Kayne Anderson Bdc, Inc. · NYSE:KBDC
Kayne Anderson Bdc — Q4 2024 Earnings Presentation
18 slides from Kayne Anderson Bdc's earnings presentation, Mar 4, 2025
Slide 1: Kayne Anderson BDC, Inc. Earnings Presentation Fourth Quarter 2024
KAYNE ANDERSON BDC, INC. EARNINGS PRESENTATION Fourth Quarter 2024 KAYNEBDC.COM
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: $0.48 ($0.49 excluding excise taxes) Financial » Net asset value per share: $16.70 Results » Annualized ROE: 11.5% on net investment income (11.8% excluding excise taxes) » 4Q’24 dividend per share: $0.40 regular (annualized d
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: KBDC Portfolio Overview At-a-Glance
KBDC Portfolio Overview At-a-Glance » Scaled, differentiated BDC via focus on core middle market ($10-$75+ million of EBITDA) » Consistent adherence to our value lending strategy: (i) conservative structures (first lien, lower leverage) in (ii) private equity-backed businesses with (iii) financial m
Slide 7: Key Financial Highlights
Executive Summary Key Financial Highlights As of Date and for the Three Months Ended ($000 except per share data) Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Net Investment Income $0.48 $0.52 $0.51 $0.52 $0.54 Net Realized and Unrealized Gains (Losses) $0.02 $0.01 ($0.05) $0.09
Slide 8: Portfolio Overview
PORTFOLIO OVERVIEW KAYNE ANDERSON
Slide 9: Portfolio Overview: Key Statistics
Portfolio Overview Key Statistics KEY PORTFOLIO STATISTICS ($ IN MILLIONS)(1) Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Portfolio Highlights Funded Investments at Fair Value $1,995 $1,943 $1,847 $1,784 $1,363 Number of Portfolio Companies 110 110 106 103 76 Average Position Si
Slide 10: Portfolio Overview: Diversity
Portfolio Overview Diversity (As of December 31, 2024) INDUSTRY CONCENTRATION BORROWER CONCENTRATION(1)(2) All Others 81.4% Suave 2.1% MARS 2.0% 110 Keany Borrowers 2.0% M2S 1.9% American Equipment 1.9% Vitesse Improving 1.8% 1.7% FreshEdge Peak 1.7% Genuine Cable Group Technologies 1.7% 1.7% Averag
Slide 11: Portfolio Overview: Asset Mix
Portfolio Overview Asset Mix » KBDC committed approximately $231 million to new investments in 4Q’24 » Portfolio is 100% floating rate and nearly all first lien senior secured loans » Asset mix remains consistent at approximately 98% first lien senior secured GROSS NEW COMMITMENTS ($ IN MILLIONS)(1)
Slide 12: Financial Highlights
FINANCIAL HIGHLIGHTS KAYNE ANDERSON
Slide 13: Financial Highlights: Net Asset Value
Financial Highlights Net Asset Value » NAV per share of $16.70 was unchanged from 3Q to 4Q; results of operations were $0.10 higher than our regular dividend of $0.40 per share and we paid the first of three special dividends of $0.10 resulting in no change to NAV per share NAV PER SHARE BRIDGE 13
Slide 14: Financial Highlights: Dividend History
Financial Highlights Dividend History » Prior to 2024, KBDC did not distinguish between regular and supplemental or special 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 th
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) Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Assets Long-term investments (fair value) $1,995,143 $1,943,439 $1,847,058 $1,784,045 $1,363,498 Short-term investments and cash 71,058 61,753 40,615 44,286 46,871 Receivable for princ
Slide 17: Operating Results Summary
Operating Results Summary For the Three Months Ended ($000 except per share data) Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Investment income: Interest and dividend income $56,340 $57,819 $52,453 $46,494 $42,695 Total investment income $56,340 $57,819 $52,453 $46,494 $42,695 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 » During November KBDC amend