

in partnerships and includes its allocable share of the taxable income or loss in computing its own taxable income.

Deferred income taxes

reflect (i) taxes on unrealized gains (losses), which are attributable to the difference between fair value and tax cost basis, (ii) the

net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the

amounts used for income tax purposes and (iii) the net tax benefit of accumulated net operating and capital losses.

To the extent KABDC Corp, LLC has a deferred tax asset, consideration

is given as to whether or not a valuation allowance is required.

The need to establish a valuation allowance for deferred tax assets is

assessed periodically based on the Income Tax Topic of the FASB Accounting Standards Codification (ASC 740), that it is more likely than

not that some portion or all of the deferred tax asset will not be realized.

In the assessment for a valuation allowance, consideration

is given to all positive and negative evidence related to the realization of the deferred tax asset.

This assessment considers, among

other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of

statutory carryforward periods and the associated risk that certain loss carryforwards may expire unused.

KABDC Corp, LLC may rely to some extent on information

provided by portfolio investments, which may not necessarily be timely, to estimate taxable income allocable to the units/shares of such

companies held in the portfolio and to estimate the associated current and/or deferred tax liability.

The Company evaluates tax positions taken or expected

7 unchanged sentences

including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

Commitments and Contingencies —in

the normal course of business, the Company may enter into contracts that provide a variety of general indemnifications.

Any exposure to

the Company under these arrangements could involve future claims that may be made against the Company.

Commitments and Contingencies —

in the normal course of business, the Company may enter into contracts that provide a variety of general indemnifications.

to the Company under these arrangements could involve future claims that may be made against the Company.

Currently, no such claims exist

or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications.

Recent Accounting Pronouncements — In

November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures (“ASU

2023-07”), which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating

decision maker (the “CODM”).

ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of

the disclosures as required by ASC 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation

of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources

and (iii) provides the ability for a public entity to elect more than one performance measure.

ASU 2023-07 is effective for the fiscal

years beginning after December 15, 2023, and interim periods beginning with the first quarter ended March 31, 2025.

Early adoption is

permitted and retrospective adoption is required for all prior periods presented.

The Company has adopted ASU 2023-07 effective December

31, 2024, and concluded that the application of this guidance did not have any material impact on its consolidated financial statements.

See Note 12 – Segment Reporting, for more information on the effects of the adoption of ASU 2023-07.

Agreements and Related Party Transactions

Administration Agreement —on February

5, 2021, the Company entered into an Administration Agreement with its Advisor, which serves as its Administrator and will provide or

oversee the performance of its required administrative services and professional services rendered by others, which will include (but

Controlled / Affiliated Portfolio Companies

— under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5 % or more

of a portfolio company’s outstanding voting securities and/or has the power to exercise control over the management or policies

of such portfolio company as investments in “affiliated” companies.

In addition, under the 1940 Act, the Company is required

to separately identify investments where it owns more than 25 % of a portfolio company’s outstanding voting securities and/or has

the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies.

Under the 1940 Act, “non-affiliated investments” are defined as investments that are neither controlled investments nor affiliated

Detailed information with respect to the Company’s non-controlled, non-affiliated, and non-controlled, affiliated,

investments is contained in the accompanying consolidated financial statements, including the consolidated schedule of investments.

Administration Agreement — on

February 5, 2021, the Company entered into an Administration Agreement with its Advisor, which serves as its Administrator and will provide

or oversee the performance of its required administrative services and professional services rendered by others, which will include (but

are not limited to), accounting, payment of our expenses, legal, compliance, operations, technology and investor relations, preparation

and filing of its tax returns, and preparation of financial reports provided to its stockholders and filed with the SEC.

On March 7, 2023,

the Board approved a one-year renewal of the Administration Agreement through March 15, 2024.

On February 19,

2025, the Board approved an additional one-year term of the Administration Agreement through March 15, 2026.

The Company will reimburse the Administrator for

its costs and expenses incurred in performing its obligations under the Administration Agreement, which may include, after completion

of our Exchange Listing, its allocable portion of office facilities, overhead, and compensation paid to or compensatory distributions

of its initial public offering, its allocable portion of office facilities, overhead, and compensation paid to or compensatory distributions

received by its officers (including our Chief Compliance Officer and Chief Financial Officer) and its respective staff who provide services

3 unchanged sentences

Agreement may be terminated by either party with 60 days’ written notice.

Investment Advisory Agreement —on

February 5, 2021, the Company entered into an Investment Advisory Agreement with its Advisor.

Pursuant to the Investment Advisory Agreement

with its Advisor, the Company will pay its Advisor a fee for investment advisory and management services consisting of two components—a

base management fee and an incentive fee.

The Advisor may, from time-to-time, grant waivers on the Company’s obligations, including

waivers of the base management fee and/or incentive fee, under the Investment Advisory Agreement.

The Investment Advisory Agreement may

be terminated by either party with 60 days’ written notice.

On March 7, 2023, the Board approved a one-year renewal of the Investment

Advisory Agreement through March 15, 2024.

Investment Advisory Agreement — on February 5,

2021, the Company entered into an Investment Advisory Agreement with its Advisor.

Pursuant to the Investment Advisory Agreement with its

Advisor, the Company will pay its Advisor a fee for investment advisory and management services consisting of two components—a base

management fee and an incentive fee.

The Advisor may, from time-to-time, grant waivers on the Company’s obligations, including waivers

of the base management fee and/or incentive fee, under the Investment Advisory Agreement.

The Investment Advisory Agreement may be terminated

by either party with 60 days’ written notice.

On February 19, 2025, the Board approved an additional one-year term of the Investment

Advisory Agreement from March 15, 2025 to March 15, 2026.

Kayne Anderson BDC, Inc.

Notes to Consolidated

Financial Statements

Notes to Consolidated Financial Statements

(amounts in 000’s, except share and per share amounts)

In addition, on March 6, 2024, the Board approved

an amended and restated investment advisory agreement (the “Amended Investment Advisory Agreement”) and a fee waiver agreement

(the “Fee Waiver Agreement”) between the Company and the Advisor, which became effective upon the completion of the initial

public offering of the Company’s shares of common stock on May 24, 2024 (the “IPO Date”).

The Amended Investment Advisory Agreement is materially

the same as the Investment Advisory Agreement except, following the IPO Date, the base management fee is calculated at an annual rate

of 1.00 % and the incentive fee on income is subject to a twelve-quarter lookback quarterly hurdle rate of 1.50 % as opposed to

a single quarter measurement and is subject to an Incentive Fee Cap (as defined below) based on the Company’s Cumulative Pre-Incentive Fee

Net Return (as defined below).

This lookback feature provides that the Advisor’s income incentive fee may be reduced if the Company’s

portfolio experiences aggregate write-downs or net capital losses during the applicable Trailing Twelve Quarters (as defined below).

Pursuant to the Fee Waiver Agreement, commencing on the IPO Date, the Advisor implemented waivers of (i) the income incentive fee

for three calendar quarters commencing the quarter the initial public offering was completed and (ii) a portion of the base management

fee for one year following the completion of the initial public offering.

Amounts waived by the Advisor pursuant to the Fee Waiver Agreement

are not subject to recoupment by the Advisor.

Base Management Fee

Prior to an Exchange Listing, the base management

fee will be calculated at an annual rate of 0.90 % of the fair market value of the Company’s investments including, in each case,

assets purchased with borrowings under credit facilities and issuances of senior unsecured notes, but excluding cash, U.S.

securities and commercial paper instruments maturing within one year of purchase.

The base management fee is payable quarterly in

arrears and calculated based on the average of the Company’s fair market value of investments, at the end of the two most recently

completed calendar quarters, including, in each case, assets purchased with borrowings under credit facilities and issuances of senior

unsecured notes, but excluding cash, U.S.

government securities and commercial paper instruments maturing within one year of purchase.

Base management fees for any partial quarter will be appropriately pro-rated.

Prior to the IPO Date, the base management fee

was calculated at an annual rate of 0.90 % of the fair market value of the Company’s investments including, in each case, assets

purchased with borrowings under credit facilities and issuances of senior unsecured notes, but excluding cash, U.S.

government securities

and commercial paper instruments maturing within one year of purchase.

Commencing on the IPO Date, the base management

fee is calculated at an annual rate of 1.00 % of the fair market value of the Company’s investments.

Since the IPO Date was on a

date other than the first day of a calendar quarter, the management fee was calculated for the calendar quarter at a weighted rate

based on the fee rates applicable before and after the IPO Date based on the number of days in such calendar quarter before and after

the IPO Date.

Pursuant to the Fee Waiver Agreement, commencing on the IPO Date, the Advisor has contractually agreed to waive the base

management fee at an annual rate of 0.25 % for one year following the IPO Date.

For the year ended December 31, 2024, the Company

incurred base management fees of $ 14,587 , net of waiver of $ 2,900 .

For the years ended December 31, 2023 and 2022, the Company incurred

1 unchanged sentence

Incentive Fee

The Company will also pay the Advisor an incentive

The incentive fee will consist of two parts—an incentive fee on income and an incentive fee on capital gains.

more detail below, these components of the incentive fee will be largely independent of each other with the result that one component

may be payable even if the other is not.

The Company also pays the Advisor an incentive

The incentive fee consists of two parts—an incentive fee on income and an incentive fee on capital gains.

Described in more

detail below, these components of the incentive fee are largely independent of each other with the result that one component may be payable

even if the other is not.

Incentive Fee on Income

The incentive fee based on income (the “income

incentive fee”) is determined and paid quarterly in arrears in cash (subject to the limitations described in “Payment of Incentive

Fees” below).

The Company’s quarterly pre-incentive fee net investment income must exceed a preferred return of 1.50 % of the

Company’s net asset value (“NAV”) at the end of the immediately preceding calendar quarter ( 6.0 % annualized but not

compounded) (the “Hurdle Amount”) in order for the Company to receive an income incentive fee.

Prior to an Exchange Listing,

the income incentive fee is calculated as 100% of our pre-incentive fee net investment income for the immediately preceding

calendar quarter in excess of 1.50% of the Company’s NAV at the end of the immediately preceding calendar quarter until the Advisor

has received 10% of the total pre-incentive fee net income for that calendar quarter and, for pre-incentive fee net investment income

in excess of 1.6667%, 10% of all remaining pre-incentive fee net investment income for that quarter.

incentive fee”) is determined and paid quarterly in arrears in cash.

The Company’s quarterly pre-incentive fee net investment

income must exceed a preferred return of 1.50 % of the Company’s net asset value (“NAV”) at the end of the immediately

preceding calendar quarter ( 6.0 % annualized but not compounded) (the “Hurdle Amount”) in order for the Company to receive

an income incentive fee.

Prior to the IPO Date, the income incentive fee is calculated as 100% of our pre-incentive fee net

investment income for the immediately preceding calendar quarter in excess of 1.50% of the Company’s NAV at the end of the immediately

preceding calendar quarter until the Advisor has received 10% of the total pre-incentive fee net income for that calendar quarter and,

for pre-incentive fee net investment income in excess of 1.6667%, 10% of all remaining pre-incentive fee net investment

income for that quarter.

Pre-incentive fee net investment income excludes any realized capital gains, realized capital losses or

unrealized capital appreciation or depreciation.

Kayne Anderson BDC, Inc.

Notes to Consolidated

Financial Statements

Notes to Consolidated Financial Statements

(amounts in 000’s, except share and per share amounts)

Commencing on the IPO Date, the Company will pay

the Advisor an income incentive fee based on its aggregate pre-incentive fee net investment income with respect to (i) the quarter

ended June 30, 2024 (the “First Calendar Quarter”) and (ii) each subsequent calendar quarter, with the then-current calendar

quarter and the eleven preceding calendar quarters beginning with the calendar quarter after the First Calendar Quarter (or the appropriate

portion thereof in the case of any of the Company’s first eleven calendar quarters that commence after the First Calendar Quarter)

(those calendar quarters after the First Calendar Quarter, the “Trailing Twelve Quarters”).

For the First Calendar Quarter, pre-incentive fee

net investment income in respect of the First Calendar Quarter will be compared to a hurdle rate of 1.50 % ( 6.00 % annualized).

incentive fee for the First Calendar Quarter will be determined as follows:

no income incentive fee is payable to the Advisor if the aggregate pre-incentive fee net investment income for the First Calendar Quarter does not exceed that hurdle rate;

● 100 % of the aggregate pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds that hurdle rate, but is less than a quarterly rate of 1.6667 % for the portion of the First Calendar Quarter before the initial public offering and a quarterly rate of 1.7647 % for the portion of the First Calendar Quarter after the initial public offering, referred to the “catch-up.” The “catch-up” is meant to provide the Advisor with 10.0 % of the Company’s pre-incentive fee net investment income for the portion of the First Calendar Quarter before the initial public offering and 15.0 % for the balance of that First Calendar Quarter, as if the hurdle rate did not apply;

● 10.0 % of the aggregate pre-incentive fee net investment income, if any, that exceeds a quarterly rate of 1.6667 % for the portion of the First Calendar Quarter before the initial public offering and 15.0 % of the aggregate pre-incentive fee net investment income, if any, that exceeds a quarterly rate of 1.7647 % for the balance of the First Calendar Quarter.

Commencing with the calendar quarter beginning

immediately after the First Calendar Quarter, subject to the Incentive Fee Cap (described below), the pre-incentive fee net investment

income in respect of the relevant Trailing Twelve Quarters will be compared to a “Hurdle Rate” equal to the product of (i) the

hurdle rate of 1.50 % per quarter ( 6.00 % annualized) and (ii) the sum of our net assets at the beginning of each applicable calendar

quarter comprising the relevant Trailing Twelve Quarters.

The Hurdle Rate will be calculated after making appropriate adjustments to the

Company’s net asset value at the beginning of each applicable calendar quarter for all issuances by the Company of shares of its

common stock, including issuances pursuant to its dividend reinvestment plan, and distributions during the applicable calendar quarter.

The income incentive fee for each calendar quarter will be determined as follows:

no income incentive fee is payable to the Advisor in any calendar quarter in which aggregate pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters does not exceed the Hurdle Rate;

● 100 % of the aggregate pre-incentive fee net investment income in respect of the Trailing Twelve Quarters with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Rate, but is less than or equal to an amount, which we refer to as the “Catch-up Amount,” determined on a quarterly basis by multiplying 1.7647 % by the Company’s net asset value at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters (after making appropriate adjustments to the Company’s net asset value at the beginning of each applicable calendar quarter for all issuances by the Company of shares of its common stock, including issuances pursuant to its dividend reinvestment plan, and distributions during the applicable calendar quarter);

● 15.0 % of the aggregate pre-incentive fee net investment income in respect of the Trailing Twelve Quarters that exceeds the Catch-up Amount.

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

(amounts in 000’s, except share and per share amounts)

Commencing with the quarter that begins immediately

after the First Calendar Quarter, each income incentive fee will be subject to an “Incentive Fee Cap” that in respect of any

calendar quarter is an amount equal to 15.0 % of the Cumulative Pre-Incentive Fee Net Return (as defined below) during the Trailing

Twelve Quarters less the aggregate income incentive fees that were paid to the Advisor in the preceding eleven calendar quarters (or portion

thereof) comprising the relevant Trailing Twelve Quarters.

In the event the Incentive Fee Cap is zero or a negative value then no income

incentive fee shall be payable and if the Incentive Fee Cap is less than the amount of income incentive fee that would otherwise be payable,

the amount of income incentive fee shall be reduced to an amount equal to the Incentive Fee Cap.

“Cumulative Pre-Incentive Fee Net Return”

means (x) with respect to the First Calendar Quarter, the sum of pre-incentive fee net investment income in respect of the First

Calendar Quarter, (y) with respect to the relevant Trailing Twelve Quarters, the pre-incentive fee net investment income in

respect of the relevant Trailing Twelve Quarters minus any Net Capital Loss (as defined below), if any, in respect of the relevant Trailing

Twelve Quarters.

If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company will pay no income incentive fee to

the Advisor for such quarter.

If, in any quarter, the Incentive Fee Cap for such quarter is a positive value but is less than the income

incentive fee that is payable to the Advisor for such quarter (before giving effect to the Incentive Fee Cap) calculated as described

above, the Company will pay an income incentive fee to the Advisor equal to the Incentive Fee Cap for such quarter.

If, in any quarter,

the Incentive Fee Cap for such quarter is equal to or greater than the income incentive fee that is payable to the Advisor for such quarter

(before giving effect to the Incentive Fee Cap) calculated as described above, the Company will pay an income incentive fee to the Advisor

equal to the incentive fee calculated as described above for such quarter without regard to the Incentive Fee Cap.

“Net Capital Loss” in respect of a

particular period means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in such

period and (ii) aggregate capital gains, whether realized or unrealized, in such period.

These calculations are prorated for any period

of less than three months and adjusted for any share issuances or repurchases during the relevant quarter.

Amounts waived by the

Advisor pursuant to the Fee Waiver Agreement are not subject to recoupment by the Advisor.

Incentive Fee on Capital Gains

Prior to an Exchange Listing, the incentive fee

on capital gains (the “capital gains incentive fee”) will be calculated and payable in arrears in cash as 10 % of the Company’s

realized capital gains, if any, on a cumulative basis from formation through (a) the day before an Exchange Listing, (b) upon

consummation of a Liquidity Event or (c) upon the termination of the Investment Advisory Agreement, computed net of all realized

capital losses and unrealized capital depreciation on a cumulative basis.

For the purpose of computing the capital gain incentive fee,

the calculation methodology will look through derivative financial instruments or swaps as if the Company owned the reference assets directly.

Payment of Incentive Fees

Prior to an Exchange Listing, any incentive fees

earned by the Advisor shall accrue as earned but only become payable in cash to the Advisor upon consummation of an Exchange Listing.

To the extent the Company does not complete an Exchange Listing, the incentive fees will be payable to the Advisor (a) upon consummation

of a sale of the Company or (b) once substantially all the proceeds from a Company Liquidation payable to the Company’s stockholders

have been distributed to such stockholders.

For the year ended December 31, 2023, the Company incurred incentive

fees on income of $ 9,433 and no incentive fees on capital gains.

For the year ended December 31, 2022, the Company incurred incentive

fees on income of $ 4,698 and no incentive fees on capital gains.

For the year ended December 31, 2021, the Company incurred incentive

fees on income of $ 31 and on realized gains $ 34 (total of $ 65 ).

The following table presents the composition of the Company’s

investment portfolio at amortized cost and fair value as of December 31, 2023 and 2022:

Prior to the IPO Date, the incentive fee on capital

gains (the “capital gains incentive fee”) was calculated and payable in arrears in cash as 10 % of the Company’s

realized capital gains, if any, on a cumulative basis from formation through (a) the day before our initial public offering (“IPO”),

(b) upon consummation of a Liquidity Event (as defined in the Investment Advisory Agreement) or (c) upon the termination of

the Investment Advisory Agreement, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis,

less the aggregate amount of any previously paid capital gain incentive fees.

For the purpose of computing the capital gain incentive

fee, the calculation methodology looked through derivative financial instruments or swaps as if the Company owned the reference assets

Commencing on the IPO Date, the incentive fee

on capital gains is calculated and payable in arrears in cash as 15.0 % of the Company’s realized capital gains, if any, on a cumulative

basis from formation through the end of a given calendar year or upon termination of the Investment Advisory Agreement, computed net of

all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid

capital gain incentive fees.

In the event that the Investment Advisory Agreement terminates as of a date that is not a fiscal year end,

the termination date will be treated as though it were a fiscal year end for purposes of calculating and paying a capital gain incentive

For the year ended December 31, 2024, the Company

incurred incentive fees on income of $ 2,631 , net of waivers of $ 14,818 , and no incentive fees on capital gains.

For the years ended December

31, 2023 and 2022, the Company incurred incentive fees on income of $ 9,433 and $ 4,698 , respectively, and no incentive fees on capital

gains in either of these years.

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

(amounts in 000’s, except share and per share amounts)

Payment of Incentive Fees Prior to the IPO

Prior to the Company’s IPO, incentive fees

earned by the Advisor accrued as earned but only became payable in cash to the Advisor upon consummation the IPO.

In June 2024, the Company

paid $ 16,826 to the Advisor for these accrued as earned fees through the quarter ended March 31, 2024.

The following table presents the composition of

the Company’s investment portfolio at amortized cost and fair value as of December 31, 2024 and 2023:

December 31, 2024

4 unchanged sentences

Total Investments

(1) Includes debt investment in Trademark

(2) Includes equity investment in

TG Parent Newco LLC (Trademark Global LLC).

Kayne Anderson BDC, Inc.

2 unchanged sentences

share amounts)

As of December 31, 2023 and December 31, 2022, $ 68,578 and $ 45,901 ,

respectively, of the Company’s total assets were non-qualifying assets, as defined by Section 55(a) of the 1940 Act.

As of December 31, 2024 and 2023, $ 188,253 and $ 68,578 , respectively,

of the Company’s total assets were non-qualifying assets, as defined by Section 55(a) of the 1940 Act.

The Company uses Global Industry Classification

3 unchanged sentences

Trading companies & distributors

Food products

Commercial services & supplies

Food products

Health care providers & services

Containers & packaging

Aerospace & defense

Professional services

Leisure products

Textiles, apparel & luxury goods

Aerospace & defense

Personal care products

Wireless telecommunication services

Automobile components

Leisure products

Building products

Household durables

Textiles, apparel & luxury goods

Specialty retail

Pharmaceuticals

Diversified telecommunication services

Wireless telecommunication services

Health care equipment & supplies

Hotels, restaurants & leisure

Household durables

Household products

Construction materials

Biotechnology

Specialty retail

Semiconductors & semiconductor equipment

Electrical equipment

Diversified consumer services

Capital markets

Pharmaceuticals

Diversified telecommunication services

Electronic equipment, instruments & components

Asset management & custody banks

Kayne Anderson BDC, Inc.

30 unchanged sentences

Kayne Anderson BDC, Inc.

Notes to Consolidated

Financial Statements

Notes to Consolidated Financial Statements

(amounts in 000’s, except share and per share amounts)

8 unchanged sentences

Total Investments

(1) Includes debt investment in Trademark

(2) Includes equity investment in

TG Parent Newco LLC (Trademark Global LLC).

Fair Value Hierarchy as of December 31, 2023

8 unchanged sentences

debt investments (1)

investments (2)

Fair value, beginning of period

6 unchanged sentences

Fair value, end of period

(1) Reflects non-cash conversions.

These transactions represent non-cash

investing activities.

senior secured

(1) Includes debt investment in Trademark

(2) Includes equity investment in

TG Parent Newco LLC (Trademark Global LLC).

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

(amounts in 000’s, except share and per

share amounts)

For the year ended December 31, 2023

senior secured

debt investments

Fair value, beginning of period

Purchases of investments

Purchases of investments, including PIK, if any

Proceeds from sales of investments and principal repayments

4 unchanged sentences

Fair value, end of period

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

(amounts in 000’s, except share and per

share amounts)

(1) Reflects non-cash conversions.

These transactions represent non-cash investing activities.

For the years ended December 31, 2024 and 2023,

4 unchanged sentences

Gains (Losses).

Valuation Techniques and Unobservable

Valuation Techniques and Unobservable Inputs

Non-traded debt investments are typically

66 unchanged sentences

fair value of the investment compared to the total fair value of all investments.

First-lien senior secured debt investments include the

Company’s senior secured loan in an investment vehicle (BC CS 2, L.P.), which is considered subordinated debt since it is collateralized

by a preferred stock investment in Cuisine Solutions, Inc.

As of December 31, 2024

First-lien senior secured debt investments

Discounted cash flow analysis

Discount rate

Preferred equity investment

Discounted cash flow analysis

Discount rate

Other equity investments

Comparable Multiples

Fair Value Valuation

Technique Unobservable

Input Range Weighted

First-lien senior secured debt investments $ 1,719,182 Discounted cash flow analysis Discount rate 8.2 % - 15.0 % 10.1 %

Preferred equity investment 11,114 Discounted cash flow analysis Discount rate 15.0 % 15.0 %

Preferred equity investment 500 Precedent Transaction Analysis Original cost 1.0 1.0

Common equity investment 1,750 Precedent Transaction Analysis Original cost 1.0 1.0

Other equity investments 9,373 Comparable Multiples EV / EBITDA 7.6 - 17.2 11.3

As of December 31, 2023

First-lien senior secured debt investments

Discounted cash flow analysis

Discount rate

8.4 % – 15.0 %

Equity investments

Precedent Transaction Analysis

Original Cost

Comparable Multiples

Valuation Unobservable Weighted

Fair Value Technique Input Range Average

First-lien senior secured debt investments $ 1,346,174 Discounted cash flow analysis Discount rate 8.3 % – 15.0 % 10.2 %

Preferred equity investment 9,287 Discounted cash flow analysis Discount rate 15.0 % 15.0 %

Other equity investments 8,037 Comparable Multiples EV / EBITDA 7.1 – 17.2 11.5

Kayne Anderson BDC, Inc.

2 unchanged sentences

share amounts)

Subscription Credit Agreement

As of December 31, 2023, the Company had a $ 50,000

credit agreement (the “Subscription Credit Agreement”) with certain lenders party thereto.

The Subscription Credit Agreement

permits the Company to elect the commitment amount each quarter to borrow up to $ 50,000 , subject to availability under the borrowing base

which is calculated based on the unused capital commitments of the investors meeting various eligibility requirements.

The interest rate

under the Subscription Credit Agreement is equal to the Secured Overnight Funding Rate (“SOFR”) plus 2.25 % (subject to a 0.275 %

The Company is also required to pay a commitment fee of 0.25 % per annum on any unused portion of the Subscription Credit

The Company also pays an extension fee of 0.075 % per quarter on the elected commitment amount on the first day of each calendar

The Subscription Credit Agreement will expire on December 31, 2024.

For the years ended December 31, 2023 and 2022,

the average amount of borrowings outstanding under the Subscription Credit Agreement were $ 41,782 and $ 65,751 , respectively, with a weighted

average interest rate of 7.03 % and 3.70 %, respectively.

As of December 31, 2023, the Company had $ 10,750 outstanding under the Subscription

Credit Agreement at a weighted average interest rate of 7.35 %.

Corporate Credit Facility

As of December 31, 2024, the Company had a senior

secured revolving credit facility (the “Corporate Credit Facility”), that has a total commitment of $ 400,000 .

The Company entered

into the Corporate Credit Facility on February 18, 2022.

The Corporate Credit Facility’s commitment termination date and the final

maturity date are February 18, 2026 and February 18, 2027, respectively.

The Corporate Credit Facility also provides for a feature that

allows the Company, under certain circumstances, to increase the overall size of the Corporate Credit Facility to a maximum of $ 550,000 .

The interest rate on the Corporate Credit Facility is equal to Term SOFR (a forward-looking rate based on SOFR futures) plus an applicable

spread of 2.35 % per annum or an “alternate base rate” (as defined in the agreements governing the Corporate Credit Facility)

plus an applicable spread of 1.25 %.

The Company is also required to pay a commitment fee of 0.375 % per annum on any unused portion of

the Corporate Credit Facility.

secured revolving credit facility (the “Corporate Credit Facility”), that has a total commitment of $ 475,000 , $ 400,000 of

which has a maturity date of November 22, 2029 and the remaining $ 75,000 of which has a maturity date of February 18, 2027 , following

the Company’s amendment of the Corporate Credit Facility on November 22, 2024.

The Corporate Credit Facility also provides for a

feature that allows the Company, under certain circumstances, to increase the overall size of the Corporate Credit Facility to a maximum

of $ 600,000 .

The interest rate on the Corporate Credit Facility is equal to Term SOFR (a forward-looking rate based on SOFR futures) plus

an applicable spread of 2.10 % per annum or an “alternate base rate” (as defined in the agreements governing the Corporate

Credit Facility) plus an applicable spread of 1.00 %.

The Company is also required to pay a commitment fee of 0.375 % per annum on any unused

portion of the Corporate Credit Facility.

Under the Corporate Credit Facility, the Company

12 unchanged sentences

assets in the Company’s portfolio and excludes investments held by Kayne Anderson BDC Financing LLC (“KABDCF”) under

the Revolving Funding Facility (as defined below).

For the years ended December 31, 2023 and 2022,

the average amount of borrowings outstanding under the Corporate Credit Facility was $ 251,655 and $ 134,239 , respectively, with a

weighted average interest rate of 7.35 % and 4.26 %, respectively.

As of December 31, 2023, the Company had $ 234,000 outstanding under the

Corporate Credit Facility at a weighted average interest rate of 7.71 %.

the Revolving Funding Facility and by Kayne Anderson BDC Financing II, LLC (“KABDCF II”) under the Revolving Funding Facility

II (each as defined below).

For the years ended December 31, 2024 and 2023, the average amount

of borrowings outstanding under the Corporate Credit Facility was $ 173,911 and $ 251,655 , respectively, with a weighted average interest

rate of 7.42 % and 7.35 %, respectively, for the Corporate Facility portion.

As of December 31, 2024, the Company had $ 250,000 outstanding

under the Corporate Credit Facility at a weighted average interest rate of 6.49 %.

See Note 13 – Subsequent Events.

Revolving Funding Facility

1 unchanged sentence

secured revolving funding facility (the “Revolving Funding Facility”), that has a total commitment of $ 600,000 .

The Company and

KABDCF entered into the Revolving Funding Facility on February 18, 2022, and on June 29, 2023, amended the facility and increased the

commitment amount from $ 350,000 to $ 455,000 .

The interest rate and all other terms remained unchanged.

The Revolving Funding Facility

is secured by all of the assets held by KABDCF and the Company has agreed that it will not grant or allow a lien on the membership interest

The end of the reinvestment period and the stated maturity date for the Revolving Funding Facility are February 18, 2025 and

February 18, 2027, respectively.

The interest rate on the Revolving Funding Facility is equal to daily SOFR plus 2.75 % per annum.

is also required to pay a commitment fee of between 0.50 % and 1.50 % per annum depending on the size of the unused portion of the Revolving

Funding Facility.

Amounts available to borrow under the Revolving Funding Facility are subject to a borrowing base that applies different

advance rates to different types of assets held by KABDCF and is subject to limitations with respect to the loans securing the Revolving

Funding Facility, including restrictions on, loan size, industry concentration, payment frequency and status, as well as restrictions

on portfolio company leverage, all of which may also affect the borrowing base and therefore amounts available to borrow.

and KABDCF are also required to comply with various covenants, reporting requirements and other customary requirements for similar facilities.

These covenants are subject to important limitations and exceptions that are described in the agreements governing the Revolving Funding

2024, 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 third amendment, the Company and KABDCF increased the commitment amount

from $ 455,000 to $ 600,000 .

The end of the reinvestment period was extended to April 2, 2027, and the maturity date was extended to April

The interest rate on the Revolving Funding Facility was reduced from daily SOFR plus 2.75 % per annum to SOFR plus 2.375 % - 2.50 %

per annum depending on the mix of loans securing the Revolving Funding Facility.

All other terms of the Revolving Funding Facility remained

substantially the same.

The Revolving Funding Facility is secured by all of the assets held by KABDCF and the Company has agreed that

it will not grant or allow a lien on the membership interest of KABDCF.

KABDCF is also required to pay a commitment fee of between 0.50 % and

1.50 % per annum depending on the size of the unused portion of the Revolving Funding Facility.

Amounts available to borrow under the Revolving

Funding Facility are subject to a borrowing base that applies different advance rates to different types of assets held by KABDCF and

is subject to limitations with respect to the loans securing the Revolving Funding Facility, including restrictions on, loan size, industry

concentration, payment frequency and status, as well as restrictions on portfolio company leverage, all of which may also affect the borrowing

base and therefore amounts available to borrow.

The Company and KABDCF are also required to comply with various covenants, reporting requirements

and other customary requirements for similar facilities.

These covenants are subject to important limitations and exceptions that are

described in the agreements governing the Revolving Funding Facility.

See Note 13 – Subsequent Events.

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

(amounts in 000’s, except share and per

share amounts)

(amounts in 000’s, except share and per share amounts)

For the years ended December 31, 2024 and 2023,

4 unchanged sentences

Revolving Funding Facility II

On December 22, 2023,

the Company and Kayne Anderson BDC Financing II, LLC (“KABDCF II”), a wholly-owned, special purpose financing subsidiary,

entered into a new senior secured revolving credit facility (the “Revolving Funding Facility II”).

The Revolving Funding Facility

II has an initial commitment of $ 150,000 which, under certain circumstances, can be increased up to $ 500,000 .

The Revolving Funding Facility

II is secured by all of the assets held by KABDCF II and the Company has agreed that it will not grant or allow a lien on the membership

interest of KABDCF II.

The end of the reinvestment period and the stated maturity date for the Revolving Funding Facility II are December

22, 2026, and December 22, 2028, respectively.

The interest rate on the Revolving Funding Facility II is equal to 3-month term SOFR plus

2.70 % per annum.

KABDCF II is also required to pay a commitment fee of 0.50 % between December 22, 2023 and September 22, 2024 and 0.75 %

thereafter on the unused portion of the Revolving Funding Facility II.

As of December 31, 2024, the Company and Kayne Anderson BDC Financing

II, LLC (“KABDCF II”), a wholly-owned, special purpose financing subsidiary, had a senior secured revolving credit facility

(the “Revolving Funding Facility II”).

The Revolving Funding Facility II has an initial commitment of $ 150,000 which, under

certain circumstances, can be increased up to $ 500,000 .

The Revolving Funding Facility II is secured by all of the assets held by KABDCF

II and the Company has agreed that it will not grant or allow a lien on the membership interest of KABDCF II.

The end of the reinvestment

period and the stated maturity date for the Revolving Funding Facility II are December 22, 2026, and December 22, 2028, respectively.

The interest rate on the Revolving Funding Facility II is equal to 3-month term SOFR plus 2.70 % per annum.

KABDCF II is also required

to pay a commitment fee of 0.50 % between December 22, 2023 and September 22, 2024 and 0.75 % thereafter on the unused portion of the Revolving

Funding Facility II.

Amounts available to borrow under the Revolving

6 unchanged sentences

are subject to important limitations and exceptions that are described in the agreements governing the Revolving Funding Facility II.

For the period ended December 22, 2023 through

December 31, 2023, the average amount of borrowings outstanding under the Revolving Funding Facility II was $ 70,000 , with a weighted average

interest rate of 8.07 %.

As of December 31, 2023, the Company had $ 70,000 outstanding under the Revolving Funding Facility II at a

weighted average interest rate of 8.07 %.

Loan and Security Agreement

On February 18, 2022, the Company and KABDCF established

two new credit facilities (described above) and fully repaid the $ 150,000 outstanding balance on the Loan and Security Agreement (the

“LSA”), which was entered into by KABDCF on February 5, 2021.

Advances under the LSA had an interest rate of LIBOR plus 4.25%

(subject to a 1.00% LIBOR floor ).

For the year ended December 31, 2024, the average amount of borrowings

outstanding under the LSA were $ 20,384 with a weighted average interest rate of 5.25 %.

outstanding under the Revolving Funding Facility was $ 82,432 , with a weighted average interest rate of 7.84 %.

For the period ended

December 22, 2023 through December 31, 2023, the average amount of borrowings outstanding under the Revolving Funding Facility II was

$ 70,000 , with a weighted average interest rate of 8.07 %.

As of December 31, 2024, the Company had $ 113,000 outstanding under the

Revolving Funding Facility II at a weighted average interest rate of 7.29 %.

See Note 13 – Subsequent Events.

Subscription Credit Agreement

On April 1, 2024, the Company fully repaid all

amounts outstanding and terminated the remaining commitment of $ 50,000 under its credit agreement (the “Subscription Credit Agreement”)

that was scheduled to mature on December 31, 2024.

The Subscription Credit Agreement permitted the Company to elect the commitment amount

each quarter to borrow up to $ 50,000 , subject to availability under the borrowing base which was calculated based on the unused capital

commitments of the investors meeting various eligibility requirements.

The interest rate under the Subscription Credit Agreement was equal

to the Secured Overnight Financing Rate (“SOFR”) plus 2.25 % (subject to a 0.275 % SOFR floor).

The Company was also required

to pay a commitment fee of 0.25 % per annum on any unused portion of the Subscription Credit Agreement.

The Company also paid an extension

fee of 0.075 % per quarter on the elected commitment amount on the first day of each calendar quarter.

For the years ended December 31, 2024 and 2023, the average amount

of borrowings outstanding under the Subscription Credit Agreement were $ 3,306 and $ 41,782 , respectively, with a weighted average interest

rate of 7.61 % and 7.03 %, respectively.

Senior Unsecured Notes

On June 29, 2023, the Company completed a private

placement of $ 75,000 of senior unsecured notes (the “Notes”).

Net proceeds from the offering was used to refinance existing

debt and for general corporate purposes.

As of December 31, 2024, the Company had $ 75,000

aggregate principal amount of senior unsecured notes (the “Notes”).

Kayne Anderson BDC, Inc.

4 unchanged sentences

terms of each series of Notes outstanding at December 31, 2024.

Unamortized Issuance Costs

Estimated Fair Value December 31,

Series Principal

2024 Unamortized

Costs Estimated

Rate Maturity

A $ 25,000 $ 196 $ 26,860 8.65 % 6/30/2027

B 50,000 447 54,580 8.74 % 6/30/2028

$ 75,000 $ 643 $ 81,440

Holders of the Notes are entitled to receive cash

10 unchanged sentences

In the event the Company’s

Secured Debt Ratio exceeds 60 % (until June 29, 2024) or 55 % (on or after June 29, 2024) (a “Secured Debt Ratio Event”), the

interest rate per annum on the Notes will increase by 1.5 % during the period the ratio is above stated percentage.

If a Below Investment

Grade Event and a Secured Debt Ratio Event is continuing at the same time the aggregate increase in interest rate per annum will not exceed

Secured Debt Ratio exceeds 55 % (a “Secured Debt Ratio Event”), the interest rate per annum on the Notes will increase by 1.5 %

during the period the ratio is above stated percentage.

If a Below Investment Grade Event and a Secured Debt Ratio Event is continuing

at the same time the aggregate increase in interest rate per annum will not exceed 2.0 %.

The Notes were issued in private placement offerings

16 unchanged sentences

December 31, 2024

Outstanding Principal

Amount Available (1)

Net Carrying Value (2)

Principal Committed

Available (1)

Corporate Credit Facility

1 unchanged sentence

Revolving Funding Facility II

Subscription Credit Agreement

(1) The amount available under the Company’s credit facilities reflects

the assets held at KABDCF and KABDCF II and any limitations related to each borrowing base as of December 31, 2023.

(2) The carrying value of the Notes, Corporate Credit Facility, Revolving

Funding Facility, Revolving Funding Facility II and Subscription Credit Agreement are presented net of deferred financing costs totaling

(1) The amounts available under the Company’s credit facilities do

not reflect any limitations related to each borrowing base as of December 31, 2024.

(2) The carrying value of the Notes, Corporate Credit Facility,

Revolving Funding Facility and Revolving Funding Facility II are presented net of deferred financing costs totaling $ 9,875 .

Kayne Anderson BDC, Inc.

5 unchanged sentences

Amount Available (1)

Net Carrying Value (2)

Corporate Credit Facility

Revolving Funding Facility

Revolving Funding Facility II

Subscription Credit Agreement

(1) The amount available under the Company’s credit facilities reflects

the assets held at KABDCF and any limitations related to the borrowing base as of December 31, 2022.

(2) The carrying value of the Corporate Credit Facility, Revolving Funding Facility, and Subscription Credit Agreement are presented net of deferred financing costs totaling $ 5,409 .

(1) The amount available under the

Company’s credit facilities reflects the assets held at KABDCF and KABDCF II and any limitations related to each borrowing base

as of December 31, 2023.

(2) The carrying value of the Notes,

Corporate Credit Facility, Revolving Funding Facility, Revolving Funding Facility II and Subscription Credit Agreement are presented

net of deferred financing costs totaling $ 6,431 .

For the years ended December 31, 2024, 2023 and 2022, the components

16 unchanged sentences

See Note 13 – Subsequent Events.

On May 24, 2024, the Company completed its IPO,

issuing 6,000,000 shares of its common stock at a public offering price of $ 16.63 per share.

Net of underwriting fees and offering

expenses, the Company received net cash proceeds of $ 92,363 .

The Company’s common stock began trading on the NYSE under the ticker

symbol “KBDC” on May 22, 2024.

For the year ended December 31, 2024

Common stock issue date

shares issued

Offering price per share

Common stock shares issued

Aggregate offering amount

February 14, 2024

April 2, 2024

August 8, 2023

Total common stock issued

2 unchanged sentences

shares issued

January 24, 2022

July 22, 2022

October 31, 2022

December 9, 2022

April 4, 2023

August 8, 2023

Total common stock issued

2 unchanged sentences

shares issued

February 5, 2021

April 23, 2021

January 24, 2022

July 22, 2022

6 unchanged sentences

share amounts)

On December 5, 2023, the Company completed its

final close of subscription agreements with investors.

As of December 31, 2023, the Company had subscription agreements with investors

for an aggregate capital commitment of $ 1,046,928 to purchase shares of common stock.

Of this amount, the Company had $ 388,634 of undrawn

commitments at December 31, 2023.

See Note 12 – Subsequent Events.

Dividends and Dividend Reinvestment

The following tables summarize the dividends declared

and payable by the Company for the years ended December 31, 2023, 2022 and 2021.

See Note 12 – Subsequent Events.

For the year ended December 31, 2023

Dividend declaration date

Dividend record date

Dividend payment date

March 7, 2023

Share Repurchase Plan

On May 21, 2024, the Company entered into a share

repurchase plan, or the Company 10b5-1 Plan, to acquire up to $ 100,000 in the aggregate of the Company’s Common Stock at prices

below the Company’s net asset value per share over a specified period, in accordance with the guidelines specified in Rule 10b5-1

and Rule 10b-18 of the Securities Exchange Act of 1934, as amended.

The Company 10b5-1 Plan was approved by the Board of Directors on

March 6, 2024.

April 14, 2023

June 30, 2023

The Company 10b5-1 Plan requires Morgan Stanley Corporation as the Company’s agent, to repurchase Common Stock on

its behalf when the market price per share is below the most recently reported net asset value per share (including any updates, corrections

or adjustments publicly announced by the Company to any previously announced net asset value per share, including any distributions declared).

Under the Company 10b5-1 Plan, the volume of purchases would be expected to increase as the price of the Company’s Common Stock

declines, subject to volume restrictions.

The timing and amount of any share repurchases will depend on the terms and conditions of the

Company 10b5-1 Plan, the market price of the Company’s Common Stock and trading volumes, and no assurance can be given that Common

Stock be repurchased in any particular amount or at all.

The repurchase of shares pursuant to the Company 10b5-1 Plan is intended to satisfy

the conditions of Rule 10b5-1 and Rule 10b-18 under the Exchange Act, and will otherwise be subject to applicable law, including Regulation

M, which may prohibit repurchases under certain circumstances.

The Company 10b5-1 Plan commenced beginning 60 calendar days following

the end of the “restricted period” under Regulation M and will terminate upon the earliest to occur of (i) the close of business

on May 24, 2025, (ii) the end of the trading day on which the aggregate purchase price for all shares purchased under the Company 10b5-1

Plan equals $ 100,000 and (iii) the occurrence of certain other events described in the Company 10b5-1 Plan.

The “restricted period” under Regulation

M ended upon the closing of the Company’s IPO and, therefore, the Common Stock repurchases/purchases described above began on July

For the year ended December 31, 2024, the agent

has repurchased shares of common stock pursuant to the Plan as follows:

Total number of shares

have been purchased

under the plan

July 23 - 31, 2024

3 unchanged sentences

November 1 - 30, 2024

December 29, 2023

January 16, 2024

Total stock repurchased

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

(amounts in 000’s, except share and per

share amounts)

Dividends and Dividend Reinvestment

The following tables summarize the dividends declared and payable by

the Company for the years ended December 31, 2024, 2023 and 2022.

For the year ended December 31, 2024, the $ 0.10 per share dividend with

a payment date of December 20, 2024 was one of three special dividends declared by the Board of Directors in conjunction with the Company’s

IPO in May 2024.

See Note 13 – Subsequent Events.

For the year ended December 31, 2024

Dividend declaration date Dividend record date Dividend payment date Dividend

March 6, 2024 March 29, 2024 April 17, 2024 $ 0.40

May 8, 2024 June 28, 2024 July 15, 2024 0.40

August 7, 2024 September 30, 2024 October 15, 2024 0.40

May 8, 2024 December 5, 2024 December 20, 2024 0.10

November 6, 2024 December 31, 2024 January 15, 2025 0.40

Total dividends declared $ 1.70

For the year ended December 31, 2023

Dividend declaration date

Dividend record date

Dividend payment date

April 19, 2022

April 20, 2022

April 26, 2022

July 19, 2022

July 20, 2022

July 27, 2022

October 18, 2022

October 13, 2022

October 25, 2022

December 16, 2022

December 29, 2022

January 13, 2023

Dividend declaration date Dividend record date Dividend payment date per share

March 7, 2023 March 31, 2023 April 14, 2023 $ 0.47

May 10, 2023 June 30, 2023 July 14, 2023 0.53

August 10, 2023 September 29, 2023 October 13, 2023 0.53

November 9, 2023 December 29, 2023 January 16, 2024 0.53

Total dividends declared $ 2.06

For the year ended December 31, 2022

Dividend declaration date

Dividend record date

Dividend payment date

April 23, 2021

April 20, 2021

July 19, 2021

July 20, 2021

July 27, 2021

October 18, 2021

October 22, 2021

November 2, 2021

December 2, 2021

December 29, 2021

January 18, 2022

Dividend declaration date Dividend record date Dividend payment date per share

April 19, 2022 April 20, 2022 April 26, 2022 $ 0.26

July 19, 2022 July 20, 2022 July 27, 2022 0.30

October 18, 2022 October 13, 2022 October 25, 2022 0.35

December 16, 2022 December 29, 2022 January 13, 2023 0.43

Total dividends declared $ 1.34

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

(amounts in 000’s, except share and per

share amounts)

The following tables summarize the amounts received

3 unchanged sentences

For the year ended December 31, 2024

Dividend record date

Dividend payment date

December 29, 2022

January 13, 2023

March 31, 2023

April 14, 2023

June 30, 2023

July 14, 2023

September 29, 2023

October 13, 2023

For the dividend declared on November 9, 2023

and paid on January 16, 2024, there were 95,791 shares issued with a DRIP value of $ 1,573 .

These shares are excluded from the table above,

as the DRIP shares were issued after December 31, 2023.

Dividend record date Dividend payment date issued value

December 29, 2023 January 16, 2024 95,791 $ 1,573

March 29, 2024 April 17, 2024 94,816 1,577

June 28, 2024 July 15, 2024 -

September 30, 2024 October 15, 2024 -

December 5, 2024 December 20, 2024 37,843 632

228,450 $ 3,782

For the dividend paid on July 15, 2024, the DRIP

value was $ 4,431 and fulfilled through open market purchases of common stock.

For the dividend paid on October 15, 2024, the

DRIP value was $ 4,521 and was fulfilled through open market purchases of common stock.

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

(amounts in 000’s, except share and per

share amounts)

For the dividend paid on December 20, 2024, the

DRIP value was $ 1,084 .

Of this DRIP amount, $ 452 was fulfilled through open market purchases of common stock and $ 632 was fulfilled with

the issuance of 37,843 shares of common stock.

For the dividend paid on January 15, 2025, the

DRIP value was $ 3,923 .

This DRIP is excluded from the table above, as the DRIP share activity was after December 31, 2024.

For the year ended December 31, 2023

Dividend record date

Dividend payment date

December 29, 2021

January 18, 2022

April 20, 2022

April 26, 2022

July 20, 2022

July 27, 2022

October 13, 2022

October 25, 2022

For the dividend declared on December 16, 2022 and paid on January

13, 2023, there were 57,860 shares issued with a DRIP value of $ 955 .

These shares are excluded from the table above, as the DRIP shares

were issued after December 31, 2022.

Dividend record date Dividend payment date issued value

December 29, 2022 January 13, 2023 57,860 $ 955

March 31, 2023 April 14, 2023 65,733 1,089

June 30, 2023 July 14, 2023 81,527 1,352

September 29, 2023 October 13, 2023 96,731 1,586

301,851 $ 4,982

For the dividend paid on January 16, 2024, there were 95,791 shares

issued with a DRIP value of $ 1,573 .

These shares are excluded from the table above, as the DRIP shares were issued after December 31,

For the year ended December 31, 2022

Dividend record date

Dividend payment date

April 20, 2021

July 20, 2021

July 27, 2021

October 22, 2021

November 2, 2021

For the dividend declared on December 2, 2021

and paid on January 18, 2022, there were 55,590 shares issued with a DRIP value of $ 902 .

These shares are excluded from the table above,

as the DRIP shares were issued after December 31, 2021.

Dividend record date Dividend payment date issued value

December 29, 2021 January 18, 2022 55,590 $ 902

April 20, 2022 April 26, 2022 75,270 1,222

July 20, 2022 July 27, 2022 88,081 1,431

October 13, 2022 October 25, 2022 127,414 2,087

346,355 $ 5,642

For the dividend paid on January 13, 2023, there were 57,860 shares

issued with a DRIP value of $ 955 .

These shares are excluded from the table above, as the DRIP shares were issued after December 31, 2022.

On May 10, 2024, in conjunction with the

Company’s IPO, the Board of Directors declared the following special dividends:

Record date Pay date Special Dividend

December 5, 2024 December 20, 2024 $ 0.10

March 3, 2025 March 18, 2025 $ 0.10

June 9, 2025 June 24, 2025 $ 0.10

Commitments and Contingencies

11 unchanged sentences

share amounts)

A summary of the composition of the unfunded

commitments as of December 31, 2023 and 2022 is shown in the table below.

A summary of the composition of the unfunded commitments

as of December 31, 2024 and 2023 is shown in the table below.

Alcami Corporation (Alcami)

4 unchanged sentences

Arborworks Acquisition LLC

Atria Wealth Solutions, Inc.

MRC Keystone Acquisition LLC (Automated Handing Solutions)

Acquisition Co., Inc.

1 unchanged sentence

OAO Acquisitions, Inc.

Bloomington Holdco, LLC (BW Fusion)

BLP Buyer, Inc.

1 unchanged sentence

BR PJK Produce, LLC (Keany)

Brightview, LLC

Carton Packaging Buyer, Inc.

Centerline Communications, LLC

CCFF Buyer, Inc (California Custom Fruits & Flavors, LLC)

CGI Automated Manufacturing, LLC

2 unchanged sentences

DISA Holdings Corp.

Diverzify Intermediate, LLC

DRS Holdings III, Inc.

1 unchanged sentence

EIS Legacy, LLC

Fastener Distribution Holdings, LLC

Energy Acquisition LP (Electrical Components International, Inc.

Envirotech Services, LLC

Eppinger Technologies, LLC

FCA, LLC (FCA Packaging)

Fastener Distribution Holdings, LLC

Foundation Consumer Brands

Fralock Buyer LLC

Guardian Dentistry Partners

Guided Practice Solutions:

7 unchanged sentences

Krayden Holdings, Inc.

Superior Intermediate LLC (Landmark Structures)

Light Wave Dental Management LLC

1 unchanged sentence

MacNeill Pride Group

Pavion Corp., f/k/a Corbett Technology Solutions, Inc.

ML Buyer, LLC (Mama Lycha Foods, LLC)

NMA Holdings, LLC (Neuromonitoring Associates)

Phoenix YW Buyer, Inc.

(Elida Beauty)

Pixel Intermediate, LLC

PMFC Holding, LLC

Redwood MSO, LLC

Refocus Management Services, LLC

Regiment Security Partners LLC

The Robinette Company

Ruff Roofers Buyer, LLC

1 unchanged sentence

Siegel Egg Co., LLC

Silk Holdings III Corp.

Speedstar Holding LLC

Sundance Holdings Group, LLC

Techniks Holdings, LLC / Eppinger Holdings Germany GMBH

Tapco Buyer LLC

Trademark Global LLC

US Anchors Group, Inc.

(Mechanical Plastics Corp.)

United Safety & Survivability Corporation (USSC)

Universal Marine Medical Supply International, LLC (Unimed)

Vehicle Accessories, Inc.

Workholding US Holdings, LLC (Forkardt Hardinge)

Worldwide Produce Acquisition, LLC

Total unfunded commitments

From time to time, the Company may become a party to certain legal

proceedings incidental to the normal course of its business.

As of December 31, 2023 and 2022, management was not aware of any material

pending or threatened litigation that would require accounting recognition or financial statement disclosure.

From time to time, the Company may become a party

to certain legal proceedings incidental to the normal course of its business.

As of December 31, 2024 and 2023, management was not aware

of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure.

Kayne Anderson BDC, Inc.

16 unchanged sentences

Earnings (loss) per share of common stock - basic and diluted

The Company has elected to be treated as a RIC under the Code beginning

with the taxable year end December 31, 2021.

As a RIC, the Company is not subject to a federal excise tax based on distributive requirements

of its taxable income on a calendar year basis.

Depending on the level of taxable income earned in a tax year, the Company may choose

to carry forward taxable income in excess of current year distributions into the next tax year and pay a 4 % excise tax on such income,

to the extent required.

The Company makes certain adjustments to the classification of net

assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and

liabilities, and nondeductible federal taxes or losses among other items.

To the extent these differences are permanent, they are charged

or credited to additional paid in capital, or total distributable earnings (losses), as appropriate.

The Company has elected to be treated as a RIC

under the Code beginning with the taxable year end December 31, 2021.

As a RIC, the Company is not subject to a federal excise tax based

on distributive requirements of its taxable income on a calendar year basis.

Depending on the level of taxable income earned in a tax

year, the Company may choose to carry forward taxable income in excess of current year distributions into the next tax year and pay a

4 % excise tax on such income, to the extent required.

The Company makes certain adjustments to the classification

of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets

and liabilities, and nondeductible federal taxes or losses among other items.

To the extent these differences are permanent, they are

charged or credited to additional paid in capital, or total distributable earnings (losses), as appropriate.

The permanent differences for tax purposes from

distributable earnings to additional paid in capital were reclassified for tax purposes for the tax years ended December 31, 2024, 2023

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

(amounts in 000’s, except share and per

share amounts)

These reclassifications have no impact on net assets.

These reclassifications have no impact on net

For the years ended

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Increase (decrease) in additional paid-in capital

Taxable income generally differs from the net

increase in net assets resulting from operations for financial reporting purposes due to (1) unrealized appreciation (depreciation) on

investments, as gains and losses are generally not included in taxable income until these are realized;

(2) income or loss recognition

on exited investments;

Taxable income generally differs from the net increase in net assets

resulting from operations for financial reporting purposes due to (1) unrealized appreciation (depreciation) on investments, as gains

and losses are generally not included in taxable income until these are realized;

(2) income or loss recognition on exited investments;

(3) non-deductible U.S.

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Net increase (decrease) in net assets resulting from operations

Net change in unrealized losses (gains) from investments

Non-deductible expenses, including excise taxes, offering costs disallowed

Net change in unrealized losses (gains) from investments, net of deferred income tax expense, if any

Net realized gains from investments (1)

Non-deductible expenses, including excise taxes and offering costs disallowed

Capital loss carryforward

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Taxable income before deductions for distributions

For income tax purposes, distributions made to

stockholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof.

For the year ended December 31, 2023, the Company

incurred $ 101 of U.S.

(1) The realized gains of $ 570 are offset by capital losses generated for

the year ended December 31, 2023 of $ 10,686 .

For income tax purposes, distributions made to stockholders

are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof.

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

(amounts in 000’s, except share and per

share amounts)

For the years ended December 31, 2024 and 2023,

the Company incurred $ 817 and $ 101 , respectively, of U.S.

federal excise tax.

There was no U.S.

federal excise tax incurred for the years ended December 31, 2022 or 2021,

respectively.

federal excise tax incurred for the

year ended December 31, 2022.

The final determination of tax character will not be made until the

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Return of capital

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

(amounts in 000’s, except share and per

share amounts)

For the years ended December 31, 2024, 2023 and 2022, the components

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Other temporary book / tax differences

Net unrealized appreciation (depreciation)

Net unrealized appreciation (depreciation), net of deferred income tax expense, if any

Capital losses can be carried forward indefinitely

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as short-term, and $ 12,956 , which was characterized as long-term.

As of December 31, 2022 and 2021, the Company had no capital loss carryforwards.

As of December 31, 2023, the Company had a capital loss carryforward

of $ 263 , which was characterized as short-term, and $ 10,423 , which was characterized as long-term.

As of December 31, 2022, the Company

had no capital loss carryforwards.

As of December 31, 2024, 2023 and 2022, the Company’s aggregate

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Net unrealized appreciation/(depreciation) on investments

KABDC Corp, LLC and KABDC Corp II, LLC are wholly

owned subsidiaries that were formed in December 2021 and October 2023, respectively.

Each of these wholly owned subsidiaries are Delaware

LLCs that have elected to be treated as a corporation for U.S.

KABDC Corp, LLC, a wholly owned subsidiary, has elected to be treated

as a corporation for U.S.

tax purposes.

As such, KABDC Corp, LLC and KABDC Corp II, LLC are subject

As such, KABDC Corp, LLC is subject to U.S.

Federal, state and local taxes.

For the Company’s tax years ended December 31, 2023, 2022 and 2021, KABDC Corp, LLC and

KABDC Corp II, LLC did not have a material provision for income taxes.

For the Company’s

tax year ended December 31, 2024, KABDC Corp, LLC had a deferred income tax expense and a net deferred tax liability of $ 717 .

deferred tax liability of $ 717 is included in accrued expense and other liabilities on the Company’s Consolidated Statement of Assets

and Liabilities as of December 31, 2024.

For the Company’s tax years ended December 31, 2023 and 2022, KABDC Corp, LLC did not have

a material provision for income taxes.

FASB ASC Topic 740, Accounting for Uncertainty

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Financial Highlights

The following per share of common stock data

has been derived from information provided in the audited financial statements.

The following is a schedule of financial highlights for

the years ended December 31, 2023, 2022 and 2021.

the years ended December 31,

(amounts in thousands, except share

and per share amounts)

Common Share Operating Performance (1)

The following per share of common stock data has been derived from

information provided in the audited financial statements.

The following is a schedule of financial highlights for the years ended December

31, 2024, 2023, 2022 and 2021.

For the years ended December 31,

(amounts in thousands, except share and per share amounts)

Per Common Share Operating Performance (1)

Net Asset Value, Beginning of Period (2)

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Net Investment Income

Realized and Unrealized Gain (Loss) on Investments (3)

Net Increase (Decrease)

in Net Assets Resulting from Operations

Net Realized and Unrealized Gain (Loss) on Investments (3)

Net Increase (Decrease) in Net Assets Resulting from Operations

Distributions to Common Stockholders

Distributions

Net Decrease in Net

Assets Resulting from Distributions

Net Decrease in Net Assets Resulting from Distributions

Capital Share Transactions

Issuance of Common Stock, net of Underwriting and Offering Costs

Net Increase (Decrease) Resulting from Capital Share Transactions

Net Asset Value, End of Period

Per Share Market Value, End of Period

Shares Outstanding, End of Period

Ratio/Supplemental

Ratio/Supplemental Data

Net assets, end of period

Weighted-average shares outstanding

Total Return (4)

Total Return based on net asset value (4)

Total Return based on market value (5)

Portfolio turnover

Ratio of operating expenses to average net

Ratio of net investment income (loss) to average

net assets (5)

(1) The per common share data was derived by using weighted average shares outstanding.

(2) On February 5, 2021, the initial offering price of $ 15.00 per share less $ 0.14 per share of organizational costs.

(3) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the aggregate gains and losses in the Consolidated Statement of Operations due to share transactions during the period.

Ratio of operating expenses to average net assets before waivers (6)

Ratio of operating expenses to average net assets with waiver (6)

Ratio of net investment income (loss) to average net assets (6)

(1) The per common share data was

derived by using weighted average shares outstanding.

(2) On February 5, 2021, the initial

offering price of $ 15.00 per share less $ 0.14 per share of organizational costs.

(3) Realized and unrealized gains

and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period

and may not reconcile with the aggregate gains and losses in the Consolidated Statement of Operations due to share transactions during

For the years ended December 31, 2024,

2023, 2022 and 2021, such share transactions include the effect of share issuances of $ 0.00 , $ 0.00 , $ 0.04 and $ 0.19 per share, respectively.

the period, shares were issued at prices that reflect the aggregate amount of the Company’s initial organizational and offering

During the period, shares were issued at prices that reflect the aggregate amount of the Company’s initial organizational and offering

As a result, investors subscribing after the initial capital call are allocated organizational expenses consistently with all

stockholders.

(4) Total return is calculated as the change in net asset value (“NAV”) per share during the period, plus distributions per share (if any), divided by the beginning NAV per share.

The calculation also assumes reinvestment of dividends at actual prices pursuant to the Company’s dividend reinvestment plan.

(4) Total return is calculated as

the change in net asset value (“NAV”) per share during the period, plus distributions per share (if any), divided by the

beginning NAV per share.

The calculation also assumes reinvestment of dividends at actual prices pursuant to the Company’s dividend

reinvestment plan.

Total return is not annualized.

(5) The ratios reflect an annualized amount, except in the case of non-recurring expenses (e.g.

initial organizational expense of $ 175 for the period February 5, 2021 (commencement of operations) through December 31, 2021).

Kayne Anderson BDC, Inc.

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share amounts)

(5) Total return based on market value

is calculated as the change in market value per share during the respective periods, plus distributions per share, if any, divided by

the beginning market value per share.

The calculation also assumes reinvestment of dividends at actual prices pursuant to the Company’s

dividend reinvestment plan.

The beginning market value per share is based on the initial public offering price of $ 16.63 per share

and not annualized.

(6) The ratios reflect an annualized amount, except in the case of non-recurring expenses (e.g.

initial organizational expense of $ 175 for the period February 5, 2021 (commencement of operations) through December 31, 2021).

Segment Reporting

The Company operates through a single operating and reporting segment

with an investment objective to generate both current income and capital appreciation through debt and equity investments.

comprised of the Company’s co-chief executive officers and these CODMs assess the performance and make operating decisions of the

Company on a consolidated basis primarily based on the Company’s net increase in stockholders’ equity resulting from operations

(“net income”).

In addition to numerous other factors and metrics, the CODMs utilize net income as a key metric in determining

the amount of dividends to be distributed to the Company’s stockholders.

As the Company’s operations comprise of a single

reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets” and the

significant segment expenses are listed on the accompanying consolidated statement of operations.

Subsequent Events

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or disclosure in these financial statements except as described below.

On January 16, 2024, the Company paid a distribution

of $ 0.53 per share to each common stockholder of record as of December 29, 2023.

The total distribution was $ 22,050 and $ 1,573 was reinvested

into the Company through the issuance of 95,791 shares of common stock.

On February 14, 2024, the Company sold 7,089,771 shares

of its common stock for a total aggregate offering price of $ 118,689 .

As of February 22, 2024, the Company has subscription agreements

with investors for an aggregate capital commitment of $ 1,046,928 to purchase shares of common stock ($ 269,945 is undrawn).

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING

AND FINANCIAL DISCLOSURE

On January 15, 2025, the Company paid a regular

dividend of $ 0.40 per share to each common stockholder of record as of December 31, 2024.

The total dividend was $ 28,424 and $ 3,923 of

the total was DRIP.

On February 5, 2025, the Company and KABDCF II

entered into an amendment of its Revolving Funding Facility II.

Under the terms of the amendment, the lender increased its commitment

from $ 150,000 to $ 250,000 and decreased the interest rate on borrowings outstanding from 3-month term SOFR plus 2.70 % to 3-month term

SOFR plus 2.25 %.

Additionally, the maturity date of the facility was extended one year to December 22, 2029.

All other terms of the Revolving

Funding Facility II remain substantially the same.

On February 13, 2025, the Company and KABDCF entered

into an amendment of its Revolving Funding Facility.

Under the terms of the amendment, the lenders increased their commitments from $ 600,000

to $ 675,000 and decreased the interest rate on borrowings outstanding from daily SOFR plus 2.375 % - 2.50 %, depending upon the mix of loans,

to daily SOFR plus 2.15 %.

Additionally, the maturity date of the facility was extended to February 13, 2030 .

All other terms of the Revolving

Funding Facility remain substantially the same.

On February 14, 2025, the Company reduced the

size of its Corporate Credit Facility from $ 475,000 to $ 400,000 .

This commitment reduction was done in conjunction with the $ 75,000 increase

to its Revolving Funding Facility from $ 600,000 to $ 675,000 .

On February 19, 2025, the Board of Directors of

the Company 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 15, 2025 to stockholders of record as of the close of business on March 31, 2025, payable in cash or shares of common

stock of the Company pursuant to the Company’s Dividend Reinvestment Plan, as amended.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

ON ACCOUNTING AND FINANCIAL DISCLOSURE

There are not and have not been any disagreements

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 7A. Quantitative and Qualitative Disclosures About Market Risk