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KBDC

Kayne Anderson BDC
KBDC

87 hedge funds and large institutions have $532M invested in Kayne Anderson BDC in 2025 Q4 according to their latest regulatory filings, with 28 funds opening new positions, 15 increasing their positions, 25 reducing their positions, and 20 closing their positions.

New
Increased
Maintained
Reduced
Closed

43% more capital invested

Capital invested by funds: $371M → $532M (+$160M)

40% more first-time investments, than exits

New positions opened: 28 | Existing positions closed: 20

25% more funds holding in top 10

Funds holding in top 10: 4 → 5 (+1)

14.79% more ownership

Funds ownership: 39.45% → 54.24% (+15%)

5% more funds holding

Funds holding: 83 → 87 (+4)

40% less repeat investments, than reductions

Existing positions increased: 15 | Existing positions reduced: 25

Holders
87
Holders Change
+4
Holders Change %
+4.82%
% of All Funds
1.06%
Holding in Top 10
5
Holding in Top 10 Change
+1
Holding in Top 10 Change %
+25%
% of All Funds
0.06%
New
28
Increased
15
Reduced
25
Closed
20
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

1
SOMRS
State of Michigan Retirement System
Michigan
+$95.7M
2
VanEck Associates
VanEck Associates
New York
+$12M
3
UBS Group
UBS Group
Switzerland
+$6.1M
4
Franklin Resources
Franklin Resources
California
+$4.61M
5
Corient Private Wealth
Corient Private Wealth
Florida
+$4.15M

Top Sellers

1
MFG
Merit Financial Group
Georgia
-$23.2M
2
KWM
Keebeck Wealth Management
Illinois
-$4.7M
3
SMA
Sage Mountain Advisors
Georgia
-$3.79M
4
RCM
Rivernorth Capital Management
Florida
-$3.64M
5
Pathstone Holdings
Pathstone Holdings
New Jersey
-$1.35M
Name Holding Trade Value Shares
Change 		Change in
Stake
XT
26
XTX Topco
Cayman Islands
$1.29M +$1.31M +90,075 New
IC
27
Inscription Capital
Texas
$1.16M – – –
CEFA
28
Closed-End Fund Advisors
Virginia
$1.05M +$1.07M +73,202 New
Renaissance Technologies
29
Renaissance Technologies
New York
$1.03M -$1.26M -86,559 -55%
LWA
30
Legacy Wealth Advisors
Florida
$846K +$861K +59,089 New
Citadel Advisors
31
Citadel Advisors
Florida
$828K +$842K +57,812 New
Invesco
32
Invesco
Georgia
$796K -$1.17K -80 -0.1%
Verition Fund Management
33
Verition Fund Management
Connecticut
$747K +$760K +52,173 New
AI
34
Accredited Investors
Minnesota
$729K – – –
HWAM
35
Hennion & Walsh Asset Management
New Jersey
$709K +$132K +9,063 +22%
Stifel Financial
36
Stifel Financial
Missouri
$676K +$472K +32,425 +220%
CIM
37
Confluence Investment Management
Missouri
$665K -$50.2K -3,445 -7%
Cerity Partners
38
Cerity Partners
New York
$646K -$310K -21,298 -32%
Point72 Asset Management
39
Point72 Asset Management
Connecticut
$642K +$653K +44,801 New
BNP Paribas Financial Markets
40
BNP Paribas Financial Markets
France
$637K +$396K +27,210 +158%
QCM
41
Quantinno Capital Management
New York
$628K +$639K +43,836 New
AIA
42
Accelerate Investment Advisors
California
$624K -$119K -8,197 -16%
Royal Bank of Canada
43
Royal Bank of Canada
Ontario, Canada
$594K +$299K +20,495 +98%
Brown Advisory
44
Brown Advisory
Maryland
$514K – – –
DTL
45
Dynamic Technology Lab
Singapore
$511K +$519K +35,658 New
QT
46
Quantbot Technologies
New York
$508K +$272K +18,690 +111%
QC
47
Quadrature Capital
United Kingdom
$458K +$136K +9,317 +41%
Marshall Wace
48
Marshall Wace
United Kingdom
$450K +$457K +31,400 New
AWM
49
Apollon Wealth Management
South Carolina
$449K -$72.8K -5,000 -14%
Truist Financial
50
Truist Financial
North Carolina
$349K – – –
1
2
3 4 5

KBDC Hedge Fund Activity: Q4 2025 in Review

87 of the 8,223 institutional investors tracked by Wall St. Rank reported a position in Kayne Anderson BDC (KBDC) for Q4 2025, worth a combined $532M — up 43% from $371M a quarter earlier.

Buyers outnumbered sellers: 28 funds opened new KBDC positions and 20 closed out — a net gain of 8 holders — while 15 added to existing stakes and 25 trimmed.

The largest buyer was State of Michigan Retirement System, opening a new position worth an estimated $95.7M. The largest seller was Merit Financial Group, exiting entirely with an estimated $23.2M sold.

  • 87 institutional investors held Kayne Anderson BDC (KBDC) as of Q4 2025, up from 83 in Q3 2025.
  • Funds reported $532M of Kayne Anderson BDC stock for Q4 2025, up 43% quarter-over-quarter.
  • 28 funds opened new Kayne Anderson BDC positions in Q4 2025 and 20 closed out, a net change of +8 holders.
  • The largest Kayne Anderson BDC buyer in Q4 2025 was State of Michigan Retirement System, an estimated $95.7M added.
  • The largest Kayne Anderson BDC seller in Q4 2025 was Merit Financial Group, an estimated $23.2M sold.

Based on aggregated 13F filings for Q4 2025.