Kayne Anderson BDC, Inc. (KBDC) reported total investment income of $213.1 million for the year ended December 31, 2024, compared to $161.0 million in 2023. This increase is primarily attributable to interest income on debt investments. Net investment income for 2024 was $129.3 million, up from $84.8 million in 2023. Net realized gains on investments totaled $0.5 million in 2024, while 2023 saw a net realized loss of $10.7 million. The company also reported a net change in unrealized gains on investments of $2.8 million in 2024 and $2.9 million in 2023.
Operating expenses for 2024 reached $101.5 million, including $61.5 million in interest and debt financing expenses, $17.5 million in management fees, and $17.4 million in incentive fees. These figures compare to $76.2 million in total expenses in 2023. The 2024 expenses reflect management and incentive fee waivers of $2.9 million and $14.8 million, respectively, related to the company's initial public offering (IPO) in May 2024. The company's net increase in net assets resulting from operations was $131.9 million in 2024 and $77.0 million in 2023.
Significant developments during the year included the completion of the IPO in May 2024, raising net cash proceeds of $92.4 million. The company also repurchased 94,613 shares under its 10b5-1 plan for a total of $1.5 million during 2024. In February 2025, KBDC amended its Revolving Funding Facility and Revolving Funding Facility II, increasing commitments and lowering interest rates. The company also reduced its Corporate Credit Facility size. As of December 31, 2024, KBDC held investments in 110 portfolio companies with a total fair value of approximately $1.995 billion, including $253 million in broadly syndicated loans.
Key operational indicators as of December 31, 2024, included a portfolio comprised of 98.0% first-lien senior secured loans. The weighted average yield on debt investments was 10.6% (fair value) and 10.7% (amortized cost). The weighted average loan-to-enterprise-value (LTEV) at the time of initial investment was 41.8%. Three debt investments were on non-accrual status, representing 1.3% and 1.6% of total debt investments at fair value and cost, respectively. The company had $858 million of indebtedness outstanding as of December 31, 2024.
The company's outlook anticipates continued investment activity, with sufficient liquidity to support anticipated operations over the next twelve months. The company intends to continue to qualify as a regulated investment company (RIC) for U.S. federal income tax purposes. However, the filing also details numerous risk factors, including those related to interest rate changes, credit market conditions, portfolio company performance, and cybersecurity. The company's future performance is subject to these and other uncertainties.
About Kayne Anderson BDC, Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.