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 June 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 August 8, 2024, the registrant had 71,093,551 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 June 30, 2024 (Unaudited) and December 31, 2023 1
  Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 (Unaudited) 2
  Consolidated Statement of Changes in Net Assets for the three and six months ended June 30, 2024 and 2023 (Unaudited) 3
  Consolidated Statement of Cash Flows for the six months ended June 30, 2024 and 2023 (Unaudited) 4
  Consolidated Schedule of Investments as of June 30, 2024 (Unaudited) and December 31, 2023 5
  Notes to Consolidated Financial Statements (Unaudited) 23
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 47
Item 3. Quantitative and Qualitative Disclosures About Market Risk 59
Item 4. Controls and Procedures 59
     
PART II. OTHER INFORMATION 60
Item 1. Legal Proceedings 60
Item 1A. Risk Factors 60
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 60
Item 3. Defaults Upon Senior Securities 60
Item 4. Mine Safety Disclosures 60
Item 5. Other Information 61
Item 6. Exhibits 61
     
Signatures 63

 

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)

 

   June 30,
2024
(Unaudited)		   December 31,
2023		 
Assets:        
Investments, at fair value:        
Long-term investments (amortized cost of $1,825,906 and $1,343,223)  $1,847,058   $1,363,498 
Short-term investments (amortized cost of $20,344 and $12,802)   20,344    12,802 
Cash and cash equivalents   20,271    34,069 
Receivable for principal payments on investments   5,280    104 
Interest receivable   16,780    12,874 
Prepaid expenses and other assets   117    319 
Total Assets  $1,909,850   $1,423,666 
           
Liabilities:          
Corporate Credit Facility (Note 6)  $75,000   $234,000 
Unamortized Corporate Credit Facility issuance costs   (1,321)   (1,715)
Revolving Funding Facility (Note 6)   389,000    306,000 
Unamortized Revolving Funding Facility issuance costs   (5,808)   (2,019)
Revolving Funding Facility II (Note 6)   83,000    70,000 
Unamortized Revolving Funding Facility II issuance costs   (1,571)   (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   (748)   (851)
Payable for investments purchased   72,322    
-
 
Distributions payable   28,446    22,050 
Management fee payable (Note 3)   3,780    2,996 
Incentive fee payable (Note 3)   -    14,195 
Accrued expenses and other liabilities   14,574    11,949 
Accrued excise tax expense   
-
    101 
Total Liabilities  $731,674   $740,610 
           
Commitments and contingencies (Note 8)   
 
    
 
 
           
Net Assets:          
Common Shares, $0.001 par value; 100,000,000 shares authorized; 71,116,459 and 41,603,666 as of June 30, 2024 and December 31, 2023, respectively, issued and outstanding  $71   $42 
Additional paid-in capital   1,154,108    669,990 
Total distributable earnings (deficit)   23,997    13,024 
Total Net Assets  $1,178,176   $683,056 
Total Liabilities and Net Assets  $1,909,850   $1,423,666 
Net Asset Value Per Common Share  $16.57   $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
June 30,		   For the six months ended
June 30,		 
   2024   2023   2024   2023 
Income:                
Investment income from investments:                
Interest income  $51,991   $40,746   $98,228   $77,112 
Dividend income   462    
-
    719    - 
Total Investment Income   52,453    40,746    98,947    77,112 
                     
Expenses:                    
Management fees   4,251    2,848    7,773    5,533 
Incentive fees   4,109    2,420    6,740    4,558 
Interest expense   13,239    13,002    28,895    24,525 
Professional fees   375    143    639    293 
Directors fees   158    178    305    317 
Other general and administrative expenses   508    422    979    871 
Total Expenses   22,640    19,013    45,331    36,097 
Less: Management fee waiver (Note 3)   (471)   
-
    (471)   
-
 
Less: Incentive fee waiver (Note 3)   (4,109)   
-
    (4,109)   
-
 
Net expenses   18,060    19,013    40,751    36,097 
Net Investment Income (Loss)   34,393    21,733    58,196    41,015 
                     
Realized and unrealized gains (losses) on investments                    
Net realized gains (losses):                    
Investments   (138)   
-
    (138)   
-
 
Total net realized gains (losses)   (138)   
-
    (138)   
-
 
Net change in unrealized gains (losses):                    
Investments   (3,075)   (731)   877    (606)
Total net change in unrealized gains (losses)   (3,075)   (731)   877    (606)
Total realized and unrealized gains (losses)   (3,213)   (731)   739    (606)
                     
Net Increase (Decrease) in Net Assets Resulting from Operations  $31,180   $21,002   $58,935   $40,409 
                     
Per Common Share Data:                    
Basic and diluted net investment income per common share
  $0.51   $0.56   $1.03   $1.10 
Basic and diluted net increase in net assets resulting from operations
  $0.46   $0.54   $1.05   $1.08 
Weighted Average Common Shares Outstanding - Basic and Diluted
   67,426,904    38,905,173    56,386,161    37,425,525 

 

See accompanying notes to consolidated financial statements.

 

2

 

Kayne Anderson BDC, Inc.

Consolidated Statements of Changes in Net Assets

(amounts in 000’s)

(Unaudited)

 

   For the three months ended
June 30,		   For the six months ended
June 30,		 
   2024   2023   2024   2023 
Increase (Decrease) in Net Assets Resulting from Operations:                
Net investment income (loss)  $34,393   $21,733   $58,196   $41,015 
Net realized gains (losses) on investments   (138)   
-
    (138)   
-
 
Net change in unrealized gains (losses) on investments   (3,075)   (731)   877    (606)
Net Increase (Decrease) in Net Assets Resulting from Operations   31,180    21,002    58,935    40,409 
                     
Decrease in Net Assets Resulting from Stockholder Dividends                    
Dividends to stockholders   (28,446)   (20,678)   (47,962)   (37,568)
Net Decrease in Net Assets Resulting from Stockholder Dividends   (28,446)   (20,678)   (47,962)   (37,568)
                     
Increase in Net Assets Resulting from Capital Share Transactions                    
Issuance of common shares, net of underwriting and offering costs   362,308    50,000    480,997    50,000 
Reinvestment of dividends   1,577    1,089    3,150    2,044 
Net Increase in Net Assets Resulting from Capital Share Transactions   363,885    51,089    484,147    52,044 
Total Increase (Decrease) in Net Assets   366,619    51,413    495,120    54,885 
Net Assets, Beginning of Period   811,557    595,513    683,056    592,041 
Net Assets, End of Period  $1,178,176   $646,926   $1,178,176   $646,926 

 

See accompanying notes to consolidated financial statements.

 

3

 

Kayne Anderson BDC, Inc.

Consolidated Statements of Cash Flows

(amounts in 000’s)

(Unaudited)

 

   For the six months ended
June 30,		 
   2024   2023 
         
Cash Flows from Operating Activities:        
Net increase (decrease) in net assets resulting from operations  $58,935   $40,409 
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   (877)   606 
Net accretion of discount on investments   (5,289)   (4,317)
Sales (purchases) of short-term investments, net   (7,542)   (5,247)
Purchases of portfolio investments   (608,157)   (177,629)
Proceeds from sales of investments and principal repayments   131,288    63,543 
Paid-in-kind interest from portfolio investments   (663)   (1,035)
Amortization of deferred financing cost   1,824    1,184 
Increase/(decrease) in operating assets and liabilities:          
(Increase)/decrease in interest and dividends receivable   (3,906)   (1,826)
(Increase)/decrease in receivable for principal payments on investments   (5,176)   (37)
Increase/(decrease) in excise tax payable   (101)   
-
 
(Increase)/decrease in prepaid expenses and other assets   202    140 
Increase/(decrease) in payable for investments purchased   72,322    (956)
Increase/(decrease) in management fees payable   784    433 
Increase/(decrease) in incentive fee payable   (14,195)   4,558 
Increase/(decrease) in accrued other general and administrative expenses   2,625    2,530 
Net cash used in operating activities   (377,788)   (77,644)
Cash Flows from Financing Activities:           
Borrowings/(payments) on Corporate Credit Facility, net   (159,000)   (32,000)
Borrowings on Revolving Funding Facility, net   83,000    120,000 
Borrowings on Revolving Funding Facility II, net   13,000    
-
 
Borrowings/(payments) on Subscription Credit Agreement, net   (10,750)   (99,000)
Payments of debt issuance costs   (4,841)   (1,689)
Dividends paid in cash   (38,416)   (30,274)
Proceeds from issuance of common shares, net of underwriting & offering costs   480,997    50,000 
Proceeds from issuance of Notes   
-
    75,000 
Net cash provided by financing activities   363,990    82,037 
Net increase (decrease) in cash and cash equivalents   (13,798)   4,393 
Cash and cash equivalents, beginning of period   34,069    8,526 
Cash and cash equivalents, end of period  $20,271   $12,919 
           
Supplemental and Non-Cash Information:          
Interest paid during the period  $25,339   $20,556 
Non-cash financing activities not included herein consisted of reinvestment of dividends  $3,150   $2,044 

 

See accompanying notes to consolidated financial statements.

 

4

 

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of June 30, 2024

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

(Unaudited)

 

            Maturity  Principal /   Amortized   Fair   Percentage 
Portfolio Company(1)  Footnotes  Investment (2)  Interest Rate  Date  Par   Cost(3)(4)   Value   of Net Assets 
Debt and Equity Investments                                
Aerospace & defense                                
Basel U.S. Acquisition Co., Inc. (IAC)  (5)(6)  First lien senior secured revolving loan  11.49% (S + 6.00%)  12/5/2028  $-   $-   $-    0.0%
      First lien senior secured loan  11.49% (S + 6.00%)  12/5/2028   18,401    18,006    18,401    1.5%
Fastener Distribution Holdings, LLC  (5)  First lien senior secured loan  11.98% (S + 6.50%)  10/1/2025   20,391    20,102    20,456    1.7%
      First lien senior secured delayed draw loan  11.98% (S + 6.50%)  10/1/2025   9,052    8,987    9,081    0.8%
Precinmac (US) Holdings, Inc.  (5)  First lien senior secured loan  11.43% (S + 6.00%)  8/31/2027   5,325    5,264    5,325    0.4%
      First lien senior secured delayed draw loan  11.43% (S + 6.00%)  8/31/2027   1,096    1,084    1,096    0.1%
TransDigm Inc  (5)  First lien senior secured loan  8.08% (S + 2.75%)  8/24/2028   10,035    10,086    10,050    1.0%
Vitesse Systems Parent, LLC  (5)  First lien senior secured loan  12.46% (S + 7.00%)  12/22/2028   31,052    30,341    31,052    2.6%
      First lien senior secured revolving loan  12.44% (S + 7.00%)  12/22/2028   4,367    4,256    4,367    0.4%
                99,719    98,126    99,828    8.5%
Automobile components                                
Clarios Global LP  (5)(6)  First lien senior secured loan  8.34% (S + 3.00%)  5/6/2030   10,060    10,101    10,063    0.9%
Speedstar Holding LLC  (5)  First lien senior secured loan  12.75% (S + 7.25%)  1/22/2027   4,832    4,782    4,832    0.4%
      First lien senior secured loan  12.72% (S + 7.25%)  1/22/2027   1,149    1,126    1,149    0.1%
      First lien senior secured delayed draw loan  12.75% (S + 7.25%)  1/22/2027   270    264    270    0.0%
Vehicle Accessories, Inc.  (5)  First lien senior secured loan  10.71% (S + 5.25%)  11/30/2026   26,559    26,291    26,559    2.2%
      First lien senior secured revolving loan  10.71% (S + 5.25%)  11/30/2026   138    98    138    0.0%
                43,008    42,662    43,011    3.6%
Biotechnology                                
Alcami Corporation (Alcami)  (5)  First lien senior secured delayed draw loan  12.49% (S + 7.00%)  12/21/2028   853    811    870    0.1%
      First lien senior secured revolving loan  12.49% (S + 7.00%)  12/21/2028   -    -    -    0.0%
      First lien senior secured loan  12.49% (S + 7.00%)  12/21/2028   11,589    11,270    11,820    1.0%
                12,442    12,081    12,690    1.1%
Building products                                
Eastern Wholesale Fence  (5)  First lien senior secured loan  13.48% (S + 8.00%)  10/30/2025   18,624    18,247    18,624    1.6%
      First lien senior secured revolving loan  13.48% (S + 8.00%)  10/30/2025   1,077    1,073    1,077    0.1%
Ruff Roofers Buyer, LLC  (5)  First lien senior secured loan  11.08% (S + 5.75%)  11/19/2029   7,150    6,895    7,150    0.6%
      First lien senior secured revolving loan  11.08% (S + 5.75%)  11/19/2029   -    -    -    0.0%
                26,851    26,215    26,851    2.3%
Capital markets                                
Atria Wealth Solutions, Inc.  (5)  First lien senior secured loan  12.09% (S + 6.50%)  11/29/2024   5,061    5,057    5,061    0.4%
      First lien senior secured delayed draw loan  12.09% (S + 6.50%)  11/29/2024   3,202    3,180    3,202    0.3%
                8,263    8,237    8,263    0.7%
Chemicals                                
Fralock Buyer LLC  (5)  First lien senior secured loan  11.83% (S + 6.00%, 0.50% PIK)  3/31/2025   11,656    11,627    11,627    1.0%
      First lien senior secured revolving loan  11.83% (S + 6.00%, 0.50% PIK)  3/31/2025   649    643    647    0.1%
Nouryon USA, LLC  (5)  First lien senior secured loan  8.83% (S + 3.50%)  4/3/2028   10,035    10,093    10,050    0.9%
Shrieve Chemical Company, LLC  (5)  First lien senior secured loan  11.80% (S + 6.38%)  12/2/2024   8,608    8,566    8,608    0.7%
USALCO, LLC  (5)  First lien senior secured loan  11.60% (S + 6.00%)  10/19/2027   18,891    18,627    18,891    1.5%
      First lien senior secured revolving loan  11.34% (S + 6.00%)  10/19/2026   1,049    1,026    1,049    0.1%
                50,888    50,582    50,872    4.3%

 

5

 

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of June 30, 2024

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

(Unaudited)

 

            Maturity  Principal /   Amortized   Fair   Percentage 
Portfolio Company(1)  Footnotes  Investment (2)  Interest Rate  Date  Par   Cost(3)(4)   Value   of Net Assets 
Commercial services & supplies                                
Advanced Environmental Monitoring  (5)(7)  First lien senior secured loan  11.74% (S + 6.25%)  1/29/2026   10,158    10,033    10,158    0.9%
Alight Solutions (Tempo Acquisition LLC)  (5)  First lien senior secured loan  7.59% (S + 2.25%)  8/31/2028   10,010    10,049    10,044    0.9%
Allentown, LLC  (5)  First lien senior secured loan  11.50% (S + 6.00%)  4/22/2027   7,547    7,504    7,547    0.6%
      First lien senior secured delayed draw loan  11.50% (S + 6.00%)  4/22/2027   1,363    1,350    1,363    0.1%
      First lien senior secured revolving loan  13.50% (P + 5.00%)  4/22/2027   357    357    357    0.0%
American Equipment Holdings LLC  (5)  First lien senior secured loan  11.74% (S + 6.00%)  11/5/2026   17,868    17,661    17,868    1.5%
      First lien senior secured loan  11.68% (S + 6.00%)  11/5/2026   2,075    2,049    2,075    0.2%
      First lien senior secured loan  11.70% (S + 6.00%)  11/5/2026   2,639    2,588    2,639    0.2%
      First lien senior secured delayed draw loan  11.74% (S + 6.00%)  11/5/2026   6,208    6,123    6,208    0.5%
      First lien senior secured delayed draw loan  11.68% (S + 6.00%)  11/5/2026   4,944    4,891    4,944    0.4%
      First lien senior secured revolving loan  11.71% (S + 6.00%)  11/5/2026   1,288    1,250    1,288    0.1%
Arborworks Acquisition LLC  (5)(8)(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)  (5)  First lien senior secured loan  11.09% (S + 5.75%)  12/22/2029   27,322    26,822    27,322    2.3%
      First lien senior secured delayed draw loan  11.09% (S + 5.75%)  12/22/2029   3,186    3,126    3,186    0.3%
      First lien senior secured revolving loan  11.09% (S + 5.75%)  12/22/2029   273    202    273    0.0%
Diverzify Intermediate LLC  (5)  First lien senior secured delayed draw loan  11.19% (S + 5.75%)  4/4/2026   -    -    -    0.0%
      First lien senior secured loan  11.19% (S + 5.75%)  5/11/2027   6,048    5,878    6,048    0.5%
Gusmer Enterprises, Inc.  (5)  First lien senior secured loan  11.96% (S + 6.50%)  5/7/2027   4,181    4,133    4,181    0.4%
      First lien senior secured delayed draw loan  11.96% (S + 6.50%)  5/7/2027   7,005    6,885    7,005    0.6%
      First lien senior secured revolving loan  11.96% (S + 6.50%)  5/7/2027   -    -    -    0.0%
PMFC Holding, LLC  (5)  First lien senior secured loan  12.98% (S + 7.50%)  7/31/2025   5,533    5,441    5,533    0.5%
      First lien senior secured delayed draw loan  12.98% (S + 7.50%)  7/31/2025   2,775    2,773    2,775    0.2%
      First lien senior secured revolving loan  12.98% (S + 7.50%)  7/31/2025   616    616    616    0.1%
Regiment Security Partners LLC  (5)  First lien senior secured loan  15.48% (S + 10.00%)  9/15/2026   6,364    6,304    6,364    0.6%
      First lien senior secured delayed draw loan  15.48% (S + 10.00%)  9/15/2026   2,602    2,585    2,602    0.2%
      First lien senior secured revolving loan  15.48% (S + 10.00%)  9/15/2026   1,448    1,430    1,448    0.1%
                138,843    137,083    138,877    11.80%
Construction materials                                
Quikrete Holdings Inc  (5)  First lien senior secured loan  7.59% (S + 2.25%)  3/19/2029   14,925    14,925    14,925    1.3%
                                 
Containers & packaging                                
Carton Packaging Buyer, Inc. (Century Box)  (5)  First lien senior secured loan  11.56% (S + 6.25%)  10/30/2028   24,140    23,538    24,140    2.0%
      First lien senior secured revolving loan  11.56% (S + 6.25%)  10/30/2028   -    -    -    0.0%
Drew Foam Companies, Inc.  (5)  First lien senior secured loan  12.73% (S + 7.25%)  11/5/2025   7,015    6,974    7,015    0.6%
      First lien senior secured loan  12.72% (S + 7.25%)  11/5/2025   19,940    19,749    19,940    1.7%
FCA, LLC (FCA Packaging)  (5)  First lien senior secured loan  11.59% (S + 6.50%)  7/18/2028   18,673    18,470    18,860    1.6%
      First lien senior secured loan  11.05% (S + 5.75%)  7/18/2028   1,724    1,691    1,732    0.2%
      First lien senior secured revolving loan  14.00% (P + 5.50%)  7/18/2028   178    151    180    0.0%
Innopak Industries, Inc.  (5)  First lien senior secured loan  11.68% (S + 6.25%)  3/5/2027   28,083    27,513    28,364    2.4%

 

6

 

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of June 30, 2024

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

(Unaudited)

 

            Maturity  Principal /   Amortized   Fair   Percentage 
Portfolio Company(1)  Footnotes  Investment (2)  Interest Rate  Date  Par   Cost(3)(4)   Value   of Net Assets 
The Robinette Company  (5)  First lien senior secured loan  11.35% (S + 6.00%)  5/10/2029   10,278    10,077    10,278    0.9%
      First lien senior secured revolving loan  11.35% (S + 6.00%)  5/10/2029   1,207    1,098    1,207    0.1%
      First lien senior secured delayed draw loan  11.35% (S + 6.00%)  11/10/2025   -    -    -    0.0%
                111,238    109,261    111,716    9.5%
Diversified consumer services                                
Fugue Finance B.V.  (5)(6)  First lien senior secured loan  9.10% (S + 3.75%)  2/26/2031   3,000    3,001    3,023    0.3%
                                 
Diversified telecommunication services                                
Liberty Global/Vodafone Ziggo  (5)(6)  First lien senior secured loan  7.94% (S + 2.50%)  4/30/2028   10,060    9,957    9,714    0.8%
Network Connex (f/k/a NTI Connect, LLC)  (5)  First lien senior secured loan  10.94% (S + 5.50%)  1/31/2026   5,169    5,123    5,169    0.4%
Virgin Media Bristor LLC  (5)  First lien senior secured loan  7.94% (S + 2.50%)  1/31/2028   17,500    17,322    16,953    1.5%
                32,729    32,402    31,836    2.7%
Electrical equipment                                
Westinghouse (Wec US Holdings LTD)  (5)  First lien senior secured loan  8.09% (S + 2.75%)  1/25/2031   10,060    10,072    10,062    0.9%
Entertainment                                
UFC Holdings LLC  (5)  First lien senior secured loan  8.34% (S + 2.75%)  4/29/2026   17,450    17,489    17,482    1.5%
                                 
Food products                                
BC CS 2, L.P. (Cuisine Solutions)  (5)(6)(11)     13.35% (S + 8.00%)  7/8/2028   21,555    21,117    21,771    1.8%
BR PJK Produce, LLC (Keany)  (5)  First lien senior secured loan  11.45% (S + 6.00%)  11/14/2027   29,490    28,965    29,926    2.5%
      First lien senior secured delayed draw loan  11.45% (S + 6.00%)  11/14/2027   2,023    1,964    2,053    0.2%
      First lien senior secured delayed draw loan  11.45% (S + 6.00%)  11/14/2027   1,426    1,368    1,447    0.1%
CCFF Buyer, LLC (California Custom Fruits & Flavors, LLC)  (5)  First lien senior secured loan  11.00% (S + 5.75%)  2/26/2030   13,966    13,506    14,245    1.2%
      First lien senior secured delayed draw loan  11.00% (S + 5.75%)  2/26/2026   -    -    -    0.0%
      First lien senior secured revolving loan  11.00% (S + 5.75%)  2/26/2030   -    -    -    0.0%
City Line Distributors, LLC  (5)  First lien senior secured loan  11.46% (S + 6.00%)  8/31/2028   8,851    8,660    9,028    0.8%
      First lien senior secured delayed draw loan  11.44% (S + 6.00%)  8/31/2028   3,627    3,530    3,699    0.3%
      First lien senior secured revolving loan  11.44% (S + 6.00%)  8/31/2028   -    -    -    0.0%
Gulf Pacific Holdings, LLC  (5)  First lien senior secured loan  11.48% (S + 6.00%)  9/29/2028   20,078    19,775    19,676    1.7%
      First lien senior secured delayed draw loan  11.45% (S + 6.00%)  9/29/2028   1,693    1,679    1,659    0.2%
      First lien senior secured revolving loan  11.49% (S + 6.00%)  9/29/2028   4,195    4,110    4,111    0.3%
IF&P Foods, LLC (FreshEdge)  (5)  First lien senior secured loan  10.99% (S + 5.63%)  10/3/2028   27,107    26,597    26,972    2.3%
      First lien senior secured loan  11.36% (S + 6.00%)  10/3/2028   215    210    215    0.0%
      First lien senior secured delayed draw loan  10.99% (S + 5.63%)  10/3/2028   4,025    3,952    4,005    0.4%
      First lien senior secured revolving loan  10.99% (S + 5.63%)  10/3/2028   1,759    1,697    1,750    0.1%
J&K Ingredients, LLC  (5)  First lien senior secured loan  11.84% (S + 6.50%)  11/16/2028   11,523    11,263    11,753    1.0%
Siegel Egg Co., LLC  (5)  First lien senior secured loan  13.90% (S + 6.50%, 2.00% PIK)  12/29/2026   14,582    14,443    12,978    1.1%
      First lien senior secured revolving loan  13.90% (S + 6.50%, 2.00% PIK)  12/29/2026   2,603    2,571    2,316    0.2%
Worldwide Produce Acquisition, LLC  (5)  First lien senior secured delayed draw loan  11.58% (S + 6.25%)  1/18/2029   558    544    552    0.0%
      First lien senior secured delayed draw loan  11.58% (S + 6.25%)  1/18/2029   463    437    459    0.1%
      First lien senior secured revolving loan  11.58% (S + 6.25%)  1/18/2029   -    -    -    0.0%
      First lien senior secured loan  11.58% (S + 6.25%)  1/18/2029   2,846    2,777    2,817    0.2%
                172,585    169,165    171,432    14.5%

7

 

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of June 30, 2024

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

(Unaudited)

 

            Maturity  Principal /   Amortized   Fair   Percentage 
Portfolio Company(1)  Footnotes  Investment (2)  Interest Rate  Date  Par   Cost(3)(4)   Value   of Net Assets 
Health care providers & services                                
Brightview, LLC  (5)  First lien senior secured loan  11.46% (S + 6.00%)  12/14/2026   12,804    12,793    12,676    1.1%
      First lien senior secured delayed draw loan  11.46% (S + 6.00%)  12/14/2026   1,710    1,707    1,693    0.1%
      First lien senior secured revolving loan  11.46% (S + 6.00%)  12/14/2026   581    577    575    0.0%
Guardian Dentistry Partners  (5)  First lien senior secured loan  10.96% (S + 5.50%)  8/20/2026   5,945    5,834    5,945    0.5%
      First lien senior secured delayed draw loan  10.96% (S + 5.50%)  8/20/2026   11,651    11,444    11,651    1.0%
      First lien senior secured delayed draw loan  10.96% (S + 5.50%)  8/20/2026   4,545    4,518    4,545    0.4%
      First lien senior secured revolving loan  10.96% (S + 5.50%)  8/20/2027   -    -    -    0.0%
Guided Practice Solutions: Dental, LLC (GPS)  (5)  First lien senior secured delayed draw loan  11.71% (S + 6.25%)  12/29/2025   16,738    16,381    16,738    1.4%
Light Wave Dental Management LLC  (5)  First lien senior secured revolving loan  12.33% (S + 7.00%)  6/30/2029   3,336    3,214    3,345    0.3%
      First lien senior secured loan  12.33% (S + 7.00%)  6/30/2029   22,310    21,762    22,366    1.9%
MVP VIP Borrower, LLC  (5)  First lien senior secured loan  11.83% (S + 6.50%)  1/3/2029   19,578    19,133    19,676    1.7%
      First lien senior secured delayed draw loan  11.85% (S + 6.50%)  1/3/2029   1,579    1,543    1,587    0.1%
Refocus Management Services, LLC  (5)  First lien senior secured loan  11.43% (S + 6.00%)  2/14/2029   18,313    17,707    18,313    1.6%
      First lien senior secured delayed draw loan  11.43% (S + 6.00%)  8/14/2025   -    -    -    0.0%
      First lien senior secured revolving loan  11.43% (S + 6.00%)  2/14/2029   -    -    -    0.0%
Salt Dental Collective  (5)  First lien senior secured delayed draw loan  12.18% (S + 6.75%)  2/15/2028   2,228    2,188    2,228    0.2%
SGA Dental Partners Holdings, LLC  (5)  First lien senior secured loan  11.56% (S + 6.00%)  12/30/2026   11,767    11,647    11,767    1.0%
      First lien senior secured loan  11.60% (S + 6.00%)  11/30/2026   1,673    1,571    1,673    0.1%
      First lien senior secured delayed draw loan  11.61% (S + 6.00%)  12/30/2026   10,968    10,845    10,968    0.9%
      First lien senior secured delayed draw loan  11.61% (S + 6.00%)  12/31/2024   -    -    -    0.0%
      First lien senior secured revolving loan  11.56% (S + 6.00%)  12/30/2026   690    665    690    0.1%
                146,416    143,529    146,436    12.4%
Health care equipment & supplies                                
LSL Industries, LLC (LSL Healthcare)  (5)  First lien senior secured loan  12.44% (S + 7.00%)  11/3/2027   19,430    18,747    19,236    1.6%
      First lien senior secured delayed draw loan  12.44% (S + 7.00%)  11/3/2024   -    -    -    0.0%
      First lien senior secured revolving loan  12.44% (S + 7.00%)  11/3/2027   -    -    -    0.0%
Medline Borrower LP  (5)  First lien senior secured loan  8.09% (S + 2.75%)  10/23/2028   10,035    10,079    10,048    0.9%
                29,465    28,826    29,284    2.5%

 

8

 

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of June 30, 2024

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

(Unaudited)

 

            Maturity  Principal /   Amortized   Fair   Percentage 
Portfolio Company(1)  Footnotes  Investment (2)  Interest Rate  Date  Par   Cost(3)(4)   Value   of Net Assets 
Hotels, restaurants & leisure                                
Inspire Brands  (5)  First lien senior secured loan  8.19% (S + 2.75%)  12/15/2027   10,035    10,059    10,024    0.8%
Restaurant Brands (1011778 BC ULC)  (5)(6)  First lien senior secured loan  7.09% (S + 1.75%)  9/23/2030   17,456    17,476    17,394    1.5%
                27,491    27,535    27,418    2.3%
Household durables                                
Curio Brands, LLC  (5)  First lien senior secured loan  10.68% (S + 5.25%)  12/21/2027   16,377    16,113    16,336    1.4%
      First lien senior secured revolving loan  10.68% (S + 5.25%)  12/21/2027   -    -    -    0.0%
      First lien senior secured delayed draw loan  10.68% (S + 5.25%)  12/21/2027   3,931    3,931    3,922    0.3%
                20,308    20,044    20,258    1.7%
Household products                                
Home Brands Group Holdings, Inc. (ReBath)  (5)  First lien senior secured loan  10.19% (S + 4.75%)  11/8/2026   16,318    16,137    16,318    1.4%
      First lien senior secured revolving loan  10.19% (S + 4.75%)  11/8/2026   -    -    -    0.0%
                16,318    16,137    16,318    1.4%
Insurance                                
Allcat Claims Service, LLC  (5)  First lien senior secured loan  11.44% (S + 6.00%)  7/7/2027   7,678    7,534    7,639    0.7%
      First lien senior secured delayed draw loan  11.44% (S + 6.00%)  7/7/2027   21,496    21,200    21,388    1.8%
      First lien senior secured revolving loan  11.44% (S + 6.00%)  7/7/2027   -    -    -    0.0%
AmWINS Group Inc  (5)  First lien senior secured loan  7.71% (S + 2.25%)  2/19/2028   10,008    10,024    9,995    0.8%
                39,182    38,758    39,022    3.3%
IT services                                
Domain Information Services Inc. (Integris)  (5)  First lien senior secured loan  11.20% (S + 5.75%)  6/30/2026   20,340    20,058    20,339    1.7%
      First lien senior secured loan  11.24% (S + 5.75%)  6/30/2026   359    352    359    0.0%
Improving Acquisition LLC  (5)  First lien senior secured loan  11.94% (S + 6.50%)  7/26/2027   31,491    31,048    31,334    2.7%
      First lien senior secured revolving loan  11.93% (S + 6.50%)  7/26/2027   -    -    -    0.0%
                52,190    51,458    52,032    4.4%
Leisure products                                
BCI Burke Holding Corp.  (5)  First lien senior secured loan  11.10% (S + 5.50%)  12/14/2027   13,766    13,645    13,766    1.2%
      First lien senior secured delayed draw loan  11.10% (S + 5.50%)  12/14/2027   497    467    497    0.0%
      First lien senior secured revolving loan  11.10% (S + 5.50%)  6/14/2027   -    -    -    0.0%
MacNeill Pride Group  (5)  First lien senior secured loan  12.60% (S + 6.50%, 0.50% PIK)  4/22/2026   8,212    8,163    8,047    0.7%
      First lien senior secured delayed draw loan  12.60% (S + 6.50%, 0.50% PIK)  4/22/2026   3,260    3,222    3,195    0.3%
      First lien senior secured revolving loan  12.60% (S + 7.00%)  4/22/2026   599    580    587    0.0%
Pixel Intermediate, LLC  (5)(6)  First lien senior secured loan  11.56% (S + 6.25%)  2/1/2029   20,828    20,337    20,828    1.8%
      First lien senior secured revolving loan  11.59% (S + 6.25%)  2/1/2029   4,394    4,246    4,394    0.4%
Spinrite, Inc.  (5)(6)  First lien senior secured loan  10.84% (S + 5.50%)  6/30/2025   5,145    5,145    5,145    0.4%
      First lien senior secured revolving loan  10.84% (S + 5.50%)  6/30/2025   850    850    850    0.1%
Trademark Global LLC  (5)(8)(9)  First lien senior secured loan    7/30/2024   11,903    11,900    9,701    0.8%
      First lien senior secured revolving loan    7/30/2024   2,654    2,652    2,163    0.2%
VENUplus, Inc. (f/k/a CTM Group, Inc.)  (5)  First lien senior secured loan  12.25% (S + 6.75%)  11/30/2026   4,398    4,321    4,354    0.3%
                76,506    75,528    73,527    6.2%

 

9

 

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of June 30, 2024

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

(Unaudited)

 

                Maturity   Principal /     Amortized     Fair     Percentage  
Portfolio Company(1)   Footnotes   Investment (2)   Interest Rate   Date   Par     Cost(3)(4)     Value     of Net Assets  
Machinery                                                
Eppinger Technologies, LLC   (5)(6)   First lien senior secured loan   13.98% (S + 7.75%, 0.75% PIK)   2/4/2026     24,846       24,507       24,846       2.1 %
        First lien senior secured revolving loan   13.00% (S + 6.75%, 0.75% PIK)   2/4/2026     1,066       1,033       1,066       0.1 %
Luxium Solutions, LLC   (5)   First lien senior secured loan   11.59% (S + 6.25%)   12/1/2027     8,555       8,421       8,555       0.7 %
        First lien senior secured delayed draw loan   11.59% (S + 6.25%)   11/10/2025     -       -       -       0.0 %
PVI Holdings, Inc   (5)   First lien senior secured loan   11.82% (S + 6.39%)   1/18/2028     23,774       23,512       23,774       2.0 %
                      58,241       57,473       58,241       4.9 %
Media                                                
Directv Financing LLC   (5)   First lien senior secured loan   10.46% (S + 5.00%)   8/2/2027     16,154       16,227       16,170       1.4 %
                                                 
Personal care products                                                
DRS Holdings III, Inc. (Dr. Scholl's)   (5)   First lien senior secured loan   11.69% (S + 6.25%)   11/1/2025     10,920       10,884       10,920       0.9 %
        First lien senior secured revolving loan   11.69% (S + 6.25%)   11/1/2025     -       -       -       0.0 %
PH Beauty Holdings III, Inc.   (5)   First lien senior secured loan   10.72% (S + 5.00%)   9/25/2025     10,540       10,416       10,540       0.9 %
Phoenix YW Buyer, Inc. (Elida Beauty)   (5)   First lien senior secured loan   10.35% (S + 5.00%)   5/31/2030     11,995       11,684       11,995       1.0 %
        First lien senior secured revolving loan   10.35% (S + 5.00%)   5/31/2030    
-
      
-
      
-
       0.0 %
Silk Holdings III Corp. (Suave)   (5)   First lien senior secured loan   10.76% (S + 5.50%)   5/1/2029     32,773       31,648       32,773       2.8 %
        First lien senior secured revolving loan   9.26% (S + 4.00%)   5/1/2029     8,333       8,037       8,333       0.7 %
                      74,561       72,669       74,561       6.3 %
Pharmaceuticals                                                
Foundation Consumer Brands   (5)   First lien senior secured loan   11.73% (S + 6.25%)   2/12/2027     6,710       6,680       6,777       0.6 %
        First lien senior secured revolving loan   11.73% (S + 6.25%)   2/12/2027     -       -       -       0.0 %
Jazz Pharmaceuticals   (5)(6)   First lien senior secured loan   8.46% (S + 3.00%)   5/5/2028     17,400       17,523       17,400       1.5 %
Organon & Co   (5)(6)   First lien senior secured loan   7.83% (S + 2.50%)   5/17/2031     12,440       12,409       12,440       1.0 %
                      36,550       36,612       36,617       3.1 %
Professional services                                                
4 Over International, LLC   (5)   First lien senior secured loan   12.44% (S + 7.00%)   12/7/2026     19,145       18,564       19,024       1.6 %
DISA Holdings Corp. (DISA)   (5)   First lien senior secured delayed draw loan   10.35% (S + 5.00%)   9/9/2028     8,362       8,140       8,362       0.7 %
        First lien senior secured revolving loan   10.35% (S + 5.00%)   9/9/2028     -       -       -       0.0 %
        First lien senior secured loan   10.35% (S + 5.00%)   9/9/2028     1,317       1,299       1,317       0.1 %
        First lien senior secured loan   10.35% (S + 5.00%)   9/9/2028     22,065       21,564       22,065       1.9 %
Dun & Bradstreet Corp   (5)   First lien senior secured loan   8.10% (S + 2.75%)   1/18/2029     10,035       10,047       10,035       0.9 %
Envirotech Services, LLC   (5)   First lien senior secured loan   11.33% (S + 6.00%)   1/18/2029     33,213       32,379       33,213       2.8 %
        First lien senior secured revolving loan   11.33% (S + 6.00%)   1/18/2029     -       -       -       0.0 %
                      94,137       91,993       94,016       8.0 %

 

10

 

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of June 30, 2024

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

(Unaudited)

 

            Maturity  Principal /   Amortized   Fair   Percentage 
Portfolio Company(1)  Footnotes  Investment (2)  Interest Rate  Date  Par   Cost(3)(4)   Value   of Net Assets 
Semiconductors & semiconductor equipment                                
MKS Instruments  (5)(6)  First lien senior secured loan  7.83% (S + 2.50%)  8/17/2029   11,908    11,951    11,906    1.0%
                                 
Software                                
AIDC Intermediate Co 2, LLC (Peak Technologies)  (5)  First lien senior secured loan  11.72% (S + 6.25%)  7/22/2027   34,475    33,684    34,475    2.9%
                                 
Specialty retail                                
Great Outdoors Group, LLC  (5)  First lien senior secured loan  9.21% (S + 3.75%)  3/6/2028   17,410    17,457    17,382    1.5%
Harbor Freight Tools USA Inc  (5)  First lien senior secured loan  7.84% (S +2.50%)  6/5/2031   17,500    17,457    17,438    1.4%
Sundance Holdings Group, LLC  (5)(7)  First lien senior secured loan  14.93% (S + 8.00%, 1.50% PIK)  6/30/2025   9,355    9,349    8,911    0.8%
      First lien senior secured delayed draw loan  14.98% (S + 0.00%, 9.50% PIK)  6/30/2025   4    3    5    0.0%
                44,269    44,266    43,736    3.7%
Textiles, apparel & luxury goods                                
American Soccer Company, Incorporated (SCORE)  (5)  First lien senior secured loan  12.73% (S + 7.25%)  7/20/2027   29,665    29,232    28,848    2.4%
      First lien senior secured revolving loan  12.73% (S + 7.25%)  7/20/2027   4,493    4,440    4,370    0.4%
BEL USA, LLC  (5)  First lien senior secured loan  12.49% (S + 7.00%)  6/2/2026   5,661    5,575    5,661    0.5%
      First lien senior secured loan  12.49% (S + 7.00%)  6/2/2026   93    92    93    0.0%
YS Garments, LLC  (5)  First lien senior secured loan  12.92% (S + 7.50%)  8/9/2026   6,378    6,310    6,218    0.5%
                46,290    45,649    45,190    3.8%
Trading companies & distributors                                
BCDI Meteor Acquisition, LLC (Meteor)  (5)  First lien senior secured loan  12.43% (S + 7.00%)  6/29/2028   18,449    18,091    18,449    1.6%
Broder Bros., Co.  (5)  First lien senior secured loan  11.60% (S+ 6.00%)  12/4/2025   4,553    4,406    4,553    0.4%
CGI Automated Manufacturing, LLC  (5)  First lien senior secured loan  12.60% (S + 7.00%)  12/17/2026   20,244    19,700    20,396    1.7%
      First lien senior secured loan  12.60% (S + 7.00%)  12/17/2026   6,594    6,494    6,644    0.6%
      First lien senior secured delayed draw loan  12.60% (S + 7.00%)  12/17/2026   3,569    3,482    3,596    0.3%
      First lien senior secured revolving loan  12.60% (S + 7.00%)  12/17/2026   2,161    2,092    2,178    0.2%
EIS Legacy, LLC  (5)  First lien senior secured loan  11.45% (S + 6.00%)  11/1/2027   17,958    17,699    17,958    1.5%
      First lien senior secured loan  11.43% (S + 6.00%)  11/1/2027   4,104    4,024    4,104    0.3%
      First lien senior secured loan  11.42% (S + 6.00%)  11/1/2027   9,618    9,453    9,618    0.8%
      First lien senior secured delayed draw loan  11.43% (S + 6.00%)  11/1/2027   3,076    3,017    3,076    0.3%
      First lien senior secured revolving loan  11.43% (S + 6.00%)  11/1/2027   -    -    -    0.0%
Energy Acquisition LP (Electrical Components International, Inc. - ECI)  (5)  First lien senior secured loan  11.83% (S + 6.50%)  5/10/2029   25,089    24,600    25,089    2.1%
      First lien senior secured delayed draw loan  11.84% (S + 6.50%)  5/10/2029   1,192    1,154    1,192    0.1%
Engineered Fastener Company, LLC (EFC International)  (5)  First lien senior secured loan  11.98% (S + 6.50%)  11/1/2027   23,485    23,048    23,591    2.0%
Genuine Cable Group, LLC  (5)  First lien senior secured loan  11.25% (S + 5.75%)  11/1/2026   28,910    28,309    28,910    2.4%
      First lien senior secured loan  11.25% (S + 5.75%)  11/1/2026   5,478    5,348    5,478    0.5%
I.D. Images Acquisition, LLC  (5)  First lien senior secured loan  11.73% (S + 6.25%)  7/30/2027   13,579    13,487    13,579    1.2%
      First lien senior secured delayed draw loan  11.73% (S + 6.25%)  7/30/2027   2,473    2,462    2,473    0.2%
      First lien senior secured loan  11.69% (S + 6.25%)  7/30/2027   4,498    4,445    4,498    0.4%
      First lien senior secured loan  11.73% (S + 6.25%)  7/30/2027   1,038    1,011    1,038    0.1%
      First lien senior secured revolving loan  11.73% (S + 6.25%)  7/30/2027   -    -    -    0.0%

 

11

 

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of June 30, 2024

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

(Unaudited)

 

            Maturity  Principal /   Amortized   Fair   Percentage 
Portfolio Company(1)  Footnotes  Investment (2)  Interest Rate  Date  Par   Cost(3)(4)   Value   of Net Assets 
Krayden Holdings, Inc.  (5)  First lien senior secured delayed draw loan  11.43% (S + 6.00%)  3/1/2025   -    -    -    0.0%
      First lien senior secured delayed draw loan  11.43% (S + 6.00%)  3/1/2025   -    -    -    0.0%
      First lien senior secured revolving loan  11.43% (S + 6.00%)  3/1/2029   -    -    -    0.0%
      First lien senior secured loan  11.43% (S + 6.00%)  3/1/2029   9,443    9,132    9,443    0.8%
OAO Acquisitions, Inc. (BearCom)  (5)  First lien senior secured loan  11.58% (S + 6.25%)  12/27/2029   21,317    21,017    21,743    1.8%
      First lien senior secured delayed draw loan  11.58% (S + 6.25%)  12/27/2029   810    745    826    0.1%
      First lien senior secured revolving loan  11.58% (S + 6.25%)  12/27/2029   -    -    -    0.0%
Univar (Windsor Holdings LLC)  (5)  First lien senior secured loan  9.34% (S + 4.00%)  8/1/2030   10,010    10,074    10,062    0.8%
                237,648    233,290    238,494    20.2%
Wireless telecommunication services                                
Centerline Communications, LLC  (5)  First lien senior secured loan  12.49% (S + 6.00%, 1.00% PIK)  8/10/2027   5,865    5,786    5,469    0.5%
      First lien senior secured loan  12.49% (S + 6.00%, 1.00% PIK)  8/10/2027   9,932    9,788    9,262    0.8%
      First lien senior secured delayed draw loan  12.49% (S + 6.00%, 1.00% PIK)  8/10/2027   7,044    6,949    6,568    0.6%
      First lien senior secured delayed draw loan  12.49% (S + 6.00%, 1.00% PIK)  8/10/2027   6,200    6,108    5,782    0.5%
      First lien senior secured revolving loan  12.49% (S + 6.00%, 1.00% PIK)  8/10/2027   1,808    1,786    1,830    0.2%
      First lien senior secured loan  12.49% (S + 6.00%, 1.00% PIK)  8/10/2027   1,020    996    951    0.1%
                31,869    31,413    29,862    2.7%
Total Debt Investments               1,835,979    1,808,343    1,828,431    155.2%

 

12

 

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of June 30, 2024

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

(Unaudited)

 

      Number of       Fair   Percentage 
   Footnotes  Shares/Units   Cost   Value   of Net Assets 
Equity Investments(9)                   
Automobile components                   
Vehicle Accessories, Inc. - Class A common  (12)   128,250    
-
    425    0.1%
Vehicle Accessories, Inc. - preferred  (12)   250,000    250    305    0.0%
            250    730    0.1%
Commercial services & supplies                       
American Equipment Holdings LLC - Class A units  (13)   426    284    518    0.0%
Arborworks Acquisition LLC - Class A preferred units  (10)   21,716    9,179    9,078    0.8%
Arborworks Acquisition LLC - Class B preferred units  (10)   21,716    
-
    
-
    0.0%
Arborworks Acquisition LLC - Class A common units  (10)   2,604    
-
    
-
    0.0%
BLP Buyer, Inc. (Bishop Lifting Products) - Class A common  (14)   582,469    652    1,200    0.1%
            10,115    10,796    0.9%
Containers & packaging                       
Robinette Company Acquisition, LLC – Class A common units  (15)   9    
-
    
-
    0.0%
Robinette Company Acquisition, LLC – Series A preferred units  (15)   500    500    500    0.0%
            500    500    0.0%
                        
Food products                       
BC CS 2, L.P. (Cuisine Solutions)  (6)(11)   2,000,000    2,000    2,834    0.3%
CCFF Parent, LLC (California Custom Fruits & Flavors, LLC) – Class A-1 units  (15)   750    750    875    0.1%
City Line Distributors, LLC – Class A units  (15)   669,866    670    777    0.1%
Gulf Pacific Holdings, LLC – Class A common  (13)   250    250    46    0.0%
Gulf Pacific Holdings, LLC – Class C common  (13)   250    
-
    
-
    0.0%
IF&P Foods, LLC (FreshEdge) – Class A preferred  (13)   750    750    907    0.1%
IF&P Foods, LLC (FreshEdge) – Class B common  (13)   750    
-
    
-
    0.0%
Siegel Parent, LLC – Common  (16)   250    250    35    0.0%
Siegel Egg Co., LLC – Convertible Note  (16)   28    28    28    0.0%
            4,698    5,502    0.6%
Healthcare equipment & supplies                       
LSL Industries, LLC (LSL Healthcare) - common  (13)   7,500    750    314    0.0%
IT services                       
Domain Information Services Inc. (Integris) - common      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) - common  (16)   1,000,000    1,000    441    0.0%
Total Equity Investments           17,563    18,627    1.6%
                        
Total Debt and Equity Investments           1,825,906    1,847,058    156.8%

 

      Number of       Fair   Percentage 
   Footnotes  Shares   Cost   Value   of Net Assets 
Short-Term Investments                   
Morgan Stanley Institutional Liquidity Fund, Institutional Class, 5.14%  (17)   20,343,897    20,344    20,344    1.7%
Total Short-Term Investments      20,343,897    20,344    20,344    1.7%
                        
Total Investments          $1,846,250   $1,867,402    158.5%
                        
Liabilities in Excess of Other Assets                (689,226)   (58.5)%
Net Assets               $1,178,176    100.0%

 

(1) As of June 30, 2024, 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.

 

See accompanying notes to consolidated financial statements.

13

 

Kayne Anderson BDC, Inc.

Consolidated Schedule of Investments

As of June 30, 2024

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

(Unaudited)

 

(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 June 30, 2024, the tax cost of the Company’s investments approximates their amortized cost.

 

(5)

Loan contains a variable rate structure, that may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the Secured Overnight Financing 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 June 30, 2024, 9.5% 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 June 30, 2024.

 

(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. This investment is characterized as subordinated debt.

 

(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 26.62% 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, 0.75% of the common equity of CCFF Parent, LLC (California Custom Fruits & Flavors, LLC) and 0.89% of the equity interest of Robinette Company Acquisition, LLC.

 

(16) The Company owns 23.34% 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 June 30, 2024.

 

See accompanying notes to consolidated financial statements.

 

14

 

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

 

15

 

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

 

See accompanying notes to consolidated financial statements.

 

16

 

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  
Portfolio Company(1)   Footnotes   Investment(2)   Interest Rate   Date   Par     Cost(3)(4)     Value     of Net Assets  
        First lien senior secured revolving loan   11.90% (S + 6.50%)   7/18/2028     -       -       -       0.0 %
Innopak Industries, Inc.       First lien senior secured loan   11.71% (S + 6.25%)   3/5/2027     28,224       27,564       28,224       4.1 %
                      98,255       96,374       98,427       14.4 %
Diversified telecommunication services                                                
Network Connex (f/k/a NTI Connect, LLC)       First lien senior secured loan   11.00% (S + 5.50%)   1/31/2026     5,195       5,140       5,196       0.8 %
                      5,195       5,140       5,196       0.8 %
Food products                                                
BC CS 2, L.P. (Cuisine Solutions)   (6)(11)       13.55% (S + 8.00%)   7/8/2028     21,555       21,063       21,555       3.2 %
BR PJK Produce, LLC (Keany)       First lien senior secured loan   11.50% (S + 6.00%)   11/14/2027     29,564       28,973       29,564       4.3 %
        First lien senior secured delayed draw loan   11.46% (S + 6.00%)   11/14/2027     2,938       2,812       2,938       0.4 %
City Line Distributors, LLC       First lien senior secured loan   11.47% (S + 6.00%)   8/31/2028     8,895       8,576       8,895       1.3 %
        First lien senior secured delayed draw loan   11.47% (S + 6.00%)   3/3/2025     -       -       -       0.0 %
        First lien senior secured revolving loan   11.47% (S + 6.00%)   8/31/2028     -       -       -       0.0 %
Gulf Pacific Holdings, LLC       First lien senior secured loan   11.25% (S + 5.75%)   9/30/2028     20,180       19,847       20,079       2.9 %
        First lien senior secured delayed draw loan   11.38% (S + 5.75%)   9/30/2028     1,701       1,618       1,693       0.2 %
        First lien senior secured revolving loan   11.29% (S + 5.75%)   9/30/2028     2,697       2,602       2,683       0.4 %
IF&P Foods, LLC (FreshEdge)       First lien senior secured loan   11.07% (S + 5.63%)   10/3/2028     27,245       26,684       26,904       4.0 %
        First lien senior secured loan   11.48% (S + 6.00%)   10/3/2028     216       211       213       0.0 %
        First lien senior secured delayed draw loan   11.07% (S + 5.63%)   10/3/2028     4,045       3,969       3,994       0.6 %
        First lien senior secured revolving loan   10.91% (S + 5.63%)   10/3/2028     1,759       1,690       1,737       0.3 %
J&K Ingredients, LLC       First lien senior secured loan   11.63% (S + 6.25%)   11/16/2028     11,581       11,295       11,581       1.7 %
Siegel Egg Co., LLC       First lien senior secured loan   11.99% (S + 6.50%)   12/29/2026     15,466       15,290       14,616       2.1 %
        First lien senior secured revolving loan   11.99% (S + 6.50%)   12/29/2026     2,594       2,557       2,451       0.4 %
Worldwide Produce Acquisition, LLC       First lien senior secured delayed draw loan   11.60% (S + 6.25%)   1/18/2029     631       587       625       0.1 %
        First lien senior secured delayed draw loan   11.60% (S + 6.25%)   4/18/2024     -       -       -       0.0 %
        First lien senior secured revolving loan   11.60% (S + 6.25%)   1/18/2029     198       190       196       0.0 %
        First lien senior secured loan   11.60% (S + 6.25%)   1/18/2029     2,860       2,786       2,832       0.4 %
                      154,125       150,750       152,556       22.3 %
Health care providers & services                                                
Brightview, LLC       First lien senior secured loan   11.47% (S + 6.00%)   12/14/2026     12,870       12,855       12,645       1.9 %
        First lien senior secured delayed draw loan   11.47% (S + 6.00%)   12/14/2026     1,719       1,714       1,689       0.3 %
        First lien senior secured revolving loan   11.47% (S + 6.00%)   12/14/2026     774       774       761       0.1 %
Guardian Dentistry Partners       First lien senior secured loan   11.97% (S + 6.50%)   8/20/2026     8,057       7,929       8,057       1.2 %
        First lien senior secured delayed draw loan   11.97% (S + 6.50%)   8/20/2026     15,682       15,464       15,682       2.3 %
        First lien senior secured delayed draw loan   11.97% (S + 6.50%)   8/20/2026     5,808       5,808       5,808       0.9 %
Guided Practice Solutions: Dental, LLC (GPS)       First lien senior secured delayed draw loan   11.72% (S + 6.25%)   12/29/2025     6,475       6,056       6,475       0.9 %
Light Wave Dental Management LLC       First lien senior secured revolving loan   12.35% (S + 7.00%)   6/30/2029     2,181       2,099       2,181       0.3 %
        First lien senior secured loan   12.35% (S + 7.00%)   6/30/2029     22,423       21,834       22,423       3.3 %
SGA Dental Partners Holdings, LLC       First lien senior secured loan   11.67% (S + 6.00%)   12/30/2026     11,828       11,683       11,828       1.7 %
        First lien senior secured loan   11.61% (S + 6.00%)   12/30/2026     1,681       1,563       1,681       0.2 %
        First lien senior secured delayed draw loan   11.67% (S + 6.00%)   12/30/2026     11,024       10,856       11,024       1.6 %
        First lien senior secured delayed draw loan   11.67% (S + 6.00%)   4/19/2024     -       -       -       0.0 %
        First lien senior secured revolving loan   11.67% (S + 6.00%)   12/30/2026     -       -       -       0.0 %
                      100,522       98,635       100,254       14.7 %

 

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  
Portfolio Company(1)   Footnotes   Investment(2)   Interest Rate   Date   Par     Cost(3)(4)     Value     of Net Assets  
Health care equipment & supplies                                        
LSL Industries, LLC (LSL Healthcare)       First lien senior secured loan   12.15% (S + 6.50%)   11/3/2027     19,529       18,911       19,334       2.8 %
        First lien senior secured delayed draw loan   12.15% (S + 6.50%)   11/3/2024     -       -       -       0.0 %
        First lien senior secured revolving loan   12.15% (S + 6.50%)   11/3/2027     -       -       -       0.0 %
                      19,529       18,911       19,334       2.8 %
Household durables                                                
Curio Brands, LLC       First lien senior secured loan   10.96% (S + 5.50%)   12/21/2027     17,173       16,859       16,830       2.5 %
        First lien senior secured revolving loan   10.96% (S + 5.50%)   12/21/2027     -       -       -       0.0 %
        First lien senior secured delayed draw loan   10.96% (S + 5.50%)   12/21/2027     4,121       4,121       4,039       0.6 %
                      21,294       20,980       20,869       3.1 %
Household products                                                
Home Brands Group Holdings, Inc. (ReBath)       First lien senior secured loan   10.29% (S + 4.75%)   11/8/2026     17,052       16,826       16,967       2.5 %
        First lien senior secured revolving loan   10.29% (S + 4.75%)   11/8/2026     -       -       -       0.0 %
                      17,052       16,826       16,967       2.5 %
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.

 

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  
Portfolio Company(1)   Footnotes   Investment(2)   Interest Rate   Date   Par     Cost(3)(4)     Value     of Net Assets  
Professional services                                        
4 Over International, LLC       First lien senior secured loan   12.46% (S + 7.00%)   12/7/2026     19,438       18,757       19,438       2.8 %
DISA Holdings Corp. (DISA)       First lien senior secured delayed draw loan   10.84% (S + 5.50%)   9/9/2028     3,714       3,578       3,714       0.5 %
        First lien senior secured revolving loan   10.84% (S + 5.50%)   9/9/2028     392       347       392       0.1 %
        First lien senior secured loan   10.84% (S + 5.50%)   9/9/2028     22,177       21,625       22,177       3.2 %
Universal Marine Medical Supply International, LLC (Unimed)       First lien senior secured loan   13.01% (S + 7.50%)   12/5/2027     13,527       13,253       13,527       2.0 %
        First lien senior secured revolving loan   13.00% (S + 7.50%)   12/5/2027     2,544       2,494       2,544       0.4 %
                      61,792       60,054       61,792       9.0 %
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.

 

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

 

20

 

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  
    Footnotes   Shares     Cost     Value     of 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.

 

21

 

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. 

 

22

 

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 closed 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, the Company received net cash proceeds, before offering expenses, of $93,793. 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.

 

23

 

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”); KABDC Corp, LLC and KABDC Corp II, LLC in its consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. KABDC Corp, LLC and KABDC Corp II, LLC are Delaware LLCs that have elected to be treated as corporations for U.S. tax purposes and were formed to facilitate compliance with the requirements to be treated as a RIC under the Code by holding (directly or indirectly through a subsidiary) equity or equity related investments in portfolio companies organized as limited liability companies or limited partnerships.

 

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.

 

24

 

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.

 

25

 

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 six months ended June 30, 2024 and 2023, the Company had $663 and $1,035, respectively, of PIK interest included in interest income, which represents 0.7% and 1.3%, 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 June 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 June 30, 2023, the Company did not have any debt investments in portfolio companies on non-accrual status.

 

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.

 

26

 

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. 

 

27

 

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. 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.

 

B. 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 June 30, 2024, the Company incurred base management fees of $3,780, net of waiver of $471. For the three months ended June 30, 2023, the Company incurred base management fees of $2,848.

 

For the six months ended June 30, 2024, the Company incurred base management fees of $7,302, net of waiver of $471. For the six months ended June 30, 2023, the Company incurred base management fees of $5,533.

 

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. 

 

28

 

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;

 

29

 

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.

 

30

 

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 June 30, 2024, the Company incurred incentive fees on income of zero, net of waivers of $4,109 and no incentive fees on capital gains. For the three months ended June 30, 2023, the Company incurred incentive fees on income of $2,420 and no incentive fees on capital gains.

 

For the six months ended June 30, 2024, the Company incurred incentive fees on income of $2,631, net of waivers of $4,109, and no incentive fees on capital gains. For the six months ended June 30, 2023, the Company incurred incentive fees on income of $4,558 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. During the three months ended June 30, 2024, the Company paid $16,826 to the Advisor for these accrued as earned fees through the quarter ended March 31, 2024.

 

31

 

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 June 30, 2024 and December 31, 2023.

 

   June 30, 2024   December 31, 2023 
   Amortized   Fair   Amortized   Fair 
   Cost   Value   Cost   Value 
First-lien senior secured debt investments  $1,808,343   $1,828,431   $1,327,190   $1,346,174 
Equity investments   17,563    18,627    16,033    17,324 
Short-term investments   20,344    20,344    12,802    12,802 
Total Investments  $1,846,250   $1,867,402   $1,356,025   $1,376,300 

 

As of June 30, 2024 and December 31, 2023, $182,075 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 June 30, 2024 and December 31, 2023 was as follows:

 

   June 30,
2024		   December 31,
2023		 
Trading companies & distributors   12.9%   15.3%
Food products   9.6%   11.5%
Commercial services & supplies   8.1%   9.4%
Health care providers & services   7.9%   7.4%
Containers & packaging   6.1%   7.2%
Aerospace & defense   5.4%   6.3%
Professional services   5.1%   4.5%
Personal care products   4.0%   3.0%
Leisure products   4.0%   3.3%
Machinery   3.2%   3.8%
IT services   2.8%   3.8%
Chemicals   2.8%   3.1%
Textiles, apparel & luxury goods   2.5%   3.3%
Automobile components   2.4%   2.0%
Specialty retail   2.4%   0.7%
Insurance   2.1%   2.2%
Pharmaceuticals   2.0%   0.5%
Software   1.9%   2.5%
Diversified telecommunication services   1.7%   0.4%
Wireless telecommunication services   1.6%   2.1%
Health care equipment & supplies   1.6%   1.5%
Hotels, restaurants & leisure   1.5%   
-
%
Building products   1.5%   2.0%
Household durables   1.1%   1.5%
Entertainment   0.9%   
-
%
Household products   0.9%   1.2%
Media   0.9%   
-
%
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   0.1%   
-
%
Total   100.0%   100.0%

 

32

 

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 June 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 June 30, 2024 
Investments:  Level 1   Level 2   Level 3   Total 
First-lien senior secured debt investments  $
-
   $272,661   $1,555,770   $1,828,431 
Equity investments   
-
    
-
    18,627    18,627 
Short-term investments   20,344    
-
    
-
    20,344 
Total Investments  $20,344   $272,661   $1,574,397   $1,867,402 

 

    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  

 

33

 

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 six months ended June 30, 2024 and 2023.

 

   First-lien   Private     
   senior secured   equity     
For the three months ended June 30, 2024  debt investments   investments   Total 
Fair value, beginning of period  $1,463,891   $18,451   $1,482,342 
Purchases of investments, including PIK, if any   132,011    511    132,522 
Proceeds from sales of investments and principal repayments   (40,471)   
-
    (40,471)
Net change in unrealized gain (loss)   (2,511)   (335)   (2,846)
Net realized gain (loss)   
-
    
-
    
-
 
Net accretion of discount on investments   2,850    
-
    2,850 
Transfers into (out of) Level 3   
-
    
-
    
-
 
Fair value, end of period  $1,555,770   $18,627   $1,574,397 

 

   First-lien   Private     
   senior secured  

equity

     
For the three months ended June 30, 2023  debt investments   investments   Total 
Fair value, beginning of period  $1,247,020   $7,339   $1,254,359 
Purchases of investments, including PIK, if any   74,232    187    74,419 
Proceeds from sales of investments and principal repayments   (46,298)   
-
    (46,298)
Net change in unrealized gain (loss)   (1,108)   377    (731)
Net realized gain (loss)   
-
    
-
    
-
 
Net accretion of discount on investments   2,202    
-
    2,202 
Transfers into (out of) Level 3   
-
    
-
    
-
 
Fair value, end of period  $1,276,048   $7,903   $1,283,951 

 

   First-lien   Private     
   senior secured   equity     
For the six months ended June 30, 2024  debt investments   investments   Total 
Fair value, beginning of period  $1,346,174   $17,324   $1,363,498 
Purchases of investments, including PIK, if any   274,672    1,530    276,202 
Proceeds from sales of investments and principal repayments   (72,861)   
-
    (72,861)
Net change in unrealized gain (loss)   2,319    (227)   2,092 
Net realized gain (loss)   -    
-
    
-
 
Net accretion of discount on investments   5,466    
-
    5,466 
Transfers into (out of) Level 3   
-
    
-
    
-
 
Fair value, end of period  $1,555,770   $18,627   $1,574,397 

 

34

 

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

 

   First-lien   Private     
   senior secured   equity     
For the six months ended June 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   178,477    187    178,664 
Proceeds from sales of investments and principal repayments   (63,543)   
-
    (63,543)
Net change in unrealized gain (loss)   (1,174)   568    (606)
Net realized gain (loss)   
-
    
-
    
-
 
Net accretion of discount on investments   4,317    
-
    4,317 
Transfers into (out of) Level 3   
-
    
-
    
-
 
Fair value, end of period  $1,276,048   $7,903   $1,283,951 

 

For the three and six months ended June 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.

 

35

 

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

 

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).

 

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 June 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 June 30, 2024 
       Valuation  Unobservable      Weighted 
   Fair Value   Technique  Input  Range   Average 
First-lien senior secured debt investments  $1,555,770   Discounted cash flow analysis  Discount rate   8.4% - 15.0%    10.1%
Preferred equity investment   9,078   Discounted cash flow analysis  Discount rate   15.0%    15.0%
Common equity investment   500   Precedent Transaction Analysis  Original cost   1.0    1.0 
Other equity investments   9,049   Comparable Multiples  EV / EBITDA   7.0 - 17.2    11.6 
   $1,574,397                 

 

   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                 

  

36

 

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

 

Note 6. Debt

 

Corporate Credit Facility

 

As of June 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).

 

For the six months ended June 30, 2024 and 2023, the average amount of borrowings outstanding under the Corporate Credit Facility was $146,692 and $293,044, respectively, with a weighted average interest rate of 7.73% and 7.06%, respectively. As of June 30, 2024, the Company had $75,000 outstanding under the Corporate Credit Facility at a weighted average interest rate of 7.69%.

 

Revolving Funding Facility

 

As of June 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 six months ended June 30, 2024 and 2023, the average amount of borrowings outstanding under the Revolving Funding Facility was $338,906 and $268,204, respectively, with a weighted average interest rate of 7.92% and 7.45%, respectively. As of June 30, 2024, the Company had $389,000 outstanding under the Revolving Funding Facility at a weighted average interest rate of 7.76%.

 

Revolving Funding Facility II

 

As of June 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.

 

37

 

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

 

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 six months ended June 30, 2024, the average amount of borrowings outstanding under the Revolving Funding Facility II was $69,098, with a weighted average interest rate of 8.02%. As of June 30, 2024, the Company had $83,000 outstanding under the Revolving Funding Facility II at a weighted average interest rate of 8.01%.

 

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 six months ended June 30, 2024 and 2023, the average amount of borrowings outstanding under the Subscription Credit Agreement were $6,648 and $67,320, respectively, with a weighted average interest rate of 7.61% and 6.76%, respectively.

 

Senior Unsecured Notes

 

As of June 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 June 30, 2024.

 

   Principal       Estimated   Fixed    
   Outstanding   Unamortized   Fair Value   Interest    
Series  June 30, 2024   Issuance Costs   June 30, 2024   Rate   Maturity
A  $25,000   $     236   $26,828    8.65%  6/30/2027
B   50,000    512    54,092    8.74%  6/30/2028
   $75,000   $748   $80,920         

 

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 June 30, 2024, the weighted average interest rate on the outstanding Notes was 8.71%.

 

As of June 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 60% (until June 29, 2024) or 55% (on or after June 29, 2024) (a “Secured Debt Ratio Event”), the interest rate per annum on the Notes will increase by 1.5% during the period the ratio is above stated percentage. If a Below Investment Grade Event and a Secured Debt Ratio Event is continuing at the same time the aggregate increase in interest rate per annum will not exceed 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 June 30, 2024, the Company was in compliance with all covenants under the Notes agreements.

 

38

 

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

 

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

 

   June 30, 2024 
   Aggregate Principal
Committed		   Outstanding Principal   Amount Available(1)   Net
Carrying Value(2)		 
Notes  $75,000   $75,000   $
-
   $74,252 
Corporate Credit Facility   400,000    75,000    325,000    73,679 
Revolving Funding Facility   600,000    389,000    211,000    383,192 
Revolving Funding Facility II   150,000    83,000    67,000    81,429 
Total debt  $1,225,000   $622,000   $603,000   $612,552 

 

(1) The amount available under the Company’s credit facilities do not reflect any limitations related to each borrowing base as of June 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 $9,448.

 

   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 six months ended June 30, 2024 and 2023, the components of interest expense were as follows:

 

   For the three months ended 
   June 30,
2024		   June 30,
2023		 
Interest expense  $12,312   $12,409 
Amortization of debt issuance costs   927    593 
Total interest expense  $13,239   $13,002 
Average interest rate   9.3%   8.1%
Average borrowings  $569,341   $643,780 

 

   For the six months ended 
   June 30,
2024		   June 30,
2023		 
Interest expense  $27,071   $23,341 
Amortization of debt issuance costs   1,824    1,184 
Total interest expense  $28,895   $24,525 
Average interest rate   9.1%   7.9%
Average borrowings  $636,346   $629,398 

 

39

 

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

 

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 six months ended June 30, 2024 and 2023.

 

On May 24, 2024, the Company closed 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 net of 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 six months ended June 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 

 

For the six months ended June 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 
Total common stock issued        3,010,942   $50,000 

 

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.

 

40

 

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

 

Dividends and Dividend Reinvestment

 

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

 

For the six months ended June 30, 2024
  Dividend  Dividend  Dividend 
Dividend declaration date  record date  payment date  per share 
March 6, 2024  March 29, 2024  April 17, 2024  $0.40 
May 8, 2024  June 28, 2024  July 15, 2024   0.40 
Total dividends declared        $0.80 

 

For the six months ended June 30, 2023
  Dividend  Dividend  Dividend 
Dividend declaration date  record date  payment date  per share 
March 7, 2023  March 31, 2023  April 14, 2023  $0.47 
May 10, 2023  June 30, 2023  July 14, 2023   0.53 
Total dividends declared        $1.00 

 

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 six months ended June 30, 2024 and 2023. See Note 11 – Subsequent Events.

 

For the six months ended June 30, 2024 
  Dividend  DRIP   DRIP 
Dividend record date  payment date  shares issued   value 
December 29, 2023  January 16, 2024   95,791   $1,573 
March 29, 2024  April 17, 2024   94,816    1,577 
       190,607   $3,150 

 

For the six months ended June 30, 2023 
  Dividend  DRIP   DRIP 
Dividend record date  payment date  shares issued   value 
December 29, 2022  January 13, 2023   57,860   $955 
March 31, 2023  April 14, 2023   65,733    1,089 
       123,593   $2,044 

 

For the dividend declared on May 10, 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.

 

41

 

Kayne Anderson BDC, Inc.

Notes to Consolidated Financial Statements

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

(Unaudited)

 

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 $178,545 and $147,928, respectively, of unfunded commitments to provide debt financing to its portfolio companies as of June 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.

 

42

 

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 June 30, 2024 and December 31, 2023 is shown in the table below.

 

   As of   As of 
   June 30,
2024		   December 31,
2023		 
Alcami Corporation (Alcami)  $1,565   $2,543 
Allcat Claims Service, LLC   5,370    5,370 
Allentown, LLC   663    785 
American Equipment Holdings LLC   1,931    483 
American Soccer Company, Incorporated (SCORE)   237    2,601 
Arborworks Acquisition LLC   780    1,872 
Basel U.S. Acquisition Co., Inc. (IAC)   1,622    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 
Brightview, LLC   194    
-
 
Carton Packaging Buyer, Inc.   2,848    2,848 
CCFF Buyer, Inc   17,738    
-
 
CGI Automated Manufacturing, LLC   556    2,390 
City Line Distributors, LLC   2,530    5,322 
Curio Brands, LLC   1,719    1,719 
DISA Holdings Corp. (DISA)   3,456    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   1,450    1,450 
FCA, LLC (FCA Packaging)   2,492    2,670 
Foundation Consumer Brands   577    577 
Fralock Buyer LLC   100    300 
Guardian Dentistry Partners   773    
-
 
Guided Practice Solutions   4,000    10,299 
Gulf Pacific Holdings, LLC   8,655    10,153 
Gusmer Enterprises, Inc.   3,677    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)   1,656    1,656 
Improving Acquisition LLC   1,672    1,672 
Krayden Holdings, Inc.   5,437    5,438 
Light Wave Dental Management LLC   1,251    827 
LSL Industries, LLC (LSL Healthcare)   15,224    15,224 
Luxium Solutions, LLC   1,239    
-
 
MacNeill Pride Group   1,798    3,877 
Phoenix YW Buyer, Inc. (Elida Beauty)   1,960    
-
 
Pixel Intermediate, LLC   1,883    
-
 
PMFC Holding, LLC   68    137 
Refocus Management Services, LLC   8,799    
-
 
Regiment Security Partners LLC   103    104 
The Robinette Company   6,254    
-
 
Ruff Roofers Buyer, LLC   10,966    10,966 
Salt Dental Collective   1,768    
-
 
SGA Dental Partners Holdings, LLC   4,397    5,087 
Siegel Egg Co., LLC   528    537 
Silk Holdings III Corp. (Suave)   6,667    
-
 
Spinrite, Inc.   2,549    
-
 
Sundance Holdings Group, LLC   438    439 
Trademark Global LLC   480    480 
United Safety & Survivability Corporation (USSC)   
-
    469 
USALCO, LLC   1,494    1,494 
Vehicle Accessories, Inc.   1,926    1,671 
Vitesse Systems Parent, LLC   312    
-
 
Worldwide Produce Acquisition, LLC   424    1,286 
 Total unfunded commitments  $178,545   $147,928 

43

 

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 June 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 June 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 six months ended June 30, 2024 and 2023.

 

   For the three months ended   For the six months ended 
   June 30,
2024		   June 30,
2023		   June 30,
2024		   June 30,
2023		 
Net increase (decrease) in net assets resulting from operations  $31,180   $21,002   $58,935   $40,409 
Weighted average shares of common stock outstanding - basic and diluted
   67,426,904    38,905,173    56,386,161    37,425,525 
Earnings (loss) per share of common stock - basic and diluted
  $0.46   $0.54   $1.05   $1.08 

 

44

 

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 six months ended June 30, 2024 and 2023.

 

  

For the six months ended

June 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   1.03    1.10 
Net Realized and Unrealized Gain (Loss) on Investments(2)   0.03    (0.02)
Net Increase (Decrease) in Net Assets Resulting from Operations   1.06    1.08 
           
Distributions to Common Stockholders          
Distributions   (0.80)   (1.00)
Net Decrease in Net Assets Resulting from Distributions   (0.80)   (1.00)
           
Capital Share Transactions          
Issuance of Common Stock, net of Underwriting and Offering Costs   (0.11)   
-
 
Net Increase (Decrease) Resulting from Capital Share Transactions   (0.11)   
-
 
Net Asset Value, End of Period  $16.57   $16.58 
Per Share Market Value, End of Period  $15.95   $N/A  
           
Shares Outstanding, End of Period   71,116,459    39,013,826 
           
Ratio/Supplemental Data          
Net assets, end of period  $1,178,176   $646,926 
Weighted-average shares outstanding   56,386,161    37,425,525 
Total Return based on net asset value(3)   5.9%   6.6%
Total Return based on market value(4)   (1.7)%   N/A 
Portfolio turnover   7.9%   5.1%
Ratio of operating expenses to average net assets before waivers(5)   10.2%   11.9%
Ratio of operating expenses to average net assets with waiver(5)   9.2%   11.9%
Ratio of net investment income (loss) to average net assets(5)   13.1%   13.5%

 

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

 

45

 

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 July 15, 2024, the Company paid a regular dividend of $0.40 per share to each common stockholder of record as of June 28, 2024. The total dividend was $28,446 and $4,431 was reinvested into the Company through open market purchases of common stock.

 

On August 7, 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 October 15, 2024 to stockholders of record as of the close of business on September 30, 2024, payable in cash or shares of common stock of the Company pursuant to the Company’s Dividend Reinvestment Plan, as amended.

 

46

 

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 Advisory 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 $6.9 billion related to middle market private credit as of June 30, 2024.

 

On May 24, 2024, we closed 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, we received net cash proceeds, before offering expenses, of $93.8 million. The Company’s common stock began trading on the New York Stock Exchange (“NYSE”) under the ticker symbol “KBDC” on May 22, 2024.

 

47

 

Recent Developments 

 

On July 15, 2024, we paid a regular dividend of $0.40 per share to each common stockholder of record as of June 28, 2024. The total dividend was $28.4 million and $4.4 million was reinvested into the Company through the open market purchase of common stock.

 

On August 7, 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 October 15, 2024 to stockholders of record as of the close of business on September 30, 2024, payable in cash or shares of our common stock pursuant to our Dividend Reinvestment Plan, as amended.

 

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 June 30, 2024, we had investments in 106 portfolio companies with an aggregate fair value of approximately $1,847 million, and unfunded commitments to these portfolio companies of $179 million, and our portfolio consisted of 97.8% first lien senior secured loans, 1.2% subordinated debt and 1.0% equity investments.

 

As of June 30, 2024, we held investments in broadly syndicated loans in 22 portfolio companies with an aggregate principal amount of $273 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 June 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 12.3% and 12.4%, respectively

 

  ● broadly syndicated loans at fair value and amortized cost weighted average yields were 8.3% and 8.2%, respectively; and

 

  ●

total debt investments at fair value and amortized cost weighted average yields were 11.7% and 11.8%, respectively

 

As of June 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 June 30, 2024 were Trading Companies & Distributors, Food Products, Commercial Services & Supplies and Health Care Providers & Services, which represented, as a percentage of our portfolio of long-term investments, 12.9%, 9.6%, 8.1% and 7.9%, 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 June 30, 2024, our average position size based on commitment (at the portfolio company level) was $19.3 million.

 

48

 

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

 

●private middle market loans were $58.9 million and $34.2 million, respectively, based on fair value1

 

  ● broadly syndicated loans were $2,022.9 million and $1,200.9 million, respectively, based on fair value; and

 

●total investments were $364.1 million and $46.4 million, respectively, based on fair value1

 

As of June 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 42.9%, based on par1

 

  ● broadly syndicated loans was 35.2%, based on par

 

  ● total investments was 41.7%, based on par; and1

 

  ● LTEV represents the total par value of our debt investment relative to our estimate of the enterprise value of the underlying borrower

 

As of June 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 June 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 4.3x and 3.1x, respectively, based on fair value1

 

  ● broadly syndicated loans were 3.4x and 3.9x, respectively, based on fair value; and

 

●total investments were 4.1x and 3.2x, respectively, based on fair value1

 

As of June 30, 2024, the percentage of our debt investments including at least one financial maintenance covenant was as follows:

 

  ● private middle market loans was 100% based on fair value

 

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

 

  ● total investments was 84.5%, based on fair value

 

 

1

Excludes investments on watch list, which represent 4.0% of the total fair value of debt investments as of June 30, 2024.

 

49

 

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

 

   For the three months ended
June 30,		 
   2024
($ in millions)		   2023
($ in millions)		 
New investments:        
Gross new investments commitments  $171.8   $57.2 
Less: investment commitments sold down, exited or repaid(1)   (95.2)   (45.9)
Net investment commitments   76.6    11.3 
           
Principal amount of investments funded(2):          
Private credit investments  $135.7   $73.0 
Broadly syndicated loans   30.0    - 
Preferred and common equity investments   0.5    0.2 
Total principal amount of investments funded   166.2    73.2 
           
Principal amount of investments sold / repaid (2):          
Private credit investments   (40.5)   (42.3)
Broadly syndicated loans   (58.5)   - 
Total principal amount of investments sold or repaid   (99.0)   (42.3)
           
Number of new private credit investment commitments   18    8 
Average new private credit investment commitment amount  $7.8   $7.2 
Number of new broadly syndicated loan commitments   2    - 
Average new broadly syndicated loan commitment amount  $15.0   $- 
Weighted average maturity for new investment commitments(3)   4.6 years    2.9 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)   11.1%   12.3%
Weighted average interest rate of new broadly syndicated loan commitments(4)   7.8%   - 
Weighted average interest rate on investments sold or paid down(5)   9.7%   14.1%

 

(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 June 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 June 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). 

 

50

 

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 June 30, 2024 and December 31, 2023. This table excludes equity investments.

 

As of June 30, 2024   As of December 31, 2023 
Fair Value
($ in millions)		  

 

%

   Number of
Companies		  

 

%

   Fair Value
($ in millions)		  

 

%

   Number of
Companies		  

 

%

 
$73.0    4.0%   5    4.7%  $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 June 30, 2024 and December 31, 2023.

 

   June 30,
2024		   December 31,
2023		 
Trading companies & distributors   12.9%   15.3%
Food products   9.6%   11.5%
Commercial services & supplies   8.1%   9.4%
Health care providers & services   7.9%   7.4%
Containers & packaging   6.1%   7.2%
Aerospace & defense   5.4%   6.3%
Professional services   5.1%   4.5%
Personal care products   4.0%   3.0%
Leisure products   4.0%   3.3%
Machinery   3.2%   3.8%
IT services   2.8%   3.8%
Chemicals   2.8%   3.1%
Textiles, apparel & luxury goods   2.5%   3.3%
Automobile components   2.4%   2.0%
Specialty retail   2.4%   0.7%
Insurance   2.1%   2.2%
Pharmaceuticals   2.0%   0.5%
Software   1.9%   2.5%
Diversified telecommunication services   1.7%   0.4%
Wireless telecommunication services   1.6%   2.1%
Health care equipment & supplies   1.6%   1.5%
Hotels, restaurants & leisure   1.5%   -%
Building products   1.5%   2.0%
Household durables   1.1%   1.5%
Entertainment   0.9%   -%
Household products   0.9%   1.2%
Media   0.9%   -%
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   0.1%   -%
Total   100.0%   100.0%

 

51

 

Results of Operations

 

For the three and six months ended June 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 six months ended June 30, 2024 and 2023.

 

   For the three months ended June 30,   For the six months ended
June 30,		 
   2024   2023   2024   2023 
   ($ in millions)   ($ in millions)   ($ in millions)   ($ in millions) 
Total investment income  $52.4   $40.7   $98.9   $77.1 
Less: Net expenses   (18.0)   (19.0)   (40.8)   (36.1)
 Net investment income   34.4    21.7    58.1    41.0 
Net realized gains (losses) on investments   (0.1)   -    (0.1)   - 
Net change in unrealized gains (losses) on investments   (3.1)   (0.7)   0.9    (0.6)
Net increase (decrease) in net assets resulting from operations  $31.2   $21.0   $58.9   $40.4 

 

Investment Income

 

Investment income for the three and six months ended June 30, 2024 totaled $52.4 million and $98.9 million, respectively, and consisted primarily of interest income on our debt investments. Investment income for the three and six months ended June 30, 2023, totaled $40.7 million and $77.1 million, respectively, and consisted primarily of interest income on our debt investments. For the three and six months ended June 30, 2024 we had $0.4 million and $0.7 million, respectively, of PIK interest included in interest income. For the three and six months ended June 30, 2023, we had $0.8 million and $1.0 million of PIK interest included in interest income. As of June 30, 2024, we had two debt investments on non-accrual status. As of June 30, 2023, all debt investments were income producing, and there were no loans on non-accrual status.

 

Expenses

 

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

 

   For the three months ended June 30,   For the six months ended
June 30,		 
   2024   2023   2024   2023 
   ($ in millions)   ($ in millions)   ($ in millions)   ($ in millions) 
Interest and debt financing expenses  $13.2   $13.0   $28.9   $24.5 
Management fees   4.3    2.8    7.8    5.5 
Incentive fees   4.1    2.4    6.8    4.6 
Directors fees   0.1    0.2    0.3    0.3 
Other operating expenses   0.9    0.6    1.6    1.2 
Total expenses   22.6    19.0    45.4    36.1 
Management fee waiver (Note 3)   (0.5)   -    (0.5)   - 
Incentive fee waiver (Note 3)   (4.1)   -    (4.1)   - 
Net expenses  $18.0   $19.0   $40.8   $36.1 

 

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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 six months ended June 30, 2024 and 2023, net unrealized gains (losses) on our investment portfolio were comprised of the following:

 

   For the three months ended June 30,   For the six months ended
June 30,		 
   2024   2023   2024   2023 
   ($ in millions)   ($ in millions)   ($ in millions)   ($ in millions) 
Unrealized gains on investments  $5.3   $4.4   $9.9   $6.6 
Unrealized (losses) on investments   (8.4)   (5.1)   (9.0)   (7.2)
Net change in unrealized gains (losses) on investments  $(3.1)  $(0.7)  $0.9   $(0.6)

 

For these three-month periods ended June 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 June 30,
2024
($ in millions)		 
Portfolio Company    
Energy Acquisition LP (Electrical Components International – ECI)  $0.5 
Silk Holdings III Corp. (Suave)   0.5 
Phoenix YW Buyer, Inc. (Elida Beauty)   0.3 
The Robinette Company   0.3 

CCFF Buyer, LLC (California Custom Fruits & Flavors, LLC)

   0.2 
Other portfolio companies unrealized gains   3.5 
Other portfolio companies unrealized (losses)   (4.9)
United Safety & Survivability Corporation (USSC)   (0.4)
Engineered Fastener Company, LLC (EFC International)   (0.5)
Gulf Pacific Holdings, LLC   (0.6)
Siegel Egg Co.,LLC   (0.8)
Trademark Global LLC   (1.2)
Total Unrealized Appreciation (Depreciation), net  $(3.1)

 

   For the three
months
ended June 30,
2023
($ in millions)		 
Portfolio Company    
Light Wave Dental Management LLC  $0.6 
Silk Holdings III Corp. (Suave)   0.6 
BLP Buyer, Inc. (Bishop Lifting Products)   0.6 
Sundance Holdings Group, LLC   0.3 
Fastener Distribution Holdings, LLC   0.3 
Other portfolio companies unrealized gains   2.0 
Other portfolio companies unrealized (losses)   (2.8)
IF&P Foods, LLC (FreshEdge)   (0.3)
American Soccer Company, Incorporated   (0.4)
YS Garments, LLC   (0.4)
CGI Automated Manufacturing, LLC   (0.4)
Siegel Egg Co.,LLC   (0.8)
Total Unrealized Appreciation (Depreciation), net  $(0.7)

 

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For these six-month periods ended June 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 six
months
ended June 30,
2024
($ in millions)		 
Portfolio Company    
Envirotech Services, LLC  $0.8 
CCFF Buyer, LLC (California Custom Fruits & Flavors, Inc.)   0.8 
Pixel Intermediate, LLC   0.6 
Refocus Management Services, LLC   0.6 
MVP VIP Borrower, LLC   0.6 
Other portfolio companies unrealized gains   6.5 
Other portfolio companies unrealized (losses)   (5.0)
United Safety & Survivability Corporation (USSC)   (0.5)
American Soccer Company, Incorporated (SCORE)   (0.5)
Gulf Pacific Holdings, LLC   (0.6)
Siegel Egg Co., LLC   (1.0)
Trademark Global LLC   (1.4)
Total Change in Unrealized Gain (Loss), net  $0.9 

 

   For the six
months
ended  June 30,
2023
($ in millions)		 
Portfolio Company    
BLP Buyer, Inc. (Bishop Lifting Products)  $0.8 
Silk Holdings III Corp. (Suave)   0.7 
Light Wave Dental Management LLC   0.5 
Engineered Fastener Company, LLC (EFC International)   0.5 
Techniks Holdings, LLC / Eppinger Holdings Germany GMBH   0.5 
Other portfolio companies unrealized gains   3.6 
Other portfolio companies unrealized (losses)   (4.0)
CGI Automated Manufacturing, LLC   (0.4)
American Soccer Company, Incorporated (SCORE)   (0.4)
AIDC Intermediate Co 2, LLC (Peak Technologies)   (0.5)
Genuine Cable Group, LLC   (0.6)
Siegel Parent, LLC   (1.3)
Total Change in Unrealized Gain (Loss), net  $(0.6)

 

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 June 30, 2024 and December 31, 2023, our asset coverage ratios were 289% 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 June 30, 2024, we had $75 million Notes outstanding, $547 million borrowed under our credit facilities and cash and cash equivalents of $40.6 million (including short-term investments). As of that date, we had $603 million of undrawn commitments available on our credit facilities (subject to borrowing base restrictions and other conditions). As of August 8, 2024, we had $75 million Notes outstanding, $640.0 million borrowed under our credit facilities and cash and cash equivalents of $15.1 million (including short-term investments).

 

IPO and Capital Contributions

 

On May 24, 2024, we closed 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, we received net cash proceeds, before offering expenses, of $93.8 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 June 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 June 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.

 

55

 

Revolving Funding Facility: On April 3, 2024, we and our wholly owned, special purpose financing subsidiary, Kayne Anderson BDC Financing, LLC (“KABDCF”), amended our senior secured revolving funding facility (the “Revolving Funding Facility”). Under the terms of the third amendment, we and KABDCF increased the commitment amount from $455 million to $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 June 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 June 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   $       -   $-   $75.0   $       - 
Corporate Credit Facility   75.0    -    75.0    -    - 
Revolving Funding Facility   389.0    -    -    389.0    - 
Revolving Funding Facility II   83.0    -    -    83.0    - 
Total contractual obligations  $622.0   $-   $75.0   $547.0   $- 

 

Off-Balance Sheet Arrangements

 

As of June 30, 2024 and December 31, 2023, we had an aggregate $178.5 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 six months ended June 30, 2024, for more information on our critical accounting policies.

 

56

 

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.

 

57

 

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.

 

58

 

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 June 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 non-incoming producing as of June 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  $(36.3)  $(10.9)  $(25.4)
Down 100 basis points  $(18.1)  $(5.5)  $(12.6)
Up 100 basis points  $18.1   $5.5   $12.6 
Up 200 basis points  $36. 3   $10.9   $25.4 

 

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 June 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.

 

59

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 six months ended June 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 six months ended June 30, 2024, the Company did not repurchase any shares under the Company 10b5-1 Plan.

 

Item 3. Default Upon Senior Securities.

 

None.

 

Item 4. Mine Safety Disclosures.

 

Not applicable.

 

60

 

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*
10.4   Fee Waiver Agreement*
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. (3)
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)

 

(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.

 

61

 

(2) Incorporated by reference from the Company’s Form 8-K, as filed with the Securities and Exchange Commission on February 9, 2021.
   
(3) Incorporated by reference from the Company’s Form 10-K, as filed with the Securities and Exchange Commission on March 10, 2023.
   
(4) Incorporated by reference from the Company’s Form 8-K, as filed with the Securities and Exchange Commission on February 25, 2022.
   
(5) Incorporated by reference from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, as filed with the Securities and Exchange Commission on August 15, 2022.

 

(6) Incorporated by reference from the Company’s Form 8-K, as filed with the Securities and Exchange Commission on November 22, 2022.
   
(7) Incorporated by reference from the Company’s Form 8-K, as filed with the Securities and Exchange Commission on January 6, 2023.
   
(8) Incorporated by reference from the Company’s Form 8-K, as filed with the Securities and Exchange Commission on July 5, 2023.
   
(9) Incorporated by reference from the Company’s Form 8-K, as filed with the Securities and Exchange Commission on December 29, 2023.
   
(10)  Incorporated by reference from the Company’s Form 8-K, as filed with the Securities and Exchange Commission on January 5, 2024.
   
(11)  Incorporated by reference from the Company’s Form 8-K, as filed with the Securities and Exchange Commission on April 8, 2024.

 

  * Filed herewith.

 

62

 

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

 

 

63

 

 

0.51 0.56 1.03 1.10 0.46 0.54 1.05 1.08 37425525 38905173 56386161 67426904 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.. 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. 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. 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Exhibit 10.3

 

Exhibit (g)(3)

 

AMENDED AND RESTATED

INVESTMENT ADVISORY AGREEMENT
BETWEEN
KAYNE ANDERSON BDC, INC.
AND
KA CREDIT ADVISORS, LLC

 

This Amended and Restated Investment Advisory Agreement (this “Agreement”) is made as of March 6, 2024, by and between Kayne Anderson BDC, Inc., a Delaware corporation (the “Company”), and KA Credit Advisors, LLC, a Delaware limited liability company (the “Adviser”) and is to become effective upon successful completion of the initial public offering of the common stock (the “IPO”) of the Company.

 

WHEREAS, the Company and the Adviser entered into that certain Investment Advisory Agreement, dated as of February 5, 2021 (as amended by that certain Amendment, dated as of November 8, 2022) (the “Original Investment Advisory Agreement”);

 

WHEREAS, the Company and the Adviser desire to amend and restate the Original Investment Advisory Agreement in its entirety as set forth in this Agreement;

 

WHEREAS, this Agreement is substantially the same as the Original Investment Advisory Agreement with no change in the services provided by the Adviser but this Agreement removes references to the base management fee payable before an Exchange Listing (as defined below) that are no longer applicable, and to specify that the Incentive Fee (also as defined below) on income will be subject to a twelve-quarter lookback quarterly hurdle rate of 1.50% as opposed to a single quarter measurement and will become subject to an Incentive Fee Cap (as defined below) based on the Company’s Cumulative Pre-Incentive Fee Net Return (as defined below). This Agreement will not result in higher inventive fees (on a cumulative basis) payable to the Adviser than the fees that would have otherwise been payable to the Adviser under the Original Investment Advisory Agreement;

 

WHEREAS, this Agreement will become valid and enforceable upon the closing of the IPO (the “Effective Date”). In the event that the IPO is not completed, the Original Investment Advisory Agreement will remain in full force and effect, and this Agreement will have no effect.

 

NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Company and the Adviser hereby agree as follows:

 

Section 1. Duties of the Adviser.

 

(a) Retention of Adviser. The Company hereby appoints the Adviser to act as the investment adviser to the Company and to manage the investment and reinvestment of the assets of the Company, subject to the supervision of the board of directors of the Company (the “Board of Directors”), for the period and upon the terms herein set forth in accordance with:

 

(i) the investment objective, policies and restrictions that are set forth in the Company’s Registration Statement on Form 10 or Form N-2 (the “SEC”), as supplemented, amended or superseded from time to time (the “Registration Statement”), and in the Company’s offering document, as amended from time to time or as may otherwise be set forth in the Company’s periodic reports filed in compliance with the Securities Exchange Act of 1934, as amended, as applicable;

 

 

 

 

(ii) during the term of this Agreement, all other applicable federal and state laws, rules and regulations, and the Company’s certificate of formation and limited liability company operating agreement, bylaws, certification of incorporation, as each may be amended from time to time (the “Organizational Documents”);

 

(iii) such investment policies, directives, regulatory restrictions as the Company may from time to time establish or issue and communicate to the Adviser in writing; and

 

(iv) the Company’s compliance policies and procedures as applicable to the Adviser and as administered by the Company’s chief compliance officer.

 

(b) Responsibilities of Adviser. Without limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement:

 

(i) determine the composition and allocation of the Company’s investment portfolio, the nature and timing of any changes therein and the manner of implementing such changes;

 

(ii) identify, evaluate and negotiate the structure of the investments made by the Company;

 

(iii) perform due diligence on prospective portfolio companies;

 

(iv) execute, close, service and monitor the Company’s investments;

 

(v) determine the securities and other assets that the Company shall purchase, retain or sell;

 

(vi) arrange financings and borrowing facilities for the Company;

 

(vii) provide the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds; and

 

- 2 -

 

 

(viii) to the extent permitted under the Investment Company Act of 1940, as amended (together with the rules promulgated thereunder, the “1940 Act”) and the Investment Advisers Act of 1940, as amended (together with the rules promulgated thereunder, the “Advisers Act”), on the Company’s behalf, and in coordination with any administrator, provide significant managerial assistance to those portfolio companies to which the Company is required to provide such assistance under the 1940 Act, including utilizing appropriate personnel of the Adviser to, among other things, monitor the operations of the Company’s portfolio companies, participate in board and management meetings, consult with and advise officers of portfolio companies and provide other organizational and financial consultation. In addition, to the extent it is necessary for the Company to be operated as a “venture capital operating company” under Employee Retirement Income Security Act of 1974, as amended (“ERISA”), the Company will obtain direct contractual rights to substantially participate in, or substantially influence, the conduct of the management of an operating company; and in the ordinary course of its business, actually exercises such management rights with respect to one or more of the operating companies in which it invests.

 

(c) Power and Authority. To facilitate the Adviser’s performance of these undertakings, but subject to the restrictions contained herein, the Company hereby delegates to the Adviser, and the Adviser hereby accepts, the power and authority to act on behalf of and in the name of the Company to effectuate investment decisions for the Company, including the negotiation, execution and delivery of all documents relating to the acquisition and disposition of the Company’s investments, the placing of orders for other purchase or sale transactions on behalf of the Company or any entity in which the Company has a direct or indirect ownership interest, including any interest rate, currency or other derivative instruments, and the engagement of any services providers deemed necessary or appropriate by the Adviser to the exercise of such power and authority. In the event that the Company determines to issue debt or other securities (or to refinance existing debt or other senior securities), the Adviser shall use commercially reasonable efforts to arrange for such financing on the Company’s behalf, subject to the oversight and approval of the Board. If it is necessary for the Adviser to make investments or obtain financing on behalf of the Company through a special purpose vehicle, the Adviser shall have authority to create, or arrange for the creation of, such special purpose vehicle and to make investments or obtain financing through such special purpose vehicle in accordance with applicable law. The Company also grants to the Adviser power and authority to engage in all activities and transactions (and anything incidental thereto) that the Adviser deems, in its sole discretion, appropriate, necessary or advisable to carry out its duties pursuant to this Agreement in accordance with applicable securities laws and compliance policies and procedures or the Adviser, including but not limited to effecting and settling transactions, and entering into agreements incident thereto, as authorized by this Agreement.

 

(d) Acceptance of Appointment. The Adviser hereby accepts such appointment and agrees during the term hereof to render the services described herein for the compensation provided herein, subject to the limitations contained herein. Unless and until it resigns or is removed as investment adviser to the Company in accordance with this Agreement, the Adviser, to the extent of its powers as set forth in this Agreement, shall be an agent of the Company for the purpose of the Company’s business, and action taken by the Adviser in accordance with such powers shall bind the Company.

 

(e) Independent Contractor Status. The Adviser shall, for all purposes herein provided, be deemed to be an independent contractor and, except as expressly provided or authorized herein, shall have no authority to act for or represent the Company in any way or otherwise be deemed an agent of the Company.

 

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(f) Record Retention. Subject to review by and the overall control of the Board of Directors, the Adviser shall maintain and keep all books, accounts and other records of the Adviser that relate to activities performed by the Adviser hereunder as required under the 1940 Act and the Advisers Act. The Adviser agrees that all records that it maintains and keeps for the Company shall at all times remain the property of the Company, shall be readily accessible during normal business hours, and shall be promptly surrendered to the Company upon the termination of this Agreement or otherwise on written request by the Company. The Adviser further agrees that the records that it maintains and keeps for the Company shall be preserved in the manner and for the periods prescribed by the 1940 Act, unless any such records are earlier surrendered as provided above. The Adviser shall have the right to retain copies, or originals where required by Rule 204-2 promulgated under the Advisers Act, of such records to the extent required by applicable law. The Adviser shall maintain records of the locations where books, accounts and records are maintained among the persons and entities providing services directly or indirectly to the Adviser or the Company.

 

Section 2. Expenses Payable by the Company.

 

(a) Adviser Personnel. All investment personnel of the Adviser, when and to the extent engaged in providing investment advisory services and managerial assistance hereunder, and the compensation and routine overhead expenses of such personnel allocable to such services, shall be provided and paid for by the Adviser and not by the Company.

 

(b) Company’s Costs. Subject to the limitations on expense reimbursement of the Adviser as set forth in Sections 2(a) and (c), the Company, either directly or through reimbursement to the Adviser, shall bear all costs and expenses of its investment operations and its investment transactions including costs and expenses relating to: the Company’s initial organization costs and operating costs incurred prior to the filing of its election to be treated as a BDC; the costs associated with any offerings of the Company’s securities; calculating individual asset values and the Company’s net asset value (including the cost and expenses of any third-party valuation services); out-of-pocket expenses, including travel expenses, incurred by the Adviser, or members of its investment team, or payable to third parties, performing due diligence on prospective portfolio companies and, if necessary, enforcing the Company’s rights; the Base Management Fee and any Incentive Fees payable under this Agreement; certain costs and expenses relating to distributions paid by the Company; administration fees payable under the administration agreement, by and between the Company and KA Credit Advisors, LLC (in such capacity, the “Administrator”), dated as of February 5, 2021 (the “Administration Agreement”) and any sub-administration agreements, including related expenses; debt service and other costs of borrowings or other financing arrangements; the allocated costs incurred by the Adviser in providing managerial assistance to those portfolio companies that request it; amounts payable to third parties relating to, or associated with, making or holding investments; transfer agent and custodial fees; costs of hedging; commissions and other compensation payable to brokers or dealers; federal and state registration fees; U.S. federal, state and local taxes; independent director fees and expenses; costs of preparing financial statements and maintaining books and records, costs of preparing tax returns, costs of compliance with the Sarbanes-Oxley Act of 2002, as amended (“Sarbanes-Oxley”), and attestation and costs of filing reports or other documents with the SEC (or other regulatory bodies) and other reporting and compliance costs, including registration and listing fees, and the compensation of professionals responsible for the preparation or review of the foregoing; the costs of any reports, proxy statements or other notices to the Company’s stockholders (including printing and mailing costs), the costs of any stockholders’ meetings and the compensation of investor relations personnel responsible for the preparation of the foregoing and related matters; the costs of specialty and custom software expense for monitoring risk, compliance and overall investments; the Company’s fidelity bond; all costs associated with setting up special purpose vehicles; directors and officers/errors and omissions liability insurance, and any other insurance premiums; indemnification payments; direct fees and expenses associated with independent audits, agency, consulting and legal costs; and all other expenses incurred by either the Administrator or the Company in connection with administering its business, including payments under the Administration Agreement for administrative services that shall be based upon the Company’s allocable portion of overhead and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including, but not limited to rent, the fees and expenses associated with performing compliance functions, and the Company’s allocable portion of the costs of compensation paid to or distributions received by its Chief Financial Officer, Chief Compliance Officer, any of their respective staff who provide services to the Company and any internal audit staff, to the extent internal audit performs a role in the Company’s Sarbanes-Oxley internal control assessments.

 

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For avoidance of doubt, it is agreed and understood that, from time to time, the Adviser or its affiliates may pay amounts or bear costs properly constituting Company expenses as set forth herein or otherwise and that the Company shall reimburse the Adviser or its affiliates for all such costs and expenses that have been paid by the Adviser or its affiliates on behalf of the Company.

 

(c) Portfolio Company’s Compensation. In certain circumstances the Adviser, or any of it respective Affiliates (as defined below), may receive compensation from a portfolio company, in connection with the Company’s investment in such portfolio company. Any compensation received by the Adviser, or any of its respective Affiliates, attributable to the Company’s investment in any portfolio company, in excess of any of the limitations in or exemptions granted from the 1940 Act, any interpretation thereof by the staff of the SEC, or the conditions set forth in any exemptive relief granted to the Adviser, or the Company by the SEC, shall be delivered promptly to the Company and the Company will retain such excess compensation for the benefit of its stockholders.

 

Section 3. Compensation of the Adviser.

 

The Company agrees to pay, and the Adviser agrees to accept, as compensation for the services provided by the Adviser hereunder, a base management fee (“Base Management Fee”) and an incentive fee (“Incentive Fee”) as hereinafter set forth. The Company shall make any payments due hereunder to the Adviser or to the Adviser’s designee as the Adviser may otherwise direct.

 

(a) Base Management Fee: The Base Management Fee will be calculated at an annual rate of 1.00% of the fair market value of Company’s investments.

 

For services rendered under this Agreement, the base management fee will be payable quarterly in arrears and calculated based on the average value, at the end of the two most recently completed calendar quarters, of the Company’s fair market value of 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. Base management fees for any partial quarter will be appropriately pro-rated. If the Effective Date occurs on a date other than the first day of a calendar quarter, the Base Management Fee will be calculated for such calendar quarter at a weighted rate calculated based on the fee rates applicable before and after the Effective Date based on the number of days in such calendar quarter before and after the Effective Date.

 

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(b) Incentive Fee. The Incentive Fee is divided into two parts, an incentive fee on income and an incentive fee on capital gains. Prior to a “Liquidity Event” which is defined as (a) an initial public offering of the Company’s Shares (the “Initial Public Offering”) or the listing of the Company’s Shares on an exchange (together with the Initial Public Offering, an “Exchange Listing”), (b) the sale of the Company or (c) a disposition of substantially all of the Company’s investments and distribution of the net proceeds (after repayment of borrowed funds or other forms of leverage) to the Company’s investors, any Incentive Fee earned by the Adviser shall accrue as earned but only become payable in cash to the Adviser upon consummation of the Liquidity Event. To the extent the Company does not complete an Exchange Listing, the Incentive Fee will be payable to the Adviser (a) upon consummation of a sale of the Company, (b) once substantially all the proceeds from a Company liquidation payable to the Company’s stockholders have been distributed to such stockholders or (c) upon the termination of this Agreement.

 

(i) Incentive Fee on Income. The income incentive fee will be calculated and payable quarterly in arrears based on the Company’s quarterly pre-incentive fee net investment income (as defined below) with respect to (1) the calendar quarter in which the Effective Date occurs (the “First Calendar Quarter”) and (2) 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 purposes of calculating the income incentive fee, “pre-incentive fee net investment income” is defined as, as the context requires, either the dollar value of, or percentage rate of return on the value of the Company’s net assets at the beginning of each applicable calendar quarter from interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses accrued for the quarter (including the management fee, expenses payable under the Administration Agreement (as defined below), and any interest expense or fees on any credit facilities or senior unsecured notes and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay in kind (“PIK”) interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-incentive fee net investment income excludes any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Pre-incentive fee net investment income with respect to the First Calendar Quarter will be allocated proportionately over the quarter based on the number of days in the quarter for purposes of calculating the inventive fee below.

 

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(ii) 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% (6.0% annualized). The income incentive fee for the First Calendar Quarter will be determined as follows:

 

●no income incentive fee is payable to the Adviser 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 herein as the “catch-up.” The “catch-up” is meant to provide the Adviser with approximately 10% 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% for the balance of that First Calendar Quarter, as if the hurdle rate did not apply; and

 

●10% 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% 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.

 

(iii) Commencing with the calendar quarter beginning immediately after the First Calendar Quarter, subject to the Incentive Fee Cap (as defined 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 (6.0% annualized) and (ii) the sum of the Company’s 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 Adviser in any calendar quarter in which aggregate pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters does not exceed the Hurdle Rate;

 

●100% of the aggregate pre-incentive fee net investment income in respect of the Trailing Twelve Quarters with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Rate, but is less than or equal to an amount (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% of the aggregate pre-incentive fee net investment income in respect of the Trailing Twelve Quarters that exceeds the Catch-up Amount.

 

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(iv) Incentive Fee Cap. Commencing with the quarter that begins immediately after the First Calendar Quarter, each income incentive fee will be subject to a cap (the “Incentive Fee Cap”). The Incentive Fee Cap in respect of any calendar quarter is an amount equal to 15% of the Cumulative Pre-Incentive Fee Net Return (as defined herein) during the Trailing Twelve Quarters less the aggregate income incentive fees that were paid to the Adviser 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. As used herein, “Cumulative Pre-Incentive Fee Net Return” means (A) with respect to the First Calendar Quarter, the sum of pre-incentive fee net investment income in respect of the First Calendar Quarter, (B) with respect to the relevant Trailing Twelve Quarters, the pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters minus (B) 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 Adviser 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 Adviser 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 Adviser 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 Adviser 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 Adviser 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.

 

(v) Incentive Fee on Capital Gains. The incentive fee on capital gains (the “capital gain incentive fee”) will be calculated quarterly as follows:

 

●Prior to an Exchange Listing (accrued quarterly and paid upon a Liquidity Event:

 

o10.0% of the Company’s realized capital gains, if any, on a cumulative basis from formation through (a) the day before an Exchange Listing, (b) upon consummation of a Liquidity Event or (c) upon the termination of this 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 will look through derivative financial instruments or swaps as if we owned the reference assets directly.

 

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●After an Exchange Listing (accrued quarterly and paid annually following the calendar year end):

 

o15% 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 this 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 an Exchange Listing, solely for the purposes of calculating the capital gain incentive fee, the Company will be deemed to have previously paid capital gains incentive fees prior to an Exchange Listing equal to the product obtained by multiplying (a) the actual aggregate amount of previously paid capital gain incentive fees for all periods prior to an Exchange Listing 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.

 

(c) Waiver or Deferral of Fees.

 

The Adviser shall have the right to elect to waive or defer all or a portion of the Base Management Fee and/or Incentive Fee that would otherwise be paid to it. Prior to the payment of any fee to the Adviser, the Company shall obtain written instructions from the Adviser with respect to any waiver or deferral of any portion of such fees. Any portion of a deferred fee payable to the Adviser and not paid over to the Adviser with respect to any calendar quarter or year shall be deferred without interest and may be paid over in any such other quarter prior to the termination of this Agreement, as the Adviser may determine upon written notice to the Company.

 

Section 4. Covenant of the Adviser.

 

The Adviser covenants that it is registered as an investment adviser under the Advisers Act on the effective date of this Agreement, and shall maintain such registration until the expiration or termination of this Agreement. The Adviser agrees that its activities shall at all times comply in all material respects with all applicable federal and state laws governing its operations and investments. The Adviser agrees to observe and comply with applicable provisions of the code of ethics adopted by the Company pursuant to Rule 17j-1 under the 1940 Act, as such code of ethics may be amended from time to time.

 

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Section 5. Brokerage Commissions.

 

The Adviser is hereby authorized, to the fullest extent now or hereafter permitted by law, to cause the Company to pay a member of a national securities exchange, broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another member of such exchange, broker or dealer would have charged for effecting that transaction, if the Adviser determines in good faith, taking into account factors, including without limitation, price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the firm and the firm’s risk and skill in positioning blocks of securities, that such amount of commission is reasonable in relation to the value of the brokerage and/or research services provided by such member, broker or dealer, viewed in terms of either that particular transaction or its overall responsibilities with respect to the Company’s portfolio, and is consistent with the Adviser’s duty to seek the best execution on behalf of the Company. Notwithstanding the foregoing, with regard to transactions with or for the benefit of the Company, the Adviser may not pay any commission or receive any rebates or give-ups, nor participate in any business arrangements which would circumvent this restriction.

 

Section 6. Other Activities of the Adviser.

 

The services of the Adviser to the Company are not exclusive, and the Adviser may engage in any other business or render similar or different services to others including, without limitation, the direct or indirect sponsorship or management of other investment-based accounts or commingled pools of capital, however structured, having investment objectives similar to or different from those of the Company, and nothing in this Agreement shall limit or restrict the right of any officer, director, stockholder (and their stockholders or members, including the owners of their stockholders or members), officer or employee of the Adviser to engage in any other business or to devote his or her time and attention in part to any other business, whether of a similar or dissimilar nature, or to receive any fees or compensation in connection therewith (including fees for serving as a director of, or providing consulting services to, one or more of the Company’s portfolio companies, subject to applicable law). The Adviser assumes no responsibility under this Agreement other than to render the services set forth herein.

 

During the term of this Agreement and for a period of one year following any termination or nonrenewal of this Agreement for any reason, the Company shall not, directly or indirectly on behalf of itself or any other person or entity: (a) solicit the employment of or employ any partners, stockholders, directors, trustees, officers, employees, consultants and/or associated persons (each, an “Associate”) of the Adviser or any of their respective Affiliates (collectively, “Adviser Persons”) or any person or entity who was an Associate of an Adviser Person during the one-year period preceding such proposed solicitation or employment, or (b) induce, persuade or attempt to induce or persuade the discontinuation of, or in any way interfere or attempt to interfere with, the relationship between an Adviser Person and any Associate of such Adviser Person or any person or entity who was an Associate of such Adviser Person during the one-year period preceding such proposed inducement, persuasion or interference or attempted inducement, persuasion or interference. The parties intend that any provision of this Section 6 held invalid, illegal or unenforceable only in part or degree because of the duration or geographic scope thereof shall remain in full force to the extent not held invalid, illegal or unenforceable.

 

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For purposes of this Agreement, “Affiliate” or “Affiliated” or any derivation thereof means with respect to any individual, corporation, partnership, trust, joint venture, limited liability company or other entity or association (“Person”): (a) any Person directly or indirectly owning, controlling, or holding, with the power to vote, 10% or more of the outstanding voting securities of such other Person; (b) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such other Person; (c) any Person directly or indirectly controlling, controlled by or under common control with such other Person; (d) any executive officer, director, trustee or general partner of such other Person; or (e) any legal entity for which such Person acts as an executive officer, director, trustee or general partner.

 

Section 7. Responsibility of Dual Directors, Officers and/or Employees.

 

If any person who is a director, officer, stockholder or employee of the Adviser is or becomes a director, officer, stockholder and/or employee of the Company and acts as such in any business of the Company, then such director, officer, stockholder and/or employee of the Adviser shall be deemed to be acting in such capacity solely for the Company, and not as a director, officer, stockholder or employee of the Adviser or under the control or direction of the Adviser, even if paid by the Adviser.

 

Section 8. Indemnification.

 

(a) Indemnification. Subject to Section 9, the Adviser, its directors, trustees, officers, stockholders or members (and their stockholders or members, including the owners of their stockholders or members), agents, employees, controlling persons (as determined under the 1940 Act (“Controlling Persons”)) and any other person or entity Affiliated with, or acting on behalf of, the Adviser (each an “Indemnified Party” and, collectively, the “Indemnified Parties”) shall not be liable to the Company for any action taken or omitted to be taken by the Adviser in connection with the performance of any of its duties or obligations under this Agreement or otherwise as an investment adviser of the Company (except to the extent specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services), and the Company shall indemnify, defend and protect the Indemnified Parties (each of whom shall be deemed a third party beneficiary hereof) and hold them harmless from and against all losses, damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) (“Losses”) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of or otherwise based upon the performance of any of the Indemnified Parties’ duties or obligations under this Agreement, or otherwise as an investment adviser of the Company to the extent such Losses are not fully reimbursed by insurance and otherwise to the fullest extent such indemnification would not be inconsistent with the Organizational Documents, the 1940 Act, the laws of the State of Delaware and other applicable law.

 

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Section 9. Limitation on Indemnification.

 

Notwithstanding anything in Section 8 to the contrary, nothing contained herein shall protect or be deemed to protect any of the Indemnified Parties against, or entitle or be deemed to entitle any of the Indemnified Parties to indemnification in respect of, any Losses to the Company or its security holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of the Adviser’s duties or by reason of the reckless disregard of the Adviser’s duties and obligations under this Agreement (to the extent applicable, as the same shall be determined in accordance with the 1940 Act and any interpretations or guidance by the SEC or its staff thereunder).

 

In addition, notwithstanding any of the foregoing to the contrary, the provisions of Section 8 and this Section 9 shall not be construed so as to provide for the indemnification of any Indemnified Party for any liability (including liability under federal securities laws which, under certain circumstances, impose liability even on persons that act in good faith), to the extent (but only to the extent) that such indemnification would be in violation of applicable law, but shall be construed so as to effectuate the provisions of Section 8 and this Section 9 to the fullest extent permitted by law.

 

Section 10. Effectiveness, Duration and Termination of Agreement.

 

(a) Term and Effectiveness. This Agreement shall become effective as of the first date written above. Once effective, this Agreement shall remain in effect for two years, and thereafter shall continue automatically for successive one-year periods; provided that such continuance is specifically approved at least annually by: (i) the vote of the Board of Directors, or by the vote of a majority of the outstanding voting securities of the Company and (ii) the vote of a majority of the Independent Directors, in accordance with the requirements of the 1940 Act.

 

(b) Termination. This Agreement may be terminated at any time, without the payment of any penalty, (i) by the Company upon 60 days’ prior written notice to the Adviser: (A) upon the vote of a majority of the outstanding voting securities of the Company (as “majority” is defined in Section 2(a)(42) of the 1940 Act) or (B) by the vote of the Independent Directors; or (ii) by the Adviser upon not less than 60 days’ prior written notice to the Company. This Agreement shall automatically terminate in the event of its “assignment” (as such term is defined for purposes of construing Section 15(a)(4) of the 1940 Act). The provisions of Sections 8 and 9 shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Adviser shall be entitled to any amounts owed to it under Section 3 through the date of termination or expiration and Sections 8 and 9 shall continue in force and effect and apply to the Adviser and its representatives as and to the extent applicable.

 

(c) Duties of Adviser Upon Termination. The Adviser shall promptly upon termination:

 

(i) deliver to the Board of Directors a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board of Directors;

 

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(ii) deliver to the Board of Directors all assets and documents of the Company then in custody of the Adviser; and

 

(iii) cooperate with the Company to provide an orderly transition of services.

 

Section 11. Notices.

 

Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at the address listed below or at such other address for a party as shall be specified in a notice given in accordance with this Section.

 

Section 12. Amendments.

 

This Agreement may be amended by mutual written consent of the parties; provided that the consent of the Company is required to be obtained in conformity with the requirements of the 1940 Act.

 

Section 13. Severability.

 

If any provision of this Agreement shall be declared illegal, invalid, or unenforceable in any jurisdiction, then such provision shall be deemed to be severable from this Agreement (to the extent permitted by law) and in any event such illegality, invalidity or unenforceability shall not affect the remainder hereof.

 

Section 14. Counterparts.

 

This Agreement may be executed in counterparts, each of which shall be deemed to be an original copy and all of which together shall constitute one and the same instrument binding on all parties hereto, notwithstanding that all parties shall not have signed the same counterpart.

 

Section 15. Governing Law.

 

Notwithstanding the place where this Agreement may be executed by any of the parties hereto and the provisions of Sections 8 and 9, this Agreement shall be construed in accordance with the laws of the State of Delaware. For so long as the Company is regulated as a BDC under the 1940 Act, this Agreement shall also be construed in accordance with the applicable provisions of the 1940 Act and the Advisers Act. In such case, to the extent the applicable laws of the State of Delaware or any of the provisions herein conflict with the provisions of the 1940 Act or the Advisers Act, the 1940 Act and the Advisers Act shall control.

 

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Section 16. Third Party Beneficiaries.

 

Except for any Indemnified Party, such Indemnified Parties each being an intended beneficiary of this Agreement, this Agreement is for the sole benefit of the parties hereto and their permitted assigns and nothing herein express or implied shall give or be construed to give to any person, other than the parties hereto and such assigns, any legal or equitable rights hereunder.

 

Section 17. Entire Agreement.

 

This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof.

 

Section 18. Insurance.

 

The Company shall acquire and maintain a directors and officers liability insurance policy or similar insurance policy, which may name the Adviser as an additional insured party (each an “Additional Insured Party” and collectively the “Additional Insured Parties”). Such insurance policy shall include reasonable coverage from a reputable insurer. The Company shall make all premium payments required to maintain such policy in full force and effect; provided, however, each Additional Insured Party, if any, shall pay to the Company, in advance of the due date of such premium, its allocated share of the premium. Irrespective of whether the Adviser is a named Additional Insured Party on such policy, the Company shall provide the Adviser with written notice upon receipt of any notice of: (a) any default under such policy; (b) any pending or threatened termination, cancellation or non-renewal of such policy or (c) any coverage limitation or reduction with respect to such policy. The foregoing provisions of this Section 18 notwithstanding, the Company shall not be required to acquire or maintain any insurance policy to the extent that the same is not available upon commercially reasonable pricing terms or at all, as determined in good faith by the required majority (as defined in Section 57(o) of the 1940 Act) of the Board of Directors.

 

(signature page follows)

 

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the date above written.

 

  KAYNE ANDERSON BDC, INC.
  a Delaware corporation
   
  717 Texas Avenue
  Suite 2200
  Houston, TX 77002
   
  By: /s/ Terry Hart
  Name:  Terry Hart
  Title: Chief Financial Officer and Treasurer
   
  KA CREDIT ADVISORS, LLC
  a Delaware limited liability company
   
  717 Texas Avenue
  Suite 2200
  Houston, TX 77002
   
  By: /s/ Michael O’Neil
  Name: Michael O’Neil
  Title: Chief Compliance Officer

 

[Signature Page to A&R Investment Advisory Agreement]

 

 

 

Exhibit 10.4

 

Exhibit (g)(7)

 

KA Credit Advisors, LLC
717 Texas Avenue, Suite 2200

Houston, Texas 77002
(713) 493-2020

  

Kayne Anderson BDC, Inc.
717 Texas Avenue, Suite 2200
Houston, Texas 77002

 

Re:Waiver of Certain Fees under that Certain Amended and Restated Investment Advisory Agreement dated as of March 6, 2024

 

Ladies and Gentlemen:

 

This letter agreement (this “Agreement”), to become effective upon successful completion of the initial public offering of the common stock (the “IPO”) of Kayne Anderson BDC, Inc. (the “Company”), is by and between the Company, a Delaware corporation, and KA Credit Advisors, LLC, a Delaware limited liability company and the investment adviser to the Company (the “Adviser”). This Agreement is intended to memorialize the waiver of certain fees the Adviser is otherwise entitled to receive pursuant to that certain Amended and Restated Investment Advisory Agreement, dated as of March 6, 2024, by and between the Company and the Adviser, as amended from time to time (the “A&R IAA”). The A&R IAA amends and restates that that certain Investment Advisory Agreement, dated as of February 5, 2021, by and between the Company and the Adviser (as amended by that certain Amendment, dated as of November 8, 2022) (the “Original Investment Advisory Agreement”).

 

This Agreement will become valid and enforceable upon the closing of the IPO (the “Effective Date”). In the event that the IPO is not completed, the Original Investment Advisory Agreement will remain in full force and effect, and this Agreement will have no effect.

 

Pursuant to Section 3(a) of the A&R IAA, as compensation for services furnished or provided by the Adviser, the Company pays the Adviser a base management fee, paid quarterly in arrears and calculated at an annual rate of 1.00% based on the average value, at the end of the two most recently completed calendar quarters, of the Company’s fair market value of 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 (the “Base Management Fee”).

 

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The Adviser has agreed to waive 0.25% of the Base Management Fee it is otherwise entitled to receive pursuant to the A&R IAA for the period from the Effective Date to the date that is twelve (12) months after the Effective Date.

 

Pursuant to Section 3(b)(i) of the A&R IAA, the Company pays the Adviser an income incentive fee computed and paid quarterly in arrears and calculated as described in the A&R IAA based on the Company’s quarterly pre-incentive fee net investment income (as defined in the A&R IAA) in respect of the relevant Trailing Twelve Quarters (as defined in the A&R IAA) (the “Income Incentive Fee”).

 

The Adviser has further agreed to waive such portion of the Income Incentive Fee it is otherwise entitled to receive pursuant to the A&R IAA, for a period of the Company’s first three consecutive calendar quarters commencing with the calendar quarter in which the Effective Date occurs. For the avoidance of doubt, the Adviser’s waiver of the Income Incentive Fee shall not commence until the Adviser has been paid the Income Incentive Fee accrued prior to and owed in connection with the IPO.

 

Any amount waived by the Adviser pursuant to this Agreement may not be recouped by the Adviser.

 

This Agreement shall become effective upon the Effective Date and will terminate automatically upon the expiration of the waiver periods specified above. Notwithstanding the foregoing, this Agreement shall earlier terminate and be of no further force or effect (i) automatically upon the termination of the A&R IAA; and (ii) if the Company, with the approval of the Board, including a majority of the Independent Directors, notifies the Adviser in writing of the termination of this Agreement.

 

This Agreement supersedes and terminates, as of the Effective Date, all prior agreements between the Company and the Adviser relating to waivers by the Adviser of the fees payable pursuant to the A&R IAA.

 

Except as otherwise specified herein, the A&R IAA and all covenants, agreements, terms and conditions thereof shall continue in full force and effect, subject to the terms and provisions thereof and hereof.

 

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Please confirm your notice of and agreement to the foregoing by signing where indicated below.

 

Very truly yours,   ACCEPTED AND AGREED:
KA CREDIT ADVISORS, LLC   KAYNE ANDERSON BDC, INC.
     
  By: /s/ Michael O’Neil     By: /s/ Terry Hart
  Name:  Michael O’Neil     Name:  Terry Hart
  Title: Chief Compliance Officer     Title: Chief Financial Officer and Treasurer

 

 

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Exhibit 31.1

 

Certification of Co-Chief Executive Officer

 

I, Douglas L. Goodwillie, Co-Chief Executive Officer of Kayne Anderson BDC, Inc., certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Kayne Anderson BDC, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

 

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: August 13, 2024

 

By: /s/ DOUGLAS L. GOODWILLIE  
  Co-Chief Executive Officer  
  (Co-Principal Executive Officer)  

 

 

 

 

Certification of Co-Chief Executive Officer

 

I, Kenneth B. Leonard, Co-Chief Executive Officer of Kayne Anderson BDC, Inc., certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Kayne Anderson BDC, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

 

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: August 13, 2024

 

By: /s/ KENNETH B. LEONARD  
  Co-Chief Executive Officer  
  (Co-Principal Executive Officer)  

 

 

Exhibit 31.2

 

Certification of Chief Financial Officer

 

I, Terry A. Hart, Chief Financial Officer of Kayne Anderson BDC, Inc., certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Kayne Anderson BDC, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

 

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: August 13, 2024

 

By: /s/ TERRY A. HART  
 

Chief Financial Officer

(Principal Financial and Accounting Officer)

  

Exhibit 32.1

 

Certification of Co-Chief Executive Officer

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)

 

In connection with the Quarterly Report on Form 10-Q for the three months ended June 30, 2024 (the “Report”) of Kayne Anderson BDC, Inc. (the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, Douglas L. Goodwillie, the Co-Chief Executive Officer of the Registrant, hereby certify, to the best of my knowledge, that:

 

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

    /s/ DOUGLAS L. GOODWILLIE  
  Name:  Douglas L. Goodwillie
  Date: August 13, 2024

 

 

 

 

Certification of Co-Chief Executive Officer

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)

 

In connection with the Quarterly Report on Form 10-Q for the three months ended June 30, 2024 (the “Report”) of Kayne Anderson BDC, Inc. (the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, Kenneth B. Leonard, the Co-Chief Executive Officer of the Registrant, hereby certify, to the best of my knowledge, that:

 

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

    /s/ KENNETH B. LEONARD
  Name:  Kenneth B. Leonard
  Date: August 13, 2024

 

 

 

Exhibit 32.2

 

Certification of Chief Financial Officer

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)

 

In connection with the Quarterly Report on Form 10-Q for the three months ended June 30, 2024 (the “Report”) of Kayne Anderson BDC, Inc. (the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, Terry A. Hart, the Chief Financial Officer of the Registrant, hereby certify, to the best of my knowledge, that:

 

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

    /s/ TERRY A. HART
  Name:  Terry A. Hart
  Date: August 13, 2024