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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
VF
51
Virtu Financial
New York
$336K +$342K +23,446 New
T. Rowe Price Associates
52
T. Rowe Price Associates
Maryland
$331K +$336K +23,066 New
RPCA
53
Running Point Capital Advisors
California
$308K +$8.71K +598 +3%
TCM
54
TT Capital Management
California
$308K +$313K +21,500 New
NA
55
NewEdge Advisors
Louisiana
$302K – – –
AAA
56
Adams Asset Advisors
Texas
$291K +$296K +20,341 New
BC
57
Birchview Capital
Vermont
$286K +$291K +20,000 New
WFMPM
58
Woodley Farra Manion Portfolio Management
Indiana
$272K – – –
BAM
59
Belpointe Asset Management
Nevada
$260K +$265K +18,180 New
VC
60
VarCov Co
Connecticut
$259K +$264K +18,104 New
CW
61
CreativeOne Wealth
Kansas
$257K – – –
ZIM
62
Zacks Investment Management
Illinois
$257K – – –
GIC
63
Generali Investments CEE
Czech Republic
$227K – – –
SIA
64
SGL Investment Advisors
Montana
$221K – – –
CCG
65
Catalina Capital Group
California
$220K +$224K +15,373 New
SFG
66
SNS Financial Group
Minnesota
$220K -$27.8K -1,907 -11%
VC
67
Veery Capital
Delaware
$213K – – –
Commonwealth Equity Services
68
Commonwealth Equity Services
Massachusetts
$213K -$115K -7,928 -35%
Rockefeller Capital Management
69
Rockefeller Capital Management
New York
$186K -$146K -10,000 -43%
ACM
70
Aquatic Capital Management
Illinois
$181K +$184K +12,654 New
ACP
71
Arcus Capital Partners
Georgia
$177K -$16K -1,100 -8%
PWM
72
Platt Wealth Management
California
$175K +$178K +12,239 New
VFA
73
Valeo Financial Advisors
Indiana
$173K – – –
TH
74
TCTC Holdings
Texas
$171K -$86.8K -5,962 -33%
BL
75
Balentine LLC
Georgia
$171K – – –
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.