Kayne Anderson BDC (KBDC) is a business development company (BDC) that lends to U.S. private middle market companies. KBDC's core product is first lien senior secured loans, and to a lesser extent unitranche and split-lien loans, targeting borrowers with $10M–$150M in annual EBITDA, with a particular focus on the "core middle market" ($10M–$50M EBITDA). Roughly 99% of borrowers are private equity-backed, and KBDC sources deals primarily through direct relationships with PE sponsors rather than financial intermediaries — about 89% of investments since inception were sourced without an intermediary. KBDC is externally managed by KA Credit Advisors, an affiliate of Kayne Anderson Capital Advisors, and has no employees of its own. The business model is straightforward: borrow at lower rates, lend at higher rates. Nearly all loans are floating rate (spread over SOFR), and the portfolio yields roughly 10.4%–10.6%. KBDC targets a debt-to-equity ratio of 1.0x–1.25x. The manager earns a 1.00% base management fee on fair value of investments, plus incentive fees on income and capital gains. KBDC distributes 90%–100% of taxable income as dividends to maintain its regulated investment company (RIC) tax status. The portfolio is almost entirely core private middle market loans, with a small position in SG Credit, a lower middle market asset-backed lending platform, and a legacy broadly syndicated loan sleeve that KBDC is actively winding down.