UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 814-01393

Kayne DL 2021, Inc.

Delaware		86-2440860
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

717 Texas Avenue, Suite 2200, Houston, TX		77002
(Address of principal executive offices)		(Zip Code)

(713) 493-2020

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
None		None		None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☐ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

As of November 5, 2025, the registrant had 66,937 shares of common stock, $0.001 par value per share, issued and outstanding and there was no public market for the registrant’s shares.

Table of Contents

		Page
PART I.	FINANCIAL INFORMATION	1
Item 1.	Consolidated Financial Statements	1
	Consolidated Statements of Assets and Liabilities as of September 30, 2025 (Unaudited) and December 31, 2024	1
	Consolidated Statement of Operations for the three and nine months ended September 30, 2025 and 2024 (Unaudited)	2
	Consolidated Statement of Changes in Net Assets for the three and nine months ended September 30, 2025 and 2024 (Unaudited)	3
	Consolidated Statement of Cash Flows for the nine months ended September 30, 2025 and 2024 (Unaudited)	4
	Consolidated Schedule of Investments as of September 30, 2025 (Unaudited) and December 31, 2024	5
	Notes to Consolidated Financial Statements (Unaudited)	30
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	46
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	55
Item 4.	Controls and Procedures	55

PART II.	OTHER INFORMATION	56
Item 1.	Legal Proceedings	56
Item 1A.	Risk Factors	56
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	56
Item 3.	Defaults Upon Senior Securities	56
Item 4.	Mine Safety Disclosures	56
Item 5.	Other Information	56
Item 6.	Exhibits	57

Signatures		58

Forward-Looking Statements

This quarterly report on Form 10-Q contains forward-looking statements that involve substantial known and unknown risks, uncertainties and other factors. Undue reliance should not be placed on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about the company, current and prospective portfolio investments, the industry, beliefs and assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond control of Kayne DL 2021, Inc. (“the Company”) and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including:

●

future operating results;

	●	business prospects and the prospects of portfolio companies in which we invest;

	●	the ability of our portfolio companies to achieve their objectives;

●

changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets;

●

the ability of KA Credit Advisors II, LLC (our “Advisor”) to locate suitable investments and to monitor and administer investments;

●

the ability of the Advisor and its affiliates to attract and retain highly talented professionals;

	●	risks associated with possible disruptions in our operations, the operations of our portfolio companies or the economy generally, including disruptions due to terrorism, war or other geopolitical conflict, natural disasters, pandemics or cybersecurity incidents;

	●	the adequacy of our cash resources, financing sources and working capital;

●

the timing of cash flows, distributions and dividends, if any, from the operations of the companies in which the Company invests;

●

the ability to maintain qualification as a business development company (“BDC”) and as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”);

●

the use of borrowings under our credit facility to finance a portion of the Company’s investments;

●

the adequacy, availability and pricing of financing sources and working capital for the Company;

●

actual or potential conflicts of interest with the Advisor and its affiliates;

●

contractual arrangements and relationships with third parties;

●

the risks associated with an economic downturn, increased inflation, political instability, tariffs and trade policy instability, supply chain issues, interest rate volatility, loss of key personnel, and the illiquid nature of investments of the Company; and

●

the risks, uncertainties and other factors the Company identifies under “Item 1A. Risk Factors” and elsewhere in this quarterly report on Form 10-Q, as well as in the Company’s annual report on Form 10-K for the year ended December 31, 2024.

We have based the forward-looking statements included in this report on information available to us on the date of this report. We assume no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Although we undertake no obligation to revise or update any forward-looking statements, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the United States Securities and Exchange Commission (the “SEC”), including annual reports on Form 10-K, registration statements on Form 10, quarterly reports on Form 10-Q and current reports on Form 8-K.

PART I—FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements.

Kayne DL 2021, Inc.

Consolidated Statements of Assets and Liabilities

(amounts in 000’s, except share and per share amounts)

(Unaudited)

	September 30, 2025 (Unaudited)			December 31, 2024
Assets:
Investments, at fair value:
Long-term investments (amortized cost of $327,194 and $257,420)	$	330,601		$	261,833
Investments in money market funds (amortized cost of $23,962 and $13,440)		23,962			13,440
Cash		2,179			2,899
Receivable for principal payments on investments		27			71
Interest receivable		2,460			2,070
Prepaid expenses and other assets		12			115
Total Assets	$	359,241		$	280,428

Liabilities:
Unamortized Subscription Credit Facility issuance costs	$	(14	)	$	(12	)
Distributions payable		8,338			7,202
Management fee payable		612			481
Accrued expenses and other liabilities		373			284
Total Liabilities	$	9,309		$	7,955

Commitments and contingencies (Note 8)

Net Assets:
Common Shares, $0.001 par value; 100,000 shares authorized; 66,701 and 51,812 as of September 30, 2025 and December 31, 2024, respectively, issued and outstanding	$	-		$	-
Additional paid-in capital		346,510			268,243
Total distributable earnings (deficit)		3,422			4,230
Total Net Assets	$	349,932		$	272,473
Total Liabilities and Net Assets	$	359,241		$	280,428
Net Asset Value Per Common Share	$	5,246		$	5,259

See accompanying notes to consolidated financial statements.

Kayne DL 2021, Inc.

Consolidated Statements of Operations

(amounts in 000’s, except share and per share amounts)

(Unaudited)

	For the three months ended September 30,					For the nine months ended September 30,
	2025			2024		2025			2024
Income:
Investment income from investments:
Interest income	$	9,162		$	7,585	$	25,625		$	20,461
Dividend income		168			73		340			331
Total Investment Income		9,330			7,658		25,965			20,792

Expenses:
Interest expense		29			35		132			124
Management fees		612			446		1,712			1,193
Professional fees		104			90		316			274
Directors fees		40			40		122			118
Other general and administrative expenses		103			90		368			311
Total Expenses		888			701		2,650			2,020
Net Investment Income (Loss)		8,442			6,957		23,315			18,772

Realized and unrealized gains (losses) on investments
Net realized gains (losses):
Investments		-			-		-			-
Total net realized gains (losses)		-			-		-			-
Net change in unrealized gains (losses):
Investments		(933	)		340		(1,006	)		1,101
Total net change in unrealized gains (losses)		(933	)		340		(1,006	)		1,101
Total realized and unrealized gains (losses)		(933	)		340		(1,006	)		1,101

Net Increase in Net Assets Resulting from Operations	$	7,509		$	7,297	$	22,309		$	19,873

Per Common Share Data:
Basic and diluted net investment income per common share	$	131		$	149	$	390		$	444
Basic and diluted net increase in net assets resulting from operations	$	117		$	156	$	373		$	470
Weighted Average Common Shares Outstanding - Basic and Diluted		64,445			46,712		59,738			42,307

See accompanying notes to consolidated financial statements.

Kayne DL 2021, Inc.

Consolidated Statements of Changes in Net Assets

(amounts in 000’s)

(Unaudited)

	For the three months ended September 30,						For the nine months ended September 30,
	2025			2024			2025			2024
Increase (Decrease) in Net Assets Resulting from Operations:
Net investment income (loss)	$	8,442		$	6,957		$	23,315		$	18,772
Net realized gains (losses) on investments		-			-			-			-
Net change in unrealized gains (losses) on investments		(933	)		340			(1,006	)		1,101
Net Increase in Net Assets Resulting from Operations		7,509			7,297			22,309			19,873

Decrease in Net Assets Resulting from Stockholder Dividends
Dividends to stockholders		(8,338	)		(7,729	)		(23,117	)		(19,034	)
Net Decrease in Net Assets Resulting from Stockholder Dividends		(8,338	)		(7,729	)		(23,117	)		(19,034	)

Increase in Net Assets Resulting from Capital Share Transactions
Issuance of common shares		25,000			25,000			75,000			50,000
Reinvestment of dividends		1,083			854			3,267			10,979
Net Increase in Net Assets Resulting from Capital Share Transactions		26,083			25,854			78,267			60,979
Total Increase in Net Assets		25,254			25,422			77,459			61,818
Net Assets, Beginning of Period		324,678			220,947			272,473			184,551
Net Assets, End of Period	$	349,932		$	246,369		$	349,932		$	246,369

See accompanying notes to consolidated financial statements.

Kayne DL 2021, Inc.

Consolidated Statements of Cash Flows

(amounts in 000’s)

(Unaudited)

	For the nine months ended September 30,
	2025			2024

Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	22,309		$	19,873
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Net change in unrealized (gains)/losses on investments		1,006			(1,101	)
Net accretion of discount on investments		(1,595	)		(1,114	)
Sales (purchases) of investments in money market funds, net		(10,522	)		2,639
Purchases of portfolio investments		(100,551	)		(84,387	)
Proceeds from sales of investments and principal repayments		32,977			16,447
Paid-in-kind interest from portfolio investments		(586	)		(83	)
Amortization of deferred financing cost		39			58
Increase/(decrease) in operating assets and liabilities:
(Increase)/decrease in interest and dividends receivable		(409	)		(1,316	)
(Increase)/decrease in receivable for principal payments on investments		44			(66	)
(Increase)/decrease in prepaid expenses and other assets		103			103
Increase/(decrease) in management fees payable		131			140
Increase/(decrease) in excise tax payable		-			(14	)
Increase/(decrease) in accrued other general and administrative expenses		89			41
Net cash used in operating activities		(56,965	)		(48,780	)
Cash Flows from Financing Activities:
Payments of debt issuance costs		(41	)		(79	)
Dividends paid in cash		(18,714	)		(4,985	)
Proceeds from issuance of common shares		75,000			50,000
Net cash provided by financing activities		56,245			44,936
Net increase (decrease) in cash		(720	)		(3,844	)
Cash, beginning of period		2,899			5,887
Cash, end of period	$	2,179		$	2,043

Supplemental and Non-Cash Information:
Interest paid during the period	$	109		$	66
Non-cash financing activities not included herein consisted of reinvestment of dividends	$	3,267		$	10,979

See accompanying notes to consolidated financial statements.

Kayne DL 2021, Inc.

Consolidated Schedule of Investments

As of September 30, 2025

(amounts in 000’s, except number of shares, units)

(Unaudited)

Portfolio Company⁽¹⁾	Footnotes	Investment	Interest Rate			Spread⁽²⁾			PIK Rate		Reference⁽³⁾	Maturity Date	Principal / Par		Amortized Cost⁽⁴⁾⁽⁵⁾		Fair Value		Percentage of Net Assets
Debt Investments
Aerospace & defense
Fastener Distribution Holdings, LLC		First lien senior secured loan		8.75	%		4.75	%		-	SOFR(M)	11/4/2031		3,764		3,734		3,802		1.1	%
		First lien senior secured delayed draw loan		8.75	%		4.75	%		-	SOFR(Q)	11/4/2031		547		547		552		0.1	%
Vitesse Systems Parent, LLC		First lien senior secured loan		11.26	%		7.26	%		-	SOFR(M)	12/22/2028		5,852		5,748		5,823		1.7	%
		First lien senior secured revolving loan		11.29	%		7.26	%		-	SOFR(Q)	12/22/2028		1,043		1,025		1,038		0.3	%
														11,206		11,054		11,215		3.2	%
Automobile components
Speedstar Holding LLC		First lien senior secured loan		10.29	%		6.00	%		-	SOFR(Q)	7/22/2027		1,012		1,003		1,007		0.3	%
		First lien senior secured delayed draw loan		10.29	%		6.00	%		-	SOFR(Q)	7/22/2027		111		111		110		0.0	%
WAM CR Acquisition, Inc. (Wolverine)		First lien senior secured loan		10.41	%		6.25	%		-	SOFR(M)	7/23/2029		5,041		4,958		5,091		1.5	%
														6,164		6,072		6,208		1.8	%
Biotechnology
Alcami Corporation		First lien senior secured delayed draw loan		11.24	%		7.10	%		-	SOFR(M)	12/21/2028		294		284		294		0.1	%
		First lien senior secured revolving loan		11.24	%		7.10	%		-	SOFR(M)	12/21/2028		-		-		-		0.0	%
		First lien senior secured loan		11.35	%		7.15	%		-	SOFR(Q)	12/21/2028		3,997		3,910		3,997		1.1	%
														4,291		4,194		4,291		1.2	%
Building products
Ruff Roofers Buyer, LLC		First lien senior secured loan		9.31	%		5.00	%		-	SOFR(Q)	11/19/2029		1,591		1,554		1,591		0.5	%
		First lien senior secured loan		9.00	%		5.00	%		-	SOFR(M)	11/19/2029		431		416		431		0.1	%
		First lien senior secured revolving loan		9.31	%		5.00	%		-	SOFR(Q)	11/19/2029		-		-		-		0.0	%
		First lien senior secured delayed draw loan		9.00	%		5.00	%		-	SOFR(Q)	11/19/2029		597		597		597		0.2	%
		First lien senior secured delayed draw loan		9.31	%		5.00	%		-	SOFR(Q)	11/19/2029		1,189		1,168		1,189		0.3	%
		First lien senior secured delayed draw loan		9.00	%		5.00	%		-	SOFR(M)	11/19/2029		-		-		-		0.0	%
US Anchors Group, Inc. (Mechanical Plastics Corp.)		First lien senior secured loan		9.00	%		5.00	%		-	SOFR(Q)	7/15/2029		3,375		3,315		3,375		1.0	%
		First lien senior secured revolving loan		9.16	%		5.00	%		-	SOFR(M)	7/15/2029		72		62		72		0.0	%
														7,255		7,112		7,255		2.1	%
Chemicals
TL Atlas Merger Sub Corp. (Zep)		First lien senior secured loan		9.00	%		5.00	%		-	SOFR(Q)	6/30/2031		5,896		5,840		5,896		1.7	%
		First lien senior secured revolving loan		9.00	%		5.00	%		-	SOFR(Q)	6/30/2031		134		126		134		0.0	%
														6,030		5,966		6,030		1.7	%

Kayne DL 2021, Inc.

Consolidated Schedule of Investments

As of September 30, 2025

(amounts in 000’s, except number of shares, units)

(Unaudited)

Portfolio Company⁽¹⁾	Footnotes	Investment	Interest Rate			Spread⁽²⁾			PIK Rate			Reference⁽³⁾	Maturity Date	Principal / Par		Amortized Cost⁽⁴⁾⁽⁵⁾		Fair Value		Percentage of Net Assets
Commercial services & supplies
Advanced Environmental Monitoring Intermediate, Inc.		First lien senior secured loan		10.35	%		6.15	%		-		SOFR(Q)	12/31/2028		3,000		2,964		3,000		0.9	%
AeriTek Global Holdings LLC		First lien senior secured loan		10.70	%		6.50	%		-		SOFR(Q)	8/27/2030		2,070		2,040		2,070		0.6	%
		First lien senior secured delayed draw loan		10.70	%		6.50	%		-		SOFR(Q)	8/27/2030		74		71		74		0.0	%
Allentown, LLC		First lien senior secured loan		11.35	%		6.15	%		1.00	%	SOFR(Q)	4/22/2027		2,252		2,230		2,190		0.6	%
		First lien senior secured delayed draw loan		11.35	%		6.15	%		1.00	%	SOFR(Q)	4/22/2027		407		401		396		0.1	%
		First lien senior secured revolving loan		13.25	%		5.00	%		1.00	%	PRIME	4/22/2027		31		28		30		0.0	%
American Equipment Holdings LLC		First lien senior secured loan		10.63	%		6.43	%		-		SOFR(S)	11/5/2026		156		156		156		0.1	%
		First lien senior secured loan		10.44	%		6.43	%		-		SOFR(S)	11/5/2026		595		589		595		0.2	%
		First lien senior secured delayed draw loan		10.63	%		6.43	%		-		SOFR(S)	11/5/2026		4,882		4,848		4,883		1.4	%
		First lien senior secured delayed draw loan		10.63	%		6.43	%		-		SOFR(S)	11/5/2026		-		-		-		0.0	%
		First lien senior secured revolving loan		10.62	%		6.43	%		-		SOFR(S)	11/5/2026		327		320		327		0.1	%
Bloomington Holdco, LLC (BW Fusion)		First lien senior secured loan		9.57	%		5.25	%		-		SOFR(Q)	5/1/2030		3,919		3,850		3,919		1.1	%
		First lien senior secured loan		9.25	%		5.25	%		-		SOFR(Q)	5/1/2030		671		640		671		0.2	%
BLP Buyer, Inc. (Bishop Lifting Products)		First lien senior secured loan		10.41	%		6.25	%		-		SOFR(M)	12/22/2029		4,872		4,803		4,872		1.4	%
		First lien senior secured loan		10.29	%		6.25	%		-		SOFR(S)	12/22/2029		96		94		96		0.0	%
		First lien senior secured loan		10.41	%		6.25	%		-		SOFR(M)	12/22/2029		106		105		106		0.0	%
		First lien senior secured loan		10.41	%		6.25	%		-		SOFR(M)	12/22/2029		229		225		229		0.1	%
		First lien senior secured delayed draw loan		10.41	%		6.25	%		-		SOFR(M)	12/22/2029		596		587		596		0.2	%
		First lien senior secured revolving loan		10.41	%		6.25	%		-		SOFR(M)	12/22/2029		352		342		352		0.1	%
Connect America.Com, LLC		First lien senior secured loan		9.75	%		5.75	%		-		SOFR(Q)	10/11/2029		4,883		4,821		4,785		1.4	%
Diverzify Intermediate LLC		First lien senior secured loan		10.07	%		6.01	%		-		SOFR(Q)	5/11/2027		1,539		1,514		1,504		0.4	%
Superior Intermediate LLC (Landmark Structures)		First lien senior secured loan		9.66	%		5.50	%		-		SOFR(M)	12/18/2029		3,271		3,195		3,304		0.9	%
		First lien senior secured delayed draw loan		9.66	%		5.50	%		-		SOFR(M)	12/18/2029		-		-		-		0.0	%
		First lien senior secured revolving loan		9.66	%		5.50	%		-		SOFR(M)	12/18/2029		-		-		-		0.0	%

Kayne DL 2021, Inc.

Consolidated Schedule of Investments

As of September 30, 2025

(amounts in 000’s, except number of shares, units)

(Unaudited)

Portfolio Company⁽¹⁾	Footnotes	Investment	Interest Rate			Spread⁽²⁾			PIK Rate		Reference⁽³⁾	Maturity Date	Principal / Par		Amortized Cost⁽⁴⁾⁽⁵⁾		Fair Value		Percentage of Net Assets
Tapco Buyer LLC		First lien senior secured loan		8.91	%		4.75	%		-	SOFR(M)	11/15/2030		2,074		2,047		2,074		0.6	%
		First lien senior secured loan		8.95	%		4.75	%		-	SOFR(Q)	11/15/2030		472		466		472		0.1	%
		First lien senior secured delayed draw loan		8.95	%		4.75	%		-	SOFR(Q)	11/15/2030		1,434		1,400		1,434		0.4	%
		First lien senior secured revolving loan		8.95	%		4.75	%		-	SOFR(Q)	11/15/2030		-		-		-		0.0	%
														38,308		37,736		38,135		10.9	%
Containers & packaging
Carton Packaging Buyer, Inc. (Century Box)		First lien senior secured loan		10.56	%		6.25	%		-	SOFR(Q)	10/30/2028		5,349		5,244		5,349		1.5	%
		First lien senior secured revolving loan		10.56	%		6.25	%		-	SOFR(Q)	10/30/2028		-		-		-		0.0	%
Drew Foam Companies Inc.		First lien senior secured loan		10.47	%		6.15	%		-	SOFR(Q)	12/5/2026		2,809		2,800		2,809		0.8	%
		First lien senior secured loan		10.47	%		6.15	%		-	SOFR(Q)	12/5/2026		-		-		-		0.0	%
FCA, LLC		First lien senior secured loan		9.21	%		5.00	%		-	SOFR(S)	7/18/2028		2,012		1,998		2,012		0.6	%
		First lien senior secured loan		9.91	%		5.75	%		-	SOFR(M)	7/18/2028		284		280		287		0.1	%
Monza Purchaser, LLC (Smyth)		First lien senior secured loan		9.79	%		5.50	%		-	SOFR(S)	2/28/2030		4,625		4,542		4,625		1.3	%
		First lien senior secured delayed draw loan		9.73	%		5.50	%		-	SOFR(Q)	2/28/2030		925		908		925		0.3	%
		First lien senior secured revolving loan		9.66	%		5.50	%		-	SOFR(M)	2/28/2030		216		190		216		0.1	%
The Robinette Company		First lien senior secured loan		10.20	%		6.00	%		-	SOFR(Q)	5/10/2029		2,170		2,136		2,191		0.6	%
		First lien senior secured revolving loan		10.20	%		6.00	%		-	SOFR(Q)	5/10/2029		516		502		521		0.2	%
		First lien senior secured delayed draw loan		10.20	%		6.00	%		-	SOFR(Q)	5/10/2029		-		-		-		0.0	%
WCHG Buyer, Inc. (Handgards)		First lien senior secured loan		9.00	%		5.00	%		-	SOFR(Q)	4/10/2031		6,753		6,687		6,804		1.9	%
														25,659		25,287		25,739		7.4	%

Diversified telecommunication services
Network Connex (f/k/a NTI Connect, LLC)		First lien senior secured loan		8.90	%		4.90	%		-	SOFR(Q)	7/31/2027		2,564		2,546		2,564		0.7	%

Kayne DL 2021, Inc.

Consolidated Schedule of Investments

As of September 30, 2025

(amounts in 000’s, except number of shares, units)

(Unaudited)

Portfolio Company⁽¹⁾	Footnotes	Investment	Interest Rate			Spread⁽²⁾			PIK Rate		Reference⁽³⁾	Maturity Date	Principal / Par		Amortized Cost⁽⁴⁾⁽⁵⁾		Fair Value		Percentage of Net Assets
Food products
BR PJK Produce, LLC (Keany)		First lien senior secured loan		10.69	%		6.40	%		-	SOFR(Q)	11/14/2027		4,652		4,602		4,659		1.3	%
		First lien senior secured loan		10.69	%		6.40	%		-	SOFR(Q)	11/14/2027		715		704		716		0.2	%
		First lien senior secured delayed draw loan		10.69	%		6.40	%		-	SOFR(Q)	11/14/2027		728		713		729		0.2	%
		First lien senior secured delayed draw loan		10.69	%		6.40	%		-	SOFR(Q)	11/14/2027		225		225		225		0.1	%
CCFF Buyer, LLC (California Custom Fruits & Flavors, LLC)		First lien senior secured loan		9.08	%		5.00	%		-	SOFR(S)	2/26/2030		2,610		2,559		2,636		0.8	%
		First lien senior secured delayed draw loan		9.06	%		5.00	%		-	SOFR(S)	2/26/2030		1,489		1,459		1,504		0.4	%
		First lien senior secured revolving loan		9.06	%		5.00	%		-	SOFR(S)	2/26/2030		-		-		-		0.0	%
City Line Distributors LLC		First lien senior secured loan		10.57	%		6.26	%		-	SOFR(Q)	8/31/2028		1,841		1,811		1,841		0.5	%
		First lien senior secured delayed draw loan		10.48	%		6.26	%		-	SOFR(Q)	8/31/2028		754		746		754		0.2	%
		First lien senior secured revolving loan		10.48	%		6.26	%		-	SOFR(Q)	8/31/2028		-		-		-		0.0	%
Gulf Pacific Acquisition, LLC		First lien senior secured loan		11.26	%		7.10	%		-	SOFR(M)	9/29/2028		1,699		1,682		1,699		0.5	%
		First lien senior secured delayed draw loan		11.24	%		7.10	%		-	SOFR(M)	9/29/2028		143		143		143		0.1	%
		First lien senior secured revolving loan		11.26	%		7.10	%		-	SOFR(M)	9/29/2028		231		225		231		0.1	%
IF&P Foods, LLC (FreshEdge)		First lien senior secured loan		9.73	%		5.73	%		-	SOFR(Q)	10/3/2028		3,823		3,769		3,785		1.1	%
		First lien senior secured loan		10.10	%		6.10	%		-	SOFR(Q)	10/3/2028		96		95		96		0.0	%
		First lien senior secured loan		9.35	%		5.35	%		-	SOFR(Q)	10/3/2028		118		114		116		0.0	%
		First lien senior secured delayed draw loan		9.73	%		5.73	%		-	SOFR(Q)	10/3/2028		568		560		562		0.2	%
		First lien senior secured revolving loan		9.73	%		5.73	%		-	SOFR(Q)	10/3/2028		436		430		432		0.1	%
J&K Ingredients, LLC		First lien senior secured loan		9.00	%		5.00	%		-	SOFR(Q)	11/16/2028		4,786		4,696		4,786		1.4	%
		First lien senior secured loan		9.00	%		5.00	%		-	SOFR(Q)	11/16/2028		1,163		1,151		1,163		0.3	%
		First lien senior secured delayed draw loan		9.00	%		5.00	%		-	SOFR(Q)	11/16/2028		-		-		-		0.0	%
ML Buyer, LLC (Mama Lycha Foods, LLC)		First lien senior secured loan		9.82	%		5.75	%		-	SOFR(Q)	9/7/2029		2,526		2,486		2,551		0.7	%
		First lien senior secured revolving loan		9.98	%		5.75	%		-	SOFR(Q)	9/7/2029		97		83		98		0.0	%

Kayne DL 2021, Inc.

Consolidated Schedule of Investments

As of September 30, 2025

(amounts in 000’s, except number of shares, units)

(Unaudited)

Portfolio Company⁽¹⁾	Footnotes	Investment	Interest Rate			Spread⁽²⁾			PIK Rate			Reference⁽³⁾	Maturity Date	Principal / Par		Amortized Cost⁽⁴⁾⁽⁵⁾		Fair Value		Percentage of Net Assets
Siegel Egg Co., LLC	(6)(7)	First lien senior secured loan					-			-			12/29/2026		2,341		2,327		1,370		0.4	%
		First lien senior secured revolving loan					-			-			12/29/2026		508		506		297		0.1	%
		First lien senior secured loan					-			-			12/29/2026		61		60		61		0.0	%
		First lien senior secured loan					-			-			12/29/2026		145		142		145		0.1	%
Worldwide Produce Acquisition, LLC		First lien senior secured delayed draw loan		11.91	%		2.50	%		5.25	%	SOFR(M)	1/18/2029		569		558		550		0.2	%
		First lien senior secured delayed draw loan		11.91	%		2.50	%		5.25	%	SOFR(M)	1/18/2029		472		454		457		0.1	%
		First lien senior secured delayed draw loan		11.91	%		2.50	%		5.25	%	SOFR(M)	1/18/2029		-		-		-		0.0	%
		First lien senior secured revolving loan		11.03	%		6.75	%		-		SOFR(Q)	1/18/2029		64		56		61		0.0	%
		First lien senior secured loan		11.91	%		2.50	%		5.25	%	SOFR(M)	1/18/2029		2,900		2,847		2,805		0.8	%
															35,760		35,203		34,472		9.9	%
Health care equipment & supplies
ECS Opco 1, LLC (Spectrum Vascular)		First lien senior secured loan		8.75	%		4.75	%		-		SOFR(Q)	3/26/2031		1,457		1,435		1,413		0.4	%
		First lien senior secured delayed draw loan		8.75	%		4.75	%		-		SOFR(Q)	3/26/2031		-		-		-		0.0	%
		First lien senior secured revolving loan		8.75	%		4.75	%		-		SOFR(Q)	3/26/2031		-		-		-		0.0	%
LSL Industries, LLC		First lien senior secured loan		11.58	%		7.26	%		-		SOFR(Q)	11/3/2027		1,559		1,531		1,552		0.4	%
		First lien senior secured delayed draw loan		11.58	%		7.26	%		-		SOFR(Q)	11/3/2027		-		-		-		0.0	%
		First lien senior secured revolving loan		11.58	%		7.26	%		-		SOFR(Q)	11/3/2027		-		-		-		0.0	%
															3,016		2,966		2,965		0.8	%

Kayne DL 2021, Inc.

Consolidated Schedule of Investments

As of September 30, 2025

(amounts in 000’s, except number of shares, units)

(Unaudited)

Portfolio Company⁽¹⁾	Footnotes	Investment	Interest Rate			Spread⁽²⁾			PIK Rate		Reference⁽³⁾	Maturity Date	Principal / Par		Amortized Cost⁽⁴⁾⁽⁵⁾		Fair Value		Percentage of Net Assets
Health care providers & services
Aegis Toxicology Sciences Corporation		First lien senior secured loan		10.00	%		6.00	%		-	SOFR(Q)	6/20/2030		5,063		4,947		5,064		1.4	%
		First lien senior secured revolving loan		10.00	%		6.00	%		-	SOFR(Q)	6/20/2030		-		-		-		0.0	%
Brightview, LLC		First lien senior secured loan		10.03	%		5.86	%		-	SOFR(M)	12/14/2026		2,129		2,126		2,129		0.6	%
		First lien senior secured delayed draw loan		10.03	%		5.86	%		-	SOFR(M)	12/14/2026		284		283		284		0.1	%
		First lien senior secured revolving loan		10.03	%		5.86	%		-	SOFR(M)	12/14/2026		104		104		104		0.1	%
Guardian Dentistry Practice Management, LLC		First lien senior secured loan		9.78	%		5.61	%		-	SOFR(M)	8/20/2027		780		772		780		0.2	%
		First lien senior secured delayed draw loan		9.78	%		5.61	%		-	SOFR(M)	8/20/2027		1,404		1,393		1,404		0.4	%
		First lien senior secured revolving loan		9.78	%		5.61	%		-	SOFR(M)	8/20/2027		-		-		-		0.0	%
Guided Practice Solutions: Dental, LLC (GPS)		First lien senior secured delayed draw loan		10.53	%		6.36	%		-	SOFR(M)	11/24/2026		3,789		3,789		3,806		1.1	%
		First lien senior secured delayed draw loan		10.53	%		6.36	%		-	SOFR(M)	11/24/2026		947		947		951		0.3	%
		First lien senior secured delayed draw loan		10.53	%		6.36	%		-	SOFR(M)	11/24/2026		1,555		1,519		1,562		0.5	%
Integrated Dermatology LLC		First lien senior secured delayed draw loan		10.80	%		6.50	%		-	SOFR(Q)	8/1/2030		4,542		4,427		4,542		1.3	%
		First lien senior secured delayed draw loan		10.80	%		6.50	%		-	SOFR(Q)	8/1/2030		-		-		-		0.0	%
		First lien senior secured delayed draw loan		10.80	%		6.50	%		-	SOFR(Q)	8/1/2030		-		-		-		0.0	%
Light Wave Dental Management, LLC		First lien senior secured revolving loan		9.49	%		5.50	%		-	SOFR(Q)	6/30/2029		507		490		507		0.2	%
		First lien senior secured loan		9.50	%		5.50	%		-	SOFR(Q)	6/30/2029		79		78		79		0.0	%
		First lien senior secured loan		9.50	%		5.50	%		-	SOFR(Q)	6/30/2029		6,037		5,917		6,037		1.7	%
		First lien senior secured loan		9.50	%		5.50	%		-	SOFR(Q)	6/30/2029		61		60		61		0.0	%

Kayne DL 2021, Inc.

Consolidated Schedule of Investments

As of September 30, 2025

(amounts in 000’s, except number of shares, units)

(Unaudited)

Portfolio Company⁽¹⁾	Footnotes	Investment	Interest Rate			Spread⁽²⁾			PIK Rate		Reference⁽³⁾	Maturity Date	Principal / Par		Amortized Cost⁽⁴⁾⁽⁵⁾		Fair Value		Percentage of Net Assets
MVP VIP Borrower, LLC		First lien senior secured loan		10.50	%		6.50	%		-	SOFR(M)	1/3/2029		3,983		3,913		4,023		1.1	%
		First lien senior secured delayed draw loan		10.50	%		6.50	%		-	SOFR(Q)	1/3/2029		321		316		324		0.1	%
NMA Holdings, LLC (Neuromonitoring Associates)		First lien senior secured loan		9.03	%		5.00	%		-	SOFR(Q)	12/18/2030		3,148		3,100		3,179		0.9	%
		First lien senior secured delayed draw loan		9.03	%		5.00	%		-	SOFR(Q)	12/18/2030		-		-		-		0.0	%
		First lien senior secured revolving loan		9.03	%		5.00	%		-	SOFR(Q)	12/18/2030		149		131		150		0.0	%
Redwood MSO, LLC (Smile Partners)		First lien senior secured loan		9.50	%		5.50	%		-	SOFR(Q)	12/20/2029		2,385		2,344		2,385		0.7	%
		First lien senior secured delayed draw loan		9.70	%		5.50	%		-	SOFR(Q)	12/20/2029		88		84		88		0.0	%
		First lien senior secured revolving loan		11.75	%		4.50	%		-	PRIME	12/20/2029		102		98		102		0.0	%
Refocus Management Services, LLC		First lien senior secured loan		9.60	%		5.60	%		-	SOFR(Q)	2/14/2029		3,539		3,459		3,539		1.0	%
		First lien senior secured delayed draw loan		9.83	%		5.60	%		-	SOFR(Q)	2/14/2029		1,391		1,361		1,391		0.4	%
		First lien senior secured delayed draw loan		9.60	%		5.60	%		-	SOFR(Q)	2/14/2029		266		266		266		0.1	%
		First lien senior secured revolving loan		9.91	%		5.60	%		-	SOFR(Q)	2/14/2029		97		90		97		0.0	%
Salt Dental Collective LLC		First lien senior secured delayed draw loan		11.01	%		6.85	%		-	SOFR(M)	2/15/2028		988		980		988		0.3	%
		First lien senior secured delayed draw loan		11.01	%		6.75	%		-	SOFR(M)	2/15/2028		-		-		-		0.0	%
														43,738		42,994		43,842		12.5	%

Kayne DL 2021, Inc.

Consolidated Schedule of Investments

As of September 30, 2025

(amounts in 000’s, except number of shares, units)

(Unaudited)

Portfolio Company⁽¹⁾	Footnotes	Investment	Interest Rate			Spread⁽²⁾			PIK Rate		Reference⁽³⁾	Maturity Date	Principal / Par		Amortized Cost⁽⁴⁾⁽⁵⁾		Fair Value		Percentage of Net Assets
Household durables
Curio Brands, LLC		First lien senior secured loan		9.25	%		5.25	%		-	SOFR(Q)	4/2/2031		2,261		2,236		2,261		0.7	%
		First lien senior secured revolving loan		9.25	%		5.25	%		-	SOFR(Q)	4/2/2031		-		-		-		0.0	%
		First lien senior secured delayed draw loan		9.25	%		5.25	%		-	SOFR(Q)	4/2/2031		-		-		-		0.0	%
Del-Air Heating, Air Conditioning & Refrigeration, LLC		First lien senior secured loan		9.79	%		5.50	%		-	SOFR(Q)	2/4/2031		1,153		1,137		1,153		0.3	%
		First lien senior secured revolving loan		9.79	%		5.50	%		-	SOFR(Q)	2/4/2031		-		-		-		0.0	%
		First lien senior secured delayed draw loan		9.70	%		5.50	%		-	SOFR(Q)	2/4/2031		737		717		737		0.2	%
														4,151		4,090		4,151		1.2	%
Household products
CREO Group Inc. (HMS Manufacturing)		First lien senior secured loan		10.74	%		6.51	%		-	SOFR(Q)	2/13/2030		5,929		5,825		5,884		1.7	%
		First lien senior secured delayed draw loan		10.51	%		6.51	%		-	SOFR(Q)	2/13/2030		709		690		704		0.2	%
														6,638		6,515		6,588		1.9	%
Insurance
Allcat Claims Service, LLC		First lien senior secured loan		9.01	%		4.85	%		-	SOFR(M)	7/7/2027		84		84		84		0.0	%
		First lien senior secured delayed draw loan		9.01	%		4.85	%		-	SOFR(M)	7/7/2027		1,819		1,774		1,819		0.5	%
		First lien senior secured revolving loan		9.01	%		4.75	%		-	SOFR(M)	7/7/2027		-		-		-		0.0	%
														1,903		1,858		1,903		0.5	%
IT services
Improving Acquisition LLC		First lien senior secured loan		10.65	%		6.65	%		-	SOFR(Q)	7/26/2027		5,031		4,985		5,031		1.5	%
		First lien senior secured revolving loan		10.94	%		6.65	%		-	SOFR(M)	7/26/2027		33		30		33		0.0	%
														5,064		5,015		5,064		1.5	%

Kayne DL 2021, Inc.

Consolidated Schedule of Investments

As of September 30, 2025

(amounts in 000’s, except number of shares, units)

(Unaudited)

Portfolio Company⁽¹⁾	Footnotes	Investment	Interest Rate			Spread⁽²⁾			PIK Rate			Reference⁽³⁾	Maturity Date	Principal / Par		Amortized Cost⁽⁴⁾⁽⁵⁾		Fair Value		Percentage of Net Assets
Leisure products
MacNeill Pride Group Corp.		First lien senior secured delayed draw loan		10.51	%		6.51	%		-		SOFR(Q)	4/22/2026		931		925		931		0.3	%
		First lien senior secured revolving loan		10.51	%		6.25	%		-		SOFR(Q)	4/22/2026		-		-		-		0.0	%
Olibre Borrower LLC (Revelyst)		First lien senior secured loan		9.50	%		5.50	%		-		SOFR(Q)	1/3/2030		6,151		6,042		6,243		1.8	%
Spinrite Inc.	(8)	First lien senior secured loan		9.50	%		5.50	%		-		SOFR(Q)	12/31/2025		303		303		303		0.1	%
		First lien senior secured loan		9.50	%		5.50	%		-		SOFR(Q)	12/31/2025		525		525		525		0.1	%
		First lien senior secured revolving loan		9.50	%		5.50	%		-		SOFR(Q)	12/31/2025		-		-		-		0.0	%
VENUplus, Inc. (f/k/a CTM Group, Inc.)		First lien senior secured loan		11.76	%		6.85	%		0.75	%	SOFR(M)	11/30/2026		3,035		2,996		2,959		0.8	%
															10,945		10,791		10,961		3.1	%
Machinery
MRC Keystone Acquisition LLC (Automated Handing Solutions)		First lien senior secured loan		10.50	%		6.50	%		-		SOFR(Q)	12/18/2029		2,826		2,764		2,763		0.8	%
		First lien senior secured revolving loan		10.50	%		6.50	%		-		SOFR(Q)	12/18/2029		-		-		-		0.0	%
CMT Intermediate Holdings, LLC (Capital Machine Technologies)		First lien senior secured loan		9.81	%		5.50	%		-		SOFR(Q)	3/29/2030		3,227		3,155		3,243		0.9	%
LEM Buyer, Inc. (CFS Technologies Intermediate, Inc.)		First lien senior secured loan		10.07	%		5.75	%		-		SOFR(Q)	4/24/2031		2,269		2,237		2,269		0.6	%
		First lien senior secured loan		9.95	%		5.75	%		-		SOFR(Q)	4/24/2031		2,528		2,491		2,528		0.7	%
		First lien senior secured delayed draw loan		9.95	%		5.75	%		-		SOFR(Q)	4/24/2031		994		975		994		0.3	%
		First lien senior secured revolving loan		9.95	%		5.75	%		-		SOFR(Q)	4/24/2031		-		-		-		0.0	%
Luxium Solutions, LLC		First lien senior secured loan		9.25	%		5.25	%		-		SOFR(Q)	12/1/2027		952		943		952		0.3	%
		First lien senior secured loan		9.25	%		5.25	%		-		SOFR(Q)	12/1/2027		1,172		1,161		1,172		0.3	%
		First lien senior secured delayed draw loan		9.25	%		5.25	%		-		SOFR(Q)	12/1/2027		308		306		308		0.1	%

Kayne DL 2021, Inc.

Consolidated Schedule of Investments

As of September 30, 2025

(amounts in 000’s, except number of shares, units)

(Unaudited)

Portfolio Company⁽¹⁾	Footnotes	Investment	Interest Rate			Spread⁽²⁾			PIK Rate		Reference⁽³⁾	Maturity Date	Principal / Par		Amortized Cost⁽⁴⁾⁽⁵⁾		Fair Value		Percentage of Net Assets
PVI Holdings, Inc (Vytl Controls Group Inc)		First lien senior secured loan		9.37	%		4.94	%		-	SOFR(Q)	1/18/2028		2,012		1,997		2,012		0.6	%
RMH Systems, LLC		First lien senior secured loan		9.32	%		5.00	%		-	SOFR(Q)	2/4/2030		2,015		1,977		2,015		0.6	%
		First lien senior secured delayed draw loan		9.31	%		5.00	%		-	SOFR(Q)	2/4/2030		533		504		533		0.2	%
		First lien senior secured revolving loan		9.31	%		5.00	%		-	SOFR(Q)	2/4/2030		-		-		-		0.0	%
United Titanium, LLC		First lien senior secured loan		8.95	%		4.75	%		-	SOFR(Q)	8/29/2031		3,264		3,214		3,264		0.9	%
		First lien senior secured revolving loan		8.95	%		4.75	%		-	SOFR(Q)	8/29/2031		-		-		-		0.0	%
														22,100		21,724		22,053		6.3	%
Personal care products
PH Beauty Holdings III, Inc.		First lien senior secured loan		9.27	%		5.00	%		-	SOFR(S)	9/28/2027		6,965		6,910		6,965		2.0	%
Phoenix YW Buyer, Inc. (Elida Beauty)		First lien senior secured loan		8.91	%		4.75	%		-	SOFR(M)	5/31/2030		2,284		2,236		2,284		0.7	%
		First lien senior secured revolving loan		8.91	%		4.75	%		-	SOFR(M)	5/31/2030		-		-		-		0.0	%
Silk Holdings III Corp. (Suave)		First lien senior secured loan		8.66	%		4.50	%		-	SOFR(M)	5/1/2029		6,045		5,983		6,045		1.7	%
														15,294		15,129		15,294		4.4	%
Professional services
DISA Holdings Corp.		First lien senior secured delayed draw loan		9.28	%		5.00	%		-	SOFR(M)	9/9/2028		1,264		1,246		1,264		0.4	%
		First lien senior secured delayed draw loan		9.29	%		5.00	%		-	SOFR(Q)	9/9/2028		179		179		179		0.1	%
		First lien senior secured revolving loan		9.28	%		5.00	%		-	SOFR(M)	9/9/2028		74		69		74		0.0	%
		First lien senior secured loan		9.28	%		5.00	%		-	SOFR(M)	9/9/2028		221		218		221		0.1	%
		First lien senior secured loan		9.28	%		5.00	%		-	SOFR(M)	9/9/2028		3,334		3,281		3,334		1.0	%

Kayne DL 2021, Inc.

Consolidated Schedule of Investments

As of September 30, 2025

(amounts in 000’s, except number of shares, units)

(Unaudited)

Portfolio Company⁽¹⁾	Footnotes	Investment	Interest Rate			Spread⁽²⁾			PIK Rate			Reference⁽³⁾	Maturity Date	Principal / Par		Amortized Cost⁽⁴⁾⁽⁵⁾		Fair Value		Percentage of Net Assets
Envirotech Services, LLC		First lien senior secured loan		9.59	%		5.75	%		-		SOFR(S)	1/18/2029		5,670		5,577		5,726		1.6	%
		First lien senior secured loan		9.58	%		5.75	%		-		SOFR(S)	1/18/2029		21		3		22		0.0	%
		First lien senior secured revolving loan		9.59	%		5.75	%		-		SOFR(S)	1/18/2029		-		-		-		0.0	%
KAMC Holdings, Inc. (Franklin Energy)		First lien senior secured loan		9.55	%		5.25	%		-		SOFR(Q)	8/1/2031		3,718		3,664		3,718		1.1	%
		First lien senior secured revolving loan		9.45	%		5.25	%		-		SOFR(Q)	8/1/2031		93		88		93		0.0	%
CI (MG) Group, LLC (Mariani Premier Group)		First lien senior secured loan		9.50	%		5.50	%		-		SOFR(Q)	3/27/2030		3,908		3,855		3,947		1.1	%
		First lien senior secured delayed draw loan		9.50	%		5.50	%		-		SOFR(Q)	3/27/2030		72		60		73		0.0	%
		First lien senior secured delayed draw loan		9.50	%		5.50	%		-		SOFR(Q)	3/27/2030		170		167		172		0.0	%
		First lien senior secured revolving loan		9.50	%		5.50	%		-		SOFR(Q)	3/27/2030		234		227		236		0.1	%
															18,958		18,634		19,059		5.5	%
Textiles, apparel & luxury goods
American Soccer Company, Incorporated (SCORE)		First lien senior secured loan		14.40	%		7.40	%		3.00	%	SOFR(Q)	7/20/2027		2,406		2,350		2,238		0.6	%
		First lien senior secured revolving loan		14.40	%		7.40	%		3.00	%	SOFR(Q)	7/20/2027		411		402		383		0.1	%
															2,817		2,752		2,621		0.7	%
Trading companies & distributors
AIDC IntermediateCo 2, LLC (Peak Technologies)		First lien senior secured loan		9.66	%		5.50	%		-		SOFR(M)	7/22/2027		2,915		2,867		2,915		0.8	%
BCDI Meteor Acquisition, LLC		First lien senior secured loan		11.10	%		7.10	%		-		SOFR(Q)	6/29/2028		4,819		4,750		4,819		1.4	%
		First lien senior secured loan		11.10	%		7.10	%		-		SOFR(Q)	6/29/2028		365		359		365		0.1	%

Kayne DL 2021, Inc.

Consolidated Schedule of Investments

As of September 30, 2025

(amounts in 000’s, except number of shares, units)

(Unaudited)

Portfolio Company⁽¹⁾	Footnotes	Investment	Interest Rate			Spread⁽²⁾			PIK Rate			Reference⁽³⁾	Maturity Date	Principal / Par		Amortized Cost⁽⁴⁾⁽⁵⁾		Fair Value		Percentage of Net Assets
CGI Automated Manufacturing, LLC		First lien senior secured loan		11.28	%		2.61	%		4.50	%	SOFR(M)	12/15/2028		1,470		1,452		1,455		0.4	%
		First lien senior secured delayed draw loan		11.28	%		2.61	%		4.50	%	SOFR(M)	12/15/2028		1,227		1,213		1,215		0.3	%
		First lien senior secured revolving loan		11.28	%		7.11	%		-		SOFR(M)	12/15/2028		145		143		143		0.0	%
Dusk Acquisition II Corporation (Motors & Armatures, Inc. – MARS)		First lien senior secured loan		10.00	%		6.00	%		-		SOFR(Q)	7/12/2029		5,261		5,176		5,314		1.5	%
		First lien senior secured loan		10.00	%		6.00	%		-		SOFR(Q)	7/12/2029		1,673		1,646		1,690		0.5	%
Engineered Fastener Company, LLC (EFC International)		First lien senior secured loan		10.65	%		6.65	%		-		SOFR(Q)	11/1/2027		6,825		6,740		6,825		2.0	%
Genuine Cable Group, LLC		First lien senior secured loan		10.01	%		5.85	%		-		SOFR(M)	11/1/2026		4,850		4,800		4,838		1.4	%
		First lien senior secured loan		10.01	%		5.85	%		-		SOFR(M)	11/1/2026		1,955		1,936		1,950		0.6	%
I.D. Images Acquisition, LLC		First lien senior secured loan		9.91	%		5.75	%		-		SOFR(M)	7/30/2027		2,887		2,866		2,887		0.8	%
		First lien senior secured loan		9.91	%		5.75	%		-		SOFR(M)	7/30/2027		652		633		652		0.2	%
Krayden Holdings, Inc.		First lien senior secured delayed draw loan		8.91	%		4.75	%		-		SOFR(M)	3/1/2029		592		592		592		0.2	%
		First lien senior secured delayed draw loan		8.91	%		4.75	%		-		SOFR(M)	3/1/2029		592		592		592		0.2	%
		First lien senior secured revolving loan		8.88	%		4.75	%		-		SOFR(M)	3/1/2029		119		107		119		0.0	%
		First lien senior secured loan		8.91	%		4.75	%		-		SOFR(M)	3/1/2029		3,108		3,041		3,108		0.9	%
Lakewood Acquisition Corporation (R&B Wholesale)		First lien senior secured loan		9.82	%		5.50	%		-		SOFR(Q)	1/24/2030		5,171		5,047		5,274		1.5	%
		First lien senior secured revolving loan		9.82	%		5.50	%		-		SOFR(Q)	1/24/2030		-		-		-		0.0	%
OAO Acquisitions, Inc. (BearCom)		First lien senior secured loan		9.65	%		5.50	%		-		SOFR(M)	12/27/2029		4,369		4,320		4,370		1.2	%
		First lien senior secured loan		9.65	%		5.50	%		-		SOFR(M)	12/27/2029		177		176		177		0.1	%
		First lien senior secured delayed draw loan		9.65	%		5.50	%		-		SOFR(M)	12/27/2029		929		921		929		0.3	%
		First lien senior secured revolving loan		9.65	%		5.50	%		-		SOFR(M)	12/27/2029		-		-		-		0.0	%

Kayne DL 2021, Inc.

Consolidated Schedule of Investments

As of September 30, 2025

(amounts in 000’s, except number of shares, units)

(Unaudited)

Portfolio Company⁽¹⁾	Footnotes	Investment	Interest Rate			Spread⁽²⁾			PIK Rate			Reference⁽³⁾	Maturity Date	Principal / Par		Amortized Cost⁽⁴⁾⁽⁵⁾		Fair Value		Percentage of Net Assets
TL Alpine Holding Corp. (Air Distribution Technologies Inc.)		First lien senior secured loan		10.00	%		6.00	%		-		SOFR(Q)	8/1/2030		3,920		3,852		3,997		1.1	%
Workholding US Holdings, LLC (Forkardt Hardinge)		First lien senior secured loan		9.82	%		5.50	%		-		SOFR(Q)	10/23/2029		1,667		1,637		1,667		0.5	%
		First lien senior secured revolving loan		9.66	%		5.50	%		-		SOFR(Q)	10/23/2029		716		702		716		0.2	%
															56,404		55,568		56,609		16.2	%
Wireless telecommunication services
Centerline Communications, LLC		First lien senior secured loan		12.26	%		-			12.26	%	SOFR(M)	8/10/2027		106		105		107		0.0	%
		First lien senior secured delayed draw loan		11.76	%		-			11.76	%	SOFR(M)	8/10/2027		3,211		3,179		2,841		0.8	%
		First lien senior secured loan		11.76	%		-			11.76	%	SOFR(M)	8/10/2027		716		704		634		0.2	%
															4,033		3,988		3,582		1.0	%
Total Debt Investments															332,298		327,194		330,601		94.5	%

		Number of				Fair			Percentage
		Shares		Cost		Value			of Net Assets
Investments in Money Market Funds
Morgan Stanley Institutional Liquidity Fund, Institutional Class, 3.98%	(9)		23,961,543		23,962		23,962			6.8	%
Total Investments in Money Market Funds			23,961,543		23,962		23,962			6.8	%

Total Investments				$	351,156	$	354,563			101.3	%

Liabilities in Excess of Other Assets							(4,631	)		(1.3	)%
Net Assets						$	349,932			100.0	%

(1)

As of September 30, 2025, unless otherwise noted, all debt investments are Level 3 holdings. Investments in money market funds are Level 1 holdings. See Note 5 – Fair Value. As of such date, all investments are also non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.

(2)	Includes Secured Overnight Financing Rate (“SOFR”) credit spread adjustment if applicable.

(3)

Unless otherwise noted, all loans contain a variable rate structure, that may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either SOFR (which can include one-(M), three-(Q) or six-month (S) SOFR), or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate).

(4)	The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(5)	As of September 30, 2025, the tax cost of the Company’s investments approximates their amortized cost.

(6)	Debt investment on non-accrual status as of September 30, 2025.

(7)	Non-income producing investment.

(8)

Non-qualifying investment as defined by Section 55(a) of the Investment Company Act of 1940. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2025, 0.2% of the Company’s total assets were in non-qualifying investments.

(9)	The indicated rate is the yield as of September 30, 2025.

See accompanying notes to consolidated financial statements.

Kayne DL 2021, Inc.

Consolidated Schedule of Investments

As of December 31, 2024

(amounts in 000’s)

Portfolio Company⁽¹⁾	Footnotes	Investment	Interest Rate			Spread			PIK Rate		Reference⁽²⁾	Maturity Date	Principal / Par		Amortized Cost⁽³⁾⁽⁴⁾		Fair Value		Percentage of Net Assets
Debt Investments
Aerospace & defense
Basel U.S. Acquisition Co., Inc. (IAC)	(5)	First lien senior secured revolving loan		9.94	%		5.50	%		-	SOFR(Q)	12/5/2028	$	-	$	-	$	-		0.0	%
		First lien senior secured loan		9.94	%		5.50	%		-	SOFR(Q)	12/5/2028		4,509		4,420		4,573		1.7	%
		First lien senior secured loan		9.94	%		5.50	%		-	SOFR(Q)	12/5/2028		603		593		612		0.2	%
		First lien senior secured delayed draw loan		9.94	%		5.50	%		-	SOFR(Q)	7/8/2026		-		-		-		0.0	%
Fastener Distribution Holdings, LLC		First lien senior secured loan		9.31	%		4.75	%		-	SOFR(Q)	11/4/2031		3,793		3,755		3,793		1.4	%
Vitesse Systems Parent, LLC		First lien senior secured loan		11.47	%		7.00	%		-	SOFR(M)	12/22/2028		5,897		5,774		5,882		2.1	%
		First lien senior secured revolving loan		11.56	%		7.00	%		-	SOFR(M)	12/22/2028		782		766		780		0.3	%
														15,584		15,308		15,640		5.7	%
Automobile components
Speedstar Holding LLC		First lien senior secured loan		10.59	%		6.00	%		-	SOFR(Q)	7/22/2027		1,020		1,008		1,025		0.4	%
		First lien senior secured delayed draw loan		10.59	%		6.00	%		-	SOFR(Q)	7/22/2027		111		110		112		0.0	%
Vehicle Accessories, Inc.		First lien senior secured loan		9.72	%		5.25	%		-	SOFR(M)	11/30/2026		3,827		3,788		3,827		1.4	%
		First lien senior secured revolving loan		9.72	%		5.25	%		-	SOFR(M)	11/30/2026		-		-		-		0.0	%
WAM CR Acquisition, Inc. (Wolverine)		First lien senior secured loan		10.58	%		6.25	%		-	SOFR(Q)	7/23/2029		5,079		4,983		5,155		1.9	%
														10,037		9,889		10,119		3.7	%
Biotechnology
Alcami Corporation (Alcami)		First lien senior secured delayed draw loan		11.55	%		7.00	%		-	SOFR(M)	12/21/2028		296		296		299		0.1	%
		First lien senior secured revolving loan		11.44	%		7.00	%		-	SOFR(M)	12/21/2028		41		28		42		0.0	%
		First lien senior secured loan		11.66	%		7.00	%		-	SOFR(Q)	12/21/2028		4,027		3,924		4,068		1.5	%
														4,364		4,248		4,409		1.6	%

See accompanying notes to consolidated financial statements.

Kayne DL 2021, Inc.

Consolidated Schedule of Investments

As of December 31, 2024

(amounts in 000’s)

Portfolio Company⁽¹⁾	Footnotes	Investment	Interest Rate			Spread			PIK Rate			Reference⁽²⁾	Maturity Date	Principal / Par		Amortized Cost⁽³⁾⁽⁴⁾		Fair Value		Percentage of Net Assets
Building products
Ruff Roofers Buyer, LLC		First lien senior secured loan		9.86	%		5.50	%		-		SOFR(M)	11/17/2029		1,603		1,561		1,603		0.6	%
		First lien senior secured revolving loan		10.11	%		5.75	%		-		SOFR(M)	11/19/2029		-		-		-		0.0	%
		First lien senior secured delayed draw loan		10.11	%		5.75	%		-		SOFR(M)	11/19/2029		860		841		860		0.3	%
		First lien senior secured delayed draw loan		10.11	%		5.50	%		-		SOFR(M)	11/19/2029		-		-		-		0.0	%
US Anchors Group, Inc. (Mechanical Plastics Corp.)		First lien senior secured loan		9.33	%		5.00	%		-		SOFR(Q)	7/15/2029		2,897		2,834		2,897		1.1	%
		First lien senior secured revolving loan		9.33	%		5.00	%		-		SOFR(Q)	7/15/2029		-		-		-		0.0	%
															5,360		5,236		5,360		2.0	%
Commercial services & supplies
Advanced Environmental Monitoring, Inc.		First lien senior secured loan		10.41	%		5.75	%		-		SOFR(Q)	1/29/2027		3,000		2,974		3,000		1.1	%
Allentown, LLC		First lien senior secured loan		11.66	%		6.00	%		1.00	%	SOFR(Q)	4/22/2027		2,253		2,221		2,174		0.8	%
		First lien senior secured delayed draw loan		11.66	%		6.00	%		1.00	%	SOFR(Q)	4/22/2027		407		400		393		0.2	%
		First lien senior secured revolving loan		12.50	%		5.00	%		-		PRIME	4/22/2027		109		106		105		0.0	%
American Equipment Holdings LLC		First lien senior secured loan		10.45	%		6.00	%		-		SOFR(M)	11/5/2026		157		157		157		0.1	%
		First lien senior secured loan		10.50	%		6.00	%		-		SOFR(M)	11/5/2026		599		590		599		0.2	%
		First lien senior secured delayed draw loan		10.47	%		6.00	%		-		SOFR(M)	11/5/2026		4,920		4,872		4,920		1.8	%
		First lien senior secured revolving loan		10.47	%		6.00	%		-		SOFR(M)	11/5/2026		296		273		296		0.1	%
Bloomington Holdco, LLC (BW Fusion)		First lien senior secured loan		10.05	%		5.50	%		-		SOFR(Q)	5/1/2030		3,948		3,871		3,948		1.4	%
		First lien senior secured loan		10.05	%		5.50	%		-		SOFR(Q)	5/1/2030		671		635		671		0.2	%

See accompanying notes to consolidated financial statements.

Kayne DL 2021, Inc.

Consolidated Schedule of Investments

As of December 31, 2024

(amounts in 000’s)

Portfolio Company⁽¹⁾	Footnotes	Investment	Interest Rate			Spread			PIK Rate		Reference⁽²⁾	Maturity Date	Principal/ Par		Amortized Cost⁽³⁾⁽⁴⁾		Fair Value		Percentage of Net Assets
BLP Buyer, Inc. (Bishop Lifting Products)		First lien senior secured loan		10.34	%		6.00	%		-	SOFR(M)	12/22/2029		4,909		4,827		4,946		1.8	%
		First lien senior secured loan		10.34	%		6.00	%		-	SOFR(M)	12/22/2029		231		226		232		0.1	%
		First lien senior secured delayed draw loan		10.34	%		6.00	%		-	SOFR(M)	12/22/2029		601		590		605		0.2	%
		First lien senior secured revolving loan		10.34	%		6.00	%		-	SOFR(M)	12/22/2029		143		131		144		0.1	%
Connect America.com, LLC		First lien senior secured loan		9.83	%		5.50	%		-	SOFR(Q)	10/11/2029		4,901		4,830		4,901		1.8	%
Diverzify Intermediate LLC		First lien senior secured loan		10.53	%		5.75	%		-	SOFR(Q)	5/11/2027		1,550		1,515		1,531		0.6	%
		First lien senior secured delayed draw loan		10.53	%		5.75	%		-	SOFR(M)	4/4/2026		-		-		-		0.0	%
Superior Intermediate LLC (Landmark Structures)		First lien senior secured loan		10.35	%		6.00	%		-	SOFR(Q)	12/18/2029		3,439		3,346		3,439		1.3	%
		First lien senior secured delayed draw loan		10.35	%		6.00	%			SOFR(M)	12/18/2029		-		-		-		0.0	%
		First lien senior secured revolving loan		10.35	%		6.00	%		-	SOFR(M)	12/18/2029		-		-		-		0.0	%
Tapco Buyer LLC		First lien senior secured loan		9.52	%		5.00	%		-	SOFR(M)	11/15/2030		2,074		2,043		2,074		0.8	%
		First lien senior secured delayed draw loan		9.34	%		5.00	%		-	SOFR(Q)	11/15/2030		119		100		119		0.0	%
		First lien senior secured revolving loan		9.34	%		5.00	%		-	SOFR(Q)	11/15/2030		-		-		-		0.0	%
														34,327		33,707		34,254		12.6	%
Containers & packaging
Carton Packaging Buyer, Inc. (Century Box)		First lien senior secured loan		10.84	%		6.25	%		-	SOFR(Q)	10/30/2028		5,390		5,264		5,336		2.0	%
		First lien senior secured revolving loan		10.84	%		6.25	%		-	SOFR(S)	10/30/2028		-		-		-		0.0	%
Drew Foam Companies, Inc.		First lien senior secured loan		10.78	%		6.00	%		-	SOFR(Q)	12/5/2026		2,831		2,806		2,831		1.0	%
FCA, LLC (FCA Packaging)		First lien senior secured loan		10.13	%		5.00	%		-	SOFR(S)	7/18/2028		2,012		1,994		2,012		0.8	%
		First lien senior secured loan		10.11	%		5.75	%		-	SOFR(M)	7/18/2028		286		278		292		0.1	%

See accompanying notes to consolidated financial statements.

Kayne DL 2021, Inc.

Consolidated Schedule of Investments

As of December 31, 2024

(amounts in 000’s)

Portfolio Company⁽¹⁾	Footnotes	Investment	Interest Rate			Spread			PIK Rate		Reference⁽²⁾	Maturity Date	Principal / Par		Amortized Cost⁽³⁾⁽⁴⁾		Fair Value		Percentage of Net Assets
		First lien senior secured revolving loan		10.13	%		5.75	%		-	SOFR(S)	7/18/2028		-		-		-		0.0	%
Innopak Industries, Inc.		First lien senior secured loan		10.75	%		6.25	%		-	SOFR(M)	3/5/2027		3,064		3,015		3,064		1.1	%
		First lien senior secured loan		10.75	%		6.25	%		-	SOFR(M)	3/5/2027		2,507		2,467		2,507		0.9	%
The Robinette Company		First lien senior secured loan		10.52	%		6.00	%		-	SOFR(Q)	5/10/2029		2,186		2,147		2,230		0.8	%
		First lien senior secured revolving loan		10.52	%		6.00	%		-	SOFR(Q)	5/10/2029		516		497		526		0.2	%
		First lien senior secured delayed draw loan		10.52	%		6.00	%		-	SOFR(M)	11/10/2025		-		-		-		0.0	%
														18,792		18,468		18,798		6.9	%

Diversified telecommunication services
Network Connex (f/k/a NTI Connect, LLC)		First lien senior secured loan		9.48	%		5.00	%		-	SOFR(Q)	1/31/2026		2,564		2,528		2,564		0.9	%

Food products
BR PJK Produce, LLC (Keany)		First lien senior secured loan		10.99	%		6.25	%		-	SOFR(Q)	11/14/2027		4,688		4,620		4,688		1.7	%
		First lien senior secured loan		10.99	%		6.25	%		-	SOFR(Q)	11/14/2027		721		706		721		0.3	%
		First lien senior secured delayed draw loan		10.99	%		6.25	%		-	SOFR(Q)	11/14/2027		734		714		734		0.3	%
		First lien senior secured delayed draw loan		10.99	%		6.25	%		-	SOFR(Q)	11/14/2027		227		227		227		0.1	%
CCFF Buyer, LLC (California Custom Fruits & Flavors, LLC)		First lien senior secured loan		9.77	%		5.25	%		-	SOFR(Q)	2/26/2030		2,630		2,572		2,630		1.0	%
		First lien senior secured delayed draw loan		9.77	%		5.25	%		-	SOFR(Q)	2/26/2030		1,500		1,442		1,500		0.6	%
		First lien senior secured revolving loan		9.77	%		5.00	%		-	SOFR(Q)	2/26/2030		-		-		-		0.0	%
City Line Distributors, LLC		First lien senior secured loan		10.47	%		6.00	%		-	SOFR(M)	8/31/2028		1,855		1,819		1,874		0.7	%
		First lien senior secured delayed draw loan		10.51	%		6.00	%		-	SOFR(M)	8/31/2028		760		748		768		0.3	%
		First lien senior secured revolving loan		10.51	%		6.00	%		-	SOFR(M)	8/31/2028		-		-		-		0.0	%

See accompanying notes to consolidated financial statements.

Kayne DL 2021, Inc.

Consolidated Schedule of Investments

As of December 31, 2024

(amounts in 000’s)

Portfolio Company⁽¹⁾	Footnotes	Investment	Interest Rate			Spread			PIK Rate			Reference⁽²⁾	Maturity Date	Principal / Par		Amortized Cost⁽³⁾⁽⁴⁾		Fair Value		Percentage of Net Assets
Gulf Pacific Holdings, LLC		First lien senior secured loan		10.46	%		6.00	%		-		SOFR(M)	9/30/2028		1,712		1,691		1,678		0.6	%
		First lien senior secured delayed draw loan		10.55	%		6.00	%		-		SOFR(M)	9/30/2028		144		144		142		0.1	%
		First lien senior secured revolving loan		10.46	%		6.00	%		-		SOFR(M)	9/30/2028		360		353		352		0.1	%
IF&P Foods, LLC (FreshEdge)		First lien senior secured loan		10.05	%		5.63	%		-		SOFR(Q)	7/23/2030		3,853		3,787		3,853		1.4	%
		First lien senior secured loan		10.43	%		6.00	%		-		SOFR(Q)	7/23/2030		97		95		97		0.0	%
		First lien senior secured loan		10.05	%		5.63	%		-		SOFR(Q)	7/23/2030		119		114		118		0.0	%
		First lien senior secured delayed draw loan		10.05	%		5.63	%		-		SOFR(Q)	7/23/2030		572		563		572		0.2	%
		First lien senior secured revolving loan		10.05	%		5.63	%		-		SOFR(M)	7/23/2030		341		333		341		0.1	%
J&K Ingredients, LLC		First lien senior secured loan		10.83	%		6.50	%		-		SOFR(Q)	11/16/2028		2,896		2,837		2,925		1.1	%
ML Buyer, LLC (Mama Lycha Foods, LLC)		First lien senior secured loan		9.68	%		5.25	%		-		SOFR(Q)	9/9/2029		2,545		2,481		2,545		0.9	%
		First lien senior secured revolving loan		9.68	%		5.25	%		-		SOFR(Q)	9/9/2029		-		-		-		0.0	%
Siegel Egg Co., LLC		First lien senior secured loan		13.19	%		6.50	%		2.00	%	SOFR(Q)	12/29/2026		2,329		2,312		2,003		0.7	%
		First lien senior secured revolving loan		13.19	%		6.50	%		2.00	%	SOFR(Q)	12/29/2026		418		415		359		0.1	%
Worldwide Produce Acquisition, LLC		First lien senior secured delayed draw loan		11.00	%		6.75	%		-		SOFR(S)	1/18/2029		555		543		544		0.2	%
		First lien senior secured delayed draw loan		11.00	%		6.75	%		-		SOFR(S)	1/18/2029		461		429		452		0.2	%
		First lien senior secured revolving loan		11.00	%		6.75	%		-		SOFR(S)	1/18/2029		-		-		-		0.0	%
		First lien senior secured loan		11.00	%		6.75	%		-		SOFR(S)	1/18/2029		2,831		2,769		2,774		1.0	%
															32,348		31,714		31,897		11.7	%

See accompanying notes to consolidated financial statements.

Kayne DL 2021, Inc.

Consolidated Schedule of Investments

As of December 31, 2024

(amounts in 000’s)

Portfolio Company⁽¹⁾	Footnotes	Investment	Interest Rate			Spread			PIK Rate		Reference⁽²⁾	Maturity Date	Principal / Par		Amortized Cost⁽³⁾⁽⁴⁾		Fair Value		Percentage of Net Assets
Health care providers & services
Brightview, LLC		First lien senior secured loan		10.47	%		6.00	%		-	SOFR(M)	12/14/2026		2,145		2,140		2,124		0.8	%
		First lien senior secured delayed draw loan		10.47	%		6.00	%		-	SOFR(M)	12/14/2026		287		285		284		0.1	%
		First lien senior secured revolving loan		10.34	%		6.00	%		-	SOFR(M)	12/14/2026		130		130		129		0.0	%
Guardian Dentistry Partners, LLC		First lien senior secured loan		9.72	%		5.25	%		-	SOFR(M)	8/20/2027		786		775		786		0.3	%
		First lien senior secured delayed draw loan		9.72	%		5.25	%		-	SOFR(M)	8/20/2027		1,415		1,399		1,415		0.5	%
		First lien senior secured revolving loan		9.72	%		5.25	%		-	SOFR(M)	8/20/2027		-		-		-		0.0	%
Guided Practice Solutions: Dental, LLC (GPS)		First lien senior secured delayed draw loan		10.72	%		6.25	%		-	SOFR(M)	11/24/2026		3,818		3,753		3,818		1.4	%
		First lien senior secured delayed draw loan		10.72	%		6.25	%		-	SOFR(M)	11/24/2026		954		954		954		0.3	%
		First lien senior secured delayed draw loan		10.72	%		6.25	%		-	SOFR(M)	11/24/2026		1,567		1,551		1,567		0.6	%
Light Wave Dental Management LLC		First lien senior secured revolving loan		9.82	%		5.50	%		-	SOFR(Q)	6/30/2029		-		-		-		0.0	%
		First lien senior secured loan		9.82	%		5.50	%		-	SOFR(Q)	6/30/2029		6,083		5,925		6,083		2.2	%
		First lien senior secured loan		9.82	%		5.50	%		-	SOFR(Q)	6/30/2029		62		60		62		0.0	%
MVP VIP Borrower, LLC		First lien senior secured loan		10.83	%		6.50	%		-	SOFR(Q)	1/3/2029		4,014		3,930		4,054		1.5	%
		First lien senior secured delayed draw loan		10.83	%		6.50	%		-	SOFR(Q)	1/3/2029		324		317		327		0.1	%
NMA Holdings, LLC (Neuromonitoring Associates)		First lien senior secured loan		9.60	%		5.25	%		-	SOFR(Q)	12/18/2030		3,172		3,099		3,172		1.2	%
		First lien senior secured delayed draw loan		9.60	%		5.25	%		-	SOFR(Q)	12/18/2030		-		-		-		0.0	%
		First lien senior secured revolving loan		9.60	%		5.25	%		-	SOFR(Q)	12/18/2030		-		-		-		0.0	%

See accompanying notes to consolidated financial statements.

Kayne DL 2021, Inc.

Consolidated Schedule of Investments

As of December 31, 2024

(amounts in 000’s)

Portfolio Company⁽¹⁾	Footnotes	Investment	Interest Rate			Spread			PIK Rate		Reference⁽²⁾	Maturity Date	Principal / Par		Amortized Cost⁽³⁾⁽⁴⁾		Fair Value		Percentage of Net Assets
Redwood MSO, LLC (Smile Partners)		First lien senior secured loan		9.60	%		5.25	%		-	SOFR(Q)	12/20/2029		2,403		2,348		2,403		0.9	%
		First lien senior secured delayed draw loan		9.60	%		5.25	%		-	SOFR(Q)	12/20/2029		-		-		-		0.0	%
		First lien senior secured revolving loan		11.75	%		4.25	%		-	PRIME	12/20/2029		-		-		-		0.0	%
Refocus Management Services, LLC		First lien senior secured loan		10.75	%		6.00	%		-	SOFR(Q)	2/14/2029		3,566		3,471		3,566		1.3	%
		First lien senior secured delayed draw loan		10.75	%		6.00	%		-	SOFR(Q)	2/14/2029		494		465		494		0.2	%
		First lien senior secured revolving loan		10.75	%		6.00	%		-	SOFR(Q)	2/14/2029		-		-		-		0.0	%
Salt Dental Collective, LLC		First lien senior secured delayed draw loan		11.21	%		6.75	%		-	SOFR(Q)	2/15/2028		995		986		995		0.4	%
														32,215		31,588		32,233		11.8	%
Health care equipment & supplies
LSL Industries, LLC (LSL Healthcare)		First lien senior secured loan		11.78	%		7.00	%		-	SOFR(Q)	11/3/2027		1,636		1,597		1,599		0.6	%
		First lien senior secured delayed draw loan		11.78	%		7.00	%		-	SOFR(Q)	11/3/2027		-		-		-		0.0	%
		First lien senior secured revolving loan		11.78	%		7.00	%		-	SOFR(Q)	11/3/2027		-		-		-		0.0	%
														1,636		1,597		1,599		0.6	%
Insurance
Allcat Claims Service, LLC		First lien senior secured loan		10.46	%		6.00	%		-	SOFR(M)	7/7/2027		655		635		655		0.2	%
		First lien senior secured delayed draw loan		10.46	%		6.00	%		-	SOFR(M)	7/7/2027		1,833		1,792		1,833		0.7	%
		First lien senior secured revolving loan		10.46	%		6.00	%		-	SOFR(M)	7/7/2027		-		-		-		0.0	%
														2,488		2,427		2,488		0.9	%

See accompanying notes to consolidated financial statements.

Kayne DL 2021, Inc.

Consolidated Schedule of Investments

As of December 31, 2024

(amounts in 000’s)

Portfolio Company⁽¹⁾	Footnotes	Investment	Interest Rate			Spread			PIK Rate			Reference⁽²⁾	Maturity Date	Principal / Par		Amortized Cost⁽³⁾⁽⁴⁾		Fair Value		Percentage of Net Assets
IT services
Improving Acquisition LLC		First lien senior secured loan		11.00	%		6.50	%		-		SOFR(Q)	7/26/2027		4,879		4,809		4,879		1.8	%
		First lien senior secured revolving loan		11.00	%		6.50	%		-		SOFR(Q)	7/26/2027		-		-		-		0.0	%
															4,879		4,809		4,879		1.8	%
Leisure products
MacNeill Pride Group Corp.		First lien senior secured delayed draw loan		11.84	%		6.75	%		0.50	%	SOFR(Q)	4/22/2026		954		944		950		0.4	%
		First lien senior secured revolving loan		11.34	%		6.75	%		-		SOFR(Q)	4/22/2026		87		84		86		0.0	%
Pixel Intermediate, LLC	(5)	First lien senior secured loan		10.92	%		6.50	%		-		SOFR(S)	2/1/2029		4,056		3,968		4,097		1.5	%
		First lien senior secured revolving loan		10.83	%		6.50	%		-		SOFR(Q)	2/1/2029		1,368		1,333		1,382		0.5	%
Spinrite, Inc.	(5)	First lien senior secured loan		9.83	%		5.50	%		-		SOFR(Q)	6/30/2025		306		306		306		0.1	%
		First lien senior secured loan		9.83	%		5.50	%		-		SOFR(Q)	6/30/2025		529		529		529		0.2	%
		First lien senior secured revolving loan		9.83	%		5.50	%		-		SOFR(Q)	6/30/2025		554		550		554		0.2	%
VENUplus, Inc. (f/k/a CTM Group, Inc.)		First lien senior secured loan		12.16	%		4.75	%		2.75	%	SOFR(Q)	11/30/2026		3,031		2,973		2,985		1.1	%
															10,885		10,687		10,889		4.0	%
Machinery
MRC Keystone Acquisition LLC (Automated Handing Solutions)		First lien senior secured loan		10.85	%		6.50	%		-		SOFR(Q)	12/18/2029		2,848		2,775		2,848		1.0	%
		First lien senior secured revolving loan		10.85	%		6.50	%		-		SOFR(Q)	12/18/2029

Kayne DL 2021, Inc. 10-Q