[Form 4] Kayne Anderson BDC, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Rhonda Scott Smith, a director of Kayne Anderson BDC, Inc. (KBDC), reported a purchase of 365 shares of the issuer's common stock on 09/29/2025 at a price of $13.6762 per share. After this transaction she beneficially owned 1,615 shares in a direct capacity. The Form 4 is signed by the reporting person on 09/30/2025.

Positive

• Director purchased shares, indicating personal investment alignment with shareholders
• Transaction fully disclosed on Form 4 and manually signed, showing compliance with reporting rules

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider purchase of 365 KBDC shares at $13.6762, modest in size and likely routine.

The filing documents a small, direct purchase by a board director, increasing her holdings to 1,615 shares. The transaction is a straightforward open-market acquisition with no derivatives, amendments, or additional disclosures. Given the limited scale relative to typical institutional holdings, this is unlikely to materially affect company capitalization but signals personal investment by an insider.

Corporate Governance Expert

TL;DR: Director exercise of shareholder alignment through a minor direct purchase; procedural and fully disclosed.

The Form 4 is properly completed and manually signed, indicating compliance with Section 16 reporting. The report shows a direct beneficial ownership increase and contains no indications of coordinated group filings or indirect ownership changes. This is a routine, transparent disclosure under insider-trading rules.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Smith Rhonda Scott

(Last) (First) (Middle)

C/O KAYNE ANDERSON BDC, INC.

717 TEXAS AVENUE, 22ND FLOOR

(Street)

HOUSTON TX 77002

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Kayne Anderson BDC, Inc. [ KBDC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/29/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/29/2025		P		365	A	$13.6762	1,615	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	/s/ Rhonda Scott Smith	09/30/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did Rhonda Scott Smith report on Form 4 for KBDC?

She reported a purchase of 365 shares of Kayne Anderson BDC, Inc. common stock on 09/29/2025 at $13.6762 per share.

How many KBDC shares does Rhonda Scott Smith own after the reported trade?

Following the transaction she beneficially owned 1,615 shares in a direct capacity.

Was the Form 4 properly signed and dated?

Yes. The Form 4 includes the reporting person's signature dated 09/30/2025.

Did the filing report any derivative transactions or amendments?

No. The filing lists only a non-derivative purchase; there are no derivative transactions or amendments reported.