Kayne Anderson Bdc, Inc. · NYSE:KBDC
Kayne Anderson Bdc — Q1 2026 Earnings Presentation
17 slides from Kayne Anderson Bdc's earnings presentation, May 12, 2026
Slide 1: Kayne Anderson BDC, Inc. Earnings Presentation First Quarter 2026
KAYNE ANDERSON BDC, INC. EARNINGS PRESENTATION First Quarter 2026 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 AY KAYNE ANDERSON
Slide 4: Executive Summary: Quarterly Highlights
Executive Summary Quarterly Highlights » Net investment income per share: $0.43 Net asset value per share: $16.23 Financial » » Annualized ROE: 10.6% on net investment income Results » 1Q’26 dividend per share: $0.40 regular » Annualized regular dividend yield of ~9.9%(1) » Total fair value was appr
Slide 5: Executive Summary: At-a-Glance
Executive Summary At-a-Glance » Scaled, differentiated BDC via focus on core middle market ($10-$75+ 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 ma
Slide 6: Key Financial Highlights
Executive Summary Key Financial Highlights As of Date and for the Three Months Ended ($000 except per share data) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Net Investment Income $0.43 $0.44 $0.43 $0.40 $0.40 Net Realized and Unrealized Gains (Losses) ($0.17) ($0.12) ($0.08) ($
Slide 7: Portfolio Overview
PORTFOLIO OVERVIEW AY KAYNE ANDERSON
Slide 8: Portfolio Overview: Key Statistics
Portfolio Overview Key Statistics KEY PORTFOLIO STATISTICS ($ IN MILLIONS) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Portfolio Highlights Funded Investments at Fair Value $2,194 $2,198 $2,256 $2,175 $2,167 Number of Portfolio Companies 105 107 108 114 116 Average Position Size
Slide 9: Portfolio Overview: Diversity
Portfolio Overview Diversity (As of March 31, 2026) » Diversified industry exposure across the portfolio, with insignificant exposure to software BORROWER CONCENTRATION (1)(2) INDUSTRY CONCENTRATION Commercial Services & Supplies 12.4% All Others Health Care Providers & Services 11.1% 79.9% SG Credi
Slide 10: Portfolio Overview: Asset Mix
Portfolio Overview Asset Mix » KBDC committed approximately $93 million to new investments in 1Q’26 » Portfolio is 95% floating rate and nearly all first lien senior secured loans » Asset mix at approximately 93% first lien senior secured GROSS NEW COMMITMENTS ($M)(1) ASSET MIX AT END OF PERIOD(2) $
Slide 11: Financial Highlights
FINANCIAL HIGHLIGHTS AY KAYNE ANDERSON
Slide 12: Financial Highlights: Net Asset Value
Financial Highlights Net Asset Value » NAV was lower by $0.09 per share, primarily the result of realized and unrealized losses on the portfolio (-$0.17), partially offset by net investment income exceeding dividends paid (+$0.03) and accretive share repurchases (+$0.05). NAV PER SHARE BRIDGE $17.50
Slide 13: 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 paid three
Slide 14: Balance Sheet and Operating Results
BALANCE SHEET AND OPERATING RESULTS
Slide 15: Balance Sheet Summary
Balance Sheet Summary ($000 except per share data) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Assets Long-term investments (fair value) $2,194,304 $2,198,421 $2,255,513 $2,174,640 $2,166,770 Cash and cash equivalents 32,662 43,436 46,125 44,355 45,980 Deposits for investments -
Slide 16: Operating Results Summary
Operating Results Summary For the Three Months Ended ($000 except per share data) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Investment income: Interest and dividend income $53,052 $57,325 $59,227 $55,235 $54,939 Payment-in-kind interest income 4,273 4,578 2,146 2,063 306 Total
Slide 17: Balance Sheet and Liquidity: Financing Profile
Balance Sheet and Liquidity Financing Profile » KBDC has diverse and adequate sources of liquidity to maintain 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 February 2026, KBD