Terry Hart
About Terry Hart
Terry A. Hart (born 1969) is Chief Financial Officer of Kayne Anderson BDC, Inc. (KBDC), serving since inception; he is a Managing Director at Kayne Anderson and previously served as CFO (2005–2022) and COO (2022–2023) of Kayne Anderson Energy Infrastructure Fund (KYN) . KBDC executive officers are employed and compensated by the external advisor (KA Credit Advisors), not by the company, and do not have company-level employment agreements; the advisor may consider KBDC performance in determining senior manager pay . Recent operating context: Q3 2025 total investment income was $61,373K vs $57,819K in Q3 2024; net investment income per share was $0.43 vs $0.52, and net increase in net assets resulting from operations was $24,613K vs $37,556K .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Kayne Anderson Capital Advisors | Managing Director | 2005–present | Not disclosed |
| Kayne Anderson Energy Infrastructure Fund (KYN) | Chief Financial Officer | 2005–2022 | Not disclosed |
| Kayne Anderson Energy Infrastructure Fund (KYN) | Chief Operating Officer | 2022–2023 | Not disclosed |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Kayne Anderson Capital Advisors | Managing Director | 2005–present | Not disclosed |
Fixed Compensation
- Executive officers (including the CFO) receive no direct compensation from KBDC; salaries, bonuses, benefits, and perquisites are paid by the external advisor or affiliates .
- KBDC maintains no employment agreements, pension/retirement benefits, or company equity compensation plans for executive officers .
- KBDC does not make severance or change-in-control payments to executive officers; such arrangements are not maintained at the company level .
Performance Compensation
- The advisor may take KBDC performance into account when determining compensation for certain senior managers, but specific metrics, weightings, or payout formulas for Terry Hart are not disclosed at the company level .
- KBDC does not grant company equity (RSUs/PSUs/options) to executive officers; no company-level vesting schedules exist .
Equity Ownership & Alignment
- Stock ownership (beneficial): Terry A. Hart held 21,122 KBDC shares as of April 3, 2025; less than 1% of the class (71,260,915 shares outstanding) . As of April 3, 2024 he held 19,053 shares; less than 1% of the class (65,021,643 shares outstanding) .
- Options and equity awards: KBDC has no executive equity compensation plans; no company option awards are disclosed for executives .
- Hedging/pledging: KBDC’s Code of Ethics prohibits hedging/derivative transactions and short sales of KBDC securities by directors and officers; pledging is not explicitly referenced in the proxy .
Beneficial Ownership (Multi-Year)
| Metric | FY 2024 (Record date 2024-04-03) | FY 2025 (Record date 2025-04-03) |
|---|---|---|
| Shares owned (common) | 19,053 | 21,122 |
| Shares outstanding | 65,021,643 | 71,260,915 |
| Ownership % of class | <1% | <1% |
Employment Terms
- Status and start: CFO since inception; executives are employees of the advisor and devote time to KBDC as required under the investment management agreement .
- Contracts: No KBDC employment agreements; advisor agreements may apply but are not disclosed in the proxy .
- Severance / Change-of-control: KBDC does not provide severance or change-in-control payments to executive officers .
- Clawbacks: Not disclosed for advisor-level compensation; no company executive pay plans to claw back .
- Non-compete / Non-solicit / Garden leave / Consulting: Not disclosed at KBDC level .
- Insider trading policy: Prohibits short sales, puts/calls, and hedging/monetization transactions of KBDC securities by directors and officers .
Performance & Track Record
- Company operating metrics (context during Hart’s tenure as CFO):
| Metric | Q3 2024 | Q3 2025 |
|---|---|---|
| Total Investment Income ($USD Thousands) | 57,819 | 61,373 |
| Net Investment Income per Share ($) | 0.52 | 0.43 |
| Net Increase in Net Assets from Operations ($USD Thousands) | 37,556 | 24,613 |
- Filing authority: Hart signs current reports and financing-related 8-Ks as CFO/Treasurer, evidencing primary finance stewardship and capital markets execution .
Governance, Conflicts, and Related Party Context
- External management: KBDC is externally managed by KA Credit Advisors; management and incentive fee structure may create potential conflicts (e.g., risk-taking incentives), overseen by independent directors and Audit/Nominating Committees .
- Co-investment: KBDC and Kayne Anderson have an SEC exemptive order permitting co-investment with affiliates under board-approved procedures .
- Code of ethics: Insider trading policies apply to officers; hedging/short sales prohibited .
- Section 16 compliance: The company believes required Forms 3/4/5 were timely for 2024 (exceptions disclosed pertained to an advisor filing, not Hart) .
Investment Implications
- Pay-for-performance transparency: Executive compensation is set by the external advisor, with limited company-level disclosure of metrics, weightings, or payouts; that reduces direct visibility into CFO incentives for public investors .
- Alignment: Hart’s ownership is positive but small (<1%), and KBDC does not grant executive equity; hedging is prohibited, which supports alignment, but lack of company equity plans means limited direct incentive to KBDC stock performance .
- Retention risk: Long tenure at Kayne Anderson and sustained CFO responsibilities across affiliated vehicles suggest continuity; absence of company severance or CoC benefits reduces potential cost of executive transition but provides fewer retention “hooks” at KBDC itself .
- Trading signals: With company prohibitions on hedging/shorts and timely Section 16 compliance reported, monitoring future Forms 4 for open-market activity remains useful; current proxy materials do not indicate insider selling pressure or pledging by Hart .