Kayne Anderson BDC, Inc.

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 CODM is comprised of the Company’sco-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 15, 2025, the Company completed a private placement offering of $200,000 of senior unsecured notes (the “Series C, D and E Notes”). The private placement consisted of $40,000 of floating rate Series C Notes with an interest rate of SOFR plus 2.32% per annum due June 2028; $60,000 of 5.80% Series D Notes due June 2028 and $100,000 of 6.15% Series E Notes due October 2030. Net proceeds from the offering were used to refinance existing debt and for general corporate purposes.

In connection with the Series D and Series E 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.

On October 16, 2025, the Company paid a regular dividend of $0.40 per share to each common stockholder of record as of September 30, 2025. The total dividend was $27,927, and, of this amount, $174 was DRIP which was fulfilled through open market purchases of common stock.

On November 4, 2025, 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 16, 2026 to stockholders of record as of the close of business on December 31, 2025, payable in cash or shares of common stock of the Company pursuant to the Company’s Dividend Reinvestment Plan, as amended.

From October 1, 2025 to November 5, 2025, the Company’s agent repurchased 1,369,049 shares of common stock at an average price of$13.99 per share for a total amount of $19,153. As of November 5, 2025, $65,709 remains for repurchase under the Company’s amended 10b5-1 Plan.

On November 10, 2025, the Company issued a press release announcing that the Board of Directors of the Company appointed Frank P. Karl as President and appointed Andy Wedderburn-Maxwell as Senior Vice President.