Kayne Anderson BDC, Inc. (KBDC)

Price$13.45Cached quoteAs of 2026-09-05 12:30 UTC

AI: Undervalued

Private-credit portfolio is predominantly senior securedKBDC has largely completed its shift away from broadly syndicated loans toward directly originated middle-market credit.

At June 30, portfolio investments were $2.267b across 104 companies, with 92.8% in first-lien debt and 95.3% of debt investments floating-rate. Weighted-average yield excluding non-accruals was 10.2%. KBDC sold or received repayment of its remaining $29.8m of broadly syndicated loans during Q2. Credit quality is not pristine: non-accruals increased to 2.7% of debt investments at fair value from 2.5% in Q1.

NII covers the dividend, while GAAP credit marks remain a warningRecurring investment income currently supports the $0.40 quarterly distribution, but realized and unrealized losses are reducing NAV.

Q2 net investment income was $27.6m, or $0.42 per share, providing about 105% coverage of the $0.40 dividend. The supplied $0.42 diluted EPS figure is therefore mislabeled: official GAAP net increase in net assets from operations was $10.7m, or $0.16 per share. Realized and unrealized investment losses totaled $16.8m in Q2, including a $9.4m realized loss on Sundance, contributing to NAV falling to $16.00 from $16.23.

Discount to NAV and income multiple look attractiveThe current price embeds a sizable discount to reported net asset value while offering a double-digit covered distribution yield.

At $13.05, KBDC trades about 18.4% below June NAV of $16.00. Using roughly 66.0m shares after disclosed post-quarter repurchases implies market capitalization near $862m versus $1.060b of June net assets. Annualizing Q2 NII gives $1.68 per share, implying about 7.8x annualized NII, while the $1.60 regular annual dividend yields approximately 12.3%. Continued NAV erosion would reduce the attractiveness of these headline multiples.

Leverage is within target but amplifies credit and rate riskKBDC has meaningful liquidity and operates inside its stated leverage range, though leverage magnifies borrower deterioration and portfolio marks.

June debt principal was $1.238b, producing debt-to-equity of 1.17x and 186% asset coverage, within management's 1.0x-1.25x target. Liquidity included $39.7m of cash and money-market funds plus $437m of undrawn credit-facility capacity. Risks include rising non-accruals, private-company valuation uncertainty, further realized losses, borrower refinancing stress, externally managed fee drag and lower benchmark rates reducing floating-rate asset income. Repurchases below NAV are accretive but also consume liquidity.

AI: News

Chairman-linked entities purchased $5.2m of stockThe latest filing shows substantial open-market purchases near the current share price by entities managed by Chairman James L. Robo.

Ventus Capital bought 60,000 KBDC shares at $13.017 on September 14 and 340,000 shares at $13.038 on September 16, totaling 400,000 shares and approximately $5.21m. The Form 4 states that Robo manages Ventus Capital and is KBDC's chairman. The purchases are a meaningful alignment signal but do not eliminate underlying private-credit or NAV risks.

Q2 maintained dividend coverage and expanded direct lendingKBDC generated $0.42 of NII per share, declared another $0.40 dividend and increased net private-credit funding despite a slow M&A market.

New private-credit and equity commitments totaled $138.7m in Q2, with $146.4m funded. New floating-rate originations were priced at an average SOFR plus 566 basis points. From July 1 through August 5, KBDC also repurchased 178,752 shares at an average $13.67, leaving $95.8m under its repurchase plan. The offset was credit pressure: NAV declined and non-accrual exposure increased.

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Revenue

2021

2022

2023

2024

2025

Net income

2021

2022

2023

2024

2025

Free cash flow

No reported data

Total cash / debt

CashTotal debt

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021
Revenue	$235.8M	$123.8M	$161.0M	$74.8M	$18.8M
Operating expenses	$120.3M	$101.6M	$76.2M	$34.6M	$8.6M
Operating income	−$118.2M	−$83.8M	−$76.2M	−$34.6M	—
Operating margin	−50.13%	−67.74%	−47.32%	−46.31%	—
Net income	$93.7M	$131.9M	$77.1M	$45.8M	$22.3M
Net profit margin	39.74%	106.61%	47.87%	61.16%	118.84%
Basic EPSper basic share	$1.67	$2.03	$2.16	$1.48	$0.94
Diluted EPSper diluted share	$1.67	$2.03	$2.16	$1.48	$0.94

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

15.83%of listed shares

Koch, Inc.10.49M shares · Jun 30, 2026

View holders

Top 20 reported holders of KBDC
Holder	% owned
Koch, Inc.	15.83%10.49M shares
STATE OF MICHIGAN RETIREMENT SYSTEM	9.92%6.57M shares
HF Capital, LLC	3.35%2.22M shares
ROBO JAMES L	≈2.62%1.74M shares
Pathstone Holdings, LLC	1.61%1.06M shares
Russell Investments Group, Ltd.	1.20%796.32K shares
FRANKLIN RESOURCES INC	1.18%779.76K shares
UBS Group AG	1.13%747.23K shares
VAN ECK ASSOCIATES CORP	1.01%669.89K shares
MORGAN STANLEY	1.00%662.12K shares
Requisite Capital Management, LLC	0.97%645.13K shares
Columbus Macro, LLC	0.92%610.74K shares
ENVESTNET ASSET MANAGEMENT INC	0.92%608.96K shares
Cetera Investment Advisers	0.89%590.5K shares
KENNEDY CAPITAL MANAGEMENT LLC	0.58%385K shares
Sage Mountain Advisors LLC	0.53%353.27K shares
AMERICAN FINANCIAL GROUP INC	0.43%283.9K shares
HB Wealth Management, LLC	0.42%280.19K shares
RENAISSANCE TECHNOLOGIES LLC	0.38%250.83K shares
WELLS FARGO & COMPANY/MN	0.36%239.14K shares

Percentages use 66.22M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys12$3.86M disclosed value

Sells (SEC code S)9$8.76M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Mar 6, 2026Form 4	MARUCCI GEORGE E JRDirector	BuyCommon Stock	9.0K	$13.74	$123.7K	10.0K
Mar 4, 2026Form 4	MARUCCI GEORGE E JRDirector	BuyCommon Stock	1.0K	$13.96	$14.0K	1.0K
Sep 29, 2025Form 4	Smith Rhonda ScottDirector	BuyCommon Stock	365	$13.68	$5.0K	1.6K
May 28, 2025Form 4/A	Rabil AlbertDirector	SellCommon Stock · indirect	121.7K	$15.84	$1.93M	0
May 28, 2025Form 4/A	Rabil AlbertDirector	SellCommon Stock · indirect	43.0K	$15.84	$681.4K	0