Bank of America Discloses 4.6M Shares (6.5%) in KBDC Schedule 13G

Rhea-AI Filing Summary

Bank of America Corporation filed a Schedule 13G reporting beneficial ownership in Kayne Anderson BDC, Inc. of 4,596,731 shares, equal to 6.5% of the outstanding common stock as of the event date 06/30/2025. The filing shows shared voting power of 4,554,213 shares and shared dispositive power of 4,596,731, with no sole voting or dispositive power reported. The statement is filed on behalf of Bank of America and its wholly owned subsidiaries, including Bank of America, N.A. and Merrill Lynch Pierce Fenner & Smith, Inc. The registrant certifies the shares are held in the ordinary course of business and not for the purpose of changing control. The Schedule 13G was signed by Andres Ortiz as Authorized Signatory on 08/12/2025.

Positive

• Beneficial ownership disclosed: 4,596,731 shares (6.5% of class)
• Shared voting power disclosed: 4,554,213 shares
• Filing covers Bank of America and wholly owned subsidiaries, including Bank of America, N.A. and Merrill Lynch Pierce Fenner & Smith, Inc.
• Registrant certifies shares are held in the ordinary course of business and not to change control

Negative

• None.

Insights

Securities Analyst

TL;DR: Bank of America discloses a material 6.5% passive stake in KBDC, reported with shared voting and dispositive powers.

The Schedule 13G shows a 4,596,731-share position representing 6.5% of Kayne Anderson BDC common stock, disclosed under passive Schedule 13G procedures. Ownership is held with shared voting power of 4,554,213 and shared dispositive power of 4,596,731, and no sole powers. The filing explicitly states the shares are held in the ordinary course of business and not to effect a change in control. For investors, this is a material disclosure of institutional ownership but contains no indication of activist intent or transaction to alter governance.

Corporate Governance Expert

TL;DR: A >5% disclosure by a major bank is material for governance transparency but the filer certifies no control purpose.

Bank of America and designated subsidiaries filed on behalf of their entities, identifying the position and class percentages. The absence of sole voting or dispositive power and the certification that holdings are not for changing control are notable governance details explicitly stated in the filing. This disclosure increases transparency around significant shareholders without signaling a change in board or control dynamics.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Kayne Anderson BDC, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

48662X105

(CUSIP Number)

06/30/2025

(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)

SCHEDULE 13G

CUSIP No. 48662X105

1

Names of Reporting Persons

BANK OF AMERICA CORP /DE/

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,554,213.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,596,731.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,596,731.00

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)

6.5 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Kayne Anderson BDC, Inc.
(b)	Address of issuer's principal executive offices: 717 TEXAS AVENUE, 22ND FLOOR, HOUSTON, TEXAS, 77002.
Item 2.
(a)	Name of person filing: BANK OF AMERICA CORP /DE/
(b)	Address or principal business office or, if none, residence: 100 N TRYON ST CHARLOTTE, NC 28255
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Stock
(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: 4,596,731.00
(b)	Percent of class: 6.5%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0.00
	(ii) Shared power to vote or to direct the vote: 4,554,213.00
	(iii) Sole power to dispose or to direct the disposition of: 0.00
	(iv) Shared power to dispose or to direct the disposition of: 4,596,731.00
Item 5.	Ownership of 5 Percent or Less of a Class.
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.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. This statement on Schedule 13G is being filed by Bank of America Corporation on behalf of itself and its wholly owned subsidiaries Bank of America N.A., a bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c); and Merrill Lynch Pierce Fenner & Smith, Inc., a broker dealer registered under section 15 of the Act (15 U.S.C. 78o).
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.

BANK OF AMERICA CORP /DE/

Signature:	Andres Ortiz
Name/Title:	Authorized Signatory
Date:	08/12/2025

FAQ

Who filed the Schedule 13G for KBDC?

Bank of America Corporation filed the Schedule 13G, listing its principal office at 100 N Tryon St, Charlotte, NC.

How many KBDC shares does Bank of America report owning?

The filing reports beneficial ownership of 4,596,731 shares, representing 6.5% of the common stock.

What voting and dispositive powers are reported in the filing?

The filing reports shared voting power of 4,554,213 shares, no sole voting or dispositive power, and shared dispositive power of 4,596,731 shares.

Was the ownership reported as intended to change control of KBDC?

No. The filer certified the securities are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

On what date is the triggering event for this Schedule 13G?

The date of the event requiring filing is listed as 06/30/2025.

When was the Schedule 13G signed?

The Schedule 13G was signed by Andres Ortiz, Authorized Signatory on 08/12/2025.