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Kayne Anderson BDC, Inc. (KBDC)
NYSE:KBDC
Earnings Data
Report Date
May 18, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.4Last Year’s EPS
0.4Same Quarter Last Year
Strong Buy
Based on 4 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a broadly constructive outlook with multiple strengths: solid NII and ROE, 110% dividend coverage and a committed dividend policy, strong liquidity and conservative portfolio construction (high first-lien senior secured exposure, low software concentration), active disciplined deployment and accretive share repurchases. Offsetting items include modest QoQ NAV decline driven by $7.2M of unrealized losses, a 30 bps decline in portfolio yield from lower reference rates, a temporary rise in PIK interest from one investment, and industry-wide spread and valuation pressures tied to software/AI risk. Overall, management portrays these negatives as manageable and stresses that their defensive positioning should allow them to capitalize on dislocations, so the highlights materially outweigh the lowlights.Company Guidance
Net Investment Income and Profitability
Net investment income (NII) of $0.44 per share in Q4 (up from $0.43 Q3); net income per share $0.32; implied annualized return on equity of 10.8% demonstrating continued attractive risk-adjusted returns.
Dividend Coverage and Dividend Policy
Regular quarterly dividend declared at $0.40 per share; dividend coverage ratio was 110%; board expects to be able to pay the $0.40 dividend for the entirety of 2026.
Strong Portfolio Credit Quality and Structure
Only 1.4% of investments on nonaccrual (5 positions of 107); 93% of portfolio in first-lien senior secured debt; 95.7% of debt investments floating rate; weighted average borrower leverage ~4.5x and loan-to-enterprise value ~43%, reflecting conservative underwriting vs peers.
Yield and New Origination Spreads
Weighted average yield on income-producing investments ~10.3% (excluding nonaccruals); average spread on new floating-rate loans ~529 bps over SOFR (593 bps including one opportunistic investment), indicating healthy premiums in core markets.
Liquidity and Leverage Flexibility
Total liquidity of $588.4 million (cash $43.4 million, undrawn debt capacity $545 million); debt outstanding $1.13 billion; debt-to-equity ratio 1.02x (within target range 1.0x–1.25x), providing flexibility to deploy capital opportunistically.
Active, Disciplined Capital Deployment
Q4 commitments ~ $113 million and total fundings $99.3 million (new investments $72.3M, existing unfunded $27M); repayments of $131.7 million and sales of broadly syndicated loans $19.8M, reflecting active portfolio rotation into higher-yield private credit.
Diversification and Scale of Portfolio
107 portfolio companies with fair market value ~$2.2 billion; unfunded commitments $287 million; average position size ~0.9% of fair value and top 10 investments ~20% of portfolio; weighted average EBITDA ~$52.7 million.
Strategic Defensive Positioning vs Software/AI Risk
Very low exposure to software/AI dislocation at ~2% of portfolio versus many peers >20%, positioning the BDC defensively amid sector-specific headwinds and potential dispersion in outcomes across managers.
Share Repurchases and Capital Return
Share repurchases of $24.9 million in Q4 under a $100M program; YTD through Feb 20 repurchases ~$14.5 million at an average price to NAV of 87%, providing accretion to NAV.
Lower Borrowing Costs
Extended largest credit facility and reduced interest margin from SOFR +215 bps to SOFR +195 bps, lowering funding costs and supporting net yield expansion potential.
KBDC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
KBDC Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 02, 2026 | $13.67 | $13.84 | +1.24% |
Nov 10, 2025 | $14.31 | $14.75 | +3.07% |
Aug 11, 2025 | $14.71 | $14.82 | +0.75% |
May 12, 2025 | $15.07 | $14.94 | -0.86% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Kayne Anderson BDC, Inc. (KBDC) report earnings?
Kayne Anderson BDC, Inc. (KBDC) is schdueled to report earning on May 18, 2026, After Close (Confirmed).
What is Kayne Anderson BDC, Inc. (KBDC) earnings time?
Kayne Anderson BDC, Inc. (KBDC) earnings time is at May 18, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is KBDC EPS forecast?
KBDC EPS forecast for the fiscal quarter 2026 (Q1) is 0.4.