Koch entities (KBDC) disclose 8.7M-share, 13.2% holding in Kayne Anderson BDC

Rhea-AI Filing Summary

Koch Companies Defined Benefit Master Trust (Koch Pension) and Koch, Inc. report beneficial ownership of common stock of Kayne Anderson BDC, Inc. Amendment No. 3 states that Koch Pension holds 8,700,507 Public Shares of common stock, par value $0.001 per share.

These 8,700,507 shares represent 13.2% of the Public Shares of Kayne Anderson BDC, Inc., based on 66,037,810 Public Shares deemed outstanding as of August 5, 2026, as referenced in the company’s Quarterly Report on Form 10-Q. Both Koch Pension and Koch, Inc. report sole voting and sole dispositive power over the 8,700,507 shares, with no shared voting or dispositive power.

Key Figures

Shares beneficially owned: 8,700,507 shares Ownership percentage: 13.2% Public Shares outstanding: 66,037,810 shares +2 more

5 metrics

Shares beneficially owned 8,700,507 shares Public Shares of Kayne Anderson BDC, Inc. held by Koch Pension

Ownership percentage 13.2% Portion of Public Shares beneficially owned by the reporting persons

Public Shares outstanding 66,037,810 shares Public Shares deemed outstanding as of August 5, 2026

Sole voting power 8,700,507 shares Shares over which each reporting person has sole voting power

Sole dispositive power 8,700,507 shares Shares over which each reporting person has sole dispositive power

Key Terms

beneficially owned, sole voting power, sole dispositive power, Public Shares

4 terms

beneficially owned financial

"Amount beneficially owned: See Row 9 of each cover page."

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole voting power financial

"5 | Sole Voting Power 8,700,507.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

sole dispositive power financial

"7 | Sole Dispositive Power 8,700,507.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Public Shares financial

"represent 8,700,507 shares of common stock, par value $0.001 per share (the "Public Shares")"

FAQ

How many Kayne Anderson BDC, Inc. (KBDC) shares does Koch Pension report owning?

Koch Companies Defined Benefit Master Trust reports holding 8,700,507 Public Shares of Kayne Anderson BDC, Inc. common stock. These shares carry sole voting and sole dispositive power, with no shared voting or dispositive authority reported.

What percentage of Kayne Anderson BDC, Inc. (KBDC) is owned by the reporting persons?

The reporting persons state beneficial ownership of 13.2% of Kayne Anderson BDC, Inc. Public Shares. This percentage is calculated using 66,037,810 Public Shares deemed outstanding as of August 5, 2026, per the company’s Form 10-Q.

Who are the reporting persons in this Schedule 13G/A for KBDC?

The reporting persons are Koch Companies Defined Benefit Master Trust (Koch Pension) and Koch, Inc. Each is a separate reporting person, and together they report beneficial ownership and control over 8,700,507 Kayne Anderson BDC, Inc. Public Shares.

What voting and dispositive powers do Koch Pension and Koch, Inc. report over KBDC shares?

Each reporting person discloses sole voting power and sole dispositive power over 8,700,507 Kayne Anderson BDC, Inc. Public Shares. They report zero shared voting power and zero shared dispositive power for this position.

How was the 13.2% ownership in KBDC calculated for the reporting persons?

The 13.2% ownership figure is based on 66,037,810 Public Shares of Kayne Anderson BDC, Inc. deemed outstanding as of August 5, 2026. That outstanding share count is cited from the company’s Quarterly Report on Form 10-Q filed August 10, 2026.

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Available on EDGAR 08/14/2026 - 06:45 PM Accepted by SEC EDGAR 08/14/2026 - 06:45 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Kayne Anderson BDC, Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

48662X105

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 48662X105

1

Names of Reporting Persons

Koch Companies Defined Benefit Master Trust

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 8,700,507.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 8,700,507.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,700,507.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

13.2 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: The shares reported in Rows 5,7 and 9 in the table above represent 8,700,507 shares of common stock, par value $0.001 per share (the "Public Shares"), of Kayne Anderson BDC, Inc. (the "Issuer") held by Koch Companies Defined Benefit Master Trust ("Koch Pension"). The percentage reflected in Row 11 in the table above is calculated based on 66,037,810 Public Shares deemed outstanding as of August 5, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 10, 2026.

SCHEDULE 13G

CUSIP Number(s): 48662X105

1

Names of Reporting Persons

Koch, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

KANSAS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 8,700,507.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 8,700,507.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,700,507.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

13.2 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: The shares reported in Rows 5,7 and 9 in the table above represent 8,700,507 Public Shares of the Issuer held by Koch Pension. These Issuer securities may be deemed to be beneficially owned by Koch, Inc. because of the involvement of certain employees of Koch, Inc. and its subsidiaries on Koch Pension's investment committee. The percentage reflected in Row 11 in the table above is calculated based on 66,037,810 Public Shares deemed outstanding as of August 5, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 10, 2026.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Kayne Anderson BDC, Inc.
(b)	Address of issuer's principal executive offices: 717 Texas Avenue, Suite 2200, Houston, TX 77002
Item 2.
(a)	Name of person filing: Koch Companies Defined Benefit Master Trust ("Koch Pension") Koch, Inc. (Each a "Reporting Person," and collectively, the "Reporting Persons").
(b)	Address or principal business office or, if none, residence: The principal business office for both Reporting Persons filing is: 4111 E. 37th Street North Wichita, KS 67220
(c)	Citizenship: See Row 4 of each cover page.
(d)	Title of class of securities: Common Stock, par value $0.001 per share
(e)	CUSIP No.: 48662X105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See Row 9 of each cover page.
(b)	Percent of class: See Row 11 of each cover page. Calculated based on 66,037,810 Public Shares deemed outstanding as of August 5, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 10, 2026.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Row 5 of each cover page.
	(ii) Shared power to vote or to direct the vote: See Row 6 of each cover page.
	(iii) Sole power to dispose or to direct the disposition of: See Row 7 of each cover page.
	(iv) Shared power to dispose or to direct the disposition of: See Row 8 of each cover page.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Koch Companies Defined Benefit Master Trust

Signature:	By Koch Companies LLC, its Sponsor, /s/ David J. May
Name/Title:	David J. May, Vice President - Investment Management
Date:	08/14/2026

Koch, Inc.

Signature:	/s/ Adam Fitzsimmons
Name/Title:	Adam Fitzsimmons, Assistant Secretary
Date:	08/14/2026