Formed in 2021, Kayne Anderson BDC, Inc. (NYSE: KBDC) (“the company”) is a closed-end publicly traded business development company (“BDC”) that provides capital almost exclusively in the form of first lien senior secured loans, largely to middle-market companies in the U.S. The company had a recent market capitalization of ~$920 million in June 2026. After operating for a few years as a non-traded BDC, in May 2024, the company began trading on the NYSE.
KBDC is externally managed by KA Credit Advisors, LLC (“Adviser”), an indirect subsidiary of Kayne Anderson Capital Advisers, L.P. (“KACALP”), an investment firm with $40+ billion of AUM, of which ~$7.5 billion falls under Kayne Anderson Private Credit (“KAPC”).
Key Credit Considerations
Ratings reflect KBDC’s diversified ~$2.2 billion portfolio, consisting almost entirely of senior secured first lien loans across 25+ industries, focused on private U.S. middle market companies with a…
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