Kayne Anderson BDC, Inc.

2024 ANNUAL MEETING OF STOCKHOLDERS

APRIL 26, 2024

This combined proxy statement is being sent to you by the Boards of Directors of Kayne Anderson BDC, Inc. and Kayne DL 2021, Inc. each a Delaware corporation (each a “Company” and collectively, the “Companies”). The Board of Directors of each Company is asking you to complete and return the enclosed proxy card, permitting your votes to be cast at the combined virtual Annual Meeting of Stockholders (the “Annual Meeting”) to be held on June 14, 2024, at 1:00 p.m. Central Time. The Annual Meeting will be held in a virtual meeting format only. Stockholders will not be able to attend the meeting in person.

Stockholders of record of each Company at the close of business on April 3, 2024 (the “Record Date”), are entitled to vote at the Annual Meeting. As a stockholder of the Company, you are entitled to one vote for each share of Common Stock of the Company you hold on each matter on which holders of such shares are entitled to vote.

Important notice regarding the availability of proxy materials for the 2024 Annual Meeting of Stockholders to be held on June 14, 2024: This joint proxy statement and each Company’s annual report are available atwww.kaynebdc.com or on the website of the Securities and Exchange Commission (“SEC”) atwww.sec.gov. To request a hard copy of these reports be mailed to you, free of charge, please contact each Company by email at kaynebdc@kaynecapital.com.

KBDC is managed by KA Credit Advisors, LLC (the “KBDC Advisor”), an indirect controlled subsidiary of Kayne Anderson Capital Advisors, L.P. (“Kayne Anderson”). KDL is managed by KA Credit Advisors II, LLC, also an indirect controlled subsidiary of Kayne Anderson (the “KDL Advisor”, and, collectively with the KBDC Advisor, the “Advisors”). The Advisors are registered as investment advisers under the Investment Advisers Act of 1940, as amended. Kayne Anderson is a prominent alternative investment management firm focused on real estate, credit, infrastructure/energy and growth capital. As of December 31, 2023, investment vehicles managed or advised by Kayne Anderson had over $34 billion in assets under management (“AUM”) for institutional investors, family offices, high net worth, and retail clients. Kayne Anderson has over 330 professionals located across five offices across the U.S. Kayne Anderson may be contacted at the address listed above.

This combined proxy statement sets forth the information that each Company’s stockholders should know in order to evaluate each of the following proposals. The following table presents a summary of the proposals for the Companies being solicited with respect to each proposal. Please refer to the discussion of each proposal in this proxy statement for information regarding votes required for the approval of each proposal.

Proposals for each Company

1. To elect the following individuals as directors for term of three years and until her successors are duly elected and qualified:

• KBDC: Mariel A. Joliet

• KDL: Mariel A. Joliet

2. To ratify the selection of PricewaterhouseCoopers LLP as each Company’s independent registered public accounting firm for the fiscal year ending December 31, 2024.

Notice of Internet Availability of Proxy Materials

In accordance with regulations promulgated by the SEC, the Companies have made this Proxy Statement, the Notice of Annual Meeting of Stockholders, and their Annual Reports available to stockholders on the internet. Stockholders may (i) access and review the Companies’ joint proxy materials and (ii) authorize their proxies, as described in “Answers to Some Important Questions”, via the internet atvote.proxyonline.com.

This Proxy Statement, the Notice of Annual Meeting and the Annual Report are available atwww.kaynebdc.com.

Electronic Delivery of Proxy Materials

Pursuant to the rules adopted by the SEC, the Companies furnish proxy materials by email to those stockholders who have elected to receive their proxy materials electronically. While the Companies encourage their stockholders to take advantage of electronic delivery of proxy materials, which helps to reduce the environmental impact of annual meetings and the cost associated with the physical printing and mailing of materials, stockholders who have elected to receive proxy materials electronically by email may request a printed set of proxy materials. The Notice of Internet Availability of Proxy Materials contains instructions on how you can elect to receive a printed copy of the Proxy Statement and Annual Report.