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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
KI
1
Koch Inc
Kansas
$174M – – –
SOMRS
2
State of Michigan Retirement System
Michigan
$94M +$95.7M +6,566,762 New
Bank of America
3
Bank of America
North Carolina
$77.6M +$3.06M +210,245 +4%
HC
4
HF Capital
Tennessee
$33.6M +$34.2M +2,347,726 New
Pathstone Holdings
5
Pathstone Holdings
New Jersey
$19.4M -$1.35M -92,715 -6%
VanEck Associates
6
VanEck Associates
New York
$11.8M +$12M +824,303 New
Corient Private Wealth
7
Corient Private Wealth
Florida
$11.8M +$4.15M +284,751 +54%
SMA
8
Sage Mountain Advisors
Georgia
$11.4M -$3.79M -260,371 -25%
RCM
9
Requisite Capital Management
Texas
$9.96M -$1.17M -80,496 -11%
Franklin Resources
10
Franklin Resources
California
$8.94M +$4.61M +316,418 +103%
UBS Group
11
UBS Group
Switzerland
$8.26M +$6.1M +418,789 +265%
BlackRock
12
BlackRock
New York
$6.44M -$59.2K -4,062 -0.9%
Morgan Stanley
13
Morgan Stanley
New York
$5.73M +$2.71M +186,096 +87%
CCM
14
Callodine Capital Management
Massachusetts
$5.73M – – –
Millennium Management
15
Millennium Management
New York
$3.64M +$2.5M +171,354 +206%
Squarepoint
16
Squarepoint
New York
$3.22M +$3.27M +224,580 New
HWM
17
HB Wealth Management
Georgia
$3.12M -$35.2K -2,418 -1%
AWM
18
Activest Wealth Management
Florida
$2.98M +$3.04M +208,396 New
AAA
19
AG Asset Advisory
California
$2.91M – – –
Wells Fargo
20
Wells Fargo
California
$2.83M +$1.72M +118,255 +149%
Russell Investments Group
21
Russell Investments Group
United Kingdom
$2.78M +$2.83M +194,177 New
CWM
22
Centric Wealth Management
Illinois
$1.93M -$82.4K -5,658 -4%
EPM
23
Equitec Proprietary Markets
Illinois
$1.75M – – –
CAM
24
Cresset Asset Management
Illinois
$1.38M – – –
SW
25
SlateStone Wealth
Florida
$1.35M -$806K -55,329 -37%
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.