Revenue: As of FY2025 Q4, the actual value is USD 61.9 M.EPS: As of FY2025 Q4, the actual value is USD 0.32.EBIT: As of FY2025 Q4, the actual value is USD -10.91 M.<h4>Financial Results Overview</h4>Kayne Anderson BDC, Inc. announced its financial results for the fourth quarter ended December 31, 2025, and declared a first quarter 2026 dividend of $0.40 per share, payable on April 16, 2026, to stockholders of record as of March 31, 2026 .<h4>Operational Metrics</h4><ul><li>Net Investment Income (NII): For the quarter ended December 31, 2025, NII was $30.1 million, or $0.44 per share . This marked an increase from $30.0 million or $0.43 per share for the quarter ended September 30, 2025, but a decrease from $34.0 million or $0.48 per share for the quarter ended December 31, 2024 . The annualized ROE on net investment income was 10.8% for the quarter ended December 31, 2025, an increase from 10.5% in the prior quarter but a decrease from 11.5% for the quarter ended December 31, 2024 .</li><li>Net Income: Net income per share was $0.32 for the quarter ended December 31, 2025, down from $0.35 for the quarter ended September 30, 2025, and $0.50 for the quarter ended December 31, 2024 . The net increase in net assets resulting from operations was $22.0 million for the quarter ended December 31, 2025 . Annualized ROE on net income was 7.8% for the quarter ended December 31, 2025, compared to 12.0% for the quarter ended December 31, 2024 .</li><li>Total Investment Income: Total investment income was $61.9 million for the quarter ended December 31, 2025, an increase from $56.3 million for the quarter ended December 31, 2024, and $61.3 million for the quarter ended September 30, 2025 . This increase was primarily driven by rotations out of lower yielding broadly syndicated loans into middle market loans, accelerated amortization, and fees earned from repayments, partially offset by lower SOFR rates .</li><li>Net Expenses: Net expenses were $31.8 million for the quarter ended December 31, 2025, compared to $22.3 million for the quarter ended December 31, 2024, and $31.3 million for the quarter ended September 30, 2025 . The increase was primarily due to $0.5 million of excise taxes related to undistributed income for the year and higher interest expense, partially offset by lower incentive fees .<ul><li>Management fees were $5,613 thousand, incentive fees were $3,935 thousand, and interest expense was $20,645 thousand for the quarter ended December 31, 2025 .</li></ul></li><li>Realized and Unrealized Losses: Realized losses were -$0.6 million and the net change in unrealized losses on investments was -$7.2 million, leading to total realized and unrealized losses of -$7.8 million for the quarter ended December 31, 2025 . Net realized and unrealized losses per share were -$0.12 for the quarter, compared to -$0.08 for the quarter ended September 30, 2025 . Income tax expense on unrealized appreciation/depreciation on investments was -$0.3 million .</li></ul><h4>Balance Sheet and Liquidity Metrics</h4><ul><li>Investment Portfolio: The investment portfolio, at fair value, was $2,198,421 thousand as of December 31, 2025, down from $2,255,513 thousand as of September 30, 2025 . The portfolio included 107 companies, with an average portfolio company investment size of $20,546 thousand . Asset allocation comprised 93.2% first lien debt, 4.9% subordinated debt, and 1.9% equity . Non-accrual investments at fair value were $30,951 thousand, representing 1.4% of debt investments across 5 investments .</li><li>Net Asset Value (NAV): NAV per share was $16.32 as of December 31, 2025, a decrease from $16.34 per share as of September 30, 2025 . This decrease was primarily due to realized and unrealized losses of -$0.12, partially offset by higher net investment income earned over distributions paid of $0.04 and accretive share repurchases of $0.06 . Total net assets were $1,109,931 thousand as of December 31, 2025, down from $1,140,096 thousand as of September 30, 2025 .</li><li>Total Assets: Total assets were $2,286,702 thousand as of December 31, 2025, down from $2,337,968 thousand as of September 30, 2025 .</li><li>Total Debt Outstanding: Total debt outstanding, at principal, was $1,130,000 thousand as of December 31, 2025, down from $1,153,000 thousand as of September 30, 2025 . The quarter-end debt-to-equity ratio was 1.02x, up from 1.01x as of September 30, 2025 . The asset coverage ratio was 198% .</li><li>Liquidity: Cash and cash equivalents were $43.4 million as of December 31, 2025 . Undrawn commitments available on credit facilities totaled $545 million, contributing to total liquidity of $588.4 million .</li></ul><h4>Investment Activity</h4><ul><li>New Commitments and Fundings: New private credit and equity co-investment commitments totaled $112.8 million . Gross new investment commitments during the quarter were $112,814 thousand, and principal amount of investments funded was $99,336 thousand .</li><li>Repayments and Net Activity: Repayments were $131.7 million, resulting in a net funded private credit and equity investment decrease of $32.4 million . Sales and repayments of broadly syndicated loans totaled $19.8 million . The principal amount of investments sold or repaid was -$151,507 thousand, leading to a net principal amount of investments funded (repaid) of -$52,171 thousand .</li><li>Portfolio Yields: The weighted average yield on private middle market loans was 10.4% (excluding non-income producing debt), and the weighted average yield on the total debt portfolio was 10.3% (excluding non-income producing debt) .</li></ul><h4>Share Repurchases</h4><ul><li>Kayne Anderson BDC, Inc. repurchased 1,766,615 shares, totaling -$24.9 million, for the quarter ended December 31, 2025, under its $100 million Share Repurchase Plan .</li></ul><h4>Outlook / Guidance</h4>Kayne Anderson BDC, Inc. expects to be able to pay the $0.40 base dividend for all of 2026, based on its current market view and portfolio . The company aims to maintain its target debt-to-equity ratio between 1.00x to 1.25x . The co-CEO anticipates that the value lending strategy, focused on conservative leverage multiples to borrowers in stable industries, will continue to differentiate its platform long-term .

Kayne Anderson BDC | 8-K: FY2025 Q4 Revenue: USD 61.9 M