Kayne Anderson BDC, Inc.

Investment Income Increased Total investment income reached $235.8M for 2025, showing 10.7% growth over 2024 results.

Portfolio Heavily Floating Rate Debt investments are 95.7% floating rate; 93.2% of portfolio is first lien senior secured debt.

Share Repurchase Program Active Repurchased $48.0M in common stock during 2025; $59.9M remains available under the 10b5-1 Plan.

Net Investment Income Declined NII decreased 9.1% to $117.6M in 2025, driven by rising interest and debt financing expenses.

Increased Leverage and Debt Costs Total debt increased to $1.13B by year-end 2025; interest expense rose 24.2% to $76.4M.

NAV Per Share Decreased Net Asset Value per share fell to $16.32 USD as of December 31, 2025, down from $16.70 USD.

Reliance on External Advisor Success heavily depends on Advisor/Administrator relationships; potential conflicts of interest exist regarding fee structures.

Advisory Agreement Extended Investment Advisory Agreement term extended through March 15, 2027; Administration Agreement extended through March 2027.

Credit Facility Maturity Extended Revolving Funding Facility maturity extended to February 20, 2031; interest rate reduced to SOFR plus 1.95%.

Maintain BDC/RIC Qualification Intends to maintain RIC status by meeting distribution requirements, avoiding corporate-level federal income tax.