Formed in 2021, Kayne Anderson BDC, Inc. (NYSE: KBDC) (“the company”) is a publicly traded closed-end business development company (“BDC”) that provides capital almost exclusively in the form of first lien senior secured loans, largely to middle-market U.S. companies. The company had a recent market capitalization of ~$1.2 billion. KBDC has elected to be treated, and intends to qualify annually, as a regulated investment company (“RIC”) for federal income tax purposes. On May 22, 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 $38 billion in AUM, including $7.3 billion through Kayne Anderson Private Credit (“KAPC”) with 150 investment professionals.
Key Credit Considerations
Ratings are supported by KBDC’s diversified ~$2.2 billion portfolio, consisting…
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