Kayne Anderson BDC Inc
For the period ended Mar 31, 2024. Filed May 9, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 9, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 2. Results of Operations
| Net Investment Income | 0.52 | 0.54 |
|---|---|---|
| Net Realized and Unrealized Gain (Loss) on Investments(2) | 0.09 | - |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 0.61 | 0.54 |
| Dividends to Common Stockholders | ||
| Dividends | (0.40) | (0.47) |
| Net Decrease in Net Assets Resulting from Dividends | (0.40) | (0.47) |
| Net Asset Value, End of Period | $16.63 | $16.57 |
| Shares Outstanding, End of Period | 48,789,228 | 35,937,151 |
| Ratio/Supplemental Data | ||
| Net assets, end of period | $811,557 | $595,513 |
| Weighted-average shares outstanding | 45,345,417 | 35,929,436 |
| Total Return(3) | 3.7% | 3.3% |
| Portfolio turnover | 2.1% | 1.4% |
| Ratio of operating expenses to average net assets(4) | 12.2% | 11.7% |
| Ratio of net investment income (loss) to average net assets(4) | 12.8% | 13.2% |
| (1) | The per common share data was derived by using weighted average shares outstanding. |
| (2) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the aggregate gains and losses in the Consolidated Statement of Operations due to share transactions during the period. |
For the three months ended March 31, 2024, such share transactions include the effect of share issuances of $0.01 per share. During the period, shares were issued at prices that reflect the aggregate amount of the Company’s initial organizational and offering expenses. As a result, investors subscribing after the initial capital call are allocated organizational expenses consistently with all stockholders. During the three months ended March 31, 2023, there were no such share transactions including the effect of share issuances.
| (3) | Total return is calculated as the change in net asset value (“NAV”) per share during the period, plus distributions per share (if any), divided by the beginning NAV per share. The calculation also assumes reinvestment of dividends at actual prices pursuant to the Company’s dividend reinvestment plan. Total return is not annualized. |
| (4) | Ratio is annualized. |
Note 11. Subsequent Events
The Company’s management has evaluated subsequent events through the date of issuance of the financial statements included herein. There have been no subsequent events that require recognition or disclosure in these financial statements except as described below.
On April 1, 2024, the Company fully repaid all amounts outstanding and terminated the remaining commitment of $50,000 under its Subscription Credit Agreement that was scheduled to mature on December 31, 2024.
On April 2, 2024, the Company sold 16,232,415 shares of its common stock in the private placement at a price per share of $16.63, for an aggregate offering price of $269,945. The sale of such shares of common stock relates to existing subscription agreements that the Company had entered into with investors for an aggregate capital commitment of $1,046,928 to purchase shares of common stock. Following this final capital call and issuance of shares of the Company’s common stock, the investors’ obligations to purchase additional shares of common stock will be exhausted in the final closing that occurred on April 2, 2024, and the Company will not have any remaining undrawn capital commitments. The capital payable of $29,025 on the Company’s Consolidated Statement of Assets and Liabilities as of March 31, 2024 represents cash received early from investors as of March 31, 2024, which was prior to the capital call funding date and issuance of the shares on April 2, 2024.
On April 3, 2024, the Company and KABDCF amended their existing Revolving Funding Facility. Under the terms of the third amendment, the Company and KABDCF increased the commitment amount from $455,000 to $600,000. The end of the reinvestment period was extended to April 2, 2027 and the maturity date was extended to April 3, 2029. The interest rate on the Revolving Funding Facility was reduced from daily SOFR plus 2.75% per annum to SOFR plus 2.375% -2.50% per annum depending on the mix of loans securing the Revolving Funding Facility. All other terms of the Revolving Funding Facility remain substantially the same.
On April 17, 2024, the Company paid a regular dividend of $0.40 per share to each common stockholder of record as of March 29, 2024. The total dividend was $19,516 and $1,577 was reinvested into the Company through the issuance of 94,816 shares of common stock.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.