Andy Wedderburn-Maxwell
About Andy Wedderburn-Maxwell
Andy Wedderburn-Maxwell is Senior Vice President at Kayne Anderson BDC, Inc. (KBDC), appointed on November 10, 2025; he joined Kayne Anderson in April 2025 as Managing Director, BDCs, after more than 15 years in investment banking at Citigroup and Wells Fargo as a Managing Director focused on financial institutions, and a 2023 move to asset management where he helped develop and publicly list a BDC at another firm . He is 50 years old . As context for the platform he helps lead, KBDC reported nine‑month 2025 total return based on NAV of 7.1% and market value total return of −11.9%; Q3 2025 total investment income was $61.373 million with EPS of $0.35 and 70,430,331 weighted‑average shares outstanding .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Kayne Anderson Capital Advisors, L.P. | Managing Director, BDCs | Apr 2025–present | Deepened buy‑side expertise and connectivity across sell‑side/buy‑side for KBDC’s private credit platform |
| Wells Fargo | Managing Director, Financial Institutions | Not disclosed | Senior banking coverage; early engagement with KBDC IPO process |
| Citigroup | Senior roles (Investment Banking) | Not disclosed | Financial institutions coverage and transaction execution |
| Other Investment Management Firm | Asset management executive | 2023 | Contributed to development and public listing of a BDC |
External Roles
| Organization | Role | Years |
|---|---|---|
| None disclosed in SEC filings | — | — |
Fixed Compensation
KBDC is externally managed; executive officers are employees of the Advisor or affiliates and do not receive any direct compensation from KBDC (no salaries, bonuses, pensions, perquisites, or company equity plans). KBDC has no employment agreements with executive officers and does not make termination or change‑of‑control payments to executive officers .
| Component | Amount | Source |
|---|---|---|
| Base Salary | Not paid by KBDC; paid by Advisor | |
| Target/Actual Bonus | Not paid by KBDC; paid by Advisor | |
| Pension/Perquisites | None provided by KBDC |
Performance Compensation
KBDC does not maintain executive equity compensation plans (no RSUs/PSUs/options) and has no executive change‑of‑control or severance programs; any compensation for executive officers is determined and paid by the Advisor, which considers Company performance among factors for its senior managers .
| Incentive Type | Metric Linkage | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Company Equity Awards (RSU/PSU/Options) | Not applicable at KBDC | — | — | — | — |
| Advisor‑paid incentives | Advisor considers Company performance for senior managers | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
Equity Ownership & Alignment
| Metric | As of Nov 2025 | Notes |
|---|---|---|
| Total beneficial ownership (shares) | 550.242 (427.316 indirect via spouse brokerage; 122.926 indirect via custodial Roth IRA for a minor) | No derivative securities reported |
| Ownership as % of shares outstanding | 0.0008% (550.242 ÷ 68,395,751) | Shares outstanding as of Nov 5, 2025: 68,395,751 |
| Direct vs Indirect | 0 direct; 550.242 indirect | Indirect holdings through spouse and minor’s Roth IRA |
| Options (exercisable/unexercisable) | None reported | — |
| Pledging/Hedging | None disclosed in Form 3 | — |
| Stock ownership guidelines (execs) | Not disclosed for executives; KBDC does not issue executive equity | — |
Employment Terms
- Appointment: Senior Vice President, effective November 10, 2025 .
- No employment agreements, severance, or change‑of‑control payments with KBDC for executive officers; no executive pension/perquisite programs; no executive equity plans at KBDC .
- Advisor role: Joined Kayne Anderson in April 2025; Advisor, at its expense, employs and compensates executive officers, and considers Company performance when determining compensation of certain senior managers .
Investment Implications
- Pay‑for‑performance alignment: As an externally managed BDC, Andy’s compensation is paid by the Advisor, which considers KBDC performance for senior managers—this provides some linkage but lacks granular disclosure on metrics, targets, and payouts, limiting transparency for investors .
- Insider selling pressure: Initial Form 3 shows de minimis beneficial ownership (≈0.0008% of shares outstanding), all indirect; absence of company equity awards or vesting schedules implies minimal mechanically driven insider selling pressure .
- Retention risk: No KBDC employment agreement or severance economics; however, he is newly appointed and embedded within the Advisor’s private credit platform, which may mitigate near‑term transition risk given institutional role continuity .
- Governance/COI: 8‑K reports no related‑party transactions and no special arrangements for selection; this reduces conflict of interest and selection risk signals .
- Platform performance context: 2025 YTD NAV total return of 7.1% versus market total return of −11.9% reflects strong underlying asset income generation but public market discount dynamics; this context frames Advisor‑driven incentive considerations tied to company performance .