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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
Susquehanna International Group
76
Susquehanna International Group
Pennsylvania
$164K +$167K +11,481 New
FMWA
77
Forvis Mazars Wealth Advisors
Missouri
$150K -$64.1K -4,397 -30%
Osaic Holdings
78
Osaic Holdings
Arizona
$148K -$3.77K -259 -2%
ASN
79
Advisory Services Network
Georgia
$146K +$20.5K +1,407 +16%
JP Morgan Chase
80
JP Morgan Chase
New York
$143K -$77K -5,284 -35%
AF
81
Advisornet Financial
Minnesota
$83.8K -$56K -3,845 -40%
Citigroup
82
Citigroup
New York
$69.1K -$153K -10,514 -69%
SNB
83
Security National Bank
Nebraska
$63.1K -$9.51K -653 -13%
MCM
84
MAI Capital Management
Ohio
$34.4K +$35K +2,400 New
FCMT
85
Founders Capital Management (Texas)
Texas
$11.5K – – –
QL
86
Quarry LP
New York
$1.07K -$4.41K -303 -80%
CIAM
87
Caitong International Asset Management
Hong Kong
$29 +$29 +2 New
MFG
88
Merit Financial Group
Georgia
– -$23.2M -1,738,174 Closed
KWM
89
Keebeck Wealth Management
Illinois
– -$4.7M -342,785 Closed
RCM
90
Rivernorth Capital Management
Florida
– -$3.64M -273,610 Closed
CC
91
CF Capital
Massachusetts
– -$1.33M -100,000 Closed
HF
92
HRT Financial
New York
– -$932K -69,997 Closed
MF
93
Magnetar Financial
Illinois
– -$885K -66,413 Closed
MG
94
Marex Group
– -$747K -56,098 Closed
MM
95
MQS Management
New York
– -$607K -45,598 Closed
ZIG
96
Zuckerman Investment Group
Illinois
– -$466K -35,000 Closed
BW
97
BIP Wealth
Georgia
– -$405K -30,424 Closed
Neuberger Berman Group
98
Neuberger Berman Group
New York
– -$400K -30,000 Closed
Balyasny Asset Management
99
Balyasny Asset Management
Illinois
– -$370K -27,751 Closed
VCM
100
Voleon Capital Management
California
– -$345K -25,879 Closed
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.