Mission Statement, Vision, & Core Values (2026) of Kayne Anderson BDC, Inc.

Founded on February 5, 2021, Kayne Anderson BDC, Inc. (KBDC) pursues a clear mission to generate current income and selective capital appreciation by concentrating on first lien senior secured loans (with secondary emphasis on unitranche and split-lien structures) to U.S. middle-market companies, managing an investment portfolio valued at approximately $2.2 billion as of September 30, 2025 across businesses in 27 industries and targeting borrowers with a median EBITDA of $33.7 million; externally managed by KA Credit Advisors, LLC (an affiliate of Kayne Anderson Capital Advisors), KBDC's vision is to be a leading provider of capital to the middle market through disciplined, opportunistic strategies that seek strong risk‑adjusted returns while preserving capital-evidenced by a prudent balance sheet (debt-to-equity of 0.86x as of March 31, 2025, with a stated target range of 1.0x-1.25x and an asset coverage ratio of 216%) and a consistent shareholder focus, including a declared regular dividend of $0.40 per share for Q4 2025; beneath that strategy sit core values-Integrity, Teamwork, Excellence, Respect, and Responsibility-that guide underwriting discipline, portfolio oversight, and engagement with borrowers and investors, positioning KBDC to capitalize on middle‑market opportunities while emphasizing transparency, accountability, and long‑term partnership.

Kayne Anderson BDC, Inc. (KBDC) - Intro

• Primary objective: current income with secondary objective of capital appreciation.
• Investment focus: private U.S. middle-market companies; target debt maturities of 3-6 years.
• Security emphasis: first lien senior secured loans, supplemented by unitranche and split-lien arrangements.

• Provide reliable, risk-adjusted yield to shareholders through disciplined senior secured lending strategies.
• Preserve capital by prioritizing first lien collateral and conservative underwriting.
• Deliver steady cash distributions while managing leverage and portfolio diversification.

• Be a leading BDC for middle-market lending with a reputation for rigorous credit selection and downside protection.
• Maintain long-term, sustainable dividend-paying capacity through conservative capital structure and active portfolio management.

• Credit Discipline - rigorous underwriting, covenant protections, and seniority focus.
• Diversification - spread exposure across industries and individual credits to mitigate idiosyncratic risk.
• Alignment - externally managed by experienced credit professionals at KA Credit Advisors with shared incentives to protect capital and income generation.
• Transparency - regular reporting of portfolio composition, leverage metrics, and dividend policy to shareholders.

• Typical loan profile: first lien senior secured with protective covenants; selective unitranche/split-lien to enhance yield where warranted.
• Target borrower profile: private U.S. middle-market companies with stable cash flows and median EBITDA ~ $33.7M.
• Maturity focus: 3-6 year debt to balance yield and reinvestment risk.
• Diversification parameters: exposure across 27 industries to limit concentration risk; active monitoring and workout capabilities.

• Leverage management: maintained debt-to-equity of 0.86x (Mar 31, 2025) versus a 1.0x-1.25x target, reflecting conservative balance sheet positioning.
• Liquidity and coverage: asset coverage ratio of 216% provides a cushion against market deterioration and supports dividend stability.
• Shareholder distributions: consistent dividend practice, including a $0.40 per share regular dividend declared for Q4 2025.

• External management oversight by KA Credit Advisors with established credit platform and middle-market experience.
• Active portfolio surveillance and covenant enforcement to protect principal and income streams.
• Capital allocation discipline: prioritization of first lien positions and seniority to enhance recovery prospects.

Kayne Anderson BDC, Inc. (KBDC) - Overview

• Primary objective: current income generation via floating‑rate, senior secured private credit instruments.
• Secondary objective: selective capital appreciation through structured credit, unitranche and split‑lien opportunities.
• Risk mitigation: prioritize first‑lien, senior secured positions to enhance recovery prospects and downside protection.
• Target market: middle‑market companies where structural leverage and pricing inefficiencies can create attractive risk‑adjusted yields.

• First‑lien senior secured loans: core allocation to preserve downside protection and priority claim on collateral.
• Unitranche and split‑lien loans: complementary allocations to enhance yield while maintaining structural protections.
• Sector and sponsor diversification: emphasis on avoiding concentration risk across industries and borrowers.

• Origination and sourcing: leverage Kayne Anderson's platform for proprietary middle‑market deal flow to access loans with favorable covenants and pricing.
• Underwriting discipline: center on first‑lien collateral, conservative advance rates, and sponsor quality to preserve capital and recovery prospects.
• Active portfolio management: monitor leverage, covenant compliance and exit options; pursue restructurings or sales when they maximize recoveries.

• Income consistency: floating‑rate assets help preserve distributable cash in rising rate environments, supporting the mission of current income.
• Capital appreciation potential: selective participation in unitranche/split‑lien and equity co‑investments provides upside without undermining the core income mandate.
• Governance and oversight: independent board and credit committees align asset selection with stated mission and investor expectations.

• Income‑oriented investors: KBDC's strategy is geared toward investors seeking higher current yield from private credit exposure.
• Risk profile: middle‑market lending carries idiosyncratic credit risk; the first‑lien emphasis is intended to dampen downside volatility.
• Further reading: Breaking Down Kayne Anderson BDC, Inc. Financial Health: Key Insights for Investors

Kayne Anderson BDC, Inc. (KBDC) - Mission Statement

• Provide middle-market companies with tailored financing solutions that facilitate growth, liquidity events, and strategic transitions.
• Deliver consistent, risk-adjusted total returns to shareholders via income generation and selective capital appreciation.
• Maintain rigorous credit and portfolio risk controls, emphasizing downside protection and loss mitigation.
• Preserve liquidity and capital flexibility to act quickly when attractive opportunities arise.
• Operate with transparent governance and alignment with investor interests through prudent leverage and dividend policy.

• Leadership in middle‑market lending: KBDC seeks to be a primary capital partner to private companies by offering customized debt and structured equity solutions.
• Disciplined opportunism: systematic underwriting combined with tactical flexibility to capture dislocations and niche opportunities.
• Balanced risk management: focus on senior-secured structures and covenants to protect principal while pursuing yield.

• Scale of assets and portfolio fair value provide the capacity to originate and participate in meaningful middle‑market financings.
• Concentration in senior‑secured loans underpins the focus on principal protection while generating attractive current income.
• Measured leverage enhances yield without compromising capital preservation targets aligned with investor interests.
• Dividend yield and NAV metrics reflect the company's emphasis on delivering income and risk‑adjusted returns to shareholders.

• Underwriting discipline: deep credit analysis, covenant protections, and sponsor diligence to limit downside exposure.
• Active portfolio management: regular monitoring, workout capabilities, and opportunistic repricing or restructuring when needed.
• Capital allocation flexibility: ability to deploy across first‑lien, second‑lien, unitranche, and selective equity to capture risk‑return opportunities.
• Alignment with shareholders: transparent reporting, conservative leverage policy, and a distribution policy oriented toward sustained income generation.

Kayne Anderson BDC, Inc. (KBDC) - Vision Statement

• Deliver consistent, high‑income returns to shareholders through diversified, credit‑focused private debt and equity investments.
• Preserve capital by prioritizing downside protection, conservative leverage, and rigorous collateral evaluation.
• Be the preferred partner for sponsors and management teams seeking flexible, long‑term capital solutions.
• Embed sustainability and responsibility into investment decisions and corporate operations.

• Integrity: KBDC is committed to acting with honesty, transparency, and accountability in all business dealings.
  • This core value ensures that the company maintains trust and credibility with investors, partners, and stakeholders by upholding ethical standards in all operations.
• Teamwork: The company fosters collaboration and collective effort within the organization to achieve shared goals.
  • By promoting teamwork, KBDC enhances its ability to execute complex investment strategies and respond effectively to market dynamics.
• Excellence: KBDC strives to pursue the highest standards in service delivery and performance.
  • This commitment to excellence drives the company to continually improve its investment processes and outcomes, ensuring superior service to investors.
• Respect: The company values diverse perspectives and fosters an inclusive workplace.
  • By embracing respect, KBDC cultivates a culture where all employees feel valued, leading to higher employee satisfaction and retention.
• Responsibility: KBDC emphasizes accountability for the company's actions and their impact on stakeholders.
  • This value guides the company to make decisions that consider the broader implications for investors, employees, and the communities in which it operates.

• Regular independent valuations and robust disclosure policies to uphold transparency and integrity.
• Cross‑functional investment committees and collaborative deal teams to promote teamwork and rigorous review.
• Annual performance reviews, investment process enhancements, and targeted training programs to pursue excellence.
• Diversity, equity, and inclusion efforts, including recruitment and retention metrics tied to respect and belonging.
• Risk management frameworks, environmental/social assessment in underwriting, and community engagement reflecting responsibility.

• Independent board oversight with committees for audit, nominating and governance, and conflicts management.
• Quarterly investor reporting, monthly portfolio reviews, and transparent valuation methodologies.
• Formalized code of ethics, whistleblower policies, and third‑party compliance audits.