Every 10-Q that Kayne Anderson BDC, Inc. (KBDC) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow KBDC and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full KBDC filings page.
KBDC holds a highly diversified portfolio of primarily first lien senior secured loans to middle-market companies across many sectors, including food products, health care, industrials, commercial services, containers and packaging, building products, and telecommunications. Most loans reference floating benchmarks such as SOFR (daily simple, monthly, or quarterly) or PRIME, with contractual spreads typically in the mid-single- to high-single-digit range.
The portfolio includes term loans, revolving credit facilities, and delayed draw structures, many with maturities extending into the late 2020s and early 2030s, indicating a long-dated income stream. Several investments incorporate PIK (payment-in-kind) components in addition to cash interest. Alongside debt holdings, the company also owns equity stakes in numerous borrowers, including common, preferred, and membership units, as well as convertible notes. Short-term liquidity is supported by positions in institutional money market funds.
KBDC provides a detailed look at its investment portfolio, which is heavily focused on first lien senior secured loans across sectors such as food products, health care providers and services, commercial services and supplies, machinery, and building products. Many positions are floating-rate loans referencing SOFR or PRIME with contractual spreads typically in the mid-single to high-single digits.
The portfolio also includes revolving and delayed draw facilities, some with payment-in-kind (PIK) features, and a range of stated interest rates, from mid‑single digits on large, higher‑quality names to double‑digit coupons like 14.07% for American Soccer Company and 11.99% for PMFC Holding. Maturities are generally staggered between 2026 and 2031, and KBDC also holds multiple equity stakes and preferred units in portfolio companies, particularly in the food products and commercial services segments. Overall, the filing emphasizes a diversified, predominantly senior secured, income‑oriented credit book with supplementary equity upside.
Kayne Anderson BDC, Inc. reported third‑quarter results for the period ended September 30, 2025. Net investment income was $30,046 (amounts in thousands), down from $37,053 a year ago, with basic and diluted net investment income per share of $0.43 versus $0.52. Total investment income was $61,373, while interest expense rose to $20,207. The net increase in net assets resulting from operations was $24,613, reflecting unrealized losses this quarter.
Total assets were $2,337,968 and net assets were $1,140,096. Net asset value per common share was $16.34, compared with $16.70 at December 31, 2024. Debt balances included $301,000 on the Corporate Credit Facility, $570,000 on the Revolving Funding Facility, $207,000 on Revolving Funding Facility II and $75,000 in notes. For the nine months, cash dividends to stockholders totaled $98,937 and common stock repurchases were $23,074. Shares outstanding were 69,764,799 as of September 30, 2025; 68,395,751 were issued and outstanding as of November 5, 2025.
During July 2025, the company invested in SG Credit through an $80,000 term loan, a $34,000 unfunded delayed draw term loan, and $12,000 of common equity, resulting in ownership of 22.5% of SG Credit’s outstanding common equity; the equity is not consolidated.
Kayne Anderson BDC reported total assets of $2,255.99 million and total investments at fair value of $2,205.01 million as of June 30, 2025, up from $2,082.66 million in December 2024, showing portfolio growth. For the six months ended June 30, 2025 the Company recorded investment income of $112.54 million (versus $98.95 million a year earlier) and net investment income of $57.45 million, roughly in line with prior-year levels.
The period included $9.43 million of net realized and unrealized losses (six months) versus a $0.74 million gain a year earlier, driving a decline in net assets to $1,157.33 million and NAV to $16.37 per share from $16.70. Liabilities rose to $1,098.66 million primarily from higher borrowings on revolving facilities (Revolving Funding Facility $574.0M and Revolving Funding Facility II $181.0M). Level 3 holdings represented $1,995.93 million of fair value and 6.5% of total assets were non-qualifying investments.