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Kayne DL 2021, Inc.

DE
Private creditNon-traded BDC1099
Peers (118)All funds
Compared against Private credit non-traded bdcs.
1Y return
+9.3%
68th pctile · ahead of most peersas of 2026-03-02
Since inception
not stated in filings
Distribution rate
not stated in filings
Net assets
$349.4M
as of 2026-03-02
Net expenses
1.11%
1th pctile · cheaper than median
Repurchase
not stated yet
Level 3
100%
55th pctile · more model-priced than peers
Last offer
no offer yet
What owning this fund costs per year
Hold period3 yrs
Net expense ratio (includes the 0.75% management fee)1.11%
Minus interest on borrowings, the cost of portfolio leverage0.05%
Ongoing cost, determined from the filings1.06%
Costs are low because the adviser charges 0.75% of the value of the loan portfolio and there is no incentive fee at all. Total expenses were 1.11% of average net assets in 2025; removing 0.05% of borrowing costs leaves 1.06% as the ongoing cost. With net assets now near $350 million, the run rate is closer to 1.0%.
Sales loadnone
Total drag per year1.06%
This is the cost for common Stock (single class).
Based on Full year ended December 31, 2025 (annual report, ratio stated by the filing as annual, not annualized by us). Interim data through June 30, 2026 show.
This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly.
Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (No incentive or performance fee is charged; the Advisor is paid only a management fee at an annual rate of 0.75% of the fair market value of investments (including assets bought with credit facility borrowings, excluding cash, U.S. government securities and short-term commercial paper), payable quar) apply only to returns earned. How this is calculated
Against Private credit non-traded bdcs
Total drag
7th pctile · cheaper than most
1Y return
68th pctile · ahead of most
Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.
Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover Full year ended December 31, 2025 (annual report, ratio stated by the filing as annual, not annualized by us). Interim data through June 30, 2026 shows the same cost structure running about 0.97% annualized as net assets grew to $349 million; no fee schedule change, no waiver, no incentive fee..
Open the filing on sec.gov (0001213900-26-022449)
Size and leverage
Net assets$349.4M?
Borrowings$0?
Leveragedebt to equity0.00x?
Investments held86?
Started2021-12-16?
What the manager charges
Management feeof gross assets0.75%?
Where distributions come from
Paid out of income100.00%?
Return of your own capital0.00%?
What it holds
Largest position2.20%?
Top ten20.80%?
Floating rate99.99%?
Not paying interestloans on non-accrual1.00%?
Priced by the managerno market price available100.00%?
MostlyHealth care providers & services?
Who is involved
AdviserKA Credit Advisors II, LLC?
AuditorPricewaterhouseCoopers LLP?
Valuedquarterly?
Independent valuation agentYes?
Deals with affiliatesYes?
Also worth knowing
  • On March 5, 2026 a majority of stockholders extended the commitment period two years, to December 16, 2028; the fund then ceases new investments and liquidates unless extended again.
  • Subscription credit facility total commitment reduced from $25 million to $10 million, maturing February 19, 2027; no borrowings outstanding at June 30, 2026 and the facility may not be increased once reduced.
  • Debt investments on non-accrual were 1.9% of cost and 1.0% of fair value at June 30, 2026, up from 1.0% and 0.6% at December 31, 2025.
  • Only 4 holders of record of common stock; no public market and transfers require company consent.
  • Unfunded portfolio commitments vs. liquidity: 40,971 USD thousands (Revolver and delayed-draw obligations are callable by borrowers and exceed cash on hand plus the entire credit facility, so the fund depends on undrawn investor capital to honor them.)
  • Undrawn investor capital commitments: 35,535 USD thousands (Investors remain obligated to fund 10% of commitments on notice, and that capital is the primary source for unfunded revolvers now that the credit facility has been cut to $10 million.)
  • No incentive or performance fee: none (The absence of any carried interest or hurdle-based fee is unusual for a direct lending BDC and is the main reason total ownership cost is near 1%.)
  • PIK interest share of interest income: 3 percent of interest income (six months ended June 30, 2026) (Payment-in-kind income is non-cash but must still be distributed to keep RIC status, so a rising share can pressure cash available for dividends.)
  • Fund life and wind-down trigger: commitment period ends December 16, 2028 (The vehicle is finite-life; at the end of the term it stops investing and liquidates, so the expense base will be spread over a shrinking pool of assets.)
  • Portfolio company leverage and interest coverage: 4.5x leverage / 2.4x interest coverage weighted average, based on fair value (Underlying borrower credit metrics drive future losses, and coverage near 2.4x leaves limited cushion if rates or earnings move against borrowers.)
  • Watch list exposure: 7.3 million fair value / 3 companies USD millions (Watch-list credits are the pipeline for future non-accruals and markdowns; three names represent 2.2% of debt fair value.)
  • Interest rate sensitivity of net investment income: -6.6 USD millions per 200bp decline (With 99.99% floating-rate assets and no borrowings, falling base rates cut income with no offsetting reduction in interest expense.)
Fees
Management fee0.75%
Incentive fee
No incentive or performance fee is charged; the Advisor is paid only a management fee at an annual rate of 0.75% of the fair market value of investments (including assets bought with credit facility borrowings, excluding cash, U.S. government securities and short-term commercial paper), payable quar
Sales load0%
Interest on borrowings0.05%
Incentive fees accrued0%
Total annual expenses, gross1.11%
Liquidity terms
Not stated in filings as of 2026-09-05.
Valuation
Fair value determined byunchanged, 4 filingsAdviser as valuation designee
Independent valuation firmunchanged, 2 filingsEngaged, name in filing
Valuation frequencychanged from Quarterly · Mar 2026quarterly
Structure
Legal structurechanged · Mar 2026
Delaware corporation, externally managed closed-end non-diversified management investment company that has elected to be regulated as a business development company
Share classes
Single class of common stock (privately offered, $0.001 par value)
Tax reporting formunchanged, 2 filings1099
Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.
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Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.