Kayne Anderson BDC, Inc. (KBDC) SEC Filings & Earnings Calls

Non-accrual investments increased to 2.7% of debt portfolio at fair value, up from 2.5% prior quarter.

“Non-accrual investments at fair value $59.1M; non-accrual percentage 2.7%.”

Realized losses of $12.2M in the quarter, primarily from Sundance Holdings liquidation.

“Realized losses of $12.2 million, primarily due to Sundance Holdings Group, LLC.”

Leverage increased to 1.17x debt-to-equity from 1.05x, indicating higher financial risk.

“Total debt outstanding $1.238B; debt-to-equity 1.17x.”

Credit Losses

“As of June 30, 2026, we had debt investments on non-accrual status, which represented 2.7% and 4.5% of total debt investments at fair value and cost, respectively.” · word for word

Leverage Risk

“As of June 30, 2026 and December 31, 2025, our asset coverage ratios were 186% and 198%, respectively.” · word for word

Concentration Risk

“The largest industries in our portfolio as of June 30, 2026 were Health Care Providers & Services, Commercial Services & Supplies, Distributors and Food Products, which represented, as a percentage of our portfolio of long-term investments, 13.2%, 11.7%, 10.4% and 9.9%, respectively” · word for word

Board composition change; low risk as no disagreement and board remains with majority independent directors.

“Resignation not due to disagreement; board now has 6 directors, 4 independent.”

Non-accrual investments increased to 2.5% from 1.4% of debt portfolio at fair value.

“Non-accrual investments as a percentage of debt investments at fair value 2.5% vs 1.4%”

Realized loss of $2.0M from debt restructure of Regiment Security Partners.

“completed a restructure of its debt investment in Regiment Security Partners LLC... recognized a $2.0 million realized loss” · word for word

Credit quality deterioration

“we had debt investments on non-accrual status, which represented 2.5% and 4.1% of total debt investments at fair value and cost, respectively.” · word for word

Realized losses from restructurings

“we completed a restructure of our debt investment in Regiment Security Partners LLC ... we recognized a $2.0 million realized loss” · word for word

Concentration in cyclical industries

“largest industries: Commercial Services & Supplies 12.4%, Health Care Providers & Services 11.1%, Distributors 11.1%, Food Products 10.4%”

Concentrated ownership by large institutional holders

“The Bank of New York Mellon as Trustee for Koch Companies Defined Benefit Master Trust owns 18.3% of KBDC.” · word for word

Potential conflicts of interest with Advisor

“The Advisors concurrently manage accounts that are pursuing an investment strategy similar to the Companies’ strategies, and Companies may compete with these and other entities managed by affiliates of the Advisors for capital and investment opportunities.” · word for word

Declining portfolio yields from 10.4% to 10.1% could pressure future NII.

“Weighted average yield on total debt portfolio 10.1% vs 10.4%.”

Non-accrual investments at $30.95M (1.4% of debt portfolio) remain stable but represent credit risk.

“Non-accrual investments at fair value $30,951; non-accrual investments as a percentage of debt investments at fair value 1.4%.”

Net realized and unrealized losses of $0.12 per share in Q4.

“Net realized and unrealized losses per share $(0.12).”

Credit quality deterioration

“As of September 30, 2025, we had five debt investments on non-accrual status... As of September 30, 2024, we had two debt investment on non-accrual status.” · word for word

Net investment income decline

“Net investment income 30.0 37.1 87.5 95.2” · word for word

NAV per share decreased slightly due to unrealized losses, indicating potential mark-to-market volatility in the portfolio

“Net asset value of $16.34 per share, decreased from $16.37 per share as of June 30, 2025, primarily as a result of unrealized losses of $0.08” · word for word

Increase in debt-to-equity ratio from 0.91x to 1.01x, indicating higher leverage

“Total debt-to-equity ratio: 1.01x (Sep 30, 2025) vs 0.91x (Jun 30, 2025)”