Kayne Anderson BDC, Inc.

Listed Company

KBDCCIK 0001747172NYSELarge AcceleratedDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$93.71M

Total Assets

$2.29B

Equity

$1.11B

Shares Out

66.98M

Op. Cash Flow

$-98.72M

Business

Kayne Anderson BDC, Inc. is an externally managed, closed-end, non-diversified business development company that makes debt and equity investments in private middle‑market companies. It primarily originates and holds first‑lien senior secured loans and also invests in unitranche, split‑lien and second‑lien loans, subordinated debt and equity securities. The company’s investment activities are managed by KA Credit Advisors, LLC within Kayne Anderson Private Credit, with administrative and compliance functions provided by its administrator. It focuses on U.S. middle‑market borrowers and sources deals through a network of private equity firms, other lenders, intermediaries and management teams, while occasionally allocating to broadly syndicated loans.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Dividend income	1	1	571,000	—	—
Total Investment Income	236	213	161	75	19
Management fees	22	17	11	7	2
Incentive fees	17	17	9	5	65,000
Interest expense	76	62	52	20	—
Professional fees	1	2	691,000	645,000	597,000
Directors fees	638,000	621,000	611,000	460,000	307,000
Excise tax	431,000	817,000	101,000	—	—
Other general and administrative expenses	2	2	2	1	677,000
Total Expenses	120	102	76	35	9
Less: Management fee waiver (Note 3)	−2	−3	—	—	—
Less: Incentive fee waiver (Note 3)	—	−15	—	—	—
Net expenses	118	84	76	35	—
Net Investment Income (Loss)	118	129	85	40	10
Total net realized gains (losses)	−79,000	570,000	−11	84,000	332,000
Total net change in unrealized gains (losses)	−22	3	3	6	12
Total realized and unrealized gains (losses)	−22	3	−8	6	—
Income tax (expense) benefit on unrealized appreciation/depreciation on investments	−2	−717,000	—	—	—
Net Increase in Net Assets Resulting from Operations	94	132	77	46	—
Basic and diluted net investment income per common share (in Dollars per share)	1.67	2.03	2.16	1.48	0.94
Diluted net investment income per common share (in Dollars per share)	1.67	2.03	2.16	1.48	0.94
Basic net increase in net assets resulting from operations (in Dollars per share)	1.33	2.07	1.96	1.68	2.08
Diluted net increase in net assets resulting from operations (in Dollars per share)	1.33	2.07	1.96	1.68	2.08
Weighted Average Common Shares Outstanding - Basic (in Shares)	70	64	39	27	11
Weighted Average Common Shares Outstanding - Diluted (in Shares)	70	64	39	27	11

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Investments in money market funds (amortized cost of $25,409 and $48,683)	25	49	—	—	—
Cash	18	22	—	—	—
Deposits for investments	13	—	—	—	—
Receivable for sales of investments	7	—	—	—	—
Receivable for principal payments on investments	308,000	540,000	104,000	111,000	—
Interest receivable	24	15	13	10	2
Prepaid expenses and other assets	291,000	958,000	319,000	347,000	148,000
Total Assets	2,287	2,083	1,424	1,194	586
Corporate Credit Facility (Note 6)	135	250	234	269	—
Unamortized Corporate Credit Facility issuance costs	−3	−3	−41,000	−65,000	−425,000
Revolving Funding Facility (Note 6)	525	420	306	200	—
Unamortized Revolving Funding Facility issuance costs	−5	−5	−2	−3	—
Revolving Funding Facility II (Note 6)	195	113	70	—	—
Unamortized Revolving Funding Facility II issuance costs	−2	−1	−2	—	—
Notes (Note 6)	275	75	75	—	—
Unamortized notes issuance costs	−3	−643,000	−851,000	—	—
Shares repurchased payable (Note 7)	496,000	—	—	—	—
Distributions payable	27	28	22	15	—
Management fee payable (Note 3)	6	4	3	2	952,000
Incentive fee payable (Note 3)	4	—	14	5	—
Accrued expenses and other liabilities	22	15	12	7	3
Accrued excise tax expense	475,000	825,000	101,000	—	—
Total Liabilities	1,177	896	741	602	274
Commitments and contingencies (Note 8)	—	—	—	—	—
Common Shares, $0.001 par value; 100,000,000 shares authorized; 67,998,184 and 71,059,689 as of December 31, 2025 and December 31, 2024, respectively, issued and outstanding	68,000	71,000	42,000	36,000	19,000
Additional paid-in capital	1,108	1,152	670	—	—
Total distributable earnings (deficit)	2	34	13	17	11
Total Net Assets	1,110	1,186	683	592	312
Total Liabilities and Net Assets	2,287	2,083	1,424	1,194	586
Net Asset Value Per Common Share (in Dollars per share)	16.32	16.7	16.42	16.5	16.22

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net accretion of discount on investments	−15	−12	−10	−5	−1
Sales (purchases) of investments in money market funds, net	23	−36	−3	—	—
Purchases of portfolio investments	−774	−984	−391	−718	−647
Proceeds from sales of investments and principal repayments	570	370	197	142	83
Paid-in-kind interest from portfolio investments	−9	−3	−2	−151,000	−173,000
Amortization of deferred financing cost	4	4	3	2	260,000
(Increase)/decrease in deposits for investments	−13	—	—	—	—
(Increase)/decrease in receivable for sales of investments	−7	—	—	—	—
(Increase)/decrease in interest and dividends receivable	−6	−2	−2	−8	−2
(Increase)/decrease in receivable for principal payments on investments	232,000	−436,000	7,000	−111,000	—
Increase/(decrease) in accrued excise tax expense	−350,000	724,000	101,000	—	—
(Increase)/decrease in prepaid expenses and other assets	667,000	−639,000	28,000	—	—
Increase/(decrease) in payable for investments purchased	—	—	−956,000	956,000	—
Increase/(decrease) in management fees payable	2	716,000	581,000	1	—
Increase/(decrease) in incentive fee payable	4	−14	9	5	—
Increase/(decrease) in accrued expenses and other liabilities	7	3	5	5	—
Net cash used in operating activities	−99	−545	−110	−542	−559
Borrowings/(payments) on Corporate Credit Facility, net	−115	16	−35	269	—
Borrowings on Revolving Funding Facility, net	105	114	106	200	—
Borrowings on Revolving Funding Facility II, net	82	43	70	—	—
Borrowings/(payments) on Subscription Credit Agreement, net	—	−11	−97	3	105
Payments of debt issuance costs	−7	−7	−4	−7	−932,000
Payable for shares repurchased	496,000	—	—	—	—
Dividends paid in cash	−123	−102	−70	—	—
Proceeds from issuance of common shares	—	481	91	268	300
Proceeds from issuance of Notes	200	—	75	—	—
Repurchase of common shares	−48	−2	—	—	—
Net cash provided by financing activities	94	533	136	548	561
Net increase (decrease) in cash	−4	−12	26	6	2
Interest paid during the period	68	55	44	14	2
Non-cash financing activities not included herein consisted of reinvestment of dividends	4	4	5	6	1

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