KBDC · Kayne Anderson BDC, Inc.

Kayne Anderson BDC reported first quarter 2026 net investment income (NII) of $28.9 million, or $0.43 per share, exceeding the $0.40 regular dividend. The NII yield on NAV was 10.6% annualized. Total investment income decreased to $57.3 million from $61.9 million in the prior quarter, driven by lower average reference rates and reduced accelerated OID and repayment fees, partially offset by PIK interest from Arborworks Acquisition returning to accrual. Net expenses fell to $28.4 million from $31.8 million, primarily due to lower interest expense and incentive fees. The portfolio generated a weighted average yield of 10.1% on debt investments (excluding non-income producing), with 93% in first-lien loans and 95% floating-rate. Non-accrual investments increased to 2.5% of debt at fair value from 1.4% in Q4 2025, including additions of Score Sports and Regiment (last out tranche) and removal of Arborworks. Net asset value per share declined to $16.23 from $16.32, reflecting $0.17 in realized and unrealized losses, partially offset by $0.03 from NII exceeding dividends and $0.05 from accretive share repurchases. The company repurchased 1.5 million shares for $21.4 million in Q1 and extended its buyback plan to May 2027 with up to $100 million authorization. Management highlighted the stability of their value lending strategy, conservative structures, and negligible software exposure. A Q2 2026 dividend of $0.40 per share was declared, payable July 16, 2026.