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K•••• A••••••• B••• I•••

Business development companymanaged by K• C••••• A•••••••• L••Listed: KBDC· HOUSTON, TX

A business development company traded as KBDC, managed by K• C••••• A•••••••• L••, holding $2.3B across 114 borrowers at Jun 30, 2026.

Composed from this BDC's filings and its latest schedule of investments.

Fair value
$2.3B
Schedule of investments, 10-Q and 10-K
Borrowers
114
Schedule of investments, 10-Q and 10-K
Mark on cost
99.1¢
Schedule of investments, 10-Q and 10-K
First lien
98%
Schedule of investments, 10-Q and 10-K
Schedule of investments (336)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $79.1M
    on non-accrual, 4 borrowers

    4 borrowers on non-accrual, $79.1M principal; the largest is A••••••• S••••• C••••••• I••••••••• ($37.2M).

    Q2 2026 · Loans that have stopped paying interest; they set the book's credit losses.

    FactBDC schedules of investments, 30 Jun 2026For LPs and shareholders in these BDCs, co-lenders on the same namesOpen A••••••• S••••• C••••••• I••••••••• →
  2. $24.6M
    newly on non-accrual

    2 borrowers newly placed on non-accrual in Q2 2026, $24.6M principal: 4• O••• I••••••••• L•• ($19.2M), D•••••••• I••••••••• L•• ($5.4M).

    Q2 2026 · The newest credit problems in the book.

    FactBDC schedules of investments, 30 Jun 2026Open 4• O••• I••••••••• L•• →
  3. 12 below 80¢
    $72.3M principal

    12 positions across 6 borrowers marked below 80¢ on cost, $72.3M principal.

    Q2 2026 · Marks this low usually come before non-accrual or a restructuring.

    Derivedeach position's fair value over cost, 30 Jun 2026
  4. 21 → 27
    loans paying in kind

    Loans paying in kind rose from 21 to 27 positions in the quarter to Jun 30, 2026.

    Q2 2026 · Borrowers paying interest in more debt rather than cash is an early sign of strain.

    Factthe schedule's PIK rates, quarter on quarterQuarter by quarter →
  5. $6.4B → $2.3B
    fair value, 4 quarters

    Its portfolio shrank 65% at fair value over the last four quarters.

    Q2 2026 · The book is shrinking.

    Factthe schedule's fair value, a year apartQuarter by quarter →
Every headline figure, and the identifiersCIK 1747172 · file 814-01363Show
Fair value
$2.3B
as of Jun 30, 2026
Principal held
$2.3B
debt pieces, the filer's figure
Cost
$2.3B
99c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
Positions
336
114 borrowers
First lien
98%
98% debt by fair value
Quarters on the tape
6
since Dec 31, 2024
Facilities held
249
15 sponsors financed
Portfolio through time
Fair value by quarter end$2.3B as of Jun 30, 2026
Dec 31, 2024$5.9B then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$2.3B11499c27573 bp
Mar 31, 2026$2.2B11699c21574 bp
Dec 31, 2025$6.5B122100c46572 bp
Sep 30, 2025$4.3B110100c24571 bp
All 6 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$6.4B114101c20556 bp
Dec 31, 2024$5.9B110101c22574 bp
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
Full timeline · 20 events
Every position change, including routine ones
Largest facilities held, with co-lenders
Schedule of investments at Jun 30, 2025
307 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
A••••• C••••••••• •••••••
B•••••••••
revolver first lienNot disclosedNot disclosedS+700 bpDec 21, 2028
T•••••• c•••••••• • d••••••••• A••••••••• L• ••••••••• C••••••••• I••••••••• I••• • E•••delayed draw term loan first lienNot disclosedNot disclosedS+650 bpMay 10, 2029
H•••••••• d••••••••• B•••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+525 bpApr 2, 2031
C••••••••• • p••••••••• P•••••••• B••••• I••• ••••••• B•••revolver first lienNot disclosedNot disclosedS+625 bpOct 30, 2028
F••• p••••••••• B••••• L•• •••• L•••• F••••• L•••revolver first lienNot disclosedNot disclosedS+525 bpSep 7, 2029
I••••••••• C••••• S••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bpJul 7, 2027
F••• p••••••••• P•••••• A••••••••• L••revolver first lienNot disclosedNot disclosedS+250 bp
PIK 5.25%
Jan 18, 2029
Page 4 of 4Previous
Registration
Fiscal year end
1231reported
Incorporated
DEreported
On the SEC BDC report
2021 to 2026reported
Filings listed
19reported10-Q and 10-K since 2022
Former names
K•••• A••••••• B••, LLCreported
Latest schedule
0001193125-26-342385reported