Who owns Kayne Anderson BDC (KBDC)
Which tracked institutional funds hold KBDC, how they are positioned, and who is buying versus exiting — from SEC Form 13F-HR filings. See KBDC company fundamentals →
Ownership as of the 2026-Q2 13F filings (latest filed 2026-09-22). 13F is disclosed up to 45 days after quarter-end, so the most recent quarter fills in over the following weeks.
How the tape is positioned
23 tracked funds added or opened KBDC while 13 trimmed or exited it between 2026-Q1 and 2026-Q2 — the tape is split. When large holders disagree on a name, the funds moving first are sometimes ahead of the story.
A prompt to read the filings, not a verdict. 13F is a quarter-end snapshot disclosed up to 45 days late; a fund adds or exits for mandate, benchmark, and timing reasons that have nothing to do with a view on the stock. This is a starting question, not a signal to trade.
Conviction spread
KBDC’s largest tracked holder by dollar value, Koch, Inc., sizes it at 13.0% of its own reported 13F book, while the median holder sizes it at 0.0% of theirs — a 13.0pp conviction gap — its largest holder concentrates the name more heavily than the typical one.
Book-share is each fund’s reported value in KBDC divided by its whole reported 13F book, so it is comparable across funds of different sizes and is unaffected by stock splits. A higher share means a fund has committed more of its book to the name — a starting question about conviction, not a verdict or a signal to trade.
Institutional & insider positioning
Between 2026-Q1 and 2026-Q2, across 88 tracked filers holding KBDC, 50 increased or opened the position and 39 reduced or closed it; over the same quarter, there were no open-market insider Form 4s.
This fuses two public signals for the same quarter — how tracked institutions changed their positions and whether insiders bought or sold in the open market. It describes what was filed; it is a starting question, not a verdict or a signal to trade.
New buyers & exits
Funds opening or closing a position in KBDC between the 2026-Q1 and 2026-Q2 13F filings, and the largest changes among funds holding it in both. New buyers and exits are counted on fund presence (split-invariant); adds and trims are measured on reported value.
New buyers 6
- Columbus Macro, LLC$8M
- ENVESTNET ASSET MANAGEMENT INC$8M
- Cetera Investment Advisers$8M
- COMMONWEALTH EQUITY SERVICES, LLC$1M
- Kovack Advisors, Inc.$567K
- UMB Bank, n.a.$503K
Full exits 2
- HRT FINANCIAL LP$2M
- SlateStone Wealth, LLC$1M
Largest adds
- Russell Investments Group, Ltd.$3M
- MORGAN STANLEY$3M
- RENAISSANCE TECHNOLOGIES LLC$1M
- UBS Group AG$1M
- MILLENNIUM MANAGEMENT LLC$1M
- Adams Asset Advisors, LLC$1M
Largest trims
- BANK OF AMERICA CORP /DE/$75M
- Koch, Inc.$25M
- Callodine Capital Management, LP$3M
- JANE STREET GROUP, LLC$2M
- HF Capital, LLC$2M
- Activest Wealth Management$1M
Institutional holders
One row per tracked fund, largest reported value first. “% of value” is the fund’s share of this security’s tracked institutional value — not of shares outstanding. Rows marked stale are from an earlier filing than the security’s latest quarter — that fund is absent from the newest snapshot (position exited, or reported under a different name).
| Fund | Shares | Reported value | % of value | Quarter |
|---|---|---|---|---|
| Koch, Inc. trimmed | 10,485,004 | $142M | 30.0% | 2026-Q2 |
| STATE OF MICHIGAN RETIREMENT SYSTEM | 6,566,762 | $89M | 18.8% | 2026-Q2 |
| HF Capital, LLC trimmed | 2,216,905 | $30M | 6.3% | 2026-Q2 |
| Pathstone Holdings, LLC trimmed | 1,063,041 | $14M | 3.0% | 2026-Q2 |
| Russell Investments Group, Ltd. added | 796,324 | $11M | 2.3% | 2026-Q2 |
| FRANKLIN RESOURCES INC added | 779,757 | $11M | 2.2% | 2026-Q2 |
| UBS Group AG added | 747,232 | $10M | 2.1% | 2026-Q2 |
| VAN ECK ASSOCIATES CORP added | 669,889 | $9M | 1.9% | 2026-Q2 |
| Requisite Capital Management, LLC added | 645,130 | $9M | 1.9% | 2026-Q2 |
| MORGAN STANLEY added | 662,123 | $9M | 1.9% | 2026-Q2 |
| Columbus Macro, LLC new | 610,736 | $8M | 1.7% | 2026-Q2 |
| ENVESTNET ASSET MANAGEMENT INC new | 608,963 | $8M | 1.7% | 2026-Q2 |
| Cetera Investment Advisers new | 590,495 | $8M | 1.7% | 2026-Q2 |
| KENNEDY CAPITAL MANAGEMENT LLC trimmed | 384,999 | $5M | 1.1% | 2026-Q2 |
| Corient Private Wealth LP added | 377,859 | $5M | 1.1% | 2026-Q2 |
| Sage Mountain Advisors LLC trimmed | 353,274 | $5M | 1.0% | 2026-Q2 |
| AMERICAN FINANCIAL GROUP INC added | 283,903 | $4M | 0.8% | 2026-Q2 |
| HB Wealth Management, LLC added | 280,189 | $4M | 0.8% | 2026-Q2 |
| RENAISSANCE TECHNOLOGIES LLC added | 250,829 | $3M | 0.7% | 2026-Q2 |
| WELLS FARGO & COMPANY/MN added | 239,142 | $3M | 0.7% | 2026-Q2 |
| BlackRock, Inc. trimmed | 235,871 | $3M | 0.7% | 2026-Q2 |
| AG Asset Advisory, LLC | 203,300 | $3M | 0.6% | 2026-Q2 |
| Activest Wealth Management trimmed | 149,137 | $2M | 0.4% | 2026-Q2 |
| Centric Wealth Management | 131,578 | $2M | 0.4% | 2026-Q2 |
| CITADEL ADVISORS LLC added | 129,630 | $2M | 0.4% | 2026-Q2 |
| BANK OF AMERICA CORP /DE/ trimmed | 124,586 | $2M | 0.4% | 2026-Q2 |
| DBA TRADING, LLC | 121,998 | $2M | 0.4% | 2026-Q2 |
| MILLENNIUM MANAGEMENT LLC added | 104,225 | $1M | 0.3% | 2026-Q2 |
| Callodine Capital Management, LP trimmed | 101,375 | $1M | 0.3% | 2026-Q2 |
| Adams Asset Advisors, LLC added | 101,163 | $1M | 0.3% | 2026-Q2 |
| STATE STREET CORP added | 97,936 | $1M | 0.3% | 2026-Q2 |
| Hennion & Walsh Asset Management, Inc. added | 99,755 | $1M | 0.3% | 2026-Q2 |
| Cresset Asset Management, LLC | 95,136 | $1M | 0.3% | 2026-Q2 |
| STIFEL FINANCIAL CORP added | 83,186 | $1M | 0.2% | 2026-Q2 |
| Inscription Capital, LLC | 81,132 | $1M | 0.2% | 2026-Q2 |
| Closed-End Fund Advisors, Inc. added | 78,501 | $1M | 0.2% | 2026-Q2 |
| COMMONWEALTH EQUITY SERVICES, LLC added | 75,193 | $1M | 0.2% | 2026-Q2 |
| CONFLUENCE INVESTMENT MANAGEMENT LLC trimmed | 74,821 | $1M | 0.2% | 2026-Q2 |
| ROYAL BANK OF CANADA added | 70,209 | $950K | 0.2% | 2026-Q2 |
| Cerity Partners LLC added | 67,820 | $918K | 0.2% | 2026-Q2 |
| BROWN ADVISORY INC added | 64,595 | $874K | 0.2% | 2026-Q2 |
| Legacy Wealth Advisors, LLC | 59,089 | $799K | 0.2% | 2026-Q2 |
| Accredited Investors Inc. | 50,898 | $689K | 0.1% | 2026-Q2 |
| OSAIC HOLDINGS, INC. added | 44,676 | $604K | 0.1% | 2026-Q2 |
| Quantinno Capital Management LP | 43,836 | $593K | 0.1% | 2026-Q2 |
| Kovack Advisors, Inc. new | 41,922 | $567K | 0.1% | 2026-Q2 |
| Belpointe Asset Management LLC added | 41,610 | $563K | 0.1% | 2026-Q2 |
| UMB Bank, n.a. new | 37,165 | $503K | 0.1% | 2026-Q2 |
| XTX Topco Ltd trimmed | 36,857 | $499K | 0.1% | 2026-Q2 |
| Dynamic Technology Lab Private Ltd added | 33,872 | $458K | 0.1% | 2026-Q2 |
| RAYMOND JAMES FINANCIAL INC added | 31,640 | $428K | 0.1% | 2026-Q2 |
| Apollon Wealth Management, LLC | 31,354 | $424K | 0.1% | 2026-Q2 |
| JANE STREET GROUP, LLC trimmed | 30,035 | $406K | 0.1% | 2026-Q2 |
| TCTC Holdings, LLC added | 29,805 | $403K | 0.1% | 2026-Q2 |
| TRUIST FINANCIAL CORP added | 25,459 | $344K | 0.1% | 2026-Q2 |
| SEI INVESTMENTS CO trimmed | 24,580 | $333K | 0.1% | 2026-Q2 |
| Invesco Ltd. added | 23,537 | $318K | 0.1% | 2026-Q2 |
| Squarepoint Ops LLC added | 22,705 | $307K | 0.1% | 2026-Q2 |
| EAGLE GLOBAL ADVISORS LLC added | 21,550 | $292K | 0.1% | 2026-Q2 |
| NewEdge Advisors, LLC | 21,067 | $285K | 0.1% | 2026-Q2 |
| TT Capital Management LLC trimmed | 20,000 | $271K | 0.1% | 2026-Q2 |
| Birchview Capital, LP | 20,000 | $271K | 0.1% | 2026-Q2 |
| WOODLEY FARRA MANION PORTFOLIO MANAGEMENT INC | 18,447 | $257K | 0.1% | 2026-Q2 |
| Brevan Howard Capital Management LP added | 17,085 | $231K | 0.0% | 2026-Q2 |
| CARY STREET PARTNERS FINANCIAL LLC added | 16,480 | $223K | 0.0% | 2026-Q2 |
| Generali Investments CEE, investicni spolecnost, a.s. | 15,835 | $214K | 0.0% | 2026-Q2 |
| Advisors Asset Management, Inc. new | 15,730 | $213K | 0.0% | 2026-Q2 |
| Veery Capital, LLC | 14,901 | $202K | 0.0% | 2026-Q2 |
| PRICE T ROWE ASSOCIATES INC /MD/ trimmed | 14,407 | $195K | 0.0% | 2026-Q2 |
| Rockefeller Capital Management L.P. | 13,006 | $176K | 0.0% | 2026-Q2 |
| Balentine LLC | 11,922 | $161K | 0.0% | 2026-Q2 |
| Sovereign Financial Group, Inc. added | 11,555 | $156K | 0.0% | 2026-Q2 |
| Windsor Advisory Group, LLC new | 11,222 | $152K | 0.0% | 2026-Q2 |
| Baird Financial Group, Inc. new | 10,859 | $147K | 0.0% | 2026-Q2 |
| Forvis Mazars Wealth Advisors, LLC | 10,504 | $142K | 0.0% | 2026-Q2 |
| Advisory Services Network, LLC added | 10,267 | $139K | 0.0% | 2026-Q2 |
| D. E. Shaw & Co., Inc. trimmed | 10,167 | $138K | 0.0% | 2026-Q2 |
| nVerses Capital, LLC trimmed | 10,104 | $137K | 0.0% | 2026-Q2 |
| KAVAR CAPITAL PARTNERS GROUP, LLC new | 10,000 | $135K | 0.0% | 2026-Q2 |
| Security National Bank | 4,404 | $60K | 0.0% | 2026-Q2 |
| Quantbot Technologies LP trimmed | 3,918 | $53K | 0.0% | 2026-Q2 |
| BNP PARIBAS FINANCIAL MARKETS trimmed | 2,400 | $32K | 0.0% | 2026-Q2 |
| Fourth Dimension Wealth, LLC new | 1,000 | $14K | 0.0% | 2026-Q2 |
| Founders Capital Management | 800 | $11K | 0.0% | 2026-Q2 |
| Clearstead Advisors, LLC new | 300 | $4K | 0.0% | 2026-Q2 |
| Roxbury Financial LLC new | 168 | $2K | 0.0% | 2026-Q2 |
| Caitong International Asset Management Co., Ltd added | 34 | $460 | 0.0% | 2026-Q2 |
| JPMORGAN CHASE & CO | 13 | $181 | 0.0% | 2026-Q2 |
| HRT FINANCIAL LP added | 122,380 | $2M | 0.4% | 2026-Q1 stale (1 quarter behind) |
| SlateStone Wealth, LLC | 94,644 | $1M | 0.3% | 2026-Q1 stale (1 quarter behind) |
| EQUITEC PROPRIETARY MARKETS, LLC | 121,998 | $2M | 0.4% | 2025-Q4 stale (2 quarters behind) |
| Verition Fund Management LLC new | 52,173 | $747K | 0.2% | 2025-Q4 stale (2 quarters behind) |
| Point72 Asset Management, L.P. new | 44,801 | $642K | 0.1% | 2025-Q4 stale (2 quarters behind) |
| Merit Financial Group, LLC | 1,738,174 | $23M | 4.9% | 2025-Q3 stale (3 quarters behind) |
| Keebeck Wealth Management trimmed | 342,785 | $5M | 1.0% | 2025-Q3 stale (3 quarters behind) |
| RIVERNORTH CAPITAL MANAGEMENT, LLC new | 273,610 | $4M | 0.8% | 2025-Q3 stale (3 quarters behind) |
| North Ground Capital new | 100,000 | $1M | 0.3% | 2025-Q3 stale (3 quarters behind) |
| Magnetar Financial LLC new | 66,413 | $885K | 0.2% | 2025-Q3 stale (3 quarters behind) |
| Marex Group plc added | 56,098 | $747K | 0.2% | 2025-Q3 stale (3 quarters behind) |
| GOLDMAN SACHS GROUP INC added | 43,915 | $670K | 0.1% | 2025-Q2 stale (4 quarters behind) |
Ownership over time
Tracked institutional holder count and total shares held by filing quarter (independent scales). The curated-era tail and any mid-ingest latest quarter are handled honestly — a partial quarter is not drawn as a collapse.
Reading this table
Funds hold the same stock for different reasons — an index fund “holds” almost everything, an active manager sizes a name to a mandate and a benchmark, and each fund entered at its own price and time. Because 13F is filed up to 45 days after quarter-end, every row is a backward-looking snapshot; a manager may have traded since. Share-class siblings (a company’s A and C shares) are rolled up to one line so a dual-class name is never double-counted. Compare like-for-like. A large holder is not an endorsement, and a fund exiting is not a warning — this is a starting question, not a verdict.
About 13F filings
A Form 13F is a quarterly disclosure that institutional investment managers with over $100 million in US-listed equities must file with the SEC. In plain English: it is a snapshot of the long stock positions a fund held at the end of a quarter. It covers long US-listed equities only — not short positions, options, cash, or private holdings — and the funds shown are the large sample we track, not the complete 13F universe.