Kayne Anderson Bdc, Inc. · NYSE:KBDC
Kayne Anderson Bdc — Q1 2025 Earnings Presentation
18 slides from Kayne Anderson Bdc's earnings presentation, May 13, 2025
Slide 1: Kayne Anderson BDC Earnings Presentation First Quarter 2025
KAYNE ANDERSON BDC, INC. EARNINGS PRESENTATION First Quarter 2025 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: $0.40 Net asset value per share: $16.51 Financial » » Annualized ROE: 9.7% on net investment income Results » 1Q’25 dividend per share: $0.40 regular and $0.10 special » Annualized regular dividend yield of ~9.7%(1) » Total fa
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) » Target market and credit selection process facilitates: (i) conservative structures (first lien, lower leverage) in (ii) private equity-backed businesses with (iii) financi
Slide 7: Key Financial Highlights
Executive Summary Key Financial Highlights As of Date and for the Three Months Ended ($000 except per share data) Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Net Investment Income $0.40 $0.48 $0.52 $0.51 $0.52 Net Realized and Unrealized Gains (Losses) ($0.09) $0.02 $0.01 ($0.05
Slide 8: Portfolio Overview
PORTFOLIO OVERVIEW AY KAYNE ANDERSON
Slide 9: Portfolio Overview: Key Statistics
Portfolio Overview Key Statistics KEY PORTFOLIO STATISTICS ($ IN MILLIONS)(1) Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Portfolio Highlights Funded Investments at Fair Value $2,167 $1,995 $1,943 $1,847 $1,784 Number of Portfolio Companies 116 110 110 106 103 Average Position S
Slide 10: Portfolio Overview: Diversity
Portfolio Overview Diversity (As of March 31, 2025) INDUSTRY CONCENTRATION BORROWER CONCENTRATION(1)(2) Trading All Others Companies & Paris (20 Total) Distributors All Others Presents 24.8% 15.4% 82.1% 1.9% Commercial Suave Services & 1.9% Supplies MARS Aerospace 10.8% 116 1.9% & Defense 30 Borrowe
Slide 11: Portfolio Overview: Asset Mix
Portfolio Overview Asset Mix » KBDC committed approximately $340 million to new investments in 1Q’25 » Portfolio is 100% floating rate and nearly all first lien senior secured loans » Asset mix remains consistent at approximately 98% first lien senior secured GROSS NEW COMMITMENTS ($ 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 was lower by $0.19, primarily as a result of paying a special dividend in 1Q’25 of $0.10 per share and realized gain and unrealized losses on the portfolio ~$0.09. NAV PER SHARE BRIDGE $18.00 $0.78 $0.01 $17.50 ( $0.10 ) $17.00 $16.70 ( $0.38 ) $1
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) Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Assets Long-term investments (fair value) $2,166,770 $1,995,143 $1,943,439 $1,847,058 $1,784,045 Cash and Cash Equivalents 45,980 71,058 61,753 40,615 44,286 Receivable for principal p
Slide 17: Operating Results Summary
Operating Results Summary For the Three Months Ended ($000 except per share data) Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Investment income: Interest and dividend income $55,245 $56,340 $57,819 $52,453 $46,494 Total investment income $55,245 $56,340 $57,819 $52,453 $46,494 E
Slide 18: Balance Sheet and Liquidity: Financing Profile
Balance Sheet and Liquidity Financing Profile » KBDC has diverse and adequate sources of liquidity to achieve its target debt-to-equity ratio of 1.00x to 1.25x » Debt capital is comprised of the following committed credit facilities and senior unsecured notes outstanding DEBT FUNDING MIX ($ IN MILLI