Form 8-K

8-K — Kayne Anderson BDC, Inc.

Accession: 0001213900-26-054511

Filed: 2026-05-11

Period: 2026-05-11

CIK: 0001747172

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — ea0290016-8k_kayne.htm (Primary)

EX-99.1 — PRESS RELEASE OF KAYNE ANDERSON BDC, INC., DATED MAY 11, 2026 (ea029001601_ex99-1.htm)

EX-99.2 — KAYNE ANDERSON BDC, INC. FIRST QUARTER 2026 EARNINGS PRESENTATION (ea029001601_ex99-2.htm)

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8-K — CURRENT REPORT

8-K (Primary)

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0001747172

2026-05-11

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities

Exchange Act of 1934

Date of Report (Date of earliest event reported):

May 11, 2026

Kayne Anderson BDC, Inc.

(Exact name of registrant as specified in its charter)

Delaware

814-01363

83-0531326

(State or other jurisdiction

of incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

717 Texas Avenue, Suite 2200, Houston, TX

77002

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including

area code: 1 (713) 493-2020

Not Applicable

(Former name or former address, if changed since

last report)

Check the appropriate box below if the Form 8-K

filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see

General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.001

KBDC

NYSE

Indicate by check mark whether the registrant

is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange

Act of 1934.

Emerging growth company ☐

If an emerging growth company, indicate by check

mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting

standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On May 11, 2026, Kayne Anderson BDC, Inc. (the

“Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2026. The text of

the press release is included as Exhibit 99.1 to this Form 8-K.

On May 12, 2026, the Company will host a conference

call to discuss its financial results for the first quarter ended March 31, 2026. In connection therewith, the Company provided an earnings

presentation on its website at https://www.kaynebdc.com. A copy of the earnings presentation is attached hereto as Exhibit 99.2 to this

Form 8-K.

The information

disclosed under this Item 2.02, including Exhibit 99.1 and Exhibit 99.2 hereto, is being “furnished” and shall not be deemed

“filed” by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange

Act”), or otherwise subject to the liabilities of that Section, and shall not be deemed incorporated by reference into any filing

under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set

forth by specific reference in such filing.

Item 7.01. Regulation FD Disclosure.

On May 11, 2026, the Company issued a press release,

included herewith as Exhibit 99.1, announcing the declaration of a second quarter 2026 dividend of $0.40 per share, which will be payable

on July 16, 2026 to stockholders of record as of June 30, 2026.

The information

disclosed under this Item 7.01, including Exhibit 99.1 hereto, is being “furnished” and shall not be deemed “filed”

by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or

otherwise subject to the liabilities of that Section, and shall not be deemed incorporated by reference into any filing under the Securities

Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

Number

Description

99.1

Press Release of Kayne Anderson BDC, Inc., dated May 11, 2026.

99.2

Kayne Anderson BDC, Inc. First Quarter 2026 Earnings Presentation.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements

of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto

duly authorized.

KAYNE ANDERSON BDC, INC.

Date: May 11, 2026

By:

/s/ Terry A. Hart

Name:

Terry A. Hart

Title:

Chief Financial Officer and Treasurer

EX-99.1 — PRESS RELEASE OF KAYNE ANDERSON BDC, INC., DATED MAY 11, 2026

EX-99.1

Filename: ea029001601_ex99-1.htm · Sequence: 2

Exhibit 99.1

Kayne Anderson BDC, Inc. Announces March 31, 2026

Financial Results and Declares Second Quarter 2026 Dividend of $0.40 Per Share

CHICAGO--(BUSINESS WIRE)-- Kayne Anderson BDC, Inc. (NYSE:

KBDC) (“KBDC or the Company”), a business development company externally managed by its investment adviser, KA Credit Advisors,

LLC, today announced its financial results for the first quarter ended March 31, 2026.

Financial Highlights for the Quarter Ended March 31, 2026

● Net investment income of $28.9 million, or $0.43 per share;

● Net asset value of $16.23 per share, decreased from $16.32

per share as of December 31, 2025, primarily as a result of realized and unrealized losses of $0.17, partially offset by higher net investment

income earned over distributions paid of $0.03 and accretive share repurchases of $0.05;

● New private credit and equity co-investment commitments of

$92.5 million, fundings of $99.1 million and repayments of $74.6 million, resulting in a net funded private credit and equity investment

increase of $24.5 million;

● Sales and repayments of broadly syndicated loans of $17.4

million;

● The Company’s Board of Directors (the “Board”)

declared a regular dividend of $0.40 per share, to be paid on July 16, 2026 to stockholders of record as of June 30, 2026.

“KBDC’s stable performance in today’s market reinforces

the differentiation of our value lending strategy,” said Doug Goodwillie, Co-Chief Executive Officer. “Our focus on conservative

structures in stable, staple industries and our negligible exposure to software positions us to navigate uncertainty from a place of strength

and to continue delivering attractive risk-adjusted returns over the long term.”

“First quarter results demonstrate the consistency and

resiliency of our credit approach,” said Ken Leonard, Co-Chief Executive Officer. “NII of $0.43 per share again exceeded our

$0.40 dividend, on a 93% first-lien focused portfolio yielding 10.1%. Our selective approach resulted in new originations priced at SOFR

plus 549 basis points aimed at attractive risk-adjusted opportunities underwritten with our consistent time-tested, conservative approach.”

Selected Financial Highlights

As of

(in thousands, except per share data)

March 31,

2026

December 31,

2025

Investment portfolio, at fair value

$ 2,194,304

$ 2,198,421

Total assets

$ 2,252,359

$ 2,286,702

Total debt outstanding, at principal

$ 1,138,000

$ 1,130,000

Net assets

$ 1,079,192

$ 1,109,931

Net asset value per share

$ 16.23

$ 16.32

Total debt-to-equity ratio

1.05 x

1.02 x

For the quarter ended

March 31,

2026

December 31,

2025

Net investment income per share

$ 0.43

$ 0.44

Net realized and unrealized gains (losses) per share(1)

$ (0.17 )

$ (0.12 )

Earnings per share

$ 0.26

$ 0.32

Regular dividend per share

$ 0.40

(1) Amounts shown may not correspond

for the period as it includes the effect of the timing of the distribution, shares repurchased, and the issuance of common stock.

Results of Operations

Total investment income for the quarter ended March 31,

2026 was $57.3 million, as compared to $61.9 million for the quarter ended December 31, 2025. The decrease was primarily driven by lower

average reference rates and less accelerated OID and repayment fees related to realization activity, partially offset by PIK interest

income from Arborworks Acquisition resulting from the change from non-accrual to accrual status. PIK income represented 7.5% of total

interest income for the quarter, as compared to 7.4% for the quarter ended December 31, 2025. For the quarter ended March 31, 2026, 3.9%

of total interest income relates to PIK interest recognized on the Company’s debt investments in Arborworks Acquisition, LLC following

the change to accrual status.

Net investment income for the quarter ended March 31,

2026 was $28.9 million or $0.43 per share as compared to $30.1 million or $0.44 per share for the quarter ended December 31, 2025. Net

expenses for the quarter were $28.4 million, as compared to $31.8 million for the quarter ended December 31, 2025. The decrease was primarily

related to lower interest expense and lower incentive fees during the quarter.

For the quarter ended March 31, 2026, the Company had

realized losses of $2.3 million and had a net change in unrealized losses on investments of $9.0 million. In February 2026, the Company

completed a restructure of its debt investment in Regiment Security Partners LLC whereby the existing first lien senior secured debt was

exchanged for new debt that included a tranche of last out first lien senior secured debt, and the Company recognized a $2.0 million realized

loss as a result of the debt restructure. The Company also recognized a $0.3 million realized loss due to the rotation out of one of its

broadly syndicated loans. The unrealized losses for the quarter were primarily driven by decreases in fair value and quarterly amortization

of original issue discounts, partially offset by new upfront fees for originations during the quarter.

Portfolio and Investment Activity

As of

($ in thousands)

March 31,

2026

December 31,

2025

Investments at fair value

$ 2,194,304

$ 2,198,421

Number of portfolio companies

105

107

Average portfolio company investment size

$ 20,898

$ 20,546

Asset class:

First lien debt

92.6 %

93.2 %

Subordinated debt

5.5 %

4.9 %

Equity

1.9 %

Non-accrual debt investments:

Non-accrual investments at fair value

$ 53,685

$ 30,951

Non-accrual investments as a percentage of debt investments at fair value

2.5 %

1.4 %

Interest rate type:

Percentage floating-rate

95.1 %

95.7 %

Percentage fixed-rate

4.9 %

4.3 %

Yields excluding non-income producing debt investments (at fair value):

Weighted average yield on private middle market loans

10.2 %

10.4 %

Weighted average yield on broadly syndicated loans

6.5 %

6.0 %

Weighted average yield on total debt portfolio

10.1 %

10.3 %

Yields including non-income producing debt investments (at fair value):

Weighted average yield on private middle market loans

9.9 %

10.2 %

Weighted average yield on broadly syndicated loans

6.5 %

6.0 %

Weighted average yield on total debt portfolio

9.9 %

10.1 %

Investment activity during the quarter ended:

Gross new investment commitments

$ 92,510 (1)

$ 112,814 (2)

Principal amount of investments funded

$ 99,102 (1)

$ 99,336 (2)

Principal amount of investments sold or repaid

$ (91,995 )(1)

$ (151,507 )(2)

Net principal amount of investments funded (repaid)

$ 7,107

$ (52,171 )

(1) For the quarter ending March 31,

2026, broadly syndicated loans represent $0 of new investment commitments, $0 of investments funded and $17,357 of investments sold or

repaid.

(2) For the quarter ending December

31, 2025, broadly syndicated loans represent $0 of new investment commitments, $0 of investments funded and $19,810 of investments sold

or repaid.

Liquidity and Capital Resources

As of March 31, 2026, the Company had $275 million senior

unsecured notes outstanding, $863 million borrowed under its credit facilities and cash and cash equivalents of $32.7 million (including

investments in money market funds). As of that date, the Company had $537 million of undrawn commitments available on its credit facilities

(subject to borrowing base restrictions and other conditions).

As of March 31, 2026, the Company’s debt-to-equity

ratio was 1.05x and its asset coverage ratio was 195%. The Company targets a debt-to-equity ratio of 1.0x to 1.25x (which equates to asset

coverage of 200% to 180%). The Company may operate above or below its target based on market conditions.

Recent Developments

● On May 5, 2026, the Board of Directors declared a regular

dividend to common stockholders in the amount of $0.40 per share. The regular dividend of $0.40 per share will be paid on July 16, 2026,

to stockholders of record as of the close of business on June 30, 2026.

● From April 1, 2026 to May 5, 2026, the Company’s agent

repurchased 131,921 shares of common stock at an average price of $14.29 per share for a total amount of $1.9 million. As of May 5, 2026,

$36.7 million remains for repurchase under the Company’s current 10b5-1 Plan.

● On May 5, 2026, the Board of Directors of the Company authorized

an extension to the Company’s share repurchase plan to extend the expiration to May 24, 2027. Under the terms of the program (effective

May 25, 2026), which are substantially the same as the Company’s existing share repurchase program, the Company may repurchase

up to $100 million of its outstanding common stock in the open market at a price per share that meets certain thresholds below its net

asset value per share.

Conference Call Information

KBDC will host a conference call at 10:00 am ET on Tuesday,

May 12, 2026, to review its financial results. All interested parties are invited to participate using the following telephone dial-in

or the webcast details:

Telephone Dial-in

● Domestic: 800-715-9871

● International: +1 646-307-1963

● Conference ID: 2324672

Webcast Link

https://events.q4inc.com/attendee/575759472

To avoid potential delays, please join at least 10 minutes

prior to the start of the earnings call. A telephone replay will also be available by dialing 800-770-2030 (domestic) and +1 609-800-9909

(international) and conference ID of 2616610. The replay will be available until May 19, 2026.

Kayne Anderson BDC, Inc.

Consolidated Statements of Assets and Liabilities

(amounts in 000’s, except share and per share amounts)

March 31,

December 31,

2026

2025

Assets:

(Unaudited)

Investments, at fair value:

Non-controlled, non-affiliated investments (amortized cost of $2,052,231 and $2,079,041)

$ 2,058,477

$ 2,084,737

Non-controlled, affiliated investments (amortized cost of $129,946 and $118,459)

125,491

113,684

Controlled, affiliated investments (amortized cost of $20,228 and $0)

10,336

Investments in money market funds (amortized cost of $18,348 and $25,409)

18,348

25,409

Cash

14,314

18,027

Deposits for investments

13,015

Receivable for sales of investments

7,168

Receivable for principal payments on investments

722

308

Interest receivable

24,420

24,063

Prepaid expenses and other assets

251

291

Total Assets

$ 2,252,359

$ 2,286,702

Liabilities:

Corporate Credit Facility

$ 115,000

$ 135,000

Unamortized Corporate Credit Facility issuance costs

(3,135 )

(3,372 )

Revolving Funding Facility

553,000

525,000

Unamortized Revolving Funding Facility issuance costs

(6,639 )

(4,671 )

Revolving Funding Facility II

195,000

Unamortized Revolving Funding Facility II issuance costs

(1,970 )

(2,100 )

Notes

273,822

274,701

Unamortized notes issuance costs

(2,362 )

(2,560 )

Shares repurchased payable

496

Distributions payable

26,595

27,213

Management fee payable

5,416

5,613

Incentive fee payable

3,111

3,935

Accrued expenses and other liabilities

15,232

22,041

Accrued excise tax expense

475

Total Liabilities

$ 1,173,167

$ 1,176,771

Commitments and contingencies

Net Assets:

Common Shares, $0.001 par value; 100,000,000 shares authorized; 66,481,923 and 67,998,184 as of March 31, 2026 and

December 31, 2025, respectively, issued and outstanding

$ 66

$ 68

Additional paid-in capital

1,086,618

1,108,001

Total distributable earnings (deficit)

(7,492 )

1,862

Total Net Assets

$ 1,079,192

$ 1,109,931

Total Liabilities and Net Assets

$ 2,252,359

$ 2,286,702

Net Asset Value Per Common Share

$ 16.23

$ 16.32

Kayne Anderson BDC, Inc.

Consolidated Statements of Operations

(amounts in 000’s, except share and per share

amounts)

For the Three Months Ended

March 31,

2026

2025

Income:

(Unaudited)

Investment income from investments:

Interest income from non-controlled, non-affiliated investments

$ 49,746

$ 54,708

Interest income from non-controlled, affiliated investments

2,994

Payment-in-kind interest income from non-controlled, non-affiliated investments

4,273

306

Dividend income

312

231

Total Investment Income

57,325

55,245

Expenses:

Management fees

5,416

5,131

Incentive fees

3,111

4,490

Interest expense

18,860

17,125

Professional fees

314

345

Directors fees

164

158

Excise tax expense (benefit)

(11 )

(43 )

Other general and administrative expenses

575

581

Total Expenses

28,429

27,787

Less: Management fee waiver

(1,283 )

Net Expenses

28,429

26,504

Net Investment Income (Loss)

28,896

28,741

Realized and unrealized gains (losses) on investments

Net realized gains (losses):

Non-controlled, non-affiliated investments

(2,247 )

566

Total net realized gains (losses)

(2,247 )

566

Net change in unrealized gains (losses):

Non-controlled, non-affiliated investments

(7,006 )

(6,493 )

Non-controlled, affiliated investments

321

(18 )

Controlled, affiliated investments

(2,336 )

Total net change in unrealized gains (losses)

(9,021 )

(6,511 )

Total realized and unrealized gains (losses)

(11,268 )

(5,945 )

Income tax (expense) benefit on unrealized appreciation/depreciation on investments

(387 )

(581 )

Net Increase in Net Assets Resulting from Operations

$ 17,241

$ 22,215

Per Common Share Data:

Basic and diluted net investment income per common share

$ 0.43

$ 0.40

Basic and diluted net increase in net assets resulting from operations

$ 0.26

$ 0.31

Weighted Average Common Shares Outstanding - Basic and Diluted

67,144,353

71,234,684

About Kayne Anderson BDC, Inc.

Kayne Anderson BDC, Inc. is a business development company

(“BDC”) that invests primarily in first lien senior secured loans, with a secondary focus on unitranche and split-lien loans

to middle market companies. KBDC is externally managed by its investment adviser, KA Credit Advisors, LLC, an indirect controlled subsidiary

of Kayne Anderson Capital Advisors, L.P., a prominent alternative investment management firm. KBDC has elected to be regulated as a BDC

under the Investment Company Act of 1940, as amended (“1940 Act”). KBDC’s investment objective is to generate current

income and, to a lesser extent, capital appreciation. For more information, please visit www.kaynebdc.com.

Forward-looking Statements

This press release may contain “forward-looking

statements” that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and

other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are

based on current expectations, estimates and projections about KBDC, its current and prospective portfolio investments, its industry,

its beliefs and opinions, and its assumptions. Words such as “anticipates,” “expects,” “intends,”

“plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,”

“would,” “could,” “should,” “targets,” “projects,” “outlook,”

“potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking

statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some

of which are beyond KBDC’s control and difficult to predict and could cause actual results to differ materially from those expressed

or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors identified in

KBDC’s filings with the SEC. All forward-looking statements speak only as of the date of this press release. KBDC does not undertake

any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable

law.

Contacts:

Investor Relations

kaynebdc@kaynecapital.com

EX-99.2 — KAYNE ANDERSON BDC, INC. FIRST QUARTER 2026 EARNINGS PRESENTATION

EX-99.2

Filename: ea029001601_ex99-2.htm · Sequence: 3

Exhibit

99.2

KAYNEBDC.COM KAYNE ANDERSON BDC, INC. EARNINGS PRESENTATION First Quarter 2026

2 Disclaimer and Forward-Looking Statement This presentation may contain "forward-looking statements" that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Kayne Anderson BDC, Inc. ("KBDC"), its current and prospective portfolio investments, its industry, its beliefs and opinions, and its assumptions. Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," "outlook," "potential," "predicts" and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond KBDC's control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors identified in KBDC's filings with the SEC. All forward-looking statements speak only as of the date of this presentation. KBDC does not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law.

EXECUTIVE SUMMARY

4 Executive Summary Quarterly Highlights 1Annualized dividend yield is calculated by dividing the declared dividend per share by the net asset value per share at the end of the quarter and annualizing such amount over four quarterly periods. There can be no assurance that the same dividend yield will be achieved. 2Actual yields earned over the life of investments could be materially different from the yields presented herein. 3Excludes investments in broadly syndicated loans and opportunistic investments. As of March 31, 2026, KBDC held $27 million (fair market value) of broadly syndicated loans and $170 million (fair market value) of opportunistic investments, representing ~1% and ~8%, respectively, of total fair market value of investments. Opportunistic investments include BC CS 2, L.P. (Cuisine Solutions, Inc.), SGCP Partners, Inc. (SG Credit), M2S Group Intermediate Holdings, Inc. and Texas Coffee Holdco. 4Excludes investments on watchlist representing 6.0% of total market fair value. Financial Results Portfolio Balance Sheet & Liquidity Recent Events » Net investment income per share: $0.43 » Net asset value per share: $16.23 » Annualized ROE: 10.6% on net investment income » 1Q'26 dividend per share: $0.40 regular » Annualized regular dividend yield of ~9.9%(1) » Total fair value was approximately $2.2 billion invested in 105 companies » Insignificant software exposure consistent with value lending strategy » Weighted average yield at amortized cost of debt investments was 10.2% excluding non-income producing investments and 9.8% including non-income producing investments(2) » 93% first-lien portfolio » Weighted average and median EBITDA of borrowers of $52.6 million(3)(4) and $37.2 million(3)(4), respectively » Average position size of 1.0% with 10 largest positions representing 20.1% of the portfolio » 2.5% of investments (based on fair value) on non-accrual » Outstanding debt balance was $1,138 million; quarter-end debt-to-equity ratio was 1.05x » Total liquidity of $569.7 million, including cash and cash equivalents of $32.7 million and undrawn committed debt capacity of $537.0 million » $100 million Share Repurchase Plan: Repurchased 1,516,261 shares / $21.4 million for the three months ended March 31, 2026 » Declared 2Q'26 regular distribution of $0.40 per share on May 5, 2026 » Extended the share repurchase plan to May 2027. Under the amended and restated plan, the Company may repurchase up to $100 million of outstanding common stock in the open market at a price per share that meets certain thresholds below its net asset value.

CONFIDENTIAL 5 » Scaled, differentiated BDC via focus on core middle market ($10-$75+ million of EBITDA) » Target market and credit selection process facilitates: (i) conservative structures (first lien, lower leverage) in (ii) private equity- backed businesses with (iii) financial maintenance covenants generating (iv) attractive yields » Changes to non-accrual since 4Q'25 include the addition of Score Sports, Regiment (last out term loan only) and the removal of Arborworks Executive Summary At-a-Glance 1Includes the last out position of Regiment. 2Excludes investments in broadly syndicated loans and opportunistic investments. As of March 31, 2026, KBDC held $27 million (fair market value) of broadly syndicated loans and $170 million (fair market value) of opportunistic investments, representing ~1% and ~8%, respectively, of total fair market value of investments. Opportunistic investments include BC CS 2, L.P. (Cuisine Solutions, Inc.), SGCP Partners, Inc. (SG Credit), M2S Group Intermediate Holdings, Inc. and Texas Coffee Holdco. 3Excludes investments on watchlist. 4Weighted average yield is calculated on fair value of debt investments excluding non-income producing investments. 5NII yield is calculated by dividing annualized 1Q NII per share by NAV per share at March 31, 2026. KBDC OVERVIEW (MARCH 31, 2026) $2.2bn Portfolio Fair Value ($2.5bn commitments) (Q4: $2.2bn FV / $2.5bn commitments) 100% Financial Maint. Covenants2,3 (Q4: 100%) ~93% First Lien Senior Secured1 (Q4: ~93%) 98% PE Sponsored Companies2 (Q4: 99%) 105 Portfolio Companies (Q4: 107) 2.4x Wtd. Avg. Interest Coverage2,3 (Q4: 2.4x) ~10.1% Wtd. Avg. Portfolio Yield4 (Q4: ~10.3%) 4.4x Wtd. Avg. Net Leverage2,3 (Q4: 4.4x) 2.5% FV Debt on Non-Accrual (Q4: 1.4%) 10.6% NII Yield5 (Q4: 10.8%)

6 Executive Summary Key Financial Highlights 1Yield on an annualized basis. ($000 except per share data) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Net Investment Income $0.43 $0.44 $0.43 $0.40 $0.40 Net Realized and Unrealized Gains (Losses) ($0.17) ($0.12) ($0.08) ($0.05) ($0.09) Net Income (loss) $0.26 $0.32 $0.35 $0.35 $0.31 Net Asset Value $16.23 $16.32 $16.34 $16.37 $16.51 Annualized ROE (on Net Investment Income) 10.6% 10.8% 10.5% 9.8% 9.7% Annualized ROE (on Net Income) 6.4% 7.8% 8.6% 8.6% 7.5% Regular Distributions $0.40 $0.40 $0.40 $0.40 $0.40 Supplemental Distributions - - - - - Special Distributions - - - $0.10 $0.10 Total Distributions $0.40 $0.40 $0.40 $0.50 $0.50 Regular Distribution Yield(1) 9.9% 9.8% 9.8% 9.8% 9.7% Supplemental Distribution Yield(1) - - - - - Special Distribution Yield(1) - - - 2.4% 2.4% Total Distribution Yield 9.9% 9.8% 9.8% 12.2% 12.1% Total Debt $1,138,000 $1,130,000 $1,153,000 $1,054,000 $1,015,500 Net Assets $1,079,192 $1,109,931 $1,140,096 $1,157,331 $1,176,559 Debt-to-Equity at Quarter End 1.05x 1.02x 1.01x 0.91x 0.86x As of Date and for the Three Months Ended

PORTFOLIO OVERVIEW

8 Portfolio Overview Key Statistics 1Includes KBDC's investments in BC CS 2, L.P. (Cuisine Solutions, Inc.) and SGCP Partners, Inc. (SG Credit) which are considered subordinated debt. 2As of 3/31/2026, KBDC held $27 million (fair value) of broadly syndicated loans across 4 borrowers. KEY PORTFOLIO STATISTICS ($ IN MILLIONS) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Portfolio Highlights Funded Investments at Fair Value $2,194 $2,198 $2,256 $2,175 $2,167 Number of Portfolio Companies 105 107 108 114 116 Average Position Size at Fair Value ($) $20.9 $20.5 $20.9 $19.1 $18.7 Average Position Size at Fair Value (%) 1.0% 0.9% 0.9% 0.9% 0.9% Portfolio Composition (at fair value) First Lien 93% 93% 94% 98% 98% Second Lien - - - - - Subordinated(1) 5% 5% 4% 1% 1% Equity 2% 2% 2% 1% 1% Loans by Interest Rate Type % Floating Rate Debt Investments 95.1% 95.7% 96.0% 100.0% 100.0% % Fixed Rate Debt Investments 4.9% 4.3% 4.0% 0.0% 0.0% Asset Level Yields excluding non-income producing debt investments (at fair value) Weighted Average Yield on Private Credit Loans 10.2% 10.4% 10.7% 10.9% 11.0% Weighted Average Yield on Broadly Syndicated Loans (2) 6.5% 6.0% 6.7% 6.9% 6.9% Weighted Average Yield on Debt Investments 10.1% 10.3% 10.6% 10.6% 10.5% Asset Level Yields including non-income producing debt investments (at fair value) Weighted Average Yield on Private Credit Loans 9.9% 10.2% 10.5% 10.7% 10.8% Weighted Average Yield on Broadly Syndicated Loans (2) 6.5% 6.0% 6.7% 6.9% 6.9% Weighted Average Yield on Debt Investments 9.9% 10.1% 10.4% 10.4% 10.4% Non-accrual Debt Investments (at fair value) Non-accrual Investments $53.7 $31.0 $31.0 $34.5 $33.3 Non-accrual Investments as a % of Debt Investments 2.5% 1.4% 1.4% 1.6% 1.6%

9 SG Credit Subordinated Debt 4.9% Keany 1.8% CREO Group 1.8% Handgards 1.7% Vitesse 1.7% Century Box 1.7% M2S 1.7% FreshEdge 1.6% Smyth 1.6% Improving 1.6% All Others 79.9% Portfolio Overview Diversity (As of March 31, 2026) Note: Please see the Company's filings with the SEC for more information about the Company's portfolio. 1Calculated as a percentage of total debt investments at fair value. 2In some instances, we have disclosed the borrower's DBA name. 3Calculated as a percentage of total fair value. BORROWER CONCENTRATION (1)(2) INDUSTRY CONCENTRATION INVESTMENT TYPE(3) (Avg Position: 1.0%) 105 Borrowers » Diversified industry exposure across the portfolio, with insignificant exposure to software 20.4% 3.7% 3.8% 5.3% 5.5% 6.5% 9.8% 10.4% 11.1% 11.1% 12.4% All Others (16 Total) Chemicals Aerospace & Defense Financial Services Machinery Professional Services Containers and Packaging Food Products Distributors Health Care Providers & Services Commercial Services & Supplies Private Credit, 97% BSL, 1% Equity, 2%

10 Portfolio Overview Asset Mix GROSS NEW COMMITMENTS ($M)(1) ASSET MIX AT END OF PERIOD(2) » KBDC committed approximately $93 million to new investments in 1Q'26 » Portfolio is 95% floating rate and nearly all first lien senior secured loans » Asset mix at approximately 93% first lien senior secured ROLLING INVESTMENT ACTIVITY ($ IN MILLIONS) Note: Please see the Company's filings with the SEC for more information about the Company's portfolio. 1Based on principal amount of investments and includes unfunded commitments. 2Based on fair value of investments. 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 Gross New Investment Commitments(1) $168 $183 $231 $340 $129 $296 $113 $93 Investment Fundings (Private Credit) 136 184 207 294 129 262 97 99 Investment Fundings (BSL) 26 - - - - - - - Investment Fundings (Equity) 1 1 2 1 - 12 2 0 Investments Repaid or Sold (Private Credit) (41) (83) (139) (86) (72) (74) (132) (75) Investments Repaid or Sold (BSL) (55) (2) (18) (27) (47) (113) (20) (17) Investment Repaid (Equity) - - - (1) - - - - Net Investment Activity $67 $100 $52 $181 $10 $87 ($52) $7 98% 98% 98% 98% 98% 94% 93% 93% 1% 1% 1% 1% 1% 4% 5% 5% 1% 1% 1% 1% 1% 2% 2% 2% 0% 20% 40% 60% 80% 100% 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 First Lien Subordinated Debt Equity $168 $183 $231 $340 $129 $296 $113 $93 $- $100 $200 $300 $400 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26

FINANCIAL HIGHLIGHTS

12 Financial Highlights Net Asset Value NAV PER SHARE BRIDGE » NAV was lower by $0.09 per share, primarily the result of realized and unrealized losses on the portfolio (-$0.17), partially offset by net investment income exceeding dividends paid (+$0.03) and accretive share repurchases (+$0.05). $16.32 $0.85 $(0.03) $(0.14) $(0.42) $(0.40) $0.05 $16.23 $15.00 $15.50 $16.00 $16.50 $17.00 $17.50 4Q'25 NAV Interest Income Realized Gain (Loss) Unrealized Gain (Loss) Operating Expenses Regular Distribution Share Repurchase 1Q'26 NAV

13 Financial Highlights Dividend History 1Yields presented above calculated by dividing either (i) dividends or (ii) NII, as applicable by the net asset value per share at the end of the quarter and annualizing such amount over four quarterly periods. 2All amounts presented on a per share basis utilizing end of period share count. DIVIDEND HISTORY(2) DIVIDEND AND NII YIELD(1) » Prior to 2024, KBDC did not distinguish between regular and supplemental or special distributions and generally distributed substantially all its income on a quarterly basis ▪ During 1Q'24, KBDC established a $0.40 per share regular dividend ▪ KBDC paid three special dividends on 12/20/24, 3/18/25 and 6/24/25 following pre-IPO share lock-up expirations » As of March 31, 2026, KBDC had undistributed net investment income of $0.25 per share 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 NII Yield 12.3% 12.5% 11.5% 9.7% 9.8% 10.5% 10.8% 10.6% Total Dividend Yield 9.7% 9.6% 12.0% 12.1% 12.2% 9.8% 9.8% 9.9% $0.40 $0.40 $0.40 $0.40 $0.40 $0.40 $0.40 $0.40 $0.10 $0.10 $0.10 $- $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 Base Dividend Special Dividend

BALANCE SHEET AND OPERATING RESULTS

15 Balance Sheet Summary ($000 except per share data) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Assets Long-term investments (fair value) $2,194,304 $2,198,421 $2,255,513 $2,174,640 $2,166,770 Cash and cash equivalents 32,662 43,436 46,125 44,355 45,980 Deposits for investments - 13,015 - - - Receivable for sales of investments - 7,168 14,150 14,813 - Receivable for principal pmts. on invest. 722 308 334 615 220 Interest receivable 24,420 24,063 21,500 21,329 17,240 Prepaid expenses and other assets 251 291 346 239 290 Total Assets $2,252,359 $2,286,702 $2,337,968 $2,255,991 $2,230,500 Liabilities Debt $1,136,822 $1,129,701 $1,153,000 $1,054,000 $1,015,500 Unamortized debt issuance costs (14,106) (12,703) (11,736) (11,527) (12,461) Shares repurchased payable 97 496 706 193 144 Distributions payable 26,595 27,213 27,927 28,291 28,514 Management fee payable 5,416 5,613 5,583 4,624 3,848 Incentive fee payable 3,111 3,935 4,419 4,452 4,490 Accrued expenses and other liabilities 15,232 22,516 17,973 18,627 13,906 Total Liabilities $1,173,167 $1,176,771 $1,197,872 $1,098,660 $1,053,941 Net Assets: Common Shares 66 68 70 71 71 Additional paid-in capital 1,086,618 1,108,001 1,133,350 1,147,270 1,156,039 Total distributable earnings (deficit) (7,492) 1,862 6,676 9,990 20,449 Total Net Assets $1,079,192 $1,109,931 $1,140,096 $1,157,331 $1,176,559 Total Liabilities and Net Assets $2,252,359 $2,286,702 $2,337,968 $2,255,991 $2,230,500 Net Asset Value Per Common Share $16.23 $16.32 $16.34 $16.37 $16.51 Debt to equity at quarter end 1.05x 1.02x 1.01x 0.91x 0.86x Average debt to equity 1.03x 1.03x 0.97x 0.87x 0.79x

16 Operating Results Summary ($000 except per share data) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Investment income: Interest and dividend income $53,052 $57,325 $59,227 $55,235 $54,939 Payment-in-kind interest income 4,273 4,578 2,146 2,063 306 Total investment income $57,325 $61,903 $61,373 $57,298 $55,245 Expenses: Management fees 5,416 5,613 5,583 5,412 5,131 Incentive fees 3,111 3,935 4,419 4,452 4,490 Interest expense 18,860 20,645 20,207 18,384 17,125 Other general and admin. expenses 1,053 1,120 1,118 1,129 1,084 Excise tax expense (benefit) (11) 474 - - (43) Total expenses $28,429 $31,787 $31,327 $29,377 $27,787 Management fee waiver - - - (788) (1,283) Incentive fee waiver - - - - - Net expenses $28,429 $31,787 $31,327 $28,589 $26,504 Net investment income $28,896 $30,116 $30,046 $28,709 $28,741 Net realized gains (losses) (2,247) (613) (22) (10) 566 Net change in unrealized gains (losses) (9,021) (7,204) (4,983) (3,471) (6,511) Income tax (expense) benefit (387) (331) (428) (318) (581) Net increase in net assets resulting from operations $17,241 $21,968 $24,613 $24,910 $22,215 Net investment income per share $0.43 $0.44 $0.43 $0.40 $0.40 Earnings per share $0.26 $0.32 $0.35 $0.35 $0.31 Weighted average shares outstanding 67,144,353 68,482,556 70,430,331 70,901,688 71,234,684 For the Three Months Ended

17 Balance Sheet and Liquidity Financing Profile Note: Commitment and drawn amounts are as of March 31, 2026. 1Includes amortization of debt issuance and monitoring costs. DEBT FUNDING MIX ($M) FINANCING PER QUARTER ($M) » KBDC has diverse and adequate sources of liquidity to maintain its target debt-to-equity ratio of 1.00x to 1.25x » Debt capital is comprised of the following committed credit facilities and senior unsecured notes outstanding ▪ During February 2026, KBDC amended its Funding Facility to extend the maturity and reduce the spread to 1.95% Commitment Drawn Availability Pricing Maturity Corporate Facility $475.0 $115.0 $360.0 S + 2.10% November 22, 2029 Funding Facility 675.0 553.0 122.0 S + 1.95% February 20, 2031 Funding Facility II 250.0 195.0 55.0 S + 2.25% December 22, 2029 Series A Notes 25.0 25.0 - 8.65% June 30, 2027 Series B Notes 50.0 50.0 - 8.74% June 30, 2028 Series C Notes 40.0 40.0 - S + 2.32% June 30, 2028 Series D Notes 60.0 60.0 - S + 2.37% June 30, 2028 Series E Notes 100.0 100.0 - S + 2.6565% October 15, 2030 Total $1,675.0 $1,138.0 $537.0 $928 $1,014 $1,110 $1,163 $1,126 7.4% 7.2% 7.1% 6.9% 6.7% 5.6% 6.1% 6.6% 7.1% 7.6% $700 $800 $900 $1,000 $1,100 $1,200 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 Average Daily Borrowing Average Interest Rate

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duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

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dei_LocalPhoneNumber

Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

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Namespace Prefix:

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Balance Type:

Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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Name:

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Namespace Prefix:

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Balance Type:

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- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

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Namespace Prefix:

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Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

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Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

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Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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