10-Q

PART I — FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements.y

Kayne Anderson BDC, Inc.

Consolidated Statements of Assets and Liabilities

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


	September 30, 2026
	(Unaudited)			December 31, 2025
Assets:
Portfolio company investments, at fair value:
Non-controlled, non-affiliated investments (amortized cost of $2,076,422 and $2,079,041)	$	2,072,855		$	2,084,737
Non-controlled, affiliated investments (amortized cost of $132,259 and $118,459)		127,359			113,684
Controlled, affiliated investments (amortized cost of $35,162 and $0)		22,454			-
Total portfolio company investments, at fair value (amortized cost of $2,243,843 and $2,197,500)		2,222,668			2,198,421
Investments in money market funds (amortized cost of $22,261 and $25,409)		22,261			25,409
Cash		23,443			18,027
Deposits for investments		-			13,015
Receivable for sales of investments		81			7,168
Receivable for principal payments on investments		145			308
Interest receivable		19,461			24,063
Prepaid expenses and other assets		492			291
Total Assets	$	2,288,551		$	2,286,702

Liabilities:
Corporate Credit Facility (Note 6)	$	162,000		$	135,000
Unamortized Corporate Credit Facility issuance costs		(2,704	)		(3,372	)
Revolving Funding Facility (Note 6)		583,000			525,000
Unamortized Revolving Funding Facility issuance costs		(5,491	)		(4,671	)
Revolving Funding Facility II (Note 6)		192,000			195,000
Unamortized Revolving Funding Facility II issuance costs		(1,705	)		(2,100	)
Notes (Note 6)		268,493			274,701
Unamortized notes issuance costs		(1,959	)		(2,560	)
Shares repurchased payable (Note 7)		23			496
Distributions payable		26,381			27,213
Management fee payable (Note 3)		5,657			5,613
Incentive fee payable (Note 3)		1,203			3,935
Accrued expenses and other liabilities		25,391			22,041
Accrued excise tax expense		-			475
Total Liabilities	$	1,252,289		$	1,176,771

Commitments and contingencies (Note 8)
Net Assets:
Common Shares, $0.001 par value; 100,000,000 shares authorized; 65,950,801 and 67,998,184 as of September 30, 2026 and December 31, 2025, respectively, issued and outstanding	$	66		$	68
Additional paid-in capital		1,079,233			1,108,001
Total distributable earnings (deficit)		(43,037	)		1,862
Total Net Assets	$	1,036,262		$	1,109,931
Total Liabilities and Net Assets	$	2,288,551		$	2,286,702
Net Asset Value Per Common Share	$	15.71		$	16.32

See accompanying notes to consolidated financial statements.

Kayne Anderson BDC, Inc.

Consolidated Statements of Operations

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

(Unaudited)


	For the three months ended September 30,						For the nine months ended September 30,
	2026			2025			2026			2025
Income:
Investment income from investments:
From non-controlled, non-affiliated investments:
Interest income from non-controlled, non-affiliated investments	$	52,485		$	56,752		$	151,961		$	166,517
Payment-in-kind interest income from non-controlled, non-affiliated investments		2,625			2,146			9,399			4,515
Dividend income		318			412			1,016			821
From non-controlled, affiliated investments:
Interest income from non-controlled, affiliated investments		3,251			2,063			9,331			2,063
From controlled, affiliated investments:
Interest income from controlled, affiliated investments		39			-			39			-
Payment-in-kind interest income from controlled, affiliated investments		245			-			245			-
Total Investment Income		58,963			61,373			171,991			173,916
Expenses:
Management fees		5,657			5,583			16,634			16,126
Incentive fees		1,203			4,419			6,209			13,361
Interest expense		20,724			20,207			59,193			55,716
Professional fees		389			369			1,031			1,082
Directors fees		164			158			492			474
Excise tax expense (benefit)		-			-			(11	)		(43	)
Other general and administrative expenses		634			591			1,794			1,775
Total Expenses		28,771			31,327			85,342			88,491
Less: Management fee waiver (Note 3)		-			-			-			(2,071	)
Net expenses		28,771			31,327			85,342			86,420
Net Investment Income (Loss)		30,192			30,046			86,649			87,496
Realized and unrealized gains (losses) on investments
Net realized gains (losses):
Non-controlled, non-affiliated investments		(14,901	)		(22	)		(29,369	)		534
Total net realized gains (losses)		(14,901	)		(22	)		(29,369	)		534
Net change in unrealized gains (losses):
Non-controlled, non-affiliated investments		(7,982	)		(5,407	)		(18,396	)		(13,464	)
Non-controlled, affiliated investments		32			424			(125	)		(1,501	)
Controlled, affiliated investments		(522	)		-			(3,574	)		-
Total net change in unrealized gains (losses)		(8,472	)		(4,983	)		(22,095	)		(14,965	)
Total realized and unrealized gains (losses)		(23,373	)		(5,005	)		(51,464	)		(14,431	)
Income tax (expense) benefit on unrealized appreciation/depreciation on investments		(210	)		(428	)		(618	)		(1,327	)
Net Increase in Net Assets Resulting from Operations	$	6,609		$	24,613		$	34,567		$	71,738

Basic and diluted net investment income per share	$	0.46		$	0.43		$	1.30		$	1.23
Basic and diluted net increase in net assets resulting from operations per share	$	0.10		$	0.35		$	0.52		$	1.01
Weighted Average Common Shares Outstanding - Basic and Diluted		66,041,019			70,430,331			66,506,862			70,852,621

See accompanying notes to consolidated financial statements.

Kayne Anderson BDC, Inc.

Consolidated Statements of Changes in Net Assets

(amounts in 000’s)

(Unaudited)


	For the three months ended September 30,						For the nine months ended September 30,
	2026			2025			2026			2025
Increase (Decrease) in Net Assets Resulting from Operations:
Net investment income (loss)	$	30,192		$	30,046		$	86,649		$	87,496
Net realized gains (losses) on investments		(14,901	)		(22	)		(29,369	)		534
Net change in unrealized gains (losses) on investments		(8,472	)		(4,983	)		(22,095	)		(14,965	)
Income tax (expense) benefit on unrealized appreciation/depreciation on investments		(210	)		(428	)		(618	)		(1,327	)
Net Increase in Net Assets Resulting from Operations		6,609			24,613			34,567			71,738
Decrease in Net Assets Resulting from Stockholder Dividends
Dividends to stockholders		(26,381	)		(27,927	)		(79,466	)		(98,937	)
Net Decrease in Net Assets Resulting from Stockholder Dividends		(26,381	)		(27,927	)		(79,466	)		(98,937	)
Increase (Decrease) in Net Assets Resulting from Capital Share Transactions
Common stock purchased under the share repurchase program		(3,618	)		(13,921	)		(28,770	)		(23,074	)
Reinvestment of dividends		-			-			-			4,027
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		(3,618	)		(13,921	)		(28,770	)		(19,047	)
Total Increase (Decrease) in Net Assets		(23,390	)		(17,235	)		(73,669	)		(46,246	)
Net Assets, Beginning of Period		1,059,652			1,157,331			1,109,931			1,186,342
Net Assets, End of Period	$	1,036,262		$	1,140,096		$	1,036,262		$	1,140,096

See accompanying notes to consolidated financial statements.

Kayne Anderson BDC, Inc.

Consolidated Statements of Cash Flows

(amounts in 000’s)

(Unaudited)


	For the nine months ended September 30,
	2026			2025
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	34,567		$	71,738
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net realized (gains)/losses on investments		29,369			(534	)
Net change in unrealized (gains)/losses on investments		22,095			14,965
Net accretion of discount on investments		(10,012	)		(10,687	)
Sales (purchases) of investments in money market funds, net		3,148			18,918
Purchases of portfolio investments		(315,082	)		(678,741	)
Proceeds from sales of investments and principal repayments		263,303			419,093
Paid-in-kind interest from portfolio investments		(9,644	)		(4,515	)
Amortization of deferred financing cost		3,367			2,835
Increase/(decrease) in operating assets and liabilities:
(Increase)/decrease in deposits for investments		13,015			-
(Increase)/decrease in receivable for sales of investments		7,087			(14,150	)
(Increase)/decrease in interest and dividends receivable		326			(6,662	)
(Increase)/decrease in receivable for principal payments on investments		163			206
Increase/(decrease) in accrued excise tax expense		(475	)		(825	)
(Increase)/decrease in prepaid expenses and other assets		(201	)		788
Increase/(decrease) in management fees payable		44			1,871
Increase/(decrease) in incentive fee payable		(2,732	)		4,419
Increase/(decrease) in accrued expenses and other liabilities		(2,858	)		2,737
Net cash provided by (used in) operating activities		35,480			(178,544	)
Cash Flows from Financing Activities:
Borrowings/(payments) on Corporate Credit Facility, net		27,000			51,000
Borrowings/(payments) on Revolving Funding Facility, net		58,000			150,000
Borrowings/(payments) on Revolving Funding Facility II, net		(3,000	)		94,000
Payments of debt issuance costs		(2,523	)		(4,696	)
Change in payable for shares repurchased		(473	)		706
Dividends paid in cash		(80,298	)		(95,407	)
Repurchase of common shares		(28,770	)		(23,074	)
Net cash provided by (used in) financing activities		(30,064	)		172,529
Net increase (decrease) in cash		5,416			(6,015	)
Cash, beginning of period		18,027			22,375
Cash, end of period	$	23,443		$	16,360

Supplemental and Non-Cash Information:
Interest paid during the period	$	58,443		$	51,497
Non-cash financing activities not included herein consisted of reinvestment of dividends	$	-		$	4,027

See accompanying notes to consolidated financial statements.


Portfolio Company	Footnotes (1)(2)	Investment(3)	Interest Rate	Spread(4)	PIK Rate	Reference(5)	Maturity Date	Principal/ Par		Amortized Cost(6)		Fair Value		Percentage of Net Assets
Debt Investments
Aerospace & defense
Aviation Concepts, LLC		First lien senior secured loan	9.40%	5.50%	-	SOFR(M)	12/17/2030		16,304		15,875		16,468		1.6	%
		First lien senior secured delayed draw loan	9.40%	5.50%	-	SOFR(M)	12/17/2030		-		-		-		0.0	%
		First lien senior secured revolving loan	9.40%	5.50%	-	SOFR(M)	12/17/2030		-		-		-		0.0	%
Quatro Parent, Inc. (S3 AeroDefense)		First lien senior secured loan	8.90%	5.00%	-	SOFR(M)	5/1/2032		14,250		13,982		14,250		1.4	%
		First lien senior secured delayed draw loan	8.90%	5.00%	-	SOFR(M)	5/1/2032		-		-		-		0.0	%
									30,554		29,857		30,718		3.0	%
Automobile components
Speedstar Holding LLC		First lien senior secured loan	9.75%	6.00%	-	SOFR(Q)	7/22/2029		5,994		5,972		5,034		0.5	%
		First lien senior secured delayed draw loan	9.75%	6.00%	-	SOFR(Q)	7/22/2029		655		655		550		0.1	%
WAM CR Acquisition, Inc. (Wolverine)		First lien senior secured loan	10.51%	6.25%	-	SOFR(S)	7/23/2029		26,359		26,025		26,359		2.5	%
									33,008		32,652		31,943		3.1	%
Biotechnology
Alcami Corporation		First lien senior secured loan	9.47%	5.65%	-	SOFR(Q)	12/21/2029		11,295		11,194		11,295		1.1	%
		First lien senior secured loan	9.47%	5.65%	-	SOFR(Q)	12/21/2029		1,965		1,949		1,965		0.2	%
		First lien senior secured revolving loan	9.47%	5.65%	-	SOFR(Q)	12/21/2029		-		-		-		0.0	%
		First lien senior secured delayed draw loan	9.41%	5.65%	-	SOFR(M)	12/21/2029		6,439		6,439		6,439		0.6	%
		First lien senior secured delayed draw loan	9.72%	5.65%	-	SOFR(Q)	12/21/2029		831		830		831		0.1	%
		First lien senior secured delayed draw loan	9.72%	5.65%	-	SOFR(Q)	12/21/2029		188		188		188		0.0	%
									20,718		20,600		20,718		2.0	%


Portfolio Company	Footnotes (1)(2)	Investment(3)	Interest Rate	Spread(4)	PIK Rate	Reference(5)	Maturity Date	Principal/ Par		Amortized Cost(6)		Fair Value		Percentage of Net Assets
Building products
Big Top Holdings, LLC		First lien senior secured revolving loan	9.14%	5.25%	-	SOFR(S)	2/28/2031		292		269		294		0.0	%
		First lien senior secured delayed draw loan	9.32%	5.25%	-	SOFR(Q)	2/28/2031		-		-		-		0.0	%
		First lien senior secured loan	9.32%	5.25%	-	SOFR(Q)	2/28/2031		19,924		19,634		20,124		1.9	%
Ruff Roofers Buyer, LLC		First lien senior secured loan	8.90%	5.00%	-	SOFR(M)	11/19/2029		6,989		6,863		6,866		0.7	%
		First lien senior secured loan	8.90%	5.00%	-	SOFR(M)	11/19/2029		2,620		2,596		2,574		0.2	%
		First lien senior secured revolving loan	8.90%	5.00%	-	SOFR(M)	11/19/2029		-		-		-		0.0	%
		First lien senior secured delayed draw loan	8.90%	5.00%	-	SOFR(M)	11/19/2029		-		-		-		0.0	%
		First lien senior secured delayed draw loan	8.90%	5.00%	-	SOFR(M)	11/19/2029		5,224		5,109		5,133		0.5	%
		First lien senior secured delayed draw loan	8.90%	5.00%	-	SOFR(M)	11/19/2029		2,622		2,622		2,576		0.2	%
US Masonry & Building Products Co. (f/k/a US Anchors Group, Inc.)		First lien senior secured loan	9.32%	5.25%	-	SOFR(Q)	7/15/2029		16,892		16,636		16,892		1.6	%
		First lien senior secured revolving loan	9.32%	5.25%	-	SOFR(Q)	7/15/2029		1,482		1,436		1,482		0.1	%
									56,045		55,165		55,941		5.4	%
Chemicals
Fralock Buyer LLC	(8)	First lien senior secured loan	10.57%	6.00%	0.50%	SOFR(Q)	3/31/2028		13,369		13,290		13,302		1.3	%
	(8)	First lien senior secured loan	10.57%	6.00%	0.50%	SOFR(Q)	3/31/2028		4,411		4,400		4,389		0.4	%
	(8)	First lien senior secured revolving loan	10.57%	6.00%	0.50%	SOFR(Q)	3/31/2028		3,840		3,839		3,820		0.4	%
Gage CR Acquisition, LLC		First lien senior secured loan	9.07%	5.00%	-	SOFR(Q)	10/1/2030		26,845		26,433		26,711		2.6	%
		First lien senior secured revolving loan	9.07%	5.00%	-	SOFR(Q)	10/1/2030		-		-		-		0.0	%
Tangent Technologies Holdings, LLC		First lien senior secured revolving loan	9.32%	5.25%	-	SOFR(Q)	8/2/2032		147		121		147		0.0	%
		First lien senior secured loan	9.15%	5.25%	-	SOFR(M)	8/2/2032		8,239		8,118		8,239		0.8	%
TL Atlas Merger Sub Corp. (Zep)		First lien senior secured loan	9.07%	5.00%	-	SOFR(Q)	6/30/2031		31,803		31,490		32,121		3.1	%
		First lien senior secured revolving loan	9.07%	5.00%	-	SOFR(Q)	6/30/2031		-		-		-		0.0	%
									88,654		87,691		88,729		8.6	%


Portfolio Company	Footnotes (1)(2)	Investment(3)	Interest Rate	Spread(4)	PIK Rate	Reference(5)	Maturity Date	Principal/ Par		Amortized Cost(6)		Fair Value		Percentage of Net Assets
Commercial services & supplies
Advanced Environmental Monitoring Intermediate, Inc.	(7)	First lien senior secured loan	10.16%	6.40%	-	SOFR(Q)	12/31/2028		12,559		12,424		12,559		1.2	%
	(7)	First lien senior secured loan	10.47%	6.40%	-	SOFR(Q)	12/31/2028		7,371		7,347		7,371		0.7	%
	(7)	First lien senior secured loan	10.16%	6.40%	-	SOFR(Q)	12/31/2028		3,651		3,619		3,651		0.4	%
	(7)	First lien senior secured loan	10.47%	6.40%	-	SOFR(Q)	12/31/2028		2,787		2,725		2,787		0.3	%
AeriTek Global Holdings LLC		First lien senior secured loan	10.51%	6.75%	-	SOFR(Q)	8/27/2030		9,952		9,830		9,952		1.0	%
		First lien senior secured loan	10.51%	6.75%	-	SOFR(Q)	8/27/2030		1,735		1,711		1,735		0.2	%
		First lien senior secured loan	10.51%	6.75%	-	SOFR(Q)	8/27/2030		1,315		1,297		1,315		0.1	%
		First lien senior secured revolving loan	10.51%	6.75%	-	SOFR(Q)	8/27/2030		591		574		591		0.1	%
Allentown, LLC	(8)	First lien senior secured loan	10.91%	6.15%	1.00%	SOFR(Q)	4/22/2027		7,580		7,554		6,822		0.7	%
	(8)	First lien senior secured delayed draw loan	10.91%	6.15%	1.00%	SOFR(Q)	4/22/2027		1,370		1,364		1,233		0.1	%
	(8)	First lien senior secured revolving loan	13.00%	5.00%	1.00%	PRIME	4/22/2027		412		410		371		0.0	%
American Equipment Holdings LLC		First lien senior secured loan	8.88%	5.00%	-	SOFR(S)	5/5/2028		13,056		12,889		13,106		1.3	%
		First lien senior secured loan	8.83%	5.00%	-	SOFR(S)	5/5/2028		2,135		2,120		2,144		0.2	%
		First lien senior secured loan	8.88%	5.00%	-	SOFR(S)	5/5/2028		1,679		1,669		1,685		0.2	%
		First lien senior secured loan	8.88%	5.00%	-	SOFR(S)	5/5/2028		1,398		1,395		1,404		0.1	%
		First lien senior secured loan	8.87%	5.00%	-	SOFR(S)	5/5/2028		520		516		522		0.1	%
		First lien senior secured loan	8.98%	5.00%	-	SOFR(S)	5/5/2028		456		456		458		0.0	%
		First lien senior secured revolving loan	8.85%	5.00%	-	SOFR(S)	5/5/2028		1,388		1,356		1,393		0.1	%
		First lien senior secured delayed draw loan	8.89%	5.00%	-	SOFR(S)	5/5/2028		4,010		3,979		4,025		0.4	%
Arborworks Acquisition, LLC	(8)	First lien senior secured loan	10.50%	6.50%	10.50%	SOFR(M)	11/6/2028		6,473		6,473		6,473		0.6	%
	(8)	First lien senior secured revolving loan	15.00%	-	15.00%	FIXED	11/6/2028		3,590		3,590		3,590		0.3	%


Portfolio Company	Footnotes (1)(2)	Investment(3)	Interest Rate	Spread(4)	PIK Rate	Reference(5)	Maturity Date	Principal/ Par		Amortized Cost(6)		Fair Value		Percentage of Net Assets
Bloomington Holdco, LLC (BW Fusion)		First lien senior secured loan	9.76%	6.00%	-	SOFR(Q)	5/1/2030		20,876		20,556		20,093		1.9	%
		First lien senior secured revolving loan	9.72%	6.00%	-	SOFR(Q)	5/1/2030		2,809		2,669		2,704		0.3	%
BLP Buyer, Inc. (Bishop Lifting Products)		First lien senior secured loan	10.15%	6.25%	-	SOFR(M)	12/22/2029		25,512		25,188		25,512		2.5	%
		First lien senior secured loan	10.15%	6.25%	-	SOFR(M)	12/22/2029		1,199		1,183		1,199		0.1	%
		First lien senior secured loan	10.15%	6.25%	-	SOFR(M)	12/22/2029		558		552		558		0.1	%
		First lien senior secured loan	10.12%	6.25%	-	SOFR(S)	12/22/2029		503		497		503		0.0	%
		First lien senior secured revolving loan	10.15%	6.25%	-	SOFR(M)	12/22/2029		-		-		-		0.0	%
		First lien senior secured delayed draw loan	10.15%	6.25%	-	SOFR(M)	12/22/2029		3,122		3,086		3,122		0.3	%
Connect America.Com, LLC	(7)(8)	First lien senior secured loan	10.82%	5.75%	1.00%	SOFR(Q)	10/11/2029		26,377		26,010		24,741		2.4	%
Diverzify Intermediate LLC	(9)(10)	First lien senior secured loan	-	-	-	-	4/30/2029		1,293		319		341		0.0	%
	(8)	First lien senior secured loan	12.00%	-	12.00%	FIXED	4/30/2029		196		196		196		0.0	%
	(8)	First lien senior secured loan	11.87%	8.01%	11.87%	SOFR(Q)	4/30/2029		4,182		4,189		4,182		0.4	%
Regiment Security Holdco, LLC (Regiment)	(8)(11)	First lien senior secured revolving loan	8.84%	5.10%	8.84%	SOFR(M)	3/15/2027		497		497		497		0.0	%
	(8)(11)	First lien senior secured loan	8.86%	5.10%	8.86%	SOFR(M)	3/15/2027		10,789		10,778		10,789		1.0	%
	(9)(10)(11)	First lien senior secured loan	-	-	-	-	3/15/2027		6,286		3,659		3,966		0.4	%
Superior Intermediate LLC (Landmark Structures)		First lien senior secured loan	9.40%	5.50%	-	SOFR(M)	12/18/2030		17,223		16,936		17,309		1.7	%
		First lien senior secured revolving loan	9.40%	5.50%	-	SOFR(M)	12/18/2030		-		-		-		0.0	%
		First lien senior secured delayed draw loan	9.40%	5.50%	-	SOFR(M)	12/18/2030		6,804		6,699		6,838		0.7	%
Tapco Buyer LLC		First lien senior secured loan	9.07%	5.00%	-	SOFR(Q)	11/15/2030		10,471		10,356		10,471		1.0	%
		First lien senior secured loan	8.81%	5.00%	-	SOFR(Q)	11/15/2030		2,899		2,870		2,899		0.3	%
		First lien senior secured revolving loan	9.07%	5.00%	-	SOFR(Q)	11/15/2030		420		391		420		0.0	%
		First lien senior secured delayed draw loan	9.07%	5.00%	-	SOFR(Q)	11/15/2030		7,284		7,284		7,284		0.7	%


Portfolio Company	Footnotes (1)(2)	Investment(3)	Interest Rate	Spread(4)	PIK Rate	Reference(5)	Maturity Date	Principal/ Par		Amortized Cost(6)		Fair Value		Percentage of Net Assets
		First lien senior secured delayed draw loan	8.81%	5.00%	-	SOFR(Q)	11/15/2030		7,166		7,010		7,166		0.7	%
									240,494		234,223		233,977		22.6	%
Consumer staples distribution & retail
Evaaro US Bidco, Inc. (Keg Logistics LLC)	(12)	First lien senior secured loan	8.75%	5.00%	-	SOFR(Q)	4/4/2032		10,128		9,934		10,128		1.0	%
		First lien senior secured revolving loan	8.75%	5.00%	-	SOFR(Q)	4/4/2032		-		-		-		0.0	%
		First lien senior secured delayed draw loan	8.75%	5.00%	-	SOFR(Q)	4/4/2032		-		-		-		0.0	%
									10,128		9,934		10,128		1.0	%
Containers & packaging
Carton Packaging Buyer, Inc. (Century Box)		First lien senior secured loan	10.20%	6.25%	-	SOFR(S)	10/30/2028		23,594		23,309		22,886		2.2	%
		First lien senior secured loan	9.98%	6.25%	-	SOFR(S)	10/30/2028		11,815		11,654		11,461		1.1	%
		First lien senior secured revolving loan	10.00%	6.25%	-	SOFR(Q)	10/30/2028		1,280		1,252		1,243		0.1	%
Drew Foam Companies Inc.		First lien senior secured loan	10.22%	6.15%	-	SOFR(Q)	12/5/2028		6,849		6,777		6,712		0.6	%
		First lien senior secured loan	9.96%	6.15%	-	SOFR(Q)	12/5/2028		19,467		19,327		19,078		1.8	%
FCA, LLC		First lien senior secured loan	8.84%	5.00%	-	SOFR(S)	7/18/2028		18,673		18,574		18,626		1.8	%
		First lien senior secured loan	9.65%	5.75%	-	SOFR(M)	7/18/2028		740		733		740		0.1	%
M2S Group Intermediate Holdings, Inc.		First lien senior secured loan	8.57%	4.75%	-	SOFR(Q)	8/25/2031		35,862		33,917		35,503		3.4	%
Monza Purchaser, LLC (Smyth)		First lien senior secured loan	9.57%	5.50%	-	SOFR(Q)	2/28/2030		26,161		25,800		26,161		2.5	%
		First lien senior secured revolving loan	9.57%	5.50%	-	SOFR(Q)	2/28/2030		2,878		2,765		2,878		0.3	%
		First lien senior secured delayed draw loan	9.23%	5.50%	-	SOFR(Q)	2/28/2030		5,231		5,155		5,231		0.5	%
Project Tahoe Acquisition Corp (Norton Packaging)		First lien senior secured loan	8.48%	4.75%	-	SOFR(Q)	1/1/2032		13,172		12,975		13,172		1.3	%
		First lien senior secured revolving loan	8.48%	4.75%	-	SOFR(Q)	1/1/2032		-		-		-		0.0	%
The Robinette Company		First lien senior secured loan	9.65%	5.75%	-	SOFR(M)	5/10/2029		10,046		9,928		10,046		1.0	%
		First lien senior secured revolving loan	9.65%	5.75%	-	SOFR(M)	5/10/2029		2,414		2,366		2,414		0.2	%


Portfolio Company	Footnotes (1)(2)	Investment(3)	Interest Rate	Spread(4)	PIK Rate	Reference(5)	Maturity Date	Principal/ Par		Amortized Cost(6)		Fair Value		Percentage of Net Assets
WCHG Buyer, Inc. (Handgards)		First lien senior secured loan	8.51%	4.75%	-	SOFR(Q)	4/10/2031		34,983		34,654		35,071		3.4	%
									213,165		209,186		211,222		20.4	%
Diversified consumer services
BCDI Meteor Acquisition, LLC		First lien senior secured loan	10.77%	7.10%	-	SOFR(S)	6/29/2028		15,414		15,273		15,414		1.5	%
		First lien senior secured loan	10.77%	7.10%	-	SOFR(S)	6/29/2028		2,125		2,103		2,125		0.2	%
									17,539		17,376		17,539		1.7	%
Electrical equipment
East West Manufacturing, LLC		First lien senior secured loan	9.31%	5.50%	-	SOFR(Q)	7/1/2032		24,937		24,457		24,938		2.4	%
									24,937		24,457		24,938		2.4	%
Financial services
SGCP Intermediate, Inc. (SG Credit)	(13)(14)	First lien senior secured loan	11.00%	11.00%	-	FIXED	7/15/2030		80,000		78,343		80,000		7.7	%
		First lien senior secured loan	11.00%	11.00%	-	FIXED	7/15/2030		-		-		-		—	%
		First lien senior secured delayed draw loan	11.00%	11.00%	-	FIXED	7/15/2030		25,000		24,526		25,000		2.4	%
									105,000		102,869		105,000		10.1	%
Food products
BC CS 2, L.P. (Cuisine Solutions, Inc.)	(12)(13)	First lien senior secured loan	9.89%	6.10%	-	SOFR(M)	7/8/2028		14,793		14,660		14,793		1.4	%
BR PJK Produce, LLC (Keany)		First lien senior secured loan	10.38%	6.65%	-	SOFR(Q)	12/14/2027		28,818		28,573		28,169		2.7	%
		First lien senior secured loan	10.38%	6.65%	-	SOFR(Q)	12/14/2027		4,262		4,222		4,166		0.4	%
		First lien senior secured delayed draw loan	10.38%	6.65%	-	SOFR(Q)	12/14/2027		4,288		4,236		4,191		0.4	%
		First lien senior secured delayed draw loan	10.38%	6.65%	-	SOFR(Q)	12/14/2027		1,393		1,384		1,362		0.1	%
CCFF Buyer, LLC (California Custom Fruits & Flavors, LLC)		First lien senior secured loan	8.76%	5.00%	-	SOFR(Q)	2/26/2030		13,652		13,436		13,652		1.3	%
		First lien senior secured delayed draw loan	8.76%	5.00%	-	SOFR(Q)	2/26/2030		8,736		8,728		8,736		0.8	%
		First lien senior secured revolving loan	8.75%	5.00%	-	SOFR(Q)	2/26/2030		755		689		755		0.1	%
City Line Distributors LLC		First lien senior secured loan	10.08%	6.26%	-	SOFR(Q)	8/31/2028		8,409		8,315		8,409		0.8	%
		First lien senior secured delayed draw loan	10.02%	6.26%	-	SOFR(Q)	8/31/2028		3,545		3,520		3,545		0.3	%
		First lien senior secured revolving loan	9.98%	6.26%	-	SOFR(Q)	8/31/2028		-		-		-		0.0	%


Portfolio Company	Footnotes (1)(2)	Investment(3)	Interest Rate	Spread(4)	PIK Rate	Reference(5)	Maturity Date	Principal/ Par		Amortized Cost(6)		Fair Value		Percentage of Net Assets
Gulf Pacific Acquisition, LLC		First lien senior secured loan	11.00%	7.10%	-	SOFR(M)	9/29/2028		19,618		19,432		19,422		1.9	%
		First lien senior secured delayed draw loan	11.00%	7.10%	-	SOFR(M)	9/29/2028		1,654		1,652		1,638		0.2	%
		First lien senior secured revolving loan	11.00%	7.10%	-	SOFR(M)	9/29/2028		2,098		2,052		2,077		0.2	%
IF&P Foods, LLC (FreshEdge)		First lien senior secured loan	9.80%	5.73%	-	SOFR(Q)	10/3/2028		26,488		26,226		26,356		2.5	%
		First lien senior secured loan	9.42%	5.35%	-	SOFR(Q)	10/3/2028		699		683		690		0.1	%
		First lien senior secured loan	10.17%	6.10%	-	SOFR(Q)	10/3/2028		210		208		210		0.0	%
		First lien senior secured delayed draw loan	9.80%	5.73%	-	SOFR(Q)	10/3/2028		3,933		3,899		3,914		0.4	%
		First lien senior secured revolving loan	9.63%	5.73%	-	SOFR(M)	10/3/2028		2,141		2,112		2,130		0.2	%
J&K Ingredients, LLC		First lien senior secured loan	9.07%	5.00%	-	SOFR(Q)	11/16/2028		24,127		23,822		24,127		2.3	%
		First lien senior secured loan	9.07%	5.00%	-	SOFR(Q)	11/16/2028		7,828		7,776		7,828		0.8	%
		First lien senior secured delayed draw loan	9.07%	5.00%	-	SOFR(Q)	11/16/2028		-		-		-		0.0	%
ML Buyer, LLC (Mama Lycha Foods, LLC)		First lien senior secured loan	9.59%	5.75%	-	SOFR(Q)	9/7/2029		11,352		11,205		11,295		1.1	%
		First lien senior secured revolving loan	9.49%	5.75%	-	SOFR(Q)	9/7/2029		259		213		258		0.0	%
Siegel Egg Co., LLC	(9)(10)(11)	First lien senior secured loan	-	-	-	-	12/29/2028		894		894		894		0.1	%
	(9)(10)(11)	First lien senior secured loan	-	-	-	-	12/29/2028		14,727		14,627		4,124		0.4	%
	(9)(10)(11)	First lien senior secured loan	-	-	-	-	12/29/2028		382		375		382		0.0	%
	(9)(10)(11)	First lien senior secured loan	-	-	-	-	12/29/2028		912		894		912		0.1	%
	(9)(10)(11)	First lien senior secured revolving loan	-	-	-	-	12/29/2028		3,179		3,159		890		0.1	%
Texas Coffee Holdco LLC		First lien senior secured loan	11.47%	7.65%	-	SOFR(Q)	10/31/2030		14,888		14,669		14,888		1.4	%
		First lien senior secured delayed draw loan	11.68%	7.65%	-	SOFR(Q)	10/31/2030		8,000		7,755		8,000		0.8	%
Worldwide Produce Acquisition, LLC	(8)	First lien senior secured delayed draw loan	11.57%	2.50%	5.25%	SOFR(Q)	1/18/2029		594		570		575		0.1	%
	(8)	First lien senior secured delayed draw loan	11.57%	2.50%	5.25%	SOFR(Q)	1/18/2029		493		477		477		0.0	%


Portfolio Company	Footnotes (1)(2)	Investment(3)	Interest Rate	Spread(4)	PIK Rate	Reference(5)	Maturity Date	Principal/ Par		Amortized Cost(6)		Fair Value		Percentage of Net Assets
	(8)	First lien senior secured delayed draw loan	11.57%	2.50%	5.25%	SOFR(Q)	1/18/2029		-		-		-		0.0	%
		First lien senior secured revolving loan	10.51%	6.75%	-	SOFR(Q)	1/18/2029		64		63		62		0.0	%
	(8)	First lien senior secured loan	11.57%	2.50%	5.25%	SOFR(Q)	1/18/2029		3,031		2,992		2,932		0.3	%
									236,222		233,518		221,859		21.4	%
Health care equipment & supplies
ECS Opco 1, LLC (Spectrum Vascular)		First lien senior secured loan	9.07%	5.00%	-	SOFR(Q)	3/26/2031		5,816		5,757		4,973		0.5	%
		First lien senior secured delayed draw loan	9.07%	5.00%	-	SOFR(Q)	3/26/2031		-		-		-		0.0	%
		First lien senior secured revolving loan	9.07%	5.00%	-	SOFR(Q)	3/26/2031		1,007		991		861		0.1	%
LSL Industries, LLC		First lien senior secured loan	11.00%	7.26%	-	SOFR(Q)	11/3/2027		17,897		17,674		17,897		1.7	%
		First lien senior secured revolving loan	11.00%	7.26%	-	SOFR(Q)	11/3/2027		-		-		-		0.0	%
									24,720		24,422		23,731		2.3	%
Health care providers & services
Aegis Toxicology Sciences Corporation		First lien senior secured loan	10.04%	6.00%	-	SOFR(Q)	6/20/2030		27,154		26,723		26,882		2.6	%
		First lien senior secured revolving loan	10.07%	6.00%	-	SOFR(Q)	6/20/2030		4,615		4,529		4,569		0.4	%
Brightview, LLC		First lien senior secured loan	8.65%	4.75%	-	SOFR(M)	12/14/2029		15,561		15,475		15,561		1.5	%
		First lien senior secured delayed draw loan	8.65%	4.75%	-	SOFR(M)	12/14/2029		-		-		-		0.0	%
		First lien senior secured revolving loan	8.65%	4.75%	-	SOFR(M)	12/14/2029		-		-		-		0.0	%
		First lien senior secured delayed draw loan	8.65%	4.75%	-	SOFR(M)	12/30/2026		2,262		2,224		2,262		0.2	%
		First lien senior secured delayed draw loan	8.65%	4.75%	-	SOFR(M)	9/30/2027		-		-		-		0.0	%
Guardian Dentistry Practice Management, LLC		First lien senior secured loan	9.52%	5.61%	-	SOFR(M)	8/20/2027		5,807		5,777		5,807		0.6	%
		First lien senior secured delayed draw loan	9.52%	5.61%	-	SOFR(M)	8/20/2027		11,383		11,327		11,383		1.1	%
		First lien senior secured delayed draw loan	9.52%	5.61%	-	SOFR(M)	8/20/2027		4,441		4,433		4,441		0.4	%
		First lien senior secured revolving loan	9.52%	5.61%	-	SOFR(M)	8/20/2027		-		-		-		0.0	%


Portfolio Company	Footnotes (1)(2)	Investment(3)	Interest Rate	Spread(4)	PIK Rate	Reference(5)	Maturity Date	Principal/ Par		Amortized Cost(6)		Fair Value		Percentage of Net Assets
Guided Practice Solutions: Dental, LLC (GPS)		First lien senior secured delayed draw loan	10.27%	6.36%	-	SOFR(M)	11/24/2026		16,360		16,336		16,360		1.6	%
		First lien senior secured delayed draw loan	10.27%	6.36%	-	SOFR(M)	11/24/2026		3,910		3,910		3,910		0.4	%
		First lien senior secured delayed draw loan	10.27%	6.36%	-	SOFR(M)	11/24/2026		9,564		9,564		9,564		0.9	%
Integrated Dermatology, LLC		First lien senior secured loan	10.25%	6.50%	-	SOFR(Q)	8/1/2030		25,234		24,822		25,360		2.4	%
		First lien senior secured revolving loan	10.27%	6.50%	-	SOFR(Q)	8/1/2030		797		762		800		0.1	%
		First lien senior secured delayed draw loan	10.25%	6.50%	-	SOFR(Q)	8/1/2030		1,441		1,350		1,448		0.1	%
Light Wave Dental Management, LLC		First lien senior secured revolving loan	9.82%	5.75%	-	SOFR(Q)	12/31/2030		250		161		250		0.0	%
		First lien senior secured loan	9.82%	5.75%	-	SOFR(Q)	12/31/2030		21,859		21,410		21,859		2.1	%
		First lien senior secured loan	9.82%	5.75%	-	SOFR(Q)	12/31/2030		2,714		2,661		2,714		0.3	%
		First lien senior secured loan	9.82%	5.75%	-	SOFR(Q)	12/31/2030		486		475		486		0.0	%
		First lien senior secured loan	9.82%	5.75%	-	SOFR(Q)	12/31/2030		2,254		2,217		2,254		0.2	%
		First lien senior secured delayed draw loan	9.82%	5.75%	-	SOFR(Q)	12/31/2030		433		409		433		0.0	%
		First lien senior secured loan	9.82%	5.75%	-	SOFR(Q)	12/31/2030		3,837		3,837		3,837		0.4	%
MVP VIP Borrower, LLC		First lien senior secured loan	10.57%	6.50%	-	SOFR(Q)	1/3/2029		19,136		18,889		19,136		1.8	%
		First lien senior secured delayed draw loan	10.57%	6.50%	-	SOFR(Q)	1/3/2029		1,543		1,524		1,543		0.1	%
NMA Holdings, LLC (Neuromonitoring Associates)		First lien senior secured loan	8.98%	5.00%	-	SOFR(Q)	12/18/2030		16,137		15,889		16,137		1.6	%
		First lien senior secured revolving loan	8.98%	5.00%	-	SOFR(Q)	12/18/2030		-		-		-		0.0	%
		First lien senior secured delayed draw loan	8.84%	5.00%	-	SOFR(Q)	12/18/2030		1,602		1,564		1,602		0.2	%
Redwood MSO, LLC (Smile Partners)		First lien senior secured loan	9.82%	5.75%	-	SOFR(Q)	12/20/2029		1,831		1,814		1,817		0.2	%
		First lien senior secured loan	9.82%	5.75%	-	SOFR(Q)	12/20/2029		11,019		10,842		10,937		1.1	%
		First lien senior secured delayed draw loan	9.82%	5.75%	-	SOFR(Q)	12/20/2029		1,821		1,791		1,807		0.2	%
		First lien senior secured revolving loan	9.82%	5.75%	-	SOFR(Q)	12/20/2029		607		592		603		0.1	%


Portfolio Company	Footnotes (1)(2)	Investment(3)	Interest Rate	Spread(4)	PIK Rate	Reference(5)	Maturity Date	Principal/ Par		Amortized Cost(6)		Fair Value		Percentage of Net Assets
Refocus Management Services, LLC		First lien senior secured loan	9.07%	5.00%	-	SOFR(Q)	2/14/2029		17,900		17,548		17,900		1.7	%
		First lien senior secured delayed draw loan	8.76%	5.00%	-	SOFR(Q)	2/14/2029		7,038		6,887		7,038		0.7	%
		First lien senior secured delayed draw loan	8.76%	5.00%	-	SOFR(Q)	2/14/2029		8,319		8,319		8,319		0.8	%
		First lien senior secured revolving loan	9.07%	5.00%	-	SOFR(Q)	2/14/2029		-		-		-		0.0	%
Salt Dental Collective LLC		First lien senior secured delayed draw loan	10.75%	6.85%	-	SOFR(M)	2/15/2028		20,954		20,794		20,954		2.0	%
		First lien senior secured delayed draw loan	10.75%	6.85%	-	SOFR(M)	2/15/2028		3,910		3,911		3,910		0.4	%
SGA Dental Partners Sub Holdings, LLC		First lien senior secured loan	10.07%	6.00%	-	SOFR(Q)	6/13/2031		23,707		23,132		23,589		2.3	%
									295,886		291,898		295,472		28.5	%
Household durables
Curio Brands, LLC		First lien senior secured loan	8.90%	5.00%	-	SOFR(M)	4/2/2031		9,995		9,904		9,995		1.0	%
		First lien senior secured revolving loan	8.90%	5.00%	-	SOFR(M)	4/2/2031		-		-		-		0.0	%
		First lien senior secured delayed draw loan	8.90%	5.00%	-	SOFR(M)	4/2/2031		-		-		-		0.0	%
Del-Air Heating, Air Conditioning & Refrigeration, LLC		First lien senior secured loan	9.26%	5.50%	-	SOFR(Q)	2/4/2031		5,220		5,159		4,959		0.5	%
		First lien senior secured revolving loan	9.25%	5.50%	-	SOFR(Q)	2/4/2031		1,232		1,207		1,170		0.1	%
		First lien senior secured delayed draw loan	9.26%	5.50%	-	SOFR(Q)	2/4/2031		3,337		3,289		3,170		0.3	%
									19,784		19,559		19,294		1.9	%
Household products
CREO Group Inc. (HMS Manufacturing)	(8)	First lien senior secured loan	11.26%	6.51%	1.00%	SOFR(Q)	9/24/2029		30		30		29		0.0	%
	(8)	First lien senior secured loan	11.26%	6.51%	1.00%	SOFR(Q)	9/24/2029		33,707		33,212		32,864		3.2	%
	(8)	First lien senior secured revolving loan	11.59%	6.51%	1.00%	SOFR(Q)	9/24/2029		4,846		4,618		4,725		0.5	%
Home Brands Group Holdings, Inc. (ReBath)		First lien senior secured loan	9.15%	5.25%	-	SOFR(M)	1/8/2028		14,930		14,876		14,856		1.4	%
		First lien senior secured revolving loan	9.15%	5.25%	-	SOFR(M)	1/8/2028		1,574		1,573		1,566		0.2	%
									55,087		54,309		54,040		5.2	%
Insurance
Allcat Claims Service, LLC		First lien senior secured loan	10.00%	6.10%	-	SOFR(M)	7/7/2027		927		887		927		0.1	%


Portfolio Company	Footnotes (1)(2)	Investment(3)	Interest Rate	Spread(4)	PIK Rate	Reference(5)	Maturity Date	Principal/ Par		Amortized Cost(6)		Fair Value		Percentage of Net Assets
		First lien senior secured delayed draw loan	10.00%	6.10%	-	SOFR(M)	7/7/2027		21,006		20,878		21,006		2.0	%
		First lien senior secured delayed draw loan	10.00%	6.10%	-	SOFR(M)	7/7/2027		-		-		-		0.0	%
		First lien senior secured revolving loan	10.00%	6.10%	-	SOFR(M)	7/7/2027		-		-		-		0.0	%
									21,933		21,765		21,933		2.1	%
IT services
Improving Acquisition, LLC		First lien senior secured loan	10.72%	6.65%	-	SOFR(Q)	7/26/2027		34,278		34,093		34,278		3.3	%
		First lien senior secured revolving loan	10.40%	6.65%	-	SOFR(Q)	7/26/2027		167		161		167		0.0	%
									34,445		34,254		34,445		3.3	%
Leisure products
MacNeill Pride Group Corp.		First lien senior secured loan	10.84%	6.76%	-	SOFR(Q)	4/22/2029		13,090		12,922		13,090		1.3	%
		First lien senior secured revolving loan	10.84%	6.76%	-	SOFR(Q)	4/22/2029		-		-		-		0.0	%
Olibre Borrower LLC (Revelyst)		First lien senior secured loan	9.82%	5.75%	-	SOFR(Q)	1/3/2030		33,331		32,859		33,415		3.2	%
TG Parent Newco LLC (Trademark Global LLC)	(9)(10)(14)	First lien senior secured loan	-	-	-	-	6/30/2027		12,623		12,555		6,311		0.6	%
	(9)(10)(14)	First lien senior secured revolving loan	-	-	-	-	6/30/2027		3,055		3,040		1,528		0.1	%
	(14)	First lien senior secured loan	12.84%	8.76%	-	SOFR(Q)	6/30/2027		1,820		1,792		1,820		0.2	%
VENUplus, Inc. (f/k/a CTM Group, Inc.)	(8)	First lien senior secured loan	11.50%	6.85%	0.75%	SOFR(M)	11/30/2026		389		388		389		0.0	%
	(8)	First lien senior secured delayed draw loan	11.37%	6.85%	0.75%	SOFR(M)	11/30/2026		69		69		69		0.0	%
	(8)	First lien senior secured loan	11.50%	6.85%	0.75%	SOFR(M)	11/30/2026		4,471		4,464		4,471		0.4	%
									68,848		68,089		61,093		5.9	%
Machinery
CMT Intermediate Holdings, LLC (Capital Machine Technologies)		First lien senior secured loan	9.40%	5.50%	-	SOFR(M)	3/29/2030		15,967		15,666		16,087		1.6	%
		First lien senior secured revolving loan	9.40%	5.50%	-	SOFR(M)	3/29/2030		-		-		-		0.0	%
Eppinger Technologies, LLC	(8)(12)	First lien senior secured loan	12.72%	7.90%	0.75%	SOFR(Q)	10/31/2026		24,801		24,752		24,801		2.4	%
	(8)(12)	First lien senior secured revolving loan	11.38%	6.90%	0.75%	SOFR(Q)	10/31/2026		2,229		2,228		2,229		0.2	%
LEM Buyer, Inc. (CFS Technologies Intermediate, Inc.)		First lien senior secured revolving loan	9.61%	5.75%	-	SOFR(Q)	4/24/2031		1,885		1,863		1,791		0.2	%


Portfolio Company	Footnotes (1)(2)	Investment(3)	Interest Rate	Spread(4)	PIK Rate	Reference(5)	Maturity Date	Principal/ Par		Amortized Cost(6)		Fair Value		Percentage of Net Assets
		First lien senior secured loan	9.56%	5.75%	-	SOFR(Q)	4/24/2031		11,066		10,931		10,513		1.0	%
		First lien senior secured loan	9.51%	5.75%	-	SOFR(Q)	4/24/2031		15,386		15,192		14,617		1.4	%
		First lien senior secured delayed draw loan	9.51%	5.75%	-	SOFR(Q)	4/24/2031		4,862		4,804		4,619		0.4	%
MRC Keystone Acquisition LLC (Automated Handling Solutions)		First lien senior secured loan	9.57%	5.50%	-	SOFR(Q)	12/18/2029		13,771		13,513		13,530		1.3	%
		First lien senior secured revolving loan	9.57%	5.50%	-	SOFR(Q)	12/18/2029		-		-		-		0.0	%
RMH Systems, LLC		First lien senior secured loan	9.01%	5.25%	-	SOFR(Q)	2/4/2030		10,108		9,963		10,108		1.0	%
		First lien senior secured loan	9.00%	5.25%	-	SOFR(Q)	2/4/2030		3,025		2,967		3,025		0.3	%
		First lien senior secured delayed draw loan	9.00%	5.25%	-	SOFR(Q)	2/4/2030		6,395		6,242		6,395		0.6	%
		First lien senior secured revolving loan	9.00%	5.25%	-	SOFR(Q)	2/4/2030		-		-		-		0.0	%
United Titanium, LLC		First lien senior secured loan	8.57%	4.50%	-	SOFR(Q)	8/29/2031		18,274		18,039		18,274		1.8	%
		First lien senior secured revolving loan	8.57%	4.50%	-	SOFR(Q)	8/29/2031		-		-		-		0.0	%
									127,769		126,160		125,989		12.2	%

Personal care products
DRS Holdings III, Inc. (Dr. Scholl's)		First lien senior secured loan	9.15%	5.25%	-	SOFR(M)	11/1/2028		5,971		5,920		5,971		0.6	%
		First lien senior secured loan	9.15%	5.25%	-	SOFR(M)	11/1/2028		9,192		9,153		9,192		0.9	%
		First lien senior secured revolving loan	9.15%	5.25%	-	SOFR(M)	11/1/2028		-		-		-		0.0	%
INW Manufacturing, LLC		First lien senior secured loan	9.50%	5.75%	-	SOFR(Q)	1/23/2031		24,813		24,375		24,440		2.4	%
PH Beauty Holdings III, Inc.		First lien senior secured revolving loan	8.68%	5.00%	-	SOFR(S)	9/28/2027		-		-		-		0.0	%
		First lien senior secured loan	8.68%	5.00%	-	SOFR(S)	9/28/2027		11,333		11,213		11,333		1.1	%
									51,309		50,661		50,936		4.9	%
Professional services
4 Over International, LLC	(9)(10)	First lien senior secured loan	-	-	-	-	12/7/2026		19,203		19,077		14,306		1.4	%
CI (MG) Group, LLC (Mariani Premier Group)		First lien senior secured loan	9.57%	5.50%	-	SOFR(Q)	3/27/2030		21,028		20,793		21,186		2.0	%


Portfolio Company	Footnotes (1)(2)	Investment(3)	Interest Rate	Spread(4)	PIK Rate	Reference(5)	Maturity Date	Principal/ Par		Amortized Cost(6)		Fair Value		Percentage of Net Assets
		First lien senior secured delayed draw loan	9.57%	5.50%	-	SOFR(Q)	3/27/2030		5,795		5,706		5,839		0.6	%
		First lien senior secured delayed draw loan	9.57%	5.50%	-	SOFR(Q)	3/27/2030		915		905		922		0.1	%
		First lien senior secured revolving loan	9.76%	5.50%	-	SOFR(S)	3/27/2030		424		396		427		—	%
DISA Holdings Corp.		First lien senior secured delayed draw loan	8.73%	5.00%	-	SOFR(Q)	9/9/2028		8,173		8,091		8,174		0.8	%
		First lien senior secured delayed draw loan	8.73%	5.00%	-	SOFR(Q)	9/9/2028		1,043		1,020		1,043		0.1	%
		First lien senior secured revolving loan	8.73%	5.00%	-	SOFR(Q)	9/9/2028		-		-		-		0.0	%
		First lien senior secured loan	8.73%	5.00%	-	SOFR(Q)	9/9/2028		1,288		1,278		1,288		0.1	%
		First lien senior secured loan	8.73%	5.00%	-	SOFR(Q)	9/9/2028		21,561		21,312		21,561		2.1	%
Envirotech Services, LLC		First lien senior secured loan	9.53%	5.75%	-	SOFR(Q)	1/18/2029		32,066		31,604		32,066		3.1	%
		First lien senior secured loan	9.79%	5.75%	-	SOFR(Q)	1/18/2029		120		33		120		0.0	%
		First lien senior secured revolving loan	9.53%	5.75%	-	SOFR(Q)	1/18/2029		-		-		-		0.0	%
KAMC Holdings, Inc. (Franklin Energy)		First lien senior secured loan	9.00%	5.25%	-	SOFR(Q)	8/1/2031		18,651		18,425		18,511		1.8	%
		First lien senior secured revolving loan	9.01%	5.25%	-	SOFR(Q)	8/1/2031		262		240		260		0.0	%
PGI Parent LLC (Prime Electric)		First lien senior secured loan	8.57%	4.50%	-	SOFR(Q)	12/31/2031		13,061		12,945		13,061		1.3	%
		First lien senior secured revolving loan	8.31%	4.50%	-	PRIME	12/31/2031		2,283		2,250		2,283		0.2	%
									145,873		144,075		141,047		13.6	%
Textiles, apparel & luxury goods
American Soccer Company, Incorporated (SCORE)	(9)(10)	First lien senior secured loan	-	-	-	-	12/31/2029		4,766		7,916		9,532		0.9	%
	(9)(10)	First lien senior secured revolving loan	-	-	-	-	12/31/2029		4,490		4,490		2,335		0.2	%
	(9)(10)	First lien senior secured loan	-	-	-	-	12/31/2029		4,490		4,490		2,335		0.2	%
BEL USA, LLC	(9)(10)	First lien senior secured loan	-	-	-	-	6/2/2026		974		974		974		0.1	%
	(9)(10)	First lien senior secured loan	-	-	-	-	6/2/2026		5,486		5,423		1,179		0.1	%
	(9)(10)	First lien senior secured loan	-	-	-	-	6/2/2026		90		89		19		0.0	%


Portfolio Company	Footnotes (1)(2)	Investment(3)	Interest Rate	Spread(4)	PIK Rate	Reference(5)	Maturity Date	Principal/ Par		Amortized Cost(6)		Fair Value		Percentage of Net Assets
YS Garments, LLC		First lien senior secured loan	11.33%	7.60%	-	SOFR(Q)	8/9/2027		7,065		6,993		6,429		0.6	%
									27,361		30,375		22,803		2.2	%
Distributors (Trading companies & distributors)	(15)
AIDC IntermediateCo 2, LLC (Peak Technologies)		First lien senior secured loan	9.40%	5.50%	-	SOFR(M)	7/22/2027		33,689		33,459		33,603		3.2	%
CGI Automated Manufacturing, LLC	(8)	First lien senior secured loan	11.03%	2.76%	4.50%	SOFR(Q)	12/15/2028		17,782		17,549		17,782		1.7	%
	(8)	First lien senior secured loan	11.03%	2.76%	4.50%	SOFR(Q)	12/15/2028		3,250		3,212		3,250		0.3	%
	(8)	First lien senior secured loan	11.03%	2.76%	4.50%	SOFR(Q)	12/15/2028		6,852		6,789		6,852		0.7	%
	(8)	First lien senior secured delayed draw loan	11.03%	2.76%	4.50%	SOFR(Q)	12/15/2028		3,708		3,664		3,708		0.4	%
		First lien senior secured revolving loan	11.34%	7.26%	-	SOFR(Q)	12/15/2028		1,317		1,271		1,317		0.1	%
Engineered Fastener Company, LLC (EFC International)		First lien senior secured loan	10.72%	6.65%	-	SOFR(Q)	11/1/2027		22,950		22,792		22,950		2.2	%
Genuine Cable Group, LLC		First lien senior secured loan	9.25%	5.35%	-	SOFR(M)	5/3/2027		28,170		28,060		28,170		2.7	%
		First lien senior secured loan	9.25%	5.35%	-	SOFR(M)	5/3/2027		5,352		5,327		5,352		0.5	%
I.D. Images Acquisition, LLC		First lien senior secured loan	9.15%	5.25%	-	SOFR(M)	12/31/2028		5,546		5,463		5,546		0.5	%
		First lien senior secured loan	9.15%	5.25%	-	SOFR(M)	12/31/2028		7,707		7,664		7,707		0.7	%
		First lien senior secured loan	9.15%	5.25%	-	SOFR(M)	12/31/2028		4,391		4,369		4,391		0.4	%
		First lien senior secured loan	9.15%	5.25%	-	SOFR(M)	12/31/2028		1,013		986		1,013		0.1	%
		First lien senior secured delayed draw loan	9.15%	5.25%	-	SOFR(M)	12/31/2028		2,413		2,410		2,413		0.2	%
		First lien senior secured revolving loan	9.15%	5.25%	-	SOFR(M)	12/31/2028		-		-		-		0.0	%
Krayden Holdings, Inc.		First lien senior secured delayed draw loan	8.82%	4.75%	-	SOFR(Q)	3/1/2029		1,759		1,759		1,759		0.2	%
		First lien senior secured delayed draw loan	8.82%	4.75%	-	SOFR(Q)	3/1/2029		1,759		1,759		1,759		0.2	%
		First lien senior secured revolving loan	8.82%	4.75%	-	SOFR(Q)	3/1/2029		739		714		739		0.1	%
		First lien senior secured loan	8.82%	4.75%	-	SOFR(Q)	3/1/2029		9,228		9,089		9,228		0.9	%


Portfolio Company	Footnotes (1)(2)	Investment(3)	Interest Rate	Spread(4)	PIK Rate	Reference(5)	Maturity Date	Principal/ Par		Amortized Cost(6)		Fair Value		Percentage of Net Assets
Lakewood Acquisition Corporation (R&B Wholesale)		First lien senior secured loan	9.77%	6.00%	-	SOFR(Q)	1/24/2030		29,250		28,829		29,250		2.8	%
		First lien senior secured revolving loan	9.86%	6.00%	-	SOFR(Q)	1/24/2030		3,623		3,485		3,623		0.3	%
OAO Acquisitions, Inc. (BearCom)		First lien senior secured loan	8.90%	5.00%	-	SOFR(M)	12/27/2029		20,783		20,589		20,783		2.0	%
		First lien senior secured loan	8.90%	5.00%	-	SOFR(M)	12/27/2029		842		837		842		0.1	%
		First lien senior secured delayed draw loan	8.90%	5.00%	-	SOFR(M)	12/27/2029		4,418		4,394		4,418		0.4	%
		First lien senior secured revolving loan	8.90%	5.00%	-	SOFR(M)	12/27/2029		-		-		-		0.0	%
TSSS Purchaser LLC (Total Safety)		First lien senior secured delayed draw loan	9.07%	5.25%	-	SOFR(Q)	7/1/2032		-		-		-		0.0	%
		First lien senior secured loan	9.07%	5.25%	-	SOFR(Q)	7/1/2032		15,755		15,498		15,755		1.5	%
		First lien senior secured revolving loan	9.07%	5.25%	-	SOFR(Q)	7/1/2032		1,008		935		1,008		0.1	%
Workholding US Holdings, LLC (Forkardt Hardinge)		First lien senior secured loan	9.75%	6.00%	-	SOFR(Q)	10/23/2029		7,248		7,109		6,903		0.7	%
		First lien senior secured revolving loan	9.73%	6.00%	-	SOFR(Q)	10/23/2029		3,607		3,561		3,435		0.3	%
									244,159		241,573		243,556		23.5	%
Wireless telecommunication services
Centerline Communications, LLC	(9)(10)	First lien senior secured loan	-	-	-	-	6/1/2028		6,946		6,819		5,383		0.5	%
		First lien senior secured loan	12.22%	8.15%	-	SOFR(Q)	6/1/2028		999		982		1,014		0.1	%
	(9)(10)	First lien senior secured loan	-	-	-	-	6/1/2028		10,753		10,601		8,334		0.8	%
	(9)(10)	First lien senior secured delayed draw loan	-	-	-	-	6/1/2028		8,342		8,223		6,465		0.6	%
	(9)(10)	First lien senior secured delayed draw loan	-	-	-	-	6/1/2028		7,257		7,157		5,624		0.5	%
	(9)(10)	First lien senior secured revolving loan	-	-	-	-	6/1/2028		2,137		2,107		1,657		0.2	%
	(9)(10)	First lien senior secured loan	-	-	-	-	6/1/2028		1,190		1,169		922		0.1	%
									37,624		37,058		29,399		2.8	%
Total Debt Investments									2,231,262		2,201,726		2,176,450		210.0	%


Portfolio Company	Footnotes(1)(2)	Investment	Acquisition Date	Number of Shares/Units		Cost		Fair Value		Percentage of Net Assets
Equity Investments(10)(16)
Aerospace & defense
Quatro Group Holdings, LP (S3 AeroDefense)		Class A2 units	5/1/2026		500		500		500		0.0	%
							500		500		0.0	%
Building products
US Masonry & Building Products Co. (f/k/a US Anchors Group, Inc.)	(17)	Class A Common	7/15/2024		617,421		617		486		0.0	%
US Masonry & Building Products Co. (f/k/a US Anchors Group, Inc.)	(17)	Preferred	7/15/2024		617,421		-		-		0.0	%
							617		486		0.0	%
Commercial services & supplies
American Equipment Holdings LLC	(18)	Class A units	4/8/2022		175		284		722		0.1	%
ArborWorks Intermediate Holdco, LLC	(17)	Class A preferred units	11/6/2023		21,716		9,179		16,504		1.6	%
	(17)	Class B preferred units	11/6/2023		21,716		-		-		0.0	%
	(17)	Class A common units	11/6/2023		2,604		-		-		0.0	%
Bloomington Holdings, LP (BW Fusion)	(17)	Class A1 common units	11/5/2024		500		500		284		0.0	%
BLP Buyer, Inc. (Bishop Lifting Products)	(19)	Class A common	2/1/2022		582,469		652		1,041		0.1	%
Riptide Security Holdco, LLC (Regiment)	(11)(17)	Common	7/22/2026		221,239		-		-		0.0	%
							10,615		18,551		1.8	%
Containers & packaging
Robinette Company Acquisition, LLC	(17)	Class A common units	5/10/2024		9		-		215		0.0	%
	(17)	Class A preferred units	5/10/2024		500		500		600		0.1	%
							500		815		0.1	%
Financial services
SGCP Holdings, LLC (SG Credit)	(14)	Class A common	7/15/2025		408,387		11,441		12,000		1.2	%
	(14)	Class C common	7/15/2025		102,260		563		700		0.1	%
							12,004		12,700		1.2	%
Food products
BC CS 2, L.P. (Cuisine Solutions, Inc.)	(12)(13)	Series A preferred stock	7/8/2022		2,000,000		2,000		3,797		0.4	%
CCFF Parent, LLC (California Custom Fruits & Flavors, LLC)	(17)	Class A-1 units	2/26/2024		750		511		1,000		0.1	%
City Line Distributors LLC	(17)	Class A units	8/31/2023		669,866		670		518		0.0	%
Gulf Pacific Holdings, LLC	(18)	Class A common	9/30/2022		250		250		-		0.0	%
	(18)	Class C common	9/30/2022		250		-		-		0.0	%
ML Buyer, LLC (Mama Lycha Foods, LLC)	(17)	Class A units	9/9/2024		250		250		150		0.0	%
NSC Coffee Investors, LLC	(17)	Class A preferred	10/31/2025		182,277		2,000		2,000		0.2	%


Portfolio Company		Footnotes(1)(2)	Investment	Acquisition Date	Number of Shares/Units		Cost		Fair Value		Percentage of Net Assets
Siegel Parent, LLC		(11)(20)	Class A units	12/29/2021		250		250		-		0.0	%
		(11)(21)	Class A units	1/21/2026		4,481		-		-		0.0	%
		(11)(20)	Convertible note	1/19/2024		28		28		-		0.0	%
WPP Fairway Aggregator A, L.P. (IF&P Foods, LLC- FreshEdge)		(18)	Class A preferred	10/3/2022		773		770		597		0.1	%
		(18)	Class B common	10/3/2022		750		3		-		0.0	%
								6,732		8,062		0.8	%
Health care equipment & supplies
LSL Industries, LLC (LSL Healthcare)		(18)	Common	11/1/2022		7,500		750		363		0.0	%
Health care providers & services
NMA Super Holdings, LLC (Neuromonitoring Associates)		(17)	Class A membership interests	12/18/2024		1,000,000		1,000		3,480		0.3	%
Leisure products
TG Parent Newco LLC (Trademark Global LLC)		(14)(17)	Common	9/16/2024		8		-		-		0.0	%
Machinery
RMH Systems, LLC		(17)	Class A-1 Units	2/4/2025		757		756		761		0.1	%
Textiles, apparel & luxury goods
BVG SCORE Buyer, Inc. (American Soccer Company, Incorporated)		(20)	Common	7/20/2022		1,000,000		1,000		-		0.0	%
	-	(20)	Preferred	7/20/2022		97,964		98		-		0.0	%
			Preferred A Units	7/22/2026		4,490		7,045		-		0.0	%
								8,143		-		-
Distributors (Trading companies & distributors)
TSSS Investment LLC (Total Safety)			Common	7/1/2026		500,000		500		500		0.0	%
Total Equity Investments								42,117		46,218		4.5	%
Total Debt and Equity Investments								2,243,843		2,222,668		214.5	%


Portfolio Company	Footnotes(1)(2)	Number of Shares		Cost		Fair Value			Percentage of Net Assets
Investments in Money Market Funds
Morgan Stanley Institutional Liquidity Fund, Institutional Class, 3.78%	(22)		22,261,031		22,261		22,261			2.1	%
Total Investments in Money Market Funds			22,261,031		22,261		22,261			2.1	%

Total Investments				$	2,266,104	$	2,244,929			216.6	%

Liabilities in Excess of Other Assets							(1,208,667	)		(116.6	)%
Net Assets						$	1,036,262			100.0	%

(1)

As of September 30, 2026, unless otherwise noted, investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control

over the management or policies of such portfolio company. As of September 30, 2026, the total value of the Company’s non-controlled, non-affiliated investments was $2,072,855.

(2)

Unless otherwise noted, security is a Level 3 holding. As of September 30, 2026, the aggregate value of Level 3 securities held by the Company was $2,222,668. The value of each investment was determined using unobservable inputs. See Note 5 – Fair Value.

(3)

Debt investments are pledged to the Company’s credit facilities, and a single debt investment may be divided into parts that are individually pledged to separate credit facilities.

(4)

Includes Secured Overnight Financing Rate (“SOFR”) credit spread adjustment if applicable.

(5)

Unless otherwise noted, all loans contain a variable rate structure, that may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either SOFR (which can include one-(M), three-(Q) or six-month (S) SOFR), or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate).

(6)

The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(7)

The Company may be entitled to receive additional interest as a result of an arrangement with other lenders in the syndication. In exchange for the higher interest rate, the “last-out” portion is at a greater risk of loss. Certain lenders represent a “first out” portion of the investment and have priority to the “last-out” portion with respect to payments of principal and interest.

(8)

All or a portion of the stated interest rate may be settled in PIK for a specified period pursuant to the credit agreement.

(9)

Debt investment on non-accrual status as of September 30, 2026.

(10)

Non-income producing investment.

(11)

As defined in the 1940 Act, the Company is deemed to be an “affiliated person” and "control" of this portfolio company as the Company owns more than 25% of the portfolio company’s voting securities or has the power to exercise control over management or policies of such portfolio company, including through a management agreement (“controlled affiliate”).

In January 2026, the Company completed an equity restructuring of its investment in Siegel Egg Co., LLC whereby the Company obtained 44.8% of the equity of the portfolio company (Kayne Anderson affiliates in aggregate own 100%). The terms of the existing debt remain unchanged with the restructure.

In July 2026, the Company and the other debt investors acquired 100% of the common equity interests of Riptide Security Holdco, LLC (Regiment) whereby the Company holds 22.1% of the Class A Units (Kayne Anderson affiliates in aggregate own 77.4%)

As of September 30, 2026, the total value of the Company's investments in controlled affiliates was $22,454 (1.6% of amortized cost of total long-term investments) and are described below.


Investment(1)	Value at 12/31/2025		Gross Additions(a)		Gross Reductions (b)		Net Realized Gains (Losses)		Net Change in Unrealized Gains(Losses)			Value at 9/30/2026		Interest and PIK Income		Dividend Income		Other Income
Regiment Security Holdco, LLC (Regiment) - debt investment	$	-	$	13,356	$	-	$	-	$	1,896		$	15,252	$	284	$	-	$	-
Riptide Security Holdco, LLC (Regiment) - equity investment		-		-		-		-		-			-		-		-		-
Siegel Egg Co., LLC - debt investment		-		12,672		-		-		(5,470	)		7,202		-		-		-
Siegel Parent, LLC - equity investment		-		-		-		-		-			-		-		-		-
Total	$	-	$	26,028	$	-	$	-	$	(3,574	)	$	22,454	$	284	$	-	$	-

(a) Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind (“PIK”) interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement at fair value of an existing portfolio company into this controlled affiliated category from a different category.

(b) Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.

(12)

Non-qualifying investment as defined by Section 55(a) of the Investment Company Act of 1940. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2026, 2.4% of the Company’s total assets were in non-qualifying investments.

(13)

The Company has a senior secured loan in an investment vehicle (BC CS 2, L.P.) that is collateralized by a preferred stock investment in Cuisine Solutions, Inc. that is characterized as subordinated debt. In addition, the Company’s senior secured loan and senior secured delayed draw term loan in SG Credit is considered subordinated debt.

(14)

As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of this portfolio company as the Company owns more than 5% but less than 25% of the portfolio company’s voting securities or has the power to exercise control over management or policies of such portfolio company, including through a management agreement (“non-controlled affiliate”).

In September 2024, the Company completed a restructure of the investment in Trademark Global LLC whereby the existing term loan and revolver became a restructured term loan and revolver and no debt was converted to equity. The Company received new common units in TG Parent Newco LLC for which it owns 6.23% of the overall business (Kayne Anderson entities in aggregate own 20.77%).

In July 2025, the Company made an investment in SG Credit Partners, Inc. through debt and equity investments in SGCP Intermediate, Inc. and SGCP Holdings, LLC (collectively “SG Credit), an independent national credit platform focused on lower middle market investments. The Company’s investment in SG Credit was structured as a term loan facility, unfunded delayed draw term loan facility and a common equity investment. The Company's senior secured debt investments in SG Credit are structurally subordinated to senior debt (non-recourse to the Company) at finance subsidiaries of SG Credit. Through the common equity investment, the Company owns 22.5% of the outstanding common equity of SG Credit.

The common equity investment includes a call option providing the Company the right, but not the obligation, to purchase additional equity interests in SG Credit through June 30, 2028 (the “Option Expiration Date”). The fixed call option price is based on the performance of SG Credit over the option period. Upon exercise, the Company would own 72.0% - 91.0% of the outstanding common equity of SG Credit depending upon certain tag-along rights and any shares issued under SG Credit’s management incentive plan. If the call option is exercised, the Company would still not control SG Credit, nor would it consolidate its common equity investment in SG Credit.

As of September 30, 2026, the total value of the Company’s investments in non-controlled affiliates was $127,359 (5.9% of amortized cost of total long-term investments) and are described below.


Investment(1)	Value at 12/31/2025		Gross Additions(a)		Gross Reductions (b)			Net Realized Gains (Losses)		Net Change in Unrealized Gains(Losses)			Value at 9/30/2026		Interest and PIK Income		Dividend Income		Other Income
SGCP Intermediate, Inc. (SG Credit) - debt investment	$	93,000	$	11,766	$	-		$	-	$	234		$	105,000	$	9,272	$	-	$	-
SGCP Holdings, LLC (SG Credit) - equity investment		12,000		3		-			-		697			12,700		-		-		-
TG Parent Newco LLC (Trademark Global LLC) - debt investment		8,684		2,036		(5	)		-		(1,056	)		9,659		59		-		-
TG Parent Newco LLC (Trademark Global LLC) - equity investment		-		-		-			-		-			-		-		-		-
Total	$	113,684	$	13,805	$	(5	)	$	-	$	(125	)	$	127,359	$	9,331	$	-	$	-

(15)

The Company uses Global Industry Classification (GICS), Level 3 – Industry, for classifying the industry groupings of its portfolio companies. In instances where the composition of portfolio companies within a category does not as closely align with the GICS, Level 3 – Industry, the Company presents a more specific description, keeping the GICS, Level 3 – Industry in parenthesis for reference.

(16)

Security is exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act.

(17)

KABDC Corp, LLC, a wholly owned subsidiary of the Company, owns common and/or preferred equity of ArborWorks Intermediate Holdco, LLC, Bloomington Holdings, LP (BW Fusion), City Line Distributors LLC, CCFF Parent, LLC (California Custom Fruits & Flavors, LLC), ML Buyer, LLC (Mama Lycha Foods, LLC), NMA Super Holdings, LLC (Neuromonitoring Associates), NSC Coffee Investors, LLC (Texas Coffee Partners Ltd.), Riptide Security Holdco, LLC (Regiment), Robinette Company Acquisition, LLC, RMH Parent LLC (RMH Systems), TG Parent Newco LLC (Trademark Global LLC) and US Masonry & Building Products Co. (f/k/a US Anchors Group, Inc.).

(18)

The Company owns 31.92% of a pass-through, taxable limited liability company, KSCF IV Equity Aggregator Blocker, LLC (the “Aggregator Blocker”), which holds the Company’s equity investments in American Equipment Holdings LLC, Gulf Pacific Holdings, LLC, WPP Fairway Aggregator A, L.P. (IF&P Foods, LLC - FreshEdge) and LSL Industries, LLC (LSL Healthcare). Through the Company’s ownership of the Aggregator Blocker, the Company owns the respective units of each company listed above in the Schedule of Investments.

(19)

The Company owns 0.53% of the common equity of BLP Buyer, Inc. (Bishop Lifting Products).

(20)

The Company owns 15.82% of a pass-through limited liability company, KSCF IV Equity Aggregator, LLC (the “Aggregator”), which holds the Company’s equity investments in Siegel Parent, LLC and BVG SCORE Buyer, Inc. (American Soccer Company, Incorporated). Through the Company’s ownership of the Aggregator, the Company owns the respective units of each company listed above in the Schedule of Investments.

(21)

The Company owns 44.8% of a pass-through limited liability company, KAPC NewCo, LLC ("NewCo"), which holds the Company’s equity investment in Siegel Parent, LLC. Through the Company’s ownership of NewCo, the Company owns the respective units listed above in the Schedule of Investments.

(22)

The indicated rate is the yield as of September 30, 2026.

Interest rate swap contracts

Below are the Company’s outstanding interest rate swap contracts as of September 30, 2026. The Company designed each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship. See Note 6 – Debt.


Counterparty	Hedged Instrument	Company Receives	Company Pays	Maturity Date	Notional Amount		Fair Value			Change in Unrealized Appreciation (Depreciation)			Upfront Payments / Receipts
Regions Bank	Series D Notes	5.80%	S + 2.3700%	6/30/2028	$	60,000	$	(1,395	)	$	(576	)		-
Regions Bank	Series E Notes	6.15%	S + 2.6565%	10/15/2030		100,000		(5,112	)		(3,031	)		-
					$	160,000	$	(6,507	)	$	(3,607	)

See accompanying notes to consolidated financial statements.


Portfolio Company	Footnotes (1)(2)	Investment (3)	Interest Rate			Spread			PIK Rate		Reference(4)	Maturity Date	Principal / Par		Amortized Cost(5)		Fair Value		Percentage of Net Assets
Debt and Equity Investments
Aerospace & defense
Aviation Concepts, LLC		First lien senior secured loan		9.24	%		5.50	%		-	SOFR(M)	12/17/2030	$	16,420	$	15,919	$	16,420		1.5	%
		First lien senior secured delayed draw loan		9.24	%		5.50	%		-	SOFR(M)	12/17/2030		-		-		-		0.0	%
		First lien senior secured revolving loan		9.24	%		5.50	%		-	SOFR(M)	12/17/2030		-		-		-		0.0	%
Fastener Distribution Holdings, LLC		First lien senior secured loan		8.42	%		4.75	%		-	SOFR(Q)	11/4/2031		19,866		19,724		20,065		1.8	%
		First lien senior secured delayed draw loan		8.42	%		4.75	%		-	SOFR(Q)	11/4/2031		2,885		2,855		2,913		0.3	%
TransDigm Inc	(7)	First lien senior secured loan		6.22	%		2.50	%		-	SOFR(M)	2/28/2031		6,924		6,953		6,948		0.6	%
Vitesse Systems Parent, LLC		First lien senior secured loan		10.93	%		7.26	%		-	SOFR(M)	12/22/2028		30,584		30,075		30,431		2.7	%
		First lien senior secured revolving loan		10.96	%		7.26	%		-	SOFR(Q)	12/22/2028		6,239		6,128		6,208		0.6	%
														82,918		81,654		82,985		7.5	%
Automobile components
Clarios Global LP	(7)(8)	First lien senior secured loan		6.22	%		2.50	%		-	SOFR(M)	5/6/2030		4,985		5,002		4,985		0.4	%
Speedstar Holding LLC		First lien senior secured loan		9.84	%		6.00	%		-	SOFR(M)	7/22/2027		6,039		6,000		5,948		0.5	%
		First lien senior secured delayed draw loan		9.84	%		6.00	%		-	SOFR(M)	7/22/2027		659		654		650		0.1	%
WAM CR Acquisition, Inc. (Wolverine)		First lien senior secured loan		10.09	%		6.25	%		-	SOFR(Q)	7/23/2029		26,561		26,151		26,826		2.4	%
														38,244		37,807		38,409		3.4	%
Biotechnology
Alcami Corporation		First lien senior secured delayed draw loan		10.83	%		7.10	%		-	SOFR(M)	12/21/2028		838		838		838		0.1	%
		First lien senior secured revolving loan		10.83	%		7.10	%		-	SOFR(M)	12/21/2028		332		305		332		0.0	%
		First lien senior secured loan		10.97	%		7.15	%		-	SOFR(Q)	12/21/2028		11,383		11,161		11,383		1.0	%
														12,553		12,304		12,553		1.1	%
Building products
Ruff Roofers Buyer, LLC		First lien senior secured loan		8.84	%		5.00	%		-	SOFR(Q)	11/19/2029		7,043		6,778		6,972		0.6	%
		First lien senior secured loan		8.67	%		5.00	%		-	SOFR(Q)	11/19/2029		2,640		2,611		2,613		0.2	%


Portfolio Company	Footnotes (1)(2)	Investment (3)	Interest Rate			Spread			PIK Rate			Reference(4)	Maturity Date	Principal / Par		Amortized Cost(5)		Fair Value		Percentage of Net Assets
		First lien senior secured revolving loan		8.84	%		5.00	%		-		SOFR(Q)	11/19/2029		-		-		-		0.0	%
		First lien senior secured delayed draw loan		8.84	%		5.00	%		-		SOFR(Q)	11/19/2029		-		-		-		0.0	%
		First lien senior secured delayed draw loan		8.84	%		5.00	%		-		SOFR(Q)	11/19/2029		5,264		5,234		5,211		0.5	%
		First lien senior secured delayed draw loan		8.67	%		5.00	%		-		SOFR(Q)	11/19/2029		2,642		2,642		2,615		0.2	%
US Masonry & Building Products Co. (f/k/a US Anchors Group, Inc.)		First lien senior secured loan		8.67	%		5.00	%		-		SOFR(Q)	7/15/2029		17,021		16,741		17,021		1.5	%
		First lien senior secured revolving loan		8.73	%		5.00	%		-		SOFR(M)	7/15/2029		370		321		370		0.1	%
															34,980		34,327		34,802		3.1	%
Chemicals
Fralock Buyer LLC		First lien senior secured loan		9.67	%		6.00	%		-		SOFR(Q)	9/30/2026		12,913		12,798		12,881		1.2	%
		First lien senior secured loan		9.67	%		6.00	%		-		SOFR(Q)	9/30/2026		4,443		4,426		4,432		0.4	%
		First lien senior secured revolving loan		9.67	%		6.00	%		-		SOFR(Q)	9/30/2026		3,338		3,336		3,330		0.3	%
Gage CR Acquisition, LLC		First lien senior secured loan		8.92	%		5.25	%		-		SOFR(Q)	10/1/2030		27,048		26,570		27,048		2.4	%
		First lien senior secured revolving loan		8.92	%		5.25	%		-		SOFR(Q)	10/1/2030		-		-		-		0.0	%
TL Atlas Merger Sub Corp. (Zep)		First lien senior secured loan		8.67	%		5.00	%		-		SOFR(Q)	6/30/2031		33,605		33,252		34,025		3.1	%
		First lien senior secured revolving loan		8.67	%		5.00	%		-		SOFR(Q)	6/30/2031		-		-		-		0.0	%
															81,347		80,382		81,716		7.4	%
Commercial services & supplies
Advanced Environmental Monitoring Intermediate, Inc.	(9)	First lien senior secured loan		10.24	%		6.40	%		-		SOFR(Q)	12/31/2028		3,651		3,610		3,651		0.3	%
		First lien senior secured loan		10.24	%		6.40	%		-		SOFR(Q)	12/31/2028		12,559		12,386		12,559		1.1	%
		First lien senior secured loan		10.09	%		6.40	%		-		SOFR(Q)	12/31/2028		7,372		7,340		7,372		0.7	%
		First lien senior secured loan		10.09	%		6.40	%		-		SOFR(Q)	12/31/2028		2,787		2,725		2,787		0.3	%
AeriTek Global Holdings LLC		First lien senior secured loan		10.32	%		6.50	%		-		SOFR(Q)	8/27/2030		10,027		9,886		10,027		0.9	%
		First lien senior secured revolving loan		10.32	%		6.50	%		-		SOFR(Q)	8/27/2030		415		400		415		0.0	%
Allentown, LLC		First lien senior secured loan		10.97	%		6.15	%		1.00	%	SOFR(Q)	4/22/2027		7,580		7,518		7,371		0.7	%
		First lien senior secured delayed draw loan		10.97	%		6.15	%		1.00	%	SOFR(Q)	4/22/2027		1,369		1,356		1,332		0.1	%
		First lien senior secured revolving loan		12.75	%		5.00	%		1.00	%	PRIME	4/22/2027		104		98		101		0.0	%
American Equipment Holdings LLC		First lien senior secured loan		10.19	%		6.00	%		-		SOFR(S)	5/5/2028		13,056		12,813		13,056		1.2	%
		First lien senior secured loan		10.19	%		6.00	%		-		SOFR(S)	5/5/2028		1,398		1,393		1,398		0.1	%
		First lien senior secured loan		10.06	%		6.00	%		-		SOFR(S)	5/5/2028		1,679		1,662		1,679		0.1	%
		First lien senior secured loan		10.20	%		6.00	%		-		SOFR(S)	5/5/2028		456		456		456		0.0	%


Portfolio Company	Footnotes (1)(2)	Investment (3)	Interest Rate			Spread			PIK Rate		Reference(4)	Maturity Date	Principal / Par		Amortized Cost(5)		Fair Value		Percentage of Net Assets
		First lien senior secured loan		10.04	%		6.00	%		-	SOFR(S)	5/5/2028		520		514		520		0.0	%
		First lien senior secured loan		10.01	%		6.00	%		-	SOFR(S)	5/5/2028		2,135		2,115		2,135		0.2	%
		First lien senior secured delayed draw loan		10.19	%		6.00	%		-	SOFR(S)	5/5/2028		5,035		5,014		5,035		0.5	%
		First lien senior secured delayed draw loan		10.06	%		6.00	%		-	SOFR(S)	5/5/2028		4,010		3,917		4,010		0.4	%
		First lien senior secured revolving loan		10.19	%		6.00	%		-	SOFR(S)	5/5/2028		-		-		-		0.0	%
Arborworks Acquisition, LLC	(10)(11)	First lien senior secured loan		-			-			-	-	11/6/2028		4,688		4,688		4,688		0.4	%
		First lien senior secured revolving loan		-			-			-	-	11/6/2028		2,139		2,139		2,139		0.2	%
Bloomington Holdco, LLC (BW Fusion)		First lien senior secured loan		9.90	%		6.00	%		-	SOFR(Q)	5/1/2030		21,035		20,659		21,035		1.9	%
		First lien senior secured revolving loan		9.67	%		6.00	%		-	SOFR(Q)	5/1/2030		3,612		3,442		3,612		0.3	%
BLP Buyer, Inc. (Bishop Lifting Products)		First lien senior secured loan		9.97	%		6.25	%		-	SOFR(M)	12/22/2029		25,708		25,360		25,708		2.3	%
		First lien senior secured loan		9.97	%		6.25	%		-	SOFR(M)	12/22/2029		1,208		1,189		1,208		0.1	%
		First lien senior secured loan		10.29	%		6.25	%		-	SOFR(S)	12/22/2029		506		499		506		0.0	%
		First lien senior secured loan		9.97	%		6.25	%		-	SOFR(M)	12/22/2029		563		555		563		0.1	%
		First lien senior secured delayed draw loan		9.97	%		6.25	%		-	SOFR(M)	12/22/2029		3,146		3,102		3,146		0.3	%
		First lien senior secured revolving loan		9.97	%		6.25	%		-	SOFR(M)	12/22/2029		2,773		2,721		2,773		0.2	%
Connect America.Com, LLC	(9)	First lien senior secured loan		9.42	%		5.75	%		-	SOFR(Q)	10/11/2029		25,509		25,203		24,999		2.2	%
Diverzify Intermediate LLC		First lien senior secured delayed draw loan		9.74	%		6.01	%		-	SOFR(M)	4/4/2026		-		-		-		0.0	%
		First lien senior secured loan		9.74	%		6.01	%		-	SOFR(Q)	5/11/2027		5,972		5,909		5,823		0.5	%
Gusmer Enterprises, Inc.		First lien senior secured loan		9.33	%		5.61	%		-	SOFR(M)	5/7/2027		2,721		2,705		2,721		0.2	%
		First lien senior secured delayed draw loan		9.33	%		5.61	%		-	SOFR(M)	5/7/2027		3,750		3,729		3,750		0.3	%
		First lien senior secured delayed draw loan		9.33	%		5.61	%		-	SOFR(M)	5/7/2027		990		985		990		0.1	%
		First lien senior secured revolving loan		9.39	%		5.61	%		-	SOFR(M)	5/7/2027		735		716		735		0.1	%
Superior Intermediate LLC (Landmark Structures)		First lien senior secured loan		9.22	%		5.50	%		-	SOFR(M)	12/18/2029		17,223		16,834		17,395		1.6	%
		First lien senior secured delayed draw loan		9.22	%		5.50	%		-	SOFR(M)	12/18/2029		-		-		-		0.0	%
		First lien senior secured revolving loan		9.22	%		5.50	%		-	SOFR(M)	12/18/2029		-		-		-		0.0	%
PMFC Holding, LLC		First lien senior secured loan		11.84	%		8.15	%		-	SOFR(Q)	7/31/2026		5,445		5,423		5,445		0.5	%
		First lien senior secured delayed draw loan		11.99	%		8.15	%		-	SOFR(Q)	7/31/2026		2,731		2,730		2,731		0.2	%


Portfolio Company	Footnotes (1)(2)	Investment (3)	Interest Rate			Spread			PIK Rate		Reference(4)	Maturity Date	Principal / Par		Amortized Cost(5)		Fair Value		Percentage of Net Assets
		First lien senior secured revolving loan		11.99	%		8.15	%		-	SOFR(Q)	7/31/2026		34		34		34		0.0	%
Regiment Security Partners LLC	(12)	First lien senior secured loan		13.84	%		10.15	%		-	SOFR(Q)	9/15/2026		6,360		6,325		5,381		0.5	%
		First lien senior secured loan		15.50	%		8.75	%		-	PRIME	9/15/2026		3,305		3,305		2,796		0.3	%
		First lien senior secured delayed draw loan		13.84	%		10.15	%		-	SOFR(Q)	9/15/2026		2,602		2,590		2,201		0.2	%
		First lien senior secured revolving loan		13.84	%		10.15	%		-	SOFR(Q)	9/15/2026		780		774		660		0.1	%
Tempo Acquisition, LLC	(7)	First lien senior secured loan		5.47	%		1.75	%		-	SOFR(M)	8/31/2028		8,103		8,124		7,774		0.7	%
Tapco Buyer LLC		First lien senior secured loan		8.22	%		4.50	%		-	SOFR(M)	11/15/2030		10,471		10,340		10,576		1.0	%
		First lien senior secured loan		8.23	%		4.50	%		-	SOFR(M)	11/15/2030		2,921		2,887		2,950		0.3	%
		First lien senior secured delayed draw loan		8.23	%		4.50	%		-	SOFR(M)	11/15/2030		7,221		7,050		7,293		0.7	%
		First lien senior secured revolving loan		8.22	%		4.50	%		-	SOFR(M)	11/15/2030		-		-		-		0.0	%
														246,404		243,220		243,536		21.9	%
Containers & packaging
Carton Packaging Buyer, Inc. (Century Box)		First lien senior secured loan		10.09	%		6.25	%		-	SOFR(Q)	10/30/2028		23,776		23,400		23,538		2.1	%
		First lien senior secured loan		9.99	%		6.25	%		-	SOFR(S)	10/30/2028		11,905		11,692		11,786		1.0	%
		First lien senior secured revolving loan		9.98	%		6.25	%		-	SOFR(M)	10/30/2028		854		814		846		0.1	%
Drew Foam Companies Inc.		First lien senior secured loan		9.82	%		6.15	%		-	SOFR(Q)	12/5/2026		6,904		6,836		6,904		0.6	%
		First lien senior secured loan		10.02	%		6.15	%		-	SOFR(Q)	12/5/2026		19,625		19,549		19,625		1.8	%
FCA, LLC		First lien senior secured loan		9.21	%		5.00	%		-	SOFR(S)	7/18/2028		18,673		18,537		18,673		1.7	%
		First lien senior secured loan		9.47	%		5.75	%		-	SOFR(M)	7/18/2028		740		731		748		0.1	%
M2S Group Intermediate Holdings, Inc.		First lien senior secured loan		8.59	%		4.75	%		-	SOFR(M)	8/25/2031		37,471		35,215		36,534		3.3	%
Monza Purchaser, LLC (Smyth)		First lien senior secured loan		9.17	%		5.50	%		-	SOFR(Q)	2/28/2030		26,360		25,917		26,360		2.4	%
		First lien senior secured revolving loan		9.17	%		5.50	%		-	SOFR(Q)	2/28/2030		1,234		1,095		1,234		0.1	%
		First lien senior secured delayed draw loan		9.35	%		5.50	%		-	SOFR(Q)	2/28/2030		5,271		5,178		5,271		0.5	%
The Robinette Company		First lien senior secured loan		9.84	%		6.00	%		-	SOFR(Q)	5/10/2029		10,123		9,976		10,225		0.9	%
		First lien senior secured revolving loan		9.84	%		6.00	%		-	SOFR(Q)	5/10/2029		2,414		2,355		2,438		0.2	%
		First lien senior secured delayed draw loan		9.84	%		6.00	%		-	SOFR(Q)	5/10/2029		-		-		-		0.0	%
WCHG Buyer, Inc. (Handgards)		First lien senior secured loan		8.47	%		4.75	%		-	SOFR(M)	4/10/2031		37,363		37,007		37,363		3.4	%
														202,713		198,302		201,545		18.2	%
Diversified consumer services
BCDI Meteor Acquisition, LLC		First lien senior secured loan		10.77	%		7.10	%		-	SOFR(Q)	6/29/2028		15,722		15,523		15,722		1.4	%
		First lien senior secured loan		10.77	%		7.10	%		-	SOFR(Q)	6/29/2028		2,167		2,136		2,167		0.2	%
														17,889		17,659		17,889		1.6	%


Portfolio Company	Footnotes (1)(2)	Investment (3)	Interest Rate			Spread			PIK Rate		Reference(4)	Maturity Date	Principal / Par		Amortized Cost(5)		Fair Value		Percentage of Net Assets
Diversified telecommunication services
Network Connex (f/k/a NTI Connect, LLC)		First lien senior secured loan		8.57	%		4.90	%		-	SOFR(Q)	7/31/2027		3,552		3,542		3,552		0.3	%

Financial services
SGCP Intermediate, Inc. (SG Credit)	(13)(14)	First lien senior secured loan		11.00	%		11.00	%		-	FIXED	7/15/2030		80,000		78,557		80,000		7.2	%
		First lien senior secured loan		11.00	%		11.00	%		-	FIXED	7/15/2030		13,000		12,547		13,000		1.2	%
														93,000		91,104		93,000		8.4	%
Food products
BC CS 2, L.P. (Cuisine Solutions, Inc.)	(8)(14)			10.31	%		6.10	%		-	SOFR(S)	7/8/2028		14,793		14,604		14,793		1.3	%
BR PJK Produce, LLC (Keany)		First lien senior secured loan		10.39	%		6.40	%		-	SOFR(Q)	12/14/2027		29,042		28,733		29,042		2.6	%
		First lien senior secured loan		10.39	%		6.40	%		-	SOFR(Q)	12/14/2027		4,295		4,237		4,295		0.4	%
		First lien senior secured delayed draw loan		10.38	%		6.40	%		-	SOFR(Q)	12/14/2027		4,321		4,253		4,321		0.4	%
		First lien senior secured delayed draw loan		10.39	%		6.40	%		-	SOFR(Q)	12/14/2027		1,404		1,389		1,404		0.1	%
CCFF Buyer, LLC (California Custom Fruits & Flavors, LLC)		First lien senior secured loan		9.08	%		5.00	%		-	SOFR(S)	2/26/2030		13,757		13,500		13,894		1.3	%
		First lien senior secured delayed draw loan		9.06	%		5.00	%		-	SOFR(S)	2/26/2030		8,375		8,264		8,459		0.8	%
		First lien senior secured revolving loan		9.08	%		5.00	%		-	SOFR(S)	2/26/2030		-		-		-		0.0	%
City Line Distributors LLC		First lien senior secured loan		10.10	%		6.26	%		-	SOFR(Q)	8/31/2028		8,717		8,586		8,717		0.8	%
		First lien senior secured delayed draw loan		10.13	%		6.26	%		-	SOFR(Q)	8/31/2028		3,572		3,537		3,572		0.3	%
		First lien senior secured revolving loan		10.10	%		6.26	%		-	SOFR(Q)	8/31/2028		-		-		-		0.0	%
Gulf Pacific Acquisition, LLC		First lien senior secured loan		10.82	%		7.10	%		-	SOFR(M)	9/29/2028		19,771		19,523		19,771		1.8	%
		First lien senior secured delayed draw loan		10.83	%		7.10	%		-	SOFR(M)	9/29/2028		1,667		1,664		1,667		0.2	%
		First lien senior secured revolving loan		10.82	%		7.10	%		-	SOFR(M)	9/29/2028		2,697		2,635		2,697		0.2	%
IF&P Foods, LLC (FreshEdge)		First lien senior secured loan		9.40	%		5.73	%		-	SOFR(Q)	10/3/2028		26,694		26,345		26,427		2.4	%
		First lien senior secured loan		9.77	%		6.10	%		-	SOFR(Q)	10/3/2028		212		208		211		0.0	%
		First lien senior secured loan		9.02	%		5.35	%		-	SOFR(Q)	10/3/2028		704		683		690		0.1	%
		First lien senior secured delayed draw loan		9.40	%		5.73	%		-	SOFR(Q)	10/3/2028		3,964		3,917		3,924		0.4	%
		First lien senior secured revolving loan		9.40	%		5.73	%		-	SOFR(Q)	10/3/2028		3,490		3,450		3,455		0.3	%
J&K Ingredients, LLC		First lien senior secured loan		8.67	%		5.00	%		-	SOFR(Q)	11/16/2028		24,313		23,915		24,252		2.2	%
		First lien senior secured loan		8.67	%		5.00	%		-	SOFR(Q)	11/16/2028		7,888		7,811		7,868		0.7	%


Portfolio Company	Footnotes (1)(2)	Investment (3)	Interest Rate			Spread			PIK Rate			Reference(4)	Maturity Date	Principal / Par		Amortized Cost(5)		Fair Value		Percentage of Net Assets
		First lien senior secured loan		8.67	%		5.00	%		-		SOFR(Q)	11/16/2028		-		-		-		0.0	%
ML Buyer, LLC (Mama Lycha Foods, LLC)		First lien senior secured loan		9.49	%		5.75	%		-		SOFR(Q)	9/7/2029		11,439		11,260		11,553		1.0	%
		First lien senior secured revolving loan		9.49	%		5.75	%		-		SOFR(Q)	9/7/2029		798		739		806		0.1	%
Siegel Egg Co., LLC	(10)(11)	First lien senior secured loan		-			-			-		-	12/29/2026		14,727		14,620		8,615		0.8	%
		First lien senior secured loan		-			-			-		-	12/29/2026		382		375		382		0.0	%
		First lien senior secured loan		-			-			-		-	12/29/2026		912		894		912		0.1	%
		First lien senior secured revolving loan		-			-			-		-	12/29/2026		3,179		3,157		1,860		0.2	%
Texas Coffee Holdco LLC		First lien senior secured delayed draw loan		11.49	%		7.65	%		-		SOFR(Q)	10/31/2030		15,000		14,451		15,000		1.3	%
		First lien senior secured delayed draw loan		11.49	%		7.65	%		-		SOFR(Q)	10/31/2030		-		-		-		0.0	%
Worldwide Produce Acquisition, LLC		First lien senior secured delayed draw loan		11.59	%		2.50	%		5.25	%	SOFR(Q)	1/18/2029		571		561		553		0.0	%
		First lien senior secured delayed draw loan		11.59	%		2.50	%		5.25	%	SOFR(Q)	1/18/2029		474		455		459		0.0	%
		First lien senior secured delayed draw loan		11.59	%		2.50	%		5.25	%	SOFR(Q)	1/18/2029		-		-		-		0.0	%
		First lien senior secured revolving loan		10.61	%		6.75	%		-		SOFR(Q)	1/18/2029		64		64		62		0.0	%
		First lien senior secured loan		11.59	%		2.50	%		5.25	%	SOFR(Q)	1/18/2029		2,913		2,864		2,819		0.3	%
															230,135		226,694		222,480		20.1	%
Health care equipment & supplies
ECS Opco 1, LLC (Spectrum Vascular)		First lien senior secured loan		8.42	%		4.75	%		-		SOFR(Q)	3/26/2031		5,861		5,775		5,670		0.5	%
		First lien senior secured delayed draw loan		8.42	%		4.75	%		-		SOFR(Q)	3/26/2031		-		-		-		0.0	%
		First lien senior secured revolving loan		8.42	%		4.75	%		-		SOFR(Q)	3/26/2031		-		-		-		0.0	%
LSL Industries, LLC		First lien senior secured loan		10.67	%		6.76	%		-		SOFR(Q)	11/3/2027		17,897		17,531		17,763		1.6	%
		First lien senior secured delayed draw loan		10.67	%		6.76	%		-		SOFR(Q)	11/3/2027		-		-		-		0.0	%
		First lien senior secured revolving loan		10.67	%		6.76	%		-		SOFR(Q)	11/3/2027		-		-		-		0.0	%
															23,758		23,306		23,433		2.1	%

Health care providers & services
Aegis Toxicology Sciences Corporation		First lien senior secured loan		9.69	%		6.00	%		-		SOFR(Q)	6/20/2030		27,360		26,755		27,360		2.5	%
		First lien senior secured revolving loan		9.69	%		6.00	%		-		SOFR(Q)	6/20/2030		-		-		-		0.0	%


Portfolio Company	Footnotes (1)(2)	Investment (3)	Interest Rate			Spread			PIK Rate		Reference(4)	Maturity Date	Principal / Par		Amortized Cost(5)		Fair Value		Percentage of Net Assets
Brightview, LLC		First lien senior secured loan		9.58	%		5.86	%		-	SOFR(M)	12/14/2026		12,607		12,602		12,607		1.1	%
		First lien senior secured delayed draw loan		9.58	%		5.86	%		-	SOFR(M)	12/14/2026		1,684		1,683		1,684		0.2	%
		First lien senior secured revolving loan		9.58	%		5.86	%		-	SOFR(M)	12/14/2026		620		618		620		0.1	%
Guardian Dentistry Practice Management, LLC		First lien senior secured loan		9.33	%		5.61	%		-	SOFR(M)	8/20/2027		5,853		5,799		5,853		0.5	%
		First lien senior secured delayed draw loan		9.33	%		5.61	%		-	SOFR(M)	8/20/2027		11,472		11,371		11,472		1.0	%
		First lien senior secured delayed draw loan		9.33	%		5.61	%		-	SOFR(M)	8/20/2027		4,475		4,462		4,475		0.4	%
		First lien senior secured revolving loan		11.25	%		4.50	%		-	Prime	8/20/2027		155		155		155		0.0	%
Guided Practice Solutions: Dental, LLC (GPS)		First lien senior secured delayed draw loan		10.08	%		6.36	%		-	SOFR(M)	11/24/2026		16,486		16,345		16,486		1.5	%
		First lien senior secured delayed draw loan		10.08	%		6.36	%		-	SOFR(M)	11/24/2026		3,940		3,940		3,940		0.4	%
		First lien senior secured delayed draw loan		10.08	%		6.36	%		-	SOFR(M)	11/24/2026		9,637		9,609		9,637		0.9	%
Integrated Dermatology LLC		First lien senior secured delayed draw loan		10.35	%		6.50	%		-	SOFR(Q)	8/1/2030		25,425		24,907		25,552		2.3	%
		First lien senior secured revolving loan		10.35	%		6.50	%		-	SOFR(Q)	8/1/2030		-		-		-		0.0	%
		First lien senior secured delayed draw loan		10.36	%		6.50	%		-	SOFR(Q)	8/1/2030		938		835		942		0.1	%
Light Wave Dental Management, LLC		First lien senior secured revolving loan		9.19	%		5.50	%		-	SOFR(Q)	6/30/2029		3,837		3,751		3,837		0.3	%
		First lien senior secured loan		9.19	%		5.50	%		-	SOFR(Q)	6/30/2029		21,972		21,560		21,972		2.0	%
		First lien senior secured loan		9.19	%		5.50	%		-	SOFR(Q)	6/30/2029		2,727		2,680		2,727		0.2	%
		First lien senior secured loan		9.19	%		5.50	%		-	SOFR(Q)	6/30/2029		489		478		489		0.0	%
		First lien senior secured loan		9.19	%		5.50	%		-	SOFR(Q)	6/30/2029		2,265		2,234		2,265		0.2	%
MVP VIP Borrower, LLC		First lien senior secured loan		10.17	%		6.50	%		-	SOFR(Q)	1/3/2029		19,283		18,966		19,283		1.7	%
		First lien senior secured delayed draw loan		10.17	%		6.50	%		-	SOFR(Q)	1/3/2029		1,555		1,530		1,555		0.1	%
NMA Holdings, LLC (Neuromonitoring Associates)		First lien senior secured loan		8.70	%		5.00	%		-	SOFR(Q)	12/18/2030		16,261		15,974		16,423		1.5	%
		First lien senior secured revolving loan		8.70	%		5.00	%		-	SOFR(Q)	12/18/2030		-		-		-		0.0	%
		First lien senior secured delayed draw loan		8.70	%		5.00	%		-	SOFR(Q)	12/18/2030		769		732		777		0.1	%
Redwood MSO, LLC (Smile Partners)		First lien senior secured loan		9.17	%		5.50	%		-	SOFR(Q)	12/20/2029		11,103		10,920		11,103		1.0	%
		First lien senior secured delayed draw loan		9.17	%		5.50	%		-	SOFR(Q)	12/20/2029		1,216		1,190		1,216		0.1	%


Portfolio Company	Footnotes (1)(2)	Investment (3)	Interest Rate			Spread			PIK Rate		Reference(4)	Maturity Date	Principal / Par		Amortized Cost(5)		Fair Value		Percentage of Net Assets
		First lien senior secured revolving loan		11.25	%		4.50	%		-	PRIME	12/20/2029		283		267		283		0.0	%
Refocus Management Services, LLC		First lien senior secured loan		9.27	%		5.60	%		-	SOFR(Q)	2/14/2029		18,037		17,656		18,037		1.6	%
		First lien senior secured delayed draw loan		9.44	%		5.60	%		-	SOFR(Q)	2/14/2029		7,091		6,933		7,091		0.6	%
		First lien senior secured delayed draw loan		9.27	%		5.60	%		-	SOFR(Q)	2/14/2029		3,527		3,527		3,527		0.3	%
		First lien senior secured revolving loan		9.44	%		5.60	%		-	SOFR(Q)	2/14/2029		496		464		496		0.1	%
Salt Dental Collective LLC		First lien senior secured delayed draw loan		10.57	%		6.85	%		-	SOFR(M)	2/15/2028		3,940		3,940		3,940		0.4	%
														235,503		231,883		235,804		21.2	%
Household durables
Curio Brands, LLC		First lien senior secured loan		8.92	%		5.25	%		-	SOFR(Q)	4/2/2031		10,333		10,227		10,540		0.9	%
		First lien senior secured revolving loan		8.92	%		5.25	%		-	SOFR(Q)	4/2/2031		-		-		-		0.0	%
		First lien senior secured delayed draw loan		8.92	%		5.25	%		-	SOFR(Q)	4/2/2031		-		-		-		0.0	%
Del-Air Heating, Air Conditioning & Refrigeration, LLC		First lien senior secured loan		9.37	%		5.50	%		-	SOFR(Q)	2/4/2031		5,259		5,190		5,259		0.5	%
		First lien senior secured revolving loan		9.36	%		5.50	%		-	SOFR(Q)	2/4/2031		1,078		1,048		1,078		0.1	%
		First lien senior secured delayed draw loan		9.32	%		5.50	%		-	SOFR(Q)	2/4/2031		3,362		3,306		3,362		0.3	%
														20,032		19,771		20,239		1.8	%
Household products
CREO Group Inc. (HMS Manufacturing)		First lien senior secured loan		10.35	%		6.51	%		-	SOFR(Q)	9/24/2029		33,794		33,211		32,949		3.0	%
		First lien senior secured revolving loan		10.18	%		6.51	%		-	SOFR(Q)	9/24/2029		4,908		4,810		4,785		0.4	%
Home Brands Group Holdings, Inc. (ReBath)		First lien senior secured loan		8.72	%		5.00	%		-	SOFR(M)	1/8/2028		15,141		15,019		15,141		1.4	%
		First lien senior secured revolving loan		8.72	%		5.00	%		-	SOFR(M)	1/8/2028		—		—		—		0.0	%
														53,843		53,040		52,875		4.8	%
Insurance
Allcat Claims Service, LLC		First lien senior secured loan		8.57	%		4.85	%		-	SOFR(M)	7/7/2027		971		964		971		0.1	%
		First lien senior secured delayed draw loan		8.57	%		4.85	%		-	SOFR(M)	7/7/2027		21,169		20,850		21,169		1.9	%
		First lien senior secured delayed draw loan		8.57	%		4.85	%		-	SOFR(M)	7/7/2027		—		—		—		0.0	%
		First lien senior secured revolving loan		8.57	%		4.85	%		-	SOFR(M)	7/7/2027		—		—		—		0.0	%


Portfolio Company	Footnotes (1)(2)	Investment (3)	Interest Rate			Spread			PIK Rate			Reference(4)	Maturity Date	Principal / Par		Amortized Cost(5)		Fair Value		Percentage of Net Assets
															22,140		21,814		22,140		2.0	%
IT services
Improving Acquisition LLC		First lien senior secured loan		10.32	%		6.65	%		-		SOFR(Q)	7/26/2027		34,538		34,264		34,538		3.1	%
		First lien senior secured revolving loan		10.59	%		6.65	%		-		SOFR(M)	7/26/2027		167		156		167		0.0	%
															34,705		34,420		34,705		3.1	%
Leisure products
MacNeill Pride Group Corp.		First lien senior secured loan		10.18	%		6.51	%		-		SOFR(Q)	4/22/2026		7,824		7,816		7,824		0.7	%
		First lien senior secured delayed draw loan		10.18	%		6.51	%		-		SOFR(Q)	4/22/2026		1,465		1,463		1,465		0.1	%
		First lien senior secured delayed draw loan		10.18	%		6.51	%		-		SOFR(Q)	4/22/2026		1,639		1,631		1,639		0.2	%
		First lien senior secured revolving loan		10.18	%		6.51	%		-		SOFR(Q)	4/22/2026		-		-		-		0.0	%
Olibre Borrower LLC (Revelyst)		First lien senior secured loan		9.42	%		5.75	%		-		SOFR(Q)	1/3/2030		33,586		33,021		33,670		3.0	%
TG Parent Newco LLC (Trademark Global LLC)	(10)(11)(13)	First lien senior secured loan		-			-			-		-	6/30/2027		12,623		12,555		7,100		0.6	%
		First lien senior secured revolving loan		-			-			-		-	6/30/2027		2,815		2,800		1,583		0.2	%
VENUplus, Inc. (f/k/a CTM Group, Inc.)		First lien senior secured loan		11.32	%		6.85	%		0.75	%	SOFR(M)	11/30/2026		4,446		4,410		4,424		0.4	%
															64,398		63,696		57,705		5.2	%
Machinery
MRC Keystone Acquisition LLC (Automated Handing Solutions)		First lien senior secured loan		10.17	%		6.50	%		-		SOFR(Q)	12/18/2029		13,876		13,583		13,391		1.2	%
		First lien senior secured revolving loan		10.17	%		6.50	%		-		SOFR(Q)	12/18/2029		-		-		-		0.0	%
CMT Intermediate Holdings, LLC (Capital Machine Technologies)		First lien senior secured loan		9.22	%		5.50	%		-		SOFR(M)	3/29/2030		16,197		15,838		16,359		1.5	%
		First lien senior secured revolving loan		9.22	%		5.50	%		-		SOFR(M)	3/29/2030		-		-		-		0.0	%
LEM Buyer, Inc. (CFS Technologies Intermediate, Inc.)		First lien senior secured loan		9.62	%		5.75	%		-		SOFR(Q)	4/24/2031		11,150		10,997		11,150		1.0	%
		First lien senior secured loan		9.59	%		5.75	%		-		SOFR(Q)	4/24/2031		15,502		15,282		15,502		1.4	%
		First lien senior secured delayed draw loan		9.59	%		5.75	%		-		SOFR(Q)	4/24/2031		4,899		4,807		4,899		0.5	%
		First lien senior secured revolving loan		9.59	%		5.75	%		-		SOFR(Q)	4/24/2031		-		-		-		0.0	%
Eppinger Technologies, LLC	(8)	First lien senior secured loan		12.32	%		7.90	%		0.75	%	SOFR(Q)	2/4/2026		24,847		24,810		24,847		2.2	%
		First lien senior secured revolving loan		11.52	%		6.90	%		0.75	%	SOFR(Q)	2/4/2026		1,884		1,880		1,884		0.2	%
Luxium Solutions, LLC		First lien senior secured loan		8.92	%		5.25	%		-		SOFR(Q)	12/1/2027		3,776		3,742		3,776		0.3	%
		First lien senior secured loan		8.92	%		5.25	%		-		SOFR(Q)	12/1/2027		4,650		4,608		4,650		0.4	%


Portfolio Company	Footnotes (1)(2)	Investment (3)	Interest Rate			Spread			PIK Rate		Reference(4)	Maturity Date	Principal / Par		Amortized Cost(5)		Fair Value		Percentage of Net Assets
		First lien senior secured delayed draw loan		8.92	%		5.25	%		-	SOFR(Q)	12/1/2027		1,221		1,215		1,221		0.1	%
PVI Holdings, Inc (Vytl Controls Group Inc)		First lien senior secured loan		8.92	%		4.94	%		-	SOFR(Q)	1/18/2028		23,411		23,250		23,411		2.1	%
RMH Systems, LLC		First lien senior secured loan		8.90	%		5.00	%		-	SOFR(Q)	2/4/2030		10,185		10,013		9,930		0.9	%
		First lien senior secured delayed draw loan		8.84	%		5.00	%		-	SOFR(Q)	2/4/2030		2,697		2,553		2,630		0.2	%
		First lien senior secured revolving loan		8.90	%		5.00	%		-	SOFR(Q)	2/4/2030		-		-		-		0.0	%
United Titanium, LLC		First lien senior secured loan		8.42	%		4.75	%		-	SOFR(M)	8/29/2031		18,412		18,146		18,596		1.7	%
		First lien senior secured revolving loan		8.42	%		4.75	%		-	SOFR(M)	8/29/2031		-		-		-		0.0	%
														152,707		150,724		152,246		13.7	%

Personal care products
DRS Holdings III, Inc. (Dr. Scholl's)		First lien senior secured loan		8.97	%		5.25	%		-	SOFR(M)	11/1/2028		10,039		9,984		10,039		0.9	%
		First lien senior secured revolving loan		8.97	%		5.25	%		-	SOFR(M)	11/1/2028		-		-		-		0.0	%
PH Beauty Holdings III, Inc.		First lien senior secured loan		8.78	%		5.00	%		-	SOFR(S)	9/28/2027		13,920		13,699		13,920		1.3	%
														23,959		23,683		23,959		2.2	%
Pharmaceuticals
Foundation Consumer Brands, LLC		First lien senior secured loan		9.09	%		5.15	%		-	SOFR(Q)	2/12/2029		6,103		6,055		6,103		0.6	%
		First lien senior secured revolving loan		9.09	%		5.15	%		-	SOFR(Q)	2/12/2029		-		-		-		0.0	%
														6,103		6,055		6,103		0.6	%
Professional services
4 Over International, LLC	(15)	First lien senior secured loan		10.82	%		7.10	%		-	SOFR(M)	12/7/2026		18,772		18,511		18,209		1.7	%
CI (MG) Group, LLC (Mariani Premier Group)		First lien senior secured loan		9.17	%		5.50	%		-	SOFR(Q)	3/27/2030		21,188		20,910		21,400		1.9	%
		First lien senior secured delayed draw loan		9.17	%		5.50	%		-	SOFR(Q)	3/27/2030		4,407		4,316		4,451		0.4	%
		First lien senior secured delayed draw loan		9.17	%		5.50	%		-	SOFR(Q)	3/27/2030		922		910		931		0.1	%
		First lien senior secured revolving loan		9.17	%		5.50	%		-	SOFR(Q)	3/27/2030		1,537		1,503		1,552		0.1	%
DISA Holdings Corp.		First lien senior secured delayed draw loan		8.99	%		5.00	%		-	SOFR(Q)	9/9/2028		8,236		8,126		8,236		0.7	%
		First lien senior secured delayed draw loan		8.99	%		5.00	%		-	SOFR(Q)	9/9/2028		1,051		1,050		1,051		0.1	%
		First lien senior secured revolving loan		8.99	%		5.00	%		-	SOFR(Q)	9/9/2028		631		601		631		0.1	%
		First lien senior secured loan		8.99	%		5.00	%		-	SOFR(Q)	9/9/2028		1,298		1,285		1,298		0.1	%
		First lien senior secured loan		8.99	%		5.00	%		-	SOFR(Q)	9/9/2028		21,729		21,392		21,729		2.0	%


Portfolio Company	Footnotes (1)(2)	Investment (3)	Interest Rate			Spread			PIK Rate			Reference(4)	Maturity Date	Principal / Par		Amortized Cost(5)		Fair Value		Percentage of Net Assets
Envirotech Services, LLC		First lien senior secured loan		9.34	%		5.50	%		-		SOFR(S)	1/18/2029		32,315		31,731		32,441		2.9	%
		First lien senior secured loan		9.33	%		5.50	%		-		SOFR(S)	1/18/2029		121		120		122		0.0	%
		First lien senior secured revolving loan		9.34	%		5.50	%		-		SOFR(S)	1/18/2029		-		-		-		0.0	%
PGI Parent LLC (Prime Electric)		First lien senior secured loan		8.67	%		5.00	%		-		SOFR(Q)	12/31/2031		13,160		13,000		13,160		1.2	%
		First lien senior secured revolving loan		8.67	%		5.00	%		-		SOFR(Q)	12/31/2031		-		-		-		0.0	%
KAMC Holdings, Inc. (Franklin Energy)		First lien senior secured loan		9.10	%		5.25	%		-		SOFR(Q)	8/1/2031		18,792		18,530		18,792		1.7	%
		First lien senior secured revolving loan		9.07	%		5.25	%		-		SOFR(Q)	8/1/2031		472		447		472		0.0	%
															144,631		142,432		144,475		13.0	%

Specialty retail
Harbor Freight Tools USA Inc	(7)	First lien senior secured loan		5.97	%		2.25	%		-		SOFR(M)	6/11/2031		17,281		17,295		17,096		1.6	%
Sundance Holdings Group, LLC	(10)(11)(16)	First lien senior secured loan		-			-			-		-	6/30/2025		9,246		9,210		239		0.0	%
		First lien senior secured delayed draw loan		-			-			-		-	6/30/2025		628		628		16		0.0	%
		First lien senior secured delayed draw loan		-			-			-		-	6/30/2025		173		152		260		0.0	%
															27,328		27,285		17,611		1.6	%
Textiles, apparel & luxury goods
American Soccer Company, Incorporated (SCORE)		First lien senior secured loan		14.07	%		7.40	%		3.00	%	SOFR(Q)	7/20/2027		28,286		27,712		25,175		2.3	%
		First lien senior secured revolving loan		14.07	%		7.40	%		3.00	%	SOFR(Q)	7/20/2027		4,843		4,751		4,310		0.4	%
BEL USA, LLC	(10)(11)	First lien senior secured loan		-			-			-		-	6/2/2026		5,486		5,423		3,106		0.3	%
		First lien senior secured loan		-			-			-		-	6/2/2026		90		89		51		0.0	%
YS Garments, LLC		First lien senior secured loan		11.48	%		7.60	%		-		SOFR(Q)	8/9/2027		7,065		6,942		6,571		0.6	%
															45,770		44,917		39,213		3.6	%
Distributors (Trading companies & distributors)	(17)
AIDC IntermediateCo 2, LLC (Peak Technologies)		First lien senior secured loan		8.97	%		5.25	%		-		SOFR(M)	7/22/2027		33,950		33,513		33,950		3.0	%
CGI Automated Manufacturing, LLC		First lien senior secured loan		10.83	%		2.61	%		4.50	%	SOFR(M)	12/15/2028		17,386		17,072		17,298		1.6	%
		First lien senior secured loan		10.83	%		2.61	%		4.50	%	SOFR(M)	12/15/2028		3,178		3,127		3,162		0.3	%
		First lien senior secured loan		10.83	%		2.61	%		4.50	%	SOFR(M)	12/15/2028		6,699		6,614		6,665		0.6	%
		First lien senior secured delayed draw loan		10.83	%		2.61	%		4.50	%	SOFR(M)	12/15/2028		3,625		3,524		3,607		0.3	%
		First lien senior secured revolving loan		10.83	%		7.11	%		-		SOFR(M)	12/15/2028		3		-		3		0.0	%


Portfolio Company	Footnotes (1)(2)	Investment (3)	Interest Rate			Spread			PIK Rate			Reference(4)	Maturity Date	Principal / Par		Amortized Cost(5)		Fair Value		Percentage of Net Assets
Dusk Acquisition II Corporation (Motors & Armatures, Inc. – MARS)		First lien senior secured loan		9.67	%		6.00	%		-		SOFR(Q)	7/12/2029		7,394		7,147		7,394		0.7	%
		First lien senior secured loan		9.67	%		6.00	%		-		SOFR(Q)	7/12/2029		3,905		3,835		3,905		0.4	%
Engineered Fastener Company, LLC (EFC International)		First lien senior secured loan		10.32	%		6.65	%		-		SOFR(Q)	11/1/2027		23,128		22,871		23,128		2.1	%
Genuine Cable Group, LLC		First lien senior secured loan		9.57	%		5.85	%		-		SOFR(M)	11/1/2026		28,468		28,246		28,397		2.5	%
		First lien senior secured loan		9.57	%		5.85	%		-		SOFR(M)	11/1/2026		5,394		5,348		5,381		0.5	%
I.D. Images Acquisition, LLC		First lien senior secured loan		9.47	%		5.75	%		-		SOFR(M)	7/30/2027		5,591		5,542		5,591		0.5	%
		First lien senior secured loan		9.47	%		5.75	%		-		SOFR(M)	7/30/2027		7,770		7,731		7,770		0.7	%
		First lien senior secured loan		9.47	%		5.75	%		-		SOFR(M)	7/30/2027		4,427		4,394		4,427		0.4	%
		First lien senior secured loan		9.47	%		5.75	%		-		SOFR(M)	7/30/2027		1,021		1,016		1,021		0.1	%
		First lien senior secured delayed draw loan		9.47	%		5.75	%		-		SOFR(M)	7/30/2027		2,433		2,401		2,433		0.2	%
		First lien senior secured revolving loan		9.47	%		5.75	%		-		SOFR(M)	7/30/2027		-		-		-		0.0	%
Krayden Holdings, Inc.		First lien senior secured delayed draw loan		8.42	%		4.75	%		-		SOFR(Q)	3/1/2029		1,772		1,772		1,772		0.2	%
		First lien senior secured delayed draw loan		8.42	%		4.75	%		-		SOFR(Q)	3/1/2029		1,772		1,772		1,772		0.2	%
		First lien senior secured revolving loan		8.48	%		4.75	%		-		SOFR(M)	3/1/2029		608		575		608		0.0	%
		First lien senior secured loan		8.42	%		4.75	%		-		SOFR(Q)	3/1/2029		9,300		9,121		9,300		0.8	%
Lakewood Acquisition Corporation (R&B Wholesale)		First lien senior secured loan		9.37	%		5.50	%		-		SOFR(Q)	1/24/2030		29,473		28,803		29,767		2.7	%
		First lien senior secured revolving loan		9.37	%		5.50	%		-		SOFR(Q)	1/24/2030		-		-		-		0.0	%
OAO Acquisitions, Inc. (BearCom)		First lien senior secured loan		8.74	%		5.00	%		-		SOFR(M)	12/27/2029		20,996		20,764		20,996		1.9	%
		First lien senior secured loan		8.74	%		5.00	%		-		SOFR(M)	12/27/2029		851		844		851		0.1	%
		First lien senior secured delayed draw loan		8.74	%		5.00	%		-		SOFR(M)	12/27/2029		4,463		4,433		4,463		0.4	%
		First lien senior secured revolving loan		8.74	%		5.00	%		-		SOFR(M)	12/27/2029		-		-		-		0.0	%
TL Alpine Holding Corp. (Air Distribution Technologies Inc.)		First lien senior secured loan		9.72	%		6.00	%		-		SOFR(Q)	8/1/2030		18,070		17,772		18,070		1.6	%
Univar (Windsor Holdings LLC)	(7)	First lien senior secured loan		6.47	%		2.75	%		-		SOFR(M)	8/1/2030		9,860		9,907		9,874		0.9	%
Workholding US Holdings, LLC (Forkardt Hardinge)		First lien senior secured loan		9.36	%		5.50	%		-		SOFR(Q)	10/23/2029		7,303		7,164		7,303		0.6	%
		First lien senior secured revolving loan		9.27	%		5.50	%		-		SOFR(Q)	10/23/2029		3,422		3,365		3,422		0.3	%
															262,262		258,673		262,330		23.6	%
Wireless telecommunication services
Centerline Communications, LLC	(15)	First lien senior secured loan		11.47	%		-			11.47	%	SOFR(Q)	8/10/2027		6,529		6,452		5,909		0.5	%


Portfolio Company	Footnotes (1)(2)	Investment (3)	Interest Rate			Spread		PIK Rate			Reference(4)	Maturity Date	Principal / Par		Amortized Cost(5)		Fair Value		Percentage of Net Assets
	(15)	First lien senior secured loan		11.97	%		-		11.97	%	SOFR(Q)	8/10/2027		936		924		941		0.1	%
	(15)	First lien senior secured loan		11.47	%		-		11.47	%	SOFR(Q)	8/10/2027		10,108		10,031		9,148		0.8	%
	(15)	First lien senior secured delayed draw loan		11.47	%		-		11.47	%	SOFR(Q)	8/10/2027		7,842		7,785		7,097		0.6	%
	(15)	First lien senior secured delayed draw loan		11.47	%		-		11.47	%	SOFR(Q)	8/10/2027		6,826		6,771		6,178		0.6	%
	(15)	First lien senior secured revolving loan		11.47	%		-		11.47	%	SOFR(Q)	8/10/2027		1,998		1,979		1,808		0.2	%
	(15)	First lien senior secured loan		11.47	%		-		11.47	%	SOFR(Q)	8/10/2027		1,119		1,103		1,013		0.1	%
														35,358		35,045		32,094		2.9	%
Total Debt Investments														2,196,232		2,163,739		2,157,399		194.4	%


			Acquisition	Number of				Fair		Percentage of
Portfolio Company	Footnotes(1)(2)	Investment	Date	Shares/Units		Cost		Value		Net Assets
Equity Investments(10)(13)
Building Products
US Masonry & Building Products Co. (f/k/a US Anchors Group, Inc.)	(19)	Class A common	7/15/2024		566,666	-		-			0.0	%
US Masonry & Building Products Co. (f/k/a US Anchors Group, Inc.)	(19)	Preferred	7/15/2024		566,666	566		608			0.1	%
							566		608		0.1	%
Commercial services & supplies
American Equipment Holdings LLC	(20)	Class A units	4/8/2022	175		284		477			0.1	%
ArborWorks Intermediate Holdco, LLC	(19)	Class A preferred units	11/6/2023		21,716		9,179		15,767		1.4	%
ArborWorks Intermediate Holdco, LLC	(19)	Class B preferred units	11/6/2023		21,716	-		-			0.0	%
ArborWorks Intermediate Holdco, LLC	(19)	Class A common units	11/6/2023		2,604	-		-			0.0	%
Bloomington Holdings, LP (BW Fusion)	(19)	Class A1 common units	11/5/2024	500		500		400			0.0	%
BLP Buyer, Inc. (Bishop Lifting Products)	(21)	Class A common	2/1/2022		582,469	652			814		0.1	%
							10,615		17,458		1.6	%
Containers & packaging
Robinette Company Acquisition, LLC	(19)	Class A common units	5/10/2024	9		-		90			0.0	%
Robinette Company Acquisition, LLC	(19)	Class A preferred units	5/10/2024	500		500		515			0.0	%
							500		605		0.0	%
Financial services
SGCP Holdings, LLC (SG Credit)	(13)	Class A common	7/15/2025		408,387		11,437		11,437		1.0	%
SGCP Holdings, LLC (SG Credit)	(13)	Class C common	7/15/2025		102,260		563		563		0.1	%
							12,000		12,000		1.1	%
Food products
BC CS 2, L.P. (Cuisine Solutions, Inc.)	(8)(14)	Series A preferred stock	7/8/2022		2,000,000		2,000		3,440		0.3	%
CCFF Parent, LLC (California Custom Fruits & Flavors, LLC)	(19)	Class A-1 units	2/26/2024	750		511			1,000		0.1	%
City Line Distributors, LLC	(19)	Class A units	8/31/2023		669,866	670		621			0.1	%
Gulf Pacific Holdings, LLC	(20)	Class A common	9/30/2022	250		250		-			0.0	%
Gulf Pacific Holdings, LLC	(20)	Class C common	9/30/2022	-		-		-			0.0	%
ML Buyer, LLC (Mama Lycha Foods, LLC)	(19)	Class A units	9/9/2024	250		250		188			0.0	%
Siegel Parent, LLC	(22)	Common	12/29/2021	250		250		-			0.0	%


			Acquisition	Number of				Fair		Percentage of
Portfolio Company	Footnotes(1)(2)	Investment	Date	Shares/Units		Cost		Value		Net Assets
Siegel Parent, LLC	(22)	Convertible note	1/19/2024	28		28		-			0.0	%
NSC Coffee Investors, LLC	(19)	Class A preferred	10/31/2025		182,277		2,000		2,000		0.2	%
WPP Fairway Aggregator A, L.P. (IF&P Foods, LLC - FreshEdge)	(20)	Class A preferred	10/3/2022	773		773		476			0.0	%
WPP Fairway Aggregator A, L.P. (IF&P Foods, LLC - FreshEdge)	(20)	Class B common	10/3/2022	-		-		-			0.0	%
							6,732		7,725		0.7	%
Health care equipment & supplies
LSL Industries, LLC (LSL Healthcare)	(20)	Common	11/1/2022		7,500	750		363			0.0	%

Health care providers & services
NMA Super Holdings, LLC (Neuromonitoring Associates)	(19)	Class A membership interests	12/18/2024		1,000,000		1,000		1,963		0.2	%
Leisure products
TG Parent Newco LLC (Trademark Global LLC)	(13)(19)	Common	9/16/2024	8		-		-			0.0	%
Machinery
RMH Parent LLC (RMH Systems)	(19)	Class A-1 Units	2/4/2025	500		500		300			0.0	%
Specialty retail
Sundance Direct Holdings, Inc.	(16)	Common	10/27/2023		21,479	-		-			0.0	%
Textiles, apparel & luxury goods
BVG SCORE Buyer, Inc. (American Soccer Company, Incorporated)	(22)	Common	7/20/2022		1,000,000		1,000		-		0.0	%
BVG SCORE Buyer, Inc. (American Soccer Company, Incorporated)	(22)	Preferred	7/20/2022		97,964		98		-		0.0	%
Total Equity Investments							33,761		41,022		3.7	%
Total Debt and Equity Investments							2,197,500		2,198,421		198.1	%


Portfolio Company	Footnotes(1)(2)	Number of Shares		Cost		Fair Value			Percentage of Net Assets
Short-Term Investments
Morgan Stanley Institutional Liquidity Fund, Institutional Class, 3.63%	(23)		25,409,468		25,409		25,409			2.3	%
Total Short-Term Investments			25,409,468		25,409		25,409			2.3	%

Total Investments				$	2,222,909	$	2,223,830			200.4	%

Liabilities in Excess of Other Assets							(1,113,899	)		(100.4	)%
Net Assets						$	1,109,931			100.0	%

(1)

As of December 31, 2025, unless otherwise noted, investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company. As of December 31, 2025, the total value of the Company’s non-controlled, non-affiliated investments was $2,084,737.

(2)

Unless otherwise noted, security is a Level 3 holding. As of December 31, 2025, the aggregate value of Level 3 securities held by the Company was $2,151,743. See Note 5 – Fair Value.

(3)

Debt investments are pledged to the Company’s credit facilities, and a single debt investment may be divided into parts that are individually pledged to separate credit facilities.

(4)

Includes Secured Overnight Financing Rate (“SOFR”) credit spread adjustment if applicable.

(5)

(6)

The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(7)

Security is a Level 2 holding. As of December 31, 2025, the aggregate value of Level 2 securities held by the Company was $46,678. See Note 5 – Fair Value.

(8)

Non-qualifying investment as defined by Section 55(a) of the Investment Company Act of 1940. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2025, 2.2% of the Company’s total assets were in non-qualifying investments.

(9)

(10)

Debt investment on non-accrual status as of December 31, 2025.

(11)

Non-income producing investment.

(12)

On February 5, 2026, the Company amended its senior credit facility with Regiment Security Partners LLC and capitalized all interest earned during fiscal 2025. As a result, the Company is reflecting all cash pay interest accrued in fiscal year 2025 as PIK interest income.

(13)

As of December 31, 2025, the total value of the Company’s investments in non-controlled affiliates was $113,684 (5.4% of amortized cost of total long-term investments) and are described below. In September 2024, the Company completed a restructure of the investment in Trademark Global LLC whereby the existing term loan and revolver became a restructured term loan and revolver and no debt was converted to equity. The Company received new common units in TG Parent Newco LLC for which it owns 6.23% of the overall business (Kayne Anderson entities in aggregate own 20.77%).

In July 2025, the Company made an investment in SG Credit Partners, Inc. through debt and equity investments in SGCP Intermediate, Inc. and SGCP Holdings, LLC (collectively “SG Credit), an independent national credit platform focused on lower middle market investments. The Company’s investment in SG Credit was structured as an $80,000 term loan facility, $34,000 unfunded delayed draw term loan facility and a $12,000 common equity investment. Through the common equity investment, the Company owns 22.5% of the outstanding common equity of SG Credit.


Investment(1)	Value at 12/31/2024		Gross Additions(a)		Gross Reductions(b)			Net Change in Unrealized Gains(Losses)			Value at 12/31/2025		Interest and PIK Income		Dividend Income		Other Income
TG Parent Newco LLC (Trademark Global LLC) - debt investment	$	12,196	$	-	$	(82	)	$	(3,430	)	$	8,684	$	-	$	-	$	-
TG Parent Newco LLC (Trademark Global LLC) - equity investment		-		-		-			-			-		-		-		-
SGCP Intermediate, Inc. (SG Credit) - debt investment		-		91,103		-			1,897			93,000		4,763		-		-
SGCP Holdings, LLC (SG Credit) - equity investment		-		12,000		-			-			12,000		-		-		-
Total	$	12,196	$	103,103	$	(82	)	$	(1,533	)	$	113,684	$	4,763	$	-	$	-

(a)

Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind (“PIK”) interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement at fair value of an existing portfolio company into this controlled affiliated category from a different category.

(b)

Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.

(14)

(15)

All or a portion of the stated interest rate may be settled in PIK for a specified period pursuant to the credit agreement.

(16)

Portfolio company is in a liquidation process and, as such, the maturity date of our debt investment in this portfolio company will not be finally determined until such process is complete. Our debt investment in this portfolio company is on non-accrual status.

(17)

(18)

Security is exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act.

(19)

NMA Super Holdings, LLC (Neuromonitoring Associates), NSC Coffee Investors, LLC (Texas Coffee Partners Ltd.), Robinette Company Acquisition, LLC, RMH Parent LLC (RMH Systems), TG Parent Newco LLC (Trademark Global LLC) and US Masonry & Building Products Co. (f/k/a US Anchors Group, Inc.).

(20)

The Company owns 31.07% of a pass-through, taxable limited liability company, KSCF IV Equity Aggregator Blocker, LLC (the “Aggregator Blocker”), which holds the Company’s equity investments in American Equipment Holdings LLC, Gulf Pacific Holdings, LLC, WPP Fairway Aggregator A, L.P. (IF&P Foods, LLC - FreshEdge) and LSL Industries, LLC (LSL Healthcare). Through the Company’s ownership of the Aggregator Blocker, the Company owns the respective units of each company listed above in the Schedule of Investments.

(21)

The Company owns 0.53% of the common equity BLP Buyer, Inc. (Bishop Lifting Products).

(22)

The Company owns 17.59% of a pass-through limited liability company, KSCF IV Equity Aggregator, LLC (the “Aggregator”), which holds the Company’s equity investments in Siegel Parent, LLC and BVG SCORE Buyer, Inc. (American Soccer Company, Incorporated). Through the Company’s ownership of the Aggregator, the Company owns the respective units of each company listed above in the Schedule of Investments.

(23)

The indicated rate is the yield as of December 31, 2025.

Interest rate swap contracts

Below are the Company’s outstanding interest rate swap contracts as of December 31, 2025. The Company designed each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship. See Note 6 – Debt.


Counterparty	Hedged Instrument	Company Receives			Company Pays	Maturity Date	Notional Amount		Fair Value			Unrealized Appreciation (Depreciation)			Upfront Payments / Receipts
Regions Bank	Series D Notes		5.80	%	S + 2.3700%	6/30/2028	$	60,000	$	(24	)	$	(24	)		-
Regions Bank	Series E Notes		6.15	%	S + 2.6565%	10/15/2030		100,000		(275	)		(275	)		-
							$	160,000	$	(299	)	$	(299	)

See accompanying notes to consolidated financial statements.

Note 1. Organization

Organization

Kayne Anderson BDC, Inc. (the “Company”) is an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, the Company intends to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Company is a Delaware corporation formed to make investments in middle-market companies and commenced operations on February 5, 2021. Following its initial public offering, the Company’s common stock began trading on the New York Stock Exchange (“NYSE”) under the ticker symbol “KBDC” on May 22, 2024.

The Company is managed by KA Credit Advisors, LLC (the “Advisor”), an indirect controlled subsidiary of Kayne Anderson Capital Advisors, L.P. (“Kayne Anderson”), a prominent alternative investment management firm. The Advisor operates within Kayne Anderson’s middle market private credit platform (“KAPC” or “Kayne Anderson Private Credit”). The Advisor is registered with the United States Securities and Exchange Commission (the “SEC”) under the Investment Advisory Act of 1940, as amended. Subject to the overall supervision of the Company’s board of directors (the “Board”), the Advisor is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring investments, determining the value of the investments and monitoring its investments and portfolio companies on an ongoing basis. The Board consists of six directors, four of whom are independent.

The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation primarily through debt investments in middle-market companies.

Note 2. Significant Accounting Policies

A. Basis of Presentation — the accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 – “Financial Services – Investment Companies.” In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair statement of the consolidated financial statements for the periods presented, have been included. Certain prior period information has been reclassified or conformed to the current period presentation and has no effect on the Company’s consolidated statements of assets and liabilities or consolidated statement of operations as previously reported.

B. Consolidation — as provided under Regulation S-X and ASC Topic 946 – “Financial Services – Investment Companies”, the Company will generally not consolidate its investment in a company other than a wholly-owned investment company or controlled operating company whose business consists of providing services to the Company.

Accordingly, the Company consolidated the accounts of the Company’s wholly-owned subsidiaries, Kayne Anderson BDC Financing, LLC, (“KABDCF”); Kayne Anderson BDC Financing II, LLC (“KABDCF II”), and KABDC Corp, LLC in its consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. KABDC Corp, LLC is a Delaware LLC that has elected to be treated as a corporation for U.S. tax purposes and was formed to facilitate compliance with the requirements to be treated as a RIC under the Code by holding (directly or indirectly through a subsidiary) equity or equity related investments in portfolio companies organized as limited liability companies or limited partnerships.

C. Use of Estimates — the preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Actual results could differ materially from those estimates.

D. Cash and Cash Equivalents — cash and cash equivalents include short-term, liquid investments with an original maturity of three months or less and include money market fund accounts. Cash equivalents, which are the Company’s investments in money market fund accounts, are presented on the Company’s consolidated schedule of investments, and as investments in money market funds on the Company’s consolidated statement of assets and liabilities.

E. Investment Valuation, Fair Value — the Company conducts the valuation of its investments consistent with GAAP and the 1940 Act. The Company’s investments will be valued no less frequently than quarterly, in accordance with the terms of Topic 820 of the Financial Accounting Standards Board’s Accounting Standards Codification, Fair Value Measurement and Disclosures (“ASC 820”).

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Directors has designated the Advisor as the “valuation designee” to perform fair value determinations of the Company’s portfolio holdings, subject to oversight by and periodic reporting to the Board. The valuation designee performs fair valuation of the Company’s portfolio holdings in accordance with the Advisor’s Valuation Program, as approved by the Board.

Traded Investments (Level 1 or Level 2)

Investments for which market quotations are readily available will typically be valued at those market quotations. Traded investments such as corporate bonds, preferred stock, bank notes, broadly syndicated loans or loan participations are valued by using the bid price provided by an independent pricing service, by an independent broker, the agent bank, syndicate bank or principal market maker. When price quotes for investments are not available, or such prices are stale or do not represent fair value in the judgment of the Company’s Advisor, fair market value will be determined using the Advisor’s valuation process for investments that are privately issued or otherwise restricted as to resale.

The Company may also invest, to a lesser extent, in equity securities purchased in conjunction with debt investments. While the Company anticipates these equity securities to be issued by privately held companies, the Company may hold equity securities that are publicly traded. Equity securities listed on any exchange other than the NASDAQ Stock Market, Inc. (“NASDAQ”) are valued, except as indicated below, at the last sale price on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the most recent bid and ask prices on such day. Securities admitted to trade on the NASDAQ are valued at the NASDAQ official closing price. Equity securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities. Equity securities traded in the over-the-counter market, but excluding securities admitted to trading on the NASDAQ, are valued at the closing bid prices.

Non-Traded Investments (Level 3)

Investments that are privately issued or otherwise restricted as to resale, as well as any security for which (a) reliable market quotations are not available in the judgment of the Company’s Advisor, or (b) the independent pricing service or independent broker does not provide prices or provides a price that in the judgment of the Company’s Advisor is stale or does not represent fair value, shall each be valued in a manner that most fairly reflects fair value of the security on the valuation date. The Company expects that a significant majority of its investments will be Level 3 investments. Unless otherwise determined by the Advisor, the following valuation process is used for the Company’s Level 3 investments:

•

Valuation Designee. The applicable investments will be valued no less frequently than quarterly by the Advisor, with new investments valued at the time such investment was made. The value of each Level 3 investment will be initially reviewed by the persons responsible for such portfolio company or investment. The Advisor will use a standardized template designed to approximate fair market value based on observable market inputs, updated credit statistics and unobservable inputs to determine a preliminary value. The Advisor will specify the titles of the persons responsible for determining the fair value of Company investments, including by specifying the particular functions for which they are responsible, and will reasonably segregate fair value determinations from the portfolio management of the Company such that the portfolio manager(s) may not determine, or effectively determine by exerting substantial influence on, the fair values ascribed to portfolio investments.

•

Valuation Firm. Quarterly, a third-party valuation firm engaged by the Advisor reviews the valuation methodologies and calculations employed for each of the Company’s investments that the Advisor has placed on the “watch list” and approximately 25% of the Company’s remaining investments. The third-party valuation firm will review and independently value all of the Level 3 investments at least once per year, on a rolling twelve-month basis. The quarterly report issued by the third-party valuation firm will provide positive assurance on the fair values of the investments reviewed.

•

Oversight. The Board has appointed the Advisor as the valuation designee for the Company for purposes of making determinations of fair value as permitted by Rule 2a-5 under the 1940 Act. The Audit Committee shall aid the Board in overseeing the Advisor’s fair valuation of securities that are not publicly traded or for which current market values are not readily available. The Audit Committee shall meet quarterly to review the fair value determinations, processes and written reports of the Advisor as part of the Board’s oversight responsibilities.

Determination of fair value involves subjective judgments and estimates. Accordingly, the notes to the Company’s financial statements express the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on the Company’s financial statements.

F. Interest Income Recognition — Interest income is recorded on an accrual basis and includes the accretion of discounts, amortization of premiums and payment-in-kind (“PIK”) interest. Discounts from and premiums to par value on investments purchased are accreted/amortized into interest income over the life of the respective security using the effective yield method. To the extent loans contain PIK provisions, PIK interest, computed at the contractual rate specified in each applicable agreement, is accrued and recorded as interest income and added to the principal balance of the loan. PIK interest income added to the principal balance is generally collected upon repayment of the outstanding principal. The Company does not accrue PIK interest if, in the opinion of the Advisor, PIK interest is not likely to be collectible. If the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. Previously capitalized PIK interest is not reversed when an investment is placed on non-accrual status. To maintain the Company’s status as a RIC, this non-cash source of income must be paid out to stockholders in the form of dividends for the year the income was earned, even though the Company has not yet collected the cash. The amortized cost of investments represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest. For the nine months ended September 30, 2026 and 2025, the Company had $9,644 and $4,515, respectively, of PIK interest income included in interest income, which represents 5.6% and 2.6%, respectively, of aggregate interest income.

Loans are generally placed on non-accrual status when it has been determined that a significant impairment in the financial condition and ability of the borrower to repay principal and interest has occurred and is expected to continue such that it is probable that the collectability of the full amount of the loan (principal and interest) is doubtful. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. If cash payments are received subsequent to a loan being placed on non-accrual status, these payments will first be applied to previously accrued but uncollected interest, then to recover the principal. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Non-accrual loans are restored to accrual status when past due principal and interest are paid or there is no longer a reasonable doubt that such principal or interest will be collected in full and, in the Company’s judgment, principal and interest are likely to remain current. The Company may make exceptions to this policy if the loan has sufficient collateral value (i.e., typically measured as enterprise value of the portfolio company) or is in the process of collection. As of September 30, 2026, the Company's debt investments on non-accrual status comprised 5.4% and 3.6%, respectively, of total debt investments at cost and fair value. As of September 30, 2025, the Company's debt investments on non-accrual status comprised 2.5% and 1.4%, respectively, of total debt investments at cost and fair value.

G. Debt Issuance Costs — Costs incurred by the Company related to the issuance of its debt (credit facilities) are capitalized and amortized over the period the debt is outstanding. The Company has classified the costs incurred to issue its credit facilities as a deduction from the carrying value of the credit facilities on the Statement of Assets and Liabilities. For the purpose of calculating the Company’s asset coverage ratios pursuant to the 1940 Act, deferred issuance costs are not deducted from the carrying value of debt or preferred stock.

H. Dividends to Common Stockholders — Dividends to common stockholders are recorded on the record date. The amount to be paid out as a dividend is determined by the Company’s board of directors each quarter and is generally based upon the earnings estimated by management and considers the level of undistributed taxable income carried forward from the prior year for distribution in the current year. Net realized capital gains, if any, are generally distributed, although the Company may decide to retain such capital gains for investment.

I. Income Taxes — it is the Company’s intention to continue to be treated as and to qualify each year for special tax treatment afforded a RIC under the Code. As long as the Company meets certain requirements that govern its sources of income, diversification of assets and timely distribution of earnings to stockholders, the Company will not be subject to U.S. federal income tax.

The Company must pay distributions equal to 90% of its investment company taxable income (ordinary income and short-term capital gains) to qualify as a RIC and it must distribute all of its taxable income (ordinary income, short-term capital gains and long-term capital gains) to avoid federal income taxes. The Company will be subject to federal income tax on any undistributed portion of income. For purposes of the distribution test, the Company may elect to treat as paid on the last day of its taxable year all or part of any distributions that are declared after the end of its taxable year if such distributions are declared before the due date of its tax return, including any extensions.

All RICs are subject to a non-deductible 4% excise tax on income that is not distributed on a timely basis in accordance with the calendar year distribution requirements. To avoid the tax, the Company must distribute during each calendar year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of its net capital gains for the one-year period ending on December 31, the last day of our taxable year, and (iii) undistributed amounts from previous years on which the Company paid no U.S. federal income tax. A distribution will be treated as paid during the calendar year if it is paid during the calendar year or declared by the Company in October, November or December of such year, payable to stockholders of record on a date during such months and paid by the Company no later than January of the following year. Any such distributions paid during January of the following year will be deemed to be received by stockholders on December 31 of the year the distributions are declared, rather than when the distributions are actually received.

The Company’s wholly owned subsidiary, KABDC Corp, LLC has elected to be a corporation and is obligated to pay federal and state income tax on its taxable income. KABDC Corp, LLC invests in partnerships and includes its allocable share of the taxable income or loss in computing its own taxable income. Deferred income taxes reflect (i) taxes on unrealized gains (losses), which are attributable to the difference between fair value and tax cost basis, (ii) the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and (iii) the net tax benefit of accumulated net operating and capital losses. Income tax expense, if any, is included under the income category for which it relates in the Consolidated Statements of Operations.

To the extent KABDC Corp, LLC has a deferred tax asset, consideration is given as to whether or not a valuation allowance is required. The need to establish a valuation allowance for deferred tax assets is assessed periodically based on the Income Tax Topic of the FASB Accounting Standards Codification (ASC 740), that it is more likely than not that some portion or all of the deferred tax asset will not be realized. In the assessment for a valuation allowance, consideration is given to all positive and negative evidence related to the realization of the deferred tax asset. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods and the associated risk that certain loss carryforwards may expire unused.

KABDC Corp, LLC may rely to some extent on information provided by portfolio investments, which may not necessarily be timely, to estimate taxable income allocable to the units/shares of such companies held in the portfolio and to estimate the associated current and/or deferred tax liability.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

J. Commitments and Contingencies — in the normal course of business, the Company may enter into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications.

K. Recent Accounting Pronouncements — In December 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU No. 2023-09 requires additional disaggregated disclosures on the entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU No. 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. The Company adopted ASU 2023-09 for the year ended December 31, 2025 on a prospective basis and concluded that the application of this guidance did not have any material impact on its consolidated financial statements.

In September 2026, the FASB issued ASU 2026-03, Fair Value Measurement (Topic 820): Investment Companies with Equity Securities Subject to Contractual Sale Restrictions. ASU No. 2026 requires investment companies to consider the effect of contractual sale restrictions when measuring the fair value of equity securities subject to such restrictions. ASU 2026-03 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years and early adoption is permitted. The Company is currently assessing the impact of this guidance, and the Company does not expect a material impact on its consolidated financial statements.

L. Derivative Instruments — The Company follows the guidance in ASC 815 Derivatives and Hedging, when accounting for its derivative instruments. The Company designated certain interest rate swaps as hedging instruments, and as a result, the entire change in the fair value of the hedging instrument shall be recorded in the same line item of the Consolidated Statements of Operations as the hedged item. The Company’s interest rate swaps are used to hedge the Company’s fixed rate debt, and therefore both the periodic payment and the change in fair value for the effective hedge, if applicable, will be recognized as components of interest expense in the Consolidated Statements of Operations.

Note 3. Agreements and Related Party Transactions

A. Controlled / Affiliated Portfolio Companies — under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Under the 1940 Act, “non-affiliated investments” are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated, and non-controlled, affiliated, investments is contained in the accompanying consolidated financial statements, including the consolidated schedule of investments.

B. Administration Agreement — on February 5, 2021, the Company entered into an Administration Agreement with its Advisor, which serves as its Administrator and provides or oversees the performance of its required administrative services and professional services rendered by others, which include (but are not limited to), accounting, payment of our expenses, legal, compliance, operations, technology and investor relations, preparation and filing of its tax returns, and preparation of financial reports provided to its stockholders and filed with the SEC. On February 12, 2026, the Board approved an additional one-year term of the Administration Agreement through March 15, 2027.

The Company reimburses the Administrator for its costs and expenses incurred in performing its obligations under the Administration Agreement, which may include its allocable portion of office facilities, overhead, and compensation paid to or compensatory distributions received by its officers (including our Chief Compliance Officer and Chief Financial Officer) and its respective staff who provide services to the Company. As the Company reimburses the Administrator for its expenses, the Company indirectly bears such cost. The Administration Agreement may be terminated by either party with 60 days’ written notice.

C. Investment Advisory Agreement — on February 5, 2021, the Company entered into an Investment Advisory Agreement with its Advisor. Pursuant to the Investment Advisory Agreement with its Advisor, the Company pays its Advisor a fee for investment advisory and management services consisting of two components—a base management fee and an incentive fee.

The Advisor may, from time-to-time, grant waivers on the Company’s obligations, including waivers of the base management fee and/or incentive fee, under the Investment Advisory Agreement. The Investment Advisory Agreement may be terminated by either party with 60 days’ written notice.

On March 6, 2024, the Board approved an amended and restated investment advisory agreement (the “Amended Investment Advisory Agreement”) and a fee waiver agreement (the “Fee Waiver Agreement”) between the Company and the Advisor, which became effective upon the completion of the initial public offering of the Company’s shares of common stock on May 24, 2024 (the “IPO Date”).

The Amended Investment Advisory Agreement is materially the same as the Investment Advisory Agreement except, following the IPO Date, the base management fee is calculated at an annual rate of 1.00% and the incentive fee on income is subject to a twelve-quarter lookback quarterly hurdle rate of 1.50% as opposed to a single quarter measurement and is subject to an Incentive Fee Cap (as defined below) based on the Company’s Cumulative Pre-Incentive Fee Net Return (as defined below). This lookback feature provides that the Advisor’s income incentive fee may be reduced if the Company’s portfolio experiences aggregate write-downs or net capital losses during the applicable Trailing Twelve Quarters (as defined below). Pursuant to the Fee Waiver Agreement, commencing on the IPO Date, the Advisor implemented waivers of (i) the income incentive fee for three calendar quarters commencing the quarter the initial public offering was completed and (ii) a portion of the base management fee for one year following the completion of the initial public offering. Amounts waived by the Advisor pursuant to the Fee Waiver Agreement are not subject to recoupment by the Advisor.

On February 12, 2026, the Board approved an additional one-year term of the Investment Advisory Agreement through March 15, 2027.

Base Management Fee

Commencing on the IPO Date, the base management fee is calculated at an annual rate of 1.00% of the fair market value of the Company’s investments. Since the IPO Date was on a date other than the first day of a calendar quarter, the management fee was calculated for the calendar quarter at a weighted rate based on the fee rates applicable before and after the IPO Date based on the number of days in such calendar quarter before and after the IPO Date. Pursuant to the Fee Waiver Agreement, commencing on the IPO Date, the Advisor has contractually agreed to waive the base management fee at an annual rate of 0.25% for one year following the IPO Date.

For the three months ended September 30, 2026, the Company incurred base management fees of $5,657. For the three months ended September 30, 2025, the Company incurred base management fees of $5,583.

For the nine months ended September 30, 2026, the Company incurred base management fees of $16,634. For the nine months ended September 30, 2025, the Company incurred base management fees of $14,055, net of waiver of $2,071.

Incentive Fee

The Company also pays the Advisor an incentive fee. The incentive fee consists of two parts—an incentive fee on income and an incentive fee on capital gains. Described in more detail below, these components of the incentive fee are largely independent of each other with the result that one component may be payable even if the other is not.

Incentive Fee on Income

The incentive fee based on income (the “income incentive fee”) is determined and paid quarterly in arrears in cash. The Company’s quarterly pre-incentive fee net investment income must exceed a preferred return of 1.50% of the Company’s net asset value (“NAV”) at the end of the immediately preceding calendar quarter (6.0% annualized but not compounded) (the “Hurdle Amount”) in order for the Company to receive an income incentive fee.

Commencing on the IPO Date, the Company pays the Advisor an income incentive fee based on its aggregate pre-incentive fee net investment income with respect to the then-current calendar quarter and the eleven preceding calendar quarters beginning with the quarter ended September 30, 2024 (or the appropriate portion thereof in the case of any of the Company’s first eleven calendar quarters that commence with the quarter ended September 30, 2024) (those calendar quarters, the “Trailing Twelve Quarters”).

Commencing with the quarter ended September 30, 2024, subject to the Incentive Fee Cap (described below), the pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters is compared to a “Hurdle Rate” equal to the product of (i) the hurdle rate of 1.50% per quarter (6.00% annualized) and (ii) the sum of our net assets at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The Hurdle Rate is calculated after making appropriate adjustments to the Company’s net asset value at the beginning of each applicable calendar quarter for all issuances by the Company of shares of its common stock, including issuances pursuant to its dividend reinvestment plan, and distributions during the applicable calendar quarter. The income incentive fee for each calendar quarter is determined as follows:

•

no income incentive fee is payable to the Advisor in any calendar quarter in which aggregate pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters does not exceed the Hurdle Rate;

•

100% of the aggregate pre-incentive fee net investment income in respect of the Trailing Twelve Quarters with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Rate, but is less than or equal to an amount, which we refer to as the “Catch-up Amount,” determined on a quarterly basis by multiplying 1.7647% by the Company’s net asset value at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters (after making appropriate adjustments to the Company’s net asset value at the beginning of each applicable calendar quarter for all issuances by the Company of shares of its common stock, including issuances pursuant to its dividend reinvestment plan, and distributions during the applicable calendar quarter); and

•

15.0% of the aggregate pre-incentive fee net investment income in respect of the Trailing Twelve Quarters that exceeds the Catch-up Amount.

Commencing with the quarter ended September 30, 2024, each income incentive fee is subject to an “Incentive Fee Cap” that in respect of any calendar quarter is an amount equal to 15.0% of the Cumulative Pre-Incentive Fee Net Return (as defined below) during the Trailing Twelve Quarters less the aggregate income incentive fees that were paid to the Advisor in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters. In the event the Incentive Fee Cap is zero or a negative value then no income incentive fee shall be payable and if the Incentive Fee Cap is less than the amount of income incentive fee that would otherwise be payable, the amount of income incentive fee shall be reduced to an amount equal to the Incentive Fee Cap.

“Cumulative Pre-Incentive Fee Net Return” means with respect to the relevant Trailing Twelve Quarters, the pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters minus any Net Capital Loss (as defined below), if any, in respect of the relevant Trailing Twelve Quarters. If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company will pay no income incentive fee to the Advisor for such quarter. If, in any quarter, the Incentive Fee Cap for such quarter is a positive value but is less than the income incentive fee that is payable to the Advisor for such quarter (before giving effect to the Incentive Fee Cap) calculated as described above, the Company will pay an income incentive fee to the Advisor equal to the Incentive Fee Cap for such quarter. If, in any quarter, the Incentive Fee Cap for such quarter is equal to or greater than the income incentive fee that is payable to the Advisor for such quarter (before giving effect to the Incentive Fee Cap) calculated as described above, the Company will pay an income incentive fee to the Advisor equal to the incentive fee calculated as described above for such quarter without regard to the Incentive Fee Cap.

“Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in such period and (ii) aggregate capital gains, whether realized or unrealized, in such period.

These calculations are prorated for any period of less than three months and adjusted for any share issuances or repurchases during the relevant quarter. Amounts waived by the Advisor pursuant to the Fee Waiver Agreement are not subject to recoupment by the Advisor.

Incentive Fee on Capital Gains

Commencing on the IPO Date, the incentive fee on capital gains is calculated and payable in arrears in cash as 15.0% of the Company’s realized capital gains, if any, on a cumulative basis from formation through the end of a given calendar year or upon termination of the Investment Advisory Agreement, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees. In the event that the Investment Advisory Agreement terminates as of a date that is not a fiscal year end, the termination date will be treated as though it were a fiscal year end for purposes of calculating and paying a capital gain incentive fee.

For the three months ended September 30, 2026, the Company incurred incentive fees on income of $1,203 and no incentive fees on capital gains. For the three months ended September 30, 2025, the Company incurred incentive fees on income of $4,419 and no incentive fees on capital gains.

For the nine months ended September 30, 2026, the Company incurred incentive fees on income of $6,209 and no incentive fees on capital gains. For the nine months ended September 30, 2025, the Company incurred incentive fees on income of $13,361 and no incentive fees on capital gains.

Note 4. Investments

The following table presents the composition of the Company’s investment portfolio (excluding short-term investments in money market funds) at amortized cost and fair value as of September 30, 2026 and December 31, 2025.


	September 30, 2026				December 31, 2025
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
First-lien senior secured debt investments	$	2,201,726	$	2,176,450	$	2,163,739	$	2,157,399
Equity investments		42,117		46,218		33,761		41,022
Total portfolio company investments	$	2,243,843	$	2,222,668	$	2,197,500	$	2,198,421

As of September 30, 2026 and December 31, 2025, $55,748 and $49,949, respectively, of the Company’s total assets were non-qualifying assets, as defined by Section 55(a) of the 1940 Act.

The Company uses Global Industry Classification Standards (GICS), Level 3 – Industry, for classifying the industry groupings of its portfolio companies.

The industry composition of long-term investments based on fair value as of September 30, 2026 and December 31, 2025 was as follows:


	September 30, 2026			December 31, 2025
Health care providers & services		13.5	%		10.8	%
Commercial services & supplies		11.4	%		11.9	%
Distributors (Trading companies & distributors)		11.0	%		11.9	%
Food products		10.3	%		10.5	%
Containers & packaging		9.5	%		9.1	%
Professional services		6.3	%		6.6	%
Machinery		5.7	%		6.9	%
Financial services(1)		5.3	%		4.8	%
Chemicals		4.0	%		3.7	%
Leisure products		2.8	%		2.6	%
Building products		2.5	%		1.6	%
Household products		2.4	%		2.4	%
Personal care products		2.3	%		1.1	%
IT services		1.6	%		1.6	%
Automobile components		1.4	%		1.7	%
Aerospace & defense		1.4	%		3.8	%
Wireless telecommunication services		1.3	%		1.5	%
Electrical equipment		1.1	%		-	%
Health care equipment & supplies		1.1	%		1.1	%
Textiles, apparel & luxury goods		1.0	%		1.8	%
Insurance		1.0	%		1.0	%
Biotechnology		0.9	%		0.6	%
Household durables		0.9	%		0.9	%
Diversified consumer services		0.8	%		0.8	%
Consumer staples distribution & retail		0.5	%		-	%
Diversified telecommunication services		-	%		0.2	%
Pharmaceuticals		-	%		0.3	%
Specialty retail		-	%		0.8	%
		100.0	%		100.0	%

(1)

Includes the Company’s debt and equity investment in SGCP Partners, Inc. (SG Credit), through investments in SGCP Intermediate, Inc. and SGCP Holdings, LLC, an asset based lending platform company, where the Company has a minority investment.

Note 5. Fair Value

The Fair Value Measurement Topic of the FASB Accounting Standards Codification (ASC 820) defines fair value as the price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants under current market conditions at the measurement date. As required by ASC 820, the Company has performed an analysis of all investments measured at fair value to determine the significance and character of all inputs to their fair value determination. Inputs are the assumptions, along with considerations of risk, that a market participant would use to value an asset or a liability. In general, observable inputs are based on market data that is readily available, regularly distributed and verifiable that the Company obtains from independent, third-party sources. Unobservable inputs are developed by the Company based on its own assumptions of how market participants would value an asset or a liability.

The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into the following three broad categories.

Level 1 — Valuations based on quoted unadjusted prices for identical instruments in active markets traded on a national exchange to which the Company has access at the date of measurement.

Level 2 — Valuations based on quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers.

Level 3 — Model derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Company’s own assumptions that market participants would use to price the asset or liability based on the best available information.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

The following tables present the fair value hierarchy of investments as of September 30, 2026 and December 31, 2025. Note that the valuation levels below are not necessarily an indication of the risk associated with the underlying investment.


	Fair Value Hierarchy as of September 30, 2026
	Level 1		Level 2			Level 3		Total
First-lien senior secured debt investments	$	-	$	-		$	2,176,450	$	2,176,450
Equity investments	-		-				46,218		46,218
Total portfolio company investments at fair value	$	-	$	-		$	2,222,668	$	2,222,668
Investments in money market funds		22,261	-			-			22,261
Interest rate swaps	-			(6,507	)	-			(6,507	)
Total	$	22,261	$	(6,507	)	$	2,222,668	$	2,238,422


	Fair Value Hierarchy as of December 31, 2025
	Level 1		Level 2			Level 3		Total
First-lien senior secured debt investments	$	-	$	46,678		$	2,110,721	$	2,157,399
Equity investments	-		-				41,022		41,022
Total portfolio company investments at fair value	$	-	$	46,678		$	2,151,743	$	2,198,421
Investments in money market funds		25,409	-			-			25,409
Interest rate swaps	-			(299	)	-			(299	)
Total	$	25,409	$	46,379		$	2,151,743	$	2,223,531

The following tables present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the three and nine months ended September 30, 2026 and 2025.


For the three months ended September 30, 2026	First-lien senior secured debt investments			Private equity investments			Total
Fair value, beginning of period	$	2,222,793		$	43,825		$	2,266,618
Purchases of investments		86,937			705			87,642
Investment restructuring		(7,045	)		7,045			-
Proceeds from sales of investments and principal repayments		(114,914	)		-			(114,914	)
Net change in unrealized gain (loss)		(3,115	)		(5,357	)		(8,472	)
Net realized gain (loss)		(14,901	)		-			(14,901	)
Net accretion of discount on investments		3,739			-			3,739
PIK interest and dividends		2,956			-			2,956
Transfers into (out of) Level 3		-			-			-
Fair value, end of period	$	2,176,450		$	46,218		$	2,222,668


For the three months ended September 30, 2025	First-lien senior secured debt investments			Private equity investments			Total
Fair value, beginning of period	$	1,970,489		$	25,439		$	1,995,928
Purchases of investments		254,531			12,000			266,531
Proceeds from sales of investments and principal repayments		(73,479	)		(10	)		(73,489	)
Net change in unrealized gain (loss)		(7,001	)		1,563			(5,438	)
Net realized gain (loss)		-			10			10
Net accretion of discount on investments		3,820			-			3,820
PIK interest		2,149			-			2,149
Transfers into (out of) Level 3		-			-			-
Fair value, end of period	$	2,150,509		$	39,002		$	2,189,511


For the nine months ended September 30, 2026	First-lien senior secured debt investments			Private equity investments			Total
Fair value, beginning of period	$	2,110,721		$	41,022		$	2,151,743
Purchases of investments		313,771			1,311			315,082
Investment restructuring		(7,045	)		7,045			-
Proceeds from sales of investments and principal repayments		(218,197	)		-			(218,197	)
Net change in unrealized gain (loss)		(19,538	)		(3,160	)		(22,698	)
Net realized gain (loss)		(27,200	)		-			(27,200	)
Net accretion of discount on investments		10,017			-			10,017
PIK interest and dividends		13,921			-			13,921
Transfers into (out of) Level 3		-			-			-
Fair value, end of period	$	2,176,450		$	46,218		$	2,222,668


For the nine months ended September 30, 2025	First-lien senior secured debt investments			Private equity investments			Total
Fair value, beginning of period	$	1,719,182		$	22,737		$	1,741,919
Purchases of investments		666,250			12,665			678,915
Proceeds from sales of investments and principal repayments		(231,782	)		(856	)		(232,638	)
Net change in unrealized gain (loss)		(18,420	)		3,850			(14,570	)
Net realized gain (loss)		-			606			606
Net accretion of discount on investments		10,637			-			10,637
PIK interest		4,642			-			4,642
Transfers into (out of) Level 3		-			-			-
Fair value, end of period	$	2,150,509		$	39,002		$	2,189,511

For the three and nine months ended September 30, 2026 and 2025, the Company did not recognize any transfers to or from Level 3. The change in unrealized gain (loss) relates to investments that were held during the period. The Company includes these unrealized gains and losses on the Statement of Operations – Net Change in Unrealized Gains (Losses).

Valuation Techniques and Unobservable Inputs

Non-traded debt investments are typically valued using either a market yield analysis or an enterprise value analysis. For debt investments that are not considered to be credit impaired, the Advisor uses a market yield analysis to determine fair value. If the debt investment is considered to be credit impaired (which is determined by performing an enterprise value analysis), the Advisor will use the enterprise value analysis or a liquidation basis analysis to determine fair value.

To determine fair value using a market yield analysis, the Advisor discounts the contractual cash flows of each investment at an appropriate discount rate (the market yield). To determine the estimated market yield for its debt investments, the Advisor analyzes changes in the risk/reward (measured by yields and leverage) of middle market indices as compared to changes in risk/reward for the underlying investment and estimates the appropriate discount rate for such debt investment. In this context, the discount rate and the fair market value of the investment is impacted by the structure and pricing of the security relative to current market yields for similar investments in similar businesses as well as the financial performance of such business. In performing this analysis, the Advisor considers data sources including, but not limited to: (i) industry publications, such as S&P Global’s High-End Middle Market Lending Review; Thomson Reuter’s Refinitiv Middle Market Monthly Stats; CapitalIQ; Pitchbook News; The Lead Left, and other data sources; (ii) comparable investments reviewed or completed by affiliates of the Advisor, and (iii) information obtained and provided by the Advisor’s independent valuation managers.

To determine if a debt investment is credit impaired, the Advisor estimates the enterprise value of the business and compares such estimate to the outstanding indebtedness of such business. The Advisor utilizes the following valuation methodologies to determine the estimated enterprise value of the company: (i) analysis of valuations of publicly traded companies in a similar line of business (“public company comparable analysis”), (ii) analysis of valuations of M&A transaction valuations for companies in a similar line of business (“precedent transaction analysis”), (iii) discounted cash flows (“DCF analysis”) and (iv) other valuation methodologies.

In determining the non-traded debt investment valuations, the following factors are considered, where relevant: the nature and realizable value of any collateral; the company’s ability to make interest payments, amortization payments (if any) and other fixed charges; call features, put features and other relevant terms of the debt security; the company’s historical and projected financial results; the markets in which the company does business; changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be valued; and other relevant factors.

Equity investments in private companies are typically valued using one of or a combination of the following valuation techniques: (i) public company comparable analysis, (ii) precedent transaction analysis and (iii) DCF analysis.

Under all of these valuation techniques, the Advisor estimates operating results of the companies in which it invests, including earnings before interest expense, income tax expense, depreciation and amortization (“EBITDA”) and free cash flow. These estimates utilize unobservable inputs such as historical operating results, which may be unaudited, and projected operating results, which will be based on operating assumptions for such company. Investment performance data utilized will be the most recently available as of the measurement date which in many cases may reflect up to a one quarter lag in information. These estimates will be sensitive to changes in assumptions specific to such company as well as general assumptions for the industry. Other unobservable inputs utilized in the valuation techniques outlined above include: discounts for lack of marketability, selection of publicly traded companies, selection of similar precedent transactions, selected ranges for valuation multiples and expected required rates of return (discount rates).

Quantitative Table for Valuation Techniques

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of September 30, 2026 and December 31, 2025. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Advisor’s determination of fair value. The Company calculates weighted average, based on the value of the unobservable input of each investment relative to the fair value of the investment compared to the total fair value of all investments. First-lien senior secured debt investments include the Company’s senior

secured loan in an investment vehicle (BC CS 2, L.P.), which is considered subordinated debt since it is collateralized by a preferred stock investment in Cuisine Solutions, Inc. Additionally, first lien senior secured debt investments include the Company's senior secured debt investments in SG Credit which are structurally subordinated to senior debt (non-recourse to the Company) at the finance subsidiaries of SG Credit.


	As of September 30, 2026
			Valuation	Unobservable			Weighted
	Fair Value		Technique	Input	Range		Average
First-lien senior secured debt investments	$	2,176,450	Discounted cash flow analysis	Discount rate	8.1% - 15.0%			10.9	%
Preferred equity investment		16,504	Discounted cash flow analysis	Discount rate	15.0%			15.0	%
Other equity investments		29,214	Comparable Multiples	EV / EBITDA EV / Tangible Book Value	3.3 - 17.2			6.8
Common equity investments		500	Precedent Transaction Analysis	Original Cost		1.0		1.0
	$	2,222,668


	As of December 31, 2025
			Valuation	Unobservable		Weighted
	Fair Value		Technique	Input	Range	Average
First-lien senior secured debt investments	$	2,110,721	Discounted cash flow analysis	Discount rate	6.4% - 15.0%		9.5	%
Preferred equity investment		15,767	Discounted cash flow analysis	Discount rate	15.0%		15.0	%
Common equity investment		14,000	Precedent Transaction Analysis	Original cost	1.0		1.0
Other equity investments		11,255	Comparable Multiples	EV / EBITDA	6.3 - 17.2		10.6
	$	2,151,743

Note 6. Debt

Corporate Credit Facility

As of September 30, 2026, the Company had a senior secured revolving credit facility (the “Corporate Credit Facility”), that has a total commitment of $475,000 which has a commitment termination date of November 22, 2028 and a maturity date of November 22, 2029. The Corporate Credit Facility also provides for a feature that allows the Company, under certain circumstances, to increase the overall size of the Corporate Credit Facility to a maximum of $600,000. The interest rate on the Corporate Credit Facility is equal to Term SOFR (a forward-looking rate based on SOFR futures) plus an applicable spread of 2.10% per annum or an “alternate base rate” (as defined in the agreements governing the Corporate Credit Facility) plus an applicable spread of 1.00%. The Company is also required to pay a commitment fee of 0.375% per annum on any unused portion of the Corporate Credit Facility.

Under the Corporate Credit Facility, the Company is required to comply with various covenants, reporting requirements and other customary requirements for similar revolving credit facilities, including, without limitation, covenants related to: (a) limitations on the incurrence of additional indebtedness and liens, (b) limitations on certain investments, (c) limitations on certain restricted payments, (d) maintaining a certain minimum stockholders’ equity, and (e) maintaining a ratio of total assets (less total liabilities not representing indebtedness) to total indebtedness of the Company and its consolidated subsidiaries of not less than 1.5:1.0. These covenants are subject to important limitations and exceptions that are described in the agreements governing the Corporate Credit Facility. Amounts available to borrow under the Corporate Credit Facility are subject to compliance with a borrowing base that applies different advance rates to different types of assets (based on their value as determined pursuant to the Corporate Credit Facility) that are pledged as collateral. The Corporate Credit Facility is secured by certain assets in the Company’s portfolio and excludes investments held by Kayne Anderson BDC Financing LLC (“KABDCF”) under the Revolving Funding Facility and by Kayne Anderson BDC Financing II, LLC (“KABDCF II”) under the Revolving Funding Facility II (each as defined below).

For the nine months ended September 30, 2026 and 2025, the average amount of borrowings outstanding under the Corporate Credit Facility was $191,495 and $255,172, respectively, with a weighted average interest rate of 5.78% and 6.43%, respectively, for the Corporate Facility portion. As of September 30, 2026, the Company had $162,000 outstanding under the Corporate Credit Facility at a weighted average interest rate of 5.92%.

Revolving Funding Facility

As of September 30, 2026, the Company and KABDCF, a wholly-owned, special purpose financing subsidiary, had a senior secured revolving funding facility (the “Revolving Funding Facility”), that has a total commitment of $675,000. The end of the reinvestment period is February 20, 2029, and the maturity date is February 20, 2031. The interest rate on the Revolving Funding Facility is SOFR plus 1.95% per annum. The Revolving Funding Facility is secured by all of the assets held by KABDCF and the Company has agreed that it will not grant or allow a lien on the membership interest of KABDCF.

KABDCF is also required to pay a commitment fee of between 0.50% and 1.50% per annum depending on the size of the unused portion of the Revolving Funding Facility. Amounts available to borrow under the Revolving Funding Facility are subject to a borrowing base that applies different advance rates to different types of assets held by KABDCF and is subject to limitations with respect to the loans securing the Revolving Funding Facility, including restrictions on, loan size, industry concentration, payment frequency and status, as well as restrictions on portfolio company leverage, all of which may also affect the borrowing base and therefore amounts available to borrow. The Company and KABDCF are also required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. These covenants are subject to important limitations and exceptions that are described in the agreements governing the Revolving Funding Facility.

For the nine months ended September 30, 2026 and 2025, the average amount of borrowings outstanding under the Revolving Funding Facility was $526,749 and $527,610, respectively, with a weighted average interest rate of 5.63% and 6.52%, respectively. As of September 30, 2026, the Company had $583,000 outstanding under the Revolving Funding Facility at a weighted average interest rate of 5.82%.

Revolving Funding Facility II

As of September 30, 2026, the Company and KABDCF II, a wholly-owned, special purpose financing subsidiary, had a senior secured revolving credit facility (the “Revolving Funding Facility II”). The Revolving Funding Facility II has an initial commitment of $250,000 which, under certain circumstances, can be increased up to $500,000. The Revolving Funding Facility II is secured by all of the assets held by KABDCF II and the Company has agreed that it will not grant or allow a lien on the membership interest of KABDCF II. The end of the reinvestment period is December 22, 2027, and the maturity date is December 22, 2029. The interest rate on the Revolving Funding Facility II is 3-month term SOFR plus 2.25%. KABDCF II is also required to pay a commitment fee of 0.55% on the unused portion of the Revolving Funding Facility II.

Amounts available to borrow under the Revolving Funding Facility II are subject to a borrowing base that has limitations with respect to the loans securing the Revolving Funding Facility II, including limitations on, loan size, payment frequency and status, sector concentrations, as well as restrictions on portfolio company leverage, all of which may also affect the borrowing base and therefore amounts available to borrow. The Company and KABDCF II are also required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. These covenants are subject to important limitations and exceptions that are described in the agreements governing the Revolving Funding Facility II.

For the nine months ended September 30, 2026 and 2025, the average amount of borrowings outstanding under the Revolving Funding Facility II was $192,634 and $160,038, respectively, with a weighted average interest rate of 5.94% and 6.61%, respectively. As of September 30, 2026, the Company had $192,000 outstanding under the Revolving Funding Facility II at a weighted average interest rate of 5.98%.

Senior Unsecured Notes

As of September 30, 2026, the Company had $275,000 aggregate principal amount of senior unsecured notes (the “Notes”).

In connection with certain of the unsecured notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominantly floating rate loans. Under the interest rate swap agreement related to the Series D Notes, the Company receives a fixed interest rate of 5.80% per annum and pays a floating interest rate of SOFR plus 2.37% per annum on the $60,000 of the Series D Notes. Under the interest rate swap agreement related to the Series E Notes, the Company receives a fixed interest rate of 6.15% per annum and pays a floating interest rate of SOFR plus 2.6565% per annum on the $100,000 of the Series E Notes. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

The table below sets forth a summary of the key terms of each series of Notes outstanding at September 30, 2026.


	Principal				Estimated
	Outstanding		Unamortized		Fair Value		Fixed
	September 30,		Issuance		September 30,		Interest
Series	2026		Costs		2026		Rate	Maturity
A	$	25,000	$	59	$	25,833	8.65%	6/30/2027
B		50,000		224		52,531	8.74%	6/30/2028
C		40,000		226		40,837	SOFR + 2.32%	6/30/2028
D		60,000		339		59,871	5.80% (1)	6/30/2028
E		100,000		1,111		97,547	6.15% (2)	10/15/2030
	$	275,000	$	1,959	$	276,619

(1) The effective interest rate including the effects of the interest rate swap is SOFR + 2.37%.

(2) The effective interest rate including the effects of the interest rate swap is SOFR + 2.6565%.

Holders of the fixed rate Series A, B, D and E Notes are entitled to receive cash interest payments semi-annually (on January 30 and July 30) at the fixed rate. Holders of the floating rate Series C Notes are entitled to receive cash interest payments quarterly (on January 30, April 30, July 30 and October 30) at the floating rate. As of September 30, 2026, the weighted average interest rate on the outstanding Notes was 6.77%. After giving effect to the interest rate swap, the weighted average interest rate on the outstanding Notes was 6.99%.

As of September 30, 2026, the Notes were rated “BBB” by Kroll Bond Rating Agency (“KBRA”). The Company is required to maintain a current rating from one rating agency with respect to the Notes. In the event the Company does not maintain a current rating from a rating agency for a specified period of time or the credit rating on the Notes falls below “BBB-” (a “Below Investment Grade Event”), the interest rate per annum on the Notes will increase by 1.0% during the period the Notes are rated below “BBB-”. In the event the Company’s Secured Debt Ratio exceeds 55% (a “Secured Debt Ratio Event”), the interest rate per annum on the Notes will increase by 1.5% during the period the ratio is above the stated percentage. If a Below Investment Grade Event and a Secured Debt Ratio Event is continuing at the same time the aggregate increase in interest rate per annum will not exceed 2.0%.

The Notes were issued in private placement offerings to institutional investors and are not listed on any exchange or automated quotation system. The Notes contain various covenants related to other indebtedness, liens and limits on the Company’s overall leverage. The Company must maintain a minimum amount of shareholder equity and the Company’s asset coverage ratio must be greater than 150% as of the last business day of each fiscal quarter. The Notes are redeemable in certain circumstances at the option of the Company and may be redeemed under certain circumstances to cure the asset coverage ratio covenant.

The Notes are unsecured obligations of the Company and, upon liquidation, dissolution or winding up of the Company, will rank: (1) senior to all of the Company’s outstanding common shares; (2) on parity with any unsecured creditors of the Company and any unsecured senior securities representing indebtedness of the Company; and (3) junior to any secured creditors of the Company.

At September 30, 2026, the Company was in compliance with all covenants under the Notes agreements.

As a result of the Company’s designation of the interest rate swaps as hedging instruments in qualifying fair value hedge accounting relationships, the Company is required to fair value the hedging instruments and the related hedged items, with the changes in the fair value of each being recorded in interest expense. The net losses related to the fair value hedges were approximately zero for the nine months ended September 30, 2026, which are included in “Interest expense” in the Company’s consolidated statement of operations. The balance sheet impact of fair valuing the interest rate swaps as of September 30, 2026 is presented below. There was no interest rate swap activity for the period ended September 30, 2025.


				As of September 30, 2026
Description	Notional Amount		Maturity Date	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities			Balance Sheet Location of Amounts
Interest rate swap		60,000	6/30/2028	$	-	$	(1,395	)	Accrued expenses and other liabilities
Interest rate swap		100,000	10/15/2030		-		(5,112	)	Accrued expenses and other liabilities
				$	-	$	(6,507	)

Debt obligations consisted of the following as of September 30, 2026 and December 31, 2025.


	September 30, 2026
	Aggregate Principal		Outstanding		Amount		Net Carrying
	Committed		Principal		Available(1)		Value(2)
Notes(3)	$	275,000	$	275,000	$	-	$	266,534
Corporate Credit Facility		475,000		162,000		313,000		159,296
Revolving Funding Facility		675,000		583,000		92,000		577,509
Revolving Funding Facility II		250,000		192,000		58,000		190,295
Total debt	$	1,675,000	$	1,212,000	$	463,000	$	1,193,634

(1)

The amounts available under the Company’s credit facilities do not reflect any limitations related to each borrowing base as of September 30, 2026.

(2)

The carrying value of the Notes, Corporate Credit Facility, Revolving Funding Facility and Revolving Funding Facility II are presented net of deferred financing costs totaling $11,859.

(3)

Net carrying value is inclusive of change in fair market value of effective hedges.


	December 31, 2025
	Aggregate Principal		Outstanding		Amount		Net Carrying
	Committed		Principal		Available(1)		Value(2)
Notes(3)	$	275,000	$	275,000	$	-	$	272,141
Corporate Credit Facility		475,000		135,000		340,000		131,628
Revolving Funding Facility		675,000		525,000		150,000		520,329
Revolving Funding Facility II		250,000		195,000		55,000		192,900
Total debt	$	1,675,000	$	1,130,000	$	545,000	$	1,116,998

(1)

The amounts available under the Company’s credit facilities do not reflect any limitations related to each borrowing base as of December 31, 2025.

(2)

The carrying value of the Notes, Corporate Credit Facility, Revolving Funding Facility and Revolving Funding Facility II are presented net of deferred financing costs totaling $12,703.

(3)

Net carrying value is inclusive of change in fair market value of effective hedges.

For the three and nine months ended September 30, 2026 and 2025, the components of interest expense were as follows:


	For the three months ended
	September 30, 2026			September 30, 2025
Interest expense	$	19,594		$	19,227
Amortization of debt issuance costs		1,130			980
Total interest expense	$	20,724		$	20,207
Average interest rate		6.5	%		7.1	%
Average borrowings	$	1,240,717		$	1,110,174


	For the nine months ended
	September 30, 2026			September 30, 2025
Interest expense	$	55,826		$	52,881
Amortization of debt issuance costs		3,367			2,835
Total interest expense	$	59,193		$	55,716
Average interest rate		6.6	%		7.2	%
Average borrowings	$	1,185,877		$	1,017,821

Note 7. Common Stock and Share Transactions

As of September 30, 2026, the Company had 100,000,000 shares of common stock authorized and 65,950,801 shares outstanding. As of September 30, 2026, KAPC Investment Holdings, L.P., a controlled affiliate of Kayne Anderson, owned 957,217 shares of the Company. These shares were purchased on May 22, 2024 in conjunction with the Company’s IPO.

Share Repurchase Plan

On May 21, 2024, the Company entered into a share repurchase plan, or the Company 10b5-1 Plan, to acquire up to $100,000 in the aggregate of the Company’s Common Stock at prices below the Company’s net asset value per share over a specified period, in accordance with the guidelines specified in Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The Company 10b5-1 Plan was approved by the Board of Directors on March 6, 2024. The Company 10b5-1 Plan requires Morgan Stanley Corporation as the Company’s agent, to repurchase Common Stock on its behalf when the market price per share is below the most recently reported net asset value per share (including any updates, corrections or adjustments publicly announced by the Company to any previously announced net asset value per share, including any distributions declared). Under the Company 10b5-1 Plan, the volume of purchases would be expected to increase as the price of the Company’s Common Stock declines, subject to volume restrictions. The timing and amount of any share repurchases will depend on the terms and conditions of the Company 10b5-1 Plan, the market price of the Company’s Common Stock and trading volumes, and no assurance can be given that Common Stock will be repurchased in any particular amount or at all. The repurchase of shares pursuant to the Company 10b5-1 Plan is intended to satisfy the conditions of Rule 10b5-1 and Rule 10b-18 under the Exchange Act, and will otherwise be subject to applicable law, including Regulation M, which may prohibit repurchases under certain circumstances. The Company 10b5-1 Plan commenced on July 23, 2024.

On May 5, 2026, the Board of Directors of the Company authorized an amendment to the Company's share repurchase plan to extend the expiration to May 24, 2027. Under the amended and restated plan (effective May 25, 2026), the Company may repurchase up to $100,000 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. The Company 10b5-1 Plan will terminate upon the earliest to occur of (i) the close of business on May 24, 2027, (ii) the end of the trading day on which the aggregate purchase price for all shares purchased under

the Company 10b5-1 Plan equals $100,000 and (iii) the occurrence of certain other events described in the Company 10b5-1 Plan. See Note 12 – Subsequent Events.

For the nine months ended September 30, 2026, the agent has repurchased shares of common stock pursuant to the Company 10b5-1 Plan as follows:


					Approximate dollar		Approximate dollar
	Total number				value of shares that have		value of shares that may
	of shares		Average price		been purchased		yet be purchased
Period	repurchased		paid per share		under the plan		under the plan
January 1 - 31, 2026		528,149	$	14.49	$	7,651	$	52,290
February 1 - 28, 2026		743,792	$	13.91		10,350	$	41,940
March 1 - 31, 2026		244,320	$	13.85		3,384	$	38,556
April 1 - 30, 2026		131,921	$	14.29		1,885	$	36,671
May 1 - 24, 2026		8,488	$	14.62		124	$	36,547
May 25 - 31, 2026		-		-		-	$	100,000
June 1 - 30, 2026		124,952	$	14.07		1,758	$	98,242
July 1 - 31, 2026		157,252	$	13.66		2,148	$	96,094
August 1 - 31, 2026		70,782	$	13.75		973	$	95,121
September 1 - 30, 2026		37,727	$	13.17		497	$	94,624
Total stock repurchased		2,047,383			$	28,770

Dividends and Dividend Reinvestment

The following tables summarize the dividends declared and payable by the Company for the nine months ended September 30, 2026 and 2025. For the nine months ended September 30, 2025, both the $0.10 per share dividend with a payment date of March 18, 2025 and June 24, 2025 were the final two of three special dividends declared by the Board of Directors in conjunction with the Company’s IPO in May 2024.


For the nine months ended September 30, 2026
Declaration date	Record date	Pay date	Dividend per share
February 12, 2026	March 31, 2026	April 16, 2026	$	0.40
May 5, 2026	June 30, 2026	July 16, 2026		0.40
August 5, 2026	September 30, 2026	October 16, 2026		0.40
Total dividends declared			$	1.20


For the nine months ended September 30, 2025
Declaration date	Record date	Pay date	Dividend per share
May 8, 2024	March 3, 2025	March 18, 2025	$	0.10
March 3, 2025	March 31, 2025	April 15, 2025		0.40
May 8, 2024	June 9, 2025	June 24, 2025		0.10
May 1, 2025	June 30, 2025	July 16, 2025		0.40
August 5, 2025	September 30, 2025	October 16, 2025		0.40
Total dividends declared			$	1.40

The following tables summarize the amounts received and shares of common stock issued to shareholders pursuant to the Company’s dividend reinvestment plan (“DRIP”) for the nine months ended September 30, 2026 and 2025.


For the nine months ended September 30, 2026
Record date	Pay date	DRIP shares issued		DRIP value
December 31, 2025	January 16, 2026		-	$	-
March 31, 2026	April 16, 2026		-		-
June 30, 2026	July 16, 2026		-		-
			-	$	-

For the dividends paid on January 16, 2026, April 16, 2026 and July 16, 2026 noted above, the DRIP for each of these dividends was fulfilled through open market purchases of common stock.


For the nine months ended September 30, 2025
Record date	Pay date	DRIP shares issued		DRIP value
December 31, 2024	January 15, 2025		205,626	$	3,434
March 3, 2025	March 18, 2025		35,346		593
March 31, 2025	April 15, 2025		-		-
June 9, 2025	June 24, 2025		-		-
June 30, 2025	July 16, 2025		-		-
			240,972	$	4,027

For the dividend paid on January 15, 2025, the DRIP value was $3,923. Of this amount, $3,434 was reinvested into the Company through the issuance of 205,626 shares of common stock and $489 was fulfilled through open market purchases of common stock.

For the dividends paid on April 15, 2025, June 24, 2025 and July 16, 2025, the DRIP for each of these dividends was fulfilled through open market purchases of common stock.

Note 8. Commitments and Contingencies

The Company had an aggregate of $281,189 and $287,456, respectively, of unfunded commitments, including $170,262 and $171,137, respectively, of unfunded commitments on revolvers, to provide debt financing to its portfolio companies as of September 30, 2026 and December 31, 2025. These commitments are not reflected in the Company’s consolidated statement of assets and liabilities but are generally incorporated into the Company’s determination of its liquidity. Consequently, such commitments result in an element of credit risk in excess of the amount recognized in the Company’s consolidated statement of assets and liabilities.

The Company’s unfunded revolving commitments are generally available on a borrower’s demand and may remain outstanding until the maturity date of the underlying senior secured loan. The Company’s unfunded delayed draw term loan commitments are generally subject to the satisfaction of certain financial and nonfinancial covenants and certain operational metrics. The commitment period for unfunded delayed draw term loan commitments may be shorter than the maturity date if drawn or funded.

A summary of the composition of the unfunded commitments as of September 30, 2026 and December 31, 2025 is shown in the table below.


	As of		As of
	September 30, 2026		December 31, 2025
Aegis Toxicology Sciences Corporation		1,154		5,769
AeriTek Global Holdings LLC		803		645
Alcami Corporation		2,974		1,232
Allcat Claims Service, LLC		17,407		17,407
Allentown, LLC		622		928
American Equipment Holdings LLC		4,091		5,479
Arborworks Acquisition, LLC		518		439
Aviation Concepts, LLC		13,127		13,127
Big Top Holdings, LLC		3,487		-
Bloomington Holdco, LLC (BW Fusion)		7,224		6,421
BLP Buyer, Inc. (Bishop Lifting Products)		3,635		862
Brightview, LLC		2,056		155
Carton Packaging Buyer, Inc. (Century Box)		1,566		1,993
CCFF Buyer, LLC (California Custom Fruits & Flavors, LLC)		8,106		9,284
CGI Automated Manufacturing, LLC		2,299		2,717
CI (MG) Group, LLC (Mariani Premier Group)		4,698		5,938
City Line Distributors LLC		2,530		2,530
CMT Intermediate Holdings, LLC (Capital Machine Technologies)		3,803		3,803
CREO Group Inc. (HMS Manufacturing)		1,104		1,043
Curio Brands, LLC		2,605		2,605
Del-Air Heating, Air Conditioning & Refrigeration, LLC		1,078		3,137
DISA Holdings Corp.		2,366		1,766
Diverzify Intermediate LLC		-		3,155
DRS Holdings III, Inc. (Dr. Scholl's)		310		310
ECS Opco 1, LLC (Spectrum Vascular)		1,533		2,540
Envirotech Services, LLC		6,746		6,746
Eppinger Technologies, LLC		317		632
Evaaro US Bidco, Inc. (Keg Logistics LLC)		4,272		-
Fastener Distribution Holdings, LLC		-		4,610
Foundation Consumer Brands, LLC		-		577
Fralock Buyer LLC		-		500
Gage CR Acquisition, LLC		6,258		6,258
Guardian Dentistry Practice Management, LLC		773		618
Gulf Pacific Acquisition, LLC		1,498		899
Gusmer Enterprises, Inc.		-		2,941
Home Brands Group Holdings, Inc. (ReBath)		525		2,099
I.D. Images Acquisition, LLC		2,020		2,020
IF&P Foods, LLC (FreshEdge)		2,176		1,626
Improving Acquisition, LLC		1,504		1,504
Integrated Dermatology, LLC		10,240		11,548
J&K Ingredients, LLC		1,890		1,890
KAMC Holdings, Inc. (Franklin Energy)		1,575		1,365
Krayden Holdings, Inc.		1,136		1,268
Lakewood Acquisition Corporation (R&B Wholesale)		6,728		10,305
LEM Buyer, Inc. (CFS Technologies Intermediate, Inc.)		-		1,885
Light Wave Dental Management, LLC		3,973		334
LSL Industries, LLC		5,224		5,224
MacNeill Pride Group Corp.		1,199		2,397
ML Buyer, LLC (Mama Lycha Foods, LLC)		3,732		3,193
Monza Purchaser, LLC (Smyth)		5,345		6,990


	As of		As of
	September 30, 2026		December 31, 2025
MRC Keystone Acquisition LLC (Automated Handling Solutions)		3,864		3,864
NMA Holdings, LLC (Neuromonitoring Associates)		5,844		6,687
OAO Acquisitions, Inc. (BearCom)		2,482		2,482
PGI Parent LLC (Prime Electric)		1,512		2,840
PH Beauty Holdings III, Inc.		2,009		2,009
Project Tahoe Acquisition Corp (Norton Packaging)		4,613		-
PMFC Holding, LLC		-		411
Quatro Parent, Inc. (S3 AeroDefense)		10,714		-
Redwood MSO, LLC (Smile Partners)		342		1,283
Refocus Management Services, LLC		1,652		5,999
Regiment Security Holdco, LLC (Regiment)		1,055		776
RMH Systems, LLC		4,246		7,964
Ruff Roofers Buyer, LLC		10,065		10,065
SGCP Intermediate, Inc. (SG Credit)		39,000		21,000
Speedstar Holding LLC		-		666
Sundance Holdings Group, LLC		-		377
Superior Intermediate LLC (Landmark Structures)		3,168		10,006
Tangent Technologies Holdings, LLC		1,615		-
Tapco Buyer LLC		2,380		10,120
Texas Coffee Holdco LLC		7,000		15,000
The Robinette Company		1,609		1,609
TL Atlas Merger Sub Corp. (Zep)		6,335		4,789
TG Parent Newco LLC (Trademark Global LLC)		240		480
TSSS Purchaser LLC (Total Safety)		8,198		-
United Titanium, LLC		4,343		4,343
US Masonry & Building Products Co. (f/k/a US Anchors Group, Inc.)		2,223		3,335
Workholding US Holdings, LLC (Forkardt Hardinge)		93		277
Worldwide Produce Acquisition, LLC		360		360
Total unfunded commitments	$	281,189	$	287,456

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of September 30, 2026 and December 31, 2025, management was not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure.

Note 9. Earnings Per Share

In accordance with the provisions of ASC Topic 260, Earnings per Share (“ASC 260”), basic earnings per share is computed by dividing earnings available to common stockholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. As of September 30, 2026 and 2025, there were no dilutive shares.

The following table sets forth the computation of basic and diluted earnings per share of common stock for the three and nine months ended September 30, 2026 and 2025.


	For the three months ended				For the nine months ended
	September 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Net increase (decrease) in net assets resulting from operations	$	6,609	$	24,613	$	34,567	$	71,738
Weighted average shares of common stock outstanding - basic and diluted		66,041,019		70,430,331		66,506,862		70,852,621
Earnings (loss) per share of common stock - basic and diluted	$	0.10	$	0.35	$	0.52	$	1.01

Note 10. Financial Highlights

The following per share of common stock data has been derived from information provided in the unaudited financial statements. The following is a schedule of financial highlights for the nine months ended September 30, 2026 and 2025.


	For the nine months ended September 30,
	(amounts in thousands, except share and per share amounts)
Per Common Share Operating Performance (1)	2026			2025
Net Asset Value, Beginning of Period	$	16.32		$	16.70

Results of Operations:
Net Investment Income (Loss)		1.30			1.23
Net Realized and Unrealized Gain (Loss) on Investments(2)		(0.78	)		(0.22	)
Net Increase (Decrease) in Net Assets Resulting from Operations		0.52			1.01

Dividends to Common Stockholders
Dividends		(1.20	)		(1.40	)
Net Decrease in Net Assets Resulting from Dividends		(1.20	)		(1.40	)

Capital Share Transactions
Repurchase of Common Stock		0.07			0.03
Net Increase (Decrease) Resulting from Capital Share Transactions		0.07			0.03
Net Asset Value, End of Period	$	15.71		$	16.34
Per Share Market Value, End of Period	$	12.56		$	13.32

Shares Outstanding, End of Period		65,950,801			69,764,799

Ratio/Supplemental Data
Net assets, end of period	$	1,036,262		$	1,140,096
Weighted-average shares outstanding		66,506,862			70,852,621
Total Return based on net asset value(3)		5.0	%		7.1	%
Total Return based on market value(4)		(4.3	)%		(11.9	)%
Portfolio turnover		11.9	%		19.5	%
Ratio of operating expenses to average net assets before waivers(5)		10.7	%		10.2	%
Ratio of operating expenses to average net assets with waiver(5)		10.7	%		9.9	%
Ratio of net investment income (loss) to average net assets(5)		10.8	%		10.0	%

(1)

The per common share data was derived by using weighted average shares outstanding.

(2)

Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period and may not be consistent or reconcile with the aggregate gains and losses in the Consolidated Statement of Operations due to the timing of share transactions during the period. For the nine months ended September 30, 2026, includes less than $0.01 per share of deferred income tax expense on unrealized appreciation on investments.

(3)

Total return is calculated as the change in net asset value (“NAV”) per share during the period, plus distributions per share (if any), divided by the beginning NAV per share. The calculation also assumes reinvestment of dividends at actual prices pursuant to the Company’s dividend reinvestment plan. Total return is not annualized.

(4)

Total return based on market value is calculated as the change in market value per share during the respective periods, plus distributions per share, if any, divided by the beginning market value per share. The calculation also assumes reinvestment of dividends at actual prices pursuant to the Company’s dividend reinvestment plan.

(5)

Ratio is annualized.

Note 11. Segment Reporting

The Company operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through debt and equity investments. The CODMs are comprised of the Company’s co-chief executive officers and these CODMs assess the performance and make operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase in stockholders’ equity resulting from operations (“net income”). In addition to numerous other factors and metrics, the CODMs utilize net income as a key metric in determining the amount of dividends to be distributed to the Company’s stockholders. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets” and the significant segment expenses are listed on the accompanying consolidated statement of operations.

Note 12. Subsequent Events

The Company’s management has evaluated subsequent events through the date of issuance of the financial statements included herein. There have been no subsequent events that require recognition or disclosure in these financial statements except as described below.

On October 16, 2026, the Company paid a regular dividend of $0.40 per share to each common stockholder of record as of September 30, 2026 for a total dividend of $26,381.

On November 4, 2026, the Board of Directors of the Company 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 January 19, 2027 to stockholders of record as of the close of business on December 31, 2026, payable in cash or shares of common stock of the Company pursuant to the Company’s Dividend Reinvestment Plan, as amended.

From October 1, 2026 to October 29, 2026, the Company’s agent repurchased 146,242 shares of common stock at an average price of $12.60 per share for a total amount of $1,842. As of October 29, 2026, $92,782 remains for repurchase under the Company’s current 10b5-1 Plan.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis should be read in conjunction with our consolidated financial statements and related notes and other financial information appearing elsewhere in this Quarterly Report on Form 10-Q. Except as otherwise specified, references to “we,” “us,” “our,” or the “Company” refer to Kayne Anderson BDC, Inc.

Investment Objective, Principal Strategy and Investment Structure

Kayne Anderson BDC, Inc. is a Delaware corporation that commenced operations on February 5, 2021. Following our initial public offering (“IPO”), our common stock began trading on the New York Stock Exchange (“NYSE”) under the ticker symbol “KBDC” on May 22, 2024. We are an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the 1940 Act, as amended. In addition, for U.S. federal income tax purposes, we intend to qualify, annually, as a RIC under Subchapter M of the Code.

Our investment activities are managed by KA Credit Advisors, LLC (the “Advisor”), an indirect controlled subsidiary of Kayne Anderson Capital Advisors, L.P. (“Kayne Anderson”), and the Advisor operates within Kayne Anderson’s middle market private credit platform (“KAPC” or “Kayne Anderson Private Credit”). The Advisor is an investment advisor registered with the United States Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). In accordance with the Advisers Act, our Advisor is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring investments, and monitoring our investments and portfolio companies on an ongoing basis. The Advisor benefits from the scale and resources of Kayne Anderson and specifically KAPC.

Our investment objective is to generate current income and, to a lesser extent, capital appreciation. We intend to have nearly all of our debt investments in private middle market companies. We use “private” to refer to companies that are not traded on a securities exchange and define “middle market companies” as companies that, in general, generate between $10 million and $150 million of annual earnings before interest, taxes, depreciation and amortization, or EBITDA. Further, we refer to companies that generate between $10 million and $75 million of annual EBITDA as “core middle market companies” and companies that generate between $75 million and $150 million, or more, of annual EBITDA as “upper middle market companies.” We typically adjust EBITDA for non-recurring and/or normalizing items to assess the financial performance of our borrowers over time.

We intend to achieve our investment objective by investing primarily in first lien senior secured loans, with a secondary focus on unitranche and split-lien loans to middle market companies. Under normal market conditions, we expect at least 90% of our portfolio (including investments purchased with proceeds from borrowings under credit facilities and issuances of senior unsecured notes) to be invested in first lien senior secured, unitranche and split-lien loans. We expect the remainder of our portfolio to be invested in second-lien loans, subordinated debt or equity securities (including those purchased in conjunction with other credit investments). We expect that a majority of these debt investments will be made in core middle market companies and will generally have stated maturities of three to six years. We expect that the loans in which we principally invest will be to companies that are located in the United States. We determine the location of a company as being in the United States by (i) such company being organized under the laws of one of the states in the United States; or (ii) during its most recent fiscal year, such company derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in the United States or has at least 50% of its assets in the United States.

The Advisor executes on our investment objective by (1) accessing the established loan sourcing channels developed by KAPC, which includes an extensive network of private equity firms, other middle market lenders, financial advisors, intermediaries and management teams, (2) selecting investments within our middle market company focus, (3) implementing KAPC’s underwriting process and (4) drawing upon its experience and resources and the broader Kayne Anderson network. KAPC was established in 2011 and manages (directly and through affiliates) assets under management (“AUM”) of approximately $7.5 billion related to middle market private credit as of September 30, 2026.

Recent Developments

On October 16, 2026, we paid a regular dividend of $0.40 per share to each common stockholder of record as of September 30, 2026 for a total dividend of $26.4 million.

On November 4, 2026, our 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 January 19, 2027 to stockholders of record as of the close of business on December 31, 2026, payable in cash or shares of our common stock pursuant to our Dividend Reinvestment Plan, as amended.

From October 1, 2026 to October 29, 2026, our agent repurchased 146,242 shares of common stock at an average price of $12.60 per share for a total amount of $1.8 million. As of October 29, 2026, $92.8 million remains for repurchase under our current 10b5-1 Plan.

Portfolio and Investment Activity

Our portfolio is currently comprised of a broad mix of loans, with diversity among investment size and industry focus. The Advisor’s team of professionals conducts due diligence on prospective investments during the underwriting process and is involved in structuring the credit terms of our private middle market investments. Once an investment has been made, our Advisor closely monitors that portfolio investment and takes a proactive approach to identify and address sector or company specific risks. The Advisor seeks to maintain a regular dialogue with portfolio company management teams (as well as their owners, the majority of whom are private equity firms, where applicable), reviews detailed operating and financial results on a regular basis (typically monthly or quarterly) and monitors current and projected liquidity needs, in addition to other portfolio management activities. There are no assurances that we will achieve our investment objectives.

As of September 30, 2026, we had investments in 100 portfolio companies with an aggregate fair value of approximately $2.2 billion, and unfunded commitments to these portfolio companies of $281 million, and our portfolio consisted of 92.5% first lien senior secured loans, 5.4% subordinated debt and 2.1% equity investments. As of September 30, 2026, the weighted average remaining term of our debt investments was 2.8 years based on principal amount.

As of September 30, 2026, 95.1% of our debt investments, based on principal amount, had floating interest rates. Our weighted average yields for debt investments were as follows:


	Excluding Non-Income Producing Debt Investments						Including Non-Income Producing Debt Investments
	Fair			Amortized			Fair			Amortized
	Value			Cost			Value			Cost
Total debt investments		10.3	%		10.4	%		10.0	%		9.9	%

As of September 30, 2026, our portfolio was invested across 25 different industries (Global Industry Classification “GICS”, Level 3 – Industry). The largest industries in our portfolio as of September 30, 2026 were Health Care Providers & Services, Commercial Services & Supplies, Distributors and Food Products, which represented, as a percentage of our portfolio of long-term investments, 13.5%, 11.4%, 11.0% and 10.3%, respectively, based on fair value. We are generalist investors and the mix of industries represented by our portfolio companies will vary over time.

As of September 30, 2026, our average position size based on total investment commitments (at the portfolio company level) was $25.9 million.

As of September 30, 2026, the weighted average and median last twelve months (“LTM”) EBITDA of our portfolio companies were $57.5 million and $38.0 million, respectively, based on fair value1,2

As of September 30, 2026, the weighted average loan-to-enterprise-value (“LTEV”) of our debt investments at the time of our initial investment was 42.7%, based on par1,2. LTEV represents the total par value of our debt investment relative to our estimate of the enterprise value of the underlying borrower.

As of September 30, 2026, we had debt investments on non-accrual status, which represented 3.6% and 5.4% of total debt investments at fair value and cost, respectively.

As of September 30, 2026, our portfolio companies’ weighted average leverage ratios and weighted average interest coverage ratios (the calculations of which are based on the most recent quarter end or latest available information from the portfolio companies) were 4.6x and 2.4x, respectively, based on fair value1,2

As of September 30, 2026, the percentage of our debt investments including at least one financial maintenance covenant was 98.2% based on fair value1,2

Excludes debt investments on watch list, which represent 5.9% of the total fair value of debt investments as of September 30, 2026.

Excludes opportunistic debt investments of BC CS 2, L.P. (Cuisine Solutions, Inc.) and SGCP Partners, Inc. (SG Credit), which represent 5.5% of the total fair value of debt investments as of September 30, 2026.

Our investment activity for the three months ended September 30, 2026 and 2025 is presented below (information presented herein is at par value unless otherwise indicated).


	For the three months ended September 30,
	2026			2025
	($ in millions)			($ in millions)
New investments:
Gross new investments commitments	$	76.3		$	295.5
Less: investment commitments sold down, exited or repaid(1)		(111.1	)		(182.1	)
Net investment commitments	$	(34.8	)	$	113.4

Principal amount of investments funded(2):
Private credit investments	$	91.2		$	261.6
Preferred equity investments		-			-
Common equity investments		0.7		12
Total principal amount of investments funded	$	91.9		$	273.6

Principal amount of investments sold / repaid (2)(3):
Private credit investments	$	(114.9	)	$	(73.5	)
Broadly syndicated loans		-			(113.0	)
Common equity investments		-			-
Total principal amount of investments sold or repaid	$	(114.9	)	$	(186.5	)

Number of new private credit debt investment commitments		10			13
Average new private credit debt investment commitment amount	$	7.6		$	21.8
Number of new broadly syndicated loan commitments		-			-
Average new broadly syndicated loan commitment amount	$	-		$	-
Weighted average maturity for new debt investment commitments(4)	5.2 years			4.7 years
Percentage of new debt investment commitments at floating rates		98.7	%		59.8	%
Percentage of new debt investment commitments at fixed rates		1.3	%		40.2	%
Weighted average interest rate of new private credit debt investment commitments(5)		9.4	%		10.3	%
Weighted average interest rate of new broadly syndicated loan commitments(5)		0.0	%		0.0	%
Weighted average interest rate on debt investments sold or paid down(6)		9.9	%		8.4	%

(1)

Does not include repayments on revolving loans, which may be redrawn.

(2)

Does not include restructured activity. For common equity investments, amount represents cost.

(3)

Amounts represent the principal amount of investments sold or repaid during the period and do not necessarily equal cash proceeds received.

(4)

For undrawn delayed draw term loans, the maturity date used is that of the associated term loan.

(5)

Based on the rate in effect at September 30, 2026 per our Consolidated Schedule of Investments for new income- producing debt commitments entered into during the quarter.

(6)

Based on the underlying rate if still held at September 30, 2026. For those investments sold or paid down in full during the quarter, based on the rate in effect at the time of sale or paid down.

Portfolio Internal Performance Ratings

In general, we employ a strategy designed to ensure early detection of potential issues at underlying borrowers, including monthly financial reviews, internal tracking memoranda, weekly “watch list” discussions and other like activities. We have

designed a risk rating system to aid in our portfolio management efforts where each investment is rated level 1-9, where Level 1 is the “least risky” and Level 9 is the “most risky.” This risk-rating system is quantitative in nature and aggregates criteria such as LTEV, leverage levels and fixed charge coverage ratios (“FCCR”) (each measured at point-in-time and as relates to levels at the close of the investment).

The table below sets forth our fair value of debt investments and number of portfolio companies, including percentage of each total, that are on watch list as of September 30, 2026 and December 31, 2025.


As of September 30, 2026										As of December 31, 2025
Fair Value					Number of					Fair Value					Number of
($ in millions)		%			Companies		%			($ in millions)		%			Companies		%
$	128.5		5.9	%		12		12.0	%	$	110.1		5.1	%		9		8.4	%

We use Global Industry Classification Standards (GICS), Level 3 – Industry, for classifying the industry groupings of our portfolio companies. The table below describes long-term investments by industry composition based on fair value as of September 30, 2026 and December 31, 2025.


	September 30, 2026			December 31, 2025
Health care providers & services		13.5	%		10.8	%
Commercial services & supplies		11.4	%		11.9	%
Distributors (Trading companies & distributors)		11.0	%		11.9	%
Food products		10.3	%		10.5	%
Containers & packaging		9.5	%		9.1	%
Professional services		6.3	%		6.6	%
Machinery		5.7	%		6.9	%
Financial services(1)		5.3	%		4.8	%
Chemicals		4.0	%		3.7	%
Leisure products		2.8	%		2.6	%
Building products		2.5	%		1.6	%
Household products		2.4	%		2.4	%
Personal care products		2.3	%		1.1	%
IT services		1.6	%		1.6	%
Automobile components		1.4	%		1.7	%
Aerospace & defense		1.4	%		3.8	%
Wireless telecommunication services		1.3	%		1.5	%
Electrical equipment		1.1	%		-	%
Health care equipment & supplies		1.1	%		1.1	%
Textiles, apparel & luxury goods		1.0	%		1.8	%
Insurance		1.0	%		1.0	%
Biotechnology		0.9	%		0.6	%
Household durables		0.9	%		0.9	%
Diversified consumer services		0.8	%		0.8	%
Consumer staples distribution & retail		0.5	%		-	%
Diversified telecommunication services		-	%		0.2	%
Pharmaceuticals		-	%		0.3	%
Specialty retail		-	%		0.8	%
		100.0	%		100.0	%

(1)

Includes our debt and equity investment in SGCP Partners, Inc. (SG Credit), through investments in SGCP Intermediate, Inc. and SGCP Holdings, LLC, an asset based lending platform company, where the Company has a minority investment.

Results of Operations

For the three and nine months ended September 30, 2026 and 2025, our total investment income was derived from our portfolio of investments.

The following table represents the operating results for the three and nine months ended September 30, 2026 and 2025.


	For the three months ended September 30,						For the nine months ended September 30,
	2026			2025			2026			2025
	($ in millions)			($ in millions)			($ in millions)			($ in millions)
Total investment income	$	59.0		$	61.3		$	172.0		$	173.9
Less: Net expenses		(28.8	)		(31.3	)		(85.3	)		(86.4	)
Net investment income		30.2			30.0			86.7			87.5
Net realized gains (losses) on investments		(14.9	)		(0.0	)		(29.4	)		0.5
Net change in unrealized gains (losses) on investments		(8.5	)		(5.0	)		(22.1	)		(15.0	)
Income tax (expense) benefit on unrealized appreciation/depreciation on investments		(0.2	)		(0.4	)		(0.6	)		(1.3	)
Net increase (decrease) in net assets resulting from operations	$	6.6		$	24.6		$	34.6		$	71.7

Investment Income

Investment income for the three and nine months ended September 30, 2026, totaled $59.0 million and $172.0 million, respectively, and consisted primarily of interest income on our debt investments. For the three and nine months ended September 30, 2026, we had $2.9 million and $9.6 million, respectively, of PIK interest included in interest income. Additionally, for the three and nine months ended September 30, 2026, $1.7 million and $2.6 million, respectively, of non-recurring interest income (e.g., prepayment premiums and accelerated accretion of upfront loan origination fees from unscheduled paydowns, and amendment fees that are earned at closing) was included in interest income. For the nine months ended September 30, 2026, $2.2 million of the $9.6 million, relates to PIK interest income recognized on our debt investments in Arborworks Acquisition, LLC following our change from non-accrual to accrual status for this investment in the first fiscal quarter of 2026.

Investment income for the three and nine months ended September 30, 2025 totaled $61.3 million and $173.9 million, respectively, and consisted primarily of interest income on our debt investments. For the three and nine months ended September 30, 2025, we had $2.1 million and $4.5 million, respectively, of PIK interest included in interest income. Additionally, for the three and nine months ended September 30, 2025, $1.5 million and $3.4 million, respectively, of non-recurring interest income was included in interest income.

Expenses

Operating expenses for the three and nine months ended September 30, 2026 and 2025 were as follows:


	For the three months ended September 30,				For the nine months ended September 30,
	2026		2025		2026		2025
	($ in millions)		($ in millions)		($ in millions)		($ in millions)
Interest and debt financing expenses	$	20.7	$	20.2	$	59.2	$	55.7
Management fees		5.7		5.6		16.6		16.1
Incentive fees		1.2		4.4		6.2		13.4
Directors fees		0.2		0.1		0.5		0.5
Other operating expenses		1.0		1.0		2.8		2.8
Total expenses		28.8		31.3		85.3		88.5
Management fee waiver		-		-		-		(2.1	)
Net expenses	$	28.8	$	31.3	$	85.3	$	86.4

Net Realized Gains (Losses) on Investments

During the three and nine months ended September 30, 2026, we had realized losses of $14.9 million and $29.4 million, respectively, on our investments. In February 2026, we completed a restructure of our debt investment in Regiment Security Partners LLC whereby our existing first lien senior secured debt was exchanged for new debt that included a tranche of last out first lien senior secured debt, and we recognized a $2.0 million realized loss as a result of the debt restructure. Additionally, during the first fiscal quarter of 2026, we recognized a $0.3 million realized loss due to the rotation out of one of our broadly syndicated loans. During the second fiscal quarter of 2026, we recognized a $9.4 million realized loss on our investment in Sundance Holdings Group, LLC for which the liquidation process was completed, and we recognized a $0.9 million loss on our investment in Diverzify Intermediate LLC whereby our existing first lien senior secured debt was exchanged for new debt that included a first lien last out tranche of debt. During the second fiscal quarter of 2026, we recognized a $1.9 million realized loss due to the rotation out of our four remaining broadly syndicated loans. Finally, during the three months ended September 30, 2026, we recognized a $14.9 million realized loss due to the restructure of American Soccer Company, Incorporated (SCORE), whereby a portion of our existing debt investment was exchanged for new debt investments and a preferred equity investment.

During the three and nine months ended September 30, 2025, we had realized losses of less than $0.1 million and realized gains of $0.5 million, respectively, on our investments.

Net Unrealized Gains (Losses) on Investments

We fair value our portfolio investments quarterly and any changes in fair value are recorded as unrealized gains or losses. During the three and nine months ended September 30, 2026 and 2025, net unrealized gains (losses) on our investment portfolio were comprised of the following:


	For the three months ended September 30,						For the nine months ended September 30,
	2026			2025			2026			2025
	($ in millions)			($ in millions)			($ in millions)			($ in millions)
Unrealized gains on investments	$	11.4		$	9.3		$	20.8		$	19.7
Unrealized (losses) on investments		(19.9	)		(14.3	)		(42.9	)		(34.7	)
Net change in unrealized gains (losses) on investments	$	(8.5	)	$	(5.0	)	$	(22.1	)	$	(15.0	)

For the three and nine months ended September 30, 2026, we had a deferred income tax expense of $0.2 million and $0.6 million, respectively, related to our net unrealized gain on our investments in KABDC Corp, LLC, a wholly owned subsidiary, that has elected to be treated as a corporation for U.S. tax purposes. For the three and nine months ended September 30, 2025, we had a deferred income tax expense of $0.4 million and $1.3 million, respectively. In addition, as of September 30, 2026,


Delaware		83-0531326
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

717 Texas Avenue, Suite 2200, Houston, TX		77002
(Address of principal executive offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	KBDC	NYSE


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐


		Page
PART I.	FINANCIAL INFORMATION	1
Item 1.	Consolidated Financial Statements	1
	Consolidated Statements of Assets and Liabilities as of September 30, 2026 (Unaudited) and December 31, 2025	1
	Consolidated Statements of Operations for the three and nine months ended September 30, 2026 and 2025 (Unaudited)	2
	Consolidated Statement of Changes in Net Assets for the three and nine months ended September 30, 2026 and 2025 (Unaudited)	3
	Consolidated Statement of Cash Flows for the nine months ended September 30, 2026 and 2025 (Unaudited)	4
	Consolidated Schedule of Investments as of September 30, 2026 (Unaudited) and December 31, 2025	5
	Notes to Consolidated Financial Statements (Unaudited)	43
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	66
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	77
Item 4.	Controls and Procedures	78

PART II.	OTHER INFORMATION	79
Item 1.	Legal Proceedings	79
Item 1A.	Risk Factors	79
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	79
Item 3.	Defaults Upon Senior Securities	80
Item 4.	Mine Safety Disclosures	80
Item 5.	Other Information	80
Item 6.	Exhibits	81

Signatures		84


	Payments Due by Period ($ in millions)
			Less than						After
	Total		1 year		1-3 years		3-5 years		5 years
Senior Unsecured Notes	$	275.0	$	25.0	$	150.0	$	100.0	$	-
Corporate Credit Facility		162.0		-		-		162.0		-
Revolving Funding Facility		583.0		-		-		583.0		-
Revolving Funding Facility II		192.0		-		-		192.0		-
Total contractual obligations	$	1,212.0	$	25.0	$	150.0	$	1,037.0	$	-


Change in Interest Rates	Increase (Decrease) in Interest Income			Increase (Decrease) in Interest Expense(1)			Net Increase (Decrease) in Net Investment Income
Down 200 basis points	$	(40.1	)	$	(22.7	)	$	(17.4	)
Down 100 basis points	$	(20.0	)	$	(11.4	)	$	(8.6	)
Up 100 basis points	$	20.0		$	11.4		$	8.6
Up 200 basis points	$	40.1		$	22.7		$	17.4


Exhibit Index
3.1		Certificate of Formation (3)
3.2		Initial Limited Liability Company Agreement (1)
3.3		Certificate of Conversion (2)
3.4		Certificate of Incorporation (2)
3.5		Amended and Restated Bylaws (5)
4.1		Description of Securities (3)
10.1		Amended and Restated Investment Advisory Agreement (12)
10.2		Fee Waiver Agreement (12)
10.3		Administration Agreement (1)
10.4		License Agreement (1)
10.5		Indemnification Agreement (1)
10.6		Custody Agreement (1)
10.7		Subscription Agreement (1)
10.8		Credit Agreement, dated February 5, 2021, by and between Kayne Anderson BDC, Inc., as borrower, lenders signatories thereto, and agent and the lead arranger (2)
10.9		Second Amendment to Credit Agreement, dated December 3, 2021, by and between Kayne Anderson BDC, Inc., as borrower, lender signatories thereto, and agent and lead arranger (5)
10.10		Third Amendment to the Credit Agreement, dated December 30, 2022, by and between Kayne Anderson BDC, Inc., as borrower, lenders, and City National Bank as administrative agent for the lenders (7)
10.11		Fourth Amendment to the Credit Agreement, dated December 31, 2024, by and between Kayne Anderson BDC, Inc., as borrower, lenders, and City National Bank as administrative agent for the lenders (10)
10.12		Senior Secured Revolving Credit Agreement (4)
10.13		Second Amendment to the Senior Secured Revolving Credit Agreement (13)
10.14		Third Amendment to the Senior Secured Revolving Credit Agreement (17)
10.15		Loan and Security Agreement (4)
10.16		First Amendment to Loan and Security Agreement, dated November 17, 2022, by and between KA Credit Advisors, LLC, as collateral manager, Kayne Anderson BDC Financing, LLC, as borrower, certain lenders thereto, administrative agent for the lenders, and collateral agent for the lenders (6)
10.17		Second Amendment to Loan and Security Agreement, dated June 29, 2023, by and between KA Credit Advisors, LLC, as collateral manager, Kayne Anderson BDC Financing, LLC, as borrower, certain lenders thereto, administrative agent for the lenders, and collateral agent for the lenders (8)
10.18		Third Amendment to Loan and Security Agreement, dated April 3, 2024, by and between KA Credit Advisors, LLC, as collateral manager, Kayne Anderson BDC Financing, LLC, as borrower, certain lenders thereto, administrative agent for the lenders, and collateral agent for the lenders (11)
10.19		Fourth Amendment to Loan and Security Agreement, dated December 13, 2024, by and between KA Credit Advisors, LLC, as collateral manager, Kayne Anderson BDC Financing, LLC, as borrower, certain lenders thereto, administrative agent for the lenders, and collateral agent for the lenders (16)


Exhibit Index
10.20		Fifth Amendment to Loan and Security Agreement, dated February 13, 2025, by and between KA Credit Advisors, LLC, as collateral manager, Kayne Anderson BDC Financing, LLC, as borrower, certain lenders thereto, administrative agent for the lenders, and collateral agent for the lenders (15)
10.21		Sixth Amendment to Loan and Security Agreement, dated February 20, 2026, by and among KA Credit Advisors, as collateral manager, Kayne Anderson BDC Financing, LLC, as borrower, certain lenders thereto, administrative agent for the lenders and collateral manager for the lenders (19)
10.22		Loan and Security Agreement, dated December 22, 2023, by and between KA Credit Advisors, LLC, as portfolio manager, Kayne Anderson BDC Financing II, LLC, as borrower, certain lenders thereto, collateral administrator for the lenders, collateral agent for the lenders, securities intermediary party, and administrative agent for the lenders (9)
10.23		Amendment No. 2 to Loan and Security Agreement, dated December 22, 2023, by and between KA Credit Advisors, LLC, as portfolio manager, Kayne Anderson BDC Financing II, LLC, as borrower, certain lenders thereto, collateral administrator for the lenders, collateral agent for the lenders, securities intermediary party, and administrative agent for the lenders (14)
10.24		Notes Purchase Agreement, dated June 29, 2023, by and among the Company and the Purchasers party thereto (8)
10.25		Notes Purchase Agreement, dated September 9, 2025, by and among the Company and the Purchasers party thereto (18)


31.1*		Certification of Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*		Certification of Chief Financial Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS		Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH		Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents
104		The cover page for the Company's Quarterly Report on Form 10-Q has been formatted in Inline XBRL and contained in Exhibit 101


	Kayne Anderson BDC, Inc.

Date: November 5, 2026		/s/ Douglas L. Goodwillie
	Name:	Douglas L. Goodwillie
	Title:	Co-Chief Executive Officer
		(Co-Principal Executive Officer)

Date: November 5, 2026		/s/ Kenneth B. Leonard
	Name:	Kenneth B. Leonard
	Title:	Co-Chief Executive Officer
		(Co-Principal Executive Officer)

Date: November 5, 2026		/s/ Terry A. Hart
	Name:	Terry A. Hart
	Title:	Chief Financial Officer and Treasurer
		(Principal Financial and Accounting Officer)