Kayne Anderson Bdc, Inc. · NYSE:KBDC
Kayne Anderson Bdc — Q3 2024 Earnings Presentation
18 slides from Kayne Anderson Bdc's earnings presentation, Nov 14, 2024
Slide 1: Kayne Anderson BDC, Inc. Earnings Presentation Third Quarter 2024
KAYNE ANDERSON BDC, INC. EARNINGS PRESENTATION Third 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 AY KAYNE ANDERSON
Slide 4: Executive Summary: Quarterly Highlights
Executive Summary Quarterly Highlights » Net investment income per share: $0.52 Financial » Net asset value per share: $16.70 Results » Annualized ROE: 12.5% on net investment income » 3Q’24 dividend per share: $0.40 regular (annualized dividend yield of ~9.6%)(1) » Total fair value was approximatel
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-$50+ 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) Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Net Investment Income $0.52 $0.51 $0.52 $0.54 $0.53 Net Realized and Unrealized Gains (Losses) $0.01 ($0.05) $0.09 $0.01
Slide 8: Portfolio Overview
PORTFOLIO OVERVIEW AY KAYNE ANDERSON
Slide 9: Portfolio Overview: Key Statistics
Portfolio Overview Key Statistics KEY PORTFOLIO STATISTICS ($ IN MILLIONS)(1) 30-Sep-24 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Portfolio Highlights Funded Investments at Fair Value $1,943 $1,847 $1,784 $1,363 $1,278 Number of Portfolio Companies 110 106 103 76 72 Average Position Size a
Slide 10: Portfolio Overview: Diversity
Portfolio Overview Diversity (As of September 30, 2024) INDUSTRY CONCENTRATION BORROWER CONCENTRATION(1)(2) Trading Companies & All Others Distributors All Others (23 Total) 14.6% 81.4% 32.4% Suave 2.2% Food Products 9.7% M2S 2.0% 110 Keany Commercial Borrowers 1.9% Services & American Supplies 7.8%
Slide 11: Portfolio Overview: Asset Mix
Portfolio Overview Asset Mix » KBDC committed approximately $183 million to new investments in 3Q’24 » Portfolio is 100% floating rate and nearly all first lien senior secured loans » Asset mix remains consistent at approximately 98% first lien senior secured GROSS NEW COMMITMENTS ($ IN MILLIONS)(1)
Slide 12: Financial Highlights
FINANCIAL HIGHLIGHTS AY KAYNE ANDERSON
Slide 13: Financial Highlights: Net Asset Value
Financial Highlights Net Asset Value » NAV per share increased $0.13 during 3Q to $16.70, primarily the result of excess NII over base dividend NAV PER SHARE BRIDGE $18.00 $17.50 $0.81 $0.01 $17.00 ( $0.29 ) $16.70 $16.57 $16.50 ( $0.40 ) $16.00 $15.50 $15.00 2Q'24 NAV Interest Income Unrealized Gai
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) Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Assets Long-term investments (fair value) $1,943,439 $1,847,058 $1,784,045 $1,363,498 $1,277,603 Short-term investments and cash 61,753 40,615 44,286 46,871 29,012 Receivable for princ
Slide 17: Operating Results Summary
Operating Results Summary For the Three Months Ended ($000 except per share data) Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Investment income: Interest and dividend income $57,819 $52,453 $46,494 $42,695 $41,197 Total investment income $57,819 $52,453 $46,494 $42,695 $41,197 E
Slide 18: Balance Sheet and Liquidity: Financing Profile
Balance Sheet and Liquidity Financing Profile » KBDC has diverse and adequate sources of liquidity to achieve its target debt-to-equity ratio of 1.00x to 1.25x » Debt capital is comprised of the following committed credit facilities and senior unsecured notes outstanding DEBT FUNDING MIX ($ IN MILLI