Kayne Anderson BDC

What Kayne Anderson BDC does

Kayne Anderson BDC, Inc. (NYSE: KBDC) 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. Formed on February 5, 2021, and headquartered at 150 N. Riverside Plaza in Chicago, the company invests primarily in first lien senior secured loans, with a secondary focus on unitranche and split-lien loans, to core U.S. middle market companies generally having $15-75 million EBITDA and 3-6x leverage. As of Q1 2026, the portfolio at fair value stood at $2.19 billion across 105 portfolio companies (average position ~$20.9 million), with 92.6% in first lien debt, a 10.1% weighted average yield, and a 2.5% non-accrual rate. The Adviser is KA Credit Advisors, LLC, an indirect subsidiary of Kayne Anderson Capital Advisors, L.P., which had approximately $41 billion in AUM and 350 professionals as of February 28, 2026. KBDC completed its IPO on May 22, 2024 at $16.63 per share, raising approximately $99.78 million.

The company generates current income (and, to a lesser extent, capital appreciation) primarily through interest payments on its debt portfolio and dividend income from equity co-investments. Capital is raised through public equity (NYSE listing), private placements of senior unsecured notes (notably a $200 million Series C/D/E placement in September 2025), and three revolving credit facilities aggregating up to $1.325 billion in commitments. KBDC pays a $0.40 per share quarterly dividend (108% dividend coverage in Q1 2026) to stockholders, with portfolio leverage at a 1.05x debt-to-equity ratio within a stated 1.0x-1.25x target range and ~$569.7 million in available liquidity as of Q1 2026. Investment activity is sourced through Kayne Anderson Private Credit's network of private equity sponsors, financial advisors, intermediaries, and management teams, with execution led by Co-CEOs Douglas L. Goodwillie and Kenneth B. Leonard alongside President Frank P. Karl and CFO Terry A. Hart.

Name

Kayne Anderson BDC

Legal name

Kayne Anderson BDC, Inc.

Website

https://kaynebdc.com

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

251–500 employees

Short description

Kayne Anderson BDC, Inc. (NYSE: KBDC) is an externally managed Business Development Company that invests primarily in first lien senior secured loans to U.S. middle market companies. Externally advised by KA Credit Advisors, an affiliate of Kayne Anderson (~$41B AUM), KBDC listed on the NYSE in May 2024 and operates a $2.19B portfolio across 105 companies.

Ownership category

akta.pro rank

Product category

Private Credit / Business Development Company

NAICS

Other Financial Vehicles (525990), All Other Financial Investment Activities (52399)

SIC

Finance Services (6199)

akta.pro primary industry

BDC / Public Vehicle Venture Debt Providers (FSANAIAC)

Keywords

• Private credit lending
• Middle market financing
• Business development company
• Senior secured loans
• Direct lending

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Interest Income from Debt Investments: KBDC generates current income primarily through interest payments on its portfolio of first lien senior secured loans, unitranche and split-lien loans to middle market companies. The weighted average yield on the total debt portfolio was approximately 10.1% as of Q1 2026.
2. Dividend Income from Equity Investments: KBDC earns dividend income from equity co-investments in portfolio companies, typically structured as co-investments alongside private equity sponsors.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Kayne Anderson BDC, Inc. (KBDC) is an externally managed, closed-end, non-diversified management investment company regulated as a Business Development Company (BDC) under the Investment Company Act of 1940. The company generates current income and, to a lesser extent, capital appreciation by investing primarily in first lien senior secured loans, with a secondary focus on unitranche and split-lien loans, to U.S. middle market companies. It is externally managed by KA Credit Advisors, LLC, an indirect subsidiary of Kayne Anderson Capital Advisors, L.P.

Product overview

Kayne Anderson BDC, Inc. (KBDC) is an externally managed Business Development Company (BDC) that operates as a closed-end, non-diversified investment company. The company generates current income and, to a lesser extent, capital appreciation by investing primarily in first lien senior secured loans to middle market companies, with a secondary focus on unitranche and split-lien loans. The investment adviser, KA Credit Advisors, LLC, manages the portfolio. As a BDC, KBDC does not offer discrete technology products or software services; rather, its offering is the managed investment portfolio itself, providing shareholders exposure to private credit investments in middle-market borrowers.

Differentiator

Problem solved

Functional benefit

Products and services

• First Lien Senior Secured Loans
• Unitranche Loans
• Split-Lien Loans
• Equity Co-Investments

Quantifiable outcome

• 108% dividend coverage ratio in Q1 2026
• +3 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• SG Credit Partners, Inc.coreStrategic or Co-development Partner · 15 July 2025In July 2025, KBDC made a strategic investment in SG Credit, a national credit platform focused on the lower middle market. Investment structured as an $80 million term loan facility, a $34 million delayed draw term loan facility, and a $12 million common equity investment. Interest rate on debt investments is 11.00%. KBDC owns 22.5% of equity of SG Credit following the investment, with option to purchase additional equity interests.

Scale indicators11 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Ares Capital Corporation: The largest publicly traded BDC (NASDAQ: ARCC), also externally managed and focused on first lien senior secured middle market loans. Direct comparable on business model, asset class, and target borrower profile.
• Golub Capital BDC: Publicly traded BDC (NASDAQ: GBDC) focused on one-stop (unitranche) senior secured loans to U.S. middle market companies sponsored by private equity firms. Highly comparable in mandate, sponsor-driven origination, and first lien focus.
• Main Street Capital: Publicly traded BDC (NYSE: MAIN) providing first lien debt and equity capital to lower middle market companies. Comparable in lower middle market focus, conservative posture, and dividend-oriented structure.
• Sixth Street Specialty Lending: Externally managed BDC (NYSE: TSLX) affiliated with Sixth Street, focused on first lien senior secured loans to U.S. middle market companies. Direct comparable given similar external management model and middle market direct lending focus.
• Blue Owl Capital Corp: Publicly traded BDC (NYSE: ORCC) formed from the merger of Owl Rock Capital and Dyal Capital's lending business. Direct peer in middle market direct lending, similarly externally managed by a large alternative asset manager (Blue Owl).
• FS KKR Capital Corp: Publicly traded BDC (NYSE: FSK) jointly advised by FS Investments and KKR Credit, focused on senior secured loans to U.S. middle market borrowers. Direct peer on externally managed BDC structure and middle market senior lending focus.
• Hercules Capital: Publicly traded specialty BDC (NYSE: HTGC) providing senior secured loans to venture growth and technology/life science companies. Comparable as a publicly traded BDC with a senior-secured lending focus, though more concentrated in venture-stage borrowers.
• PennantPark Floating Rate Capital: Externally managed BDC (NYSE: PFLT) investing primarily in first lien senior secured floating rate loans to U.S. middle market companies. Direct comparable on portfolio construction, floating rate exposure, and middle market PE-sponsored origination.
• Capital Southwest Corporation: Internally managed BDC (NASDAQ: CSWC) providing first lien senior secured loans and equity co-investments to lower middle market companies. Comparable on lower middle market focus, conservative posture, and dividend orientation.
• Bain Capital Specialty Finance: Externally managed BDC (NYSE: BCSF) advised by Bain Capital Credit, focused on first lien senior secured loans to U.S. middle market companies. Direct comparable on external management by a large alternative credit platform and middle market direct lending focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kayne Anderson BDC