Frank Karl
About Frank Karl
Frank P. Karl is President of Kayne Anderson BDC, Inc. (KBDC) as of November 10, 2025 (previously Senior Vice President since 2023), age 37, and a Managing Director at Kayne Anderson Capital Advisors since 2021, focused on private credit . He joined Kayne Anderson in 2013 and was cited for playing a pivotal role in KBDC’s formation, leading its IPO process, and advancing the strategic investment into SG Credit . KBDC reported a regular dividend of $0.40 per share for Q4’25 and active buybacks; its portfolio stood at 108 companies with $2,256 million fair value and weighted average debt yields ~10.4–10.7% as of September 30, 2025 . Executive officers are paid by the external Advisor (not by KBDC); advisor compensation may consider KBDC performance, but specific targets or payouts are not disclosed .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| KBDC | President | Nov 2025–present | Elevated executive leadership over BDC operations |
| KBDC | Senior Vice President | 2023–Nov 2025 | Formation of KBDC, led IPO process, drove SG Credit strategic investment |
| Kayne Anderson Capital Advisors | Managing Director | 2021–present | Lead private credit strategies across the platform |
| Kayne Anderson Capital Advisors | Director | 2019–2021 | Advanced credit investment initiatives |
| Kayne Anderson Capital Advisors | Vice President | 2016–2019 | Execution in private credit; foundation for later senior roles |
| Kayne Anderson Capital Advisors | Investment professional | 2013–2016 | Early tenure building private credit expertise |
External Roles
- No public company director roles or external board memberships are disclosed for Karl in KBDC filings reviewed .
Fixed Compensation
KBDC’s executive officers (including Karl) receive no direct salary, bonus, perquisites, retirement benefits, or equity compensation from KBDC; they are employed and compensated by KA Credit Advisors, LLC or affiliates. KBDC has no employment agreements with executive officers and no plans authorizing issuance of company equity to executives .
| Component | Status/Amount | Notes |
|---|---|---|
| Base Salary | Not disclosed (paid by Advisor, not KBDC) | KBDC does not directly pay salaries |
| Target Bonus % | Not disclosed (paid by Advisor, not KBDC) | |
| Actual Bonus Paid | Not disclosed (paid by Advisor, not KBDC) | |
| Perquisites | None paid by KBDC | |
| Pension/SERP | None at KBDC |
Performance Compensation
Advisor compensation may consider KBDC performance for certain senior managers; no specific metrics, weightings, targets, or payout formulas are disclosed for Karl. KBDC provides no equity awards to executives .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed by KBDC (Advisor-level) | — | — | — | — | — |
Equity Ownership & Alignment
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Shares owned (KBDC) | 6,379 | 6,417 |
| Percent of shares outstanding | <1% | <1% |
| Vested vs. unvested | Not disclosed | Not disclosed |
| Options outstanding | None (KBDC has no equity comp plans for execs) | None (KBDC has no equity comp plans for execs) |
| Shares pledged as collateral | Not disclosed | Not disclosed |
| Hedging/derivatives policy | Hedging/short sales in KBDC stock prohibited by Code of Ethics | Hedging/short sales in KBDC stock prohibited by Code of Ethics |
| Ownership guidelines | Not disclosed | Not disclosed |
Notes:
- Percent of class is reported as less than 1% in the proxy tables; KBDC had 65,021,643 shares outstanding (record date April 3, 2024) and 71,260,915 (record date April 3, 2025) .
Employment Terms
| Term | Details |
|---|---|
| Employment start date at KBDC | Senior Vice President since 2023; appointed President November 10, 2025 |
| Contract term/expiration | No employment agreements with executive officers at KBDC |
| Severance provisions | None; KBDC does not make termination or change-of-control payments to executive officers |
| Change-of-control economics | None; no accelerated vesting or cash multiples at KBDC |
| Auto-renewal clauses | Not applicable (no employment agreement) |
| Non-compete / Non-solicit | Not disclosed by KBDC |
| Clawback provisions | Not disclosed by KBDC |
| Garden leave / consulting | Not disclosed by KDBC |
| Related party transactions | None for Karl under Item 404(a); no arrangements or understandings in connection with appointment |
| Insider trading policy | Prohibits short sales, derivatives, and hedging of KBDC securities |
Investment Implications
- Alignment: Direct pay-for-performance assessment is constrained because KBDC does not disclose Advisor-set compensation; however, the Advisor considers KBDC performance when determining senior manager pay, which supports some alignment between results and compensation .
- Insider selling pressure: No KBDC equity awards, options, or vesting schedules for executives; Karl’s ownership is modest (<1%), and hedging/short sales are prohibited—reducing mechanical selling pressure signals from vesting or hedging activity .
- Retention risk: Absence of KBDC employment agreements, severance, or change-of-control protections implies limited company-level retention economics; retention hinges on Advisor policies and career trajectory within Kayne Anderson rather than contractual protections at KBDC .
- Governance/transition: Karl’s elevation to President formalizes his influence over KBDC execution and strategy; Board and management highlighted his role in the IPO and strategic investing (SG Credit), indicating continuity of strategy and execution focus under the external management model .
Supporting company performance context during Karl’s tenure: KBDC declared a regular dividend of $0.40 per share for Q4’25, executed $19.2 million in buybacks through November 5, 2025, and managed a $2.26 billion portfolio with weighted average debt yields around 10.4–10.7% as of September 30, 2025 .