State of Michigan fund discloses 9.6% Kayne Anderson BDC (KBDC) stake

Rhea-AI Filing Summary

State of Michigan Retirement System has disclosed a significant ownership stake in Kayne Anderson BDC, Inc. The pension fund reports beneficial ownership of 6,566,762 shares of common stock, representing 9.601% of the company’s outstanding shares as of January 15, 2026.

The filing shows that the fund has sole power to vote and dispose of all 6,566,762 shares, with no shared voting or dispositive power. Its ownership first exceeded five percent on May 21, 2024, when it held 6,566,762 shares, or 9.234% of the then-outstanding 71,116,459 shares.

The State of Michigan Retirement System certifies that these securities were acquired and are held in the ordinary course of business, and not for the purpose of changing or influencing control of Kayne Anderson BDC, Inc.

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, par value $0.001 per share

(Title of Class of Securities)

48662X105

(CUSIP Number)

05/31/2024

(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

STATE OF MICHIGAN RETIREMENT SYSTEM

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

MICHIGAN

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 6,566,762.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 6,566,762.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,566,762.00

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)

9.6 %

12

Type of Reporting Person (See Instructions)

EP

Comment for Type of Reporting Person: Reporting Person's ownership of common stock, par value $0.001 per share (the "Common Stock") first resulted in beneficial ownership resulting in more than five percent of the outstanding Common Stock on May 21, 2024, at which date, Reporting Person beneficially owned 6,566,762 shares of Common Stock representing 9.234 percent of the outstanding shares of Common Stock, based on 71,116,459 shares of Common Stock outstanding on such date. The information presented in this Schedule 13G reflects ownership as of January 15, 2026.

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: State of Michigan Retirement System
(b)	Address or principal business office or, if none, residence: 2501 Coolidge Road Suite 400 East Lansing, MI 48823
(c)	Citizenship: Michigan, United States
(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: 6,566,762
(b)	Percent of class: 9.601 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 6,566,762
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 6,566,762
	(iv) Shared power to dispose or to direct the disposition of: 0
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.

STATE OF MICHIGAN RETIREMENT SYSTEM

Signature:	Jeannette J. Brya
Name/Title:	Chief Compliance Officer
Date:	01/15/2026

FAQ

How many Kayne Anderson BDC (KBDC) shares does the State of Michigan Retirement System own?

The State of Michigan Retirement System beneficially owns 6,566,762 shares of Kayne Anderson BDC, Inc. common stock.

What percentage of Kayne Anderson BDC’s common stock is held by the State of Michigan Retirement System?

The State of Michigan Retirement System holds 9.601% of Kayne Anderson BDC, Inc.’s outstanding common stock as of January 15, 2026.

Does the State of Michigan Retirement System control voting of its KBDC shares?

Yes. The State of Michigan Retirement System reports sole voting power over all 6,566,762 shares and no shared voting power.

Does the State of Michigan Retirement System share dispositive power over its Kayne Anderson BDC stake?

No. The filing states it has sole dispositive power over 6,566,762 shares and no shared dispositive power.

When did the State of Michigan Retirement System first exceed 5% ownership in Kayne Anderson BDC?

Its ownership first exceeded five percent on May 21, 2024, when it held 6,566,762 shares, or 9.234% of the then-outstanding common stock.

Is the State of Michigan Retirement System seeking to influence control of Kayne Anderson BDC?

No. It certifies the shares were acquired and are held in the ordinary course of business and not to change or influence control of Kayne Anderson BDC, Inc.