Kayne Anderson BDC, Inc. (KBDC)
NYSE:KBDC
Top Page
Kayne Anderson BDC, Inc.
(NYSE:KBDC)
Select Model
Select Model
Rating:65Neutral
Price Target:
$15.00
▲(7.14% Upside)
Action:ReiteratedDate:04/01/26
The score is driven primarily by elevated latest-period fundamental uncertainty (2025 profitability visibility issues and negative operating/free cash flow). Offsetting this are supportive valuation factors (high dividend yield, moderate P/E) and a constructive earnings-call outlook with dividend coverage and strong liquidity, while technicals remain mildly weak.
Positive Factors
Conservative credit profile
A portfolio concentrated in first‑lien senior secured, largely floating‑rate loans, and low nonaccruals supports durable downside protection and stable cash yields across credit cycles. This structural underwriting advantage reduces loss severity and preserves distributable income over the medium term.
Negative Factors
Sharp cash flow deterioration in 2025
A sudden, material negative swing in operating and free cash flow weakens internal capital generation and increases reliance on external funding to sustain portfolio activity and dividends. That deterioration raises structural liquidity and execution risk until cash earnings normalize.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative credit profile
A portfolio concentrated in first‑lien senior secured, largely floating‑rate loans, and low nonaccruals supports durable downside protection and stable cash yields across credit cycles. This structural underwriting advantage reduces loss severity and preserves distributable income over the medium term.
Read all positive factors
Kayne Anderson BDC, Inc. (KBDC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
N/A
Dividend Yield13%
Average Volume (3M)354.53K
Price to Earnings (P/E)11.4
Beta (1Y)0.33
Revenue Growth22.72%
EPS Growth-28.92%
CountryUS
EmployeesN/A
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.44
Shares Outstanding66,510,350
10 Day Avg. Volume278,770
30 Day Avg. Volume354,533
Financial Highlights & Ratios
PEG Ratio-0.30
Price to Book (P/B)0.91
Price to Sales (P/S)4.27
P/FCF Ratio-10.19
Enterprise Value/Market Cap10.00T>
Enterprise Value/Revenue10.73
Enterprise Value/Gross Profit15.94
Enterprise Value/Ebitda17.71
Forecast
1Y Price Target
$15.00Price Target Upside7.14% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)1.61
Revenue Forecast (FY)$208.98M
Kayne Anderson BDC, Inc. Business Overview & Revenue Model
Company Description
Kayne Anderson BDC, Inc invests in middle market companies located in the United States with an EBITDA of USD 10 - 150 million. The fund focuses on a broad range of sectors and industries. It provides financing in the form of senior secured loans ...
How the Company Makes Money
null...
Kayne Anderson BDC, Inc. Earnings Call Summary
Earnings Call Date:Mar 02, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 18, 2026
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.Positive Updates
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.
Negative Updates
NAV Decline and Mark-to-Market Losses
Net asset value per share declined to $16.32 from $16.34 (QoQ decline of $0.02). NAV was impacted by $0.12 per share of net realized and unrealized losses (Q4 unrealized losses $7.2M vs $5.0M prior quarter) partially offset by NII and repurchases.
Read all updates
Q4-2025 Updates
Positive
Negative
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.
Read all positive updates
Company Guidance
Management declared a Q1 dividend of $0.40 per share (payable 04/16/2026) and said it expects to pay $0.40 per share for all of 2026, supported by a dividend coverage ratio of 110% and undistributed net investment income of ~$0.21 per share; Q4 NII was $0.44 per share (annualized ROE 10.8%) and NAV was $16.32 per share. At 12/31 the portfolio fair value was ~$2.2 billion across 107 companies (total assets $2.3B, net assets $1.1B), with unfunded commitments of $287M, total liquidity of $588.4M (cash $43.4M, undrawn debt $545M), debt outstanding $1.13B and a debt-to-equity ratio of 1.02x (target range 1.0–1.25x) that management intends to gradually optimize. Key portfolio/credit metrics cited: weighted average yield ~10.3% (down from 10.6%), 93% first‑lien senior secured, 95.7% floating rate, weighted average borrower leverage ~4.5x (new originations historically 3.8–4.2x), interest coverage 2.4x, loan‑to‑enterprise value ~43%, weighted average EBITDA $52.7M, nonaccruals 1.4%, Q4 PIK = 7.4% of interest income (3.9% FY). Q4 activity included ~$113M committed, $99.3M funded ($72.3M new, $27M follow‑on), $131.7M repayments, $19.8M BSL sales and net funded activity down $52.2M; new floating‑rate loan spreads averaged 529 bps over SOFR (593 bps incl. one opportunistic investment), management reduced its largest facility to SOFR+195 (from +215) and highlighted that expected spread widening should create accretive origination opportunities.Kayne Anderson BDC, Inc. Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
66
Positive
Cash Flow
49
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 235.82M | 181.56M | 132.40M | 68.57M | 28.76M |
| Gross Profit | 198.78M | 123.76M | 82.78M | 50.40M | 24.56M |
| EBITDA | 171.72M | 132.66M | 77.08M | 45.77M | 22.29M |
| Net Income | 93.71M | 131.94M | 77.08M | 45.77M | 22.29M |
Balance Sheet | |||||
| Total Assets | 2.29B | 2.08B | 1.42B | 1.19B | 586.46M |
| Cash, Cash Equivalents and Short-Term Investments | 18.03M | 22.38M | 46.87M | 8.53M | 2.04M |
| Total Debt | 1.12B | 848.13M | 689.32M | 571.59M | 266.33M |
| Total Liabilities | 1.18B | 896.32M | 740.61M | 602.35M | 274.50M |
| Stockholders Equity | 1.11B | 1.19B | 683.06M | 592.04M | 311.97M |
Cash Flow | |||||
| Free Cash Flow | -98.72M | 105.03M | 79.85M | 46.11M | 9.47M |
| Operating Cash Flow | -98.72M | 105.03M | 79.85M | 46.11M | 9.47M |
| Investing Cash Flow | -180.56M | -649.53M | -189.91M | -587.88M | -568.61M |
| Financing Cash Flow | 94.37M | 532.81M | 135.60M | 548.26M | 561.16M |
Kayne Anderson BDC, Inc. Technical Analysis
Positive
14.00
Price Trends
13.55
Positive
13.89
Positive
13.80
Positive
Market Momentum
0.15
Negative
58.94
Neutral
62.29
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KBDC, the sentiment is Positive. The current price of 14 is above the 20-day moving average (MA) of 13.64, above the 50-day MA of 13.55, and above the 200-day MA of 13.80, indicating a bullish trend. The MACD of 0.15 indicates Negative momentum. The RSI at 58.94 is Neutral, neither overbought nor oversold. The STOCH value of 62.29 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for KBDC.
Kayne Anderson BDC, Inc. Risk Analysis
Kayne Anderson BDC, Inc. disclosed 61 risk factors in its most recent earnings report. Kayne Anderson BDC, Inc. reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Kayne Anderson BDC, Inc. Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $210.63M | 7.08 | 0.04% | 13.03% | 315.14% | 116.85% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | ― | 11.45 | 8.18% | 13.00% | 22.72% | -28.92% | |
63 Neutral | $3.35B | 13.71 | 8.30% | 11.70% | 24.12% | 1.09% | |
58 Neutral | $291.22M | 10.64 | 5.42% | 16.61% | -3.09% | 200.66% | |
53 Neutral | $323.83M | -5.23 | -12.44% | 21.13% | -91.81% | 78.46% | |
52 Neutral | $207.31M | 8.14 | 14.02% | 17.28% | 206.13% | 298.86% |
* Financial Sector Average
KBDC
Kayne Anderson BDC, Inc.
14.00
0.45
3.35%
GBDC
Golub Capital Bdc
12.71
0.41
3.30%
PNNT
Pennantpark Investment
4.46
-0.91
-16.88%
TCPC
BlackRock TCP Capital
3.84
-1.67
-30.36%
TPVG
TriplePoint Venture Growth
5.12
0.04
0.75%
LIEN
Chicago Atlantic BDC
9.23
-0.07
-0.71%
Kayne Anderson BDC, Inc. Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Kayne Anderson BDC Launches Flexible At-the-Market Equity Program
Positive
Apr 1, 2026
On March 31, 2026, Kayne Anderson BDC, Inc. entered into equity distribution agreements with KA Credit Advisers, LLC and a syndicate of sales agents, allowing the company to issue and sell up to $150 million of common stock from time to time throu...
Business Operations and StrategyDividendsFinancial Disclosures
Kayne Anderson BDC Announces Q4 Results and 2026 Dividend
Positive
Mar 2, 2026
Kayne Anderson BDC, Inc. reported fourth-quarter 2025 net investment income of $30.1 million, or $0.44 per share, as total investment income edged up to $61.9 million on a rotation from lower-yield broadly syndicated loans into higher-yield middle...
Financial Disclosures
Kayne Anderson BDC Schedules Upcoming Q4 2025 Earnings Release
Neutral
Jan 15, 2026
On January 15, 2026, Kayne Anderson BDC, Inc. announced that it will release its financial results for the fourth quarter ended December 31, 2025 after U.S. markets close on March 2, 2026, and will discuss the figures on an earnings conference cal...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.