Kayne Anderson Bdc, Inc. · NYSE:KBDC
Kayne Anderson Bdc — Q2 2024 Earnings Presentation
18 slides from Kayne Anderson Bdc's earnings presentation, Aug 14, 2024
Slide 1: Kayne Anderson BDC Earnings Presentation Second Quarter 2024
KAYNE ANDERSON BDC, INC. EARNINGS PRESENTATION Second Quarter 2024 KAY NEBDC.CO M
Slide 2: Disclaimer and Forward-Looking Statement
Disclaimer and Forward-Looking Statement This presentation may contain “forward-looking statements” 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-lookin
Slide 3: Executive Summary
EXECUTIVE SUMMARY KAYNE ANDERSON
Slide 4: Executive Summary: Quarterly Highlights
Executive Summary Quarterly Highlights » Net investment income per share: $0.51 Financial » Net asset value per share: $16.57 Results » Annualized ROE: 12.3% on net investment income » 2Q’24 dividend per share: $0.40 regular (annualized dividend yield of ~9.7%) (1) » Total fair value was approximate
Slide 5: Executive Summary: Investment Highlights
Executive Summary Investment Highlights » Lending philosophy focused on core middle market in defensive, stable industries » Experienced, long-tenured leadership and investment team » High-quality sourcing and execution model with high degree of selectivity » Diversified, conservative portfolio with
Slide 6: Executive Summary: KBDC Overview
Executive Summary Overview » Scaled, differentiated BDC via focus on core middle market ($10-$50+ million of EBITDA) » Target market and credit selection process facilitates: (i) conservative structures (first lien, lower leverage) in (ii) private equity-backed businesses with (iii) financial mainte
Slide 7: Key Financial Highlights
Executive Summary Key Financial Highlights As of Date and for the Three Months Ended ($000 except per share data) Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Net Investment Income $0.51 $0.52 $0.54 $0.53 $0.56 Net Realized and Unrealized Gains (Losses) ($0.05) $0.09 $0.01 ($0.19
Slide 8: Portfolio Overview
PORTFOLIO OVERVIEW KAYNE ANDERSON
Slide 9: Portfolio Overview: Key Statistics
Portfolio Overview Key Statistics KEY PORTFOLIO STATISTICS ($ IN MILLIONS)(1) Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Portfolio Highlights Funded Investments at Fair Value $1,847 $1,784 $1,363 $1,278 $1,284 Number of Portfolio Companies 106 103 76 72 73 Average Position Size
Slide 10: Portfolio Overview: Diversity
Portfolio Overview Diversity (As of June 30, 2024) INDUSTRY CONCENTRATION(1) BORROWER CONCENTRATION(1)(2) Trading Companies & Distributors All Others All Others 12.9% Suave 81.0% (23 Total) 2.2% 33.7% Food Products Vitesse 9.6% 1.9% Commercial American Services & 106 Equipment 1.9% Supplies 8.1% Bor
Slide 11: Portfolio Overview: Asset Mix
Portfolio Overview Asset Mix » KBDC committed approximately $171 million to new investments in 2Q’24 » Portfolio is 100% floating rate and nearly all first lien senior secured loans » Asset mix remains consistent at approximately 98% first lien senior secured GROSS NEW COMMITMENTS ($ IN MILLIONS)(1)
Slide 12: Financial Highlights
FINANCIAL HIGHLIGHTS KAYNE ANDERSON
Slide 13: Financial Highlights: Net Asset Value
Financial Highlights Net Asset Value » Net asset value of $16.57 per share as of June 30, 2024, was a decrease from $16.63 per share as of March 31, 2024, but an increase of $0.05 after considering the $0.11 per share dilution from the Company’s IPO NAV PER SHARE BRIDGE $17.50 $0.78 ( $0.06 ) ( $0.0
Slide 14: Financial Highlights: Dividend History
Financial Highlights Dividend History » Prior to 2024, KBDC did not distinguish between regular and supplemental distributions and generally distributed substantially all its income on a quarterly basis ▪ During 1Q’24, KBDC established a $0.40 per share regular dividend ▪ KBDC declared three special
Slide 15: Balance Sheet and Operating Results
BALANCE SHEET AND OPERATING RESULTS
Slide 16: Balance Sheet Summary
Balance Sheet Summary ($000 except per share data) Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Assets Long-term investments (fair value) $1,847,058 $1,784,045 $1,363,498 $1,277,603 $1,283,951 Short-term investments and cash 40,615 44,286 46,871 29,012 28,013 Receivable for princ
Slide 17: Operating Results Summary
Operating Results Summary For the Three Months Ended ($000 except per share data) Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Investment income: Interest and dividend income $52,453 $46,494 $42,695 $41,197 $40,746 Total investment income $52,453 $46,494 $42,695 $41,197 $40,746 E
Slide 18: Balance Sheet and Liquidity: Financing Profile
Balance Sheet and Liquidity Financing Profile » KBDC has diverse and adequate sources of liquidity to achieve its target debt-to-equity ratio of 1.00x to 1.25x » Debt capital is comprised of the following committed credit facilities and senior unsecured notes outstanding DEBT FUNDING MIX ($ IN MILLI