Kayne Anderson BDC, Inc. is a closed-end business development company that invests primarily in first lien senior secured loans to private middle-market companies, with secondary exposure to unitranche and split-lien debt. The company targets U.S. private firms with annual EBITDA between $10 million and $150 million, deploying capital through its advisor, KA Credit Advisors, an arm of the large alternative investment manager Kayne Anderson Capital Advisors. The company generates revenue through debt service payments and interest income on its loan portfolio, distributing substantially all available earnings to shareholders on a quarterly or annual basis; it benefits from secular trends including reduced bank participation in private credit markets and substantial uninvested capital held by private equity firms seeking acquisition financing.