Kayne Anderson BDC, Inc.
For the period ended Jun 30, 2025. Filed Aug 11, 2025.
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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.
Jun 30, 2025 · Filed Aug 11, 2025
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Item 2. Results of Operations
| Net Investment Income | 0.81 | 1.03 |
|---|---|---|
| Net Realized and Unrealized Gain (Loss) on Investments(2) | (0.15) | 0.03 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 0.66 | 1.06 |
| Dividends to Common Stockholders | ||
| Dividends | (1.00) | (0.80) |
| Net Decrease in Net Assets Resulting from Dividends | (1.00) | (0.80) |
| Capital Share Transactions | ||
| Issuance of Common Stock, net of Underwriting and Offering Costs | - | (0.11) |
| Repurchase of Common Stock | 0.01 | - |
| Net Increase (Decrease) Resulting from Capital Share Transactions | 0.01 | (0.11) |
| Net Asset Value, End of Period | $16.37 | $16.57 |
| Per Share Market Value, End of Period | $15.26 | $15.95 |
| Shares Outstanding, End of Period | 70,714,990 | 71,116,459 |
| Ratio/Supplemental Data | ||
| Net assets, end of period | $1,157,331 | $1,178,176 |
| Weighted-average shares outstanding | 71,067,266 | 56,386,161 |
| Total Return based on net asset value(3) | 4.2% | 5.9% |
| Total Return based on market value(4) | (1.9%) | (1.7)% |
| Portfolio turnover | 11.0% | 7.9% |
| Ratio of operating expenses to average net assets before waivers(5) | 9.8% | 10.2% |
| Ratio of operating expenses to average net assets with waiver(5) | 9.5% | 9.2% |
| Ratio of net investment income (loss) to average net assets(5) | 9.9% | 13.1% |
| (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 be consistent or reconcile with the aggregate gains and losses in the Consolidated Statement of Operations due to the timing of share transactions during the period. For the six months ended June 30, 2025, includes $0.01 per share of deferred income tax expense on unrealized appreciation on investments. |
| (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) | Total return based on market value is calculated as the change in market value per share during the respective periods, plus distributions per share, if any, divided by the beginning market value per share. The calculation also assumes reinvestment of dividends at actual prices pursuant to the Company’s dividend reinvestment plan. |
| (5) | Ratio is annualized. |
Note 11. Segment Reporting
The Company operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through debt and equity investments. The CODM is comprised of the Company’s co-chief executive officers and these CODMs assess the performance and make operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase in stockholders’ equity resulting from operations (“net income”). In addition to numerous other factors and metrics, the CODMs utilize net income as a key metric in determining the amount of dividends to be distributed to the Company’s stockholders. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets” and the significant segment expenses are listed on the accompanying consolidated statement of operations.
Note 12. 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 July 15, 2025, the Company made an investment in SG Credit Partners, Inc. (along with its affiliates and subsidiaries, “SG Credit”), a national credit platform focused on the lower middle market. The investment is structured as an $80,000 term loan facility, a $34,000 delayed draw term loan facility and a $12,000 common equity investment. The interest rate on the debt investments is 11.00%, and the Company will own 22.5% of the equity of SG Credit following the investment. In addition, the Company has an option to purchase additional equity interests of SG Credit at a fixed price.
On July 16, 2025, the Company paid a regular dividend of $0.40 per share to each common stockholder of record as of June 30, 2025. The total dividend was $28,291 and, of this amount, $380 was DRIP which was fulfilled through open market purchases of common stock.
On August 5, 2025, the Board of Directors of the Company 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 October 16, 2025 to stockholders of record as of the close of business on September 30, 2025, payable in cash or shares of common stock of the Company pursuant to the Company’s Dividend Reinvestment Plan, as amended.
From July 1, 2025 to August 6, 2025, the Company’s agent repurchased 138,014 shares of common stock at an average price of $15.51 per share for a total amount of $2,141. As of August 6, 2025, $96,641 remains for repurchase under the Company’s amended 10b5-1 Plan.
On August 8, 2025, the Company amended its Corporate Credit Facility and increased the total commitment from $400,000 to $475,000. There was no change to the interest rates or the maturity date. Amounts available for the Company to borrow under the Corporate Credit Facility are subject to compliance with a borrowing base that applies different advance rates to different types of assets that are pledged as collateral. These advance rates and customary concentration limits may vary depending on the asset coverage ratio.
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