Kayne Anderson BDC, Inc.

The newest of these lenders to reach the public market, Kayne Anderson BDC listed on the NYSE in May 2024 after several years operating as a non-traded fund. It is advised by an arm of Kayne Anderson, a firm long known for energy and real-assets investing, and it concentrates on first-lien senior secured loans to private US middle-market companies, with smaller unitranche and split-lien positions. First-lien focus is the conservative choice: those loans sit at the top of the capital structure and are repaid first if a borrower fails. Like every business development company it distributes most of its income, so investors own it for the floating-rate dividend. Being a young public fund whose portfolio was built during a high-rate stretch, its record through a full credit cycle is still unproven.

On MyRWA, KBDC trades tokenized across 1 on-chain venue - see the listings below.