Kayne Anderson BDC Inc 2025年季度报告

FORM10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedJune 30,2025 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number:814-01363 Kayne Anderson BDC, Inc. Name of each exchange on whichregistered Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to filesuch reports), and (2) has been subject to such filing requirements for the past 90 days.☒Yes☐No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorterperiod that the registrant was required to submit such files).☒Yes☐No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smallerreporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☒Non-accelerated filer☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition periodfor complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).☐Yes☒No As of August 6, 2025, the registrant had70,576,976shares of common stock, $0.001 par value per share, issued andoutstanding. Table of Contents PagePART I.FINANCIAL INFORMATION1Item 1.Consolidated Financial Statements1Consolidated Statements of Assets and Liabilities as of June 30, 2025 (Unaudited) and December 31, 20241Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (Unaudited)2Consolidated Statement of Changes in Net Assets for the three and six months ended June 30, 2025 and 2024(Unaudited)3Consolidated Statement of Cash Flows for the six months ended June 30, 2025 and 2024 (Unaudited)4Consolidated Schedule of Investments as of June 30, 2025 (Unaudited) and December 31, 20245Notes to Consolidated Financial Statements (Unaudited)29Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations52Item 3.Quantitative and Qualitative Disclosures About Market Risk64Item 4.Controls and Procedures64PART II.OTHER INFORMATION65Item 1.Legal Proceedings65Item 1A.Risk Factors65Item 2.Unregistered Sales of Equity Securities and Use of Proceeds65Item 3.Defaults Upon Senior Securities65Item 4.Mine Safety Disclosures65Item 5.Other Information65Item 6.Exhibits66Signatures68i Forward-Looking Statements This quarterly report on Form 10-Q contains forward-looking statements that involve substantial known and unknown risks,uncertainties and other factors. Undue reliance should not be placed on such statements. These forward-looking statements are nothistorical facts, but rather are based on current expectations, estimates and projections about the company, current and prospectiveportfolio investments, the industry, beliefs and assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,”“continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words andsimilar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performanceand are subject to risks, uncertainties and other factors, some of which are beyond control of Kayne Anderson BDC, Inc. (“theCompany”) and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in theforward-looking statements, including: ●future operating results;●business prospects and the prospects of portfolio companies in which we invest;●the ability of our portfolio companies to achieve their objectives;●changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial andcapital markets;●the ability of KA Credit Advisors, LLC (our “Advisor”) to locate suitable investments and to monitor and administerinvestments;●the ability of the Advisor and its affiliates to attract and retain highly talented professionals;●risks associated with possible disruptions in our operations, the operations of our portfolio companies or the economygenerally, including disruptions due to terrorism, war or other geopolitical conflict, natural disasters, pandemics orcybersecurity incidents;●the adequacy of our cash resources, financin