Kayne Anderson BDC, Inc. · NYSE:KBDC
Kayne Anderson BDC — Q3 2026 Earnings Presentation
17 slides from Kayne Anderson BDC's earnings presentation, Nov 5, 2026
Slide 1: Kayne Anderson BDC Earnings Presentation Third Quarter 2026
KAYNEBDC.COM KAYNE ANDERSON BDC, INC. EARNINGS PRESENTATION Third Quarter 2026
Slide 2: Disclaimer and Forward-Looking Statement
2 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-look
Slide 3: Executive Summary
EXECUTIVE SUMMARY KAYNE ANDERSON
Slide 4: Executive Summary Quarterly Highlights
4 Executive Summary Quarterly Highlights 1Annualized dividend yield is calculated by dividing the declared dividend per share by the net asset value per share at the end of the quarter and annualizing such amount over four quarterly periods. There can be no assurance that the same dividend yield wil
Slide 5: Executive Summary At-a-Glance
5 » 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 maintenance covenants generati
Slide 6: Executive Summary Key Financial Highlights
6 Executive Summary Key Financial Highlights 1Yield on an annualized basis. ($000 except per share data) Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Net Investment Income $0.46 $0.42 $0.43 $0.44 $0.43 Net Realized and Unrealized Gains (Losses) ($0.36) ($0.26) ($0.17) ($0.12) ($0
Slide 7: Portfolio Overview
PORTFOLIO OVERVIEW KAYNE ANDERSON
Slide 8: Portfolio Overview Key Statistics
8 Portfolio Overview Key Statistics 1Includes KBDC's investments in BC CS 2, L.P. (Cuisine Solutions, Inc.) and SGCP Partners, Inc. (SG Credit) which are considered subordinated debt. KEY PORTFOLIO STATISTICS ($ IN MILLIONS) Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Portfolio
Slide 9: Portfolio Overview Diversity
9 Private Credit, 98% Equity, 2% Portfolio Overview Diversity (As of September 30, 2026) Note: Please see the Company's filings with the SEC for more information about the Company's portfolio. 1Calculated as a percentage of total debt investments at fair value. 2In some instances, we have disclosed
Slide 10: Portfolio Overview Asset Mix
10 Portfolio Overview Asset Mix GROSS NEW COMMITMENTS ($M)(1) ASSET MIX AT END OF PERIOD(2) » KBDC committed approximately $76 million to new investments in 3Q'26 » Portfolio is 95% floating rate and approximately 93% first lien senior secured loans ROLLING INVESTMENT ACTIVITY ($ IN MILLIONS) Note:
Slide 11: Financial Highlights
FINANCIAL HIGHLIGHTS KAYNE ANDERSON
Slide 12: Financial Highlights Net Asset Value
12 Financial Highlights Net Asset Value NAV PER SHARE BRIDGE » NAV was lower by $0.29 per share, primarily the result of realized and unrealized losses on the portfolio (-$0.36), partially offset by net investment income exceeding dividends paid (+$0.06) and accretive share repurchases (+$0.01). $16
Slide 13: Financial Highlights Dividend History
13 Financial Highlights Dividend History 1Yields presented above calculated by dividing either (i) dividends or (ii) NII, as applicable by the net asset value per share at the end of the quarter and annualizing such amount over four quarterly periods. 2All amounts presented on a per share basis util
Slide 14: Balance Sheet and Operating Results
BALANCE SHEET AND OPERATING RESULTS
Slide 15: Balance Sheet Summary
15 Balance Sheet Summary ($000 except per share data) Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Assets Portfolio company invest., at fair value $2,222,668 $2,266,618 $2,194,304 $2,198,421 $2,255,513 Cash and cash equivalents 45,704 39,703 32,662 43,436 46,125 Deposits for inve
Slide 16: Operating Results Summary
16 Operating Results Summary ($000 except per share data) Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Investment income: Interest and dividend income $56,093 $53,202 $53,052 $57,325 $59,227 Payment-in-kind interest income 2,870 2,501 4,273 4,578 2,146 Total investment income $58
Slide 17: Balance Sheet and Liquidity Financing Profile
17 Balance Sheet and Liquidity Financing Profile Note: Commitment and drawn amounts are as of September 30, 2026. 1Includes amortization of debt issuance and monitoring costs. DEBT FUNDING MIX ($M) BORROWING PER QUARTER ($M) » KBDC has diverse and adequate sources of liquidity to maintain its target