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, 2024

 

☐ 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 7, 2024, the registrant had 71,026,111 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, 2024 (Unaudited) and December 31, 2023 1
  Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 (Unaudited) 2
  Consolidated Statement of Changes in Net Assets for the three and nine months ended September 30, 2024 and 2023 (Unaudited) 3
  Consolidated Statement of Cash Flows for the nine months ended September 30, 2024 and 2023 (Unaudited) 4
  Consolidated Schedule of Investments as of September 30, 2024 (Unaudited) and December 31, 2023 5
  Notes to Consolidated Financial Statements (Unaudited) 26
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 49
Item 3. Quantitative and Qualitative Disclosures About Market Risk 61
Item 4. Controls and Procedures 61
     
PART II. OTHER INFORMATION 62
Item 1. Legal Proceedings 62
Item 1A. Risk Factors 62
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 62
Item 3. Defaults Upon Senior Securities 62
Item 4. Mine Safety Disclosures 62
Item 5. Other Information 63
Item 6. Exhibits 63
     
Signatures 65

 

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;

 

●risk associated with possible disruptions in operations or the economy generally;

 

●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 borrowed money 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 risk associated with an economic downturn, increased inflation, political instability, 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, 2023.

 

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,
2024
(Unaudited)		   December 31,
2023		 
Assets:        
Investments, at fair value:        
Non-controlled, non-affiliated investments (amortized cost of $1,906,348 and $1,343,223)  $1,931,243   $1,363,498 
Non-controlled, affiliated investments (amortized cost of $15,438 and $0, respectively)   12,196    
-
 
Short-term investments (amortized cost of $22,670 and $12,802)   22,670    12,802 
Cash and cash equivalents   39,083    34,069 
Receivable for principal payments on investments   501    104 
Interest receivable   22,391    12,874 
Prepaid expenses and other assets   161    319 
Total Assets  $2,028,245   $1,423,666 
           
Liabilities:          
Corporate Credit Facility (Note 6)  $221,000   $234,000 
Unamortized Corporate Credit Facility issuance costs   (1,127)   (1,715)
Revolving Funding Facility (Note 6)   409,000    306,000 
Unamortized Revolving Funding Facility issuance costs   (5,277)   (2,019)
Revolving Funding Facility II (Note 6)   83,000    70,000 
Unamortized Revolving Funding Facility II issuance costs   (1,411)   (1,805)
Subscription Credit Agreement (Note 6)   
-
    10,750 
Unamortized Subscription Credit Facility issuance costs   
-
    (41)
Notes (Note 6)   75,000    75,000 
Unamortized notes issuance costs   (696)   (851)
Payable for investments purchased   17,397    
-
 
Shares repurchased payable (Note 7)   10    
-
 
Distributions payable   28,420    22,050 
Management fee payable (Note 3)   3,573    2,996 
Incentive fee payable (Note 3)   
-
    14,195 
Accrued expenses and other liabilities   13,151    11,949 
Accrued excise tax expense   
-
    101 
Total Liabilities  $842,040   $740,610 
           
Commitments and contingencies (Note 8)   
 
    
 
 
           
Net Assets:          
Common Shares, $0.001 par value; 100,000,000 shares authorized; 71,047,779 and 41,603,666 as of September 30, 2024 and December 31, 2023, respectively, issued and outstanding  $71   $42 
Additional paid-in capital   1,153,001    669,990 
Total distributable earnings (deficit)   33,133    13,024 
Total Net Assets  $1,186,205   $683,056 
Total Liabilities and Net Assets  $2,028,245   $1,423,666 
Net Asset Value Per Common Share  $16.70   $16.42 

 

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,		 
   2024   2023   2024   2023 
Income:                
Investment income from investments:                
Interest income from non-controlled, non-affiliated investments  $57,541   $41,041   $155,015   $117,960 
Interest income from non-controlled, affiliated investments   
-
    
-
    754    
-
 
Dividend income   278    156    997    349 
Total Investment Income    57,819    41,197    156,766    118,309 
                     
Expenses:                    
Management fees   4,764    2,905    12,537    8,438 
Incentive fees   5,605    2,371    12,345    6,929 
Interest expense   16,069    13,871    44,964    38,396 
Professional fees   403    189    1,042    482 
Directors fees   158    147    463    464 
Other general and administrative expenses   563    345    1,542    1,216 
Total Expenses    27,562    19,828    72,893    55,925 
Less: Management fee waiver (Note 3)   (1,191)   
-
    (1,662)   
-
 
Less: Incentive fee waiver (Note 3)   (5,605)   
-
    (9,714)   
-
 
Net expenses   20,766    19,828    61,517    55,925 
Net Investment Income (Loss)   37,053    21,369    95,249    62,384 
                     
Realized and unrealized gains (losses) on investments                    
Net realized gains (losses):                    
Non-controlled, non-affiliated investments   
-
    
-
    (138)   
-
 
Total net realized gains (losses)   
-
    
-
    (138)   
-
 
Net change in unrealized gains (losses):                    
Non-controlled, non-affiliated investments   1,031    (7,497)   3,323    (8,103)
Non-controlled, affiliated investments   (528)   
-
    (1,943)   
-
 
Total net change in unrealized gains (losses)   503    (7,497)   1,380    (8,103)
Total realized and unrealized gains (losses)   503    (7,497)   1,242    (8,103)
                     
Net Increase (Decrease) in Net Assets Resulting from Operations  $37,556   $13,872   $96,491   $54,281 
                     
Per Common Share Data:                    
Basic and diluted net investment income per common share  $0.52   $0.53   $1.55   $1.62 
Basic and diluted net increase in net assets resulting from operations  $0.53   $0.34   $1.57   $1.41 
Weighted Average Common Shares Outstanding - Basic and Diluted   71,083,885    40,499,327    61,321,163    38,461,385 

 

See accompanying notes to consolidated financial statements.

 

2

 

 

Kayne Anderson BDC, Inc.

Consolidated Statements of Changes in Net Assets

(amounts in 000’s, except share amounts)

(Unaudited)

 

   For the three months ended
September 30,		   For the nine months ended
September 30,		 
   2024   2023   2024   2023 
Increase (Decrease) in Net Assets Resulting from Operations:                
Net investment income (loss)  $37,053   $21,369   $95,249   $62,384 
Net realized gains (losses) on investments   
-
    
-
    (138)   
-
 
Net change in unrealized gains (losses) on investments   503    (7,497)   1,380    (8,103)
Net Increase (Decrease) in Net Assets Resulting from Operations   37,556    13,872    96,491    54,281 
                     
Decrease in Net Assets Resulting from Stockholder Dividends                    
Dividends to stockholders   (28,420)   (21,999)   (76,382)   (59,567)
Net Decrease in Net Assets Resulting from Stockholder Dividends   (28,420)   (21,999)   (76,382)   (59,567)
                     
Increase in Net Assets Resulting from Capital Share Transactions                    
Issuance of common shares, net of underwriting and offering costs   
-
    40,575    480,997    90,575 
Common stock purchased under the share repurchase program    (1,107)   
-
    (1,107)   
-
 
Reinvestment of dividends   
-
    1,352    3,150    3,396 
Net Increase in Net Assets Resulting from Capital Share Transactions   (1,107)   41,927    483,040    93,971 
Total Increase (Decrease) in Net Assets   8,029    33,800    503,149    88,685 
Net Assets, Beginning of Period   1,178,176    646,926    683,056    592,041 
Net Assets, End of Period  $1,186,205   $680,726   $1,186,205   $680,726 

 

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,		 
   2024   2023 
Cash Flows from Operating Activities:        
Net increase (decrease) in net assets resulting from operations  $96,491   $54,281 
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   138    
-
 
Net change in unrealized (gains)/losses on investments   (1,380)   8,103 
Net accretion of discount on investments   (8,571)   (6,760)
Sales (purchases) of short-term investments, net   (9,868)   (6,781)
Purchases of portfolio investments   (784,316)   (217,836)
Proceeds from sales of investments and principal repayments   216,307    105,319 
Paid-in-kind interest from portfolio investments   (2,119)   (1,310)
Amortization of deferred financing cost   2,771    1,936 
Increase/(decrease) in operating assets and liabilities:          
(Increase)/decrease in interest and dividends receivable   (9,517)   (3,274)
(Increase)/decrease in receivable for principal payments on investments   (397)   (68)
Increase/(decrease) in excise tax payable   (101)   
-
 
(Increase)/decrease in prepaid expenses and other assets   158    228 
Increase/(decrease) in payable for investments purchased   17,397    (956)
Increase/(decrease) in management fees payable   577    490 
Increase/(decrease) in incentive fee payable   (14,195)   6,930 
Increase/(decrease) in accrued other general and administrative expenses   1,202    3,397 
Net cash used in operating activities   (495,423)   (56,301)
Cash Flows from Financing Activities:           
Borrowings/(payments) on Corporate Credit Facility, net   (13,000)   (77,000)
Borrowings on Revolving Funding Facility, net   103,000    106,000 
Borrowings on Revolving Funding Facility II, net   13,000    
-
 
Borrowings/(payments) on Subscription Credit Agreement, net   (10,750)   (83,000)
Payments of debt issuance costs   (4,851)   (1,816)
Payable for share repurchases   10    
-
 
Dividends paid in cash   (66,862)   (49,600)
Proceeds from issuance of common shares, net of underwriting & offering costs   480,997    90,575 
Proceeds from issuance of Notes   
-
    75,000 
Repurchase of common shares   (1,107)   
-
 
Net cash provided by financing activities   500,437    60,159 
Net increase (decrease) in cash and cash equivalents   5,014    3,858 
Cash and cash equivalents, beginning of period   34,069    8,526 
Cash and cash equivalents, end of period   $39,083   $12,384 
           
Supplemental and Non-Cash Information:          
Interest paid during the period  $40,891   $32,882 
Non-cash financing activities not included herein consisted of reinvestment of dividends  $3,150   $3,396 

 

See accompanying notes to consolidated financial statements.

 

4

 

 

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of September 30, 2024

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

(Unaudited)

  

         Interest       PIK       Maturity  Principal/   Amortized   Fair   Percentage of 
Portfolio Company  Footnotes(1)(2)  Investment(3)  Rate   Spread   Rate   Reference(4)   Date  Par   Cost(5)   Value   Net Assets 
Debt and Equity Investments                                         
Debt Investments                                         
Aerospace & defense                                         
Basel U.S. Acquisition Co., Inc. (IAC)  (6)  First lien senior secured revolving loan              10.49%               5.50%                    -    SOFR(Q)   12/5/2028  $                  -   $                   -   $                   -       0.0%
      First lien senior secured loan   10.49%   5.50%   -    SOFR(Q)   12/5/2028   22,060    21,623    22,060    1.9%
      First lien senior secured delayed draw loan   10.49%   5.50%   -    SOFR(Q)   7/8/2026   -    -    -    0.0%
Fastener Distribution Holdings, LLC     First lien senior secured loan   11.25%   6.50%   -    SOFR(Q)   10/1/2025   15,097    14,925    15,097    1.3%
      First lien senior secured delayed draw loan   11.25%   6.50%   -    SOFR(Q)   10/1/2025   6,702    6,663    6,702    0.6%
Precinmac (US) Holdings, Inc.     First lien senior secured loan   10.95%   6.00%   -    SOFR(M)   8/31/2027   5,311    5,255    5,311    0.4%
      First lien senior secured delayed draw loan   10.95%   6.00%   -    SOFR(M)   8/31/2027   1,093    1,082    1,093    0.1%
TransDigm Inc  (8)  First lien senior secured loan   7.10%   2.50%   -    SOFR(Q)   8/24/2028   10,035    10,083    10,028    0.8%
Vitesse Systems Parent, LLC     First lien senior secured loan   11.96%   7.00%   -    SOFR(M)   12/22/2028   30,974    30,294    30,897    2.6%
      First lien senior secured revolving loan   12.23%   7.00%   -    SOFR(M)   12/22/2028   4,679    4,573    4,667    0.4%
                                 95,951    94,498    95,855    8.1%
Automobile components                                                 
Clarios Global LP  (6)(8)  First lien senior secured loan   7.35%   2.50%   -    SOFR(M)   5/6/2030   10,060    10,099    10,050    0.8%
Speedstar Holding LLC     First lien senior secured loan   11.32%   6.00%   -    SOFR(Q)   7/22/2027   6,115    6,038    6,115    0.5%
      First lien senior secured delayed draw loan   11.32%   6.00%   -    SOFR(Q)   7/2/2026   -    -    -    0.0%
Vehicle Accessories, Inc.     First lien senior secured loan   10.21%   5.25%   -    SOFR(M)   11/30/2026   26,491    26,214    26,491    2.2%
      First lien senior secured revolving loan   10.21%   5.25%   -    SOFR(M)   11/30/2026   -    -    -    0.0%
WAM CR Acquisition, Inc. (Wolverine)     First lien senior secured loan   11.53%   6.25%   -    SOFR(Q)   7/23/2029   26,897    26,372    27,166    2.3%
                                 69,563    68,723    69,822    5.8%
Biotechnology                                                 
Alcami Corporation (Alcami)     First lien senior secured delayed draw loan   12.21%   7.00%   -    SOFR(M)   12/28/2024   848    809    865    0.1%
      First lien senior secured revolving loan   12.21%   7.00%   -    SOFR(Q)   12/21/2028   -    -    -    0.0%
      First lien senior secured loan   12.21%   7.00%   -    SOFR(Q)   12/21/2028   11,530    11,227    11,761    1.0%
                                 12,378    12,036    12,626    1.1%
Building products                                                 
Eastern Wholesale Fence, LLC     First lien senior secured loan   12.95%   8.00%   -    SOFR(M)   10/30/2025   18,508    18,204    18,509    1.6%
      First lien senior secured revolving loan   12.95%   8.00%   -    SOFR(M)   10/30/2025   1,077    1,073    1,077    0.1%
Ruff Roofers Buyer, LLC     First lien senior secured loan   10.35%   5.50%   -    SOFR(M)   11/19/2029   7,133    6,938    7,133    0.6%
      First lien senior secured revolving loan   10.35%   5.50%   -    SOFR(M)   11/19/2029   -    -    -    0.0%
      First lien senior secured delayed draw loan   10.35%   5.50%   -    SOFR(M)   11/19/2029   3,828    3,740    3,828    0.3%
      First lien senior secured delayed draw loan   10.35%   5.50%   
-
    SOFR(M)   11/17/2025   
-
    
-
    
-
    0.0%
US Anchors Group, Inc. (Mechanical Plastics Corp.)     First lien senior secured loan   9.60%   5.00%   -    SOFR(Q)   7/15/2029   14,145    13,819    14,145    1.2%
      First lien senior secured revolving loan   9.60%   5.00%   -    SOFR(Q)   7/15/2029   -    -    -    0.0%
                                 44,691    43,774    44,692    3.8%

 

See accompanying notes to consolidated financial statements.

 

5

 

 

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of September 30, 2024

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

(Unaudited)

 

         Interest       PIK       Maturity  Principal/   Amortized   Fair   Percentage of 
Portfolio Company  Footnotes(1)(2)  Investment(3)  Rate   Spread   Rate   Reference(4)   Date  Par   Cost(5)   Value   Net Assets 
Capital markets                                                 
Atria Wealth Solutions, Inc.     First lien senior secured loan               12.01%              6.50%                    -    SOFR(Q)   11/29/2024                 5,061               5,059              5,061    0.4%
      First lien senior secured delayed draw loan   12.01%   6.50%   -    SOFR(Q)   11/29/2024   3,202    3,193    3,202    0.3%
                                 8,263    8,252    8,263    0.7%
Chemicals                                                 
Fralock Buyer LLC     First lien senior secured loan   10.75%   6.00%   0.50%   SOFR(Q)   3/31/2025   9,274    9,259    9,250    0.8%
      First lien senior secured loan   10.75%   6.00%   0.50%   SOFR(Q)   3/31/2025   2,391    2,386    2,385    0.2%
      First lien senior secured revolving loan   10.25%   6.00%   -    SOFR(Q)   3/31/2025   749    745    747    0.1%
Nouryon USA, LLC (f/k/a AkzoNobel Specialty Chemicals)  (8)  First lien senior secured loan   9.07%   4.00%   -    SOFR(Q)   4/3/2028   10,010    10,064    10,010    0.8%
Shrieve Chemical Company, LLC     First lien senior secured loan   11.86%   6.38%   -    SOFR(M)   12/2/2024   8,536    8,498    8,536    0.7%
                                 30,960    30,952    30,928    2.6%
Commercial services & supplies                                                 
Advanced Environmental Monitoring  (7)  First lien senior secured loan   11.21%   6.00%   -    SOFR(Q)   1/29/2027   3,651    3,581    3,651    0.3%
      First lien senior secured loan   10.81%   6.00%   -    SOFR(Q)   1/29/2026   10,159    10,027    10,159    0.9%
Alight Solutions (Tempo Acquisition LLC)  (8)  First lien senior secured loan   7.10%   2.25%   -    SOFR(M)   8/31/2028   8,210    8,241    8,213    0.7%
Allentown, LLC     First lien senior secured loan   11.21%   6.00%   -    SOFR(Q)   4/22/2027   7,528    7,488    7,321    0.6%
      First lien senior secured delayed draw loan   11.21%   6.00%   -    SOFR(Q)   4/22/2027   1,360    1,348    1,322    0.1%
      First lien senior secured revolving loan   13.00%   5.00%   -    PRIME   4/22/2027   663    663    645    0.1%
American Equipment Holdings LLC     First lien senior secured loan   11.74%   6.00%   -    SOFR(S)   11/5/2026   17,822    17,635    17,822    1.5%
      First lien senior secured loan   11.68%   6.00%   -    SOFR(S)   11/5/2026   2,070    2,047    2,070    0.2%
      First lien senior secured loan   11.03%   6.00%   -    SOFR(M)   11/5/2026   561    561    561    0.0%
      First lien senior secured loan   11.70%   6.00%   -    SOFR(S)   11/5/2026   2,632    2,589    2,632    0.2%
      First lien senior secured delayed draw loan   11.74%   6.00%   -    SOFR(S)   11/5/2026   6,192    6,116    6,192    0.5%
      First lien senior secured delayed draw loan   11.29%   6.00%   -    SOFR(M)   11/5/2026   4,931    4,884    4,931    0.4%
      First lien senior secured revolving loan   11.21%   6.00%   -    SOFR(M)   11/5/2026   1,644    1,557    1,644    0.1%
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   2,345    2,345    2,345    0.2%
BLP Buyer, Inc. (Bishop Lifting Products)     First lien senior secured loan   10.60%   5.75%   -    SOFR(M)   12/22/2029   27,257    26,780    27,325    2.3%
      First lien senior secured delayed draw loan   10.60%   5.75%   -    SOFR(M)   12/22/2029   3,186    3,128    3,194    0.3%
      First lien senior secured revolving loan   10.60%   5.75%   -    SOFR(M)   12/22/2029   273    205    273    0.0%
Diverzify Intermediate LLC     First lien senior secured delayed draw loan   11.07%   5.75%   -    SOFR(M)   4/4/2026   -    -    -    0.0%
      First lien senior secured loan   11.07%   5.75%   -    SOFR(M)   5/11/2027   6,048    5,885    5,927    0.5%
Gusmer Enterprises, Inc.     First lien senior secured loan   11.97%   7.00%   -    SOFR(M)   5/7/2027   4,065    4,022    4,065    0.3%
      First lien senior secured delayed draw loan   11.96%   7.00%   -    SOFR(M)   5/7/2027   6,811    6,702    6,810    0.6%
      First lien senior secured revolving loan   11.96%   7.00%   -    SOFR(M)   5/7/2027   -    -    -    0.0%
PMFC Holding, LLC     First lien senior secured loan   12.90%   7.50%   -    SOFR(Q)   7/31/2025   5,518    5,448    5,518    0.5%
      First lien senior secured delayed draw loan   12.90%   7.50%   -    SOFR(Q)   7/31/2025   2,767    2,766    2,767    0.2%
      First lien senior secured revolving loan   12.78%   7.50%   -    SOFR(Q)   7/31/2025   671    671    671    0.1%
Regiment Security Partners LLC     First lien senior secured loan   14.96%   8.00%   -    SOFR(Q)   9/15/2026   6,360    6,291    6,360    0.6%
      First lien senior secured delayed draw loan   14.96%   8.00%   -    SOFR(Q)   9/15/2026   2,602    2,580    2,602    0.2%
      First lien senior secured revolving loan   14.96%   8.00%   -    SOFR(Q)   9/15/2026   1,452    1,432    1,452    0.1%
                                 141,466    139,680    141,160    11.9%

 

See accompanying notes to consolidated financial statements.

 

6

 

 

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of September 30, 2024

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

(Unaudited)

 

         Interest       PIK       Maturity  Principal/   Amortized   Fair   Percentage of 
Portfolio Company  Footnotes(1)(2)  Investment(3)  Rate   Spread   Rate   Reference(4)   Date  Par   Cost(5)   Value   Net Assets 
Construction materials                                                 
Quikrete Holdings Inc  (8)  First lien senior secured loan              7.10%              2.25%                -    SOFR(M)   3/19/2029              14,925                14,925              14,922    1.3%
                                                  
Containers & packaging                                                 
Carton Packaging Buyer, Inc. (Century Box)     First lien senior secured loan   11.56%   6.25%   -    SOFR(S)   10/30/2028   24,079    23,508    24,079    2.0%
      First lien senior secured revolving loan   11.56%   6.25%   -    SOFR(S)   10/30/2028   -    -    -    0.0%
Drew Foam Companies, Inc.  (7)  First lien senior secured loan   10.75%   6.00%   -    SOFR(Q)   12/5/2026   6,997    6,826    6,997    0.6%
      First lien senior secured loan   11.43%   6.00%   -    SOFR(Q)   12/5/2026   19,888    19,720    19,888    1.7%
FCA, LLC (FCA Packaging)     First lien senior secured loan   11.63%   6.50%   -    SOFR(S)   7/18/2028   18,673    18,481    18,673    1.6%
      First lien senior secured loan   10.35%   5.75%   -    SOFR(Q)   7/18/2028   1,719    1,663    1,732    0.1%
      First lien senior secured revolving loan   10.35%   5.75%   -    SOFR(Q)   7/18/2028   -    -    -    0.0%
Innopak Industries, Inc.     First lien senior secured loan   11.46%   6.25%   -    SOFR(M)   3/5/2027   13,200    14,542    13,199    1.1%
      First lien senior secured loan   11.20%   6.25%   -    SOFR(M)   3/5/2027   14,813    12,947    14,813    1.2%
M2S Group Intermediate Holdings, Inc.     First lien senior secured loan   9.85%   4.75%   -    SOFR(Q)   8/22/2031   40,000    37,222    38,000    3.2%
The Robinette Company     First lien senior secured loan   11.06%   6.00%   -    SOFR(Q)   5/10/2029   10,252    10,059    10,457    0.9%
      First lien senior secured revolving loan   11.06%   6.00%   -    SOFR(Q)   5/10/2029   1,207    1,107    1,231    0.1%
      First lien senior secured delayed draw loan   11.06%   6.00%   -    SOFR(Q)   11/10/2025   -    -    -    0.0%
                                 150,828    146,075    149,069    12.5%
Diversified consumer services                                                 
Fugue Finance B.V.  (6)(8)  First lien senior secured loan   8.81%   3.75%   -    SOFR(Q)   2/13/2031   2,993    2,986    3,007    0.3%
                                                  
Diversified telecommunication services                                                 
Liberty Global/Vodafone Ziggo  (6)(8)  First lien senior secured loan   7.71%   2.50%   -    SOFR(M)   4/30/2028   10,060    9,962    9,816    0.8%
Network Connex (f/k/a NTI Connect, LLC)     First lien senior secured loan   9.75%   5.00%   -    SOFR(Q)   1/31/2026   3,552    3,525    3,552    0.3%
Virgin Media Bristor LLC  (8)  First lien senior secured loan   7.71%   2.50%   -    SOFR(M)   1/31/2028   17,500    17,332    16,727    1.4%
                                 31,112    30,819    30,095    2.5%
Electrical equipment                                                 
Westinghouse (Wec US Holdings LTD)  (8)  First lien senior secured loan   7.60%   2.75%   -    SOFR(M)   1/27/2031   10,060    10,072    10,054    0.8%
Entertainment                                                 
UFC Holdings LLC  (8)  First lien senior secured loan   8.29%   2.75%   -    SOFR(Q)   4/29/2026   17,351    17,384    17,357    1.5%

 

See accompanying notes to consolidated financial statements.

 

7

 

 

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of September 30, 2024

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

(Unaudited)

 

         Interest       PIK       Maturity  Principal/   Amortized   Fair   Percentage of 
Portfolio Company  Footnotes(1)(2)  Investment(3)  Rate   Spread   Rate   Reference(4)   Date  Par   Cost(5)   Value   Net Assets 
Food products                                                 
BC CS 2, L.P. (Cuisine Solutions)  (6)(11)                   13.35%               8.00%   
               -
    SOFR(S)   7/8/2028             18,111             17,765              18,111    1.5%
BR PJK Produce, LLC (Keany)     First lien senior secured loan   11.73%   6.25%   
-
    SOFR(Q)   11/14/2027   29,415    28,925    29,415    2.5%
      First lien senior secured loan   11.31%   6.25%   
-
    SOFR(M)   11/14/2027   4,338    4,241    4,338    0.4%
      First lien senior secured delayed draw loan   11.73%   6.25%   
-
    SOFR(Q)   11/14/2027   2,018    1,935    2,018    0.2%
      First lien senior secured delayed draw loan   11.73%   6.25%   
-
    SOFR(Q)   11/14/2027   1,422    1,396    1,422    0.1%
CCFF Buyer, LLC (California Custom Fruits & Flavors, LLC)     First lien senior secured loan   10.07%   5.00%   
-
    SOFR(Q)   2/26/2030   13,931    13,506    14,001    1.2%
      First lien senior secured delayed draw loan   10.07%   5.00%   
-
    SOFR(Q)   2/26/2026   
-
    
-
    
-
    0.0%
      First lien senior secured revolving loan   10.07%   5.00%   
-
    SOFR(Q)   2/26/2030   
-
    
-
    
-
    0.0%
City Line Distributors, LLC     First lien senior secured loan   10.96%   6.00%   
-
    SOFR(M)   8/31/2028   8,828    8,647    8,917    0.8%
      First lien senior secured delayed draw loan   11.23%   6.00%   
-
    SOFR(M)   8/31/2028   3,618    3,541    3,654    0.3%
      First lien senior secured revolving loan   10.96%   6.00%   
-
    SOFR(M)   8/31/2028   
-
    
-
    
-
    0.0%
Gulf Pacific Holdings, LLC     First lien senior secured loan   10.95%   6.00%   
-
    SOFR(M)   9/29/2028   20,027    19,739    19,626    1.7%
      First lien senior secured delayed draw loan   11.45%   6.00%   
-
    SOFR(Q)   9/30/2028   1,689    1,688    1,655    0.1%
      First lien senior secured revolving loan   11.26%   6.00%   
-
    SOFR(M)   9/30/2028   4,195    4,115    4,111    0.3%
IF&P Foods, LLC (FreshEdge)     First lien senior secured loan   10.99%   5.63%   
-
    SOFR(S)   10/3/2028   27,038    26,554    27,038    2.3%
      First lien senior secured loan   11.36%   6.00%   
-
    SOFR(S)   10/3/2028   214    210    214    0.0%
      First lien senior secured loan   10.48%   5.25%   
-
    SOFR(S)   10/3/2028   713    684    713    0.1%
      First lien senior secured delayed draw loan   10.99%   5.63%   
-
    SOFR(S)   10/3/2028   4,015    3,947    4,014    0.3%
      First lien senior secured revolving loan   10.86%   5.63%   
-
    SOFR(S)   10/3/2028   1,115    1,029    1,115    0.1%
J&K Ingredients, LLC     First lien senior secured loan   11.10%   6.50%   
-
    SOFR(M)   11/16/2028   11,494    11,246    11,724    1.0%
ML Buyer, LLC (Mama Lycha Foods, LLC)     First lien senior secured loan   10.70%   5.75%   
-
    SOFR(Q)   9/7/2029   11,584    11,275    11,584    1.0%
      First lien senior secured revolving loan   10.70%   5.75%   
-
    SOFR(Q)   9/7/2029   
-
    
-
    
-
    0.0%
Siegel Egg Co., LLC     First lien senior secured loan   13.93%   6.50%   2.00%   SOFR(Q)   12/29/2026   14,616    14,492    12,570    1.1%
      First lien senior secured revolving loan   13.93%   6.50%   2.00%   SOFR(Q)   12/29/2026   2,616    2,587    2,249    0.2%
Worldwide Produce Acquisition, LLC     First lien senior secured delayed draw loan   10.85%   6.25%   
-
    SOFR(M)   1/18/2029   557    543    551    0.0%
      First lien senior secured delayed draw loan   10.85%   6.25%   
-
    SOFR(M)   1/18/2029   462    437    458    0.0%
      First lien senior secured revolving loan   11.10%   6.25%   
-
    SOFR(M)   1/18/2029   
-
    
-
    
-
    0.0%
      First lien senior secured loan   11.10%   6.25%   
-
    SOFR(M)   1/18/2029   2,839    2,773    2,810    0.2%
                                 184,855    181,275    182,308    15.4%

 

See accompanying notes to consolidated financial statements.

 

8

 

 

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of September 30, 2024

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

(Unaudited)

 

         Interest       PIK       Maturity  Principal/   Amortized   Fair   Percentage of 
Portfolio Company  Footnotes(1)(2)  Investment(3)  Rate   Spread   Rate   Reference(4)   Date  Par   Cost(5)   Value   Net Assets 
Health care providers & services                                                 
Brightview, LLC     First lien senior secured loan                 10.96%                 6.00%   
               -
    SOFR(M)   12/14/2026               12,771                12,761                12,643    1.1%
      First lien senior secured delayed draw loan   10.96%   6.00%   
-
    SOFR(M)   12/14/2026   1,706    1,703    1,689    0.1%
      First lien senior secured revolving loan   10.96%   6.00%   
-
    SOFR(M)   12/14/2026   774    771    767    0.1%
Guardian Dentistry Partners     First lien senior secured loan   10.46%   5.50%   
-
    SOFR(M)   8/20/2026   5,929    5,832    5,929    0.5%
      First lien senior secured delayed draw loan   10.46%   5.50%   
-
    SOFR(M)   8/20/2026   11,622    11,439    11,622    1.0%
      First lien senior secured delayed draw loan   10.46%   5.50%   
-
    SOFR(M)   8/20/2026   4,534    4,506    4,534    0.4%
      First lien senior secured revolving loan   10.46%   5.50%   
-
    SOFR(M)   8/20/2026   
-
    
-
    
-
    0.0%
Guided Practice Solutions: Dental, LLC (GPS)     First lien senior secured delayed draw loan   11.21%   6.25%   
-
    SOFR(M)   12/29/2025   24,012    23,510    24,012    2.0%
Light Wave Dental Management LLC     First lien senior secured revolving loan   11.60%   7.00%   
-
    SOFR(Q)   6/30/2029   3,587    3,470    3,622    0.3%
      First lien senior secured loan   11.60%   7.00%   
-
    SOFR(Q)   6/30/2029   22,749    22,208    22,976    1.9%
MVP VIP Borrower, LLC     First lien senior secured loan   11.10%   6.50%   
-
    SOFR(Q)   1/3/2029   19,529    19,104    19,724    1.7%
      First lien senior secured delayed draw loan   11.10%   6.50%   
-
    SOFR(M)   1/3/2029   1,575    1,541    1,591    0.1%
Refocus Management Services, LLC     First lien senior secured loan   11.40%   6.00%   
-
    SOFR(Q)   2/14/2029   18,267    17,852    18,267    1.5%
      First lien senior secured delayed draw loan   11.20%   6.00%   
-
    SOFR(Q)   2/14/2029   2,073    1,933    2,073    0.2%
      First lien senior secured revolving loan   11.40%   6.00%   
-
    SOFR(Q)   2/14/2029   
-
    
-
    
-
    0.0%
Salt Dental Collective LLC     First lien senior secured delayed draw loan   11.70%   6.75%   
-
    SOFR(M)   12/20/2024   2,222    2,205    2,222    0.2%
                                 131,350    128,835    131,671    11.1%
Health care equipment & supplies                                                 
LSL Industries, LLC (LSL Healthcare)     First lien senior secured loan   12.32%   7.00%   
-
    SOFR(Q)   11/3/2027   19,381    18,758    18,993    1.6%
      First lien senior secured delayed draw loan   12.32%   7.00%   
-
    SOFR(Q)   11/3/2024   
-
    
-
    
-
    0.0%
      First lien senior secured revolving loan   12.32%   7.00%   
-
    SOFR(Q)   11/3/2027   
-
    
-
    
-
    0.0%
Medline Borrower LP  (8)  First lien senior secured loan   7.60%   2.75%   
-
    SOFR(M)   10/23/2028   10,010    10,051    10,009    0.8%
                                 29,391    28,809    29,002    2.4%
Hotels, restaurants & leisure                                                 
Inspire Brands  (8)  First lien senior secured loan   7.70%   2.75%   
-
    SOFR(M)   12/15/2027   10,010    10,032    9,995    0.8%
Restaurant Brands (1011778 BC ULC)  (6)(8)  First lien senior secured loan   6.60%   1.75%   
-
    SOFR(M)   9/23/2030   17,413    17,431    17,220    1.5%
                                 27,423    27,463    27,215    2.3%
Household durables                                                 
Curio Brands, LLC     First lien senior secured loan   10.65%   5.25%   
-
    SOFR(M)   12/21/2027   16,331    16,087    16,331    1.4%
      First lien senior secured revolving loan   10.65%   5.25%   
-
    SOFR(M)   12/21/2027   
-
    
-
    
-
    0.0%
      First lien senior secured delayed draw loan   10.65%   5.25%   
-
    SOFR(M)   12/21/2027   3,921    3,921    3,921    0.3%
                                 20,252    20,008    20,252    1.7%

 

See accompanying notes to consolidated financial statements.

 

9

 

 

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of September 30, 2024

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

(Unaudited)

 

         Interest       PIK       Maturity  Principal/   Amortized   Fair   Percentage of 
Portfolio Company  Footnotes(1)(2)  Investment(3)  Rate   Spread   Rate   Reference(4)   Date  Par   Cost(5)   Value   Net Assets 
Household products                                                 
Home Brands Group Holdings, Inc. (ReBath)     First lien senior secured loan                 9.70%                 4.75%   
              -
    SOFR(M)   11/8/2026                16,213                 16,051               16,213    1.4%
      First lien senior secured revolving loan   9.70%   4.75%   
-
    SOFR(M)   11/8/2026   
-
    
-
    
-
    0.0%
                                 16,213    16,051    16,213    1.4%
Insurance                                                 
Allcat Claims Service, LLC     First lien senior secured loan   10.75%   6.00%   
-
    SOFR(Q)   7/7/2027   7,658    7,564    7,658    0.6%
      First lien senior secured delayed draw loan   10.75%   6.00%   
-
    SOFR(Q)   7/7/2027   21,441    21,132    21,442    1.8%
      First lien senior secured revolving loan   10.75%   6.00%   
-
    SOFR(Q)   7/7/2027   
-
    
-
    
-
    0.0%
AmWINS Group Inc  (8)  First lien senior secured loan   7.21%   2.25%   
-
    SOFR(M)   2/22/2028   9,982    9,997    9,962    0.9%
                                 39,081    38,693    39,062    3.3%
IT services                                                 
Domain Information Services Inc. (Integris)     First lien senior secured loan   11.23%   5.75%   
-
    SOFR(Q)   6/30/2026   20,289    20,039    20,390    1.7%
      First lien senior secured loan   11.23%   5.75%   
-
    SOFR(M)   6/30/2026   358    352    360    0.0%
Improving Acquisition LLC     First lien senior secured loan   11.00%   6.50%   
-
    SOFR(S)   7/26/2027   31,411    31,006    31,254    2.6%
      First lien senior secured revolving loan   11.00%   6.50%   
-
    SOFR(S)   7/26/2027   
-
    
-
    
-
    0.0%
                                 52,058    51,397    52,004    4.3%
Leisure products                                                 
BCI Burke Holding Corp.     First lien senior secured loan   10.37%   5.50%   
-
    SOFR(Q)   12/14/2027   12,567    12,464    12,567    1.1%
      First lien senior secured delayed draw loan   10.37%   5.50%   
-
    SOFR(Q)   10/26/2024   454    435    454    0.0%
      First lien senior secured revolving loan   10.37%   5.50%   
-
    SOFR(Q)   6/14/2027   
-
    
-
    
-
    0.0%
MacNeill Pride Group Corp.     First lien senior secured loan   11.87%   6.50%   0.50%   SOFR(Q)   4/22/2026   8,058    8,017    7,978    0.7%
      First lien senior secured delayed draw loan   11.87%   6.50%   0.50%   SOFR(Q)   4/22/2026   3,198    3,166    3,167    0.3%
      First lien senior secured revolving loan   11.87%   7.00%   
-
    SOFR(Q)   4/22/2026   599    582    593    0.0%
Pixel Intermediate, LLC  (6)  First lien senior secured loan   11.56%   6.25%   
-
    SOFR(S)   2/1/2029   20,776    20,307    20,776    1.7%
      First lien senior secured revolving loan   11.58%   6.25%   
-
    SOFR(S)   2/1/2029   5,231    5,089    5,231    0.4%
Spinrite, Inc.  (6)  First lien senior secured loan   10.84%   5.50%   
-
    SOFR(Q)   6/30/2025   5,131    5,131    5,131    0.4%
      First lien senior secured revolving loan   10.10%   5.50%   
-
    SOFR(Q)   6/30/2025   2,549    2,498    2,549    0.2%
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   12.21%   6.75%   0.25%   SOFR(Q)   11/30/2026   4,390    4,309    4,346    0.4%
                                 78,391    77,436    74,988    6.2%

 

See accompanying notes to consolidated financial statements.

 

10

 

 

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of September 30, 2024

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

(Unaudited)

 

         Interest       PIK       Maturity  Principal/   Amortized   Fair   Percentage of 
Portfolio Company  Footnotes(1)(2)  Investment(3)  Rate   Spread   Rate   Reference(4)   Date  Par   Cost(5)   Value   Net Assets 
Machinery                                                 
Eppinger Technologies, LLC  (6)  First lien senior secured loan                14.75%               8.50%                1.50%   SOFR(Q)   2/4/2026            24,853             24,510             24,853    2.1%
      First lien senior secured revolving loan   14.18%   7.25%   1.50%   SOFR(Q)   2/4/2026   1,200    1,153    1,200    0.1%
Luxium Solutions, LLC     First lien senior secured loan   11.10%   6.25%   
-
    SOFR(M)   12/1/2027   8,534    8,416    8,576    0.7%
      First lien senior secured delayed draw loan   10.85%   6.25%   
-
    SOFR(Q)   12/1/2027   1,236    1,221    1,243    0.1%
PVI Holdings, Inc     First lien senior secured loan   11.77%   6.39%   
-
    SOFR(Q)   1/18/2028   23,714    23,467    23,714    2.0%
                                 59,537    58,767    59,586    5.0%
Media                                                 
Directv Financing LLC  (8)  First lien senior secured loan   9.96%   5.00%   
-
    SOFR(M)   8/2/2027   16,154    16,253    16,142    1.4%
                                                  
Personal care products                                                 
DRS Holdings III, Inc. (Dr. Scholl’s)     First lien senior secured loan   11.20%   6.25%   
-
    SOFR(M)   11/1/2025   10,704    10,675    10,704    0.9%
      First lien senior secured revolving loan   11.20%   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)   9/25/2025   10,524    10,425    10,524    0.9%
Phoenix YW Buyer, Inc. (Elida Beauty)     First lien senior secured loan   9.85%   5.00%   
-
    SOFR(M)   5/31/2030   11,965    11,670    12,145    1.0%
      First lien senior secured revolving loan   9.85%   5.00%   
-
    SOFR(M)   5/31/2030   
-
    
-
    
-
    0.0%
Silk Holdings III Corp. (Suave)     First lien senior secured loan   10.76%   5.50%   
-
    SOFR(Q)   5/1/2029   32,691    31,610    32,854    2.8%
      First lien senior secured revolving loan   9.26%   4.00%   
-
    SOFR(M)   5/1/2029   8,333    8,049    8,333    0.7%
                                 74,217    72,429    74,560    6.3%
Pharmaceuticals                                                 
Foundation Consumer Brands LLC     First lien senior secured loan   11.50%   6.25%   
-
    SOFR(Q)   2/12/2027   6,493    6,467    6,558    0.6%
      First lien senior secured revolving loan   11.50%   6.25%   
-
    SOFR(Q)   2/12/2027   
-
    
-
    
-
    0.0%
Jazz Pharmaceuticals Inc.  (6)(8)  First lien senior secured loan   7.10%   2.25%   
-
    SOFR(M)   5/5/2028   17,351    17,465    17,327    1.5%
Organon & Co  (6)(8)  First lien senior secured loan   7.46%   2.50%   
-
    SOFR(M)   5/17/2031   12,440    12,410    12,424    1.0%
                                 36,284    36,342    36,309    3.1%
Professional services                                                 
4 Over International, LLC     First lien senior secured loan   11.95%   7.00%   
-
    SOFR(M)   12/7/2026   18,998    18,469    18,760    1.6%
DISA Holdings Corp. (DISA)     First lien senior secured delayed draw loan   10.02%   5.00%   
-
    SOFR(Q)   9/9/2028   8,466    8,267    8,466    0.7%
      First lien senior secured revolving loan   10.02%   5.00%   
-
    SOFR(Q)   9/9/2028   
-
    
-
    
-
    0.0%
      First lien senior secured loan   10.02%   5.00%   
-
    SOFR(Q)   9/9/2028   1,314    1,296    1,314    0.1%
      First lien senior secured loan   10.02%   5.00%   
-
    SOFR(Q)   9/9/2028   22,009    21,534    22,009    1.9%
Dun & Bradstreet Corp  (8)  First lien senior secured loan   7.61%   2.75%   
-
    SOFR(M)   1/18/2029   10,010    10,021    9,998    0.8%
Envirotech Services, LLC     First lien senior secured loan   10.96%   6.00%   
-
    SOFR(M)   1/18/2029   33,130    32,335    33,130    2.8%
      First lien senior secured revolving loan   10.96%   6.00%   
-
    SOFR(M)   1/18/2029   
-
    
-
    
-
    0.0%
                                 93,927    91,922    93,677    7.9%

 

See accompanying notes to consolidated financial statements.

 

11

 

 

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of September 30, 2024

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

(Unaudited)

 

         Interest       PIK       Maturity  Principal/   Amortized   Fair   Percentage of 
Portfolio Company  Footnotes(1)(2)  Investment(3)  Rate   Spread   Rate   Reference(4)   Date  Par   Cost(5)   Value    Net Assets 
Semiconductors & semiconductor equipment                                                 
MKS Instruments Inc.  (6)(8)  First lien senior secured loan               7.17%               2.25%   
            -
    SOFR(M)   8/17/2029               11,891                11,931               11,879    1.0%
                                                  
Software                                                 
AIDC Intermediate Co 2, LLC (Peak Technologies)     First lien senior secured loan   10.53%   5.25%   
-
    SOFR(Q)   7/22/2027   34,388    33,608    34,388    2.9%
                                                  
Specialty retail                                                 
Great Outdoors Group, LLC  (8)  First lien senior secured loan   8.71%   3.75%   
-
    SOFR(M)   3/5/2028   17,366    17,409    17,348    1.5%
Harbor Freight Tools USA Inc  (8)  First lien senior secured loan   7.35%   2.50%   
-
    SOFR(M)   10/19/2027   17,500    17,462    17,218    1.5%
Sundance Holdings Group, LLC  (7)  First lien senior secured loan   14.96%   8.00%   1.50%   SOFR(Q)   6/30/2025   9,373    9,369    8,437    0.7%
      First lien senior secured delayed draw loan   14.25%   4.75%   9.50%   SOFR(Q)   6/30/2025   3    3    4    0.0%
                                 44,242    44,243    43,007    3.7%
Textiles, apparel & luxury goods                                                 
American Soccer Company, Incorporated (SCORE)     First lien senior secured loan   15.00%   7.25%   3.00%   SOFR(Q)   7/20/2027   27,662    26,641    27,662    2.3%
      First lien senior secured revolving loan   15.53%   7.25%   3.00%   SOFR(Q)   7/20/2027   1,085    920    1,085    0.1%
BEL USA, LLC     First lien senior secured loan   12.21%   7.00%   
-
    SOFR(Q)   6/2/2026   5,644    5,562    5,644    0.5%
      First lien senior secured loan   12.21%   7.00%   
-
    SOFR(Q)   6/2/2026   93    92    93    0.0%
YS Garments, LLC     First lien senior secured loan   12.89%   7.50%   
-
    SOFR(Q)   8/9/2026   6,320    6,260    6,162    0.5%
                                 40,804    39,475    40,646    3.4%
Trading companies & distributors                                                 
TL Alpine Holding Corp. (Air Distribution Technologies Inc.)     First lien senior secured loan   11.25%   6.00%   
-
    SOFR(Q)   8/1/2030   18,299    17,939    18,299    1.5%
BCDI Meteor Acquisition, LLC (Meteor)     First lien senior secured loan   11.70%   7.00%   
-
    SOFR(Q)   6/29/2028   18,402    18,065    18,402    1.6%
Broder Bros., Co.     First lien senior secured loan   10.97%   6.00%   
-
    SOFR(M)   12/4/2025   4,522    4,401    4,522    0.4%
CGI Automated Manufacturing, LLC     First lien senior secured loan   11.87%   7.00%   
-
    SOFR(Q)   12/17/2026   20,111    19,624    20,111    1.7%
      First lien senior secured loan   11.87%   7.00%   
-
    SOFR(Q)   12/17/2026   6,551    6,462    6,551    0.6%
      First lien senior secured delayed draw loan   11.87%   7.00%   
-
    SOFR(Q)   12/17/2026   3,545    3,468    3,546    0.3%
      First lien senior secured revolving loan   11.87%   7.00%   
-
    SOFR(Q)   12/17/2026   2,705    2,643    2,705    0.2%
Dusk Acquisition II Corporation (Motors & Armatures, Inc. – MARS)     First lien senior secured loan   10.60%   6.00%   
-
    SOFR(Q)   7/12/2029   26,199    25,707    26,461    2.2%
EIS Legacy, LLC     First lien senior secured loan   11.16%   6.00%   
-
    SOFR(Q)   11/1/2027   17,898    17,659    17,898    1.5%
      First lien senior secured loan   11.20%   6.00%   
-
    SOFR(Q)   11/1/2027   4,094    4,019    4,094    0.3%
      First lien senior secured loan   11.38%   6.00%   
-
    SOFR(Q)   11/1/2027   9,594    9,439    9,594    0.8%
      First lien senior secured delayed draw loan   11.35%   6.00%   
-
    SOFR(Q)   11/1/2027   3,068    3,014    3,068    0.3%
      First lien senior secured revolving loan   11.35%   6.00%   
-
    SOFR(Q)   11/1/2027   
-
    
-
    
-
    0.0%

 

See accompanying notes to consolidated financial statements.

 

12

 

 

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of September 30, 2024

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

(Unaudited)

 

         Interest       PIK       Maturity  Principal/   Amortized   Fair   Percentage of 
Portfolio Company  Footnotes(1)(2)  Investment(3)  Rate   Spread   Rate   Reference(4)   Date  Par   Cost(5)   Value   Net Assets 
Energy Acquisition LP (Electrical Components International, Inc. - ECI)     First lien senior secured loan              11.28%              6.50%   
           -
    SOFR(S)   5/10/2029              26,215              25,709             26,543    2.2%
      First lien senior secured delayed draw loan   11.28%   6.50%   
-
    SOFR(S)   5/11/2026   
-
    
-
    
-
    0.0%
Engineered Fastener Company, LLC (EFC International)     First lien senior secured loan   11.25%   6.50%   
-
    SOFR(Q)   11/1/2027   23,426    23,017    23,531    2.0%
Genuine Cable Group, LLC     First lien senior secured loan   10.70%   5.75%   
-
    SOFR(M)   11/1/2026   28,836    28,297    28,836    2.4%
      First lien senior secured loan   10.70%   5.75%   
-
    SOFR(M)   11/1/2026   5,464    5,348    5,464    0.5%
I.D. Images Acquisition, LLC     First lien senior secured loan   10.60%   5.75%   
-
    SOFR(M)   7/30/2027   13,542    13,387    13,542    1.1%
      First lien senior secured delayed draw loan   10.60%   5.75%   
-
    SOFR(M)   7/30/2027   2,466    2,408    2,466    0.2%
      First lien senior secured loan   10.60%   5.75%   
-
    SOFR(M)   7/30/2027   4,486    4,430    4,486    0.4%
      First lien senior secured loan   10.60%   5.75%   
-
    SOFR(M)   7/30/2027   1,035    1,026    1,035    0.1%
      First lien senior secured revolving loan   10.60%   5.75%   
-
    SOFR(M)   7/30/2027   
-
    
-
    
-
    0.0%
Krayden Holdings, Inc.     First lien senior secured delayed draw loan   9.60%   4.75%   
-
    SOFR(M)   3/1/2025   
-
    
-
    
-
    0.0%
      First lien senior secured delayed draw loan   9.60%   4.75%   
-
    SOFR(M)   3/1/2025   
-
    
-
    
-
    0.0%
      First lien senior secured revolving loan   9.60%   4.75%   
-
    SOFR(M)   3/1/2029   
-
    
-
    
-
    0.0%
      First lien senior secured loan   9.60%   4.75%   
-
    SOFR(M)   3/1/2029   9,431    9,112    9,431    0.8%
OAO Acquisitions, Inc. (BearCom)     First lien senior secured loan   11.42%   6.25%   
-
    SOFR(M)   12/27/2029   21,264    20,974    21,690    1.9%
      First lien senior secured delayed draw loan   11.42%   6.25%   
-
    SOFR(M)   12/27/2029   810    753    826    0.1%
      First lien senior secured revolving loan   11.42%   6.25%   
-
    SOFR(M)   12/27/2029   
-
    
-
    
-
    0.0%
Univar (Windsor Holdings LLC)  (8)  First lien senior secured loan   8.46%   3.50%   
-
    SOFR(M)   8/1/2030   9,985    10,046    10,014    0.8%
                                 281,948    276,947    283,115    23.9%
Wireless telecommunication services                                                 
Centerline Communications, LLC     First lien senior secured loan   12.16%   6.00%   1.00%   SOFR(Q)   8/10/2027   5,850    5,776    5,382    0.5%
      First lien senior secured loan   12.16%   6.00%   1.00%   SOFR(Q)   8/10/2027   9,909    9,777    9,184    0.8%
      First lien senior secured delayed draw loan   12.16%   6.00%   1.00%   SOFR(Q)   8/10/2027   7,026    6,937    6,463    0.5%
      First lien senior secured delayed draw loan   12.27%   6.00%   1.00%   SOFR(Q)   8/10/2027   6,197    6,111    5,701    0.5%
      First lien senior secured revolving loan   12.21%   6.00%   1.00%   SOFR(Q)   8/10/2027   1,814    1,791    1,669    0.1%
      First lien senior secured loan   12.27%   6.00%   1.00%   SOFR(Q)   8/10/2027   1,020    998    938    0.1%
                                 31,816    31,390    29,337    2.5%
Total Debt Investments                                1,934,763    1,903,450    1,923,211    162.1%

 

See accompanying notes to consolidated financial statements.

 

13

 

 

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of September 30, 2024

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

(Unaudited)

 

        Acquisition   Number of           Fair     Percentage of  
    Footnotes   Date   Shares/Units     Cost     Value     Net Assets  
Equity Investments(10)(13)                                
Automobile components                                
Vehicle Accessories, Inc. - Class A common   (14)   2/25/2022     128,250      
-
       469                  0.0 %
Vehicle Accessories, Inc. - preferred   (14)   2/25/2022     250,000       250       311       0.0 %
                      250       780       0.0 %
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       662       0.1 %
Arborworks Acquisition LLC - Class A preferred units   (15)   11/6/2023     21,716       9,179       9,554       0.8 %
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 %
BLP Buyer, Inc. (Bishop Lifting Products) - Class A common   (17)   2/1/2022     582,469       652       978       0.1 %
                      10,115       11,194       1.0 %
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       0.0 %
                      500       598       0.0 %
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       750       1,122       0.1 %
City Line Distributors, LLC - Class A units   (15)   8/31/2023     669,866       670       621       0.1 %
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      
-
       54       0.0 %
ML Buyer, LLC (Mama Lycha Foods, LLC) – Class A units   (15)   9/9/2024     250       250       250       0.1 %
Siegel Parent, LLC - Common   (18)   12/29/2021     250       250      
-
       0.0 %
Siegel Egg Co., LLC - Convertible Note   (18)   1/19/2024     28       28       28       0.0 %
                      4,971       6,091       0.7 %

 

See accompanying notes to consolidated financial statements.

 

14

 

 

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of September 30, 2024

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

(Unaudited)

 

      Acquisition  Number of       Fair   Percentage of 
   Footnotes  Date  Shares/Units   Cost   Value   Net Assets 
Healthcare equipment & supplies                      
LSL Industries, LLC (LSL Healthcare) - common  (16)  11/1/2022   7,500    750    274    0.0%
IT services                          
Domain Information Services Inc. (Integris) - common     11/16/2022   250,000    250    350    0.0%
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              18,336    20,228    1.7%
                           
Total Debt and Equity Investments              1,921,786    1,943,439    163.8%
                           
          Number of         Fair    Percentage of 
         Shares    Cost    Value    Net Assets 
Short-Term Investments                          
Morgan Stanley Institutional Liquidity Fund, Institutional Class, 4.77%  (19)      22,669,907    22,670    22,670    1.9%
Total Short-Term Investments         22,669,907    22,670    22,670    1.9%
                           
Total Investments             $1,944,456   $1,966,109    165.7%
                           
Liabilities in Excess of Other Assets                   (779,904)   (65.7)%
Net Assets                  $1,186,205    100.0%

 

See accompanying notes to consolidated financial statements.

 

15

 

 

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of September 30, 2024

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

(Unaudited)

 

(1)

As of September 30, 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 September 30, 2024, the total value of the Company’s non-controlled, non-affiliated investments was $1,931,243.

 

(2)

Unless otherwise noted, security is a Level 3 holding. As of September 30, 2024, the aggregate value of Level 3 securities held by the Company was $1,673,719. 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 September 30, 2024, 9.1% 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 September 30, 2024, the aggregate value of Level 2 securities held by the Company was $269,720. See Note 5 – Fair Value.

 

(9)Debt investment on non-accrual status as of September 30, 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.  

 

See accompanying notes to consolidated financial statements.

 

16

 

 

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of September 30, 2024

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

(Unaudited)

 

(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 September 30, 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 $1,903,450. The restructure extended the maturity from July 30, 2024 to July 30, 2030; the rate changed from S + 5.75% to S + 8.50%.

 

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, 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 September 30, 2024 were as follows:

 

Investment  Value at
December 31,
2023		   Gross
Additions(a)		   Gross
Reductions (b)		   Net
Change in
Unrealized
Gains
(Losses)		   Value at
September 30,
2024		   Interest and
PIK Income		   Dividend
Income		   Other
Income		 
Trademark Global, LLC  $13,129   $1,010   $       -   $(1,943)  $12,196   $754   $     -   $     - 
TG Parent Newco LLC (Trademark Global LLC)   -    -    -    -    -    -    -    - 
Total  $13,129   $1,010   $-   $(1,943)  $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, City Line Distributors, LLC, CCFF Parent, LLC (California Custom Fruits & Flavors, LLC), ML Buyer, LLC (Mama Lycha Foods, LLC), Robinette Company Acquisition, LLC, TG Parent Newco LLC (Trademark Global LLC) and US Anchors, LP (Mechanical Plastics Corp.).

 

(16)

The Company owns 26.37% 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 20.70% 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 September 30, 2024.

 

See accompanying notes to consolidated financial statements.

 

17

 

 

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2023

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

 

                Maturity   Principal /     Amortized     Fair     Percentage of 
Portfolio Company(1)   Footnotes   Investment(2)   Interest Rate   Date   Par     Cost(3)(4)     Value     Net Assets  
Debt and Equity Investments                                        
Private Credit Investments(5)                                        
Aerospace & defense                                        
Basel U.S. Acquisition Co., Inc. (IAC)   (6)   First lien senior secured revolving loan   11.51% (S + 6.00%)   12/5/2028   $ -     $ -     $ -       0.0 %
        First lien senior secured loan   11.51% (S + 6.00%)   12/5/2028     18,494       18,066       18,679       2.7 %
Fastener Distribution Holdings, LLC       First lien senior secured loan   12.00% (S + 6.50%)   10/1/2025     20,494       20,090       20,494       3.0 %
        First lien senior secured delayed draw loan   12.00% (S + 6.50%)   10/1/2025     9,098       9,009       9,098       1.3 %
Precinmac (US) Holdings, Inc.       First lien senior secured loan   11.46% (S + 6.00%)   8/31/2027     5,352       5,281       5,272       0.8 %
        First lien senior secured delayed draw loan   11.46% (S + 6.00%)   8/31/2027     1,102       1,087       1,086       0.2 %
Vitesse Systems Parent, LLC       First lien senior secured loan   12.63% (S + 7.00%)   12/22/2028     31,208       30,430       31,208       4.6 %
                      85,748       83,963       85,837       12.6 %
Automobile components                                                
Speedstar Holding LLC       First lien senior secured loan   12.79% (S + 7.25%)   1/22/2027     6,012       5,925       5,982       0.9 %
        First lien senior secured delayed draw loan   12.78% (S + 7.25%)   1/22/2027     271       265       270       0.0 %
Vehicle Accessories, Inc.       First lien senior secured loan   10.72% (S + 5.25%)   11/30/2026     21,011       20,770       21,011       3.1 %
        First lien senior secured revolving loan   10.72% (S + 5.25%)   11/30/2026     -       -       -       0.0 %
                      27,294       26,960       27,263       4.0 %
Biotechnology                                                
Alcami Corporation (Alcami)       First lien senior secured delayed draw loan   12.46% (S + 7.00%)   6/30/2024     -       -       -       0.0 %
        First lien senior secured revolving loan   12.46% (S + 7.00%)   12/21/2028     -       -       -       0.0 %
        First lien senior secured loan   12.46% (S + 7.00%)   12/21/2028     11,618       11,197       11,850       1.7 %
                      11,618       11,197       11,850       1.7 %
Building products                                                
Ruff Roofers Buyer, LLC       First lien senior secured loan   11.08% (S + 5.75%)   11/19/2029     7,186       6,910       7,186       1.1 %
        First lien senior secured delayed draw loan   11.08% (S + 5.75%)   11/17/2024     -       -       -       0.0 %
        First lien senior secured delayed draw loan   11.08% (S + 5.75%)   11/17/2025     -       -       -       0.0 %
        First lien senior secured revolving loan   11.08% (S + 5.75%)   11/19/2029     -       -       -       0.0 %
Eastern Wholesale Fence       First lien senior secured loan   13.50% (S + 8.00%)   10/30/2025     20,271       19,875       20,069       2.9 %
        First lien senior secured revolving loan   13.50% (S + 8.00%)   10/30/2025     368       364       365       0.0 %
                      27,825       27,149       27,620       4.0 %
Capital markets                                                
Atria Wealth Solutions, Inc.       First lien senior secured loan   11.97% (S + 6.50%)   5/31/2024     5,087       5,080       5,087       0.7 %
        First lien senior secured delayed draw loan   11.97% (S + 6.50%)   5/31/2024     3,218       3,211       3,218       0.5 %
                      8,305       8,291       8,305       1.2 %
Chemicals                                                
FAR Technologies Holdings, Inc.(f/k/a Cyalume Technologies Holdings, Inc.)       First lien senior secured loan   10.61% (S + 5.00%)   8/30/2024     1,274       1,271       1,274       0.2 %
Fralock Buyer LLC       First lien senior secured loan   11.61% (S + 6.00%)   4/17/2024     11,654       11,628       11,567       1.7 %
        First lien senior secured revolving loan   11.61% (S + 6.00%)   4/17/2024     449       449       446       0.1 %
Shrieve Chemical Company, LLC       First lien senior secured loan   11.90% (S + 6.38%)   12/2/2024     8,720       8,628       8,720       1.3 %
USALCO, LLC       First lien senior secured loan   11.61% (S + 6.00%)   10/19/2027     18,989       18,684       18,989       2.8 %
        First lien senior secured revolving loan   11.47% (S + 6.00%)   10/19/2026     1,049       1,021       1,049       0.1 %
                      42,135       41,681       42,045       6.2 %
Commercial services & supplies                                                
Advanced Environmental Monitoring   (7)   First lien senior secured loan   12.01% (S + 6.50%)   1/29/2026     10,158       9,994       10,158       1.5 %
Allentown, LLC       First lien senior secured loan   11.46% (S + 6.00%)   4/22/2027     7,586       7,535       7,586       1.1 %
        First lien senior secured delayed draw loan   11.46% (S + 6.00%)   4/22/2027     1,370       1,354       1,370       0.2 %
        First lien senior secured revolving loan   13.50% (P + 5.00%)   4/22/2027     235       234       235       0.0 %

 

See accompanying notes to consolidated financial statements.

 

18

 

 

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2023

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

 

                Maturity   Principal /     Amortized     Fair     Percentage of  
Portfolio Company(1)   Footnotes   Investment(2)   Interest Rate   Date   Par     Cost(3)(4)     Value     Net Assets  
American Equipment Holdings LLC       First lien senior secured loan   11.86% (S + 6.00%)   11/5/2026     20,045       19,812       19,945       2.9 %
        First lien senior secured delayed draw loan   11.88% (S + 6.00%)   11/5/2026     6,239       6,167       6,208       0.9 %
        First lien senior secured delayed draw loan   11.81% (S + 6.00%)   11/5/2026     4,969       4,905       4,944       0.7 %
        First lien senior secured revolving loan   11.74% (S + 6.00%)   11/5/2026     2,736       2,672       2,723       0.4 %
Arborworks Acquisition LLC   (8)(9)(10)   First lien senior secured loan       11/6/2028     4,688       4,688       4,688       0.7 %
        First lien senior secured revolving loan       11/6/2028     1,253       1,253       1,253       0.2 %
BLP Buyer, Inc. (Bishop Lifting Products)       First lien senior secured loan   11.11% (S + 5.75%)   12/22/2029     26,099       25,549       26,099       3.8 %
        First lien senior secured delayed draw loan   11.11% (S + 5.75%)   12/22/2025     -       -       -       0.0 %
        First lien senior secured revolving loan   11.11% (S + 5.75%)   12/22/2029     273       196       273       0.0 %
Gusmer Enterprises, Inc.       First lien senior secured loan   12.47% (S + 7.00%)   5/7/2027     4,747       4,682       4,735       0.7 %
        First lien senior secured delayed draw loan   12.47% (S + 7.00%)   5/7/2027     7,951       7,798       7,931       1.2 %
        First lien senior secured revolving loan   12.47% (S + 7.00%)   5/7/2027     -       -       -       0.0 %
PMFC Holding, LLC       First lien senior secured loan   13.02% (S + 7.50%)   7/31/2025     5,561       5,427       5,561       0.8 %
        First lien senior secured delayed draw loan   13.03% (S + 7.50%)   7/31/2025     2,789       2,787       2,789       0.4 %
        First lien senior secured revolving loan   13.03% (S + 7.50%)   7/31/2025     547       547       547       0.1 %
Regiment Security Partners LLC       First lien senior secured loan   13.52% (S + 8.00%)   9/15/2026     6,383       6,309       6,383       1.0 %
        First lien senior secured delayed draw loan   13.52% (S + 8.00%)   9/15/2026     2,609       2,588       2,609       0.4 %
        First lien senior secured revolving loan   13.52% (S + 8.00%)   9/15/2026     1,448       1,427       1,448       0.2 %
                      117,686       115,924       117,485       17.2 %
Containers & packaging                                        
Carton Packaging Buyer, Inc. (Century Box)       First lien senior secured loan   11.39% (S + 6.00%)   10/30/2028     24,261       23,605       24,262       3.6 %
        First lien senior secured revolving loan   11.39% (S + 6.00%)   10/30/2028     -       -       -       0.0 %
Drew Foam Companies, Inc.       First lien senior secured loan   12.75% (S + 7.25%)   11/5/2025     7,052       6,997       6,999       1.0 %
        First lien senior secured loan   12.80% (S + 7.25%)   11/5/2025     20,045       19,789       19,895       2.9 %
FCA, LLC (FCA Packaging)       First lien senior secured loan   11.90% (S + 6.50%)   7/18/2028     18,673       18,419       19,047       2.8 %
        First lien senior secured revolving loan   11.90% (S + 6.50%)   7/18/2028     -       -       -       0.0 %
Innopak Industries, Inc.       First lien senior secured loan   11.71% (S + 6.25%)   3/5/2027     28,224       27,564       28,224       4.1 %
                      98,255       96,374       98,427       14.4 %
Network Connex (f/k/a NTI Connect, LLC)       First lien senior secured loan   11.00% (S + 5.50%)   1/31/2026     5,195       5,140       5,196       0.8 %
                      5,195       5,140       5,196       0.8 %
Food products                                                
BC CS 2, L.P. (Cuisine Solutions)   (6)(11)       13.55% (S + 8.00%)   7/8/2028     21,555       21,063       21,555       3.2 %
BR PJK Produce, LLC (Keany)       First lien senior secured loan   11.50% (S + 6.00%)   11/14/2027     29,564       28,973       29,564       4.3 %
        First lien senior secured delayed draw loan   11.46% (S + 6.00%)   11/14/2027     2,938       2,812       2,938       0.4 %

 

See accompanying notes to consolidated financial statements.

 

19

 

 

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2023

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

 

                Maturity   Principal /     Amortized     Fair     Percentage of   
Portfolio Company(1)   Footnotes   Investment(2)   Interest Rate   Date   Par     Cost(3)(4)     Value     Net Assets  
Diversified telecommunication services                                                
City Line Distributors, LLC       First lien senior secured loan   11.47% (S + 6.00%)   8/31/2028     8,895       8,576       8,895       1.3 %
        First lien senior secured delayed draw loan   11.47% (S + 6.00%)   3/3/2025     -       -       -       0.0 %
        First lien senior secured revolving loan   11.47% (S + 6.00%)   8/31/2028     -       -       -       0.0 %
Gulf Pacific Holdings, LLC       First lien senior secured loan   11.25% (S + 5.75%)   9/30/2028     20,180       19,847       20,079       2.9 %
        First lien senior secured delayed draw loan   11.38% (S + 5.75%)   9/30/2028     1,701       1,618       1,693       0.2 %
        First lien senior secured revolving loan   11.29% (S + 5.75%)   9/30/2028     2,697       2,602       2,683       0.4 %
IF&P Foods, LLC (FreshEdge)       First lien senior secured loan   11.07% (S + 5.63%)   10/3/2028     27,245       26,684       26,904       4.0 %
        First lien senior secured loan   11.48% (S + 6.00%)   10/3/2028     216       211       213       0.0 %
        First lien senior secured delayed draw loan   11.07% (S + 5.63%)   10/3/2028     4,045       3,969       3,994       0.6 %
        First lien senior secured revolving loan   10.91% (S + 5.63%)   10/3/2028     1,759       1,690       1,737       0.3 %
J&K Ingredients, LLC       First lien senior secured loan   11.63% (S + 6.25%)   11/16/2028     11,581       11,295       11,581       1.7 %
Siegel Egg Co., LLC       First lien senior secured loan   11.99% (S + 6.50%)   12/29/2026     15,466       15,290       14,616       2.1 %
        First lien senior secured revolving loan   11.99% (S + 6.50%)   12/29/2026     2,594       2,557       2,451       0.4 %
Worldwide Produce Acquisition, LLC       First lien senior secured delayed draw loan   11.60% (S + 6.25%)   1/18/2029     631       587       625       0.1 %
        First lien senior secured delayed draw loan   11.60% (S + 6.25%)   4/18/2024     -       -       -       0.0 %
        First lien senior secured revolving loan   11.60% (S + 6.25%)   1/18/2029     198       190       196       0.0 %
        First lien senior secured loan   11.60% (S + 6.25%)   1/18/2029     2,860       2,786       2,832       0.4 %
                      154,125       150,750       152,556       22.3 %
Health care providers & services                                                
Brightview, LLC       First lien senior secured loan   11.47% (S + 6.00%)   12/14/2026     12,870       12,855       12,645       1.9 %
        First lien senior secured delayed draw loan   11.47% (S + 6.00%)   12/14/2026     1,719       1,714       1,689       0.3 %
        First lien senior secured revolving loan   11.47% (S + 6.00%)   12/14/2026     774       774       761       0.1 %
Guardian Dentistry Partners       First lien senior secured loan   11.97% (S + 6.50%)   8/20/2026     8,057       7,929       8,057       1.2 %
        First lien senior secured delayed draw loan   11.97% (S + 6.50%)   8/20/2026     15,682       15,464       15,682       2.3 %
        First lien senior secured delayed draw loan   11.97% (S + 6.50%)   8/20/2026     5,808       5,808       5,808       0.9 %
Guided Practice Solutions: Dental, LLC (GPS)       First lien senior secured delayed draw loan   11.72% (S + 6.25%)   12/29/2025     6,475       6,056       6,475       0.9 %
Light Wave Dental Management LLC       First lien senior secured revolving loan   12.35% (S + 7.00%)   6/30/2029     2,181       2,099       2,181       0.3 %
        First lien senior secured loan   12.35% (S + 7.00%)   6/30/2029     22,423       21,834       22,423       3.3 %
SGA Dental Partners Holdings, LLC       First lien senior secured loan   11.67% (S + 6.00%)   12/30/2026     11,828       11,683       11,828       1.7 %
        First lien senior secured loan   11.61% (S + 6.00%)   12/30/2026     1,681       1,563       1,681       0.2 %
        First lien senior secured delayed draw loan   11.67% (S + 6.00%)   12/30/2026     11,024       10,856       11,024       1.6 %
        First lien senior secured delayed draw loan   11.67% (S + 6.00%)   4/19/2024     -       -       -       0.0 %
        First lien senior secured revolving loan   11.67% (S + 6.00%)   12/30/2026     -       -       -       0.0 %
                      100,522       98,635       100,254       14.7 %
LSL Industries, LLC (LSL Healthcare)       First lien senior secured loan   12.15% (S + 6.50%)   11/3/2027     19,529       18,911       19,334       2.8 %
        First lien senior secured delayed draw loan   12.15% (S + 6.50%)   11/3/2024     -       -       -       0.0 %
        First lien senior secured revolving loan   12.15% (S + 6.50%)   11/3/2027     -       -       -       0.0 %
                      19,529       18,911       19,334       2.8 %

 

See accompanying notes to consolidated financial statements.

 

20

 

 

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2023

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

 

                Maturity   Principal /     Amortized     Fair     Percentage of  
Portfolio Company(1)   Footnotes   Investment(2)   Interest Rate   Date   Par     Cost(3)(4)     Value     Net Assets  
Health care equipment & supplies                                        
Household durables                                                
Curio Brands, LLC       First lien senior secured loan   10.96% (S + 5.50%)   12/21/2027     17,173       16,859       16,830       2.5 %
        First lien senior secured revolving loan   10.96% (S + 5.50%)   12/21/2027     -       -       -       0.0 %
        First lien senior secured delayed draw loan   10.96% (S + 5.50%)   12/21/2027     4,121       4,121       4,039       0.6 %
                      21,294       20,980       20,869       3.1 %
Household products                                                
Home Brands Group Holdings, Inc. (ReBath)       First lien senior secured loan   10.29% (S + 4.75%)   11/8/2026     17,052       16,826       16,967       2.5 %
        First lien senior secured revolving loan   10.29% (S + 4.75%)   11/8/2026     -       -       -       0.0 %
                      17,052       16,826       16,967       2.5 %
Insurance                                                
Allcat Claims Service, LLC       First lien senior secured loan   11.53% (S + 6.00%)   7/7/2027     7,717       7,551       7,717       1.1 %
        First lien senior secured delayed draw loan   11.53% (S + 6.00%)   7/7/2027     21,605       21,266       21,605       3.2 %
        First lien senior secured revolving loan   11.53% (S + 6.00%)   7/7/2027     -       -       -       0.0 %
                      29,322       28,817       29,322       4.3 %
IT services                                                
Domain Information Services Inc. (Integris)       First lien senior secured loan   11.29% (S + 5.75%)   9/30/2025     20,444       20,122       20,342       3.0 %
Improving Acquisition LLC       First lien senior secured loan   12.22% (S + 6.50%)   7/26/2027     31,650       31,140       31,492       4.6 %
        First lien senior secured revolving loan   12.22% (S + 6.50%)   7/26/2027     -       -       -       0.0 %
                      52,094       51,262       51,834       7.6 %
Leisure products                                                
BCI Burke Holding Corp.       First lien senior secured loan   11.11% (S + 5.50%)   12/14/2027     15,373       15,219       15,603       2.3 %
        First lien senior secured delayed draw loan   11.11% (S + 5.50%)   12/14/2027     578       545       586       0.1 %
        First lien senior secured revolving loan   11.11% (S + 5.50%)   6/14/2027     -       -       -       0.0 %
VENUplus, Inc. (f/k/a CTM Group, Inc.)       First lien senior secured loan   12.29% (S + 6.75%)   11/30/2026     4,420       4,325       4,398       0.6 %
MacNeill Pride Group       First lien senior secured loan   11.86% (S + 6.25%)   4/22/2026     8,254       8,198       8,151       1.2 %
        First lien senior secured delayed draw loan   11.86% (S + 6.25%)   4/22/2026     3,277       3,221       3,236       0.5 %
        First lien senior secured revolving loan   11.86% (S + 6.25%)   4/22/2026     -       -       -       0.0 %
Trademark Global LLC       First lien senior secured loan   12.97% (S +7.50%,
1.50% is PIK)		   7/30/2024     11,798       11,776       10,736       1.6 %
        First lien senior secured revolving loan   12.97% (S +7.50%,
1.50% is PIK)		   7/30/2024     2,630       2,627       2,393       0.3 %
                      46,330       45,911       45,103       6.6 %
Machinery                                                
Pennsylvania Machine Works, LLC       First lien senior secured loan   11.61% (S + 6.00%)   3/6/2027     1,908       1,896       1,908       0.3 %
PVI Holdings, Inc       First lien senior secured loan   12.16% (S + 6.77%)   1/18/2028     23,895       23,602       24,074       3.5 %
Techniks Holdings, LLC / Eppinger Holdings Germany GMBH   (6)   First lien senior secured loan   12.75% (S + 7.25%)   2/4/2025     24,812       24,468       24,688       3.6 %
        First lien senior secured revolving loan   11.80% (S + 6.25%)   2/4/2025     1,050       1,003       1,045       0.2 %
                      51,665       50,969       51,715       7.6 %
Personal care products                                                
DRS Holdings III, Inc. (Dr. Scholl’s)       First lien senior secured loan   11.71% (S + 6.25%)   11/1/2025     11,004       10,954       11,004       1.6 %
        First lien senior secured revolving loan   11.71% (S + 6.25%)   11/1/2025     -       -       -       0.0 %
PH Beauty Holdings III, Inc.       First lien senior secured loan   10.65% (S + 5.00%)   9/28/2025     9,442       9,278       9,183       1.3 %
Silk Holdings III Corp. (Suave)       First lien senior secured loan   13.10% (S + 7.75%)   5/1/2029     19,900       19,351       20,298       3.0 %
                      40,346       39,583       40,485       5.9 %
Pharmaceuticals                                                
Foundation Consumer Brands       First lien senior secured loan   11.79% (S + 6.25%)   2/12/2027     6,781       6,744       6,832       1.0 %
        First lien senior secured revolving loan   11.79% (S + 6.25%)   2/12/2027     -       -       -       0.0 %
                      6,781       6,744       6,832       1.0 %

 

See accompanying notes to consolidated financial statements.

 

21

 

 

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2023

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

 

                Maturity   Principal /     Amortized     Fair     Percentage of  
Portfolio Company(1)   Footnotes   Investment(2)   Interest Rate   Date   Par     Cost(3)(4)     Value      Net Assets  
Professional services                                        
4 Over International, LLC       First lien senior secured loan   12.46% (S + 7.00%)   12/7/2026     19,438       18,757       19,438       2.8 %
DISA Holdings Corp. (DISA)       First lien senior secured delayed draw loan   10.84% (S + 5.50%)   9/9/2028     3,714       3,578       3,714       0.5 %
        First lien senior secured revolving loan   10.84% (S + 5.50%)   9/9/2028     392       347       392       0.1 %
        First lien senior secured loan   10.84% (S + 5.50%)   9/9/2028     22,177       21,625       22,177       3.2 %
Universal Marine Medical Supply International, LLC (Unimed)       First lien senior secured loan   13.01% (S + 7.50%)   12/5/2027     13,527       13,253       13,527       2.0 %
        First lien senior secured revolving loan   13.00% (S + 7.50%)   12/5/2027     2,544       2,494       2,544       0.4 %
                      61,792       60,054       61,792       9.0 %
Software                                                
AIDC Intermediate Co 2, LLC (Peak Technologies)       First lien senior secured loan   11.80% (S + 6.25%)   7/22/2027     34,650       33,736       34,650       5.1 %
Specialty retail                                                
Sundance Holdings Group, LLC   (7)   First lien senior secured loan   15.03% (S + 9.50%,
1.50% is PIK)		   5/1/2024     9,210       9,022       8,911       1.3 %
        First lien senior secured delayed draw loan   15.03% (S + 9.50%,
1.50% is PIK)		   5/1/2024     -       -       -       0.0 %
                      9,210       9,022       8,911       1.3 %
Textiles, apparel & luxury goods                                                
American Soccer Company, Incorporated (SCORE)       First lien senior secured loan   12.75% (S + 7.25%)   7/20/2027     29,816       29,317       29,145       4.3 %
        First lien senior secured revolving loan   12.75% (S + 7.25%)   7/20/2027     2,128       2,067       2,080       0.3 %
BEL USA, LLC       First lien senior secured loan   12.53% (S + 7.00%)   6/2/2026     5,804       5,774       5,804       0.8 %
        First lien senior secured loan   12.53% (S + 7.00%)   6/2/2026     96       95       96       0.0 %
YS Garments, LLC       First lien senior secured loan   13.00% (S + 7.50%)   8/9/2026     6,849       6,758       6,729       1.0 %
                      44,693       44,011       43,854       6.4 %
Trading companies & distributors                                                
BCDI Meteor Acquisition, LLC (Meteor)       First lien senior secured loan   12.45% (S + 7.00%)   6/29/2028     16,297       15,955       16,297       2.4 %
Broder Bros., Co.       First lien senior secured loan   11.61% (S+ 6.00%)   12/4/2025     4,640       4,439       4,640       0.7 %
CGI Automated Manufacturing, LLC       First lien senior secured loan   12.61% (S + 7.00%)   12/17/2026     20,510       19,849       20,459       3.0 %
        First lien senior secured loan   12.61% (S + 7.00%)   12/17/2026     6,681       6,559       6,664       1.0 %
        First lien senior secured delayed draw loan   12.61% (S + 7.00%)   12/17/2026     3,616       3,510       3,607       0.5 %

 

See accompanying notes to consolidated financial statements.

 

22

 

 

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2023

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

 

                Maturity   Principal /     Amortized     Fair     Percentage of   
Portfolio Company(1)   Footnotes   Investment(2)   Interest Rate   Date   Par     Cost(3)(4)     Value     Net Assets  
        First lien senior secured revolving loan   12.61% (S + 7.00%)   12/17/2026     327       244       327       0.0 %
EIS Legacy, LLC       First lien senior secured loan   11.24% (S + 5.75%)   11/1/2027     18,079       17,838       18,079       2.6 %
        First lien senior secured loan   11.27% (S + 5.75%)   11/1/2027     9,666       9,356       9,666       1.4 %
        First lien senior secured delayed draw loan   11.24% (S + 5.75%)   4/20/2025     -       -       -       0.0 %
        First lien senior secured revolving loan   11.24% (S + 5.75%)   11/1/2027     -       -       -       0.0 %
Engineered Fastener Company, LLC (EFC International)       First lien senior secured loan   12.00% (S + 6.50%)   11/1/2027     23,604       23,113       23,899       3.5 %
Genuine Cable Group, LLC       First lien senior secured loan   10.96% (S + 5.50%)   11/1/2026     29,057       28,336       28,984       4.2 %
        First lien senior secured loan   10.96% (S + 5.50%)   11/1/2026     5,506       5,347       5,492       0.8 %
I.D. Images Acquisition, LLC       First lien senior secured loan   11.75% (S + 6.25%)   7/30/2026     13,651       13,538       13,651       2.0 %
        First lien senior secured delayed draw loan   11.75% (S + 6.25%)   7/30/2026     2,486       2,450       2,486       0.4 %
        First lien senior secured loan   11.70% (S + 6.25%)   7/30/2026     4,522       4,457       4,522       0.7 %
        First lien senior secured loan   11.75% (S + 6.25%)   7/30/2026     1,043       1,033       1,043       0.2 %
        First lien senior secured revolving loan   11.75% (S + 6.25%)   7/30/2026     -       -       -       0.0 %
Krayden Holdings, Inc.       First lien senior secured delayed draw loan   11.20% (S + 5.75%)   3/1/2025     -       -       -       0.0 %
        First lien senior secured delayed draw loan   11.20% (S + 5.75%)   3/1/2025     -       -       -       0.0 %
        First lien senior secured revolving loan   11.20% (S + 5.75%)   3/1/2029     -       -       -       0.0 %
        First lien senior secured loan   11.20% (S + 5.75%)   3/1/2029     9,491       9,099       9,491       1.4 %
OAO Acquisitions, Inc. (BearCom)       First lien senior secured loan   11.61% (S + 6.25%)   12/27/2029     21,370       20,979       21,370       3.1 %
        First lien senior secured delayed draw loan   11.61% (S + 6.25%)   12/27/2025     -       -       -       0.0 %
        First lien senior secured revolving loan   11.61% (S + 6.25%)   12/27/2029     -       -       -       0.0 %
United Safety & Survivability Corporation (USSC)       First lien senior secured loan   11.79% (S + 6.25%)   9/30/2027     12,436       12,147       12,436       1.8 %
        First lien senior secured loan   11.79% (S + 6.25%)   9/28/2027     1,607       1,490       1,607       0.3 %
        First lien senior secured delayed draw loan   11.79% (S + 6.25%)   9/30/2027     3,160       3,110       3,160       0.5 %
        First lien senior secured revolving loan   11.79% (S + 6.25%)   9/30/2027     870       860       870       0.1 %
                      208,619       203,709       208,750       30.6 %
Wireless telecommunication services                                                
Centerline Communications, LLC       First lien senior secured loan   11.53% (S + 6.00%)   8/10/2027     14,945       14,751       13,936       2.0 %
        First lien senior secured delayed draw loan   11.53% (S + 6.00%)   8/10/2027     7,044       6,954       6,568       1.0 %
        First lien senior secured delayed draw loan   11.53% (S + 6.00%)   8/10/2027     6,202       6,112       5,783       0.9 %
        First lien senior secured revolving loan   11.53% (S + 6.00%)   8/10/2027     1,800       1,778       1,679       0.2 %
        First lien senior secured loan   11.53% (S + 6.00%)   8/10/2027     1,020       996       952       0.1 %
                      31,011       30,591       28,918       4.2 %
Total Private Credit Debt Investments                     1,353,096       1,327,190       1,346,174       197.1 %

 

See accompanying notes to consolidated financial statements.

 

23

 

 

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2023

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

 

    Footnotes   Number of
Shares/Units		     Cost     Fair
Value		     Percentage of
Net Assets		  
Equity Investments(9)                            
Automobile components                            
Vehicle Accessories, Inc. - Class A common   (12)     128,250       -       326       0.0 %
Vehicle Accessories, Inc. - preferred   (12)     250,000       250       292       0.1 %
          378,250       250       618       0.1 %
Commercial services & supplies                                    
American Equipment Holdings LLC- Class A units   (13)     426       284       508       0.1 %
BLP Buyer, Inc. (Bishop Lifting Products) - Class A common   (14)     582,469       652       1,200       0.1 %
Arborworks Acquisition LLC – Class A preferred units   (10)     21,716       9,179       9,287       1.4 %
Arborworks Acquisition LLC – Class B preferred units   (10)     21,716       -       -       0.0 %
Arborworks Acquisition LLC – Class A common units   (10)     2,604       -       -       0.0 %
          628,931       10,115       10,995       1.6 %
Food products                                    
BC CS 2, L.P. (Cuisine Solutions)   (6)(11)     2,000,000       2,000       2,611       0.4 %
City Line Distributors, LLC - Class A units   (15)     418,416       418       418       0.1 %
Gulf Pacific Holdings, LLC - Class A common   (13)     250       250       189       0.0 %
Gulf Pacific Holdings, LLC - Class C common   (13)     250       -       -       0.0 %
IF&P Foods, LLC (FreshEdge) - Class A preferred   (13)     750       750       905       0.1 %
IF&P Foods, LLC (FreshEdge) - Class B common   (13)     750       -       -       0.0 %
Siegel Parent, LLC   (16)     250       250       72       0.0 %
          2,420,666       3,668       4,195       0.6 %
Healthcare equipment & supplies                                    
LSL Industries, LLC (LSL Healthcare)   (13)     7,500       750       552       0.1 %
IT services                                    
Domain Information Services Inc. (Integris)         250,000       250       344       0.0 %
Specialty retail                                    
Sundance Direct Holdings, Inc. - common         21,479       -       -       0.0 %
Textiles, apparel & luxury goods                                    
American Soccer Company, Incorporated (SCORE)   (16)     1,000,000       1,000       620       0.1 %
Total Private Equity Investments                 16,033       17,324       2.5 %
                                     
Total Private Investments                 1,343,223       1,363,498       199.6 %

 

        Number of           Fair     Percentage of  
    Footnotes   Shares     Cost     Value     Net Assets  
Short-Term Investments                            
First American Treasury Obligations Fund - Institutional Class Z, 5.21%   (17)     12,802,362       12,802       12,802       1.9 %
Total Short-Term Investments         12,802,362       12,802       12,802       1.9 %
                                     
Total Investments               $ 1,356,025     $ 1,376,300       201.5 %
Liabilities in Excess of Other Assets                         (693,244 )     (101.5 )%
Net Assets                       $ 683,056       100.0 %

 

(1) As of December 31, 2023, all 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.
   
(2) Debt investments are pledged to the Company’s credit facilities, and a single debt investment may be divided into parts that are individually pledged to separate credit facilities.
   
(3) The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
   
(4) As of December 31, 2023, the tax cost of the Company’s investments approximates their amortized cost.

 

See accompanying notes to consolidated financial statements.

 

24

 

 

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2023

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

 

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

 

(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, 2023, 4.8% 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)

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

 

(9) Non-income producing investment.

 

(10) In November 2023, the Company completed a restructure of the investment in Arborworks Acquisition LLC whereby the existing term loan and revolver were restructured to a new term loan and preferred and common equity. KABDC Corp II, LLC, a wholly owned subsidiary of the Company, holds the preferred and common equity of Arborworks Acquisition LLC that the Company owns following this restructure.

 

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

 

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

 

(13) The Company owns 27.15% 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.

 

(14) The Company owns 0.53% of the common equity BLP Buyer, Inc. (Bishop Lifting Products).

 

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

 

(16) The Company owns 33.95% of a pass-through limited liability company, KSCF IV Equity Aggregator, LLC (the “Aggregator”), which holds the Company’s equity investments in Siegel Parent, LLC and American Soccer Company, Incorporated (SCORE).  The Aggregator’s ownership of Siegel Parent, LLC is 1.1442%. Through the Company’s ownership of the Aggregator, the Company owns the respective units of each company listed above in the Schedule of Investments.

 

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

 

See accompanying notes to consolidated financial statements. 

 

25

 

 

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 was formed as a Delaware corporation to make investments in middle-market companies and commenced operations on February 5, 2021.

 

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 is registered with the United States Securities and Exchange Commission (the “SEC”) under the Investment Advisers 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.

 

On May 24, 2024, the Company completed its initial public offering (“IPO”), issuing 6,000,000 shares of its common stock at a public offering price of $16.63 per share. Net of underwriting fees and offering expenses, the Company received net cash proceeds of $92,363. The Company’s common stock began trading on the New York Stock Exchange (“NYSE”) under the ticker symbol “KBDC” on May 22, 2024.

 

Prior to its IPO, the Company conducted private offerings of its common stock to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). At the closing of any private offering, each investor made a capital commitment to purchase shares of its common stock pursuant to a subscription agreement entered into with the Company. From its initial closing of the private offering (the “Initial Closing”) on February 5, 2021 through its final capital call closing on April 2, 2024, the Company issued shares of its common stock equal to the aggregate capital commitment of $1,046,928. Following the final closing on April 2, 2024, the Company had no remaining undrawn capital commitments.

 

26

 

 

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

 

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.

 

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.

 

27

 

 

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

 

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.

 

28

 

 

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 will express the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on the Company’s financial statements.

 

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, 2024 and 2023, the Company had $2,119 and $1,310, respectively, of PIK interest included in interest income, which represents 1.4% and 1.1%, 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, 2024, the Company had two debt investments on non-accrual status, which comprised 1.2% and 1.0%, respectively, of total debt investments at cost and fair value. As of September 30, 2023, the Company had one investment on non-accrual status, which comprised 1.9% and 1.1%, 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.

 

29

 

 

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

 

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.

 

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 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. 

 

30

 

 

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 will provide or oversee the performance of its required administrative services and professional services rendered by others, which will include (but are not limited to), accounting, payment of our expenses, legal, compliance, operations, technology and investor relations, preparation and filing of its tax returns, and preparation of financial reports provided to its stockholders and filed with the SEC. On March 6, 2024, the Board approved an additional one-year term of the Administration Agreement through March 15, 2025.

 

The Company will reimburse the Administrator for its costs and expenses incurred in performing its obligations under the Administration Agreement, which may include, after completion of its initial public offering, its allocable portion of office facilities, overhead, and compensation paid to or compensatory distributions received by its officers (including our Chief Compliance Officer and Chief Financial Officer) and its respective staff who provide services to the Company. As the Company reimburses the Administrator for its expenses, the Company will indirectly bear 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 will pay its Advisor a fee for investment advisory and management services consisting of two components—a base management fee and an incentive fee. The Advisor may, from time-to-time, grant waivers on the Company’s obligations, including waivers of the base management fee and/or incentive fee, under the Investment Advisory Agreement. The Investment Advisory Agreement may be terminated by either party with 60 days’ written notice. On March 6, 2024, the Board approved an additional one-year term of the Investment Advisory Agreement from March 16, 2024 to March 15, 2025.

 

In addition, on March 6, 2024, the Board approved an amended and restated investment advisory agreement (the “Amended Investment Advisory Agreement”) and a fee waiver agreement (the “Fee Waiver Agreement”) between the Company and the Advisor, which became effective upon the completion of the initial public offering of the Company’s shares of common stock on May 24, 2024 (the “IPO Date”).

 

The Amended Investment Advisory Agreement is materially the same as the Investment Advisory Agreement except, following the IPO Date, the base management fee is calculated at an annual rate of 1.00% and the incentive fee on income is subject to a twelve-quarter lookback quarterly hurdle rate of 1.50% as opposed to a single quarter measurement and is subject to an Incentive Fee Cap (as defined below) based on the Company’s Cumulative Pre-Incentive Fee Net Return (as defined below). This lookback feature provides that the Advisor’s income incentive fee may be reduced if the Company’s portfolio experiences aggregate write-downs or net capital losses during the applicable Trailing Twelve Quarters (as defined below). Pursuant to the Fee Waiver Agreement, commencing on the IPO Date, the Advisor implemented waivers of (i) the income incentive fee for three calendar quarters commencing the quarter the initial public offering was completed and (ii) a portion of the base management fee for one year following the completion of the initial public offering. Amounts waived by the Advisor pursuant to the Fee Waiver Agreement are not subject to recoupment by the Advisor.

 

Base Management Fee

 

Prior to the IPO Date, the base management fee was calculated at an annual rate of 0.90% of the fair market value of the Company’s investments including, in each case, assets purchased with borrowings under credit facilities and issuances of senior unsecured notes, but excluding cash, U.S. government securities and commercial paper instruments maturing within one year of purchase.

 

Commencing on the IPO Date, the base management fee is calculated at an annual rate of 1.00% of the fair market value of the Company’s investments. Since the IPO Date was on a date other than the first day of a calendar quarter, the management fee was calculated for the calendar quarter at a weighted rate based on the fee rates applicable before and after the IPO Date based on the number of days in such calendar quarter before and after the IPO Date. Pursuant to the Fee Waiver Agreement, commencing on the IPO Date, the Advisor has contractually agreed to waive the base management fee at an annual rate of 0.25% for one year following the IPO Date.

 

For the three months ended September 30, 2024, the Company incurred base management fees of $3,573, net of waiver of $1,191. For the three months ended September 30, 2023, the Company incurred base management fees of $2,905.

 

For the nine months ended September 30, 2024, the Company incurred base management fees of $10,875, net of waiver of $1,662 For the nine months ended September 30, 2023, the Company incurred base management fees of $8,438.

 

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. 

31

 

 

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

 

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. 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.

 

Commencing on the IPO Date, the Company will pay the Advisor an income incentive fee based on its aggregate pre-incentive fee net investment income with respect to (i) the quarter ended June 30, 2024 (the “First Calendar Quarter”) and (ii) each subsequent calendar quarter, with the then-current calendar quarter and the eleven preceding calendar quarters beginning with the calendar quarter after the First Calendar Quarter (or the appropriate portion thereof in the case of any of the Company’s first eleven calendar quarters that commence after the First Calendar Quarter) (those calendar quarters after the First Calendar Quarter, the “Trailing Twelve Quarters”).

 

For the First Calendar Quarter, pre-incentive fee net investment income in respect of the First Calendar Quarter will be compared to a hurdle rate of 1.50% (6.00% annualized). 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 approximately 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 will be compared to a “Hurdle Rate” equal to the product of (i) the hurdle rate of 1.50% per quarter (6.00% annualized) and (ii) the sum of our net assets at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The Hurdle Rate will be calculated after making appropriate adjustments to the Company’s net asset value at the beginning of each applicable calendar quarter for all issuances by the Company of shares of its common stock, including issuances pursuant to its dividend reinvestment plan, and distributions during the applicable calendar quarter. The income incentive fee for each calendar quarter will be determined as follows:

 

●no income incentive fee is payable to the Advisor in any calendar quarter in which aggregate pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters does not exceed the Hurdle Rate;

 

32

 

 

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

 

●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 will be subject to an “Incentive Fee Cap” that in respect of any calendar quarter is an amount equal to 15.0% of the Cumulative Pre-Incentive Fee Net Return (as defined below) during the Trailing Twelve Quarters less the aggregate income incentive fees that were paid to the Advisor in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters. In the event the Incentive Fee Cap is zero or a negative value then no income incentive fee shall be payable and if the Incentive Fee Cap is less than the amount of income incentive fee that would otherwise be payable, the amount of income incentive fee shall be reduced to an amount equal to the Incentive Fee Cap.

 

“Cumulative Pre-Incentive Fee Net Return” means (x) with respect to the First Calendar Quarter, the sum of pre-incentive fee net investment income in respect of the First Calendar Quarter, (y) with respect to the relevant Trailing Twelve Quarters, the pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters minus any Net Capital Loss (as defined below), if any, in respect of the relevant Trailing Twelve Quarters. If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company will pay no income incentive fee to the Advisor for such quarter. If, in any quarter, the Incentive Fee Cap for such quarter is a positive value but is less than the income incentive fee that is payable to the Advisor for such quarter (before giving effect to the Incentive Fee Cap) calculated as described above, the Company will pay an income incentive fee to the Advisor equal to the Incentive Fee Cap for such quarter. If, in any quarter, the Incentive Fee Cap for such quarter is equal to or greater than the income incentive fee that is payable to the Advisor for such quarter (before giving effect to the Incentive Fee Cap) calculated as described above, the Company will pay an income incentive fee to the Advisor equal to the incentive fee calculated as described above for such quarter without regard to the Incentive Fee Cap.

 

“Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in such period and (ii) aggregate capital gains, whether realized or unrealized, in such period.

 

These calculations are prorated for any period of less than three months and adjusted for any share issuances or repurchases during the relevant quarter. Amounts waived by the Advisor pursuant to the Fee Waiver Agreement are not subject to recoupment by the Advisor.

 

33

 

 

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

 

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. 

 

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. Following the Company’s IPO, solely for the purposes of calculating the capital gain incentive fee, the Company is deemed to have previously paid capital gains incentive fees prior to its IPO equal to the product obtained by multiplying (a) the actual aggregate amount of previously paid capital gain incentive fees for all periods prior to its IPO by (b) the percentage obtained by dividing (x) 15% by (y) 10%. 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, 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 three months ended September 30, 2023, the Company incurred incentive fees on income of $2,371 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. For the nine months ended September 30, 2023, the Company incurred incentive fees on income of $6,929 and no incentive fees on capital gains.

 

Payment of Incentive Fees Prior to the IPO Date

 

Prior to the Company’s IPO, incentive fees earned by the Advisor accrued as earned but only became payable in cash to the Advisor upon consummation the IPO. In June 2024, the Company paid $16,826 to the Advisor for these accrued as earned fees through the quarter ended March 31, 2024.

 

34

 

 

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, 2024 and December 31, 2023.

 

   September 30, 2024   December 31, 2023 
   Amortized   Fair   Amortized   Fair 
   Cost   Value   Cost   Value 
First-lien senior secured debt investments(1)  $1,903,450   $1,923,211   $1,327,190   $1,346,174 
Equity investments(2)   18,336    20,228    16,033    17,324 
Short-term investments   22,670    22,670    12,802    12,802 
Total Investments  $1,944,456   $1,966,109   $1,356,025   $1,376,300 

 

(1)Includes debt investment in Trademark Global LLC.

 

(2)Includes equity investment in TG Parent Newco LLC (Trademark Global LLC).

 

As of September 30, 2024 and December 31, 2023, $184,696 and $68,578, respectively, of the Company’s total assets were non-qualifying assets, as defined by Section 55(a) of the 1940 Act.

 

The Company uses Global Industry Classification 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, 2024 and December 31, 2023 was as follows:

 

   September 30,
2024		   December 31,
2023		 
Trading companies & distributors   14.6%   15.3%
Food products   9.7%   11.5%
Commercial services & supplies   7.8%   9.4%
Containers & packaging   7.7%   7.2%
Health care providers & services   6.8%   7.4%
Aerospace & defense   4.9%   6.3%
Professional services   4.8%   4.5%
Leisure products   3.9%   3.3%
Personal care products   3.8%   3.0%
Automobile components   3.6%   2.0%
Machinery   3.1%   3.8%
IT services   2.7%   3.8%
Building products   2.3%   2.0%
Specialty retail   2.2%   0.7%
Textiles, apparel & luxury goods   2.1%   3.3%
Insurance   2.0%   2.2%
Pharmaceuticals   1.9%   0.5%
Software   1.8%   2.5%
Chemicals   1.6%   3.1%
Diversified telecommunication services   1.6%   0.4%
Wireless telecommunication services   1.5%   2.1%
Health care equipment & supplies   1.5%   1.5%
Hotels, restaurants & leisure   1.4%   
-
%
Household durables   1.0%   1.5%
Entertainment   0.9%   
-
%
Household products   0.8%   1.2%
Media   0.8%   
-
%
Construction materials   0.8%   
-
%
Biotechnology   0.7%   0.9%
Semiconductors & semiconductor equipment   0.6%   
-
%
Electrical equipment   0.5%   
-
%
Capital markets   0.4%   0.6%
Diversified consumer services   0.2%   
-
%
    100.0%   100.0%

 

35

 

 

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, 2024 and December 31, 2023. Note that the valuation levels below are not necessarily an indication of the risk or liquidity associated with the underlying investment.

 

   Fair Value Hierarchy as of
September 30, 2024		 
Investments:  Level 1   Level 2   Level 3   Total 
First-lien senior secured debt investments(1)  $
-
   $269,720   $1,653,491   $1,923,211 
Equity investments(2)   
-
    
-
    20,228    20,228 
Short-term investments   22,670    
-
    
-
    22,670 
Total Investments  $22,670   $269,720   $1,673,719   $1,966,109 

 

(1)Includes debt investment in Trademark Global LLC.

 

(2)Includes equity investment in TG Parent Newco LLC (Trademark Global LLC).

 

   Fair Value Hierarchy as of
December 31, 2023		 
Investments:  Level 1   Level 2   Level 3   Total 
First-lien senior secured debt investments  $
-
   $
         -
   $1,346,174   $1,346,174 
Equity investments   
-
    
-
    17,324    17,324 
Short-term investments   12,802    
-
    
-
    12,802 
Total Investments  $12,802   $
-
   $1,363,498   $1,376,300 

 

36

 

 

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, 2024 and 2023.

 

   First-lien   Private     
   senior secured   equity     
For the three months ended September 30, 2024   debt investments(1)   investments(2)   Total 
Fair value, beginning of period  $1,555,770   $18,627   $1,574,397 
Purchases of investments, including PIK, if any   176,805    773    177,578 
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 
Transfers into (out of) Level 3   
-
    
-
    
-
 
Fair value, end of period  $1,653,491   $20,228   $1,673,719 

 

   First-lien   Private     
   senior secured   equity     
For the three months ended September 30, 2023  debt investments   investments   Total 
Fair value, beginning of period  $1,276,048   $7,903   $1,283,951 
Purchases of investments, including PIK, If any   40,064    418    40,482 
Proceeds from sales of investments and principal repayments   (41,776)   -    (41,776)
Net change in unrealized gain (loss)   (7,240)   (257)   (7,497)
Net realized gain (loss)   -    -    - 
Net accretion of discount on investments   2,443    -    2,443 
Transfers into (out of) Level 3   -    -    - 
Fair value, end of period  $1,269,539   $8,064   $1,277,603 

 

   First-lien   Private     
   senior secured   equity     
For the nine months ended September 30, 2024  debt investments(1)   investments(2)   Total 
Fair value, beginning of period  $1,346,174   $17,324   $1,363,498 
Purchases of investments, including PIK, if any   451,477    2,303    453,780 
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 
Transfers into (out of) Level 3   
-
    
-
    
-
 
Fair value, end of period  $1,653,491   $20,228   $1,673,719 

 

   First-lien   Private     
   senior secured   equity     
For the nine months ended September 30, 2023  debt investments   investments   Total 
Fair value, beginning of period  $1,157,971   $7,148   $1,165,119 
Purchases of investments, including PIK, If any   218,541    605    219,146 
Proceeds from sales of investments and principal repayments   (105,319)   
-
    (105,319)
Net change in unrealized gain (loss)   (8,414)   311    (8,103)
Net realized gain (loss)   
-
    
-
    - 
Net accretion of discount on investments   6,760    
-
    6,760 
Transfers into (out of) Level 3   
-
    
-
    
-
 
Fair value, end of period  $1,269,539   $8,064   $1,277,603 

 

(1)Includes debt investment in Trademark Global LLC.

 

(2)Includes equity investment in TG Parent Newco LLC (Trademark Global LLC).

 

37

 

 

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, 2024 and 2023, 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).

 

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).

 

38

 

 

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, 2024 and December 31, 2023. 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 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, 2024  
          Valuation   Unobservable         Weighted  
    Fair Value     Technique   Input   Range     Average  
First-lien senior secured debt investments   $ 1,653,491     Discounted cash flow analysis   Discount rate     7.4% - 15.0%       9.4 %
Preferred equity investment     9,554     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     250     Precedent Transaction Analysis   Original cost     1.0       1.0  
Other equity investments     9,924     Comparable Multiples   EV/EBITDA     7.0 - 17.2       11.4  
    $ 1,673,719                          

 

   As of December 31, 2023 
       Valuation  Unobservable      Weighted 
   Fair Value   Technique  Input  Range   Average 
First-lien senior secured debt investments  $1,346,174   Discounted cash flow analysis  Discount rate   8.3% - 15.0%   10.2%
Preferred equity investment   9,287   Discounted cash flow analysis  Original Cost   15.0%   15.0%
Other equity investments   8,037   Comparable Multiples  EV/EBITDA   7.1 - 17.2    11.5 
   $1,363,498                 

 

Note 6. Debt

 

Corporate Credit Facility

 

As of September 30, 2024, the Company had a senior secured revolving credit facility (the “Corporate Credit Facility”), that has a total commitment of $400,000. The Company entered into the Corporate Credit Facility on February 18, 2022. The Corporate Credit Facility’s commitment termination date and the final maturity date are February 18, 2026 and February 18, 2027, respectively. The Corporate Credit Facility also provides for a feature that allows the Company, under certain circumstances, to increase the overall size of the Corporate Credit Facility to a maximum of $550,000. The interest rate on the Corporate Credit Facility is equal to Term SOFR (a forward-looking rate based on SOFR futures) plus an applicable spread of 2.35% per annum or an “alternate base rate” (as defined in the agreements governing the Corporate Credit Facility) plus an applicable spread of 1.25%. The Company is also required to pay a commitment fee of 0.375% per annum on any unused portion of the Corporate Credit Facility.

 

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 (as defined below).

 

39

 

 

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

 

For the nine months ended September 30, 2024 and 2023, the average amount of borrowings outstanding under the Corporate Credit Facility was $157,022 and $265,344, respectively, with a weighted average interest rate of 7.64% and 7.24%, respectively. As of September 30, 2024, the Company had $221,000 outstanding under the Corporate Credit Facility at a weighted average interest rate of 7.13%.

 

Revolving Funding Facility

 

As of September 30, 2024, the Company had a senior secured revolving funding facility (the “Revolving Funding Facility”), that has a total commitment of $600,000. On April 3, 2024, the Company and its wholly owned, special purpose financing subsidiary, Kayne Anderson BDC Financing, LLC (“KABDCF”), amended the Revolving Funding Facility. Under the terms of the third amendment, the Company and KABDCF increased the commitment amount from $455,000 to $600,000. The end of the reinvestment period was extended to April 2, 2027, and the maturity date was extended to April 3, 2029. The interest rate on the Revolving Funding Facility was reduced from daily SOFR plus 2.75% per annum to SOFR plus 2.375% - 2.50% per annum depending on the mix of loans securing the Revolving Funding Facility. All other terms of the Revolving Funding Facility remained substantially the same. The Revolving Funding Facility is secured by all of the assets held by KABDCF and the Company has agreed that it will not grant or allow a lien on the membership interest of KABDCF.

 

KABDCF is also required to pay a commitment fee of between 0.50% and 1.50% per annum depending on the size of the unused portion of the Revolving Funding Facility. Amounts available to borrow under the Revolving Funding Facility are subject to a borrowing base that applies different advance rates to different types of assets held by KABDCF and is subject to limitations with respect to the loans securing the Revolving Funding Facility, including restrictions on, loan size, industry concentration, payment frequency and status, as well as restrictions on portfolio company leverage, all of which may also affect the borrowing base and therefore amounts available to borrow. The Company and KABDCF are also required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. These covenants are subject to important limitations and exceptions that are described in the agreements governing the Revolving Funding Facility.

 

For the nine months ended September 30, 2024 and 2023, the average amount of borrowings outstanding under the Revolving Funding Facility was $358,204 and $285,033, respectively, with a weighted average interest rate of 7.85% and 7.62%, respectively. As of September 30, 2024, the Company had $409,000 outstanding under the Revolving Funding Facility at a weighted average interest rate of 7.24%.

 

Revolving Funding Facility II

 

As of September 30, 2024, the Company and Kayne Anderson BDC Financing II, LLC (“KABDCF II”), a wholly-owned, special purpose financing subsidiary, had a senior secured revolving credit facility (the “Revolving Funding Facility II”). The Revolving Funding Facility II has an initial commitment of $150,000 which, under certain circumstances, can be increased up to $500,000. The Revolving Funding Facility II is secured by all of the assets held by KABDCF II and the Company has agreed that it will not grant or allow a lien on the membership interest of KABDCF II. The end of the reinvestment period and the stated maturity date for the Revolving Funding Facility II are December 22, 2026, and December 22, 2028, respectively. The interest rate on the Revolving Funding Facility II is equal to 3-month term SOFR plus 2.70% per annum. KABDCF II is also required to pay a commitment fee of 0.50% between December 22, 2023 and September 22, 2024 and 0.75% thereafter on the unused portion of the Revolving Funding Facility II.

 

Amounts available to borrow under the Revolving 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, 2024, the average amount of borrowings outstanding under the Revolving Funding Facility II was $73,577, with a weighted average interest rate of 8.02%. As of September 30, 2024, the Company had $83,000 outstanding under the Revolving Funding Facility II at a weighted average interest rate of 8.03%.

 

Subscription Credit Agreement 

 

On April 1, 2024, the Company fully repaid all amounts outstanding and terminated the remaining commitment of $50,000 under its credit agreement (the “Subscription Credit Agreement”) that was scheduled to mature on December 31, 2024. The Subscription Credit Agreement permitted the Company to elect the commitment amount each quarter to borrow up to $50,000, subject to availability under the borrowing base which was calculated based on the unused capital commitments of the investors meeting various eligibility requirements. The interest rate under the Subscription Credit Agreement was equal to the Secured Overnight Financing Rate (“SOFR”) plus 2.25% (subject to a 0.275% SOFR floor). The Company was also required to pay a commitment fee of 0.25% per annum on any unused portion of the Subscription Credit Agreement. The Company also paid an extension fee of 0.075% per quarter on the elected commitment amount on the first day of each calendar quarter.

 

For the nine months ended September 30, 2024 and 2023, the average amount of borrowings outstanding under the Subscription Credit Agreement were $4,416 and $49,220, respectively, with a weighted average interest rate of 7.61% and 6.93%, respectively.

 

40

 

 

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

 

Senior Unsecured Notes

 

As of September 30, 2024, the Company had $75,000 aggregate principal amount of senior unsecured notes (the “Notes”).

 

The table below sets forth a summary of the key terms of each series of Notes outstanding at September 30, 2024.

 

   Principal       Estimated   Fixed    
   Outstanding   Unamortized   Fair Value   Interest    
Series  September 30, 2024   Issuance Costs   September 30, 2024   Rate   Maturity
A  $25,000   $217   $27,121    8.65%  6/30/2027
B   50,000    479    55,445    8.74%  6/30/2028
   $75,000   $696   $82,566         

 

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, 2024, the weighted average interest rate on the outstanding Notes was 8.71%.

 

As of September 30, 2024, 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, 2024, the Company was in compliance with all covenants under the Notes agreements.

 

Debt obligations consisted of the following as of September 30, 2024 and December 31, 2023.

 

   September 30, 2024 
   Aggregate Principal Committed   Outstanding Principal   Amount Available(1)   Net Carrying Value(2) 
Notes  $75,000   $75,000   $
-
   $74,304 
Corporate Credit Facility   400,000    221,000    179,000    219,873 
Revolving Funding Facility   600,000    409,000    191,000    403,723 
Revolving Funding Facility II   150,000    83,000    67,000    81,589 
Total debt  $1,225,000   $788,000   $437,000   $779,489 

 

(1) The amounts available under the Company’s credit facilities do not reflect any limitations related to each borrowing base as of September 30, 2024 for the assets held at KABDCF and KABDCF II.

 

(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 $8,511.

 

41

 

 

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

 

   December 31, 2023 
   Aggregate
Principal
Committed		   Outstanding
Principal		   Amount
Available(1)		   Net
Carrying
Value(2)		 
Notes  $75,000   $75,000   $
-
   $74,149 
Corporate Credit Facility   400,000    234,000    166,000    232,285 
Revolving Funding Facility   455,000    306,000    18,536    303,981 
Revolving Funding Facility II   150,000    70,000    9,716    68,195 
Subscription Credit Agreement   50,000    10,750    39,250    10,709 
Total debt  $1,130,000   $695,750   $233,502   $689,319 

 

(1) The amount available under the Company’s credit facilities reflects the assets held at KABDCF and KABDCF II and any limitations related to each borrowing base as of December 31, 2023.

 

(2) The carrying value of the Notes, Corporate Credit Facility, Revolving Funding Facility, Revolving Funding Facility II, and Subscription Credit Agreement are presented net of deferred financing costs totaling $6,431.

 

For the three and nine months ended September 30, 2024 and 2023, the components of interest expense were as follows:

 

   For the three months ended 
   September 30,
2024		   September 30,
2023		 
Interest expense  $15,122   $13,119 
Amortization of debt issuance costs   947    752 
Total interest expense  $16,069   $13,871 
Average interest rate   8.6%   8.9%
Average borrowings  $731,272   $617,598 

 

   For the nine months ended 
   September 30,
2024		   September 30,
2023		 
Interest expense  $42,193   $36,460 
Amortization of debt issuance costs   2,771    1,936 
Total interest expense  $44,964   $38,396 
Average interest rate   8.8%   8.2%
Average borrowings  $668,219   $625,421 

 

Note 7. Share Transactions

 

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 and 2023.

 

On May 24, 2024, the Company completed its IPO, issuing 6,000,000 shares of its common stock at a public offering price of $16.63 per share. Net of underwriting fees and offering expenses, the Company received net cash proceeds of $92,363. The Company’s common stock began trading on the NYSE under the ticker symbol “KBDC” on May 22, 2024.

 

For the 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 

42

 

 

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

 

For the nine months ended September 30, 2023 
   Offering       Aggregate 
   price per   Common stock   offering 
Common stock issue date  share   shares issued   amount 
April 4, 2023  $16.61    3,010,942   $50,000 
August 8, 2023  $16.82    2,411,582    40,575 
Total common stock issued        5,422,524   $90,575 

 

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 beginning 60 calendar days following the end of the “restricted period” under Regulation M and will terminate upon the earliest to occur of (i) the close of business on May 24, 2025, (ii) the end of the trading day on which the aggregate purchase price for all shares purchased under the Company 10b5-1 Plan equals $100,000 and (iii) the occurrence of certain other events described in the Company 10b5-1 Plan.

 

The “restricted period” under Regulation M ended upon the closing of the Company’s IPO and, therefore, the Common Stock repurchases/purchases described above began on July 23, 2024.

 

For the period ended September 30, 2024, the agent has repurchased shares of common stock pursuant to the 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		 
July 23 - 31, 2024   12,861   $16.20   $208   $99,792 
August 1 - 31, 2024   38,271   $16.08    615   $99,177 
September 1 - 30, 2024   17,548   $16.16    284   $98,893 
Total stock repurchased   68,680        $1,107      

 

Dividends and Dividend Reinvestment

 

The following tables summarize the dividends declared and payable by the Company for the nine months ended September 30, 2024 and 2023. See Note 11 – Subsequent Events.

 

For the nine months ended September 30, 2024
   Dividend  Dividend  Dividend 
   record  payment  per 
Dividend declaration 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 

 

43

 

 

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

 

For the nine months ended September 30, 2023
   Dividend  Dividend  Dividend 
   record  payment  per 
Dividend declaration date  date  date  share 
March 7, 2023  March 31, 2023  April 14, 2023  $0.47 
May 10, 2023  June 30, 2023  July 14, 2023   0.53 
August 10, 2023  September 29, 2023  October 13, 2023   0.53 
Total dividends declared        $1.53 

 

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, 2024 and 2023. See Note 11 – Subsequent Events.

 

For the nine months ended September 30, 2024
   Dividend  DRIP     
   payment  shares   DRIP 
Dividend record 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 with a record date of June 28, 2024 and paid on July 15, 2024, the DRIP value was $4,431 and was reinvested into the Company through open market purchases of common stock.

 

For the dividend with a record date of September 30, 2024 and paid on October 15, 2024, the DRIP value was $4,521 and was reinvested into the Company through open market purchases of common stock.

 

For the nine months ended September 30, 2023
   Dividend  DRIP     
   payment  shares   DRIP 
Dividend record date  date  issued   value 
December 29, 2022  January 13, 2023   57,860   $955 
March 31, 2023  April 14, 2023   65,733    1,089 
June 30, 2023  July 14, 2023   81,527    1,352 
       205,120   $3,396 

 

On May 10, 2024, in conjunction with the Company’s IPO, the Board of Directors declared the following special dividends:

 

Record date  Pay date  Special Dividend 
December 5, 2024  December 20, 2024  $0.10 
March 3, 2025  March 18, 2025  $0.10 
June 9, 2025  June 24, 2025  $0.10 

 

Note 8. Commitments and Contingencies

 

The Company had an aggregate of $179,008 and $147,928, respectively, of unfunded commitments to provide debt financing to its portfolio companies as of September 30, 2024 and December 31, 2023. Such commitments are generally subject to the satisfaction of certain financial and nonfinancial covenants and certain operational metrics. The commitment period for these amounts may be shorter than the maturity date if drawn or funded. These commitments are not reflected in the Company’s consolidated statement of assets and liabilities. 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.

 

44

 

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

  

A summary of the composition of the unfunded commitments as of September 30, 2024 and December 31, 2023 is shown in the table below.

 

   As of   As of  
   September 30,
2024		   December 31,
2023		 
Alcami Corporation (Alcami)  $1,565   $2,543 
Allcat Claims Service, LLC   3,302    5,370 
Allentown, LLC   357    785 
American Equipment Holdings LLC   3,835    483 
American Soccer Company, Incorporated (SCORE)   3,784    2,601 
Arborworks Acquisition LLC   780    1,872 
Basel U.S. Acquisition Co., Inc. (IAC)   2,930    1,622 
BCI Burke Holding Corp.   4,659    4,659 
OAO Acquisitions, Inc. (BearCom)   6,172    6,982 
BLP Buyer, Inc. (Bishop Lifting Products)   3,362    6,548 
BR PJK Produce, LLC (Keany)   2,352    2,870 
Carton Packaging Buyer, Inc.   2,848    2,848 
CCFF Buyer, Inc   17,738    
-
 
CGI Automated Manufacturing, LLC   12    2,390 
City Line Distributors, LLC   2,530    5,322 
Curio Brands, LLC   1,719    1,719 
DISA Holdings Corp. (DISA)   3,331    6,142 
Diverzify Intermediate, LLC   3,155    
-
 
DRS Holdings III, Inc. (Dr. Scholl’s)   310    310 
Eastern Wholesale Fence   198    1,332 
EIS Legacy, LLC   3,846    6,922 
Energy Acquisition LP (Electrical Components International, Inc. - ECI)   1,442    
-
 
Envirotech Services, LLC   6,704    
-
 
Eppinger Technologies, LLC   1,316    1,450 
FCA, LLC (FCA Packaging)   2,670    2,670 
Foundation Consumer Brands   577    577 
Fralock Buyer LLC   -    300 
Guardian Dentistry Partners   773    
-
 
Guided Practice Solutions   6,371    10,299 
Gulf Pacific Holdings, LLC   8,655    10,153 
Gusmer Enterprises, Inc.   3,676    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)   4,198    1,656 
Improving Acquisition LLC   1,672    1,672 
Krayden Holdings, Inc.   5,437    5,438 
Light Wave Dental Management LLC   1,001    827 
LSL Industries, LLC (LSL Healthcare)   15,224    15,224 
MacNeill Pride Group Corp.   1,798    3,877 
ML Buyer, LLC (Mama Lycha Foods, LLC)   3,991    - 
Phoenix YW Buyer, Inc. (Elida Beauty)   1,960    
-
 
Pixel Intermediate, LLC   1,046    
-
 
PMFC Holding, LLC   14    137 
Refocus Management Services, LLC   6,726    
-
 
Regiment Security Partners LLC   103    104 
The Robinette Company   6,254    
-
 
Ruff Roofers Buyer, LLC   7,138    10,966 
Salt Dental Collective   1,768    
-
 
SGA Dental Partners Holdings, LLC   -    5,087 
Siegel Egg Co., LLC   515    537 
Silk Holdings III Corp. (Suave)   6,667    
-
 
Speedstar Holding LLC   1,332    - 
Spinrite, Inc.   850    
-
 
Sundance Holdings Group, LLC   439    439 
Trademark Global LLC   480    480 
US Anchors Group, Inc. (Mechanical Plastics Corp.)   2,819    - 
United Safety & Survivability Corporation (USSC)   
-
    469 
USALCO, LLC   -    1,494 
Vehicle Accessories, Inc.   2,064    1,671 
Worldwide Produce Acquisition, LLC   424    1,286 
Total unfunded commitments  $179,008   $147,928 

45

 

 

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, 2024 and December 31, 2023, 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, 2024 and 2023, 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, 2024 and 2023.

 

   For the three months ended   For the nine months ended 
   September 30,
2024		   September 30,
2023		   September 30,
2024		   September 30,
2023		 
Net increase (decrease) in net assets resulting from operations  $37,556   $13,872   $96,491   $54,281 
Weighted average shares of common stock outstanding - basic and diluted   71,083,885    40,499,327    61,321,163    38,461,385 
Earnings (loss) per share of common stock - basic and diluted  $0.53   $0.34   $1.57   $1.41 

 

46

 

 

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, 2024 and 2023.

 

   For the nine months ended
September 30,		 
Per Common Share Operating Performance (1)  2024 (amounts in thousands, except share and per share amounts)   2023 (amounts in thousands, except share and per share amounts) 
Net Asset Value, Beginning of Period  $16.42   $16.50 
           
Results of Operations:          
Net Investment Income   1.55    1.62 
Net Realized and Unrealized Gain (Loss) on Investments(2)   0.04    (0.19)
Net Increase (Decrease) in Net Assets Resulting from Operations   1.59    1.43 
           
Distributions to Common Stockholders          
Distributions   (1.20)   (1.53)
Net Decrease in Net Assets Resulting from Distributions   (1.20)   (1.53)
           
Capital Share Transactions          
Issuance of Common Stock, net of Underwriting and Offering Costs   (0.11)   
-
 
Repurchase of Common Stock   
-
    
-
 
Net Increase (Decrease) Resulting from Capital Share Transactions   (0.11)   
-
 
Net Asset Value, End of Period  $16.70   $16.40 
Per Share Market Value, End of Period  $16.21   $ N/A  
           
Shares Outstanding, End of Period   71,047,779    41,506,935 
           
Ratio/Supplemental Data          
Net assets, end of period  $1,186,205   $680,726 
Weighted-average shares outstanding   61,321,163    38,461,385 
Total Return based on net asset value(3)   9.4%   8.9%
Total Return based on market value(4)   2.4%   N/A 
Portfolio turnover   12.5%   8.5%
Ratio of operating expenses to average net assets before waivers(5)   10.1%   11.9%
Ratio of operating expenses to average net assets with waiver(5)   8.5%   11.9%
Ratio of net investment income (loss) to average net assets(5)   13.2%   13.3%

 

(1) The per common share data was derived by using weighted average shares outstanding.

 

47

 

 

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 reconcile with the aggregate gains and losses in the Consolidated Statement of Operations due to share transactions during the period.

 

(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. The beginning market value per share is based on the initial public offering price of $16.63 per share and not annualized.

 

(5) Ratio is annualized.

 

Note 11. 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, 2024, the Company paid a regular dividend of $0.40 per share to each common stockholder of record as of September 30, 2024. The total dividend was $28,420 and $4,521 of the total was reinvested in the Company through open market purchases of common stock pursuant to the DRIP.

 

On November 6, 2024, 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 15, 2025 to stockholders of record as of the close of business on December 31, 2024, payable in cash or shares of common stock of the Company pursuant to the Company’s Dividend Reinvestment Plan, as amended.

 

From October 1, 2024 to November 7, 2024, the Company’s agent repurchased 21,668 shares of common stock at an average price of $16.09 per share for a total amount of $349.  As of November 7, 2024, $98,544 remains for repurchase under the Company’s 10b5-1 Plan.

 

48

 

 

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. was formed as a Delaware corporation that commenced operations on February 5, 2021. 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 Advisors Act of 1940, as amended. In accordance with the Investment Advisers Act of 1940, as amended, 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 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 have principal business activities 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 $7.1 billion related to middle market private credit as of September 30, 2024.

 

On May 24, 2024, we completed our initial public offering (“IPO”), issuing 6,000,000 shares of our common stock at a public offering price of $16.63 per share. Net of underwriting fees and offering expenses, we received net cash proceeds, before offering expenses, of $92.4 million. The Company’s common stock began trading on the New York Stock Exchange (“NYSE”) under the ticker symbol “KBDC” on May 22, 2024.

 

49

 

 

Recent Developments 

 

On October 15, 2024, we paid a regular dividend of $0.40 per share to each common stockholder of record as of September 30, 2024. The total dividend was $28.4 million and $4.5 million was reinvested into the Company through open market purchases of common stock.

 

On November 6, 2024, 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 15, 2025 to stockholders of record as of the close of business on December 31, 2024, payable in cash or shares of our common stock pursuant to our Dividend Reinvestment Plan, as amended.

 

From October 1, 2024 to November 7, 2024, our agent repurchased 21,668 shares of common stock at an average price of $16.09 per share for a total amount of $0.3 million.  As of November 7, 2024, $98.5 million remains for repurchase under our stock repurchase plan.

 

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, 2024, we had investments in 110 portfolio companies with an aggregate fair value of approximately $1,943 million, and unfunded commitments to these portfolio companies of $179 million, and our portfolio consisted of 98.0% first lien senior secured loans, 0.9% subordinated debt and 1.1% equity investments.

 

As of September 30, 2024, we held investments in broadly syndicated loans in 22 portfolio companies with an aggregate principal amount of $270 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. Prior to these investments, we had not held broadly syndicated loans since 2022. Consistent with our strategy at that time, 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, 2024, 100% of our debt investments had floating interest rates. Our weighted average yields for debt investments were as follows:

 

  ● private middle market loans at fair value and amortized cost weighted average yields were 11.9% and 12.0%, respectively

 

  ● broadly syndicated loans at fair value and amortized cost weighted average yields were 7.8% and 7.7%, respectively; and

 

  ● total debt investments at fair value and amortized cost weighted average yields were 11.3% and 11.4%, respectively

 

As of September 30, 2024, our portfolio was invested across 33 different industries (Global Industry Classification “GICS”, Level 3 – Industry). The largest industries in our portfolio as of September 30, 2024 were Trading Companies & Distributors, Food Products, Commercial Services & Supplies and Containers & Packaging, which represented, as a percentage of our portfolio of long-term investments, 14.6%, 9.7%, 7.8% and 7.7%, 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, 2024, our average position size based on commitment of private credit investments (at the portfolio company level) was $21.3 million.

 

50

 

 

As of September 30, 2024, the weighted average and median last twelve months (“LTM”) EBITDA of our portfolio companies were as follows:

  

  ● private middle market loans were $59.6 million and $33.7 million, respectively, based on fair value1

 

  ● broadly syndicated loans were $2,050.3 million and $1,210.8 million, respectively, based on fair value; and

 

  ● total investments were $349.5 million and $41.7 million, respectively, based on fair value1

 

As of September 30, 2024, 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 43.2%, based on par1

 

  ● broadly syndicated loans was 34.6%, based on par

 

  ● total investments was 42.0%, based on par1 ; 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, 2024, we had two debt investments on non-accrual status, which represented 1.0% and 1.2% of total debt investments at fair value and cost, respectively.

 

As of September 30, 2024, 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 4.4x and 2.9x, respectively, based on fair value1

 

  ● broadly syndicated loans were 3.3x and 4.0x, respectively, based on fair value; and

 

  ● total investments were 4.2x and 3.1x, respectively, based on fair value1

 

As of September 30, 2024, 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 value2

 

  ● broadly syndicated loans was 0%, based on fair value; and

 

  ● total investments was 85.7%, based on fair value2

 

 

1Excludes investments on watch list, which represent 3.7% of the total fair value of debt investments as of September 30, 2024.

 

2 Excludes opportunistic deals, which represent 2.0% of the total fair value of debt investments as of September 30, 2024.

 

51

 

 

Our investment activity for the three months ended September 30, 2024 and 2023 is presented below (information presented herein is at par value unless otherwise indicated).

 

   For the three months ended
September 30,		 
   2024
($ in millions)		   2023
($ in millions)		 
New investments:        
Gross new investments commitments  $182.6   $29.8 

Less: investment commitments sold down, exited or repaid(1)

   (82.5)   (36.8)
Net investment commitments  $100.1   $(7.0)
           
Principal amount of investments funded (2):          
Private credit investments  $183.8   $41.4 
Broadly syndicated loans   -    - 
Preferred and common equity investments   0.8    0.4 
Total principal amount of investments funded  $184.6   $41.8 
           
Principal amount of investments sold / repaid (2):          
Private credit investments  $(82.8)  $(41.8)
Broadly syndicated loans   (2.2)   - 
Total principal amount of investments sold or repaid  $(85.0)  $(41.8)
           
Number of new private credit investment commitments   14    2 
Average new private credit investment commitment amount  $12.8   $14.9 
Number of new broadly syndicated loan commitments   -    - 
Average new broadly syndicated loan commitment amount  $-   $- 
Weighted average maturity for new investment commitments(3)   4.9 years    3.7 years 
Percentage of new debt investment commitments at floating rates   100.0%   100.0%
Percentage of new debt investment commitments at fixed rates   0.0%   0.0%
Weighted average interest rate of new private credit investment commitments(4)   10.7%   11.3%
Weighted average interest rate of new broadly syndicated loan commitments(4)   -    - 
Weighted average interest rate on investments sold or paid down(5)   11.6%   12.3%

 

(1) Does not include repayments on revolving loans, which may be redrawn.

 

(2) Does not include restructured activity.

 

(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, 2024 per our Consolidated Schedule of Investments for new commitments entered into during the quarter.

 

(5) Based on the underlying rate if still held at September 30, 2024.  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). 

 

52

 

 

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, 2024 and December 31, 2023. This table excludes equity investments.

 

As of September 30, 2024     As of December 31, 2023  
Fair Value
($ in millions)		      %     Number of
Companies		      %     Fair Value
($ in millions)		      %     Number of
Companies		      %  
$ 71.8       3.7 %     5       4.5 %   $ 74.0       5.5 %     5       6.6 %

 

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, 2024 and December 31, 2023.

 

   September 30,
2024		   December 31,
2023		 
Trading companies & distributors   14.6%   15.3%
Food products   9.7%   11.5%
Commercial services & supplies   7.8%   9.4%
Containers & packaging   7.7%   7.2%
Health care providers & services   6.8%   7.4%
Aerospace & defense   4.9%   6.3%
Professional services   4.8%   4.5%
Leisure products   3.9%   3.3%
Personal care products   3.8%   3.0%
Automobile components   3.6%   2.0%
Machinery   3.1%   3.8%
IT services   2.7%   3.8%
Building products   2.3%   2.0%
Specialty retail   2.2%   0.7%
Textiles, apparel & luxury goods   2.1%   3.3%
Insurance   2.0%   2.2%
Pharmaceuticals   1.9%   0.5%
Software   1.8%   2.5%
Chemicals   1.6%   3.1%
Diversified telecommunication services   1.6%   0.4%
Wireless telecommunication services   1.5%   2.1%
Health care equipment & supplies   1.5%   1.5%
Hotels, restaurants & leisure   1.4%   -%
Household durables   1.0%   1.5%
Entertainment   0.9%   -%
Household products   0.8%   1.2%
Media   0.8%   -%
Construction materials   0.8%   -%
Biotechnology   0.7%   0.9%
Semiconductors & semiconductor equipment   0.6%   -%
Electrical equipment   0.5%   -%
Capital markets   0.4%   0.6%
Diversified consumer services   0.2%   -%
    100.0%   100.0%

 

53

 

 

Results of Operations

 

For the three and nine months ended September 30, 2024 and 2023, 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, 2024 and 2023.

 

   For the three months ended
September 30,		   For the nine months ended
September 30,		 
   2024   2023   2024   2023 
   ($ in millions)   ($ in millions)   ($ in millions)   ($ in millions) 
Total investment income  $    57.8   $41.2   $156.7   $118.3 
Less: Net expenses   (20.7)   (19.8)   (61.5)   (55.9)
Net investment income   37.1    21.4    95.2    62.4 
Net realized gains (losses) on investments   -    -    (0.1)   - 
Net change in unrealized gains (losses) on investments   0.5    (7.5)   1.4    (8.1)
Net increase (decrease) in net assets resulting from operations  $37.6   $13.9   $96.5   $54.3 

 

Investment Income

 

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. Investment income for the three and nine months ended September 30, 2023, totaled $41.2 million and $118.3 million, respectively, and consisted primarily of interest income on our debt investments. 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. For the three and nine months ended September 30, 2023, we had $0.3 million and $1.3 million of PIK interest included in interest income. As of September 30, 2024, we had two debt investments on non-accrual status. As of September 30, 2023, we had one investment on non-accrual status and classified as non-income producing.

 

Expenses

 

Operating expenses for the three and nine months ended September 30, 2024 and 2023 were as follows:

 

   For the three months ended
September 30,		   For the nine months ended
September 30,		 
   2024   2023   2024   2023 
   ($ in millions)   ($ in millions)   ($ in millions)   ($ in millions) 
Interest and debt financing expenses  $16.1   $13.9   $45.0   $38.4 
Management fees   4.7    2.9    12.5    8.4 
Incentive fees   5.6    2.4    12.3    6.9 
Directors fees   0.1    0.1    0.5    0.5 
Other operating expenses   1.0    0.5    2.6    1.7 
  Total expenses   27.5    19.8    72.9    55.9 
Management fee waiver (Note 3)   (1.2)   -    (1.7)   - 
Incentive fee waiver (Note 3)   (5.6)   -    (9.7)   - 
  Net expenses  $20.7   $19.8   $61.5   $55.9 

 

54

 

 

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, 2024 and 2023, 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,		 
   2024   2023   2024   2023 
   ($ in millions)   ($ in millions)   ($ in millions)   ($ in millions) 
Unrealized gains on investments  $8.0   $3.7   $14.9   $7.3 
Unrealized (losses) on investments   (7.5)   (11.2)   (13.5)   (15.4)
Net change in unrealized gains (losses) on investments  $0.5   $(7.5)  $1.4   $(8.1)

 

For these three-month periods ended September 30, 2024 and 2023, the top five largest contributors to the change in unrealized gains and change in unrealized losses on investments are presented in the following tables.

 

   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(1)   (0.6)
Siegel Egg Co.,LLC   (0.6)
Total Unrealized Appreciation (Depreciation), net  $0.5 

 

(1)Portfolio company is non-controlled affiliated investment.

 

   For the three months ended 
   September 30,
2023		 
   ($ in millions) 
Portfolio Company    
Genuine Cable Group, LLC  $0.7 
4 Over International, LLC   0.4 
Innopak Industries, Inc.   0.4 
City Line Distributors, LLC   0.4 
BR PJK Produce, LLC (Keany)   0.3 
Other portfolio companies unrealized gains   1.5 
Other portfolio companies unrealized (losses)   (1.6)
Techniks Holdings, LLC / Eppinger Holdings Germany GMBH   (0.3)
Centerline Communications, LLC   (0.3)
IF&P Foods, LLC (FreshEdge)   (0.4)
Sundance Holdings Group, LLC   (0.4)
Arborworks Acquisition LLC   (8.2)
Total Unrealized Appreciation (Depreciation), net  $(7.5)

 

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For these nine-month periods ended September 30, 2024 and 2023, the top five largest contributors to the change in unrealized gains and change in unrealized losses on investments are presented in the following tables.

 

   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(1)   (2.0)
Total Change in Unrealized Gain (Loss), net  $1.4 

 

(1)Portfolio company is non-controlled affiliated investment.

 

   For the nine months ended 
   September 30,
2023		 
   ($ in millions) 
Portfolio Company    
BLP Buyer, Inc. (Bishop Lifting Products)  $0.7 
Silk Holdings III Corp. (Suave)   0.6 
Engineered Fastener Company, LLC (EFC International)   0.5 
Light Wave Dental Management LLC   0.5 
Krayden Holdings, Inc.   0.4 
Other portfolio companies unrealized gains   4.6 
Other portfolio companies unrealized (losses)   (3.9)
LSL Industries, LLC (LSL Healthcare)   (0.5)
IF&P Foods, LLC (FreshEdge)   (0.6)
Centerline Communications, LLC   (0.7)
Siegel Egg Co., LLC   (1.4)
Arborworks Acquisition LLC   (8.3)
Total Change in Unrealized Gain (Loss), net  $(8.1)

 

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 will be 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. 

 

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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, 2024 and December 31, 2023, our asset coverage ratios were 251% and 198%, 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, 2024, we had $75 million Notes outstanding, $713 million borrowed under our credit facilities and cash and cash equivalents of $61.8 million (including short-term investments). As of that date, we had $437 million of undrawn commitments available on our credit facilities (subject to borrowing base restrictions and other conditions). As of November 7, 2024, we had $75 million Notes outstanding, $740 million borrowed under our credit facilities and cash and cash equivalents of $56.5 million (including short-term investments).

 

IPO and Capital Contributions

 

On May 24, 2024, we completed our IPO, issuing 6,000,000 shares of our common stock at a public offering price of $16.63 per share. Net of underwriting fees and offering expenses, we received net cash proceeds, of $92.4 million. The Company’s common stock began trading on the New York Stock Exchange (“NYSE”) under the ticker symbol “KBDC” on May 22, 2024.

 

On April 2, 2024, we issued 16,232,415 shares of our common stock related to capital called at an aggregate purchase price of $269.9 million. Following the final close on April 2, 2024, we had called all of our capital relating to our $1,046.9 million in existing subscription agreements that we had entered into with investors through a private offering, and we do not have any remaining undrawn capital commitments. 

 

Senior Unsecured Notes

 

As of September 30, 2024, 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”).

 

Credit Facilities

 

Corporate Credit Facility: As of September 30, 2024, we are party to a senior secured revolving credit facility (the “Corporate Credit Facility”), that has a total commitment of $400 million. The facility’s commitment termination date and the final maturity date are February 18, 2026 and February 18, 2027, respectively. The Corporate Credit Facility also provides for a feature that allows us, under certain circumstances, to increase the overall size of the Corporate Credit Facility to a maximum of $550 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 2.35% per annum or an “alternate base rate” (as defined in the agreements governing the Corporate Credit Facility) plus an applicable spread of 1.25%. We are also required to pay a commitment fee of 0.375% per annum on any unused portion of the Corporate Credit Facility.

 

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Revolving Funding Facility: As of September 30, 2024, 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 $600 million. The Revolving Funding Facility is secured by all of the assets held by, and the membership interest in, KABDCF. The end of the reinvestment period was extended to April 2, 2027 and the maturity date was extended to April 3, 2029. The interest rate on the Revolving Funding Facility was reduced from daily SOFR plus 2.75% per annum to SOFR plus 2.375% - 2.50% per annum depending on the mix of loans securing the Revolving Funding Facility.

 

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: As of September 30, 2024, 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 $150 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 the Company has agreed that it will not grant or allow a lien on the membership interest of KABDCF II. The end of the reinvestment period and the stated maturity date for the Revolving Funding Facility II are December 22, 2026, and December 22, 2028, respectively. The interest rate on the Revolving Funding Facility II is equal to 3-month term SOFR plus 2.70% per annum. KABDCF II is also required to pay a commitment fee of 0.50% between December 22, 2023 and September 22, 2024 and 0.75% thereafter on the unused portion of the Revolving Funding Facility II.

  

Contractual Obligations

 

A summary of our significant contractual principal payment obligations related to the repayment of our outstanding indebtedness at September 30, 2024 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   $          -   $25.0   $50.0   $      - 
Corporate Credit Facility   221.0    -    221.0    -    - 
Revolving Funding Facility   409.0    -    -    409.0    - 
Revolving Funding Facility II   83.0    -    -    83.0    - 
Total contractual obligations  $788.0   $-   $246.0   $542.0   $- 

 

Off-Balance Sheet Arrangements

 

As of September 30, 2024 and December 31, 2023, we had an aggregate $179.0 million and $147.9 million, respectively, of unfunded commitments 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, 2023 and in this Quarterly Report. See Note 2 to our consolidated financial statements for the nine months ended September 30, 2024, for more information on our critical accounting policies.

 

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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.

 

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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. 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 the Investment Advisory Agreement with our Advisor. In addition, on March 6, 2024, the Board approved an amended and restated investment advisory agreement (the “Amended Investment Advisory Agreement”) and a fee waiver agreement (the “Fee Waiver Agreement”) between the Company and the Advisor, which became effective upon the completion of the initial public offering of shares of common stock on May 24, 2024 (the “IPO Date”). On March 6, 2024, the Board approved an additional one-year term of the Investment Advisory Agreement from March 16, 2024 to March 15, 2025.

 

For services rendered under the 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.

 

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 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 will provide or oversee the performance of its required administrative services and professional services rendered by others, which will include (but are not limited to), accounting, payment of our expenses, legal, compliance, operations, technology and investor relations, preparation and filing of its tax returns, and preparation of financial reports provided to its stockholders and filed with the SEC. On March 6, 2024, the Board approved an additional one-year term of the Administration Agreement through March 15, 2025.

 

We will 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) will be 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 will provide 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 Trademark Global LLC and TG Parent Newco LLC (Trademark Global LLC), both 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.

 

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Item 3. Quantitative and Qualitative Disclosures About Market Risk.

 

We are subject to financial market risks, including changes in interest rates. Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

 

Assuming that the consolidated statement of assets and liabilities as of September 30, 2024 were to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact ($ in millions) of hypothetical base rate changes in interest rate (considering interest rate floors for floating rate instruments). We do not include our investments on non-accrual status and classified as non-incoming producing as of September 30, 2024 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  $(38.2)  $(14.3)  $(23.9)
Down 100 basis points  $(19.1)  $(7.1)  $(12.0)
Up 100 basis points  $19.1   $7.1   $12.0 
Up 200 basis points  $38.2   $14.3   $23.9 

 

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, 2024 (the end of the period covered by this report), we, including our Chief Executive Officer 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 Chief Executive Officer 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 Chief Executive Officer 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.

 

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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 in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, 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, 2023 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.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

Sales of Unregistered Securities

 

As set forth in the table below (dollars in thousands, except per share and share amounts), during the nine months ended September 30, 2024, we issued and sold 23,322,186 shares of common stock at an aggregate offering amount of approximately $388.6 million. The issuance of the shares of common stock was exempt from the registration requirements of the Securities Act, pursuant to Section 4(a)(2) and Rule 506(b) of Regulation D thereof and previously reported by us on our current reports on Form 8-K. The Company relied, in part, upon representations from the investors in the subscription agreements that each investor was an accredited investor as defined in Regulation D under the Securities Act.

 

   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 
         23,322,186   $388,634 

 

Issuer Purchases of Equity Securities

 

On May 21, 2024, the Company entered into a share repurchase plan, or the Company 10b5-1 Plan, to acquire up to $100 million 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 beginning 60 calendar days following the end of the “restricted period” under Regulation M and will terminate upon the earliest to occur of (i) the close of business on May 24, 2025, (ii) the end of the trading day on which the aggregate purchase price for all shares purchased under the Company 10b5-1 Plan equals $100 million and (iii) the occurrence of certain other events described in the Company 10b5-1 Plan.

 

The “restricted period” under Regulation M ended upon the closing of the Company’s IPO and, therefore, the Common Stock repurchases/purchases described above began on July 23, 2024.

 

During the nine months ended September 30, 2024, the Company repurchase 68,680 shares under the Company’s 10b5-1 Plan for a total of $1,107.

 

Item 3. Default Upon Senior Securities.

 

None.

 

Item 4. Mine Safety Disclosures.

 

Not applicable.

 

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Item 5. Other Information.

 

None.

 

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   Investment Advisory Agreement (1)
10.2   Amendment to Investment Advisory Agreement (3)
10.3   Amended and Restated Investment Advisory Agreement (12)
10.4   Fee Waiver Agreement (12)
10.5   Administration Agreement (1)
10.6   License Agreement (1)
10.7   Indemnification Agreement (1)
10.8   Custody Agreement (1)
10.9   Subscription Agreement (1)
10.10   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)
10.11   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)
10.12   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)
10.13   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)
10.14   Senior Secured Revolving Credit Agreement (4)
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   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)
10.20   Notes Purchase Agreement, dated June 29, 2023, by and among the Company and the Purchasers party thereto (8)
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.

63

 

 

(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.

 

64

 

 

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 13, 2024   /s/ Douglas L. Goodwillie
  Name:  Douglas L. Goodwillie
  Title: Co-Chief Executive Officer
    (Co-Principal Executive Officer)
     
Date: November 13, 2024   /s/ Kenneth B. Leonard
  Name:  Kenneth B. Leonard
  Title: Co-Chief Executive Officer
    (Co-Principal Executive Officer)
     
Date: November 13, 2024   /s/ Terry A. Hart
  Name: Terry A. Hart
  Title: Chief Financial Officer and Treasurer
    (Principal Financial and Accounting Officer)

 

 

65

 

 

As of December 31, 2023, all 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. In November 2023, the Company completed a restructure of the investment in Arborworks Acquisition LLC whereby the existing term loan and revolver were restructured to a new term loan and preferred and common equity. KABDC Corp II, LLC, a wholly owned subsidiary of the Company, holds the preferred and common equity of Arborworks Acquisition LLC that the Company owns following this restructure. 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.. 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 September 30, 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 $1,903,450. The restructure extended the maturity from July 30, 2024 to July 30, 2030; the rate changed from S + 5.75% to S + 8.50%. 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, 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 September 30, 2024 were as follows: Investment Value at December 31, 2023 Gross Additions(a) Gross Reductions (b) Net Change in Unrealized Gains (Losses) Value at September 30, 2024 Interest and PIK Income Dividend Income Other Income Trademark Global, LLC $ 13,129 $ 1,010 $ - $ (1,943 ) $ 12,196 $ 754 $ - $ - TG Parent Newco LLC (Trademark Global LLC) - - - - - - - - Total $ 13,129 $ 1,010 $ - $ (1,943 ) $ 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. As of December 31, 2023, the tax cost of the Company’s investments approximates their amortized cost. Loan contains a variable rate structure, that may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the Secured Overnight Funding Rate (“SOFR” or “S”) (which can include one-, three- or six-month SOFR), or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate or “P”). Non-qualifying investment as defined by Section 55(a) of the Investment Company Act of 1940. 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