Kayne Anderson BDC, Inc. is business development company and an externally managed, closed-end, non-diversified management investment company that intends to elect to ...
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$0.00 per share
Est. EPS $0.39 · Revenue $52.24M · 3 analysts
Est. EPS $0.39 · Revenue $52.61M · 5 analysts
Est. EPS $1.62 · Revenue $208.25M · 3 analysts
| Metric | Latest | YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength. | QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes. |
|---|---|---|---|
| RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three). | $235.8M | +29.9% | -5.6% |
| Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day. | $93.7M | -29.0% | -37.8% |
| Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials. | +84.3% | +23.7% | +1.7% |
| Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on). | +72.8% | -0.3% | -11.9% |
| Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales. | +39.7% | -45.3% | -34.2% |
| Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock. | $-98.7M | -194.0% | -74626.0% |
| FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine. | -41.9% | -172.4% | -79039.4% |
| Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe. | 100.6% | +40.8% | -99.9% |
| Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking. | 0.82x | -38.3% | — |
| Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground. | $2.3B | +9.8% | +103869.1% |
| Metric | Annual (A vs E) | Annual Surprise | Quarter (A vs E) | Quarter Surprise |
|---|---|---|---|---|
| EPS Surprise | 1.33 vs 1.65 | -19.4% | 0.16 vs 0.39 | -58.7% |
| Revenue Surprise | $235.8M vs $216.5M | +8.9% | $43.5M vs $52.2M | -16.8% |
| Date | Executive | Title | Security | Side | Shares | Price |
|---|---|---|---|---|---|---|
| Mar 6, 2026 | MARUCCI GEORGE E JR | director | Common Stock | A | 9,000 | $13.74 |
| Mar 4, 2026 | MARUCCI GEORGE E JR | director | Common Stock | A | 1,000 | $13.96 |
| Nov 10, 2025 | Wedderburn-Maxwell Andrew Franklyn | officer: Senior Vice President | Common Stock | — | 0 | — |
| Nov 10, 2025 | Wedderburn-Maxwell Andrew Franklyn | officer: Senior Vice President | Common Stock | — | 0 | — |
| Sep 29, 2025 | Smith Rhonda Scott | director | Common Stock | A | 365 | $13.68 |
Operator: Hello, everyone. Thank you for joining us, and welcome to the Kayne Anderson BDC Inc.'s second quarter 2026 earnings call. As a reminder, this call is being recorded. It is now my pleasure to turn the call over to Andy Wedderburn-Maxwell, Managing Director. Andy Wedderburn-Maxwell: Good morning, and welcome to Kayne Anderson BDC Inc.'s second quarter 2026 earnings call. Today, I'm joined by Ken Leonard and Doug Goodwillie, Co-CEOs of KBDC, Frank Karl, President, and Terry Hart, CFO. Following our prepared remarks, we'll be available to take your questions. Today's call may include forward-looking statements. Such statements involve known and unknown risks, uncertainties, and other factors, and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates, and projections about the company, our current and prospective portfolio investments, our industry, our beliefs, and our opinions, and our assumptions. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict. Actual results may differ materially from those expressed or forecasted in the forward-looking statements. We ask that you refer to the company's most recent filings with the SEC for important risk factors. Any forward-looking statements made today do not guarantee future performance, and undue reliance should not be placed on them. The company assumes no obligation to update any forward-looking statements at any time. Our earnings release, 10-Q, and supplemental earnings presentation are available on the Financial section of our website at kaynebdc.com. Now I'd like to turn the call over to Ken Leonard. Ken Leonard: Good morning, everyone. I'm pleased to report that Kayne Anderson BDC delivered another quarter of solid performance, demonstrating the continued resilience of our value-adding approach in what remains a challenging and bifurcated market environment. I'll provide an overview of KBDC's performance this quarter. Frank Karl will then provide a more detailed overview of our portfolio with some relevant market commentary, and Terry Hart will conclude with KBDC's financial results. For the second quarter of 2026, we generated net investment income of $0.42 per share. Our board of directors has declared a regular quarterly dividend of $0.40 per share for the third quarter. This represents our annualized dividend yield of approximately 10%, based on our current NAV per share. The dividend will be payable on October 16th to shareholders of record as of September 30th. This payout represents a dividend coverage ratio of 105%. Our annualized return on equity based on net investment income was 10.5%, reflecting the attractive risk-adjusted returns we have continued to generate for our shareholders. As communicated in our last two earnings calls, we remain …
| Name | Title | Gender | Year Born | Status |
|---|---|---|---|---|
Andy Wedderburn-Maxwell | Senior Vice President | Male | 1975 | Active |
Kenneth Leonard | Co-CEO & Co-Chief Investment Officer | Male | 1964 | Active |
John Riley | Controller & Vice President | Male | 1974 | Active |
Frank Karl | President | Male | 1988 | Active |
Michael Joseph O'Neil | Secretary & Chief Compliance Officer | Male | 1983 | Active |
Terry A. Hart | Chief Financial Officer & Treasurer | Male | 1969 | Active |
Douglas L. Goodwillie | Co-CEO & Co-Chief Investment Officer | Male | — | Active |
Kayne Anderson BDC, Inc. (NYSE: KBDC - Get Free Report) saw a significant decrease in short interest during the month of August. As of August 14th, there was short interest totaling 324,408 shares, a decrease of 36.3% from the July 30th total of 509,193 shares. Approximately 0.5% of the shares of the stock are sold short.
Kayne Anderson BDC remains a buy, supported by stable NII, strong dividend coverage, and prudent balance sheet management. KBDC's NII rose 5% year-over-year to $0.42 per share, maintaining a 105% dividend coverage ratio despite a modest increase in non-accruals. Portfolio diversification is robust, with top 10 investments under 20% of assets and average borrower exposure around 1%, mitigating credit risk.
Externally managed BDCs face structural challenges, notably high fees and misaligned incentives, making them difficult portfolio inclusions. I favor internally managed BDCs for long-term value, but selectively own some external names as well. There could be two motives for owning external ones: 1) tactical trades (high risk, high retur) and 2) long-term income compounding.
KBDC stands out as a rare externally managed BDC worth holding, despite typical structural drawbacks. Recent Q2 results showed declining NII and NAV, higher leverage, and increased non-accruals, but underlying drivers suggest near-term improvement. KBDC trades at a 15% discount to NAV, with NII per share expected to rise next quarter due to portfolio rotation and higher spreads.
Kayne Anderson BDC NYSE: KBDC reported second-quarter 2026 net investment income of $0.42 per share, exceeding its quarterly dividend by $0.02 per share, while net asset value declined amid realized and unrealized portfolio losses and the completion of its exit from broadly syndicated loans.
