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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.

As of 2026-06-30 · the latest schedule of investments read for this BDC

Fair value: $2.3B
Borrowers: 114
Mark on cost: 99.1¢
First lien: 98%

Schedule of investments (336)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

$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••••••••• →
$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•• →
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
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 →
$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

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

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$2.3B	114	99c	27	573 bp
Mar 31, 2026	$2.2B	116	99c	21	574 bp
Dec 31, 2025	$6.5B	122	100c	46	572 bp
Sep 30, 2025	$4.3B	110	100c	24	571 bp

All 6 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$6.4B	114	101c	20	556 bp
Dec 31, 2024	$5.9B	110	101c	22	574 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked

Full timeline · 20 events

Placed on non-accrualJun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

S••• I••••••••• I•• first lien term loan
1 BDC hold it · matures Jul 15, 2030
$80.0M 102c
W••• B••••• I•• first lien term loan
6 BDCs hold it · matures Apr 10, 2031
$37.2M 101c
M•• G•••• I••••••••• H••••••• I•• first lien term loan
2 BDCs hold it · matures Aug 25, 2031
$35.9M 103c
C••••• P•••••••• B••••• I•• first lien term loan
2 BDCs hold it · matures Oct 30, 2028
$35.5M 99c
I•••••••• H•••••• I•• first lien term loan
2 BDCs hold it · matures Jul 26, 2027 · possible sponsor T•••••• H••• M••••••••• L•••
$34.4M 101c
C••• G•••• I•• first lien term loan
2 BDCs hold it · matures Sep 24, 2029
$33.8M 99c
A••• I••••••••• 2• L•• first lien term loan
6 BDCs hold it · matures Jul 22, 2027
$33.8M 101c
G•••••• C•••• G••••• L•• first lien term loan
2 BDCs hold it · matures May 3, 2027
$33.6M 101c
T• A•••• M••••• S•• C••• first lien term loan
2 BDCs hold it · matures Jun 30, 2031
$33.4M 102c
O••••• B••••••• L•• first lien term loan
3 BDCs hold it · matures Jan 3, 2030
$33.4M 102c
B• P•• P••••••• L•• first lien term loan
4 BDCs hold it · matures Dec 14, 2027
$33.2M 100c
E••••••••• S•••••••• L•• first lien term loan
2 BDCs hold it · matures Jan 18, 2029 · possible sponsor M•••••• C•••••• M••••••••• L•••
$32.3M 102c

Schedule of investments at Dec 31, 2025

630 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
D•••••••• I••••••••• L•• C••••••••• services & supplies	delayed draw term loan first lien	Not disclosed	Not disclosed	S+601 bp	Apr 4, 2026
T•••• B•••• L•• C••••••••• services & supplies	revolver first lien	Not disclosed	Not disclosed	S+450 bp	Nov 15, 2030
A••••••• E•••••••• H••••••• L•• C••••••••• services & supplies	revolver first lien	Not disclosed	Not disclosed	S+600 bp	May 5, 2028
E•• O••• 1• L•• •••••••• V•••••••• H••••• care equipment & supplies	revolver first lien	Not disclosed	Not disclosed	S+475 bp	Mar 26, 2031
L•• I••••••••• L•• H••••• care equipment & supplies	delayed draw term loan first lien	Not disclosed	Not disclosed	S+676 bp	Nov 3, 2027
H••• B••••• G•••• H•••••••• I••• ••••••• H•••••••• products	revolver first lien	Not disclosed	Not disclosed	S+500 bp	Jan 8, 2028
E•• O••• 1• L•• •••••••• V•••••••• H••••• care equipment & supplies	delayed draw term loan first lien	Not disclosed	Not disclosed	S+475 bp	Mar 26, 2031
I••••••••• D••••••••• L•• H••••• care providers & services	revolver first lien	Not disclosed	Not disclosed	S+650 bp	Aug 1, 2030
T•••••• c•••••••• • d••••••••• A••••••••• I••• ••••••••	revolver first lien	Not disclosed	Not disclosed	S+500 bp	Dec 27, 2029
A••••••• C•••••••• L•• A•••••••• & defense	revolver first lien	Not disclosed	Not disclosed	S+550 bp	Dec 17, 2030
E••••••••• S•••••••• L•• P••••••••• services	revolver first lien	Not disclosed	Not disclosed	S+550 bp	Jan 18, 2029
A••••• C••••• S••••••• L•• I••••••••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+485 bp	Jul 7, 2027
C•• I••••••••• H•••••••• L•• ••••••• M•••••• T••••••••• M••••••••	revolver first lien	Not disclosed	Not disclosed	S+550 bp	Mar 29, 2030
D•• H••••••• I••• I••• ••• S•••••••• P••••••• care products	revolver first lien	Not disclosed	Not disclosed	S+525 bp	Nov 1, 2028
F••••••••• C••••••• B•••••• L•• P•••••••••	revolver first lien	Not disclosed	Not disclosed	S+515 bp	Feb 12, 2029
N•• H•••••••• L•• ••••••••• A••••••••• H••••• care providers & services	revolver first lien	Not disclosed	Not disclosed	S+500 bp	Dec 18, 2030
L•• I••••••••• L•• H••••• care equipment & supplies	revolver first lien	Not disclosed	Not disclosed	S+676 bp	Nov 3, 2027
L••••••• A••••••••• C••••••••• ••• T•••••• companies & distributors	revolver first lien	Not disclosed	Not disclosed	S+550 bp	Jan 24, 2030
T•• R•••••••• C•••••• C••••••••• & packaging	delayed draw term loan first lien	Not disclosed	Not disclosed	S+600 bp	May 10, 2029
C••• L••• D••••••••• L•• F••• products	revolver first lien	Not disclosed	Not disclosed	S+626 bp	Aug 31, 2028
T••••• C••••• H••••• L•• F••• products	delayed draw term loan first lien	Not disclosed	Not disclosed	S+765 bp
T• A•••• M••••• S•• C•••• •••• C••••••••	revolver first lien	Not disclosed	Not disclosed	S+500 bp	Jun 30, 2031
A••••••• C•••••••• L•• A•••••••• & defense	delayed draw term loan first lien	Not disclosed	Not disclosed	S+550 bp	Dec 17, 2030
R•• S••••••• L•• M••••••••	revolver first lien	Not disclosed	Not disclosed	S+500 bp	Feb 4, 2030
R••• R•••••• B••••• L•• B••••••• products	revolver first lien	Not disclosed	Not disclosed	S+500 bp	Nov 19, 2029
J•• I••••••••• L•• F••• products	term loan first lien	Not disclosed	Not disclosed	S+500 bp	Nov 16, 2028
W•••••••• P•••••• A••••••••• L•• F••• products	delayed draw term loan first lien	Not disclosed	Not disclosed	S+250 bp PIK 5.25%
U••••• T•••••••• L•• M••••••••	revolver first lien	Not disclosed	Not disclosed	S+475 bp	Aug 29, 2031
C•••• B•••••• L•• H•••••••• durables	revolver first lien	Not disclosed	Not disclosed	S+525 bp	Apr 2, 2031
P•• P••••• L•• P••••••••• services	revolver first lien	Not disclosed	Not disclosed	S+500 bp	Dec 31, 2031

Page 7 of 7Previous

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