Kayne DL 2021 Confirms Compliance, No Public Market for Shares

TL;DR

**Kayne DL 2021 is a private entity, so don't expect a public trading opportunity anytime soon.**

AI Summary

Kayne DL 2021, Inc. filed its 10-Q for the quarterly period ended June 30, 2025, indicating it is a smaller reporting company and an emerging growth company. The company reported 61,947 shares of common stock, $0.001 par value per share, issued and outstanding as of August 6, 2025. Notably, there is no public market for the registrant's shares, suggesting it is a privately held entity or a fund with limited public trading. The filing confirms the registrant has met all SEC filing requirements under Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months. The company's business address is 717 Texas Avenue, Suite 2200, Houston, TX 77002, with a business phone of 713-493-2020. The company is incorporated in Delaware and has an IRS Employer Identification Number of 86-2440860. No specific revenue or net income figures were provided in the initial summary section of the filing, as it primarily focused on administrative and compliance details.

Why It Matters

For investors, the absence of a public market for Kayne DL 2021, Inc.'s shares means direct investment opportunities are currently non-existent, limiting liquidity and price discovery. This structure suggests it might be a private equity vehicle or a fund, impacting how it competes and operates within its sector. Employees might experience stability given the private nature, but also less transparency regarding equity value. Customers are unlikely to be directly affected by the filing's administrative details, but the company's private status could influence its long-term strategic decisions and competitive posture against publicly traded rivals.

Risk Assessment

Risk Level: low — The risk level is low because the filing primarily consists of administrative and compliance information, with no immediate financial or operational red flags. The company explicitly states it has filed all required reports and is not a shell company, indicating adherence to regulatory standards. The lack of a public market for its shares also means no direct market volatility risk for public investors.

Analyst Insight

Investors should note that Kayne DL 2021, Inc. is not publicly traded, meaning there's no immediate investment action to take. Those interested in the company's underlying assets or strategy should look for information from its parent or affiliated entities, as direct equity investment is not possible.

Key Numbers

• 61,947 — shares of common stock outstanding (as of August 6, 2025, with no public market)
• $0.001 — par value per share (for common stock of Kayne DL 2021, Inc.)

Key Players & Entities

• Kayne DL 2021, Inc. (company) — registrant of the 10-Q filing
• SEC (regulator) — recipient of the 10-Q filing
• Delaware (company) — state of incorporation for Kayne DL 2021, Inc.
• Houston, TX (company) — principal executive offices location for Kayne DL 2021, Inc.
• $0.001 (dollar_amount) — par value per share of common stock
• 61,947 (dollar_amount) — shares of common stock issued and outstanding as of August 6, 2025
• August 6, 2025 (person) — date shares outstanding were reported
• June 30, 2025 (person) — end of the quarterly period reported
• 713-493-2020 (person) — business phone number of Kayne DL 2021, Inc.
• 86-2440860 (person) — IRS Employer Identification Number of Kayne DL 2021, Inc.

FAQ

Industry Context

As a smaller reporting and emerging growth company, Kayne DL 2021, Inc. likely operates in a sector with less stringent regulatory oversight or is in an early stage of development. The lack of a public market for its shares suggests it may be a private equity fund, a venture-backed startup, or a company not yet seeking broad public investment. The competitive landscape would depend on its specific business activities, which are not detailed in this administrative filing.

Regulatory Implications

The company's status as a smaller reporting and emerging growth company allows for scaled disclosure requirements, potentially reducing compliance burdens. However, it must continue to meet all Section 13 or 15(d) filing requirements of the Securities Exchange Act of 1934. The absence of a public market for its shares implies it is not subject to the same level of scrutiny as a widely traded entity.

What Investors Should Do

1. Seek further filings or disclosures for operational and financial details.
2. Investigate the company's business model and industry.
3. Monitor for any future public market listings or significant capital raises.

Key Dates

• 2025-06-30: Quarterly period ended — This is the period covered by the 10-Q filing, providing financial and operational updates for investors.
• 2025-08-11: 10-Q Filing Date — Indicates the official submission date of the quarterly report to the SEC.
• 2025-08-06: Shares Outstanding Record Date — Establishes the number of issued and outstanding shares as of this date, which is 61,947.

Glossary

Smaller Reporting Company

A company that meets certain SEC criteria for revenue, public float, and market capitalization, allowing for scaled disclosure requirements. (Kayne DL 2021, Inc. has elected this status, indicating it is not a large, established public company.)

Emerging Growth Company

A company that has total annual gross revenues of less than $1.235 billion during its most recently completed fiscal year and meets other criteria. (Kayne DL 2021, Inc. has elected this status, which allows for certain regulatory and accounting standard accommodations.)

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC) that provides a continuing disclosure of financial condition and results of operations. (This document is the primary source of information for the company's performance during the specified quarter.)

Common Stock

A class of stock that typically carries voting rights and represents ownership in a corporation. (The filing specifies 61,947 shares of common stock are issued and outstanding.)

Par Value

A nominal value assigned to a security by the issuer, often a very small amount, with little relation to market value. (The common stock has a par value of $0.001 per share.)

Section 13 or 15(d) of the Securities Exchange Act of 1934

These sections mandate periodic reporting requirements for companies whose securities are registered with the SEC. (The company confirms it has met these filing requirements for the preceding 12 months.)

Year-Over-Year Comparison

This filing covers the quarterly period ended June 30, 2025. As this is the initial summary of the 10-Q, a direct comparison of key metrics like revenue growth, margin changes, or new risks against a previous filing cannot be made without access to prior period data. The provided information focuses on the company's status and administrative details as of the filing date.

Key Financial Figures

• $0.001 — rant had 61,947 shares of common stock, $0.001 par value per share, issued and outstan

Filing Documents

• ea0249684-10q_kayne.htm (10-Q) — 3949KB
• ea024968401ex31-1_kayne.htm (EX-31.1) — 23KB
• ea024968401ex31-2_kayne.htm (EX-31.2) — 11KB
• ea024968401ex32-1_kayne.htm (EX-32.1) — 9KB
• ea024968401ex32-2_kayne.htm (EX-32.2) — 4KB
• 0001213900-25-074302.txt ( ) — 12742KB
• cik0001850787-20250630.xsd (EX-101.SCH) — 76KB
• cik0001850787-20250630_cal.xml (EX-101.CAL) — 29KB
• cik0001850787-20250630_def.xml (EX-101.DEF) — 222KB
• cik0001850787-20250630_lab.xml (EX-101.LAB) — 473KB
• cik0001850787-20250630_pre.xml (EX-101.PRE) — 241KB
• ea0249684-10q_kayne_htm.xml (XML) — 2860KB

Notes to Financial Statements (Unaudited)

Notes to Financial Statements (Unaudited) 29 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 45 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 54 Item 4.

Controls and Procedures

Controls and Procedures 54 PART II. OTHER INFORMATION 55 Item 1.

Legal Proceedings

Legal Proceedings 55 Item 1A.

Risk Factors

Risk Factors 55 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 55 Item 3. Defaults Upon Senior Securities 55 Item 4. Mine Safety Disclosures 55 Item 5. Other Information 55 Item 6. Exhibits 56

Forward-Looking Statements

Forward-Looking Statements This quarterly report on Form 10-Q contains forward-looking 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 capita

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Consolidated Financial Statements

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) June 30, 2025 (Unaudited) December 31, 2024 Assets: Investments, at fair value: Long-term investments (amortized cost of $ 312,073 and $ 257,420 ) $ 316,414 $ 261,833 Investments in money market funds (amortized cost of $ 11,412 and $ 13,440 ) 11,412 13,440 Cash 1,979 2,899 Receivable for principal payments on investments 117 71 Interest receivable 2,930 2,070 Prepaid expenses and other assets 47 115 Total Assets $ 332,899 $ 280,428 Liabilities: Unamortized Subscription Credit Facility issuance costs $ ( 2 ) $ ( 12 ) Distributions payable 7,286 7,202 Management fee payable 579 481 Accrued expenses and other liabilities 358 284 Total Liabilities $ 8,221 $ 7,955 Commitments and contingencies (Note 8) Net Assets: Common Shares, $ 0.001 par value; 100,000 shares authorized; 61,741 and 51,812 as of June 30, 2025 and December 31, 2024, respectively, issued and outstanding $ - $ - Additional paid-in capital 320,427 268,243 Total distributable earnings (deficit) 4,251 4,230 Total Net Assets $ 324,678 $ 272,473 Total Liabilities and Net Assets $ 332,899 $ 280,428 Net Asset Value Per Common Share $ 5,259 $ 5,259 See accompanying notes to consolidated

financial statements

financial statements. 1 Kayne DL 2021, Inc. Consolidated Statements of Operations (amounts in 000's, except share and per share amounts) (Unaudited) For the three months ended June 30, For the six months ended June 30, 2025 2024 2025 2024 Income: Investment income from investments: Interest income $ 8,589 $ 6,676 $ 16,463 $ 12,876 Dividend income 115 120 172 258 Total Investment Income 8,704 6,796 16,635 13,134 Expenses: Interest expense 56 43 103 89 Management fees 579 396 1,100 747 Professional fees 99 90 212 184 Directors fees 41 41 82 78 Other general and administrative expenses 122 113 265 221 Total Expenses 897 683 1,762 1,319 Net Investment Income (Loss) 7,807 6,113 14,873 11,815 Realized and unrealized gains (losses) on investments Net realized gains (losses): Investments - - - - Total net realized gains (losses) - - - - Net change in unrealized gains (losses): Investments ( 128 ) ( 70 ) ( 73 ) 761 Total net change in unrealized gains (losses) ( 128 ) ( 70 ) ( 73 ) 761 Total realized and unrealized gains (losses) ( 128 ) ( 70 ) ( 73 ) 761 Net Increase in Net Assets Resulting from Operations $ 7,679 $ 6,043 $ 14,800 $ 12,576 Per Common Share Data: Basic and diluted net investment income per common share $ 130 $ 146 $ 259 $ 295 Basic and diluted net increase in net assets resulting from operations $ 128 $ 145 $ 258 $ 314 Weighted Average Common Shares Outstanding - Basic and Diluted 60,192 41,749 57,345 40,080 See accompanying notes to consolidated financial 2 Kayne DL 2021, Inc. Consolidated Statements of Changes in Net Assets (amounts in 000's) (Unaudited) For the three months ended June 30, For the six months ended June 30, 2025 2024 2025 2024 Increase (Decrease) in Net Assets Resulting from Operations: Net investment income (loss) $ 7,807 $ 6,113 $ 14,873 $ 11,815 Net reali

financial statements

financial statements. 4 Kayne DL 2021, Inc. Consolidated Schedule of Investments As of June 30, 2025 (amounts in 000's, except number of shares, units) (Unaudited) Maturity Principal/ Amortized Fair Percentage Portfolio Company (1) Footnotes Investment Interest Rate Spread PIK Rate Reference (2) Date Par Cost (3)(4) Value of Net Assets Debt Investments Aerospace & defense Fastener Distribution Holdings, LLC First lien senior secured loan 9.05 % 4.75 % - SOFR(M) 11/4/2031 3,773 3,742 3,802 1.2 % Vitesse Systems Parent, LLC First lien senior secured loan 11.44 % 7.00 % - SOFR(M) 12/22/2028 5,867 5,757 5,867 1.8 % First lien senior secured revolving loan 11.43 % 7.00 % - SOFR(M) 12/22/2028 1,043 1,024 1,043 0.3 % 10,683 10,523 10,712 3.3 % Automobile components Speedstar Holding LLC First lien senior secured loan 10.29 % 6.00 % - SOFR(Q) 7/22/2027 1,015 1,005 1,004 0.3 % First lien senior secured delayed draw loan 10.29 % 6.00 % - SOFR(Q) 7/22/2027 111 110 110 0.0 % WAM CR Acquisition, Inc. (Wolverine) First lien senior secured loan 10.55 % 6.25 % - SOFR(Q) 7/23/2029 5,054 4,966 5,104 1.6 % 6,180 6,081 6,218 1.9 % Biotechnology Alcami Corporation First lien senior secured delayed draw loan 11.41 % 7.00 % - SOFR(M) 12/21/2028 295 284 295 0.1 % First lien senior secured revolving loan 11.41 % 7.00 % - SOFR(M) 12/21/2028 - - - 0.0 % First lien senior secured loan 11.48 % 7.00 % - SOFR(Q) 12/21/2028 4,007 3,915 4,007 1.2 % 4,302 4,199 4,302 1.3 % See accompanying notes to consolidated financial 5 Kayne DL 2021, Inc. Consolidated Schedule of Investments As of June 30, 2025 (amounts in 000's, except number of shares, units) (Unaudited) Maturity Principal / Amortized Fair Percentage of Portfolio Company (1) Footnotes Investment Interest Rate Spread PIK Rate Reference (2) Date Par Cost (3)(4) Value Net Assets Building products Ruff Roofers Buyer, LLC First lien senior secured loan 9.28 % 5.00 % - SOFR(Q) 11/19/2029 1,

View Full Filing

View this 10-Q filing on SEC EDGAR