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Kayne Anderson BDC, Inc. Announces March 31, 2025 Financial Results and Declares Second Quarter 2025 Dividend of $0.40 Per Share

CHICAGO--(BUSINESS WIRE)-- Kayne Anderson BDC, Inc. (NYSE: KBDC) (鈥淜BDC or the Company鈥�), a business development company externally managed by its investment adviser, KA Credit Advisors, LLC, today announced its financial results for the first quarter ended March 31, 2025.

鈥淲e are pleased to report one of our strongest first quarters of investment activity since KBDC鈥檚 inception,鈥� said Doug Goodwillie, Co-Chief Executive Officer. 鈥淥ur strategy of building a diversified portfolio of stable, well-established businesses structured with conservative average leverage multiples, continues to perform well in all economic environments.鈥�

鈥淲e believe that the core middle market continues to present the most attractive, relative return opportunity in private credit,鈥� said Ken Leonard, Co-Chief Executive Officer. 鈥淏ased on our pipeline, we remain on target to reach the lower end of our debt-to-equity target range of 1.0x 鈥� 1.25x over the next two quarters. We aim to achieve this while preserving our highly selective, value-oriented investment approach.鈥�

Financial Highlights for the Quarter Ended March 31, 2025

• Net investment income of $28.7 million, or $0.40 per share;
• Net asset value of $16.51 per share, decreased from $16.70 per share as of December 31, 2024, primarily the result of paying a special dividend in 1Q鈥�25 of $0.10 per share and unrealized losses on the portfolio of $0.10;
• New private credit and equity co-investment commitments of $340.2 million, fundings of $294.3 million and sales and repayments of $86.6 million, resulting in a net funded private credit and equity investment increase of $207.7 million;
• Net repayments of broadly syndicated loans of $26.9 million;
• Amended its Revolving Funding Facility to extend the maturity, increase commitment amount from $600 million to $675 million and reduce interest rate on borrowings from daily SOFR plus 2.375%-2.50% to daily SOFR plus 2.15%;
• Amended its Revolving Funding Facility II to extend the maturity, increase commitment amount from $150 million to $250 million, and reduce interest rate on borrowings from 3-month SOFR plus 2.70% to 3-month SOFR plus 2.25%;
• The Company鈥檚 Board of Directors (the 鈥淏oard鈥�) declared a regular dividend of $0.40 per share, to be paid on July 16, 2025 to stockholders of record as of June 30, 2025; and
• The Board authorized an amendment to the Company鈥檚 share repurchase plan to extend the expiration date to May 24, 2026. Under the amended and restated plan (effective May 25, 2025), the Company may repurchase up to $100 million of outstanding common stock in the open market at a price per share that meets certain thresholds below its net asset value.

Selected Financial Highlights

Results of Operations

Total investment income for the quarter ended March 31, 2025 was $55.2 million, as compared to $56.3 million for the quarter ended December 31, 2024. The decrease was primarily the result of the decrease to reference rates (SOFR) and the $0.6 million impact of placing Siegel Egg on non-accrual status during the quarter. These reductions were partially offset by income generated from net additions to the portfolio during the first quarter. PIK income represented 0.6% of total interest income for the first quarter.

Net investment income for the quarter ending March 31, 2025 was $28.7 million or $0.40 per share, compared to $34.0 million or $0.48 per share for the quarter ended December 31, 2024. Net expenses for the first quarter were $26.5 million compared to $22.3 million for the prior quarter. The increase was primarily the result of the expiration of the incentive fee waiver during the quarter.

For the quarter ended March 31, 2025, the Company had a realized gain of $0.6 million on the sale of an equity co-investment and the net change in unrealized losses on investments was $6.5 million. The unrealized losses for the quarter were primarily driven by negative fair value changes related to two watchlist investments and the broadly syndicated loan portfolio and quarterly amortization of original issue discounts, partially offset by new upfront fees for originations during the quarter. Additionally, the Company had $0.6 million of deferred income tax expense related to unrealized gains on equity investments in the Company鈥檚 wholly owned taxable subsidiary.

Portfolio and Investment Activity

Liquidity and Capital Resources

As of March 31, 2025, the Company had $75.0 million senior unsecured notes outstanding, $940.5 million borrowed under its credit facilities and cash and cash equivalents of $46.0 million (including investments in money market funds). As of that date, the Company had $384.5 million of undrawn commitments available on its credit facilities (subject to borrowing base restrictions and other conditions).

As of March 31, 2025, the Company鈥檚 debt-to-equity ratio was 0.86x and its asset coverage ratio was 216%. The Company targets a debt-to-equity ratio of 1.0x to 1.25x (which equates to asset coverage of 200% to 180%). The Company is currently below its target but expects to continue to grow its private credit portfolio to achieve the low end of its targeted leverage by the second or third quarter of 2025.

Recent Developments

• On May 1, 2025, the Board of Directors declared a regular dividend to common stockholders in the amount of $0.40 per share. The regular dividend of $0.40 per share will be paid on July 16, 2025 to stockholders of record as of the close of business on June 30, 2025.
• On May 1, 2025, the Board of Directors authorized an amendment to the Company鈥檚 share repurchase plan to extend the expiration date to May 24, 2026. Under the amended and restated plan (effective May 25, 2025), the Company may repurchase up to $100 million of outstanding common stock in the open market at a price per share that meets certain thresholds below its net asset value.

Conference Call Information

KBDC will host a conference call at 10:00 am ET on Tuesday, May 13, 2025, to review its financial results. All interested parties are invited to participate using the following telephone dial-in or the webcast details:

Telephone Dial-in

• Domestic: 800-715-9871
• International: +1 646-307-1963
• Conference ID: 2616610

Webcast Link

To avoid potential delays, please join at least 10 minutes prior to the start of the earnings call. A telephone replay will also be available by dialing 800-770-2030 (domestic) and +1 609-800-9909 (international) and conference ID of 2616610. The replay will be available until May 20, 2025.

About Kayne Anderson BDC, Inc.

Kayne Anderson BDC, Inc. is a business development company (鈥淏DC鈥�) that invests primarily in first lien senior secured loans, with a secondary focus on unitranche and split-lien loans to middle market companies. KBDC is externally managed by its investment adviser, KA Credit Advisors, LLC, an indirect controlled subsidiary of Kayne Anderson Capital Advisors, L.P., a prominent alternative investment management firm. KBDC has elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (鈥�1940 Act鈥�). KBDC鈥檚 investment objective is to generate current income and, to a lesser extent, capital appreciation. For more information, please visit

Forward-looking Statements

This press release may contain 鈥渇orward-looking statements鈥� that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about KBDC, its current and prospective portfolio investments, its industry, its beliefs and opinions, and its assumptions. Words such as 鈥渁nticipates,鈥� 鈥渆xpects,鈥� 鈥渋ntends,鈥� 鈥減lans,鈥� 鈥渨ill,鈥� 鈥渕ay,鈥� 鈥渃ontinue,鈥� 鈥渂elieves,鈥� 鈥渟eeks,鈥� 鈥渆stimates,鈥� 鈥渨ould,鈥� 鈥渃ould,鈥� 鈥渟hould,鈥� 鈥渢argets,鈥� 鈥減rojects,鈥� 鈥渙utlook,鈥� 鈥減otential,鈥� 鈥減redicts鈥� 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 KBDC鈥檚 control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors identified in KBDC鈥檚 filings with the SEC. All forward-looking statements speak only as of the date of this press release. KBDC does not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law.

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Source: Kayne Anderson BDC, Inc.