Kayne Anderson BDC, Inc. (KBDC) has established an "at-the-market" (ATM) equity offering program to sell up to $150,000,000 of its common stock. The offering will be conducted through several sales agents, including Truist Securities, Inc., RBC Capital Markets, LLC, Keefe, Bruyette & Woods, Inc., Regions Securities LLC, and UBS Securities LLC. Sales may occur in negotiated transactions or at prevailing market prices on the New York Stock Exchange (NYSE) or other venues. Sales agents will receive a commission of up to 1.5% of the gross sales price of shares sold. The offering price per share, after commissions and discounts, will not be less than the company's net asset value (NAV) per share at the time of sale. KA Credit Advisers, LLC, the company's investment adviser, may, at its discretion, pay some or all commissions or make supplemental payments to ensure sales are not below NAV, without reimbursement from the company. KBDC is not obligated to sell any shares and can suspend the offering at any time, with actual sales depending on market conditions and capital needs.