Kayne Anderson BDC, Inc.
kaynebdc.comKayne Anderson BDC Inc (NYSE: KBDC) is a business development company that provides direct loans to core middle market companies in the United States. It earns income primarily through interest on first lien senior secured loans, including term loans, revolving credit facilities, and delayed draw facilities, extended to private companies across a range of industries. The company is externally managed by an affiliate of Kayne Anderson Private Credit (KAPC), which has deployed nearly $14.8 billion of capital across 483 investments in 230 portfolio companies since inception through December 31, 2025. KAPC or an affiliate served as lead agent or co-agent in approximately 76% of those investments. The portfolio spans sectors including commercial services, building products, containers and packaging, professional services, telecommunications, and diversified consumer services. Co-CEOs Ken Leonard and Doug Goodwillie, alongside Managing Partner Andy Marek, bring a combined 90-plus years of lending experience and have collectively completed transactions representing over $19.3 billion in underwritten credit.
Products & Services
First lien senior secured term loans, first lien senior secured revolving credit facilities, first lien senior secured delayed draw loans, payment-in-kind loans, and equity co-investments (common units, preferred units, and common shares) in portfolio companies.
Revenue Model
Interest income on first lien senior secured loans, including term loans, revolving credit facilities, delayed draw loans, and payment-in-kind instruments extended to core middle market borrowers. The company also holds equity co-investments in certain portfolio companies.
Customers & Markets
Core middle market private companies across sectors including commercial services and supplies, building products, containers and packaging, professional services, diversified telecommunications, wireless telecommunications, diversified consumer services, automobile components, and industrials. Portfolio companies include American Equipment Holdings, ArborWorks, Bishop Lifting Products, BW Fusion, Centerline Communications, DISA Holdings, Dun & Bradstreet, Liberty Global/Vodafone Ziggo, Network Connex, Organon, The Robinette Company, Univar, and others as disclosed in the FY2025 10-K.
Geographic Exposure
Primarily United States core middle market, with select investments in non-U.S. borrowers such as Fugue Finance B.V. and Liberty Global/Vodafone Ziggo as disclosed in the FY2025 10-K.
Financial Snapshot
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