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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): March 3, 2025

 

Kayne Anderson BDC, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware   814-01363   83-0531326
(State or other jurisdiction
of incorporation)		   (Commission File Number)   (IRS Employer
Identification No.)

 

717 Texas Avenue, Suite 2200, Houston, TX   77002
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: 1 (713) 493-2020

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, par value $0.001   KBDC   NYSE

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

Item 2.02. Results of Operations and Financial Condition.

 

On March 3, 2025, Kayne Anderson BDC, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter ended December 31, 2024. The text of the press release is included as Exhibit 99.1 to this Form 8-K.

 

On March 4, 2025, the Company will host a conference call to discuss its financial results for the fourth quarter ended December 31, 2024. In connection therewith, the Company provided an earnings presentation on its website at https://www.kaynebdc.com. A copy of the earnings presentation is attached hereto as Exhibit 99.2 to this Form 8-K.

 

The information disclosed under this Item 2.02, including Exhibit 99.1 and Exhibit 99.2 hereto, is being “furnished” and shall not be deemed “filed” by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

 

Item 7.01. Regulation FD Disclosure.

 

On March 3, 2025, the Company issued a press release, included herewith as Exhibit 99.1, announcing the declaration of a first quarter 2025 dividend of $0.40 per share, which will be payable on April 15, 2025 to stockholders of record as of March 31, 2025.

 

The information disclosed under this Item 7.01, including Exhibit 99.1 hereto, is being “furnished” and shall not be deemed “filed” by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.  

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit
Number		   Description
99.1   Press Release of Kayne Anderson BDC, Inc., dated March 3, 2025.
99.2   Kayne Anderson BDC, Inc. Fourth Quarter 2024 Earnings Presentation.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

1

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  KAYNE ANDERSON BDC, INC.
     
Date: March 3, 2025 By: /s/ Terry A. Hart
  Name:  Terry A. Hart
  Title: Chief Financial Officer and Treasurer

 

 

2

 

 

Exhibit 99.1

 

 

Kayne Anderson BDC, Inc. Announces December 31, 2024 Financial Results and Declares First Quarter 2025 Dividend of $0.40 Per Share

 

CHICAGO--(BUSINESS WIRE)-- Kayne Anderson BDC, Inc. (NYSE: KBDC) (“KBDC or the Company”), a business development company externally managed by its investment adviser, KA Credit Advisors, LLC, t o d a y announced its financial results for the fourth quarter ended December 31, 2024.

 

“During the fourth quarter we added 8 new investments to our platform consistent with our strategy of lending to stable industries, producing attractive debt investment opportunities with lower leverage and correspondingly higher interest coverage,” said Ken Leonard, Co-Chief Executive Officer. “Our portfolio continued to perform well during the fourth quarter with only 1.3% of debt investments on non-accrual status and just 1.1% of interest income for the quarter represented by PIK income.”

 

“During the fourth quarter we continued to make progress towards our leverage target and expect to achieve the low end of our debt-to-equity target range of 1.0x – 1.25x by the second or third quarter of 2025,” said Doug Goodwillie, Co-Chief Executive Officer. “We continue to identify and secure middle market loans at compelling risk-adjusted returns, with the first quarter of 2025 positioning itself as one of our strongest quarters for origination since the inception of KBDC.” 

 

Financial Highlights for the Quarter Ended December 31, 2024

 

●Net investment income of $34.0 million, or $0.48 per share ($0.49 excluding excise taxes);

 

●Net asset value of $16.70 per share, unchanged from $16.70 per share as of September 30, 2024, primarily the result of paying out all of the income during the quarter with regular distribution and the first of three special dividends of $0.10 per share declared in conjunction with the Company’s IPO;

 

●Amended its Corporate Credit Facility to extend the maturity and reduce spread from SOFR plus 2.35% to SOFR plus 2.10%;

 

●New private credit and equity co-investment commitments of $230.6 million, fundings of $208.5 million and sales and repayments of $139.1 million, resulting in a net funded private credit and equity investment increase of $69.4 million;

 

●Net repayments of broadly syndicated loans of $18.0 million; and

 

●The Company’s Board of Directors (the “Board”) declared a regular dividend of $0.40 per share, to be paid on April 15, 2025 to stockholders of record as of March 31, 2025.

 

Selected Financial Highlights

 

   As of 
(in thousands, expect per share data)  December 31,
2024		   September 30,
2024		 
Investment portfolio, at fair value  $1,995,143   $1,943,439 
Total assets  $2,082,664   $2,028,245 
Total debt outstanding, at principal  $858,000   $788,000 
Net assets  $1,186,342   $1,186,205 
Net asset value per share  $16.70   $16.70 
Total debt-to-equity ratio   0.72x    0.66x 

 

   For the quarter ended 
   December 31,
2024		   September 30,
2024		 
Net investment income per share  $0.48   $0.52 
Net realized and unrealized gains (losses) per share  $0.02   $0.01 
Earnings per share  $0.50   $0.53 
Regular dividend per share  $0.40   $0.40 
Special dividend per share  $0.10   $- 

 

 

 

Results of Operations

 

Total investment income for the quarter ended December 31, 2024 was $56.3 million, as compared to $57.8 million for the quarter ended September 30, 2024. The decrease was primarily the result of the decrease to reference rates (SOFR) and the $0.7 million impact of placing Sundance on non-accrual status during the quarter. These reductions were partially offset by the net additions to the portfolio during the fourth quarter. PIK income represented 1.1% of total interest income for the fourth quarter.

 

Net investment income for the quarter ending December 31, 2024 was $34.0 million or $0.48 per share, compared to $37.1 million or $0.52 per share for the quarter ended September 30, 2024. Net expenses for the third quarter were $22.3 million compared to $20.8 million for the prior quarter. The increase was primarily the result of $0.8 million of excise taxes related to undistributed income for the year and higher interest expense on increased borrowings during the quarter.

 

For the quarter ended December 31, 2024, the Company had a realized gain of $0.7 million on the sale of an equity co-investment and the net change in unrealized gains on investments was $1.4 million. The unrealized gains for the quarter were primarily driven by new upfront fees for originations partially offset by changes in the fair value of certain investments and quarterly amortization of original issue discounts. Additionally, the Company had $0.7 million of deferred income tax expense related to unrealized gains in the Company’s wholly owned taxable subsidiary.

 

Portfolio and Investment Activity

 

   As of 
($ in thousands)  December 31, 2024   September 30, 2024 
Investments at fair value  $1,995,143   $1,943,439 
Number of portfolio companies   110    110 
Average portfolio company investment size  $18,138   $17,668 
           
Asset class:          
First lien debt   98.0%   98.0%
Subordinated debt   0.9%   0.9%
Equity   1.1%   1.1%
           
Non-accrual debt investments:          
Non-accrual investments at fair value  $25,079   $19,229 
Non-accrual investments as a percentage of debt investments at fair value   1.3%   1.0%
Number of investments on non-accrual   3    2 
           
Interest rate type:          
Percentage floating-rate   100.0%   100.0%
Percentage fixed-rate   0.0%   0.0%
           
Yields (at fair value):          
Weighted average yield on private middle market loans   11.1%   11.9%
Weighted average yield on broadly syndicated loans   7.1%   7.8%
Weighted average yield on total debt portfolio   10.6%   11.3%
           
Investment activity during the quarter ended:          
Gross new investment commitments  $230,631(1)  $182,559(2)
Principal amount of investments funded  $208,516(1)  $184,566(2)
Principal amount of investments sold or repaid  $(157,095)(1)  $(85,009)(2)
Net principal amount of investments funded  $51,421   $99,557 

 

 

(1)For the quarter ending December 31, 2024, broadly syndicated loans represent $0 of new investment commitments, $0 of investments funded and $17,956 of investments sold or repaid.
(2)For the quarter ending September 30, 2024, broadly syndicated loans represent $0 of new investment commitments, $0 of investments funded and $2,200 of investments sold or repaid.

 

2

Liquidity and Capital Resources

 

As of December 31, 2024, the Company had $75 million senior unsecured notes outstanding, $783 million borrowed under its credit facilities and cash and cash equivalents of $71.1 million (including short-term investments). As of that date, the Company had $442.0 million of undrawn commitments available on its credit facilities (subject to borrowing base restrictions and other conditions).

 

As of December 31, 2024, the Company’s debt-to-equity ratio was 0.72x and its asset coverage ratio was 238%. The Company targets a debt-to-equity ratio of 1.0x to 1.25x (which equates to asset coverage of 200% to 180%). The Company is currently below its target but expects to continue to grow its private credit portfolio to achieve the low end of its targeted leverage by the second or third quarter of 2025.

 

Recent Developments

 

●On February 5, 2025, the Company and its wholly owned special purpose financing subsidiary Kayne Anderson BDC Financing II, LLC (“KABDCF II”) amended the Revolving Funding Facility II. Under the terms of the amendment, the lender increased the facility’s commitment amount to $250 million from $150 million, extended the final maturity date to December 22, 2029 and reduced the interest rate on borrowings from 3-month SOFR plus 2.70% per annum to 3-month SOFR plus 2.25% per annum.

 

●On February 13, 2025, the Company and its wholly owned special purpose financing subsidiary Kayne Anderson BDC Financing, LLC (“KABDCF”) amended the Revolving Funding Facility. Under the terms of the amendment, the lenders increased the facility’s commitment amount to $675 million from $600 million, extended the final maturity date to February 13, 2030 and reduced the interest rate on borrowings from daily SOFR plus 2.375%-2.50% per annum (depending on the mix of loans) to daily SOFR plus 2.15% per annum.

 

●On February 14, 2025, the Company reduced the size of its Corporate Credit Facility from $475 million to $400 million. This commitment reduction was done in conjunction with the $75 million increase to its Revolving Funding Facility from $600 million to $675 million.

 

●On February 19, 2025, the Board of Directors of the Company declared a regular dividend to common stockholders in the amount of $0.40 per share. The dividend will be paid on April 15, 2025 to stockholders of record as of the close of business on March 31, 2025.

 

Conference Call Information

 

KBDC will host a conference call at 10:00 am ET on Tuesday, March 4, 2025, to review its financial results. All interested parties are invited to participate using the following telephone dial-in or the webcast details:

 

Telephone Dial-in

 

●Domestic: 800-715-9871

 

●International: +1 646-307-1963

 

●Conference ID: 2616610

 

Webcast Link

 

●https://events.q4inc.com/attendee/492347388

 

To avoid potential delays, please join at least 10 minutes prior to the start of the earnings call. A telephone replay will also be available by dialing 800-770-2030 (domestic) and +1 609-800-9909 (international). The replay will be available until March 12, 2025.

 

3

 

Kayne Anderson BDC, Inc.

Consolidated Statements of Assets and Liabilities

(amounts in 000’s, except share and per share amounts)

 

   December 31,
2024		   December 31,
2023		 
Assets:        
Investments, at fair value:        
Non-controlled, non-affiliated investments (amortized cost of $1,956,617 and $1,343,223)  $1,982,947   $1,363,498 
Non-controlled, affiliated investments (amortized cost of $15,438 and $0, respectively)   12,196    - 
Short-term investments (amortized cost of $48,683 and $12,802)   48,683    12,802 
Cash and cash equivalents   22,375    34,069 
Receivable for principal payments on investments   540    104 
Interest receivable   14,965    12,874 
Prepaid expenses and other assets   958    319 
Total Assets  $2,082,664   $1,423,666 
           
Liabilities:          
Corporate Credit Facility  $250,000   $234,000 
Unamortized Corporate Credit Facility issuance costs   (3,235)   (1,715)
Revolving Funding Facility   420,000    306,000 
Unamortized Revolving Funding Facility issuance costs   (4,746)   (2,019)
Revolving Funding Facility II   113,000    70,000 
Unamortized Revolving Funding Facility II issuance costs   (1,251)   (1,805)
Subscription Credit Agreement   -    10,750 
Unamortized Subscription Credit Facility issuance costs   -    (41)
Notes   75,000    75,000 
Unamortized notes issuance costs   (643)   (851)
Distributions payable   28,424    22,050 
Management fee payable   3,712    2,996 
Incentive fee payable   -    14,195 
Accrued expenses and other liabilities   15,236    11,949 
Accrued excise tax expense   825    101 
Total Liabilities  $896,322   $740,610 
           
Commitments and contingencies          
           
Net Assets:          
Common Shares, $0.001 par value; 100,000,000 shares authorized; 71,059,689 and 41,603,666 as of December 31, 2024 and December 31, 2023, respectively, issued and outstanding  $71   $42 
Additional paid-in capital   1,152,396    669,990 
Total distributable earnings (deficit)   33,875    13,024 
Total Net Assets  $1,186,342   $683,056 
Total Liabilities and Net Assets  $2,082,664   $1,423,666 
Net Asset Value Per Common Share  $16.70   $16.42 

 

4

 

Kayne Anderson BDC, Inc.

Consolidated Statements of Operations

(amounts in 000’s, except share and per share amounts)

 

   For the Three Months
Ended		   For the Years Ended 
   December 31,   December 31, 
   2024   2023   2024   2023 
   (Unaudited)   (Unaudited)         
Income:                
Investment income from investments:                
Interest income from non-controlled, non-affiliated investments  $55,869   $42,473   $210,884   $160,433 
Interest income from non-controlled, affiliated investments   -    -    754    - 
Dividend income   471    222    1,468    571 
Total Investment Income   56,340    42,695    213,106    161,004 
                     
Expenses:                    
Management fees   4,950    2,995    17,487    11,433 
Incentive fees   5,104    2,504    17,449    9,433 
Interest expense   16,552    13,918    61,516    52,314 
Professional fees   461    209    1,503    691 
Directors fees   158    147    621    611 
Excise tax   825    101    817    101 
Other general and administrative expenses   609    388    2,159    1,604 
Total Expenses   28,659    20,262    101,552    76,187 
Less: Management fee waiver   (1,238)   -    (2,900)   - 
Less: Incentive fee waiver   (5,104)   -    (14,818)   - 
Net Expenses   22,317    20,262    83,834    76,187 
Net Investment Income (Loss)   34,023    22,433    129,272    84,817 
                     
Realized and unrealized gains (losses) on investments                    
Net realized gains (losses):                    
Non-controlled, non-affiliated investments   708    (10,686)   570    (10,686)
Total net realized gains (losses)   708    (10,686)   570    (10,686)
Net change in unrealized gains (losses):                    
Non-controlled, non-affiliated investments   1,460    11,047    4,783    2,944 
Non-controlled, affiliated investments   (25)   -    (1,968)   - 
Deferred income tax expense   (717)   -    (717)   - 
Total net change in unrealized gains (losses)   718    11,047    2,098    2,944 
Total realized and unrealized gains (losses)   1,426    361    2,668    (7,742)
                     
Net Increase (Decrease) in Net Assets Resulting from Operations  $35,449   $22,794   $131,940   $77,075 
                     
Per Common Share Data:                    
Basic and diluted net investment income per common share  $0.48   $0.54   $2.03   $2.16 
Basic and diluted net increase in net assets resulting from operations  $0.50   $0.55   $2.07   $1.96 
Weighted Average Common Shares Outstanding - Basic and Diluted   71,032,941    41,591,048    63,762,377    39,250,232 

 

5

 

About Kayne Anderson BDC, Inc.

 

Kayne Anderson BDC, Inc. is a business development company (“BDC”) that invests primarily in first lien senior secured loans, with a secondary focus on unitranche and split-lien loans to middle market companies. KBDC is externally managed by its investment adviser, KA Credit Advisors, LLC, an indirect controlled subsidiary of Kayne Anderson Capital Advisors, L.P., a prominent alternative investment management firm. KBDC has elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (“1940 Act”). KBDC’s investment objective is to generate current income and, to a lesser extent, capital appreciation. For more information, please visit www.kaynebdc.com.

 

Forward-looking Statements

 

This press release may contain “forward-looking statements” that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about KBDC, its current and prospective portfolio investments, its industry, its beliefs and opinions, and its assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond KBDC’s control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors identified in KBDC’s filings with the SEC. All forward-looking statements speak only as of the date of this press release. KBDC does not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law.

 

Contacts:

 

Investor Relations
kaynebdc@kaynecapital.com

 

 

6

 

 

Exhibit 99.2

 

KAYNEBDC.COM KAYNE ANDERSON BDC, INC. EARNINGS PRESENTATION Fourth Quarter 2024

 

 

2 Disclaimer and Forward - Looking Statement This presentation may contain “forward - looking statements” that involve substantial risks and uncertainties . Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon . These forward - looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Kayne Anderson BDC, Inc . (“KBDC”), its current and prospective portfolio investments, its industry, its beliefs and opinions, and its assumptions . Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward - looking statements . These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond KBDC’s control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward - looking statements including, without limitation, the risks, uncertainties and other factors identified in KBDC’s filings with the SEC . All forward - looking statements speak only as of the date of this presentation . KBDC does not undertake any obligation to update or revise any forward - looking statements or any other information contained herein, except as required by applicable law .

 

 

EXECUTIVE SUMMARY

 

 

4 Executive Summary Quarterly Highlights 1 Annualized dividend yield is calculated by dividing the declared dividend per share by the net asset value per share at the e nd of the quarter and annualizing such amount over four quarterly periods. There can be no assurance that the same dividend yield will be achieved. 2 Actual yields earned over the life of investments could be materially different from the yields presented herein. 3 Excludes investments in broadly syndicated loans; as of December 31 , 2024, KBDC held $ 253 million of such investments (fair value), representing ~13% of total fair market value of investments. 4 Excludes investments on watchlist. 5 Calculated as a percentage of total debt investments at fair value. Financial Results Portfolio Balance Sheet & Liquidity Recent Events » Net investment income per share: $0.48 ($0.49 excluding excise taxes) » Net asset value per share: $16.70 » Annualized ROE: 11.5% on net investment income (11.8% excluding excise taxes) » 4Q’24 dividend per share: $0.40 regular (annualized dividend yield of ~9.6%) (1) » Total fair value was approximately $2.0 billion invested in 110 companies » Weighted average yield at amortized cost of debt investments was 10.7% (2) » 98% first - lien portfolio » Weighted average and median EBITDA of borrowers of $58.1 million (3)(4) and $34.3 million (3)(4) , respectively » Average position size of 0.9% with 10 largest positions representing 18.6% of the portfolio (5) » 1.3% of investments (based on fair value) on non - accrual » Outstanding debt balance was $858 million; quarter - end debt - to - equity ratio was 0.72x » Total liquidity of $513 million, including cash of $71 million and undrawn committed debt capacity of $442 million » $100 million Share Repurchase Plan: Repurchased 94,613 shares / $1.5 million through December 31, 2024 » Declared 1Q’25 regular distribution of $0.40 per share on February 19, 2025 » Special distribution of $0.10 per share, announced in conjunction with the IPO, will be paid on March 18, 2025 to investors of record as of March 3, 2025 » Amended all three credit agreements to reduce borrowing costs, extend maturities and increase aggregate commitments by $175 million

 

 

5 Executive Summary Investment Highlights » Lending philosophy focused on core middle market in defensive, stable industries » Experienced, long - tenured leadership and investment team » High - quality sourcing and execution model with high degree of selectivity » Diversified, conservative portfolio with focus on senior secured, first lien loans » Active portfolio management and risk monitoring » Focus on shareholder alignment

 

 

CONFIDENTIAL 6 » Scaled, differentiated BDC via focus on core middle market ($10 - $ 75 + million of EBITDA) » Consistent adherence to our value lending strategy: (i) conservative structures (first lien, lower leverage) in (ii) private equity - backed businesses with (iii) financial maintenance covenants generating (iv) attractive yields KBDC Portfolio Overview At - a - Glance 1 Excludes investments in broadly syndicated loans and opportunistic investments; as of December 31, 2024, KBDC held $253 milli on of such investments (fair value), representing ~13% of total fair market value of investments. 2 Weighted average yield of amortized cost of debt investments. 3 Excludes investments on watchlist. 4 NII yield is calculated by dividing annualized 4Q NII per share (excluding excise taxes) by NAV per share at December 31 , 2024. $ 2.0 bn Portfolio Fair Value ($2.2bn commitments) 100% Financial Maint. Covenants (1) ~98% First Lien Senior Secured 99% PE Sponsored Companies (1) 110 Portfolio Companies 3.1x Wtd. Avg. Interest Coverage (3) ~10.7% Wtd. Avg. Portfolio Yield (2) 4.2x Wtd. Avg. Net Leverage (3) KBDC OVERVIEW (DECEMBER 31, 2024) 1.3% FV Debt on Non - Accrual 11.8% NII Yield (4)

 

 

7 Executive Summary Key Financial Highlights 1 Yield on an annualized basis. Prior to 2024, the Company did not distinguish between regular and supplemental distributions a nd generally distributed substantially all its income on a quarterly basis. » KBDC’s dividend yield is ~ 10 . 8 % inclusive of the two remaining declared special distributions (not annualized) of $ 0 . 10 per share payable on March 18 , 2025 and June 24 , 2025 » As of December 31 , 2024 , KBDC had undistributed net investment income of approximately $ 0 . 32 per share ( $ 0 . 12 per share after the payment of the special distributions) ($000 except per share data) Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Net Investment Income $0.48 $0.52 $0.51 $0.52 $0.54 Net Realized and Unrealized Gains (Losses) $0.02 $0.01 ($0.05) $0.09 $0.01 Net Income (loss) $0.50 $0.53 $0.46 $0.61 $0.55 Net Asset Value $16.70 $16.70 $16.57 $16.63 $16.42 Annualized ROE (on Net Investment Income) 11.5% 12.5% 12.3% 12.5% 13.2% Annualized ROE (on Net Income) 12.0% 12.7% 11.1% 14.7% 13.4% Regular Distributions (1) $0.40 $0.40 $0.40 $0.40 $0.53 Supplemental Distributions - - - - - Special Distributions 0.10 - - - - Total Distributions $0.50 $0.40 $0.40 $0.40 $0.53 Regular Distribution Yield (1) 9.6% 9.6% 9.7% 9.6% 12.9% Supplemental Distribution Yield (1) - - - - - Special Distribution Yield (1) 2.4% - - - - Total Distribution Yield 12.0% 9.6% 9.7% 9.6% 12.9% Total Debt $858,000 $788,000 $622,000 $659,000 $695,750 Net Assets $1,186,342 $1,186,205 $1,178,176 $811,557 $683,056 Debt-to-Equity at Quarter End 0.72x 0.66x 0.53x 0.81x 1.02x As of Date and for the Three Months Ended

 

 

PORTFOLIO OVERVIEW

 

 

9 Portfolio Overview Key Statistics 1 1Q’24 – 4Q’24 includes investments in broadly syndicated loans; as of 4Q’24, KBDC held $253 million of such investments (fair va lue) across 21 borrowers. Quarters prior to 1Q’24 presented above included no investments in broadly syndicated loans. KEY PORTFOLIO STATISTICS ($ IN MILLIONS) (1) Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Portfolio Highlights Funded Investments at Fair Value $1,995 $1,943 $1,847 $1,784 $1,363 Number of Portfolio Companies 110 110 106 103 76 Average Position Size at Fair Value ($) $18.1 $17.7 $17.4 $17.3 $17.9 Average Position Size at Fair Value (%) 0.9% 0.9% 0.9% 1.0% 1.3% Portfolio Composition (at fair value) First Lien 98% 98% 98% 98% 97% Second Lien 0% 0% 0% 0% 0% Subordinated 1% 1% 1% 1% 2% Equity 1% 1% 1% 1% 1% Loans by Interest Rate Type % Floating Rate Debt Investments 100.0% 100.0% 100.0% 100.0% 100.0% % Fixed Rate Debt Investments 0.0% 0.0% 0.0% 0.0% 0.0% Asset Level Yields (at fair value) Weighted Average Yield on Private Credit Loans 11.1% 11.9% 12.3% 12.4% 12.5% Weighted Average Yield on Broadly Syndicated Loans 7.1% 7.8% 8.3% 8.4% N/A Weighted Average Yield on Debt Investments 10.6% 11.3% 11.7% 11.7% 12.5% Non-accrual Debt Investments (at fair value) Non-accrual Investments $25.0 $19.2 $18.9 $7.0 $5.9 Non-accrual Investments as a % of Debt Investments 1.3% 1.0% 1.0% 0.4% 0.4% Number of Investments on Non-accrual 3 2 2 1 1

 

 

10 Suave 2.1% MARS 2.0% Keany 2.0% M2S 1.9% American Equipment 1.9% Vitesse 1.8% FreshEdge 1.7% Peak Technologies 1.7% Genuine Cable Group 1.7% Improving 1.7% All Others 81.4% Portfolio Overview Diversity (As of December 31, 2024) Note: Please see the Company’s filings with the SEC for more information about the Company’s portfolio 1 Calculated as a percentage of total debt investments at fair value. 2 In some instances, we have disclosed the borrower’s DBA name. INDUSTRY CONCENTRATION BORROWER CONCENTRATION (1)(2) Average Position Size: 0.9% 110 Borrowers

 

 

11 Portfolio Overview Asset Mix GROSS NEW COMMITMENTS ($ IN MILLIONS) (1) ASSET MIX AT END OF PERIOD (2) » KBDC committed approximately $231 million to new investments in 4Q’24 » Portfolio is 100% floating rate and nearly all first lien senior secured loans » Asset mix remains consistent at approximately 98% first lien senior secured ROLLING INVESTMENT ACTIVITY ($ IN MILLIONS) Note: Please see the Company’s filings with the SEC for more information about the Company’s portfolio. 1 Based on principal amount of investments and includes unfunded commitments. 2 Based on fair value of investments. 97% 97% 97% 98% 98% 98% 98% 2% 2% 2% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 0% 20% 40% 60% 80% 100% 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 First Lien Subordinated Debt Equity 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 Gross New Investment Commitments (1) $57 $30 $153 $463 $168 $183 $231 Investment Fundings (Private Credit) 73 42 184 147 136 184 207 Investment Fundings (BSL) - - - 302 26 - - Investment Fundings (Equity) - - - 1 1 1 2 Investments Repaid or Sold (Private Credit) (42) (42) (97) (32) (41) (83) (139) Investments Repaid or Sold (BSL) - - - - (55) (2) (18) Net Investment Activity $31 $0 $87 $417 $67 $100 $52 $57 $30 $153 $463 $168 $183 $231 $- $100 $200 $300 $400 $500 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24

 

 

FINANCIAL HIGHLIGHTS

 

 

13 Financial Highlights Net Asset Value NAV PER SHARE BRIDGE » NAV per share of $16.70 was unchanged from 3Q to 4Q; results of operations were $0.10 higher than our regular dividend of $0.40 per share and we paid the first of three special dividends of $0.10 resulting in no change to NAV per share

 

 

14 $0.53 $0.53 $0.40 $0.40 $0.40 $0.50 $- $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 NII Yield 12.9% 13.2% 12.5% 12.3% 12.5% 11.5% Total Dividend Yield 12.9% 12.9% 9.6% 9.7% 9.6% 12.0% Financial Highlights Dividend History 1 Yields presented above calculated by dividing either (i) dividends or (ii) NII, as applicable by the net asset value per shar e a t the end of the quarter and annualizing such amount over four quarterly periods. 2 All amounts presented on a per share basis utilizing end of period share count. DIVIDEND HISTORY (2) DIVIDEND AND NII YIELD (1) » Prior to 2024 , KBDC did not distinguish between regular and supplemental or special distributions and generally distributed substantially all its income on a quarterly basis ▪ During 1 Q’ 24 , KBDC established a $ 0 . 40 per share regular dividend ▪ KBDC declared three special dividends payable on 12 / 20 / 24 , 3 / 18 / 25 and 6 / 24 / 25 following pre - IPO share lock - up expiration dates » To the extent that NII exceeds the regular dividend, we plan to pay quarterly supplemental and annual special dividends following the expiration of pre - IPO shareholder lock - ups in 2 Q’ 25

 

 

BALANCE SHEET AND OPERATING RESULTS

 

 

16 Balance Sheet Summary ($000 except per share data) Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Assets Long-term investments (fair value) $1,995,143 $1,943,439 $1,847,058 $1,784,045 $1,363,498 Short-term investments and cash 71,058 61,753 40,615 44,286 46,871 Receivable for principal pmts. on invest. 540 501 5,280 293 104 Interest receivable 14,965 22,391 16,780 15,551 12,874 Prepaid expenses and other assets 958 161 117 266 319 Total Assets $2,082,664 $2,028,245 $1,909,850 $1,844,441 $1,423,666 Liabilities Debt $858,000 $788,000 $622,000 $659,000 $695,750 Unamortized debt issuance costs (9,875) (8,511) (9,448) (5,639) (6,431) Payable for investments purchased - 17,397 72,322 299,692 - Shares repurchased payable - 10 - - - Capital payable - - - 29,025 - Distributions payable 28,424 28,420 28,446 19,516 22,050 Management fee payable 3,712 3,573 3,780 3,522 2,996 Incentive fee payable - - - 16,826 14,195 Accrued expenses and other liabilities 16,061 13,151 14,574 10,942 12,050 Total Liabilities $896,322 $842,040 $731,674 $1,032,884 $740,610 Net Assets: Common Shares 71 71 71 49 42 Additional paid-in capital 1,152,396 1,153,001 1,154,108 790,245 669,990 Total distributable earnings (deficit) 33,875 33,133 23,997 21,263 13,024 Total Net Assets $1,186,342 $1,186,205 $1,178,176 $811,557 $683,056 Total Liabilities and Net Assets $2,082,664 $2,028,245 $1,909,850 $1,844,441 $1,423,666 Net Asset Value Per Common Share $16.70 $16.70 $16.57 $16.63 $16.42 Debt to equity at quarter end 0.72x 0.66x 0.53x 0.81x 1.02x Average debt to equity 0.69x 0.62x 0.57x 0.94x 0.91x

 

 

17 Operating Results Summary ($000 except per share data) Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Investment income: Interest and dividend income $56,340 $57,819 $52,453 $46,494 $42,695 Total investment income $56,340 $57,819 $52,453 $46,494 $42,695 Expenses: Management fees 4,950 4,764 4,251 3,522 2,995 Incentive fees 5,104 5,605 4,109 2,631 2,504 Interest expense 16,552 16,069 13,239 15,656 13,918 Other general and admin. expenses 1,228 1,124 1,041 890 744 Excise taxes 825 - - (8) 101 Total expenses $28,659 $27,562 $22,640 $22,691 $20,262 Management fee waiver (1,238) (1,191) (471) - - Incentive fee waiver (5,104) (5,605) (4,109) - - Net expenses $22,317 $20,766 $18,060 $22,691 $20,262 Net investment income $34,023 $37,053 $34,393 $23,803 $22,433 Net realized gains (losses) 708 - (138) - (10,686) Net change in unrealized gains (losses) 718 503 (3,075) 3,952 11,047 Net increase in net assets resulting from operations $35,449 $37,556 $31,180 $27,755 $22,794 Net investment income per share $0.48 $0.52 $0.51 $0.52 $0.54 Earnings per share $0.50 $0.53 $0.46 $0.61 $0.55 Weighted average shares outstanding 71,032,941 71,083,885 67,426,904 45,345,417 41,591,048 For the Three Months Ended

 

 

18 Balance Sheet and Liquidity Financing Profile Note: Commitment amounts are as of February 28, 2025. Drawn amounts are as of December 31, 2024. 1 Includes amortization of debt issuance and monitoring costs. DEBT FUNDING MIX ($ IN MILLIONS) FINANCING PER QUARTER ($ IN MILLIONS) » KBDC has diverse and adequate sources of liquidity to achieve its target debt - to - equity ratio of 1.00x to 1.25x » Debt capital is comprised of the following committed credit facilities and senior unsecured notes outstanding » During November KBDC amended its Corporate Facility and in February amended both Funding Facilities › Increased commitments $175 million, extended maturities and reduced the weighted average spread by 0.275% $622 $703 $569 $731 $817 9.0% 8.9% 9.3% 8.6% 7.9% 2.0% 4.0% 6.0% 8.0% 10.0% $0 $200 $400 $600 $800 $1,000 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 Average Daily Borrowing Average Interest Rate 1 Commitment Drawn Availability Pricing Maturity Corporate Facility $400.0 $250.0 $150.0 S + 2.10% November 22, 2029 Funding Facility 675.0 420.0 255.0 S + 2.15% February 13, 2030 Funding Faclity II 250.0 113.0 137.0 S + 2.25% December 22, 2029 Series A Notes 25.0 25.0 - 8.65% June 30, 2027 Series B Notes 50.0 50.0 - 8.74% June 30, 2028 Total $1,400.0 $858.0 $542.0

 

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