Kayne Anderson BDC, Inc. 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 814-01363 Kayne Anderson BDC, Inc. Delaware 83-0531326 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 717 Texas Avenue , Suite 2200 , Houston , TX 77002 (Address of principal executive offices) (Zip Code) (713) 493-2020 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.001 per share KBDC NYSE Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No As of November 5, 2025, the registrant had 68,395,751 shares of common stock, $0.001 par value per share, issued and outstanding. Table of Contents Page PART I. FINANCIAL INFORMATION 1 Item 1. Consolidated Financial Statements 1 Consolidated Statements of Assets and Liabilities as of September 30, 2025 (Unaudited) and December 31, 2024 1 Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (Unaudited) 2 Consolidated Statement of Changes in Net Assets for the three and nine months ended September 30, 2025 and 2024 (Unaudited) 3 Consolidated Statement of Cash Flows for the nine months ended September 30, 2025 and 2024 (Unaudited) 4 Consolidated Schedule of Investments as of September 30, 2025 (Unaudited) and December 31, 2024 5 Notes to Consolidated Financial Statements (Unaudited) 29 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 52 Item 3. Quantitative and Qualitative Disclosures About Market Risk 64 Item 4. Controls and Procedures 64 PART II. OTHER INFORMATION 65 Item 1. Legal Proceedings 65 Item 1A. Risk Factors 65 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 65 Item 3. Defaults Upon Senior Securities 66 Item 4. Mine Safety Disclosures 66 Item 5. Other Information 66 Item 6. Exhibits 67 Signatures 69 i Forward-Looking Statements This quarterly report on Form 10-Q contains forward-looking statements that involve substantial known and unknown risks, uncertainties and other factors. Undue reliance should not be placed on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about the company, current and prospective portfolio investments, the industry, beliefs and assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond control of Kayne Anderson BDC, Inc. (“the Company”) and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including: ● future operating results; ● business prospects and the prospects of portfolio companies in which we invest; ● the ability of our portfolio companies to achieve their objectives; ● changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets; ● the ability of KA Credit Advisors, LLC (our “Advisor”) to locate suitable investments and to monitor and administer investments; ● the ability of the Advisor and its affiliates to attract and retain highly talented professionals; ● risks associated with possible disruptions in our operations, the operations of our portfolio companies or the economy generally, including disruptions due to terrorism, war or other geopolitical conflict, natural disasters, pandemics or cybersecurity incidents; ● the adequacy of our cash resources, financing sources and working capital; ● the timing of cash flows, distributions and dividends, if any, from the operations of the companies in which the Company invests; ● the ability to maintain qualification as a business development company (“BDC”) and as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”); ● the use of borrowings under our credit facilities and issuances of senior unsecured notes to finance a portion of the Company’s investments; ● the adequacy, availability and pricing of financing sources and working capital for the Company; ● actual or potential conflicts of interest with the Advisor and its affiliates; ● contractual arrangements and relationships with third parties; ● the risks associated with an economic downturn, increased inflation, political instability, tariffs and trade policy instability, supply chain issues, interest rate volatility, loss of key personnel, and the illiquid nature of investments of the Company; and ● the risks, uncertainties and other factors the Company identifies under “Item 1A. Risk Factors” and elsewhere in this quarterly report on Form 10-Q, as well as in the Company’s annual report on Form 10-K for the year ended December 31, 2024. We have based the forward-looking statements included in this report on information available to us on the date of this report. We assume no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Although we undertake no obligation to revise or update any forward-looking statements, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the United States Securities and Exchange Commission (the “SEC”), including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K. ii PART I — FINANCIAL INFORMATION Item 1. Consolidated Financial Statements. Kayne Anderson BDC, Inc. Consolidated Statements of Assets and Liabilities (amounts in 000’s, except share and per share amounts) September 30, 2025 (Unaudited) December 31, 2024 Assets: Investments, at fair value: Non-controlled, non-affiliated investments (amortized cost of $ 2,134,139 and $ 1,956,617 ) $ 2,146,829 $ 1,982,947 Non-controlled, affiliated investments (amortized cost of $ 113,426 and $ 15,438 , respectively) 108,684 12,196 Investments in money market funds (amortized cost of $ 29,765 and $ 48,683 ) 29,765 48,683 Cash 16,360 22,375 Receivable for sales of investments 14,150 - Receivable for principal payments on investments 334 540 Interest receivable 21,500 14,965 Prepaid expenses and other assets 346 958 Total Assets $ 2,337,968 $ 2,082,664 Liabilities: Corporate Credit Facility (Note 6) $ 301,000 $ 250,000 Unamortized Corporate Credit Facility issuance costs ( 3,636 ) ( 3,235 ) Revolving Funding Facility (Note 6) 570,000 420,000 Unamortized Revolving Funding Facility issuance costs ( 5,228 ) ( 4,746 ) Revolving Funding Facility II (Note 6) 207,000 113,000 Unamortized Revolving Funding Facility II issuance costs ( 2,233 ) ( 1,251 ) Notes (Note 6) 75,000 75,000 Unamortized notes issuance costs ( 639 ) ( 643 ) Shares repurchased payable (Note 7) 706 - Distributions payable 27,927 28,424 Management fee payable (Note 3) 5,583 3,712 Incentive fee payable (Note 3) 4,419 - Accrued expenses and other liabilities 17,973 15,236 Accrued excise tax expense - 825 Total Liabilities $ 1,197,872 $ 896,322 Commitments and contingencies (Note 8) Net Assets: Common Shares, $ 0.001 par value; 100,000,000 shares authorized; 69,764,799 and 71,059,689 as of September 30, 2025 and December 31, 2024, respectively, issued and outstanding $ 70 $ 71 Additional paid-in capital 1,133,350 1,152,396 Total distributable earnings (deficit) 6,676 33,875 Total Net Assets $ 1,140,096 $ 1,186,342 Total Liabilities and Net Assets $ 2,337,968 $ 2,082,664 Net Asset Value Per Common Share $ 16.34 $ 16.70 See accompanying notes to consolidated financial statements. 1 Kayne Anderson BDC, Inc. Consolidated Statements of Operations (amounts in 000’s, except share and per share amounts) (Unaudited) For the three months ended September 30, For the nine months ended September 30, 2025 2024 2025 2024 Income: Investment income from investments: Interest income from non-controlled, non-affiliated investments $ 58,898 $ 57,541 $ 171,032 $ 155,015 Interest income from non-controlled, affiliated investments 2,063 - 2,063 754 Dividend income 412 278 821 997 Total Investment Income 61,373 57,819 173,916 156,766 Expenses: Management fees 5,583 4,764 16,126 12,537 Incentive fees 4,419 5,605 13,361 12,345 Interest expense 20,207 16,069 55,716 44,964 Professional fees 369 403 1,082 1,042 Directors fees 158 158 474 463 Excise tax expense (benefit) - - ( 43 ) - Other general and administrative expenses 591 563 1,775 1,542 Total Expenses 31,327 27,562 88,491 72,893 Less: Management fee waiver (Note 3) - ( 1,191 ) ( 2,071 ) ( 1,662 ) Less: Incentive fee waiver (Note 3) - ( 5,605 ) - ( 9,714 ) Net expenses 31,327 20,766 86,420 61,517 Net Investment Income (Loss) 30,046 37,053 87,496 95,249 Realized and unrealized gains (losses) on investments Net realized gains (losses): Non-controlled, non-affiliated investments ( 22 ) - 534 ( 138 ) Total net realized gains (losses) ( 22 ) - 534 ( 138 ) Net change in unrealized gains (losses): Non-controlled, non-affiliated investments ( 5,407 ) 1,031 ( 13,464 ) 3,323 Non-controlled, affiliated investments 424 ( 528 ) ( 1,501 ) ( 1,943 ) Total net change in unrealized gains (losses) ( 4,983 ) 503 ( 14,965 ) 1,380 Total realized and unrealized gains (losses) ( 5,005 ) 503 ( 14,431 ) 1,242 Income tax (expense) benefit on unrealized appreciation/depreciation on investments ( 428 ) - ( 1,327 ) - Net Increase in Net Assets Resulting from Operations $ 24,613 $ 37,556 $ 71,738 $ 96,491 Per Common Share Data: Basic and diluted net investment income per common share $ 0.43 $ 0.52 $ 1.23 $ 1.55 Basic and diluted net increase in net assets resulting from operations $ 0.35 $ 0.53 $ 1.01 $ 1.57 Weighted Average Common Shares Outstanding - Basic and Diluted 70,430,331 71,083,885 70,852,621 61,321,163 See accompanying notes to consolidated financial statements. 2 Kayne Anderson BDC, Inc. Consolidated Statements of Changes in Net Assets (amounts in 000’s) (Unaudited) For the three months ended September 30, For the nine months ended September 30, 2025 2024 2025 2024 Increase (Decrease) in Net Assets Resulting from Operations: Net investment income (loss) $ 30,046 $ 37,053 $ 87,496 $ 95,249 Net realized gains (losses) on investments ( 22 ) - 534 ( 138 ) Net change in unrealized gains (losses) on investments, net of tax ( 4,983 ) 503 ( 14,965 ) 1,380 Income tax (expense) benefit on unrealized appreciation/depreciation on investments ( 428 ) - ( 1,327 ) - Net Increase in Net Assets Resulting from Operations 24,613 37,556 71,738 96,491 Decrease in Net Assets Resulting from Stockholder Dividends Dividends to stockholders ( 27,927 ) ( 28,420 ) ( 98,937 ) ( 76,382 ) Net Decrease in Net Assets Resulting from Stockholder Dividends ( 27,927 ) ( 28,420 ) ( 98,937 ) ( 76,382 ) Increase (Decrease) in Net Assets Resulting from Capital Share Transactions Issuance of common shares - - - 480,997 Common stock purchased under the share repurchase program ( 13,921 ) ( 1,107 ) ( 23,074 ) ( 1,107 ) Reinvestment of dividends - - 4,027 3,150 Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions ( 13,921 ) ( 1,107 ) ( 19,047 ) 483,040 Total Increase (Decrease) in Net Assets ( 17,235 ) 8,029 ( 46,246 ) 503,149 Net Assets, Beginning of Period 1,157,331 1,178,176 1,186,342 683,056 Net Assets, End of Period $ 1,140,096 $ 1,186,205 $ 1,140,096 $ 1,186,205 See accompanying notes to consolidated financial statements. 3 Kayne Anderson BDC, Inc. Consolidated Statements of Cash Flows (amounts in 000’s) (Unaudited) For the nine months ended September 30, 2025 2024 Cash Flows from Operating Activities: Net increase (decrease) in net assets resulting from operations $ 71,738 $ 96,491 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 ( 534 ) 138 Net change in unrealized (gains)/losses on investments 14,965 ( 1,380 ) Net accretion of discount on investments ( 10,687 ) ( 8,571 ) Sales (purchases) of investments in money market funds, net 18,918 ( 9,868 ) Purchases of portfolio investments ( 678,741 ) ( 784,316 ) Proceeds from sales of investments and principal repayments 419,093 216,307 Paid-in-kind interest from portfolio investments ( 4,515 ) ( 2,119 ) Amortization of deferred financing cost 2,835 2,771 Increase/(decrease) in operating assets and liabilities: (Increase)/decrease in receivable for sales of investments ( 14,150 ) - (Increase)/decrease in interest and dividends receivable ( 6,662 ) ( 9,517 ) (Increase)/decrease in receivable for principal payments on investments 206 ( 397 ) Increase/(decrease) in accrued excise tax expense ( 825 ) ( 101 ) (Increase)/decrease in prepaid expenses and other assets 788 158 Increase/(decrease) in payable for investments purchased - 17,397 Increase/(decrease) in management fees payable 1,871 577 Increase/(decrease) in incentive fee payable 4,419 ( 14,195 ) Increase/(decrease) in accrued expenses and other liabilities 2,737 1,202 Net cash used in operating activities ( 178,544 ) ( 495,423 ) Cash Flows from Financing Activities: Borrowings/(payments) on Corporate Credit Facility, net 51,000 ( 13,000 ) Borrowings on Revolving Funding Facility, net 150,000 103,000 Borrowings on Revolving Funding Facility II, net 94,000 13,000 Borrowings/(payments) on Subscription Credit Agreement, net - ( 10,750 ) Payments of debt issuance costs ( 4,696 ) ( 4,851 ) Payable for shares repurchased 706 10 Dividends paid in cash ( 95,407 ) ( 66,862 ) Proceeds from issuance of common shares - 480,997 Repurchase of common shares ( 23,074 ) ( 1,107 ) Net cash provided by financing activities 172,529 500,437 Net increase (decrease) in cash ( 6,015 ) 5,014 Cash, beginning of period 22,375 34,069 Cash, end of period $ 16,360 $ 39,083 Supplemental and Non-Cash Information: Interest paid during the period $ 51,497 $ 40,891 Non-cash financing activities not included herein consisted of reinvestment of dividends $ 4,027 $ 3,150 See accompanying notes to consolidated financial statements. 4 Kayne Anderson BDC, Inc. Consolidated Schedule of Investments As of September 30, 2025 (amounts in 000’s, except number of shares, units) (Unaudited) Portfolio Company Footnotes (1)(2) Investment (3) Interest Rate Spread (4) PIK Rate Reference (5) Maturity Date Principal/ Par Amortized Cost (6) Fair Value Percentage of Net Assets Debt and Equity Investments Aerospace & defense Fastener Distribution Holdings, LLC First lien senior secured loan 8.75 % 4.75 % - SOFR(M) 11/4/2031 19,916 19,769 20,115 1.8 % First lien senior secured delayed draw loan 8.75 % 4.75 % - SOFR(Q) 11/4/2031 2,892 2,862 2,921 0.3 % TransDigm Inc (7) First lien senior secured loan 6.50 % 2.50 % - SOFR(Q) 2/28/2031 6,942 6,972 6,937 0.6 % Vitesse Systems Parent, LLC First lien senior secured loan 11.26 % 7.26 % - SOFR(M) 12/22/2028 30,662 30,117 30,508 2.7 % First lien senior secured revolving loan 11.29 % 7.26 % - SOFR(Q) 12/22/2028 6,239 6,120 6,208 0.5 % 66,651 65,840 66,689 5.9 % Automobile components Clarios Global LP (7)(8) First lien senior secured loan 6.66 % 2.50 % - SOFR(M) 5/6/2030 4,997 5,015 4,992 0.4 % Speedstar Holding LLC First lien senior secured loan 10.29 % 6.00 % - SOFR(Q) 7/22/2027 6,054 6,010 6,024 0.5 % First lien senior secured delayed draw loan 10.29 % 6.00 % - SOFR(Q) 7/22/2027 661 653 658 0.1 % WAM CR Acquisition, Inc. (Wolverine) First lien senior secured loan 10.41 % 6.25 % - SOFR(M) 7/23/2029 26,628 26,194 26,894 2.4 % 38,340 37,872 38,568 3.4 % Biotechnology Alcami Corporation First lien senior secured delayed draw loan 11.24 % 7.10 % - SOFR(M) 12/21/2028 840 811 840 0.1 % First lien senior secured revolving loan 11.24 % 7.10 % - SOFR(M) 12/21/2028 - - - 0.0 % First lien senior secured loan 11.35 % 7.15 % - SOFR(Q) 12/21/2028 11,413 11,174 11,412 1.0 % 12,253 11,985 12,252 1.1 % Building products Ruff Roofers Buyer, LLC First lien senior secured loan 9.31 % 5.00 % - SOFR(Q) 11/19/2029 7,061 6,780 7,061 0.6 % First lien senior secured loan 9.00 % 5.00 % - SOFR(M) 11/19/2029 2,646 2,617 2,646 0.3 % First lien senior secured revolving loan 9.00 % 5.00 % - SOFR(M) 11/19/2029 - - - 0.0 % First lien senior secured delayed draw loan 9.00 % 5.00 % - SOFR(M) 11/19/2029 - - - 0.0 % First lien senior secured delayed draw loan 9.31 % 5.00 % - SOFR(Q) 11/19/2029 5,277 5,246 5,277 0.5 % First lien senior secured delayed draw loan 9.00 % 5.00 % - SOFR(Q) 11/19/2029 2,648 2,648 2,648 0.2 % US Anchors Group, Inc. (Mechanical Plastics Corp.) First lien senior secured loan 9.00 % 5.00 % - SOFR(Q) 7/15/2029 17,064 16,767 17,064 1.5 % First lien senior secured revolving loan 9.16 % 5.00 % - SOFR(M) 7/15/2029 370 317 370 0.0 % 35,066 34,375 35,066 3.1 % Chemicals Fralock Buyer LLC First lien senior secured loan 10.00 % 6.00 % - SOFR(Q) 9/30/2026 12,946 12,797 12,945 1.1 % First lien senior secured loan 10.00 % 6.00 % - SOFR(Q) 9/30/2026 4,455 4,432 4,454 0.4 % First lien senior secured revolving loan 10.00 % 6.00 % - SOFR(Q) 9/30/2026 3,338 3,336 3,338 0.3 % TL Atlas Merger Sub Corp. (Zep) First lien senior secured loan 9.00 % 5.00 % - SOFR(Q) 6/30/2031 33,689 33,369 33,689 3.0 % First lien senior secured revolving loan 9.00 % 5.00 % - SOFR(Q) 6/30/2031 766 720 766 0.1 % 55,194 54,654 55,192 4.9 % 5 Kayne Anderson BDC, Inc. Consolidated Schedule of Investments As of September 30, 2025 (amounts in 000’s, except number of shares, units) (Unaudited) Portfolio Company Footnotes (1)(2) Investment (3) Interest Rate Spread (4) PIK Rate Reference (5) Maturity Date Principal/ Par Amortized Cost (6) Fair Value Percentage of Net Assets Commercial services & supplies Advanced Environmental Monitoring Intermediate, Inc. (9) First lien senior secured loan 10.35 % 6.15 % - SOFR(Q) 12/31/2028 3,651 3,607 3,651 0.3 % First lien senior secured loan 10.37 % 6.15 % - SOFR(Q) 12/31/2028 12,559 12,374 12,559 1.1 % First lien senior secured loan 10.15 % 6.15 % - SOFR(Q) 12/31/2028 7,372 7,338 7,372 0.6 % First lien senior secured loan 10.15 % 6.15 % - SOFR(Q) 12/31/2028 2,787 2,723 2,787 0.2 % AeriTek Global Holdings LLC First lien senior secured loan 10.70 % 6.50 % - SOFR(Q) 8/27/2030 10,052 9,905 10,052 0.9 % First lien senior secured revolving loan 10.70 % 6.50 % - SOFR(Q) 8/27/2030 360 344 360 0.0 % Allentown, LLC First lien senior secured loan 11.35 % 6.15 % 1.00 % SOFR(Q) 4/22/2027 7,580 7,506 7,371 0.7 % First lien senior secured delayed draw loan 11.35 % 6.15 % 1.00 % SOFR(Q) 4/22/2027 1,369 1,353 1,332 0.1 % First lien senior secured revolving loan 13.25 % 5.00 % 1.00 % PRIME 4/22/2027 103 97 101 0.0 % American Equipment Holdings LLC First lien senior secured loan 10.62 % 6.43 % - SOFR(S) 11/5/2026 15,933 15,844 15,933 1.4 % First lien senior secured loan 10.62 % 6.43 % - SOFR(S) 11/5/2026 1,706 1,699 1,706 0.2 % First lien senior secured loan 10.49 % 6.43 % - SOFR(S) 11/5/2026 2,048 2,035 2,048 0.2 % First lien senior secured loan 10.63 % 6.43 % - SOFR(S) 11/5/2026 556 556 556 0.1 % First lien senior secured loan 10.47 % 6.43 % - SOFR(S) 11/5/2026 633 624 633 0.1 % First lien senior secured loan 10.44 % 6.43 % - SOFR(S) 11/5/2026 2,606 2,582 2,606 0.2 % First lien senior secured delayed draw loan 10.62 % 6.43 % - SOFR(S) 11/5/2026 6,128 6,089 6,128 0.5 % First lien senior secured delayed draw loan 10.49 % 6.43 % - SOFR(S) 11/5/2026 4,881 4,856 4,881 0.4 % First lien senior secured revolving loan 10.62 % 6.43 % - SOFR(S) 11/5/2026 2,831 2,785 2,831 0.2 % Arborworks Acquisition, LLC (10)(11) 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 1,358 1,358 1,358 0.1 % Bloomington Holdco, LLC (BW Fusion) First lien senior secured loan 9.57 % 5.25 % - SOFR(Q) 5/1/2030 21,088 20,719 21,088 1.8 % First lien senior secured revolving loan 9.25 % 5.25 % - SOFR(Q) 5/1/2030 3,612 3,444 3,612 0.3 % BLP Buyer, Inc. (Bishop Lifting Products) First lien senior secured loan 10.41 % 6.25 % - SOFR(M) 12/22/2029 25,773 25,405 25,773 2.3 % First lien senior secured loan 10.41 % 6.25 % - SOFR(M) 12/22/2029 1,211 1,191 1,211 0.1 % First lien senior secured loan 10.29 % 6.25 % - SOFR(S) 12/22/2029 506 499 506 0.0 % First lien senior secured loan 10.41 % 6.25 % - SOFR(M) 12/22/2029 563 554 563 0.1 % First lien senior secured delayed draw loan 10.41 % 6.25 % - SOFR(M) 12/22/2029 3,154 3,107 3,154 0.3 % First lien senior secured revolving loan 10.41 % 6.25 % - SOFR(M) 12/22/2029 1,864 1,809 1,864 0.2 % Connect America.Com, LLC (9) First lien senior secured loan 9.75 % 5.75 % - SOFR(Q) 10/11/2029 25,574 25,250 25,062 2.2 % Diverzify Intermediate LLC First lien senior secured delayed draw loan 10.07 % 6.01 % - SOFR(Q) 5/11/2027 - - - 0.0 % First lien senior secured loan 10.07 % 6.01 % - SOFR(Q) 5/11/2027 5,987 5,907 5,853 0.5 % Gusmer Enterprises, Inc. First lien senior secured loan 10.28 % 6.11 % - SOFR(M) 5/7/2027 3,030 3,010 3,030 0.3 % First lien senior secured delayed draw loan 10.28 % 6.11 % - SOFR(M) 5/7/2027 3,967 3,940 3,967 0.4 % First lien senior secured delayed draw loan 10.28 % 6.11 % - SOFR(M) 5/7/2027 1,109 1,101 1,109 0.1 % First lien senior secured revolving loan 10.27 % 6.11 % - SOFR(M) 5/7/2027 420 397 420 0.0 % Superior Intermediate LLC (Landmark Structures) First lien senior secured loan 9.66 % 5.50 % - SOFR(M) 12/18/2029 17,365 16,953 17,539 1.5 % First lien senior secured delayed draw loan 9.66 % 5.50 % - SOFR(M) 12/18/2029 - - - 0.0 % First lien senior secured revolving loan 9.66 % 5.50 % - SOFR(M) 12/18/2029 - - - 0.0 % PMFC Holding, LLC First lien senior secured loan 12.15 % 8.15 % - SOFR(Q) 7/31/2026 5,460 5,428 5,460 0.5 % First lien senior secured delayed draw loan 12.46 % 8.15 % - SOFR(Q) 7/31/2026 2,738 2,737 2,738 0.3 % First lien senior secured revolving loan 12.46 % 8.15 % - SOFR(Q) 7/31/2026 - - - 0.0 % Regiment Security Partners LLC First lien senior secured loan 14.15 % 10.15 % - SOFR(Q) 9/15/2026 6,360 6,318 6,074 0.5 % First lien senior secured loan 16.00 % 8.75 % - PRIME 9/15/2026 3,305 3,305 3,156 0.3 % First lien senior secured delayed draw loan 14.15 % 10.15 % - SOFR(Q) 9/15/2026 2,602 2,588 2,485 0.2 % First lien senior secured revolving loan 14.15 % 10.15 % - SOFR(Q) 9/15/2026 780 773 745 0.1 % Tempo Acquisition, LLC (7) First lien senior secured loan 5.91 % 1.75 % - SOFR(M) 8/31/2028 8,124 8,146 7,932 0.7 % Tapco Buyer LLC First lien senior secured loan 8.91 % 4.75 % - SOFR(M) 11/15/2030 10,471 10,335 10,471 0.9 % First lien senior secured loan 8.95 % 4.75 % - SOFR(Q) 11/15/2030 2,928 2,892 2,928 0.3 % First lien senior secured delayed draw loan 8.95 % 4.75 % - SOFR(Q) 11/15/2030 7,239 7,059 7,239 0.6 % First lien senior secured revolving loan 8.95 % 4.75 % - SOFR(Q) 11/15/2030 - - - 0.0 % 254,431 251,230 252,932 22.2 % 6 Kayne Anderson BDC, Inc. Consolidated Schedule of Investments As of September 30, 2025 (amounts in 000’s, except number of shares, units) (Unaudited) Portfolio Company Footnotes (1)(2) Investment (3) Interest Rate Spread (4) PIK Rate Reference (5) Maturity Date Principal/ Par Amortized Cost (6) Fair Value Percentage of Net Assets Containers & packaging Carton Packaging Buyer, Inc. (Century Box) First lien senior secured loan 10.56 % 6.25 % - SOFR(Q) 10/30/2028 23,836 23,432 23,836 2.1 % First lien senior secured loan 10.45 % 6.25 % - SOFR(Q) 10/30/2028 11,935 11,657 11,935 1.1 % First lien senior secured revolving loan 10.45 % 6.25 % - SOFR(Q) 10/30/2028 - - - 0.0 % Drew Foam Companies Inc. First lien senior secured loan 10.15 % 6.15 % - SOFR(Q) 12/5/2026 6,923 6,836 6,923 0.6 % First lien senior secured loan 10.47 % 6.15 % - SOFR(Q) 12/5/2026 19,677 19,583 19,677 1.7 % FCA, LLC First lien senior secured loan 9.21 % 5.00 % - SOFR(S) 7/18/2028 18,673 18,525 18,673 1.6 % First lien senior secured loan 9.91 % 5.75 % - SOFR(M) 7/18/2028 1,698 1,674 1,715 0.2 % First lien senior secured revolving loan 9.91 % 5.75 % - SOFR(M) 7/18/2028 - - - 0.0 % M2S Group Intermediate Holdings, Inc. First lien senior secured loan 9.06 % 4.75 % - SOFR(M) 8/25/2031 37,471 35,143 36,347 3.2 % Monza Purchaser, LLC (Smyth) First lien senior secured loan 9.79 % 5.50 % - SOFR(S) 2/28/2030 26,426 25,956 26,426 2.3 % First lien senior secured revolving loan 9.66 % 5.50 % - SOFR(M) 2/28/2030 1,234 1,087 1,234 0.1 % First lien senior secured delayed draw loan 9.73 % 5.50 % - SOFR(Q) 2/28/2030 5,284 5,186 5,284 0.5 % The Robinette Company First lien senior secured loan 10.20 % 6.00 % - SOFR(Q) 5/10/2029 10,149 9,992 10,251 0.9 % First lien senior secured revolving loan 10.20 % 6.00 % - SOFR(Q) 5/10/2029 2,414 2,348 2,438 0.2 % First lien senior secured delayed draw loan 10.20 % 6.00 % - SOFR(Q) 5/10/2029 - - - 0.0 % WCHG Buyer, Inc. (Handgards) First lien senior secured loan 9.00 % 5.00 % - SOFR(Q) 4/10/2031 37,457 37,087 37,738 3.3 % 203,177 198,506 202,477 17.8 % Diversified telecommunication services Network Connex (f/k/a NTI Connect, LLC) First lien senior secured loan 8.90 % 4.90 % - SOFR(Q) 7/31/2027 3,552 3,541 3,552 0.3 % Virgin Media Bristor LLC (7) First lien senior secured loan 7.59 % 3.28 % - SOFR(Q) 3/31/2031 7,250 7,179 7,142 0.6 % 10,802 10,720 10,694 0.9 % Financial services SGCP Intermediate, Inc. (SG Credit) (12)(13) First lien senior secured loan 11.00 % 11.00 % - FIXED 7/15/2030 80,000 78,496 80,000 7.0 % First lien senior secured delayed draw loan 11.00 % 11.00 % - FIXED 7/15/2030 8,000 7,575 8,000 0.7 % 88,000 86,071 88,000 7.7 % Food products BC CS 2, L.P. (Cuisine Solutions, Inc.) (8)(13) - 10.31 % 6.10 % - SOFR(S) 7/8/2028 14,793 14,585 14,793 1.3 % BR PJK Produce, LLC (Keany) First lien senior secured loan 10.69 % 6.40 % - SOFR(Q) 11/14/2027 29,116 28,771 29,158 2.6 % First lien senior secured loan 10.69 % 6.40 % - SOFR(Q) 11/14/2027 4,305 4,240 4,311 0.4 % First lien senior secured delayed draw loan 10.69 % 6.40 % - SOFR(Q) 11/14/2027 4,332 4,255 4,338 0.4 % First lien senior secured delayed draw loan 10.69 % 6.40 % - SOFR(Q) 11/14/2027 1,408 1,390 1,410 0.1 % CCFF Buyer, LLC (California Custom Fruits & Flavors, LLC) First lien senior secured loan 9.08 % 5.00 % - SOFR(S) 2/26/2030 13,791 13,521 13,929 1.2 % First lien senior secured delayed draw loan 9.06 % 5.00 % - SOFR(S) 2/26/2030 7,867 7,710 7,945 0.7 % First lien senior secured revolving loan 9.06 % 5.00 % - SOFR(S) 2/26/2030 - - - 0.0 % City Line Distributors LLC First lien senior secured loan 10.57 % 6.26 % - SOFR(Q) 8/31/2028 8,739 8,598 8,739 0.8 % First lien senior secured delayed draw loan 10.48 % 6.26 % - SOFR(Q) 8/31/2028 3,581 3,543 3,581 0.3 % First lien senior secured revolving loan 10.48 % 6.26 % - SOFR(Q) 8/31/2028 - - - 0.0 % Gulf Pacific Acquisition, LLC First lien senior secured loan 11.26 % 7.10 % - SOFR(M) 9/29/2028 19,822 19,553 19,822 1.7 % First lien senior secured delayed draw loan 11.24 % 7.10 % - SOFR(M) 9/29/2028 1,671 1,668 1,671 0.1 % First lien senior secured revolving loan 11.26 % 7.10 % - SOFR(M) 9/29/2028 2,697 2,629 2,697 0.2 % IF&P Foods, LLC (FreshEdge) First lien senior secured loan 9.73 % 5.73 % - SOFR(Q) 10/3/2028 26,763 26,386 26,496 2.3 % First lien senior secured loan 10.10 % 6.10 % - SOFR(Q) 10/3/2028 212 209 212 0.0 % First lien senior secured loan 9.35 % 5.35 % - SOFR(Q) 10/3/2028 706 683 692 0.1 % First lien senior secured delayed draw loan 9.73 % 5.73 % - SOFR(Q) 10/3/2028 3,974 3,923 3,934 0.3 % First lien senior secured revolving loan 9.73 % 5.73 % - SOFR(Q) 10/3/2028 2,950 2,907 2,921 0.3 % 7 Kayne Anderson BDC, Inc. Consolidated Schedule of Investments As of September 30, 2025 (amounts in 000’s, except number of shares, units) (Unaudited) Portfolio Company Footnotes (1)(2) Investment (3) Interest Rate Spread (4) PIK Rate Reference (5) Maturity Date Principal/ Par Amortized Cost (6) Fair Value Percentage of Net Assets J&K Ingredients, LLC First lien senior secured loan 9.00 % 5.00 % - SOFR(Q) 11/16/2028 24,375 23,945 24,375 2.1 % First lien senior secured loan 9.00 % 5.00 % - SOFR(Q) 11/16/2028 7,908 7,825 7,908 0.7 % First lien senior secured loan 9.00 % 5.00 % - SOFR(Q) 11/16/2028 - - - 0.0 % ML Buyer, LLC (Mama Lycha Foods, LLC) First lien senior secured loan 9.82 % 5.75 % - SOFR(Q) 9/7/2029 11,468 11,279 11,583 1.0 % First lien senior secured revolving loan 9.98 % 5.75 % - SOFR(Q) 9/7/2029 439 376 443 0.0 % Siegel Egg Co., LLC (10)(11) First lien senior secured loan - - - - 12/29/2026 14,727 14,620 8,615 0.8 % First lien senior secured loan - - - - 12/29/2026 382 375 382 0.0 % First lien senior secured loan - - - - 12/29/2026 912 894 912 0.1 % First lien senior secured revolving loan - - - 12/29/2026 3,179 3,157 1,860 0.2 % Worldwide Produce Acquisition, LLC First lien senior secured delayed draw loan 11.91 % 2.50 % 5.25 % SOFR(M) 1/18/2029 569 558 550 0.0 % First lien senior secured delayed draw loan 11.91 % 2.50 % 5.25 % SOFR(M) 1/18/2029 472 452 457 0.1 % First lien senior secured delayed draw loan 11.91 % 2.50 % 5.25 % SOFR(M) 1/18/2029 - - - 0.0 % First lien senior secured revolving loan 11.03 % 6.75 % - SOFR(Q) 1/18/2029 64 64 62 0.0 % First lien senior secured loan 11.91 % 2.50 % 5.25 % SOFR(M) 1/18/2029 2,900 2,847 2,806 0.3 % 214,122 210,963 206,602 18.1 % Health care equipment & supplies ECS Opco 1, LLC (Spectrum Vascular) First lien senior secured loan 8.75 % 4.75 % - SOFR(Q) 3/26/2031 5,875 5,785 5,699 0.5 % First lien senior secured delayed draw loan 8.75 % 4.75 % - SOFR(Q) 3/26/2031 - - - 0.0 % First lien senior secured revolving loan 8.75 % 4.75 % - SOFR(Q) 3/26/2031 - - - 0.0 % LSL Industries, LLC First lien senior secured loan 11.58 % 7.26 % - SOFR(Q) 11/3/2027 18,194 17,778 18,103 1.6 % First lien senior secured delayed draw loan 11.58 % 7.26 % - SOFR(Q) 11/3/2027 - - - 0.0 % First lien senior secured revolving loan 11.58 % 7.26 % - SOFR(Q) 11/3/2027 - - - 0.0 % 24,069 23,563 23,802 2.1 % Health care providers & services Aegis Toxicology Sciences Corporation First lien senior secured loan 10.00 % 6.00 % - SOFR(Q) 6/20/2030 27,429 26,795 27,429 2.4 % First lien senior secured revolving loan 10.00 % 6.00 % - SOFR(Q) 6/20/2030 - - - 0.0 % Brightview, LLC First lien senior secured loan 10.03 % 5.86 % - SOFR(M) 12/14/2026 12,639 12,634 12,639 1.1 % First lien senior secured delayed draw loan 10.03 % 5.86 % - SOFR(M) 12/14/2026 1,688 1,687 1,688 0.1 % First lien senior secured revolving loan 10.03 % 5.86 % - SOFR(M) 12/14/2026 620 618 620 0.1 % Guardian Dentistry Practice Management, LLC First lien senior secured loan 9.78 % 5.61 % - SOFR(M) 8/20/2027 5,868 5,806 5,868 0.5 % First lien senior secured delayed draw loan 9.78 % 5.61 % - SOFR(M) 8/20/2027 11,502 11,386 11,502 1.0 % First lien senior secured delayed draw loan 9.78 % 5.61 % - SOFR(M) 8/20/2027 4,487 4,471 4,487 0.4 % First lien senior secured revolving loan 9.78 % 5.61 % - SOFR(M) 8/20/2027 - - - 0.0 % Guided Practice Solutions: Dental, LLC (GPS) First lien senior secured delayed draw loan 10.53 % 6.36 % - SOFR(M) 11/24/2026 16,528 16,349 16,601 1.5 % First lien senior secured delayed draw loan 10.53 % 6.36 % - SOFR(M) 11/24/2026 3,950 3,950 3,967 0.4 % First lien senior secured delayed draw loan 10.53 % 6.36 % - SOFR(M) 11/24/2026 9,661 9,615 9,704 0.9 % Integrated Dermatology LLC First lien senior secured delayed draw loan 10.80 % 6.50 % - SOFR(Q) 8/1/2030 25,489 24,847 25,489 2.2 % First lien senior secured revolving loan 10.80 % 6.50 % - SOFR(Q) 8/1/2030 - - - 0.0 % First lien senior secured delayed draw loan 10.80 % 6.50 % - SOFR(Q) 8/1/2030 - - - 0.0 % Light Wave Dental Management, LLC First lien senior secured revolving loan 9.50 % 5.50 % - SOFR(Q) 6/30/2029 2,669 2,577 2,669 0.2 % First lien senior secured loan 9.50 % 5.50 % - SOFR(Q) 6/30/2029 22,029 21,592 22,029 1.9 % First lien senior secured loan 9.50 % 5.50 % - SOFR(Q) 6/30/2029 2,734 2,684 2,734 0.3 % First lien senior secured loan 9.50 % 5.50 % - SOFR(Q) 6/30/2029 490 478 490 0.0 % First lien senior secured loan 9.50 % 5.50 % - SOFR(Q) 6/30/2029 2,271 2,238 2,271 0.2 % MVP VIP Borrower, LLC First lien senior secured loan 10.50 % 6.50 % - SOFR(M) 1/3/2029 19,332 18,992 19,526 1.7 % First lien senior secured delayed draw loan 10.50 % 6.50 % - SOFR(Q) 1/3/2029 1,559 1,532 1,575 0.1 % 8 Kayne Anderson BDC, Inc. Consolidated Schedule of Investments As of September 30, 2025 (amounts in 000’s, except number of shares, units) (Unaudited) Portfolio Company Footnotes (1)(2) Investment (3) Interest Rate Spread (4) PIK Rate Reference (5) Maturity Date Principal/ Par Amortized Cost (6) Fair Value Percentage of Net Assets NMA Holdings, LLC (Neuromonitoring Associates) First lien senior secured loan 9.03 % 5.00 % - SOFR(Q) 12/18/2030 16,302 16,053 16,465 1.5 % First lien senior secured revolving loan 9.03 % 5.00 % - SOFR(Q) 12/18/2030 - - - 0.0 % First lien senior secured delayed draw loan 9.03 % 5.00 % - SOFR(Q) 12/18/2030 771 683 778 0.1 % Redwood MSO, LLC (Smile Partners) First lien senior secured loan 9.50 % 5.50 % - SOFR(Q) 12/20/2029 11,131 10,938 11,131 1.0 % First lien senior secured delayed draw loan 9.70 % 5.50 % - SOFR(Q) 12/20/2029 413 394 413 0.0 % First lien senior secured revolving loan 11.75 % 4.50 % - PRIME 12/20/2029 475 458 475 0.0 % Refocus Management Services, LLC First lien senior secured loan 9.60 % 5.60 % - SOFR(Q) 2/14/2029 18,083 17,675 18,083 1.6 % First lien senior secured delayed draw loan 9.83 % 5.60 % - SOFR(Q) 2/14/2029 7,109 6,938 7,109 0.6 % First lien senior secured delayed draw loan 9.60 % 5.60 % - SOFR(Q) 2/14/2029 1,738 1,738 1,738 0.2 % First lien senior secured revolving loan 9.83 % 5.60 % - SOFR(Q) 2/14/2029 496 461 496 0.0 % Salt Dental Collective LLC First lien senior secured delayed draw loan 11.01 % 6.85 % - SOFR(M) 2/15/2028 3,950 3,950 3,950 0.3 % 231,413 227,539 231,926 20.3 % Household durables Curio Brands, LLC First lien senior secured loan 9.25 % 5.25 % - SOFR(Q) 4/2/2031 10,359 10,249 10,359 0.9 % First lien senior secured revolving loan 9.25 % 5.25 % - SOFR(Q) 4/2/2031 - - - 0.0 % First lien senior secured delayed draw loan 9.25 % 5.25 % - SOFR(Q) 4/2/2031 - - - 0.0 % Del-Air Heating, Air Conditioning & Refrigeration, LLC First lien senior secured loan 9.79 % 5.50 % - SOFR(Q) 2/4/2031 5,273 5,200 5,273 0.5 % First lien senior secured revolving loan 9.79 % 5.50 % - SOFR(Q) 2/4/2031 - - - 0.0 % First lien senior secured delayed draw loan 9.70 % 5.50 % - SOFR(Q) 2/4/2031 3,371 3,281 3,371 0.3 % 19,003 18,730 19,003 1.7 % Household products CREO Group Inc. (HMS Manufacturing) First lien senior secured loan 10.74 % 6.51 % - SOFR(Q) 2/13/2030 33,879 33,267 33,625 2.9 % First lien senior secured revolving loan 10.51 % 6.51 % - SOFR(Q) 2/13/2030 4,049 3,945 4,018 0.4 % Home Brands Group Holdings, Inc. (ReBath) First lien senior secured loan 9.16 % 5.00 % - SOFR(Q) 1/8/2028 15,189 15,045 15,189 1.3 % First lien senior secured revolving loan 9.16 % 5.00 % - SOFR(Q) 1/8/2028 - - - 0.0 % 53,117 52,257 52,832 4.6 % Insurance Allcat Claims Service, LLC First lien senior secured loan 9.01 % 4.85 % - SOFR(M) 7/7/2027 986 978 986 0.1 % First lien senior secured delayed draw loan 9.01 % 4.85 % - SOFR(M) 7/7/2027 21,224 20,854 21,224 1.9 % First lien senior secured delayed draw loan 9.01 % 4.85 % - SOFR(M) 7/7/2027 - - - 0.0 % First lien senior secured revolving loan 9.01 % 4.85 % - SOFR(M) 7/7/2027 - - - 0.0 % 22,210 21,832 22,210 2.0 % IT services Improving Acquisition LLC First lien senior secured loan 10.65 % 6.65 % - SOFR(Q) 7/26/2027 34,625 34,311 34,625 3.1 % First lien senior secured revolving loan 10.94 % 6.65 % - SOFR(Q) 7/26/2027 167 155 167 0.0 % 34,792 34,466 34,792 3.1 % 9 Kayne Anderson BDC, Inc. Consolidated Schedule of Investments As of September 30, 2025 (amounts in 000’s, except number of shares, units) (Unaudited) Portfolio Company Footnotes (1)(2) Investment (3) Interest Rate Spread (4) PIK Rate Reference (5) Maturity Date Principal/ Par Amortized Cost (6) Fair Value Percentage of Net Assets Leisure products MacNeill Pride Group Corp. First lien senior secured loan 10.51 % 6.51 % - SOFR(Q) 4/22/2026 7,844 7,830 7,844 0.7 % First lien senior secured delayed draw loan 10.51 % 6.51 % - SOFR(Q) 4/22/2026 1,468 1,466 1,468 0.1 % First lien senior secured delayed draw loan 10.51 % 6.51 % - SOFR(Q) 4/22/2026 1,644 1,629 1,644 0.2 % First lien senior secured revolving loan 10.51 % 6.51 % - SOFR(Q) 4/22/2026 - - - 0.0 % Olibre Borrower LLC (Revelyst) First lien senior secured loan 9.50 % 5.50 % - SOFR(Q) 1/3/2030 33,671 33,076 34,176 3.0 % Spinrite Inc. (8) First lien senior secured loan 9.50 % 5.50 % - SOFR(Q) 12/31/2025 5,076 5,076 5,076 0.4 % First lien senior secured revolving loan 9.50 % 5.50 % - SOFR(Q) 12/31/2025 - - - 0.0 % TG Parent Newco LLC (Trademark Global LLC) (10)(11)(12) First lien senior secured loan - - - - 6/30/2027 12,623 12,555 7,100 0.6 % First lien senior secured revolving loan - - - - 6/30/2027 2,815 2,800 1,583 0.1 % VENUplus, Inc. (f/k/a CTM Group, Inc.) First lien senior secured loan 11.76 % 6.85 % 0.75 % SOFR(M) 11/30/2026 4,437 4,392 4,326 0.4 % 69,578 68,824 63,217 5.5 % Machinery MRC Keystone Acquisition LLC (Automated Handing Solutions) First lien senior secured loan 10.50 % 6.50 % - SOFR(Q) 12/18/2029 13,911 13,602 13,598 1.2 % First lien senior secured revolving loan 10.50 % 6.50 % - SOFR(Q) 12/18/2029 - - - 0.0 % CMT Intermediate Holdings, LLC (Capital Machine Technologies) First lien senior secured loan 9.81 % 5.50 % - SOFR(Q) 3/29/2030 16,238 15,860 16,319 1.5 % First lien senior secured revolving loan 9.81 % 5.50 % - SOFR(Q) 3/29/2030 - - - 0.0 % LEM Buyer, Inc. (CFS Technologies Intermediate, Inc.) First lien senior secured loan 10.07 % 5.75 % - SOFR(Q) 4/24/2031 11,178 11,019 11,178 1.0 % First lien senior secured loan 9.95 % 5.75 % - SOFR(Q) 4/24/2031 15,502 15,271 15,502 1.4 % First lien senior secured delayed draw loan 9.95 % 5.75 % - SOFR(Q) 4/24/2031 4,899 4,802 4,899 0.4 % First lien senior secured revolving loan 9.95 % 5.75 % - SOFR(Q) 4/24/2031 - - - 0.0 % Eppinger Technologies, LLC (8) First lien senior secured loan 12.65 % 7.90 % 0.75 % SOFR(Q) 2/4/2026 24,862 24,727 24,862 2.2 % First lien senior secured revolving loan 11.98 % 6.90 % 0.75 % SOFR(Q) 2/4/2026 1,381 1,369 1,381 0.1 % Luxium Solutions, LLC First lien senior secured loan 9.25 % 5.25 % - SOFR(Q) 12/1/2027 3,786 3,748 3,786 0.3 % First lien senior secured loan 9.25 % 5.25 % - SOFR(Q) 12/1/2027 4,662 4,615 4,662 0.4 % First lien senior secured delayed draw loan 9.25 % 5.25 % - SOFR(Q) 12/1/2027 1,224 1,217 1,224 0.1 % PVI Holdings, Inc (Vytl Controls Group Inc) First lien senior secured loan 9.37 % 4.94 % - SOFR(Q) 1/18/2028 23,472 23,293 23,472 2.1 % RMH Systems, LLC First lien senior secured loan 9.32 % 5.00 % - SOFR(Q) 2/4/2030 10,211 10,030 10,211 0.9 % First lien senior secured delayed draw loan 9.31 % 5.00 % - SOFR(Q) 2/4/2030 2,704 2,551 2,704 0.2 % First lien senior secured revolving loan 9.32 % 5.00 % - SOFR(Q) 2/4/2030 - - - 0.0 % United Titanium, LLC First lien senior secured loan 8.95 % 4.75 % - SOFR(Q) 8/29/2031 18,458 18,176 18,458 1.6 % First lien senior secured revolving loan 8.95 % 4.75 % - SOFR(Q) 8/29/2031 - - - 0.0 % 152,488 150,280 152,256 13.4 % Personal care products DRS Holdings III, Inc. (Dr. Scholl’s) First lien senior secured loan 9.41 % 5.25 % - SOFR(M) 11/1/2028 10,192 10,132 10,192 0.9 % First lien senior secured revolving loan 9.41 % 5.25 % - SOFR(M) 11/1/2028 - - - 0.0 % PH Beauty Holdings III, Inc. First lien senior secured loan 9.27 % 5.00 % - SOFR(S) 9/28/2027 39,800 39,565 39,800 3.5 % Phoenix YW Buyer, Inc. (Elida Beauty) First lien senior secured loan 8.91 % 4.75 % - SOFR(M) 5/31/2030 10,090 9,870 10,090 0.9 % First lien senior secured revolving loan 8.91 % 4.75 % - SOFR(M) 5/31/2030 - - - 0.0 % Silk Holdings III Corp. (Suave) First lien senior secured loan 8.66 % 4.50 % - SOFR(M) 5/1/2029 30,540 29,681 30,540 2.7 % First lien senior secured revolving loan 7.41 % 3.25 % - SOFR(M) 5/1/2029 2,367 2,367 2,367 0.2 % First lien senior secured revolving loan 7.41 % 3.25 % - SOFR(M) 5/1/2029 8,333 8,101 8,333 0.7 % 101,322 99,716 101,322 8.9 % 10 Kayne Anderson BDC, Inc. Consolidated Schedule of Investments As of September 30, 2025 (amounts in 000’s, except number of shares, units) (Unaudited) Portfolio Company Footnotes (1)(2) Investment (3) Interest Rate Spread (4) PIK Rate Reference (5) Maturity Date Principal/ Par Amortized Cost (6) Fair Value Percentage of Net Assets Pharmaceuticals Foundation Consumer Brands, LLC First lien senior secured loan 9.47 % 5.15 % - SOFR(Q) 2/12/2029 6,130 6,078 6,130 0.5 % First lien senior secured revolving loan 9.47 % 5.15 % - SOFR(Q) 2/12/2029 - - - 0.0 % Organon & Co (7)(8) First lien senior secured loan 6.41 % 2.25 % - SOFR(M) 5/19/2031 12,440 12,414 12,113 1.1 % 18,570 18,492 18,243 1.6 % Professional services 4 Over International, LLC First lien senior secured loan 11.26 % 7.10 % - SOFR(M) 12/7/2026 18,427 18,103 18,059 1.6 % DISA Holdings Corp. First lien senior secured delayed draw loan 9.28 % 5.00 % - SOFR(M) 9/9/2028 8,257 8,137 8,257 0.7 % First lien senior secured delayed draw loan 9.29 % 5.00 % - SOFR(Q) 9/9/2028 1,053 1,053 1,053 0.1 % First lien senior secured revolving loan 9.28 % 5.00 % - SOFR(M) 9/9/2028 473 440 473 0.0 % First lien senior secured loan 9.28 % 5.00 % - SOFR(M) 9/9/2028 1,301 1,287 1,301 0.1 % First lien senior secured loan 9.28 % 5.00 % - SOFR(M) 9/9/2028 21,785 21,419 21,785 1.9 % Envirotech Services, LLC First lien senior secured loan 9.59 % 5.75 % - SOFR(S) 1/18/2029 32,399 31,772 32,722 2.9 % First lien senior secured loan 9.58 % 5.75 % - SOFR(S) 1/18/2029 122 120 123 0.0 % First lien senior secured revolving loan 9.59 % 5.75 % - SOFR(S) 1/18/2029 - - - 0.0 % KAMC Holdings, Inc. (Franklin Energy) First lien senior secured loan 9.55 % 5.25 % - SOFR(Q) 8/1/2031 18,792 18,518 18,792 1.6 % First lien senior secured revolving loan 9.45 % 5.25 % - SOFR(Q) 8/1/2031 472 446 472 0.0 % CI (MG) Group, LLC (Mariani Premier Group) First lien senior secured loan 9.50 % 5.50 % - SOFR(Q) 3/27/2030 21,241 20,949 21,454 1.9 % First lien senior secured delayed draw loan 9.50 % 5.50 % - SOFR(Q) 3/27/2030 392 327 396 0.0 % First lien senior secured delayed draw loan 9.50 % 5.50 % - SOFR(Q) 3/27/2030 924 911 934 0.1 % First lien senior secured revolving loan 9.50 % 5.50 % - SOFR(Q) 3/27/2030 1,272 1,236 1,284 0.1 % 126,910 124,718 127,105 11.0 % Specialty retail Harbor Freight Tools USA Inc (7) First lien senior secured loan 6.41 % 2.25 % - SOFR(M) 10/19/2027 17,325 17,323 17,000 1.5 % Sundance Holdings Group, LLC (10)(11)(14) First lien senior secured loan - - - - 6/30/2025 9,414 9,408 - 0.0 % First lien senior secured delayed draw loan - - - - 6/30/2025 628 628 - 0.0 % First lien senior secured delayed draw loan - - - - 6/30/2025 444 444 544 0.0 % 27,811 27,803 17,544 1.5 % Textiles, apparel & luxury goods American Soccer Company, Incorporated (SCORE) First lien senior secured loan 14.40 % 7.40 % 3.00 % SOFR(Q) 7/20/2027 28,071 27,409 26,106 2.3 % First lien senior secured revolving loan 14.40 % 7.40 % 3.00 % SOFR(Q) 7/20/2027 4,804 4,697 4,467 0.4 % BEL USA, LLC (10)(11) First lien senior secured loan - - - - 6/2/2026 5,486 5,423 3,868 0.3 % First lien senior secured loan - - - - 6/2/2026 90 89 64 0.0 % YS Garments, LLC First lien senior secured loan 11.92 % 7.60 % - SOFR(Q) 8/9/2026 7,065 6,920 6,677 0.6 % 45,516 44,538 41,182 3.6 % 11 Kayne Anderson BDC, Inc. Consolidated Schedule of Investments As of September 30, 2025 (amounts in 000’s, except number of shares, units) (Unaudited) Portfolio Company Footnotes (1)(2) Investment (3) Interest Rate Spread (4) PIK Rate Reference (5) Maturity Date Principal/ Par Amortized Cost (6) Fair Value Percentage of Net Assets Trading companies & distributors AIDC IntermediateCo 2, LLC (Peak Technologies) First lien senior secured loan 9.66 % 5.50 % - SOFR(M) 7/22/2027 34,038 33,532 34,038 3.0 % BCDI Meteor Acquisition, LLC First lien senior secured loan 11.10 % 7.10 % - SOFR(Q) 6/29/2028 15,825 15,607 15,825 1.4 % First lien senior secured loan 11.10 % 7.10 % - SOFR(Q) 6/29/2028 2,181 2,147 2,181 0.2 % CGI Automated Manufacturing, LLC First lien senior secured loan 11.28 % 2.61 % 4.50 % SOFR(M) 12/15/2028 17,231 16,975 17,059 1.5 % First lien senior secured loan 11.28 % 2.61 % 4.50 % SOFR(M) 12/15/2028 3,150 3,110 3,118 0.3 % First lien senior secured loan 11.28 % 2.61 % 4.50 % SOFR(M) 12/15/2028 6,640 6,580 6,573 0.6 % First lien senior secured delayed draw loan 11.28 % 2.61 % 4.50 % SOFR(M) 12/15/2028 3,593 3,546 3,557 0.3 % First lien senior secured revolving loan 11.28 % 7.11 % - SOFR(M) 12/15/2028 2,449 2,413 2,425 0.2 % Dusk Acquisition II Corporation (Motors & Armatures, Inc. – MARS) First lien senior secured loan 10.00 % 6.00 % - SOFR(Q) 7/12/2029 25,937 25,531 26,196 2.3 % First lien senior secured loan 10.00 % 6.00 % - SOFR(Q) 7/12/2029 13,698 13,438 13,835 1.2 % Engineered Fastener Company, LLC (EFC International) First lien senior secured loan 10.65 % 6.65 % - SOFR(Q) 11/1/2027 23,188 22,898 23,188 2.0 % Genuine Cable Group, LLC First lien senior secured loan 10.01 % 5.85 % - SOFR(M) 11/1/2026 28,542 28,254 28,471 2.5 % First lien senior secured loan 10.01 % 5.85 % - SOFR(M) 11/1/2026 5,408 5,348 5,395 0.5 % I.D. Images Acquisition, LLC First lien senior secured loan 9.91 % 5.75 % - SOFR(M) 7/30/2027 5,607 5,549 5,607 0.5 % First lien senior secured loan 9.91 % 5.75 % - SOFR(M) 7/30/2027 7,791 7,746 7,791 0.7 % First lien senior secured loan 9.91 % 5.75 % - SOFR(M) 7/30/2027 4,439 4,401 4,439 0.4 % First lien senior secured loan 9.91 % 5.75 % - SOFR(M) 7/30/2027 1,024 1,018 1,024 0.1 % First lien senior secured delayed draw loan 9.91 % 5.75 % - SOFR(M) 7/30/2027 2,440 2,402 2,440 0.2 % First lien senior secured revolving loan 9.91 % 5.75 % - SOFR(M) 7/30/2027 - - - 0.0 % Krayden Holdings, Inc. First lien senior secured delayed draw loan 8.91 % 4.75 % - SOFR(M) 3/1/2029 1,777 1,777 1,777 0.2 % First lien senior secured delayed draw loan 8.91 % 4.75 % - SOFR(M) 3/1/2029 1,777 1,777 1,777 0.1 % First lien senior secured revolving loan 8.88 % 4.75 % - SOFR(M) 3/1/2029 356 321 356 0.0 % First lien senior secured loan 8.91 % 4.75 % - SOFR(M) 3/1/2029 9,323 9,132 9,323 0.8 % Lakewood Acquisition Corporation (R&B Wholesale) First lien senior secured loan 9.82 % 5.50 % - SOFR(Q) 1/24/2030 29,547 28,841 30,138 2.6 % First lien senior secured revolving loan 9.82 % 5.50 % - SOFR(Q) 1/24/2030 - - - 0.0 % OAO Acquisitions, Inc. (BearCom) First lien senior secured loan 9.65 % 5.50 % - SOFR(M) 12/27/2029 21,050 20,806 21,050 1.8 % First lien senior secured loan 9.65 % 5.50 % - SOFR(M) 12/27/2029 853 846 853 0.1 % First lien senior secured delayed draw loan 9.65 % 5.50 % - SOFR(M) 12/27/2029 4,474 4,433 4,474 0.4 % First lien senior secured revolving loan 9.65 % 5.50 % - SOFR(M) 12/27/2029 - - - 0.0 % TL Alpine Holding Corp. (Air Distribution Technologies Inc.) First lien senior secured loan 10.00 % 6.00 % - SOFR(Q) 8/1/2030 18,116 17,805 18,478 1.6 % Univar (Windsor Holdings LLC) (7) First lien senior secured loan 6.92 % 2.75 % - SOFR(M) 8/1/2030 9,885 9,935 9,885 0.9 % Workholding US Holdings, LLC (Forkardt Hardinge) First lien senior secured loan 9.82 % 5.50 % - SOFR(Q) 10/23/2029 7,322 7,175 7,322 0.6 % First lien senior secured revolving loan 9.66 % 5.50 % - SOFR(Q) 10/23/2029 3,144 3,084 3,144 0.3 % 310,805 306,427 311,739 27.3 % Wireless telecommunication services Centerline Communications, LLC First lien senior secured loan 11.76 % - 11.76 % SOFR(M) 8/10/2027 6,419 6,332 5,680 0.5 % First lien senior secured loan 12.26 % - 12.26 % SOFR(M) 8/10/2027 918 904 918 0.1 % First lien senior secured loan 11.76 % - 11.76 % SOFR(M) 8/10/2027 9,937 9,848 8,795 0.8 % First lien senior secured delayed draw loan 11.76 % - 11.76 % SOFR(M) 8/10/2027 7,709 7,646 6,823 0.6 % First lien senior secured delayed draw loan 11.76 % - 11.76 % SOFR(M) 8/10/2027 6,712 6,651 5,941 0.5 % First lien senior secured revolving loan 11.76 % - 11.76 % SOFR(M) 8/10/2027 1,960 1,939 1,735 0.1 % First lien senior secured loan 11.76 % - 11.76 % SOFR(M) 8/10/2027 1,101 1,083 974 0.1 % 34,756 34,403 30,866 2.7 % Total Debt Investments 2,250,396 2,215,804 2,216,511 194.4 % 12 Kayne Anderson BDC, Inc. Consolidated Schedule of Investments As of September 30, 2025 (amounts in 000’s, except number of shares, units) (Unaudited) Portfolio Company Footnotes (1)(2) Investment Acquisition Date Number of Shares/Units Cost Fair Value Percentage of Net Assets Equity Investments(10)(14) Building products US Anchors Investor, LP (Mechanical Plastics Corp.) (16) Class A common 7/15/2024 566,666 - - 0.0 % US Anchors Investor, LP (Mechanical Plastics Corp.) (16) Preferred 7/15/2024 566,666 566 608 0.1 % 566 608 0.1 % Commercial services & supplies American Equipment Holdings LLC (17) Class A units 4/8/2022 175 284 836 0.1 % ArborWorks Intermediate Holdco, LLC (16) Class A preferred units 11/6/2023 21,716 9,179 15,027 1.3 % ArborWorks Intermediate Holdco, LLC (16) Class B preferred units 11/6/2023 21,716 - - 0.0 % ArborWorks Intermediate Holdco, LLC (16) Class A common units 11/6/2023 2,604 - - 0.0 % Bloomington Holdings, LP (BW Fusion) (16) Class A1 common units 11/5/2024 500 500 400 0.0 % BLP Buyer, Inc. (Bishop Lifting Products) (18) Class A common 2/1/2022 582,469 652 974 0.1 % 10,615 17,237 1.5 % Containers & packaging Robinette Company Acquisition, LLC (16) Class A common units 5/10/2024 9 - 90 0.0 % Robinette Company Acquisition, LLC (16) Class A preferred units 5/10/2024 500 500 515 0.0 % 500 605 0.0 % Financial services SGCP Holdings, LLC (SG Credit) (12) Class A common 7/15/2025 408,387 11,437 11,437 1.0 % SGCP Holdings, LLC (SG Credit) (12) Class C common 7/15/2025 102,260 563 563 0.0 % 12,000 12,000 1.0 % Food products BC CS 2, L.P. (Cuisine Solutions, Inc.) (8)(13) Series A preferred stock 7/8/2022 2,000,000 2,000 3,440 0.3 % CCFF Parent, LLC (California Custom Fruits & Flavors, LLC) (16) Class A-1 units 2/26/2024 750 511 1,000 0.1 % City Line Distributors, LLC (16) Class A units 8/31/2023 669,866 670 621 0.2 % Gulf Pacific Holdings, LLC (17) Class A common 9/30/2022 250 250 - 0.0 % Gulf Pacific Holdings, LLC (17) Class C common 9/30/2022 - - 0.0 % ML Buyer, LLC (Mama Lycha Foods, LLC) (16) Class A units 9/9/2024 250 250 250 0.0 % Siegel Parent, LLC (19) Common 12/29/2021 250 250 - 0.0 % Siegel Parent, LLC (19) Convertible note 1/19/2024 28 28 - 0.0 % WPP Fairway Aggregator A, L.P. (IF&P Foods, LLC - FreshEdge) (17) Class A preferred 10/3/2022 773 773 476 0.0 % WPP Fairway Aggregator A, L.P. (IF&P Foods, LLC - FreshEdge) (17) Class B common 10/3/2022 - - 0.0 % 4,732 5,787 0.6 % Health care equipment & supplies LSL Industries, LLC (LSL Healthcare) (17) Common 11/1/2022 7,500 750 423 0.0 % Health care providers & services NMA Super Holdings, LLC (Neuromonitoring Associates) (16) Class A membership interests 12/18/2024 1,000,000 1,000 1,713 0.2 % Leisure products TG Parent Newco LLC (Trademark Global LLC) (11)(12)(16) Common 9/16/2024 8 - - 0.0 % Machinery RMH Parent LLC (RMH Systems) (16) Class A-1 Units 2/4/2025 500 500 500 0.0 % Specialty retail Sundance Direct Holdings, Inc. (14) Common 10/27/2023 21,479 - - 0.0 % Textiles, apparel & luxury goods BVG SCORE Buyer, Inc. (American Soccer Company, Incorporated) (19) Common 7/20/2022 1,000,000 1,000 - 0.0 % BVG SCORE Buyer, Inc. (American Soccer Company, Incorporated) (19) Preferred 7/20/2022 97,964 98 129 0.0 % Total Equity Investments 31,761 39,002 3.4 % Total Debt and Equity Investments 2,247,565 2,255,513 197.8 % 13 Kayne Anderson BDC, Inc. Consolidated Schedule of Investments As of September 30, 2025 (amounts in 000’s, except number of shares, units) (Unaudited) Number of Fair Percentage Portfolio Company Footnotes (1)(2) Shares Cost Value of Net Assets Investments in Money Market Funds Morgan Stanley Institutional Liquidity Fund, Institutional Class, 3.98 % (20) 29,765,252 29,765 29,765 2.6 % Total Investments in Money Market Funds 29,765,252 29,765 29,765 2.6 %   Total Investments $ 2,277,330 $ 2,285,278 200.4 % Liabilities in Excess of Other Assets ( 1,145,182 ) ( 100.4 )% Net Assets $ 1,140,096 100.0 % 14 Kayne Anderson BDC, Inc. Consolidated Schedule of Investments As of September 30, 2025 (amounts in 000’s, except number of shares, units) (Unaudited) (1) As of September 30, 2025, 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 September 30, 2025, the total value of the Company’s non-controlled, non-affiliated investments was $2,146,829. (2) Unless otherwise noted, security is a Level 3 holding. As of September 30, 2025, the aggregate value of Level 3 securities held by the Company was $2,189,511. 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) Includes Secured Overnight Financing Rate (“SOFR”) credit spread adjustment if applicable. (5) 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 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). (6) 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. (7) Security is a Level 2 holding. As of September 30, 2025, the aggregate value of Level 2 securities held by the Company was $66,178. See Note 5 – Fair Value. (8) Non-qualifying investment as defined by Section 55(a) of the Investment Company Act of 1940. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2025, 2.9% of the Company’s total assets were in non-qualifying investments. (9) The Company may be entitled to receive additional interest as a result of an arrangement with other lenders in the syndication. In exchange for the higher interest rate, the “last-out” portion is at a greater risk of loss. 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. (10) Debt investment on non-accrual status as of September 30, 2025. (11) Non-income producing investment. (12) As 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 September 30, 2025, the total value of the Company’s investments in non-controlled affiliates was $108,684 and are described below. 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 received new common units in TG Parent Newco LLC for which it owns 6.23% of the overall business (Kayne Anderson entities in aggregate own 20.77%). As of September 30, 2025, the amortized cost basis of Trademark Global LLC was $15,355 and was 0.7% of the total amortized cost basis of our debt investments of $2,215,804. The restructure extended the maturity from July 30, 2024 to July 30, 2030; the rate changed from S + 5.75% to S + 8.50%. In July 2025, the Company made an investment in SG Credit Partners, Inc. through debt and equity investments in SGCP Intermediate, Inc. and SGCP Holdings, LLC (collectively “SG Credit), an independent national credit platform focused on lower middle market investments. The Company’s investment in SG Credit was structured as an $80,000 term loan facility, $34,000 unfunded delayed draw term loan facility and a $12,000 common equity investment. Through the common equity investment, the Company owns 22.5% of the outstanding common equity of SG Credit. The common equity investment includes a three-year fixed price call option to acquire additional equity interest. The Company does not consolidate its equity interest in SG Credit. 15 Kayne Anderson BDC, Inc. Consolidated Schedule of Investments As of September 30, 2025 (amounts in 000’s, except number of shares, units) (Unaudited) Investment (1) Value at 12/31/2024 Gross Additions (a) Gross Reductions (b) Net Change in Unrealized Gains(Losses) Value at 9/30/2025 Interest and PIK Income Dividend Income Other Income TG Parent Newco LLC (Trademark Global LLC) - debt investment $ 12,196 $ - $ (82 ) $ (3,430 ) $ 8,684 $ - $ - $ - TG Parent Newco LLC (Trademark Global LLC) - equity investment - - - - - - - - SGCP Intermediate, Inc. (SG Credit) - debt investment - 86,071 - 1,929 88,000 2,063 - - SGCP Holdings, LLC (SG Credit) - equity investment - 12,000 - - 12,000 - - - Total $ 12,196 $ 98,071 $ (82 ) $ (1,501 ) $ 108,684 $ 2,063 $ - $ - (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) 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. that is characterized as subordinated debt. In addition, the Company’s senior secured loan in SG Credit is considered subordinated debt. (14) Portfolio company is in a liquidation process and, as such, the maturity date of our debt investment in this portfolio company will not be finally determined until such process is complete. Our debt investment in this portfolio company is on non-accrual status. (15) 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. (16) KABDC Corp, LLC, a wholly owned subsidiary of the Company, owns common and/or preferred equity of ArborWorks Intermediate Holdco, 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, RMH Parent LLC (RMH Systems), TG Parent Newco LLC (Trademark Global LLC) and US Anchors Investor, LP (Mechanical Plastics Corp.). (17) The Company owns 31.07% 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, WPP Fairway Aggregator A, L.P. (IF&P Foods, LLC - FreshEdge) and LSL Industries, LLC (LSL Healthcare). Through the Company’s ownership of the Aggregator Blocker, the Company owns the respective units of each company listed above in the Schedule of Investments. (18) The Company owns 0.53% of the common equity of BLP Buyer, Inc. (Bishop Lifting Products). (19) The Company owns 17.59% 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 BVG SCORE Buyer, Inc. (American Soccer Company, Incorporated). Through the Company’s ownership of the Aggregator, the Company owns the respective units of each company listed above in the Schedule of Investments. (20) The indicated rate is the yield as of September 30, 2025. Interest rate swap contracts Below are the Company’s outstanding interest rate swap contracts as of September 30, 2025. The Company designed each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship. See Note 12 – Subsequent Events. Counterparty Hedged Instrument Company Receives Company Pays Maturity Date Notional Amount Fair Value Unrealized Appreciation (Depreciation) Upfront Payments / Receipts Regions Bank Series D Notes 5.80 % S + 2.3700% 6/30/2028 $ 60,000 $ 33 $ 33 - Regions Bank Series E Notes 6.15 % S + 2.6565% 10/15/2030 100,000 143 143 - $ 160,000 $ 176 $ 176 See accompanying notes to consolidated financial statements. 16 Kayne Anderson BDC, Inc. Consolidated Schedule of Investments As of December 31, 2024 (amounts 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 Net Assets Debt and Equity Investments Debt Investments Aerospace & defense Basel U.S. Acquisition Co., Inc. (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 - - - 0.0 % First lien senior secured revolving loan 9.94 % 5.50 % - SOFR(Q) 12/5/2028 - - - 0.0 % 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 - - - 0.0 % 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 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 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 - - - 0.0 % 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 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 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 % - 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 - - - 0.0 % 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 - - - 0.0 % 44,625 43,808 44,625 3.7 % Chemicals 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 (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 % See accompanying notes to consolidated financial statements. 17 Kayne Anderson BDC, Inc. Consolidated Schedule of Investments As of December 31, 2024 (amounts 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 Net Assets 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 % 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 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 - - - 0.0 % 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 loan 11.47 % 7.00 % - 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 - - - 0.0 % 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 - - - 0.0 % 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 % First lien senior secured revolving loan 12.50 % 8.00 % - SOFR(Q) 9/15/2026 1,452 1,434 1,452 0.1 % See accompanying notes to consolidated financial statements. 18 Kayne Anderson BDC, Inc. Consolidated Schedule of Investments As of December 31, 2024 (amounts 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 Net Assets 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 - - - 0.0 % 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 - - - 0.0 % Drew Foam Companies, Inc. (7) First lien senior secured loan 10.48 % 6.00 % - SOFR(Q) 12/5/2026 6,978 6,835 6,978 0.6 % First lien senior secured loan 10.78 % 6.00 % - 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 % - 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 - - - 0.0 % Innopak Industries, Inc. First lien senior secured loan 10.75 % 6.25 % - SOFR(M) 3/5/2027 7,241 7,116 7,241 0.6 % First lien senior secured loan 10.75 % 6.25 % - SOFR(M) 3/5/2027 5,925 5,821 5,925 0.5 % First lien senior secured loan 10.69 % 6.25 % - 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 % - 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 - - - 0.0 % 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 % - 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. 19 Kayne Anderson BDC, Inc. Consolidated Schedule of Investments As of December 31, 2024 (amounts 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 Net Assets 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 % - 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 - - - 0.0 % 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 - - - 0.0 % 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 % - SOFR(Q) 7/23/2030 214 210 214 0.0 % First lien senior secured loan 10.05 % 5.63 % - 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 - - - 0.0 % 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 % - 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 % See accompanying notes to consolidated financial statements. 20 Kayne Anderson BDC, Inc. Consolidated Schedule of Investments As of December 31, 2024 (amounts 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 Net Assets 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 - - - 0.0 % 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 - - - 0.0 % First lien senior secured loan 9.82 % 5.50 % - SOFR(Q) 6/30/2029 22,198 21,583 22,198 1.9 % First lien senior secured loan 9.82 % 5.50 % - SOFR(Q) 6/30/2029 494 480 494 0.0 % First lien senior secured loan 9.85 % 5.50 % - 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 - - - 0.0 % First lien senior secured delayed draw loan 9.60 % 5.25 % - SOFR(Q) 12/18/2030 - - - 0.0 % 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 - - - 0.0 % First lien senior secured revolving loan 11.75 % 4.25 % - PRIME 12/19/2030 - - - 0.0 % 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 - - - 0.0 % 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 - - - 0.0 % First lien senior secured revolving loan 11.78 % 7.00 % - SOFR(Q) 11/3/2027 - - - 0.0 % 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. 21 Kayne Anderson BDC, Inc. Consolidated Schedule of Investments As of December 31, 2024 (amounts 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 Net Assets 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 - - - 0.0 % 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 - - - 0.0 % 15,373 15,238 15,373 1.3 % Insurance 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 - - - 0.0 % 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 % IT services 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 - - - 0.0 % 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 % - 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 % Machinery 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 - - - 0.0 % 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 % - 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. 22 Kayne Anderson BDC, Inc. Consolidated Schedule of Investments As of December 31, 2024 (amounts 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 Net Assets 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 % Media 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. (Dr. 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 % See accompanying notes to consolidated financial statements. 23 Kayne Anderson BDC, Inc. Consolidated Schedule of Investments As of December 31, 2024 (amounts 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 Net Assets 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. 24 Kayne Anderson BDC, Inc. Consolidated Schedule of Investments As of December 31, 2024 (amounts 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 Net Assets I.D. 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 % - SOFR(M) 7/30/2027 7,854 7,792 7,854 0.7 % First lien senior secured loan 10.11 % 5.75 % - SOFR(M) 7/30/2027 4,474 4,423 4,474 0.4 % First lien senior secured loan 10.11 % 5.75 % - 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 - - - 0.0 % Krayden Holdings, Inc. First lien senior secured delayed draw loan 9.11 % 4.75 % - SOFR(M) 3/1/2029 - - - 0.0 % First lien senior secured revolving loan 9.11 % 4.75 % - SOFR(M) 3/1/2029 - - - 0.0 % First lien senior secured loan 9.11 % 4.75 % - 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 % - 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 - - - 0.0 % 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. 25 Kayne Anderson BDC, Inc. Consolidated Schedule of Investments As of December 31, 2024 (amounts in 000’s, except number of shares, units) Portfolio Company Footnotes (1)(2) Acquisition Date Number of Shares/Units Cost Fair Value Percentage of Net Assets Equity Investments(10)(13) Automobile components Vehicle Accessories, Inc. - Class A common (14) 2/25/2022 128,250 - 589 0.1 % 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 - - 0.0 % 500 500 0.0 % Commercial services & supplies American Equipment Holdings LLC - Class A units (16) 4/8/2022 426 284 570 0.1 % Arborworks Acquisition LLC - Class A preferred units (15) 11/6/2023 21,716 9,179 11,114 0.9 % Arborworks Acquisition LLC - Class B preferred units (15) 11/6/2023 21,716 - - 0.0 % Arborworks Acquisition LLC - Class A common units (15) 11/6/2023 2,604 - - 0.0 % 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 - 83 0.0 % Robinette Company Acquisition, LLC - Class A preferred units (15) 5/10/2024 500 500 515 0.1 % 500 598 0.1 % Food products BC CS 2, L.P. (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 % Gulf Pacific Holdings, LLC - Class A common (16) 9/30/2022 250 250 46 0.0 % Gulf Pacific Holdings, LLC - Class C common (16) 9/30/2022 250 - - 0.0 % IF&P Foods, LLC (FreshEdge) - Class A preferred (16) 10/3/2022 773 773 908 0.1 % IF&P Foods, LLC (FreshEdge) - Class B common (16) 10/3/2022 750 - - 0.0 % 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 - 0.0 % 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 - - 0.0 % Specialty retail Sundance Direct Holdings, Inc. - common 10/27/2023 21,479 - - 0.0 % Textiles, apparel & luxury goods 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 % See accompanying notes to consolidated financial statements. 26 Kayne Anderson BDC, Inc. Consolidated Schedule of Investments As of December 31, 2024 (amounts in 000’s, except number of shares, units) Portfolio Company Footnotes (1)(2) Number of Shares Cost Fair Value Percentage of Net Assets Short-Term Investments 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 % Total Investments $ 2,020,738 $ 2,043,826 172.3 % Liabilities in Excess of Other Assets ( 857,484 ) ( 72.3 )% 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. (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. (6) Non-qualifying investment as defined by Section 55(a) of the Investment Company Act of 1940. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2024, 9.0% of the Company’s total assets were in non-qualifying investments. (7) The Company may be entitled to receive additional interest as a result of an arrangement with other lenders in the syndication. In exchange for the higher interest rate, the “last-out” portion is at a greater risk of loss. 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. (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%. 27 Kayne Anderson BDC, Inc. Consolidated Schedule of Investments As of December 31, 2024 (amounts in 000’s, except number of shares, units) As 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). Through the Company’s ownership of the Aggregator Blocker, the Company owns the respective units of each company listed above in the Schedule of Investments. (17) The Company owns 0.53% of the common equity BLP Buyer, Inc. (Bishop Lifting Products). (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). 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 statements. 28 Kayne Anderson BDC, Inc. Notes to Consolidated Financial Statements (amounts in 000’s, except share and per share amounts) (Unaudited) Note 1. Organization Organization Kayne Anderson BDC, Inc. (the “Company”) is an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, the Company intends to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is a Delaware corporation formed to make investments in middle-market companies and commenced operations on February 5, 2021. Following its initial public offering, the Company’s common stock began trading on the New York Stock Exchange (“NYSE”) under the ticker symbol “KBDC” on May 22, 2024. The Company is managed by KA Credit Advisors, LLC (the “Advisor”), an indirect controlled subsidiary of Kayne Anderson Capital Advisors, L.P. (“Kayne Anderson”), a prominent alternative investment management firm. 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 board of directors (the “Board”), the Advisor is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring investments, determining the value of the investments and monitoring its investments and portfolio companies on an ongoing basis. The Board consists of seven directors, four of whom are independent. The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation primarily through debt investments in middle-market companies. Note 2. Significant Accounting Policies A.  Basis of Presentation — the accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 — “Financial Services — Investment Companies.” In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair statement of the consolidated financial statements for the periods presented, have been included. B. Consolidation — as provided under Regulation S-X and ASC Topic 946 – “Financial Services – Investment Companies”, the Company will generally not consolidate its investment in a company other than a wholly-owned investment company or controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company’s wholly-owned subsidiaries, Kayne Anderson BDC Financing, LLC, (“KABDCF”); Kayne Anderson BDC Financing 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 for U.S. 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 a subsidiary) equity or equity related investments in portfolio companies organized as limited liability companies or limited partnerships. C.  Use of Estimates — the preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Actual results could differ materially from those estimates. D.  Cash and Cash Equivalents — cash and cash equivalents include short-term, liquid investments with an original maturity of three months or less and include money market fund accounts. Cash equivalents, which are the Company’s investments in money market fund accounts, are presented on the Company’s consolidated schedule of investments, and within investments on the Company’s consolidated statement of assets and liabilities. 29 Kayne Anderson BDC, Inc. Notes to Consolidated Financial Statements (amounts in 000’s, except share and per share amounts) (Unaudited) E. Investment Valuation, Fair Value — the Company conducts the valuation of its investments consistent with GAAP and the 1940 Act. The Company’s investments will be valued no less frequently than quarterly, in accordance with the terms of Topic 820 of the Financial Accounting Standards Board’s Accounting Standards Codification, Fair Value Measurement and Disclosures (“ASC 820”). Pursuant to Rule 2a-5 under the 1940 Act, the Board of Directors has designated the Advisor as the “valuation designee” to perform fair value determinations of the Company’s portfolio holdings, subject to oversight by and periodic reporting to the Board. The valuation designee performs fair valuation of the Company’s portfolio holdings in accordance with the Advisor’s Valuation Program, as approved by the Board. Traded Investments (Level 1 or Level 2) Investments for which market quotations are readily available will typically be valued at those market quotations. Traded investments such as corporate bonds, preferred stock, bank notes, broadly syndicated loans or loan participations are valued by using the bid price provided by an independent pricing service, by an independent broker, the agent bank, syndicate bank or principal market maker. When price quotes for investments are not available, or such prices are stale or do not represent fair value in the judgment of the Company’s Advisor, fair market value will be determined using the Advisor’s valuation process for investments that are privately issued or otherwise restricted as to resale. The Company may also invest, to a lesser extent, in equity securities purchased in conjunction with debt investments. While the Company anticipates these equity securities to be issued by privately held companies, the Company may hold equity securities that are publicly traded. Equity securities listed on any exchange other than the NASDAQ Stock Market, Inc. (“NASDAQ”) are valued, except as indicated below, at the last sale price on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the most recent bid and ask prices on such day. Securities admitted to trade on the NASDAQ are valued at the NASDAQ official closing price. Equity securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities. Equity securities traded in the over-the-counter market, but excluding securities admitted to trading on the NASDAQ, are valued at the closing bid prices. Non-Traded Investments (Level 3) Investments that are privately issued or otherwise restricted as to resale, as well as any security for which (a) reliable market quotations are not available in the judgment of the Company’s Advisor, or (b) the independent pricing service or independent broker does not provide prices or provides a price that in the judgment of the Company’s Advisor is stale or does not represent fair value, shall each be valued in a manner that most fairly reflects fair value of the security on the valuation date. The Company expects that a significant majority of its investments will be Level 3 investments. Unless otherwise determined by the Advisor, the following valuation process is used for the Company’s Level 3 investments: ● Valuation Designee . The applicable investments will be valued no less frequently than quarterly by the Advisor, with new investments valued at the time such investment was made. The value of each Level 3 investment will be initially reviewed by the persons responsible for such portfolio company or investment. The Advisor will use a standardized template designed to approximate fair market value based on observable market inputs, updated credit statistics and unobservable inputs to determine a preliminary value. The Advisor will specify the titles of the persons responsible for determining the fair value of Company investments, including by specifying the particular functions for which they are responsible, and will reasonably segregate fair value determinations from the portfolio management of the Company such that the portfolio manager(s) may not determine, or effectively determine by exerting substantial influence on, the fair values ascribed to portfolio investments. ● Valuation Firm . Quarterly, a third-party valuation firm engaged by the Advisor reviews the valuation methodologies and calculations employed for each of the Company’s investments that the Advisor has placed on the “watch list” and approximately 25 % of the Company’s remaining investments. The third-party valuation firm will review and independently value all of the Level 3 investments at least once per year, on a rolling twelve-month basis. The quarterly report issued by the third-party valuation firm will provide positive assurance on the fair values of the investments reviewed. ● Oversight . The Board has appointed the Advisor as the valuation designee for the Company for purposes of making determinations of fair value as permitted by Rule 2a-5 under the 1940 Act. The Audit Committee shall aid the Board in overseeing the Advisor’s fair valuation of securities that are not publicly traded or for which current market values are not readily available. 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 . 30 Kayne Anderson BDC, Inc. Notes to Consolidated Financial Statements (amounts in 000’s, except share and per share amounts) (Unaudited) 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. F. Interest Income Recognition — Interest income is recorded on an accrual basis and includes the accretion of discounts, amortization of premiums and payment-in-kind (“PIK”) interest. Discounts from and premiums to par value on investments purchased are accreted/amortized into interest income over the life of the respective security using the effective yield method. To the extent loans contain PIK provisions, PIK interest, computed at the contractual rate specified in each applicable agreement, is accrued and recorded as interest income and added to the principal balance of the loan. PIK interest income added to the principal balance is generally collected upon repayment of the outstanding principal. The Company does not accrue PIK interest if, in the opinion of the Advisor, the portfolio company valuation indicates that the PIK interest is not likely to be collectible. If the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK interest income. Previously capitalized PIK interest is not reversed when an investment is placed on non-accrual status. To maintain the Company’s status as a RIC, this non-cash source of income must be paid out to stockholders in the form of dividends for the year the income was earned, even though the Company has not yet collected the cash. The amortized cost of investments represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest. For the nine months ended September 30, 2025 and 2024, the Company had $ 4,515 and $ 2,119 , respectively, of PIK interest included in interest income, which represents 2.6 % and 1.4 %, respectively, of aggregate interest income. Loans are generally placed on non-accrual status when it has been determined that a significant impairment in the financial condition and ability of the borrower to repay principal and interest has occurred and is expected to continue such that it is probable the collectability of full amount of the loan (principal and interest) is doubtful. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. If cash payments are received subsequent to a loan being placed on non-accrual status, these payments will first be applied to previously accrued but uncollected interest, then to recover the principal. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Non-accrual loans are restored to accrual status when past due principal and interest are paid or there is no longer a reasonable doubt that such principal or interest will be collected in full and, in the Company’s judgment, principal and interest are likely to remain current. The Company may make exceptions to this policy if the loan has sufficient collateral value (i.e., typically measured as enterprise value of the portfolio company) or is in the process of collection. As of September 30, 2025, the Company had five debt investments on non-accrual status, which comprised 2.5 % and 1.4 %, respectively, of total debt investments at cost and fair value. As of September 30, 2024, the Company had two debt investment on non-accrual status, which comprised 1.2 % and 1.0 %, respectively, of total debt investments at cost and fair value. G. Debt Issuance Costs — Costs incurred by the Company related to the issuance of its debt (credit facilities) are capitalized and amortized over the period the debt is outstanding. The Company has classified the costs incurred to issue its credit facilities as a deduction from the carrying value of the credit facilities on the Statement of Assets and Liabilities. For the purpose of calculating the Company’s asset coverage ratios pursuant to the 1940 Act, deferred issuance costs are not deducted from the carrying value of debt or preferred stock. H. 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. I. 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. 31 Kayne Anderson BDC, Inc. Notes to Consolidated Financial Statements (amounts in 000’s, except share and per share amounts) (Unaudited) The Company must pay distributions equal to 90 % of its investment company taxable income (ordinary income and short-term capital gains) to qualify as a RIC and it must distribute all of its taxable income (ordinary income, short-term capital gains and long-term capital gains) to avoid federal income taxes. The Company will be subject to federal income tax on any undistributed portion of income. For purposes of the distribution test, the Company may elect to treat as paid on the last day of its taxable year all or part of any distributions that are declared after the end of its taxable year if such distributions are declared before the due date of its tax return, including any extensions. All RICs are subject to a non-deductible 4% excise tax on income that is not distributed on a timely basis in accordance with the calendar year distribution requirements. To avoid the tax, the Company must distribute during each calendar year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of its net capital gains for the one-year period ending on December 31, the last day of our taxable year, and (iii) undistributed amounts from previous years on which the Company paid no U.S. federal income tax. A distribution will be treated as paid during the calendar year if it is paid during the calendar year or declared by the Company in October, November or December of such year, payable to stockholders of record on a date during such months and paid by the Company no later than January of the following year. Any such distributions paid during January of the following year will be deemed to be received by stockholders on December 31 of the year the distributions are declared, rather than when the distributions are actually received. 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. Income tax expense, if any, is included under the income category for which it relates in the Consolidated Statements of Operations. 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 to be taken in the course of preparing its financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. J. 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. Currently, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications. K. Recent Accounting Pronouncements — In December 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU No. 2023-09 requires additional disaggregated disclosures on the entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU No. 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. The Company is currently evaluating the impact of adopting ASU No. 2023-09. 32 Kayne Anderson BDC, Inc. Notes to Consolidated Financial Statements (amounts in 000’s, except share and per share amounts) (Unaudited) Note 3. Agreements and Related Party Transactions A. 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 investments. 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. B. Administration Agreement — on February 5, 2021, the Company entered into an Administration Agreement with its Advisor, which serves as its Administrator and provides or oversees the performance of its required administrative services and professional services rendered by others, which 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 February 19, 2025, the Board approved an additional one-year term of the Administration Agreement through March 15, 2026. The Company reimburses the Administrator for its costs and expenses incurred in performing its obligations under the Administration Agreement, which may include 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 to the Company. As the Company reimburses the Administrator for its expenses, the Company indirectly bears such cost. The Administration Agreement may be terminated by either party with 60 days’ written notice. C. 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 pays 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 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. On February 19, 2025, the Board approved an additional one-year term of the Investment Advisory Agreement through March 15, 2026. Base Management Fee Pre-IPO Base Management Fee 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. 33 Kayne Anderson BDC, Inc. Notes to Consolidated Financial Statements (amounts in 000’s, except share and per share amounts) (Unaudited) Post-IPO Base Management Fee 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 three months ended September 30, 2025, the Company incurred base management fees of $ 5,583 . For the three months ended September 30, 2024, the Company incurred base management fees of $ 3,573 , net of waiver of $ 1,191 . For the nine months ended September 30, 2025, the Company incurred base management fees of $ 14,055 , net of waiver of $ 2,071 . For the nine months ended September 30, 2024, the Company incurred base management fees of $ 10,875 , net of waiver of $ 1,662 . Incentive Fee The Company also pays the Advisor an incentive fee. 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. 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. Pre-IPO Incentive Fee on Income 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. Post-IPO Incentive Fee on Income Commencing on the IPO Date, the Company pays 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”). 34 Kayne Anderson BDC, Inc. Notes to Consolidated Financial Statements (amounts in 000’s, except share and per share amounts) (Unaudited) 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). The income 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; and ● 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 is 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 is 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 is 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); and ● 15.0 % of the aggregate pre-incentive fee net investment income in respect of the Trailing Twelve Quarters that exceeds the Catch-up Amount. Commencing with the quarter that begins immediately after the First Calendar Quarter, each income incentive fee is 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. 35 Kayne Anderson BDC, Inc. Notes to Consolidated Financial Statements (amounts in 000’s, except share and per share amounts) (Unaudited) “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 Pre-IPO Incentive Fee on Capital Gains 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 directly. Post-IPO Incentive Fee on Capital Gains 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 fee. For the three months ended September 30, 2025, the Company incurred incentive fees on income of $ 4,419 and no incentive fees on capital gains. For the three months ended September 30, 2024, the Company incurred incentive fees on income of zero , net of waivers of $ 5,605 and no incentive fees on capital gains. For the nine months ended September 30, 2025, the Company incurred incentive fees on income of $ 13,361 and no incentive fees on capital gains. For the nine months ended September 30, 2024, the Company incurred incentive fees on income of $ 2,631 , net of waivers of $ 9,714 , and no incentive fees on capital gains. 36 Kayne Anderson BDC, Inc. Notes to Consolidated Financial Statements (amounts in 000’s, except share and per share amounts) (Unaudited) Note 4. Investments The following table presents the composition of the Company’s investment portfolio at amortized cost and fair value as of September 30, 2025 and December 31, 2024. September 30, 2025 December 31, 2024 Amortized Fair Amortized Fair Cost Value Cost Value First-lien senior secured debt investments $ 2,215,804 $ 2,216,511 $ 1,952,708 $ 1,972,406 Equity investments 31,761 39,002 19,347 22,737 Investments in money market funds 29,765 29,765 48,683 48,683 Total Investments $ 2,277,330 $ 2,285,278 $ 2,020,738 $ 2,043,826 As of September 30, 2025 and December 31, 2024, $ 66,657 and $ 188,253 , 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 Standards (GICS), Level 3 – Industry, for classifying the industry groupings of its portfolio companies. The industry composition of long-term investments based on fair value as of September 30, 2025 and December 31, 2024 was as follows: September 30, 2025 December 31, 2024 Trading companies & distributors 13.8 % 15.1 % Commercial services & supplies 12.0 % 11.7 % Health care providers & services 10.4 % 8.4 % Food products 9.4 % 10.0 % Containers & packaging 9.0 % 7.5 % Machinery 6.8 % 3.7 % Professional services 5.6 % 4.7 % Personal care products 4.5 % 3.7 % Financial services (1) 4.4 % - % Aerospace & defense 3.0 % 4.4 % Leisure products 2.8 % 3.2 % Chemicals 2.5 % 1.1 % Household products 2.3 % 0.8 % Textiles, apparel & luxury goods 1.8 % 2.1 % Automobile components 1.7 % 3.6 % Building products 1.6 % 2.3 % IT services 1.5 % 1.7 % Wireless telecommunication services 1.4 % 1.5 % Health care equipment & supplies 1.1 % 1.4 % Insurance 1.0 % 2.0 % Household durables 0.8 % 1.0 % Pharmaceuticals 0.8 % 1.8 % Specialty retail 0.8 % 2.1 % Biotechnology 0.5 % 0.6 % Diversified telecommunication services 0.5 % 1.5 % Hotels, restaurants & leisure - % 1.4 % Media - % 0.8 % Diversified consumer services - % 0.1 % Construction materials - % 0.7 % Semiconductors & semiconductor equipment - % 0.6 % Electrical equipment - % 0.5 % 100.0 % 100.0 % (1) Includes the Company’s debt and equity investment in SGCP Partners, Inc . (SG Credit), through investments in SGCP Intermediate, Inc. and SGCP Holdings, LLC, an asset based lending platform company, where the Company has a minority investment. 37 Kayne Anderson BDC, Inc. Notes to Consolidated Financial Statements (amounts in 000’s, except share and per share amounts) (Unaudited) Note 5. Fair Value The Fair Value Measurement Topic of the FASB Accounting Standards Codification (ASC 820) defines fair value as the price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants under current market conditions at the measurement date. As required by ASC 820, the Company has performed an analysis of all investments measured at fair value to determine the significance and character of all inputs to their fair value determination. Inputs are the assumptions, along with considerations of risk, that a market participant would use to value an asset or a liability. In general, observable inputs are based on market data that is readily available, regularly distributed and verifiable that the Company obtains from independent, third-party sources. Unobservable inputs are developed by the Company based on its own assumptions of how market participants would value an asset or a liability. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into the following three broad categories. Level 1 — Valuations based on quoted unadjusted prices for identical instruments in active markets traded on a national exchange to which the Company has access at the date of measurement. Level 2 — Valuations based on quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers. Level 3 — Model derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Company’s own assumptions that market participants would use to price the asset or liability based on the best available information. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. The following tables present the fair value hierarchy of investments as of September 30, 2025 and December 31, 2024. Note that the fair value hierarchy levels below are not necessarily an indication of the risk associated with the underlying investment. Fair Value Hierarchy as of September 30, 2025 Investments: Level 1 Level 2 Level 3 Total First-lien senior secured debt investments $ - $ 66,002 $ 2,150,509 $ 2,216,511 Equity investments - - 39,002 39,002 Investments in money market funds 29,765 - - 29,765 Total Investments at Fair Value 29,765 66,002 2,189,511 2,285,278 Interest rate swaps - 176 - 176 Total $ 29,765 $ 66,178 $ 2,189,511 $ 2,285,454 Fair Value Hierarchy as of December 31, 2024 Investments: Level 1 Level 2 Level 3 Total First-lien senior secured debt investments $ - $ 253,224 $ 1,719,182 $ 1,972,406 Equity investments - - 22,737 22,737 Investments in money market funds 48,683 - - 48,683 Total Investments $ 48,683 $ 253,224 $ 1,741,919 $ 2,043,826 38 Kayne Anderson BDC, Inc. Notes to Consolidated Financial Statements (amounts in 000’s, except share and per share amounts) (Unaudited) The following tables present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the three and nine months ended September 30, 2025 and 2024. For the three months ended September 30, 2025 First-lien senior secured debt investments Private equity investments Total Fair value, beginning of period $ 1,970,489 $ 25,439 $ 1,995,928 Purchases of investments 254,531 12,000 266,531 Proceeds from sales of investments and principal repayments ( 73,479 ) ( 10 ) ( 73,489 ) Net change in unrealized gain (loss) ( 7,001 ) 1,563 ( 5,438 ) Net realized gain (loss) - 10 10 Net accretion of discount on investments 3,820 - 3,820 PIK interest and dividends 2,149 - 2,149 Transfers into (out of) Level 3 - - - Fair value, end of period $ 2,150,509 $ 39,002 $ 2,189,511 For the three months ended September 30, 2024 First-lien senior secured debt investments Private equity investments Total Fair value, beginning of period $ 1,555,770 $ 18,627 $ 1,574,397 Purchases of investments 174,613 773 175,386 Proceeds from sales of investments and principal repayments ( 82,805 ) - ( 82,805 ) Net change in unrealized gain (loss) 395 828 1,223 Net realized gain (loss) - - - Net accretion of discount on investments 3,326 - 3,326 PIK interest 2,192 - 2,192 Transfers into (out of) Level 3 - - - $ 1,653,491 $ 20,228 $ 1,673,719 For the nine months ended September 30, 2025 First-lien senior secured debt investments Private equity investments Total Fair value, beginning of period $ 1,719,182 $ 22,737 $ 1,741,919 Purchases of investments 666,250 12,665 678,915 Proceeds from sales of investments and principal repayments ( 231,782 ) ( 856 ) ( 232,638 ) Net change in unrealized gain (loss) ( 18,420 ) 3,850 ( 14,570 ) Net realized gain (loss) - 606 606 Net accretion of discount on investments 10,637 - 10,637 PIK interest and dividends 4,642 - 4,642 Transfers into (out of) Level 3 - - - Fair value, end of period $ 2,150,509 $ 39,002 $ 2,189,511 For the nine months ended September 30, 2024 First-lien senior secured debt investments Private equity investments Total Fair value, beginning of period $ 1,346,174 $ 17,324 $ 1,363,498 Purchases of investments 448,343 2,303 450,646 Proceeds from sales of investments and principal repayments ( 155,667 ) - ( 155,667 ) Net change in unrealized gain (loss) 2,714 601 3,315 Net realized gain (loss) - - - Net accretion of discount on investments 8,793 - 8,793 PIK interest 3,134 - 3,134 Transfers into (out of) Level 3 - - - $ 1,653,491 $ 20,228 $ 1,673,719 For the three and nine months ended September 30, 2025 and 2024, the Company did not recognize any transfers to or from Level 3. The increase in unrealized gain (loss) relates to investments that were held during the period. The Company includes these unrealized gains and losses on the Statement of Operations – Net Change in Unrealized Gains (Losses). 39 Kayne Anderson BDC, Inc. Notes to Consolidated Financial Statements (amounts in 000’s, except share and per share amounts) (Unaudited) Valuation Techniques and Unobservable Inputs Non-traded debt investments are typically valued using either a market yield analysis or an enterprise value analysis. For debt investments that are not considered to be credit impaired, the Advisor uses a market yield analysis to determine fair value. If the debt investment is considered to be credit impaired (which is determined by performing an enterprise value analysis), the Advisor will use the enterprise value analysis or a liquidation basis analysis to determine fair value. To determine fair value using a market yield analysis, the Advisor discounts the contractual cash flows of each investment at an appropriate discount rate (the market yield). To determine the estimated market yield for its debt investments, the Advisor analyzes changes in the risk/reward (measured by yields and leverage) of middle market indices as compared to changes in risk/reward for the underlying investment and estimates the appropriate discount rate for such debt investment. In this context, the discount rate and the fair market value of the investment is impacted by the structure and pricing of the security relative to current market yields for similar investments in similar businesses as well as the financial performance of such business. In performing this analysis, the Advisor considers data sources including, but not limited to: (i) industry publications, such as S&P Global’s High-End Middle Market Lending Review; Thomson Reuter’s Refinitiv Middle Market Monthly Stats; CapitalIQ; Pitchbook News; The Lead Left, and other data sources; (ii) comparable investments reviewed or completed by affiliates of the Advisor, and (iii) information obtained and provided by the Advisor’s independent valuation managers. To determine if a debt investment is credit impaired, the Advisor estimates the enterprise value of the business and compares such estimate to the outstanding indebtedness of such business. The Advisor utilizes the following valuation methodologies to determine the estimated enterprise value of the company: (i) analysis of valuations of publicly traded companies in a similar line of business (“public company comparable analysis”), (ii) analysis of valuations of M&A transaction valuations for companies in a similar line of business (“precedent transaction analysis”), (iii) discounted cash flows (“DCF analysis”) and (iv) other valuation methodologies. In determining the non-traded debt investment valuations, the following factors are considered, where relevant: the nature and realizable value of any collateral; the company’s ability to make interest payments, amortization payments (if any) and other fixed charges; call features, put features and other relevant terms of the debt security; the company’s historical and projected financial results; the markets in which the company does business; changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be valued; and other relevant factors. Equity investments in private companies are typically valued using one of or a combination of the following valuation techniques: (i) public company comparable analysis, (ii) precedent transaction analysis and (iii) DCF analysis. Under all of these valuation techniques, the Advisor estimates operating results of the companies in which it invests, including earnings before interest expense, income tax expense, depreciation and amortization (“EBITDA”) and free cash flow. These estimates utilize unobservable inputs such as historical operating results, which may be unaudited, and projected operating results, which will be based on operating assumptions for such company. Investment performance data utilized will be the most recently available as of the measurement date which in many cases may reflect up to a one quarter lag in information. These estimates will be sensitive to changes in assumptions specific to such company as well as general assumptions for the industry. Other unobservable inputs utilized in the valuation techniques outlined above include: discounts for lack of marketability, selection of publicly traded companies, selection of similar precedent transactions, selected ranges for valuation multiples and expected required rates of return (discount rates). 40 Kayne Anderson BDC, Inc. Notes to Consolidated Financial Statements (amounts in 000’s, except share and per share amounts) (Unaudited) Quantitative Table for Valuation Techniques The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of September 30, 2025 and December 31, 2024. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Advisor’s determination of fair value. The Company calculates weighted average, based on the value of the unobservable input of each investment relative to the 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 SG Credit, which is considered subordinated debt, and the 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 September 30, 2025 Valuation Unobservable Weighted Fair Value Technique Input Range Average First-lien senior secured debt investments $ 2,062,509 Discounted cash flow analysis Discount rate 6.6 % - 18.2 % 9.3 % First-lien senior secured debt investments 88,000 Precedent Transaction Analysis Original cost 1.0 1.0 Preferred equity investment 15,027 Discounted cash flow analysis Discount rate 15.0 % 15.0 % Common equity investments 12,750 Precedent Transaction Analysis Original cost 1.0 1.0 Other equity investments 11,225 Comparable Multiples EV / EBITDA 8.0 - 17.2 11.0 $ 2,189,511 As of December 31, 2024 Valuation Unobservable Weighted Fair Value Technique Input Range Average 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 $ 1,741,919 41 Kayne Anderson BDC, Inc. Notes to Consolidated Financial Statements (amounts in 000’s, except share and per share amounts) (Unaudited) Note 6. Debt Corporate Credit Facility As of September 30, 2025, the Company had a senior secured revolving credit facility (the “Corporate Credit Facility”), that has a total commitment of $ 475,000 which has a maturity date of November 22, 2029 . 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 is required to comply with various covenants, reporting requirements and other customary requirements for similar revolving credit facilities, including, without limitation, covenants related to: (a) limitations on the incurrence of additional indebtedness and liens, (b) limitations on certain investments, (c) limitations on certain restricted payments, (d) maintaining a certain minimum stockholders’ equity, and (e) maintaining a ratio of total assets (less total liabilities not representing indebtedness) to total indebtedness of the Company and its consolidated subsidiaries of not less than 1.5:1.0. These covenants are subject to important limitations and exceptions that are described in the agreements governing the Corporate Credit Facility. Amounts available to borrow under the Corporate Credit Facility are subject to compliance with a borrowing base that applies different advance rates to different types of assets (based on their value as determined pursuant to the Corporate Credit Facility) that are pledged as collateral. The Corporate Credit Facility is secured by certain assets in the Company’s portfolio and excludes investments held by Kayne Anderson BDC Financing LLC (“KABDCF”) under 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 nine months ended September 30, 2025 and 2024, the average amount of borrowings outstanding under the Corporate Credit Facility was $ 255,172 and $ 157,022 , respectively, with a weighted average interest rate of 6.43 % and 7.64 %, respectively. As of September 30, 2025, the Company had $ 301,000 outstanding under the Corporate Credit Facility at a weighted average interest rate of 6.26 %. Revolving Funding Facility As of September 30, 2025, the Company and KABDCF, a wholly-owned, special purpose financing subsidiary, had a senior secured revolving funding facility (the “Revolving Funding Facility”), that has a total commitment of $ 675,000 . The end of the reinvestment period is February 13, 2028 , and the maturity date is February 13, 2030. The interest rate on the Revolving Funding Facility is SOFR plus 2.15 % per annum. 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. For the nine months ended September 30, 2025 and 2024, the average amount of borrowings outstanding under the Revolving Funding Facility was $ 527,610 and $ 358,204 , respectively, with a weighted average interest rate of 6.52 % and 7.85 %, respectively. As of September 30, 2025, the Company had $ 570,000 outstanding under the Revolving Funding Facility at a weighted average interest rate of 6.27 %. 42 Kayne Anderson BDC, Inc. Notes to Consolidated Financial Statements (amounts in 000’s, except share and per share amounts) (Unaudited) Revolving Funding Facility II As of September 30, 2025, the Company and 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 $ 250,000 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 is December 22, 2027, and the maturity date is December 22, 2029. The interest rate on the Revolving Funding Facility II is 3-month term SOFR plus 2.25 %. KABDCF II is also required to pay a commitment fee of 0.55 % on the unused portion of the Revolving Funding Facility II. Amounts available to borrow under the Revolving Funding Facility II are subject to a borrowing base that has limitations with respect to the loans securing the Revolving Funding Facility II, including limitations on, loan size, payment frequency and status, sector concentrations, 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 II 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 II. For the nine months ended September 30, 2025 and 2024, the average amount of borrowings outstanding under the Revolving Funding Facility II was $ 160,038 and $ 73,577 , respectively, with a weighted average interest rate of 6.61 % and 8.02 %, respectively. As of September 30, 2025, the Company had $ 207,000 outstanding under the Revolving Funding Facility II at a weighted average interest rate of 6.53 %. Senior Unsecured Notes As of September 30, 2025, the Company had $ 75,000 aggregate principal amount of senior unsecured notes (the “Notes”). See Note 12 – Subsequent Events. The table below sets forth a summary of the key terms of each series of Notes outstanding at September 30, 2025. Principal Estimated Outstanding Unamortized Fair Value Fixed September 30, Issuance September 30, Interest Series 2025 Costs 2025 Rate Maturity A $ 25,000 $ 138 $ 26,234 8.65 % 6/30/2027 B 50,000 351 53,727 8.74 % 6/30/2028 $ 75,000 $ 489 $ 79,961 Holders of the Notes are entitled to receive cash interest payments semi-annually (on January 30 and July 30) at the fixed rate. As of September 30, 2025, the weighted average interest rate on the outstanding Notes was 8.71 %. 43 Kayne Anderson BDC, Inc. Notes to Consolidated Financial Statements (amounts in 000’s, except share and per share amounts) (Unaudited) As of September 30, 2025, the Notes were rated “BBB” by Kroll Bond Rating Agency (“KBRA”). The Company is required to maintain a current rating from one rating agency with respect to the Notes. In the event the Company does not maintain a current rating from a rating agency for a specified period of time or the credit rating on the Notes falls below “BBB-” (a “Below Investment Grade Event”), the interest rate per annum on the Notes will increase by 1.0 % during the period the Notes are rated below “BBB-”. In the event the Company’s 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 to institutional investors and are not listed on any exchange or automated quotation system. The Notes contain various covenants related to other indebtedness, liens and limits on the Company’s overall leverage. The Company must maintain a minimum amount of shareholder equity and the Company’s asset coverage ratio must be greater than 150 % as of the last business day of each fiscal quarter. The Notes are redeemable in certain circumstances at the option of the Company and may be redeemed under certain circumstances to cure the asset coverage ratio covenant. The Notes are unsecured obligations of the Company and, upon liquidation, dissolution or winding up of the Company, will rank: (1) senior to all of the Company’s outstanding common shares; (2) on parity with any unsecured creditors of the Company and any unsecured senior securities representing indebtedness of the Company; and (3) junior to any secured creditors of the Company. At September 30, 2025, the Company was in compliance with all covenants under the Notes agreements. Debt obligations consisted of the following as of September 30, 2025 and December 31, 2024. As of each of these dates, the amounts outstanding under the Corporate Credit Facility, Revolving Funding Facility and Revolving Funding Facility II equal their respective fair value. September 30, 2025 Aggregate Principal Committed Outstanding Principal Amount Available (1) Net Carrying Value (2) Notes $ 75,000 $ 75,000 $ - $ 74,361 Corporate Credit Facility 475,000 301,000 174,000 297,364 Revolving Funding Facility 675,000 570,000 105,000 564,772 Revolving Funding Facility II 250,000 207,000 43,000 204,767 Total debt $ 1,475,000 $ 1,153,000 $ 322,000 $ 1,141,264 (1) The amounts available under the Company’s credit facilities do not reflect any limitations related to each borrowing base as of September 30, 2025. (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 $ 11,736 . The net carrying value includes $ 150 of deferred financing costs related to the Series C, D and E Notes that were closed on September 9, 2025, and were funded on October 15, 2025. December 31, 2024 Aggregate Principal Committed Outstanding Principal Amount Available (1) Net Carrying Value (2) Notes $ 75,000 $ 75,000 $ - $ 74,357 Corporate Credit Facility 475,000 250,000 225,000 246,765 Revolving Funding Facility 600,000 420,000 180,000 415,254 Revolving Funding Facility II 150,000 113,000 37,000 111,749 Total debt $ 1,300,000 $ 858,000 $ 442,000 $ 848,125 (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 . 44 Kayne Anderson BDC, Inc. Notes to Consolidated Financial Statements (amounts in 000’s, except share and per share amounts) (Unaudited) For the three and nine months ended September 30, 2025 and 2024, the components of interest expense were as follows: For the three months ended September 30, 2025 September 30, 2024 Interest expense $ 19,227 $ 15,122 Amortization of debt issuance costs 980 947 Total interest expense $ 20,207 $ 16,069 Average interest rate 7.1 % 8.6 % Average borrowings $ 1,110,174 $ 731,272 For the nine months ended September 30, 2025 September 30, 2024 Interest expense $ 52,881 $ 42,193 Amortization of debt issuance costs 2,835 2,771 Total interest expense $ 55,716 $ 44,964 Average interest rate 7.2 % 8.8 % Average borrowings $ 1,017,821 $ 668,219 Note 7. Common Stock and Share Transactions As of September 30, 2025, the Company had 100,000,000 shares of common stock authorized and 69,764,799 shares outstanding. As of September 30, 2025, KAPC Investment Holdings, L.P., a controlled affiliate of Kayne Anderson, owned 957,217 shares of the Company. These shares were purchased on May 22, 2024 in conjunction with the Company’s IPO. Common Stock Issuances The following table summarizes the number of common stock shares issued and aggregate proceeds received from such issuances related to the Company’s capital call notices pursuant to subscription agreements with investors for the nine months ended September 30, 2024. On May 24, 2024, the Company completed its IPO and began trading on the NYSE under the ticker symbol “KBDC.” For the nine months ended September 30, 2024 Offering Aggregate price per Common stock offering Common stock issue date share shares issued amount February 14, 2024 $ 16.74 7,089,771 $ 118,689 April 2, 2024 $ 16.63 16,232,415 269,945 May 24, 2024 $ 16.63 6,000,000 99,780 Total common stock issued 29,322,186 $ 488,414 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. 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 on July 23, 2024. 45 Kayne Anderson BDC, Inc. Notes to Consolidated Financial Statements (amounts in 000’s, except share and per share amounts) (Unaudited) On May 1, 2025, the Board of Directors of the Company authorized an amendment to the Company 10b5-1 Plan to extend the expiration to May 24, 2026. Under the amended and restated plan (effective May 25, 2025), the Company may repurchase up to $ 100,000 of the outstanding common stock in the open market at a price per share that meets certain thresholds below its net asset value per share. The Company 10b5-1 Plan will terminate upon the earliest to occur of (i) the close of business on May 24, 2026, (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. For the nine months ended September 30, 2025, the agent has repurchased shares of common stock pursuant to the Company 10b5-1 Plan as follows: Period Total number of shares repurchased Average price paid per share Approximate dollar value of shares that have been purchased under the plan Approximate dollar value of shares that may yet be purchased under the plan March 1 - 31, 2025 23,688 $ 16.23 $ 384 $ 98,090 April 1 - 30, 2025 304,967 $ 15.46 4,714 $ 93,377 May 1 - 24, 2025 178,981 $ 15.85 2,837 $ 90,539 May 25 - 31, 2025 804 $ 15.67 13 $ 99,987 June 1 - 30, 2025 77,231 $ 15.61 1,205 $ 98,782 July 1 - 31, 2025 83,982 $ 15.58 1,309 $ 97,473 August 1 - 31, 2025 273,807 $ 15.22 4,166 $ 93,307 September 1 - 30, 2025 592,402 $ 14.26 8,446 $ 84,862 Total stock repurchased 1,535,862 $ 23,074 Dividends and Dividend Reinvestment The following tables summarize the dividends declared and payable by the Company for the nine months ended September 30, 2025 and 2024. For the nine months ended September 30, 2025, both of the $ 0.10 per share dividend with payment dates of March 18, 2025 and June 24, 2025 were the final two of three special dividends declared by the Board of Directors in conjunction with the Company’s IPO in May 2024. For the nine months ended September 30, 2025 Dividend Dividend Dividend Dividend declaration record payment per date date date share May 8, 2024 March 3, 2025 March 18, 2025 $ 0.10 March 3, 2025 March 31, 2025 April 15, 2025 0.40 May 8, 2024 June 9, 2025 June 24, 2025 0.10 May 1, 2025 June 30, 2025 July 16, 2025 0.40 August 5, 2025 September 30, 2025 October 16, 2025 0.40 Total dividends declared $ 1.40 For the nine months ended September 30, 2024 Dividend Dividend Dividend Dividend declaration record payment per date date date share 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 Total dividends declared $ 1.20 46 Kayne Anderson BDC, Inc. Notes to Consolidated Financial Statements (amounts in 000’s, except share and per share amounts) (Unaudited) The following tables summarize the amounts received and shares of common stock issued to shareholders pursuant to the Company’s dividend reinvestment plan (“DRIP”) for the nine months ended September 30, 2025 and 2024. See Note 12 – Subsequent Events. For the nine months ended September 30, 2025 Dividend Dividend DRIP record payment shares DRIP date date issued value December 31, 2024 January 15, 2025 205,626 $ 3,434 March 3, 2025 March 18, 2025 35,346 593 March 31, 2025 April 15, 2025 - - June 9, 2025 June 24, 2025 - - June 30, 2025 July 16, 2025 - - 240,972 $ 4,027 For the dividend paid on January 15, 2025, the DRIP value was $ 3,923 . Of this amount, $ 3,434 was reinvested into the Company through the issuance of 205,626 shares of common stock and $ 489 was fulfilled through open market purchases of common stock. For the dividend paid on April 15, 2025, the DRIP value was $ 2,401 and was fulfilled through open market purchases of common stock. For the special dividend paid on June 24, 2025, the DRIP value was $ 257 and was fulfilled through open market purchases of common stock. For the dividend paid on July 16, 2025, the DRIP value was $ 380 and was fulfilled through open market purchases of common stock. For the dividend paid on October 16, 2025, the DRIP value was $ 174 and was fulfilled through open market purchases of common stock. This DRIP is excluded from the table above, as the DRIP share activity was after September 30, 2025. For the nine months ended September 30, 2024 Dividend Dividend DRIP record payment shares DRIP date 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 - - 190,607 $ 3,150 For the dividend paid on July 15, 2024, the DRIP value was $ 4,431 and was 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. These shares are excluded from the table above, as the DRIP share activity was after September 30, 2024. On May 8, 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 Note 8. Commitments and Contingencies The Company had an aggregate of $ 277,067 and $ 186,282 , respectively, of unfunded commitments, including $ 167,972 and $ 126,738 , respectively, of unfunded commitments on revolvers, to provide debt financing to its portfolio companies as of September 30, 2025 and December 31, 2024. These commitments are not reflected in the Company’s consolidated statement of assets and liabilities but are generally incorporated into the Company’s determination of its liquidity. Consequently, such commitments result in an element of credit risk in excess of the amount recognized in the Company’s consolidated statement of assets and liabilities. 47 Kayne Anderson BDC, Inc. Notes to Consolidated Financial Statements (amounts in 000’s, except share and per share amounts) (Unaudited) The Company’s unfunded revolving commitments are generally available on a borrower’s demand and may remain outstanding until the maturity date of the underlying senior secured loan. The Company’s unfunded delayed draw term loan commitments are generally subject to the satisfaction of certain financial and nonfinancial covenants and certain operational metrics. The commitment period for unfunded delayed draw term loan commitments may be shorter than the maturity date if drawn or funded. A summary of the composition of the unfunded commitments as of September 30, 2025 and December 31, 2024 is shown in the table below. As of As of September 30, 2025 December 31, 2024 Aegis Toxicology Sciences Corporation $ 5,769 $ - AeriTek Global Holdings LLC 701 - Alcami Corporation 1,565 1,447 Allcat Claims Service, LLC 17,407 10,803 Allentown, LLC 928 663 American Equipment Holdings LLC 2,648 2,922 American Soccer Company, Incorporated (SCORE) - 2,601 Arborworks Acquisition, LLC 1,219 1,792 Basel U.S. Acquisition Co., Inc. (IAC) - 2,930 Bloomington Holdco, LLC (BW Fusion) 6,421 6,421 BLP Buyer, Inc. (Bishop Lifting Products) 1,771 2,878 Brightview, LLC 155 - Carton Packaging Buyer, Inc. (Century Box) 2,848 2,848 CCFF Buyer, LLC (California Custom Fruits & Flavors, LLC) 9,812 9,812 CGI Automated Manufacturing, LLC 272 2,242 CI (MG) Group, LLC (Mariani Premier Group) 10,229 - City Line Distributors LLC 2,530 2,530 CMT Intermediate Holdings, LLC (Capital Machine Technologies) 3,803 - CREO Group Inc. (HMS Manufacturing) 1,902 - Curio Brands, LLC 2,605 1,719 Del-Air Heating, Air Conditioning & Refrigeration, LLC 4,215 - DISA Holdings Corp. 1,924 3,331 Diverzify Intermediate, LLC 3,155 3,155 DRS Holdings III, Inc. (Dr. Scholl’s) 310 310 Eastern Wholesale Fence - 198 ECS Opco 1, LLC (Spectrum Vascular) 2,540 - Energy Acquisition LP (Electrical Components International, Inc. - ECI) - 1,442 Envirotech Services, LLC 6,746 6,746 Eppinger Technologies, LLC 1,134 1,145 Fastener Distribution Holdings, LLC 4,610 7,502 Foundation Consumer Brands, LLC 577 577 Fralock Buyer LLC 500 - Guardian Dentistry Practice Management, LLC 773 773 Gulf Pacific Acquisition, LLC 899 1,798 Gusmer Enterprises, Inc. 3,256 3,676 Home Brands Group Holdings, Inc. (ReBath) 2,099 2,099 I.D. Images Acquisition, LLC 2,020 2,020 IF&P Foods, LLC (FreshEdge) 2,165 2,813 Improving Acquisition LLC 1,504 1,672 Integrated Dermatology LLC 12,486 - J&K Ingredients, LLC 1,890 - KAMC Holdings, Inc. (Franklin Energy) 1,365 - Krayden Holdings, Inc. 1,519 5,438 Lakewood Acquisition Corporation (R&B Wholesale) 10,305 - LEM Buyer, Inc. (CFS Technologies Intermediate, Inc.) 1,885 - Light Wave Dental Management, LLC 1,501 4,171 LSL Industries, LLC 5,224 5,224 MacNeill Pride Group 2,397 1,798 ML Buyer, LLC (Mama Lycha Foods, LLC) 3,552 3,991 Monza Purchaser, LLC (Smyth) 6,990 - MRC Keystone Acquisition LLC (Automated Handing Solutions) 3,864 3,864 NMA Holdings, LLC (Neuromonitoring Associates) 6,686 7,459 OAO Acquisitions, Inc. (BearCom) 2,482 2,482 Phoenix YW Buyer, Inc. (Elida Beauty) 1,960 1,960 Pixel Intermediate, LLC - 1,482 PMFC Holding, LLC 445 - Redwood MSO, LLC (Smile Partners) 1,896 2,784 Refocus Management Services, LLC 7,792 6,269 Regiment Security Partners LLC 776 104 RMH Systems, LLC 7,964 - The Robinette Company 5,047 5,047 Ruff Roofers Buyer, LLC 10,065 7,138 SGCP Intermediate, Inc. (SG Credit) 26,000 - Siegel Egg Co., LLC - 501 Silk Holdings III Corp. (Suave) 4,300 6,667 Speedstar Holding LLC 666 666 Spinrite Inc. 3,399 - Sundance Holdings Group, LLC 377 - Superior Intermediate LLC (Landmark Structures) 10,006 10,006 Tapco Buyer LLC 10,120 9,435 TL Atlas Merger Sub Corp. (Zep) 4,023 - Trademark Global LLC 480 480 United Titanium, LLC 4,343 - US Anchors Group, Inc. (Mechanical Plastics Corp.) 3,335 2,819 Vehicle Accessories, Inc. - 2,064 Workholding US Holdings, LLC (Forkardt Hardinge) 555 3,144 Worldwide Produce Acquisition, LLC 360 424 Total unfunded commitments $ 277,067 $ 186,282 48 Kayne Anderson BDC, Inc. Notes to Consolidated Financial Statements (amounts in 000’s, except share and per share amounts) (Unaudited) From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of September 30, 2025 and December 31, 2024, management was not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure. Note 9. Earnings Per Share In accordance with the provisions of ASC Topic 260, Earnings per Share (“ASC 260”), basic earnings per share is computed by dividing earnings available to common stockholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. As of September 30, 2025 and 2024, there were no dilutive shares. The following table sets forth the computation of basic and diluted earnings per share of common stock for the three and nine months ended September 30, 2025 and 2024. For the three months ended For the nine months ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Net increase (decrease) in net assets resulting from operations $ 24,613 $ 37,556 $ 71,738 $ 96,491 Weighted average shares of common stock outstanding - basic and diluted 70,430,331 71,083,885 70,852,621 61,321,163 Earnings (loss) per share of common stock - basic and diluted $ 0.35 $ 0.53 $ 1.01 $ 1.57 49 Kayne Anderson BDC, Inc. Notes to Consolidated Financial Statements (amounts in 000’s, except share and per share amounts) (Unaudited) Note 10. Financial Highlights The following per share of common stock data has been derived from information provided in the unaudited financial statements. The following is a schedule of financial highlights for the nine months ended September 30, 2025 and 2024. For the nine months ended September 30, (amounts in thousands, except share and per share amounts) Per Common Share Operating Performance (1) 2025 2024 Net Asset Value, Beginning of Period $ 16.70 $ 16.42 Results of Operations: Net Investment Income 1.23 1.55 Net Realized and Unrealized Gain (Loss) on Investments (2) ( 0.22 ) 0.04 Net Increase (Decrease) in Net Assets Resulting from Operations 1.01 1.59 Dividends to Common Stockholders Dividends ( 1.40 ) ( 1.20 ) Net Decrease in Net Assets Resulting from Dividends ( 1.40 ) ( 1.20 ) Capital Share Transactions Issuance of Common Stock, net of Underwriting and Offering Costs - ( 0.11 ) Repurchase of Common Stock 0.03 - Net Increase (Decrease) Resulting from Capital Share Transactions 0.03 ( 0.11 ) Net Asset Value, End of Period $ 16.34 $ 16.70 Per Share Market Value, End of Period $ 13.32 $ 16.21 Shares Outstanding, End of Period 69,764,799 71,047,779 Ratio/Supplemental Data Net assets, end of period $ 1,140,096 $ 1,186,205 Weighted-average shares outstanding 70,852,621 61,321,163 Total Return based on net asset value (3) 7.1 % 9.4 % Total Return based on market value (4) ( 11.9 )% 2.4 % Portfolio turnover 19.5 % 12.5 % Ratio of operating expenses to average net assets before waivers (5) 10.2 % 10.1 % Ratio of operating expenses to average net assets with waiver (5) 9.9 % 8.5 % Ratio of net investment income (loss) to average net assets (5) 10.0 % 13.2 % (1) The per common share data was derived by using weighted average shares outstanding. 50 Kayne Anderson BDC, Inc. Notes to Consolidated Financial Statements (amounts in 000’s, except share and per share amounts) (Unaudited) (2) 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 be consistent or reconcile with the aggregate gains and losses in the Consolidated Statement of Operations due to the timing of share transactions during the period. For the nine months ended September 30, 2025, includes $ 0.02 per share of deferred income tax expense on unrealized appreciation on investments. (3) 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. (4) 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. (5) Ratio is annualized. Note 11. 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. The CODM is 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. Note 12. Subsequent Events The Company’s management has evaluated subsequent events through the date of issuance of the financial statements included herein. There have been no subsequent events that require recognition or disclosure in these financial statements except as described below. On October 15, 2025, the Company completed a private placement offering of $ 200,000 of senior unsecured notes (the “Series C, D and E Notes”). The private placement consisted of $ 40,000 of floating rate Series C Notes with an interest rate of SOFR plus 2.32 % per annum due June 2028; $ 60,000 of 5.80 % Series D Notes due June 2028 and $ 100,000 of 6.15 % Series E Notes due October 2030. Net proceeds from the offering were used to refinance existing debt and for general corporate purposes. In connection with the Series D and Series E Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominantly floating rate loans. Under the interest rate swap agreement related to the Series D Notes, the Company receives a fixed interest rate of 5.80 % per annum and pays a floating interest rate of SOFR plus 2.37 % per annum on the $ 60,000 of the Series D Notes. Under the interest rate swap agreement related to the Series E Notes, the Company receives a fixed interest rate of 6.15 % per annum and pays a floating interest rate of SOFR plus 2.6565 % per annum on the $ 100,000 of the Series E Notes. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship. On October 16, 2025, the Company paid a regular dividend of $ 0.40 per share to each common stockholder of record as of September 30, 2025. The total dividend was $ 27,927 , and, of this amount, $ 174 was DRIP which was fulfilled through open market purchases of common stock. On November 4, 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 January 16, 2026 to stockholders of record as of the close of business on December 31, 2025, payable in cash or shares of common stock of the Company pursuant to the Company’s Dividend Reinvestment Plan, as amended. From October 1, 2025 to November 5, 2025, the Company’s agent repurchased 1,369,049 shares of common stock at an average price of $13.99 per share for a total amount of $ 19,153 . As of November 5, 2025, $ 65,709 remains for repurchase under the Company’s amended 10b5-1 Plan. On November 10, 2025, the Company issued a press release announcing that the Board of Directors of the Company appointed Frank P. Karl as President and appointed Andy Wedderburn-Maxwell as Senior Vice President. 51 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis should be read in conjunction with our financial statements and related notes and other financial information appearing elsewhere in this Quarterly Report on Form 10-Q. Except as otherwise specified, references to “we,” “us,” “our,” or the “Company” refer to Kayne Anderson BDC, Inc. Investment Objective, Principal Strategy and Investment Structure Kayne Anderson BDC, Inc. is a Delaware corporation that commenced operations on February 5, 2021. Following our initial public offering (“IPO”), our common stock began trading on the New York Stock Exchange (“NYSE”) under the ticker symbol “KBDC” on May 22, 2024. We are an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the 1940 Act, as amended. In addition, for U.S. federal income tax purposes, we intend to qualify, annually, as a RIC under Subchapter M of the Code. Our investment activities are managed by KA Credit Advisors, LLC (the “Advisor”), an indirect controlled subsidiary of Kayne Anderson Capital Advisors, L.P. (“Kayne Anderson”), and the Advisor operates within Kayne Anderson’s middle market private credit platform (“KAPC” or “Kayne Anderson Private Credit”). The Advisor is an investment advisor registered with the United States Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). In accordance with the Advisers Act, our Advisor is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring investments, and monitoring our investments and portfolio companies on an ongoing basis. The Advisor benefits from the scale and resources of Kayne Anderson and specifically KAPC. Our investment objective is to generate current income and, to a lesser extent, capital appreciation. We intend to have nearly all of our debt investments in private middle market companies. We use “private” to refer to companies that are not traded on a securities exchange and define “middle market companies” as companies that, in general, generate between $10 million and $150 million of annual earnings before interest, taxes, depreciation and amortization, or EBITDA. Further, we refer to companies that generate between $10 million and $50 million of annual EBITDA as “core middle market companies” and companies that generate between $50 million and $150 million of annual EBITDA as “upper middle market companies.” We typically adjust EBITDA for non-recurring and/or normalizing items to assess the financial performance of our borrowers over time. We intend to achieve our investment objective by investing primarily in first lien senior secured loans, with a secondary focus on unitranche and split-lien loans to middle market companies. Under normal market conditions, we expect at least 90% of our portfolio (including investments purchased with proceeds from borrowings under credit facilities and issuances of senior unsecured notes) to be invested in first lien senior secured, unitranche and split-lien loans. Our investment decisions are made on a case-by-case basis. We expect the remainder of our portfolio to be invested in second-lien loans, subordinated debt or equity securities (including those purchased in conjunction with other credit investments). We expect that a majority of these debt investments will be made in core middle market companies and will generally have stated maturities of three to six years. We expect that the loans in which we principally invest will be to companies that are located in the United States. We determine the location of a company as being in the United States by (i) such company being organized under the laws of one of the states in the United States; or (ii) during its most recent fiscal year, such company derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in the United States or has at least 50% of its assets in the United States. The Advisor executes on our investment objective by (1) accessing the established loan sourcing channels developed by KAPC, which includes an extensive network of private equity firms, other middle market lenders, financial advisors, intermediaries and management teams, (2) selecting investments within our middle market company focus, (3) implementing KAPC’s underwriting process and (4) drawing upon its experience and resources and the broader Kayne Anderson network. KAPC was established in 2011 and manages (directly and through affiliates) assets under management (“AUM”) of approximately $7.5 billion related to middle market private credit as of September 30, 2025. 52 Recent Developments On October 15, 2025, we completed a private placement offering of $200 million of senior unsecured notes (the “Series C, D and E Notes”). The private placement consisted of $40 million of floating rate Series C Notes with an interest rate of SOFR plus 2.32% per annum due June 2028; $60 million of 5.80% Series D Notes due June 2028 and $100 million of 6.15% Series E Notes due October 2030. Net proceeds from the offering were used to refinance existing debt and for general corporate purposes. In connection with the Series D and Series E Notes, we entered into interest rate swaps to more closely align the interest rates of our liabilities with our investment portfolio, which consists of predominantly floating rate loans. Under the interest rate swap agreement related to the Series D Notes, we receive a fixed interest rate of 5.80% per annum and pays a floating interest rate of SOFR plus 2.37% per annum on the $60 million of the Series D Notes. Under the interest rate swap agreement related to the Series E Notes, we receive a fixed interest rate of 6.15% per annum and pays a floating interest rate of SOFR plus 2.6565% per annum on the $100 million of the Series E Notes. We designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship. On October 16, 2025, we paid a regular dividend of $0.40 per share to each common stockholder of record as of September 30, 2025. The total dividend was $27.9 million and, of this amount, $0.2 million was DRIP which was fulfilled through open market purchases of common stock. On November 4, 2025, our Board of Directors declared a regular dividend to common stockholders in the amount of $0.40 per share. The regular dividend of $0.40 per share will be paid on January 16, 2026 to stockholders of record as of the close of business on December 31, 2025. From October 1, 2025 to November 5, 2025, our agent repurchased 1,369,049 shares of common stock at an average price of $13.99 per share for a total amount of $19.2 million. As of November 5, 2025, $65.7 million remains for repurchase under our initial stock repurchase plan. On November 10, 2025, we announced that our Board of Directors appointed Frank P. Karl as President and appointed Andy Wedderburn-Maxwell as Senior Vice President. Portfolio and Investment Activity Our portfolio is currently comprised of a broad mix of loans, with diversity among investment size and industry focus. The Advisor’s team of professionals conducts due diligence on prospective investments during the underwriting process and is involved in structuring the credit terms of our private middle market investments. Once an investment has been made, our Advisor closely monitors that portfolio investment and takes a proactive approach to identify and address sector or company specific risks. The Advisor seeks to maintain a regular dialogue with portfolio company management teams (as well as their owners, the majority of whom are private equity firms, where applicable), reviews detailed operating and financial results on a regular basis (typically monthly or quarterly) and monitors current and projected liquidity needs, in addition to other portfolio management activities. There are no assurances that we will achieve our investment objectives. As of September 30, 2025, we had investments in 108 portfolio companies with an aggregate fair value of approximately $2,256 million, and unfunded commitments to these portfolio companies of $277 million, and our portfolio consisted of 93.7% first lien senior secured loans, 4.6% subordinated debt and 1.7% equity investments. As of September 30, 2025, the weighted average remaining term of our debt investments was 3.3 years based on principal amount. As of September 30, 2025, we held investments in broadly syndicated loans in 7 portfolio companies with an aggregate principal amount of $67 million. Our investments in broadly syndicated loans were made in anticipation of the receipt of proceeds from our final capital call and our IPO which closed during the second quarter of 2024. We expect to rotate out of these investments over coming quarters to invest in private middle market loans consistent with our principal strategy. We have presented certain portfolio-related information below for our private middle market loans and broadly syndicated loans separately and on a combined basis for ease of reference. As of September 30, 2025, 96% of our debt investments had floating interest rates. Our weighted average yields for debt investments were as follows: Excluding Non-Income Producing Debt Investments Including Non-Income Producing Debt Investments Fair Value Amortized Cost Fair Value Amortized Cost Private middle market loans 10.7 % 10.8 % 10.5 % 10.5 % Broadly syndicated loans 6.7 % 6.6 % 6.7 % 6.6 % Total debt investments 10.6 % 10.7 % 10.4 % 10.4 % As of September 30, 2025, our portfolio was invested across 26 different industries (Global Industry Classification “GICS”, Level 3 – Industry). The largest industries in our portfolio as of September 30, 2025 were Trading Companies & Distributors, Commercial Services & Supplies, Health Care Providers & Services and Food Products, which represented, as a percentage of our portfolio of long-term investments, 13.8%, 12.0%, 10.4% and 9.4%, respectively, based on fair value. We are generalist investors and the mix of industries represented by our portfolio companies will vary over time. As of September 30, 2025, our average position size based on total investment commitments (at the portfolio company level) was $23.8 million. 53 As of September 30, 2025, the weighted average and median last twelve months (“LTM”) EBITDA of our portfolio companies were as follows: ● private middle market loans were $56.5 million and $34.5 million, respectively, based on fair value 1,2 ● broadly syndicated loans were $2,114.2 million and $1,913.0 million, respectively, based on fair value; and ● total investments were $124.3 million and $35.1 million, respectively, based on fair value 1,2 As of September 30, 2025, the weighted average loan-to-enterprise-value (“LTEV”) of our debt investments at the time of our initial investment was as follows: ● private middle market loans was 43.5%, based on par 1,2 ● broadly syndicated loans was 35.5%, based on par ● total investments was 43.2%, based on par 1,2 and ● LTEV represents the total par value of our debt investment relative to our estimate of the enterprise value of the underlying borrower As of September 30, 2025, we had five debt investments on non-accrual status, which represented 1.4% and 2.5% total debt investments at fair value and cost, respectively. As of September 30, 2025, our portfolio companies’ weighted average leverage ratios and weighted average interest coverage ratios (the calculations of which are based on the most recent quarter end or latest available information from the portfolio companies) were as follows: ● private middle market loans were 4.5x and 2.3x, respectively, based on fair value 1,2 ● broadly syndicated loans were 2.8x and 4.2x, respectively, based on fair value; and ● total investments were 4.4x and 2.4x, respectively, based on fair value 1,2 As of September 30, 2025, the percentage of our debt investments including at least one financial maintenance covenant was as follows: ● private middle market loans was 100.0% based on fair value 1,2 ● broadly syndicated loans was 0%, based on fair value; and ● total investments was 96.7%, based on fair value 1,2 1 Excludes investments on watch list, which represent 3.4% of the total fair value of debt investments as of September 30, 2025. 2 Excludes debt investments of BC CS 2, L.P. (Cuisine Solutions, Inc.), SGCP Partners, Inc. (SG Credit) and M2S Group Intermediate Holdings, Inc., which represent 6.3% of the total fair value of debt investments as of September 30, 2025. 54 Our investment activity for the three months ended September 30, 2025 and 2024 is presented below (information presented herein is at par value unless otherwise indicated). For the three months ended September 30, 2025 ($ in millions) 2024 ($ in millions) New investments: Gross new investments commitments $ 295.5 $ 182.6 Less: investment commitments sold down, exited or repaid (1) (182.1 ) (82.5 ) Net investment commitments $ 113.4 100.1 Principal amount of investments funded (2) : Private credit investments $ 261.6 $ 183.8 Broadly syndicated loans - - Preferred equity investments - - Common equity investments 12.0 0.8 Total principal amount of investments funded $ 273.6 $ 184.6 Principal amount of investments sold / repaid (2) : Private credit investments $ (73.5 ) $ (82.8 ) Broadly syndicated loans (113.0 ) (2.2 ) Common equity investments - - Total principal amount of investments sold or repaid $ (186.5 ) $ (85.0 ) Number of new private credit debt investment commitments 13 14 Average new private credit debt investment commitment amount $ 21.8 $ 12.8 Number of new broadly syndicated loan commitments - - Average new broadly syndicated loan commitment amount $ - $ - Weighted average maturity for new debt investment commitments (3) 4.7 years 4.9 years Percentage of new debt investment commitments at floating rates 59.8 % 100.0 % Percentage of new debt investment commitments at fixed rates 40.2 % 0.0 % Weighted average interest rate of new private credit debt investment commitments (4) 10.3 % 10.7 % Weighted average interest rate of new broadly syndicated loan commitments (4) 0.0 % - Weighted average interest rate on debt investments sold or paid down (5) 8.4 % 11.6 % (1) Does not include repayments on revolving loans, which may be redrawn. (2) Does not include restructured activity. For common equity investments, amount represents cost. (3) For undrawn delayed draw term loans, the maturity date used is that of the associated term loan. (4) Based on the rate in effect at September 30, 2025 per our Consolidated Schedule of Investments for new debt commitments entered into during the quarter. (5) Based on the underlying rate if still held at September 30, 2025. For those investments sold or paid down in full during the year, based on the rate in effect at the time of sale or paid down. Portfolio Internal Performance Ratings In general, we employ a strategy designed to ensure early detection of potential issues at underlying borrowers, including monthly financial reviews internal tracking memoranda, weekly “watch list” discussions and other like activities. We have designed a risk rating system to aid in our portfolio management efforts where each investment is rated level 1-9, where Level 1 is the “least risky” and Level 9 is the “most risky.” This risk-rating system is quantitative in nature and aggregates criteria such as LTEV, leverage levels and fixed charge coverage ratios (“FCCR”) (each measured at point-in-time and as relates to levels at the close of the investment). 55 The table below sets forth our fair value of debt investments and number of portfolio companies, including percentage of each total, that are on watch list as of September 30, 2025 and December 31, 2024. This table excludes equity investments. As of September 30, 2025 As of December 31, 2024 Fair Value ($ in millions) % Number of Companies % Fair Value ($ in millions) % Number of Companies % $ 74.3 3.4 % 7 6.5 % $ 69.4 3.5 % 5 4.5 % We use Global Industry Classification Standards (GICS), Level 3 – Industry, for classifying the industry groupings of our portfolio companies. The table below describes long-term investments by industry composition based on fair value as of September 30, 2025 and December 31, 2024. September 30, 2025 December 31, 2024 Trading companies & distributors 13.8 % 15.1 % Commercial services & supplies 12.0 % 11.7 % Health care providers & services 10.4 % 8.4 % Food products 9.4 % 10.0 % Containers & packaging 9.0 % 7.5 % Machinery 6.8 % 3.7 % Professional services 5.6 % 4.7 % Personal care products 4.5 % 3.7 % Financial services (1) 4.4 % - % Aerospace & defense 3.0 % 4.4 % Leisure products 2.8 % 3.2 % Chemicals 2.5 % 1.1 % Household products 2.3 % 0.8 % Textiles, apparel & luxury goods 1.8 % 2.1 % Automobile components 1.7 % 3.6 % Building products 1.6 % 2.3 % IT services 1.5 % 1.7 % Wireless telecommunication services 1.4 % 1.5 % Health care equipment & supplies 1.1 % 1.4 % Insurance 1.0 % 2.0 % Household durables 0.8 % 1.0 % Pharmaceuticals 0.8 % 1.8 % Specialty retail 0.8 % 2.1 % Biotechnology 0.5 % 0.6 % Diversified telecommunication services 0.5 % 1.5 % Hotels, restaurants & leisure - % 1.4 % Media - % 0.8 % Diversified consumer services - % 0.1 % Construction materials - % 0.7 % Semiconductors & semiconductor equipment - % 0.6 % Electrical equipment - % 0.5 % 100.0 % 100.0 % (1) Includes our debt and equity investment in SGCP Partners, Inc . (SG Credit), through investments in SGCP Intermediate, Inc. and SGCP Holdings, LLC, an asset based lending platform company, where the Company has a minority investment. 56 Results of Operations For the three and nine months ended September 30, 2025 and 2024, our total investment income was derived from our portfolio of investments. The following table represents the operating results for the three and nine months ended September 30, 2025 and 2024. For the three months ended September 30, For the nine months ended September 30, 2025 2024 2025 2024 ($ in millions) ($ in millions) ($ in millions) ($ in millions) Total investment income $ 61.3 $ 57.8 $ 173.9 $ 156.7 Less: Net expenses (31.3 ) (20.7 ) (86.4 ) (61.5 ) Net investment income 30.0 37.1 87.5 95.2 Net realized gains (losses) on investments (0.0 ) - 0.5 (0.1 ) Net change in unrealized gains (losses) on investments (5.0 ) 0.5 (15.0 ) 1.4 Income tax (expense) benefit on unrealized appreciation/depreciation on investments (0.4 ) - (1.3 ) - Net increase (decrease) in net assets resulting from operations $ 24.6 $ 37.6 $ 71.7 $ 96.5 Investment Income Investment income for the three and nine months ended September 30, 2025 totaled $61.3 million and $173.9 million, respectively, and consisted primarily of interest income on our debt investments. Investment income for the three and nine months ended September 30, 2024 totaled $57.8 million and $156.7 million, respectively, and consisted primarily of interest income on our debt investments. For the three and nine months ended September 30, 2025, we had $2.1 million and $4.5 million, respectively, of PIK interest included in interest income. For the three and nine months ended September 30, 2024 we had $1.5 million and $2.1 million, respectively, of PIK interest included in interest income. As of September 30, 2025, we had five debt investments on non-accrual status. As of September 30, 2024, we had two debt investment on non-accrual status. Expenses Operating expenses for the three and nine months ended September 30, 2025 and 2024 were as follows: For the three months ended September 30, For the nine months ended September 30, 2025 2024 2025 2024 ($ in millions) ($ in millions) ($ in millions) ($ in millions) Interest and debt financing expenses $ 20.2 $ 16.1 $ 55.7 $ 45.0 Management fees 5.6 4.7 16.1 12.5 Incentive fees 4.4 5.6 13.4 12.3 Directors fees 0.1 0.1 0.5 0.5 Other operating expenses 1.0 1.0 2.8 2.6 Total expenses 31.3 27.5 88.5 72.9 Management fee waiver - (1.2 ) (2.1 ) (1.7 ) Incentive fee waiver (Note 3) - (5.6 ) - (9.7 ) Net expenses $ 31.3 $ 20.7 $ 86.4 $ 61.5 Net Realized Gains (Losses) on Investments During the three and nine months ended September 30, 2025, we had realized losses of less than $0.1 million and realized gains of $0.5 million, respectively, on our investments. During the three and nine months ended September 30, 2024, we had realized losses of zero and $0.1 million, respectively, on our investments. 57 Net Unrealized Gains (Losses) on Investments We fair value our portfolio investments quarterly and any changes in fair value are recorded as unrealized gains or losses. During the three and nine months ended September 30, 2025 and 2024, net unrealized gains (losses) on our investment portfolio were comprised of the following: For the three months ended September 30, For the nine months ended September 30, 2025 2024 2025 2024 ($ in millions) ($ in millions) ($ in millions) ($ in millions) Unrealized gains on investments $ 9.3 $ 8.0 $ 19.7 $ 14.9 Unrealized (losses) on investments $ (14.3 ) (7.5 ) (34.7 ) (13.5 ) Net change in unrealized gains (losses) on investments $ (5.0 ) $ 0.5 $ (15.0 ) $ 1.4 For the three and nine months ended September 30, 2025, we had a deferred income tax expense of $0.4 million and $1.3 million, respectively, related to our net unrealized gain on our investments in KABDC Corp, LLC, a wholly owned subsidiary, that has elected to be treated as a corporation for U.S. tax purposes. In addition, our net deferred tax liability of $2.0 million is included in accrued expenses and other liabilities of our Consolidated Statement of Assets and Liabilities as of September 30, 2025. For the three-month periods ended September 30, 2025 and 2024, the top five largest contributors to the change in unrealized gains and the top five largest contributors to the change in unrealized losses on investments, and the remaining unrealized gains and losses from other portfolio companies, are presented in the following tables. For the three months ended September 30, 2025 ($ in millions) Portfolio Company SGCP Intermediate, Inc. (SG Credit) $ 1.9 Arborworks Acquisition, LLC 1.3 Integrated Dematology LLC 0.6 Dusk Acquisition II Corporation (Motors & Armatures, Inc. – MARS) 0.4 J&K Ingredients, LLC 0.3 Other portfolio companies unrealized gains 4.8 Other portfolio companies unrealized (losses) (6.7 ) BEL USA, LLC (0.8 ) Pixel Intermediate, LLC (0.9 ) TG Parent Newco LLC (Trademark Global LLC) (1.5 ) Siegel Egg Co., LLC (1.6 ) American Soccer Company, Incorporated (SCORE) (2.8 ) Total Change in Unrealized Gain (Loss), net $ (5.0 ) For the three months ended September 30, 2024 ($ in millions) Portfolio Company American Soccer Company, Incorporated (SCORE) $ 1.6 WAM CR Acquisition, Inc. (Wolverine) 0.8 M2S Group Intermediate Holdings, Inc. 0.8 Dusk Acquisition II Corporation (Motors & Armatures, Inc. – MARS) 0.7 Arborworks Acquisition LLC 0.5 Other portfolio companies unrealized gains 3.6 Other portfolio companies unrealized (losses) (4.9 ) BR PJK Produce, LLC (Keany) (0.4 ) Sundance Holdings Group, LLC (0.5 ) Centerline Communications, LLC (0.5 ) Trademark Global LLC (0.6 ) Siegel Egg Co., LLC (0.6 ) Total Change in Unrealized Gain (Loss), net $ 0.5 58 For the nine-month periods ended September 30, 2025 and 2024, the top five largest contributors to the change in unrealized gains and the top five largest contributors to the change in unrealized losses on investments, and the remaining unrealized gains and losses from other portfolio companies, are presented in the following tables. For the nine months ended September 30, 2025 ($ in millions) Portfolio Company Arborworks Acquisition, LLC $ 3.9 SGCP Intermediate, Inc. (SG Credit) 1.9 Lakewood Acquisition Corporation (R&B Wholesale) 1.3 Olibre Borrower LLC (Revelyst) 1.1 NMA Holdings, LLC (Neuromonitoring Associates) 0.8 Other portfolio companies unrealized gains 10.7 Other portfolio companies unrealized (losses) (14.4 ) BEL USA, LLC (1.5 ) American Soccer Company, Incorporated (SCORE) (3.0 ) TG Parent Newco LLC (Trademark Global LLC) (3.5 ) Siegel Egg Co., LLC (5.0 ) Sundance Holdings Group, LLC (7.3 ) Total Change in Unrealized Gain (Loss), net $ (15.0 ) For the nine months ended September 30, 2024 ($ in millions) Portfolio Company American Soccer Company, Incorporated (SCORE) $ 1.2 CCFF Buyer, LLC (California Custom Fruits & Flavors, Inc.) 0.9 Energy Acquisition LP (Electrical Components International, Inc. - ECI) 0.8 Envirotech Services, LLC 0.8 WAM CR Acquisition, Inc. (Wolverine) 0.8 Other portfolio companies unrealized gains 10.4 Other portfolio companies unrealized (losses) (7.9 ) Virgin Media Bristor LLC (0.6 ) Gulf Pacific Holdings, LLC (0.7 ) Sundance Holdings Group, LLC (0.8 ) Siegel Egg Co., LLC (1.5 ) Trademark Global LLC (2.0 ) Total Change in Unrealized Gain (Loss), net $ 1.4 59 Financial Condition, Liquidity and Capital Resources Our liquidity and capital resources are generated primarily from the net proceeds of any offering of our shares of common stock, proceeds from borrowing on our credit facilities, proceeds from the issuance of senior unsecured notes and from cash flows from interest and fees earned from our investments and principal repayments and proceeds from sales of our investments. Our primary use of cash is for investments in portfolio companies, payments of our expenses, repayments of borrowings under credit facilities and senior unsecured notes, and payment of cash distributions to our stockholders. We finance our investments with leverage in the form of borrowings under credit facilities and issuances of senior unsecured notes. We also intend to further borrow under credit facilities and/or issue senior unsecured notes in the future in order to finance our investments. In accordance with the 1940 Act, we are required to meet a coverage ratio of total assets (less total liabilities other than indebtedness) to total borrowings and other senior securities (and any preferred stock that we may issue in the future) of at least 150%. If this ratio declines below 150%, we cannot incur additional leverage and could be required to sell a portion of our investments to repay some leverage when it is disadvantageous to do so. As of September 30, 2025 and December 31, 2024, our asset coverage ratios were 199% and 238%, respectively. We currently intend to target asset coverage of 200% to 180% (which equates to a debt-to-equity ratio of 1.0x to 1.25x) but may alter this target based on market conditions. Over the next twelve months, we expect that cash and cash equivalents, taken together with our available capacity under our credit facilities, will be sufficient to conduct anticipated investment activities. Beyond twelve months, we expect that our cash and liquidity needs will continue to be met by cash generated from our ongoing operations as well as financing activities. As of September 30, 2025, we had $75 million Notes outstanding, $1,078 million borrowed under our credit facilities and cash and cash equivalents of $46.1 million (including investments in money market funds). As of that date, we had $322 million of undrawn commitments available on our credit facilities (subject to borrowing base restrictions and other conditions). As of November 5, 2025, we had $275 million Notes outstanding, $932 million borrowed under our credit facilities and cash and cash equivalents of $46.0 million (including investments in money market funds). Senior Unsecured Notes As of September 30, 2025, we have $75 million of senior unsecured notes outstanding, with $25 million of 8.65% Series A Notes due June 2027 (the “Series A Notes”) and $50 million of 8.74% Series B Notes due June 2028 (the “Series B Notes”, and collectively with the Series A Notes, the “Notes”). On October 15, 2025, we completed a private placement offering of $200 million of senior unsecured notes (the “Series C, D and E Notes”). The private placement consisted of $40 million of floating rate Series C Notes with an interest rate of SOFR plus 2.32% per annum due June 2028; $60 million of 5.80% Series D Notes due June 2028 and $100 million of 6.15% Series E Notes due October 2030. Net proceeds from the offering were used to refinance existing debt and for general corporate purposes. In connection with the Series D and Series E Notes, we entered into interest rate swaps to more closely align the interest rates of our liabilities with the our investment portfolio, which consists of predominantly floating rate loans. Under the interest rate swap agreement related to the Series D Notes, we receive a fixed interest rate of 5.80% per annum and pays a floating interest rate of SOFR plus 2.37% per annum on the $60 million of the Series D Notes. Under the interest rate swap agreement related to the Series E Notes, we receive a fixed interest rate of 6.15% per annum and pays a floating interest rate of SOFR plus 2.6565% per annum on the $100 million of the Series E Notes. We designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship. Credit Facilities Corporate Credit Facility: We are party to a senior secured revolving credit facility (the “Corporate Credit Facility”), that has a total commitment of $475 million. The facility’s commitment termination date and the final maturity date are November 22, 2028 and November 22, 2029, respectively. The Corporate Credit Facility also provided for a feature that allows us, under certain circumstances, to increase the overall size of the Corporate Credit Facility to a maximum of $600 million. 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%. We are also required to pay a commitment fee of 0.375% per annum on any unused portion of the Corporate Credit Facility. 60 Revolving Funding Facility: We and our wholly owned, special purpose financing subsidiary, Kayne Anderson BDC Financing, LLC (“KABDCF”), are party to a senior secured revolving funding facility (the “Revolving Funding Facility”). We and KABDCF have a commitment of $675 million. The Revolving Funding Facility is secured by all of the assets held by KABDCF and we have agreed that it will not grant or allow a lien on the membership interest of KABDCF. The end of the reinvestment period is February 13, 2028 and the maturity date is February 13, 2030. The interest rate on the Revolving Funding Facility is daily SOFR plus 2.15% per annum. 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. Revolving Funding Facility II: We and our wholly owned, special purpose financing subsidiary, Kayne Anderson BDC Financing II, LLC (“KABDCF II”), are party to a senior secured revolving credit facility (the “Revolving Funding Facility II”). The Revolving Funding Facility II has an initial commitment of $250 million which, under certain circumstances, can be increased up to $500 million. The Revolving Funding Facility II is secured by all of the assets held by KABDCF II and we have agreed that it will not grant or allow a lien on the membership interest of KABDCF II. The end of the reinvestment period and the stated maturity date for the Revolving Funding Facility II are December 22, 2027, and December 22, 2029, respectively. The interest rate on the Revolving Funding Facility II is equal to 3-month term SOFR plus 2.25% per annum. KABDCF II is also required to pay a commitment fee of 0.55%. Contractual Obligations A summary of our significant contractual principal payment obligations related to the repayment of our outstanding indebtedness at September 30, 2025 is as follows: Payments Due by Period ($ in millions) Total Less than 1 year 1-3 years 3-5 years After 5 years Senior Unsecured Notes $ 75.0 $ - $ 75.0 $ - $ - Corporate Credit Facility 301.0 - - 301.0 - Revolving Funding Facility 570.0 - - 570.0 - Revolving Funding Facility II 207.0 - - 207.0 - Total contractual obligations $ 1,153.0 $ - $ 75.0 $ 1,078.0 $ - Off-Balance Sheet Arrangements As of September 30, 2025 and December 31, 2024, we had an aggregate $277.1 million and $186.3 million, respectively, of unfunded commitments, including $168.0 million and $126.7 million, respectively, of unfunded commitments on revolvers, to provide debt financing to our portfolio companies. Such commitments are generally subject to the satisfaction of certain financial and nonfinancial covenants and involve, to varying degrees, elements of credit risk in excess of the amount recognized in our financial statements. Other than contractual commitments and other legal contingencies incurred in the normal course of our business, we do not have any other off-balance sheet financings or liabilities. Critical Accounting Estimates The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting policies, including those relating to the valuation of our investment portfolio, are described below. The critical accounting policies should be read in conjunction with our risk factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in this Quarterly Report. See Note 2 to our consolidated financial statements for the nine months ended September 30, 2025, for more information on our critical accounting policies. 61 Investment Valuation Traded Investments (Level 1 or Level 2) Investments for which market quotations are readily available will typically be valued at those market quotations. Traded investments such as corporate bonds, preferred stock, bank notes, broadly syndicated loans or loan participations are valued by using the bid price provided by an independent pricing service, by an independent broker, the agent bank, syndicate bank or principal market maker. When price quotes for investments are not available, or such prices are stale or do not represent fair value in the judgment of our Advisor, fair market value will be determined using our Advisor’s valuation process for investments that are privately issued or otherwise restricted as to resale. We may also invest, to a lesser extent, in equity securities purchased in conjunction with debt investments. While we anticipate these equity securities to be issued by privately held companies, we may hold equity securities that are publicly traded. Equity securities listed on any exchange other than the NASDAQ Stock Market, Inc. (“NASDAQ”) are valued, except as indicated below, at the last sale price on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the most recent bid and ask prices on such day. Securities admitted to trade on the NASDAQ are valued at the NASDAQ official closing price. Equity securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities. Equity securities traded in the over-the-counter market, but excluding securities admitted to trading on the NASDAQ, are valued at the closing bid prices. Non-Traded Investments (Level 3) Investments that are privately issued or otherwise restricted as to resale, as well as any security for which (a) reliable market quotations are not available in the judgment of our Advisor, or (b) the independent pricing service or independent broker does not provide prices or provides a price that in the judgment of our Advisor is stale or does not represent fair value, shall each be valued in a manner that most fairly reflects fair value of the security on the valuation date. We expect that a significant majority of our investments will be Level 3 investments. Unless otherwise determined by the Advisor, the following valuation process is used for our Level 3 investments: ● Valuation Designee . The applicable investments will be valued no less frequently than quarterly by the Advisor, with new investments valued at the time such investment was made. The value of each Level 3 investment will be initially reviewed by the persons responsible for such portfolio company or investment. The Advisor will use a standardized template designed to approximate fair market value based on observable market inputs, updated credit statistics and unobservable inputs to determine a preliminary value. The Advisor will specify the titles of the persons responsible for determining the fair value of Company investments, including by specifying the particular functions for which they are responsible, and will reasonably segregate fair value determinations from the portfolio management of the Company such that the portfolio manager(s) may not determine, or effectively determine by exerting substantial influence on, the fair values ascribed to portfolio investments. ● Valuation Firm . Quarterly, a third-party valuation firm engaged by the Advisor reviews the valuation methodologies and calculations employed for each of the Company’s investments that the Advisor has placed on the “watch list” and approximately 25% of the Company’s remaining investments. The third-party valuation firm will review and independently value all of the Level 3 investments at least once per year, on a rolling twelve-month basis. The quarterly report issued by the third-party valuation firm will provide positive assurance on the fair values of the investments reviewed. ● Oversight . The Board has appointed the Advisor as the valuation designee for the Company for purposes of making determinations of fair value as permitted by Rule 2a-5 under the 1940 Act. The Audit Committee shall aid the Board in overseeing the Advisor’s fair valuation of securities that are not publicly traded or for which current market values are not readily available. 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. Refer to Note 5 – Fair Value – for more information on the Company’s valuation process. 62 Revenue Recognition We record interest income on an accrual basis to the extent that we expect to collect such amounts. For loans and debt securities with contractual PIK interest, which represents contractual interest accrued and added to the principal balance, we generally will not accrue PIK interest for accounting purposes if the portfolio company valuation indicates that such PIK interest is not collectible. We do not accrue as a receivable interest on loans and debt securities for accounting purposes if we have reason to doubt our ability to collect such interest. Original Issue Discounts (OIDs), market discounts or premiums are accreted or amortized using the effective interest method as interest income. We record prepayment premiums on loans and debt securities as interest income. Related Party Transactions Investment Advisory Agreement. On February 5, 2021, we entered into an Investment Advisory Agreement with our Advisor. 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 shares of common stock on May 24, 2024 (the “IPO Date”). On February 19, 2025, the Board approved an additional one-year term of the Amended Investment Advisory Agreement through March 15, 2026. For services rendered under the Amended Investment Advisory Agreement, we pay a base management fee quarterly in arrears to our Advisor based on the of the fair market value of our investments including, in each case, assets purchased with borrowed funds or other forms of leverage, but excluding cash, U.S. government securities and commercial paper instruments maturing within one year of purchase. We also pay an incentive fee on income and an incentive fee on capital gains to our Advisor. Under the Amended Investment Advisory Agreement, 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 based on our Cumulative Pre-Incentive Fee Net Return. This lookback feature provides that the Advisor’s income incentive fee may be reduced if our portfolio experiences aggregate write-downs or net capital losses during the applicable Trailing Twelve Quarters. 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. Administration Agreement. On February 5, 2021, we entered into the Administration Agreement with our Advisor, which serves as our Administrator and provides or oversees the performance of its required administrative services and professional services rendered by others, which include (but are not limited to), accounting, payment of our expenses, legal, compliance, operations, technology and investor relations, preparation and filing of our tax returns, and preparation of financial reports provided to its stockholders and filed with the SEC. On February 19, 2025, the Board approved an additional one-year term of the Administration Agreement through March 15, 2026. We reimburse the Administrator for its costs and expenses incurred in performing its obligations under the Administration Agreement, which may include 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 to the Company. As the Company reimburses the Administrator for its expenses, such costs (including the costs of sub-administrators) are ultimately borne by common stockholders. The Administrator does not receive compensation from us other than reimbursement of its expenses. The Administration Agreement may be terminated by either party with 60 days’ written notice. Since the inception of the Company, the Administrator has engaged sub-administrators to assist the Administrator in performing certain of its administrative duties. During this period, the Administrator has not sought reimbursement of its expenses other than expenses incurred by the sub-administrators. The Administrator has engaged Ultimus Fund Solutions, LLC under a sub-administration agreement. Under the terms of the sub-administration agreement, Ultimus Fund Solutions, LLC provides fund administration and fund accounting services. The Company pays fees to Ultimus Fund Solutions, LLC, which constitute reimbursable expenses under the Administration Agreement. The Administrator may enter into additional sub-administration agreements with third parties to perform other administrative and professional services on behalf of the Administrator. Non-Controlled, Affiliated Investment . We hold TG Parent Newco LLC (Trademark Global LLC) and SGCP Partners, Inc. (SG Credit), which are non-controlled, affiliated investments, as defined in the 1940 Act. See “Item 1. – Notes to Consolidated Financial Statements – Note 3. Agreements and Related Party Transactions” for further details. 63 Item 3. Quantitative and Qualitative Disclosures About Market Risk. We are subject to financial market risks, including valuation risk and changes in interest rates. Valuation Risk . The majority of our investments are in instruments that do not have readily ascertainable market prices and the Adviser, as our valuation designee, will value these securities at fair value as determined in good faith under procedures approved by our Board of Directors. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material. Interest Rate Risk . 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 September 30, 2025 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 investments on non-accrual status and classified as non-income producing as of September 30, 2025 in this calculation. Change in Interest Rates Increase (Decrease) in Interest Income Increase (Decrease) in Interest Expense Net Increase (Decrease) in Net Investment Income Down 200 basis points $ (42.1 ) $ (21.6 ) $ (20.5 ) Down 100 basis points $ (21.1 ) $ (10.8 ) $ (10.3 ) Up 100 basis points $ 21.1 $ 10.8 $ 10.3 Up 200 basis points $ 42.1 $ 21.6 $ 20.5 The data in the table is based on the Company’s current statement of assets and liabilities. We may hedge against interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the 1940 Act. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in benefits of lower interest rates with respect to our portfolio of investments with fixed interest rates. Item 4. Controls and Procedures. Evaluation of Disclosure Controls and Procedures As of September 30, 2025 (the end of the period covered by this report), we, including our Co-Chief Executive Officers and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended). Based on that evaluation, our management, including the Co-Chief Executive Officers and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic United States Securities and Exchange Commission (the “SEC”) filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Co-Chief Executive Officers and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures. Internal Control Over Financial Reporting There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. 64 PART II—OTHER INFORMATION Item 1. Legal Proceedings. Neither we nor our Advisor is currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us, or against our Advisor. From time to time, we, or our Advisor, may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations. From time to time, we are involved in various legal proceedings, lawsuits and claims incidental to the conduct of our business. Our businesses are also subject to extensive regulation, which may result in regulatory proceedings against us. Item 1A. Risk Factors. In addition to the other information set forth in this report, you should carefully consider the risk factors described below and in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results. Changes to U.S. tariff and import/export regulations may have a negative effect on our portfolio companies and, in turn, on our performance. There have been recent changes to United States trade policies, treaties and tariffs, and, in the future, there may be additional significant changes. These and any future developments, and continued uncertainty surrounding trade policies, treaties and tariffs, may have a material adverse effect on global economic conditions, inflation and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States. Any of these factors could depress economic activity and restrict our portfolio companies’ access to suppliers or customers, increase their supply-chain costs and expenses. Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. Sales of Unregistered Securities None. 65 Issuer Purchases of Equity Securities (dollars in thousands, except share amounts) 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. 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 on July 23, 2024. On May 1, 2025, the Board of Directors of the Company authorized an amendment to the Company 10b5-1 Plan to extend the expiration to May 24, 2026. Under the amended and restated plan (effective May 25, 2025), the Company may repurchase up to $100,000 of the outstanding common stock in the open market at a price per share that meets certain thresholds below its net asset value per share. The Company 10b5-1 Plan will terminate upon the earliest to occur of (i) the close of business on May 24, 2026, (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. During the nine months ended September 30, 2025, the Company repurchased 1,535,862 shares under the Company 10b5-1 Plan for a total of $23,074. Item 3. Default Upon Senior Securities. None . Item 4. Mine Safety Disclosures. Not applicable. Item 5. Other Information. None . 66 Item 6. Exhibits. The exhibits required by this item are set forth in the Exhibit Index attached hereto and are filed or incorporated as part of this Report. Exhibit Index 3.1 Certificate of Formation (3) 3.2 Initial Limited Liability Company Agreement (1) 3.3 Certificate of Conversion (2) 3.4 Certificate of Incorporation (2) 3.5 Amended and Restated Bylaws (5) 4.1 Description of Securities (3) 10.1 Amended and Restated Investment Advisory Agreement (12) 10.2 Fee Waiver Agreement (12) 10.3 Administration Agreement (1) 10.4 License Agreement (1) 10.5 Indemnification Agreement (1) 10.6 Custody Agreement (1) 10.7 Subscription Agreement (1) 10.8 Credit Agreement, dated February 5, 2021, by and between Kayne Anderson BDC, Inc., as borrower, lenders signatories thereto, and agent and the lead arranger (2) 10.9 Second Amendment to Credit Agreement, dated December 3, 2021, by and between Kayne Anderson BDC, Inc., as borrower, lender signatories thereto, and agent and lead arranger (5) 10.10 Third Amendment to the Credit Agreement, dated December 30, 2022, by and between Kayne Anderson BDC, Inc., as borrower, lenders, and City National Bank as administrative agent for the lenders (7) 10.11 Fourth Amendment to the Credit Agreement, dated December 31, 2023, by and between Kayne Anderson BDC, Inc., as borrower, lenders, and City National Bank as administrative agent for the lenders (10) 10.12 Senior Secured Revolving Credit Agreement (4) 10.13 Second Amendment to the Senior Secured Revolving Credit Agreement (13) 10.14 Third Amendment to the Senior Secured Revolving Credit Agreement (17) 10.15 Loan and Security Agreement (4) 10.16 First Amendment to Loan and Security Agreement, dated November 17, 2022, by and between KA Credit Advisors, LLC, as collateral manager, Kayne Anderson BDC Financing, LLC, as borrower, certain lenders thereto, administrative agent for the lenders, and collateral agent for the lenders (6) 10.17 Second Amendment to Loan and Security Agreement, dated June 29, 2023, by and between KA Credit Advisors, LLC, as collateral manager, Kayne Anderson BDC Financing, LLC, as borrower, certain lenders thereto, administrative agent for the lenders, and collateral agent for the lenders (8) 10.18 Third Amendment to Loan and Security Agreement, dated April 3, 2024, by and between KA Credit Advisors, LLC, as collateral manager, Kayne Anderson BDC Financing, LLC, as borrower, certain lenders thereto, administrative agent for the lenders, and collateral agent for the lenders (11) 10.19 Fourth Amendment to Loan and Security Agreement, dated December 13, 2024, by and between KA Credit Advisors, LLC, as collateral manager, Kayne Anderson BDC Financing, LLC, as borrower, certain lenders thereto, administrative agent for the lenders, and collateral agent for the lenders (16) 10.20 Fifth Amendment to Loan and Security Agreement, dated February 13, 2025, by and between KA Credit Advisors, LLC, as collateral manager, Kayne Anderson BDC Financing, LLC, as borrower, certain lenders thereto, administrative agent for the lenders, and collateral agent for the lenders (15) 10.21 Loan and Security Agreement, dated December 22, 2023, by and between KA Credit Advisors, LLC, as portfolio manager, Kayne Anderson BDC Financing II, LLC, as borrower, certain lenders thereto, collateral administrator for the lenders, collateral agent for the lenders, securities intermediary party, and administrative agent for the lenders (9) 10.22 Amendment No. 2 to Loan and Security Agreement, dated December 22, 2023, by and between KA Credit Advisors, LLC, as portfolio manager, Kayne Anderson BDC Financing II, LLC, as borrower, certain lenders thereto, collateral administrator for the lenders, collateral agent for the lenders, securities intermediary party, and administrative agent for the lenders (14) 10.23 Notes Purchase Agreement, dated June 29, 2023, by and among the Company and the Purchasers party thereto (8) 10.24 Notes Purchase Agreement, dated September 9, 2025, by and among the Company and the Purchasers party thereto (18) 67 21.1* Subsidiaries of Kayne Anderson BDC, Inc. 31.1* Certification of Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 31.2* Certification of Chief Financial Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 32.1* Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 32.2* Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 101.INS* Inline XBRL Instance Document 101.SCH* Inline XBRL Taxonomy Extension Schema Document 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document 101.LAB* Inline XBRL Taxonomy Extension Label Linkbase Document 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document 104* Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) * Filed herewith. (1) Incorporated by reference from the Company’s Amendment No. 2 to Form 10, as filed with the Securities and Exchange Commission on November 9, 2020. (2) Incorporated by reference from the Company’s Form 8-K, as filed with the Securities and Exchange Commission on February 9, 2021. (3) Incorporated by reference from the Company’s Form 10-K, as filed with the Securities and Exchange Commission on March 10, 2023. (4) Incorporated by reference from the Company’s Form 8-K, as filed with the Securities and Exchange Commission on February 25, 2022. (5) Incorporated by reference from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, as filed with the Securities and Exchange Commission on August 15, 2022. (6) Incorporated by reference from the Company’s Form 8-K, as filed with the Securities and Exchange Commission on November 22, 2022. (7) Incorporated by reference from the Company’s Form 8-K, as filed with the Securities and Exchange Commission on January 6, 2023. (8) Incorporated by reference from the Company’s Form 8-K, as filed with the Securities and Exchange Commission on July 5, 2023. (9) Incorporated by reference from the Company’s Form 8-K, as filed with the Securities and Exchange Commission on December 29, 2023. (10) Incorporated by reference from the Company’s Form 8-K, as filed with the Securities and Exchange Commission on January 5, 2024. (11) Incorporated by reference from the Company’s Form 8-K, as filed with the Securities and Exchange Commission on April 8, 2024. (12) Incorporated by reference from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, as filed with the Securities and Exchange Commission on August 13, 2024. (13) Incorporated by reference from the Company’s Form 8-K, as filed with the Securities and Exchange Commission on November 26, 2024. (14) Incorporated by reference from the Company’s Form 8-K, as filed with the Securities and Exchange Commission on February 10, 2025. (15) Incorporated by reference from the Company’s Form 8-K, as filed with the Securities and Exchange Commission on February 18, 2025. (16) Incorporated by reference from the Company’s Form 10-K, as filed with the Securities and Exchange Commission on March 3, 2025. (17) Incorporated by reference from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, as filed with the Securities and Exchange Commission on August 11, 2025. (18) Incorporated by reference from the Company’s Form 8-K, as filed with the Securities and Exchange Commission on September 10, 2025. 68 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Kayne Anderson BDC, Inc. Date: November 10, 2025 /s/ Douglas L. Goodwillie Name: Douglas L. Goodwillie Title: Co-Chief Executive Officer (Co-Principal Executive Officer) Date: November 10, 2025 /s/ Kenneth B. Leonard Name: Kenneth B. Leonard Title: Co-Chief Executive Officer (Co-Principal Executive Officer) Date: November 10, 2025 /s/ Terry A. Hart Name: Terry A. Hart Title: Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) 69