Kayne Anderson BDC, Inc. (KBDC)
NYSE:KBDC
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Kayne Anderson BDC, Inc.
(NYSE:KBDC)
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Rating:66Neutral
Price Target:
$16.00
▲(9.22% Upside)
Action:Reiterated
Date:05/12/26
The score is driven primarily by elevated fundamental uncertainty from the latest annual financials (profitability visibility issues and a swing to negative operating/free cash flow), partially offset by a constructive earnings update supporting dividend sustainability and liquidity. Technicals are neutral-to-mildly positive, while valuation benefits from the high dividend yield but is clouded by the reported zero P/E.
Positive Factors
Dividend coverage / NII
Consistent NII coverage above 100% and undistributed NII provide durable support for the regular dividend. Over the medium term this indicates the core lending income can sustain payouts absent large credit shocks, reducing shareholder income risk and supporting policy stability.
Negative Factors
Sharp cash flow deterioration in 2025
A sudden swing to materially negative operating and free cash flow undermines prior cash generation reliability and raises structural funding risk. Even with liquidity, persistent negative cash flows would pressure capital allocation, dividend coverage resilience, and reliance on capital markets.
Read all positive and negative factors
Positive Factors
Negative Factors
Dividend coverage / NII
Consistent NII coverage above 100% and undistributed NII provide durable support for the regular dividend. Over the medium term this indicates the core lending income can sustain payouts absent large credit shocks, reducing shareholder income risk and supporting policy stability.
Read all positive factors
Kayne Anderson BDC, Inc. (KBDC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.01B
Dividend Yield13%
Average Volume (3M)328.14K
Price to Earnings (P/E)―
Beta (1Y)0.35
Revenue Growth5.39%
EPS Growth-28.09%
CountryUS
EmployeesN/A
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)1.42
Shares Outstanding66,350,000
10 Day Avg. Volume283,148
30 Day Avg. Volume328,140
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 Cap2.08
Enterprise Value/Revenue10.91
Enterprise Value/Gross Profit16.19
Enterprise Value/Ebitda18.00
Forecast
1Y Price Target
$15.38Price Target Upside4.95% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)1.61
Revenue Forecast (FY)$208.89M
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:May 11, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 18, 2026
Earnings Call Sentiment Neutral
The call reflects a balanced tone: solid core operating results and defensive portfolio positioning (dividend coverage at 108%, 10.6% annualized ROE, strong liquidity, disciplined originations and accretive share repurchases) counterbalanced by modest portfolio stress (nonaccruals rising to 2.5%), net realized and unrealized losses that drove a $0.09 NAV decline, and some yield compression. Management emphasized discipline, ample liquidity, and selective deployment as offsets to market uncertainty.Positive Updates
Net Investment Income and Dividend Coverage
Net investment income of $0.43 per share in Q1 2026, covering the $0.40 quarterly dividend at 108% (slight decline from $0.44 in Q4). Board declared $0.40 regular quarterly dividend and reiterated confidence in sustaining the dividend throughout 2026.
Negative Updates
NAV Decline and Unrealized/Realized Losses
Net asset value per share declined to $16.23, down $0.09 (55 basis points) from $16.32 at quarter end; NAV decline comprised ~$0.17 per share from net realized and unrealized losses, partially offset by $0.03 of net investment income excess and $0.05 from share repurchases.
Read all updates
Q1-2026 Updates
Positive
Negative
Net Investment Income and Dividend Coverage
Net investment income of $0.43 per share in Q1 2026, covering the $0.40 quarterly dividend at 108% (slight decline from $0.44 in Q4). Board declared $0.40 regular quarterly dividend and reiterated confidence in sustaining the dividend throughout 2026.
Read all positive updates
Company Guidance
Management reiterated the Board-declared quarterly dividend of $0.40 (record June 30, payable July 16) and said it expects to sustain that payout through 2026, supported by Q1 net investment income of $0.43 per share (108% coverage), undistributed NII of ~$0.25 per share, and an annualized ROE of 10.6%; NAV was $16.23 (down $0.09 q/q) and net assets $1.1 billion on $2.3 billion of total assets. Guidance emphasized a conservative balance sheet with debt-to-equity at 1.05x (target 1.0–1.25x, comfortable nearer 1.0–1.1x), total liquidity of $569.7 million (cash $32.7M + $537M undrawn), and continued disciplined deployment (Q1 commitments $93M, total fundings $99.1M, repayments $74.6M, DSL sales $17.4M, net funded activity $7.1M; since quarter-end ~$150M closed/finalizing and management noted Q2 commitments tracking near $200M). Credit guidance noted 93% first‑lien, 95% floating‑rate debt, weighted average portfolio yield ~10.1% (new floating loans averaged 549 bps over SOFR, +20 bps q/q), portfolio metrics of ~105 companies ($2.2B fair value + $289M unfunded), weighted avg borrower leverage ~4.4x, interest coverage 2.4x, LTV ~43%, non‑accruals 2.5% of debt (up from 1.4%) with Sundance/Regiment expected to cure in 1–2 quarters, and a plan to complete the rotation out of remaining BSL ($29.8M) while continuing share repurchases ($21.4M in Q1 at ~86% of NAV; $100M program renewed).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 | 0.00 | -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
14.65
Price Trends
13.64
Positive
13.92
Positive
13.81
Positive
Market Momentum
0.27
Negative
68.33
Neutral
87.07
Negative
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 14.65 is above the 20-day moving average (MA) of 13.90, above the 50-day MA of 13.64, and above the 200-day MA of 13.81, indicating a bullish trend. The MACD of 0.27 indicates Negative momentum. The RSI at 68.33 is Neutral, neither overbought nor oversold. The STOCH value of 87.07 is Negative, 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 | $206.98M | 7.15 | 0.04% | 13.03% | 151.50% | 137.28% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $1.01B | ― | 8.18% | 13.00% | 5.39% | -28.09% | |
62 Neutral | $3.43B | -17.77 | 6.42% | 11.70% | 6.69% | -31.63% | |
54 Neutral | $354.07M | -4.67 | -16.62% | 21.13% | -153.69% | -168.78% | |
50 Neutral | $279.47M | -30.83 | 13.35% | 16.61% | 122.81% | 43.00% | |
49 Neutral | $233.44M | 24.53 | -3.39% | 17.28% | 18.91% | 14.29% |
* Financial Sector Average
KBDC
Kayne Anderson BDC, Inc.
14.79
0.40
2.79%
GBDC
Golub Capital Bdc
13.09
-0.26
-1.98%
PNNT
Pennantpark Investment
4.29
-1.64
-27.64%
TCPC
BlackRock TCP Capital
4.15
-2.31
-35.81%
TPVG
TriplePoint Venture Growth
5.76
0.15
2.69%
LIEN
Chicago Atlantic BDC
9.07
0.54
6.39%
Kayne Anderson BDC, Inc. Corporate Events
Business Operations and StrategyDividendsFinancial Disclosures
Kayne Anderson BDC Reports Solid Q1 2026 Results
Positive
May 11, 2026
Kayne Anderson BDC reported first-quarter 2026 results on May 11, 2026, posting net investment income of $28.9 million, or $0.43 per share, slightly down from the prior quarter, as total investment income fell to $57.3 million due to lower referen...
Financial Disclosures
Kayne Anderson BDC Schedules First-Quarter 2026 Earnings Release
Neutral
Apr 9, 2026
On April 9, 2026, Kayne Anderson BDC, Inc. announced it will report financial results for the first quarter ended March 31, 2026, after markets close on Monday, May 11, 2026. The company also scheduled an earnings conference call for 10:00 a.m. Ea...
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...
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.