Kayne Anderson BDC, Inc. (KBDC) reported a net increase in net assets resulting from operations of $93.7 million for the year ended December 31, 2025, compared to $131.9 million for the year ended December 31, 2024. Total investment income reached $235.8 million, up from $213.1 million in the previous year. Net expenses were $118.2 million, compared to $83.8 million for the year ended December 31, 2024. The company's net investment income was $117.6 million, a decrease from $129.3 million in the prior year.
The company's financial performance was influenced by several factors. New investment commitments totaled $327.2 million, while the principal amount of investments funded was $795.9 million. The principal amount of investments sold or repaid was $570 million. The weighted average interest rate of new private credit investment commitments was 9.6%. The company's portfolio consisted primarily of first lien senior secured loans, representing 93.2% of total debt investments. As of December 31, 2025, five debt investments were on non-accrual status, accounting for 1.4% of total debt investments at fair value.
Strategic developments included the extension of the share repurchase plan to May 24, 2026, allowing for the repurchase of up to $100 million of outstanding common stock. As of December 31, 2025, $59.9 million remained available for repurchases under this plan. The company also amended its Revolving Funding Facility, extending the final maturity date to February 20, 2031, and reducing the interest rate on borrowings.
Key operational developments included the company's portfolio composition, which consisted of investments in 107 portfolio companies across 26 industries. The largest industry concentrations were in Distributors, Commercial Services & Supplies, Health Care Providers & Services, and Food Products. The company's weighted average and median LTM EBITDA for private middle market loans were $52.7 million and $39.8 million, respectively. The company's weighted average leverage ratio for private middle market loans was 4.5x, and the weighted average interest coverage ratio was 2.4x. As of December 31, 2025, 97.5% of the company's debt investments included at least one financial maintenance covenant. The company's top ten portfolio companies represented 19.7% of total long-term investments.
About Kayne Anderson BDC, Inc.
Kayne Anderson BDC, Inc. is a regulated business development company investing primarily in first lien senior secured loans to U.S. middle-market companies. It focuses on private, non-public debt, offering attractive yields and senior priority in capital structures. Managed by Kayne Anderson’s private credit platform, it leverages extensive industry relationships, disciplined underwriting, and active portfolio management to serve private equity-backed and independent firms seeking private debt financing.
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