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Private company

Kayne DL 2021, Inc.

Kayne DL 2021, Inc. is an American company, incorporated in Delaware.1 It is headquartered in Houston, Texas.1

Last updated Oct 21, 2026.

Overview

  • HeadquartersHouston, Texas1
  • Incorporated inDE2
  • Business address717 Texas Avenue, Suite 2200, Houston, Tx 770022
  • Filer categoryNon-accelerated filer, Emerging growth company2

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Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended (the “Advisers Act”).3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income456$29.8M in 2025
-$10.0M0$10.0M$20.0M$30.0M2021: -$121.0K-$121.0K20212022: $4.8M$4.8M20222023: $16.7M$16.7M2023+246%2024: $27.0M$27.0M2024+62%2025: $29.8M$29.8M2025+10%
Fiscal year202120222023202420252026
Operating expenses$400.0K4$1.5M5$2.2M6$2.8M6$3.6M6
Interest$215.0K4$214.0K4
Income tax$15.6M6$25.9M6$31.7M6
Net income-$121.0K4$4.8M5$16.7M6$27.0M6$29.8M6
Earnings per share-$18.004$435.005$600.005$609.005
Earnings per share (diluted)-$18.004$435.005$600.005$609.005
Shares (weighted, basic)6.6K shares411.0K shares527.8K shares644.4K shares661.5K shares6
Shares (weighted, diluted)6.6K shares411.0K shares527.8K shares644.4K shares661.5K shares6

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Corporate structure

Kayne DL 2021, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Kayne DL 2021, Inc.

  • Kayne DL 2021, Inc. Houston, Texas

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Kayne DL 2021, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$2.9M5 Dec 31, 2024$5.9M5 Dec 31, 2023−50.8%
Marketable securities, current$13.4M5 Dec 31, 2024$4.7M5 Dec 31, 2023+185.0%
Long-term investments$317.4M6 Dec 31, 2025$261.8M6 Dec 31, 2024+21.2%

Properties, in its own words

The headquarters of KA Credit Advisors II, LLC is located at 717 Texas Avenue, Suite 2200, Houston, TX 77002.

Item 2 of the 10-K filed Mar 2, 2026.3

Leadership

Who has led Kayne DL 2021, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Michael J. Levitt2021

Chief financial officer

  1. Terry A. Hart2021
2025
Board members and other officers (12)

Timeline

  1. Jun 29, 20268-K Executive or director change22
  2. Jun 16, 20268-K Shareholder vote23
  3. Aug 14, 20258-K Unregistered sale of shares24
  4. Jun 17, 20258-K Shareholder vote25
  5. May 2, 20258-K Unregistered sale of shares26
  6. Feb 24, 20258-K Other events27
  7. Feb 18, 20258-K Unregistered sale of shares28
  8. Oct 25, 20248-K Unregistered sale of shares29
  9. Jun 21, 20248-K Shareholder vote30
  10. May 10, 20248-K Other events31
  11. Feb 28, 20248-K Other events32
  12. Feb 21, 20248-K Unregistered sale of shares33
  13. May 12, 2021New chief executive Michael J. Levitt becomes CEO10

Filings

105 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 28 major events, 29 insider forms, 21 large holders, 7 other. The latest 20:

  1. Aug 10, 202610-Q EDGAR
  2. Jul 23, 2026SCHEDULE 13D/A EDGAR
  3. Jun 29, 20268-K CURRENT REPORT EDGAR
  4. Jun 16, 20268-K CURRENT REPORT EDGAR
  5. May 11, 202610-Q EDGAR
  6. Mar 2, 202610-K ANNUAL REPORT EDGAR
  7. Dec 2, 202540-17G EDGAR
  8. Nov 10, 202510-Q QUARTERLY REPORT EDGAR
  9. Aug 15, 20254 OWNERSHIP DOCUMENT EDGAR
  10. Aug 15, 2025SCHEDULE 13D/A EDGAR
  11. Aug 14, 20258-K CURRENT REPORT EDGAR
  12. Aug 13, 20254 PRIMARY DOCUMENT EDGAR
  13. Aug 11, 202510-Q QUARTERLY REPORT EDGAR
  14. Jun 17, 20258-K CURRENT REPORT EDGAR
  15. May 12, 202510-Q QUARTERLY REPORT EDGAR
  16. May 2, 20258-K CURRENT REPORT EDGAR
  17. May 2, 20254 OWNERSHIP DOCUMENT EDGAR
  18. May 2, 2025SCHEDULE 13D/A EDGAR
  19. May 1, 20254 PRIMARY DOCUMENT EDGAR
  20. Mar 3, 202510-K ANNUAL REPORT EDGAR

The 105 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

27 open-market trades by officers, directors and large owners since October 2021: 27 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 13, 2025KAYNE ANDERSON CAPITAL ADVISORS LPBuy48$5,259.00$250.0KForm 4
Aug 13, 2025UAW Ford Retirees Medical Benefits Plan10% ownerBuy4,706$5,259.00$24.8MForm 4
Apr 30, 2025KAYNE ANDERSON CAPITAL ADVISORS LPBuy48$5,252.00$250.0KForm 4
Apr 30, 2025UAW Chrysler Retirees Medical Benefits Plan10% ownerBuy4,712$5,252.00$24.8MForm 4
Feb 13, 2025KAYNE ANDERSON CAPITAL ADVISORS LPBuy48$5,259.00$250.0KForm 4
Feb 13, 2025UAW Chrysler Retirees Medical Benefits Plan10% ownerBuy4,706$5,259.00$24.8MForm 4
Oct 23, 2024KAYNE ANDERSON CAPITAL ADVISORS LPBuy48$5,259.00$250.0KForm 4
Oct 23, 2024UAW Chrysler Retirees Medical Benefits Plan10% ownerBuy4,706$5,259.00$24.8MForm 4
Jul 24, 2024KAYNE ANDERSON CAPITAL ADVISORS LPBuy47$5,269.00$250.0KForm 4
Jul 3, 2024UAW Chrysler Retirees Medical Benefits Plan10% ownerBuy4,697$5,269.00$24.8MForm 4
Feb 15, 2024KAYNE ANDERSON CAPITAL ADVISORS LPBuy47$5,308.00$250.0KForm 4
Feb 15, 2024UAW Ford Retirees Medical Benefits Plan10% ownerBuy4,663$5,308.00$24.7MForm 4
Dec 19, 2023KAYNE ANDERSON CAPITAL ADVISORS LPBuy28$5,328.00$150.0KForm 4
Dec 19, 2023UAW Ford Retirees Medical Benefits Plan10% ownerBuy2,787$5,328.00$14.9MForm 4
Aug 10, 2023KAYNE ANDERSON CAPITAL ADVISORS LPBuy48$5,237.00$250.0KForm 4
Aug 10, 2023UAW Ford Retirees Medical Benefits Plan10% ownerBuy4,726$5,237.00$24.8MForm 4
Feb 28, 2023KAYNE ANDERSON CAPITAL ADVISORS LPBuy48$5,236.00$250.0KForm 4
Feb 28, 2023UAW Chrysler Retirees Medical Benefits Plan10% ownerBuy4,727$5,236.00$24.7MForm 4
Dec 9, 2022KAYNE ANDERSON CAPITAL ADVISORS LPBuy48$5,205.00$250.0KForm 4
Dec 9, 2022UAW Chrysler Retireees Medical Benefits Plan10% ownerBuy4,755$5,205.00$24.7MForm 4

All 27 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How Kayne DL 2021, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARKayne DL 2021, Inc.1
  • CIK0001850787
  • Employer ID (EIN)86-24408603
  • Filer statusNon-accelerated filer an emerging growth company; not a smaller reporting company; not a shell company3
  • Incorporated inDelaware3
  • Fiscal year endsDecember 311
  • Business address717 Texas Avenue, Suite 2200, Houston, TX 770021
  • Phone713-493-20201
  • Shares outstanding67,613 as of Aug 5, 20268
  • Public float$0 as of Jun 30, 20256
  • AuditorPricewaterhouseCoopers LLP, Los Angeles, California PCAOB ID 238; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceMar 12, 20211
  • Filings133 in all: 8-K (29), 4 (26), 10-Q (16), 3 (16), SC 13D/A (16), 10-K (5), 40-17G (5), DEF 14A (5)1
    All 16 form types

    40-APP/A (4), SCHEDULE 13D/A (4), 40-APP (2), 10-12G (1), 10-12G/A (1), CORRESP (1), N-54A (1), SC 13D (1)

  • Latest filingsAnnual report (10-K) Mar 2, 2026
    Quarterly report (10-Q) Aug 10, 2026
    Proxy statement (DEF 14A) Apr 24, 2026
    Latest 8-K (8-K) Jun 29, 2026

Risk factors and legal proceedings

The risks Kayne DL 2021, Inc. names in Item 1A of its 10-K filed Mar 2, 2026: 59 risks under these headings, as written.3

  • Principal Risks Relating to Our Business and Structure
  • Principal Risks Relating to Our Investments
  • Risks Relating to Our Common Stock
  • Risks Relating to Our Business and Structure
  • We have a limited operating history and may not replicate the historical results achieved by other entities managed by members of the Advisor’s investment committee, the Advisor or its affiliates.
  • We use leverage pursuant to borrowings under credit facilities to finance our investments and changes in interest rates will affect our cost of capital and net investment income.
  • Further downgrades of the U.S. credit rating, impending automatic spending cuts or government shutdowns could negatively impact our liquidity, financial condition and earnings.
  • We depend upon our Advisor and Administrator for our success and upon their access to the investment professionals and partners of Kayne Anderson and its affiliates. Any inability of the Advisor or the Administrator to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.
  • Our financial condition, results of operations and cash flows depend on our ability to manage our business and future growth effectively.
  • The Advisor may frequently be required to make investment analyses and decisions on an expedited basis in order to take advantage of investment opportunities, and our Advisor may not have knowledge of all circumstances that could impact an investment by the Company.
  • There are significant potential conflicts of interest that could affect our investment returns, including conflicts related to obligations the Advisor’s investment committee, the Advisor or its affiliates have to other clients and conflicts related to fees and expenses of such other clients, the valuation process for certain portfolio holdings of ours, other arrangements with the Advisor or its affiliates, and the Advisor’s recommendations given to us may differ from those rendered to their other clients.
  • The Advisor’s investment committee, the Advisor or its affiliates may, from time to time, possess material non-public information, limiting our investment discretion.
The other 50 risks
  • The Investment Advisory Agreement and the Administration Agreement were not negotiated on an arm’s-length basis and may not be as favorable to us as if they had been negotiated with an unaffiliated third party.
  • We generally may make investments that could give rise to a conflict of interest and our ability to enter into transactions with our affiliates will be restricted.
  • We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses.
  • We will be subject to corporate-level income tax if we are unable to continue to qualify as a RIC.
  • We may be subject to risks that may arise in connection with the rules under ERISA related to investment by ERISA Plans.
  • We may have difficulty paying our required distributions if we recognize income before, or without, receiving cash representing such income.
  • Regulations governing our operation as a BDC affect our ability to, and the way in which we, raise additional capital. As a BDC, the necessity of raising additional capital exposes us to risks, including the typical risks associated with leverage.
  • We finance our investments with borrowings under credit facilities, which will magnify the potential for gain or loss on amounts invested and may increase the risk of investing in us.
  • Provisions in our credit facilities contain various covenants, which, if not complied with, could accelerate our repayment obligations under such facilities, thereby materially and adversely affecting our liquidity, financial condition, results of operations and ability to pay distributions.
  • Adverse developments in the credit markets may impair our ability to enter into new credit facilities.
  • If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to qualify as a BDC or be precluded from investing according to our current business strategy and such failure would decrease our operating flexibility.
  • The majority of our portfolio investments are recorded at fair value as determined in good faith by our Advisor and, as a result, there may be uncertainty as to the value of our portfolio investments.
  • New or modified laws or regulations governing our operations and government intervention in the credit markets generally may adversely affect our business.
  • Our Board may change our investment objective, operating policies and strategies without prior notice or stockholder approval, and we may temporarily deviate from our regular investment strategy.
  • The Advisor can resign on 60 days’ notice, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.
  • We will incur significant costs as a result of being registered under the Exchange Act.
  • Efforts to comply with the Sarbanes-Oxley Act will involve significant expenditures, and non-compliance with the Sarbanes-Oxley Act would adversely affect us and the value of our shares of common stock.
  • We are highly dependent on information systems, and cybersecurity risks and cyber incidents may adversely affect our business or the business of our portfolio companies, which may, in turn, negatively affect the value of our shares of common stock and our ability to pay distributions.
  • There may be trademark risk, as we do not own the Kayne Anderson name.
  • Risks Relating to Our Investments
  • We are subject to risks associated with the current interest rate environment, and rising interest rates could affect the value of our investments and make it more difficult for portfolio companies to make periodic payments on their loans.
  • Our business is dependent on bank relationships and recent strain on the banking system may adversely impact us.
  • Limitations of investment due diligence expose us to investment risk.
  • We invest in highly leveraged companies, which could cause us to lose all or a part of our investment in those companies.
  • We are subject to risks associated with our investments in unitranche secured loans and securities, including the potential loss of all or part of such investments.
  • Our investments in securities that are rated below investment grade (i.e. “junk bonds”) may be risky and we could lose all or part of our investments.
  • Defaults by our portfolio companies, including defaults relating to collateral, will harm our operating results.
  • The lack of liquidity and price decline in our investments may adversely affect our business, including by reducing our NAV through increased net unrealized depreciation.
  • Our portfolio companies may prepay loans, which may reduce our yields if capital returned cannot be invested in transactions with equal or greater expected yields.
  • Our portfolio companies may be unable to repay or refinance outstanding principal on their loans at or prior to maturity.
  • Our investments in portfolio companies may expose us to environmental risks.
  • We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we are not limited with respect to the proportion of our assets that may be invested in securities of a single issuer.
  • Our portfolio may be concentrated in a limited number of portfolio companies and industries, which will subject us to a risk of significant loss if any of these companies defaults on its obligations under any of its debt instruments or if there is a downturn in a particular industry.
  • Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio.
  • Because we generally do not hold controlling equity interests in our portfolio companies, we may not be able to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments and there is no assurance that portfolio company management will be able to operate their companies in accordance with our expectations.
  • Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies and such portfolio companies may not generate sufficient cash flow to service their debt obligations to us.
  • The disposition of our investments may result in contingent liabilities.
  • The Advisor’s and Administrator’s liability is limited, and we have agreed to indemnify each against certain liabilities, which may lead them to act in a riskier manner on our behalf than it would when acting for its own account.
  • We are subject to risks under hedging transactions and our ability to enter into transactions involving derivatives and financial commitment transactions may be limited.
  • We may not realize gains from our equity investments.
  • We are subject to risks associated with our investment and trading of liquid credit (i.e., broadly syndicated loans).
  • There is no public market for our shares of common stock, and no market for our shares of common stock may develop in the future.
  • There are restrictions on the ability of holders of our Common Stock to transfer shares in excess of the restrictions typically associated with a private offering of securities under Regulation D and other exemptions from registration under the Securities Act, and these additional restrictions could further limit the liquidity of an investment in our shares of common stock and the price at which holders may be able to sell the shares.
  • Certain provisions of the DGCL, our certificate of incorporation, bylaws, and actions of our Board could deter takeover attempts and have an adverse impact on the value of common stock.
  • During extended periods of capital market disruption and instability, there is a risk that you may not receive distributions or that our distributions may not grow over time and a portion of our distributions may be a return of capital.
  • A stockholder’s interest in us will be diluted if we issue additional shares, which could reduce the overall value of an investment in us.
  • Our stockholders may receive our shares of Common Stock as dividends, which could result in adverse tax consequences to them.
  • We may in the future determine to issue preferred stock, which could adversely affect the value of shares of Common Stock.
  • General Risk Factors
  • Global economic, political and market conditions, including uncertainty about the financial stability of the United States, could have a significant adverse effect on our business, financial condition and results of operations.
  • Political, social and economic uncertainty creates and exacerbates risks.
  • We are subject to risks related to corporate responsibility.

Legal proceedings

Neither we nor our Advisor is currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us, or against our Advisor.

From time to time, we, or our Advisor, may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.

From time to time we are involved in various legal proceedings, lawsuits and claims incidental to the conduct of our business. Our businesses are also subject to extensive regulation, which may result in regulatory proceedings against us.

The opening of Item 3, Legal Proceedings.3

Sources

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    SEC EDGAROther events
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    SEC EDGAROther events
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    SEC EDGAROther events
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