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K•••• A••••••• B••• I•••
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 · 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, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
As of · the latest schedule of investments read for this BDC
What matters now
- $79.1Mon 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••••••••• → - $24.6Mnewly 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.
- 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 → 27loans 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.
- $6.4B → $2.3Bfair value, 4 quarters
Its portfolio shrank 65% at fair value over the last four quarters.
Q2 2026 · The book is shrinking.
Every headline figure, and the identifiersCIK 1747172 · file 814-01363ShowHide
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
| 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 quartersShow fewer
| 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
- New lender joined a facilityJun 30, 2026
- Placed on non-accrualJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
Full timeline · 20 eventsShow fewer
- Placed on non-accrualJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
Largest facilities held, with co-lenders
- S••• I••••••••• I•• first lien term loan1 BDC hold it · matures Jul 15, 2030$80.0M 102c
- W••• B••••• I•• first lien term loan6 BDCs hold it · matures Apr 10, 2031$37.2M 101c
- M•• G•••• I••••••••• H••••••• I•• first lien term loan2 BDCs hold it · matures Aug 25, 2031$35.9M 103c
- C••••• P•••••••• B••••• I•• first lien term loan2 BDCs hold it · matures Oct 30, 2028$35.5M 99c
- I•••••••• H•••••• I•• first lien term loan2 BDCs hold it · matures Jul 26, 2027 · possible sponsor T•••••• H••• M••••••••• L•••$34.4M 101c
- C••• G•••• I•• first lien term loan2 BDCs hold it · matures Sep 24, 2029$33.8M 99c
- A••• I••••••••• 2• L•• first lien term loan6 BDCs hold it · matures Jul 22, 2027$33.8M 101c
- G•••••• C•••• G••••• L•• first lien term loan2 BDCs hold it · matures May 3, 2027$33.6M 101c
- T• A•••• M••••• S•• C••• first lien term loan2 BDCs hold it · matures Jun 30, 2031$33.4M 102c
- O••••• B••••••• L•• first lien term loan3 BDCs hold it · matures Jan 3, 2030$33.4M 102c
- B• P•• P••••••• L•• first lien term loan4 BDCs hold it · matures Dec 14, 2027$33.2M 100c
- E••••••••• S•••••••• L•• first lien term loan2 BDCs hold it · matures Jan 18, 2029 · possible sponsor M•••••• C•••••• M••••••••• L•••$32.3M 102c
Schedule of investments at Jun 30, 2026
336 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| W•••••••• P•••••• A••••••••• L•• F••• products | delayed draw term loan first lien | $0 | $0 | SOFR+250 bp PIK 5.25% | Jan 18, 2029 |
| T•••• C••••• H••••• L•• F••• products | delayed draw term loan first lien | $0 | $0 | SOFR+765 bp | Oct 31, 2030 |
| E••••• U• B••••• I••• ••• L•••••••• L••• C••••••• staples distribution & retail | delayed draw term loan first lien | $0 | $0 | SOFR+500 bp | Apr 4, 2032 |
| B••••••••• L•• H••••• care providers & services | delayed draw term loan first lien | $0 | $0 | SOFR+475 bp | Dec 14, 2029 |
| B•• S•••• B••••• I••• •••••••• S••••• C••••••• I••••••••• • C••••• T•••••••, apparel & luxury goods | unstated lien unstated | Not disclosed | $0 0c | ||
| G••• P•••••• H•••••••• L•• F••• products | equity equity | Not disclosed | $0 0c | ||
| B•• T•• H•••••••• L•• B••••••• products | revolver first lien | $0 | $0 | SOFR+525 bp | Feb 28, 2031 |
| C•• I••••••••• H•••••••• L•• ••••••• M•••••• T••••••••• M•••••••• | revolver first lien | $0 | $0 | SOFR+550 bp | Mar 29, 2030 |
| R••• R•••••• B••••• L•• B••••••• products | revolver first lien | $0 | $0 | SOFR+500 bp | Nov 19, 2029 |
| A••••••• C•••••••• L•• A•••••••• & defense | revolver first lien | $0 | $0 | SOFR+550 bp | Dec 17, 2030 |
| S••• I••••••••• I••• •• C•••••• Financial services | term loan first lien | $0 | $0 | //fasb.org/us-gaap/2026#Federal Funds Effective Swap Rate+1100 bp | Jul 15, 2030 |
| A••••••• C•••••••• L•• A•••••••• & defense | delayed draw term loan first lien | $0 | $0 | SOFR+550 bp | Dec 17, 2030 |
| T• P••••• N•••• L•• ••••••••• G••••• L••• • C••••• L•••••• products | unstated lien unstated | Not disclosed | $0 | ||
| A••••••••• I••••••••• H•••••• L•• C••••••••• services & supplies | preferred equity equity | Not disclosed | $0 | ||
| W•• F•••••• A••••••••• A• L••• •••• F••••• L•• • F••••••••• F••• products | equity equity | Not disclosed | $0 0c | ||
| G••• P•••••• H•••••••• L•• F••• products | equity equity | Not disclosed | $0 | ||
| D••• H••••••• C•••• P••••••••• services | revolver first lien | $0 | $0 | SOFR+500 bp | Sep 9, 2028 |
| F••••••••• C••••••• B•••••• L•• P••••••••• | revolver first lien | $0 | $0 | SOFR+510 bp | Feb 12, 2029 |
| L•• I••••••••• L•• H••••• care equipment & supplies | revolver first lien | $0 | $0 | SOFR+726 bp | Nov 3, 2027 |
| C••• B••••• L•• ••••••••• C••••• F••••• • F••••••• L••• F••• products | revolver first lien | $0 | $0 | SOFR+500 bp | Feb 26, 2030 |
| L••••••• A••••••••• C••••••••• ••• D••••••••• | revolver first lien | $0 | $0 | SOFR+550 bp | Jan 24, 2030 |
| B•• T•• H•••••••• L•• B••••••• products | delayed draw term loan first lien | $0 | $0 | SOFR+525 bp | Feb 28, 2031 |
| T• A•••• M••••• S•• C•••• •••• C•••••••• | revolver first lien | $0 | $0 | SOFR+500 bp | Jun 30, 2031 |
| S••••• P•••••• L•• F••• products | equity equity | Not disclosed | $0 | ||
| A••••••• E•••••••• H••••••• L•• C••••••••• services & supplies | term loan first lien | $0 | $0 | SOFR+500 bp | May 5, 2028 |
| C•••• B•••••• L•• H•••••••• durables | revolver first lien | $0 | $0 | SOFR+500 bp | Apr 2, 2031 |
| E•• O••• 1• L•• •••••••• V•••••••• H••••• care equipment & supplies | delayed draw term loan first lien | $0 | $0 | SOFR+500 bp | Mar 26, 2031 |
| E••••• U• B••••• I••• ••• L•••••••• L••• C••••••• staples distribution & retail | revolver first lien | $0 | $0 | SOFR+500 bp | Apr 4, 2032 |
| D•• H••••••• I••• I••• ••• S•••••••• P••••••• care products | revolver first lien | $0 | $0 | SOFR+525 bp | Nov 1, 2028 |
| M••••••• P•••• G•••• C•••• L•••••• products | revolver first lien | $0 | $0 | SOFR+676 bp | Apr 22, 2029 |
| B••••••••• L•• H••••• care providers & services | revolver first lien | $0 | $0 | SOFR+475 bp | Dec 14, 2029 |
| G••• C• A••••••••• L•• C•••••••• | revolver first lien | $0 | $0 | SOFR+500 bp | Oct 1, 2030 |
| N•• H•••••••• L•• ••••••••• A••••••••• H••••• care providers & services | revolver first lien | $0 | $0 | SOFR+500 bp | Dec 18, 2030 |
| L•• B••••• I••• ••• T••••••••• I••••••••• I•••• M•••••••• | revolver first lien | $0 | $0 | SOFR+575 bp | Apr 24, 2031 |
| P• B••••• H••••••• I••• I••• P••••••• care products | revolver first lien | $0 | $0 | SOFR+550 bp | Sep 28, 2027 |
| I••••••••• i• M•••• M••••• F•••• • M••••• S•••••• I••••••••• | unstated lien unstated | Not disclosed | Not disclosed |
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