Doug Goodwillie
About Doug Goodwillie
Douglas L. Goodwillie (born 1975) is Co-Chief Executive Officer of Kayne Anderson BDC, Inc. (KBDC) since 2023 and previously served as Co-Chief Investment Officer from inception to 2023; he is also a Managing Partner and Co-Head of Kayne Anderson’s Private Credit group (2011–present) . Under KBDC’s externally managed model, executive officers are employees of the adviser and not the company; compensation is paid by the adviser and may take into account KBDC’s performance, but the company does not directly pay salaries, bonuses, or equity to executives . Recent operating performance highlights during his tenure include Q3 2025 net investment income of $0.43 per share, NAV per share of $16.34, a 94% first-lien senior secured loan mix, a 1.4% non-accrual rate, and a regular dividend of $0.40 per share (with Goodwillie providing performance commentary) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Kayne Anderson BDC, Inc. | Co-Chief Executive Officer | 2023–present | Executive leadership of KBDC; previously Co-CIO from inception to 2023 |
| Kayne Anderson Capital Advisors, L.P. | Managing Partner; Co-Head, Private Credit | 2011–present | Co-leads the firm’s private credit platform that manages KBDC’s strategy |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| — | — | — | None disclosed in company filings |
Fixed Compensation
Executives are employed and paid by the external adviser; KBDC does not pay base salary, cash bonus, or provide company equity/perquisites to executive officers.
| Item | Disclosure |
|---|---|
| Base salary (company-paid) | None; executives are compensated by the adviser, not by KBDC |
| Target bonus % / Actual bonus (company-paid) | Not applicable; no direct cash compensation from KBDC |
| Pension/SERP/Deferred comp (company plans) | None; KBDC provides no pension or retirement benefits to executives |
| Perquisites (company-paid) | None; KBDC does not provide perquisites to executive officers |
Performance Compensation
KBDC does not maintain executive equity plans or company bonus plans; compensation is set and paid by the adviser, which may consider KBDC’s performance.
| Incentive Type / Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Company bonus/equity plan | — | — | — | Not applicable; KBDC does not pay or grant executive bonuses/equity | — |
| Adviser-determined compensation | Not disclosed | Adviser policy | Adviser policy | Determined/paid by adviser; may take KBDC performance into account | Not disclosed |
Equity Ownership & Alignment
| Holder | Shares Owned | % of Outstanding | Notes |
|---|---|---|---|
| Douglas L. Goodwillie | 18,255 | <1% | Based on 71,260,915 KBDC shares outstanding as of Apr 3, 2025; no options/RSUs disclosed |
- Vested vs. unvested shares: Not disclosed .
- Options/RSUs: KBDC does not maintain compensation plans under which its equity securities are authorized for issuance to executives; no option/RSU awards disclosed .
- Hedging/shorting: KBDC’s Code of Ethics prohibits hedging/monetization transactions and short sales of KBDC securities by directors and officers .
- Pledging: No pledging disclosure identified in filings reviewed .
- Stock ownership guidelines: Not disclosed.
Employment Terms
| Term | Disclosure |
|---|---|
| Executive role start date | Co-CEO since 2023; previously Co-CIO from inception to 2023 |
| Employment contract | None with KBDC; executives are employees of the adviser |
| Severance provisions | None; KBDC has no arrangements to make payments upon termination |
| Change-of-control provisions | None; KBDC has no arrangements to make payments upon change of control |
| Clawback provisions | Not disclosed (company relies on adviser’s employment framework; KBDC provides no direct executive compensation) |
| Non-compete / non-solicit | Not disclosed |
| Hedging policy | Hedging/monetization transactions and short sales prohibited for directors/officers |
Performance & Track Record
Selected operating highlights during Goodwillie’s tenure (Q3 2025):
| Metric (Q3 2025) | Value |
|---|---|
| Net investment income per share | $0.43 |
| NAV per share | $16.34 |
| Portfolio mix | 94% first-lien senior secured loans |
| Non-accrual rate | 1.4% |
| Regular dividend per share | $0.40 (declared for payment Jan 16, 2026) |
“We delivered another solid quarter marked by strong origination activity, stable credit performance and a high-quality earnings mix.” — Doug Goodwillie, Co-CEO
Governance, Committees, and Related Party Considerations
- Structure: KBDC is externally managed by KA Credit Advisors, LLC; executive officers are adviser employees, and KBDC pays management and administrative fees rather than executive pay .
- Conflicts and co-investment: The proxy details potential adviser conflicts and notes an SEC exemptive order permitting co-investment with affiliates subject to Board approval and 1940 Act compliance .
- Section 16 compliance: Filings were timely in 2024 except for specified events as noted (no Goodwillie-specific exceptions identified) .
Investment Implications
- Pay-for-performance alignment: Because KBDC does not directly pay or grant equity to executives, traditional public-company alignment levers (salary/bonus metrics, PSU/option vesting) do not apply; compensation occurs at the adviser and “may” consider KBDC’s performance, reducing transparency for investors but potentially aligning via adviser-level incentives .
- Retention and selling pressure: No company equity awards or vesting events imply limited forced-selling pressure; alignment comes primarily from direct share ownership (18,255 shares, <1%) and reputation/career incentives at the adviser .
- Shareholder-friendly protections: Absence of company-paid severance or change-of-control payouts reduces golden parachute risk and potential perverse incentives tied to corporate control events .
- Risk controls: Insider policy prohibits hedging/shorting of KBDC stock by executives, supporting alignment on downside exposure; no pledging disclosure identified .
- Execution track record: Recent quarter shows solid earnings power, conservative credit profile (first-lien focus), and low non-accruals amid active origination; Goodwillie’s public comments emphasize continued risk-adjusted return focus .
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