Kayne Anderson Bdc, Inc. · NYSE:KBDC
Kayne Anderson Bdc — Q3 2025 Earnings Presentation
18 slides from Kayne Anderson Bdc's earnings presentation, Nov 11, 2025
Slide 1: Kayne Anderson BDC Earnings Presentation Third Quarter 2025
KAYNE ANDERSON BDC, INC. EARNINGS PRESENTATION Third 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: $0.43 Net asset value per share: $16.34 Financial » » Annualized ROE: 10.5% on net investment income Results » 3Q’25 dividend per share: $0.40 regular » Annualized regular dividend yield of ~9.8%(1) » Total fair value was appr
Slide 5: Executive Summary: Investment Highlights
Executive Summary Investment Highlights » 1 Value Lending » Focus on core middle market in defensive, stable industries 2 Team Expertise » Experienced, long tenured leadership and investment team Kayne 3 Unique Sourcing » Execution framework driven by credit selectivity and quality Anderson BDC 4 Di
Slide 6: 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 mai
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, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Net Investment Income $0.43 $0.40 $0.40 $0.48 $0.52 Net Realized and Unrealized Gains (Losses) ($0.08) ($0.05) ($0.09) $0
Slide 8: Portfolio Overview
PORTFOLIO OVERVIEW AY KAYNE ANDERSON
Slide 9: Portfolio Overview: Key Statistics
Portfolio Overview Key Statistics KEY PORTFOLIO STATISTICS ($ IN MILLIONS)(1) Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Portfolio Highlights Funded Investments at Fair Value $2,256 $2,175 $2,167 $1,995 $1,943 Number of Portfolio Companies 108 114 116 110 110 Average Position S
Slide 10: Portfolio Overview: Diversity
Portfolio Overview Diversity (As of September 30, 2025) BORROWER CONCENTRATION (1)(2) INDUSTRY CONCENTRATION Trading Companies & Distributors 13.8% Commercial Services & Supplies 12.0% All Others SG Credit 80.4% Subordinated Debt Health Care Providers & Services 10.4% 4.0% Food Products 9.4% Suave 1
Slide 11: Portfolio Overview: Asset Mix
Portfolio Overview Asset Mix » KBDC committed approximately $296 million to new investments in 3Q’25 » Portfolio is 96% floating rate and nearly all first lien senior secured loans » Asset mix at approximately 94% first lien senior secured GROSS NEW COMMITMENTS ($M)(1) ASSET MIX AT END OF PERIOD(2)
Slide 12: Financial Highlights
FINANCIAL HIGHLIGHTS AY KAYNE ANDERSON
Slide 13: Financial Highlights: Net Asset Value
Financial Highlights Net Asset Value » NAV was lower by $0.03 per share, primarily the result of unrealized losses on the portfolio (-$0.08), partially offset by net investment income exceeding dividends paid (+$0.03) and accretive share repurchases (+$0.02). NAV PER SHARE BRIDGE $17.50 $0.87 ($0.00
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 paid three
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, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Assets Long-term investments (fair value) $2,255,513 $2,174,640 $2,166,770 $1,995,143 $1,943,439 Cash and Cash Equivalents 46,125 44,355 45,980 71,058 61,753 Receivable for sales of in
Slide 17: Operating Results Summary
Operating Results Summary For the Three Months Ended ($000 except per share data) Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Investment income: Interest and dividend income $61,373 $57,298 $55,245 $56,340 $57,819 Total investment income $61,373 $57,298 $55,245 $56,340 $57,819 E
Slide 18: Balance Sheet and Liquidity: Financing Profile
Balance Sheet and Liquidity Financing Profile » KBDC has diverse and adequate sources of liquidity to maintain its target debt-to-equity ratio of 1.00x to 1.25x » Debt capital is comprised of the following committed credit facilities and senior unsecured notes outstanding DEBT FUNDING MIX ($M) Commi