KBDC
Kayne Anderson BDC, Inc.
Next earnings Aug 3, 2026 · consensus $0.41 EPS, $57.5M rev
Last earnings -1.8% on 2026-05-11
$13.83
▲ +1.32%$13.83▼ -2.51%
over 1Y
L $12.41EODHDH $15.28
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+1.3%
1W+0.9%
1M-6.8%
3M+4.3%
YTD-0.4%
1Y-2.5%
Hold
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 11 analysts
Buy
Cheap BDC at 8x earnings with a fat ~12% yield, but FY25 net income fell 29% and operating income swung deeply negative — own for income, don't chase.
The read
Fundamentals and price both look middling — no strong edge either way.
KBDC is a Kayne Anderson-managed BDC that IPO'd on the NYSE in May 2024, investing primarily in first-lien senior secured loans to U.S. middle-market companies (90%+ of the book per MD&A). The model is simple: borrow under credit facilities and senior unsecured notes, lend at SOFR+ spreads, distribute the net spread as dividends. That income-first mandate is showing up: $123M paid in dividends in FY2025 (up 21.2%) against $93.7M in net income — i.e., the company is distributing more than it earned, which is consistent with BDC realized/unrealized accounting but worth flagging. The recently-amended Revolving Funding Facility (Feb 2026) cuts the spread from SOFR+2.15% to SOFR+1.95% and pushes maturity to 2031, which is a genuine positive for forward net investment income.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Gross profit | — | — | — | — | — |
| Operating income | — | -$34.6M | -$76.2M | -$83.8M | -$118M |
| Net income | $22.3M | $45.8M | $77.1M | $132M | $93.7M |
| Diluted EPS | $0.94 | $1.48 | $2.16 | $2.03 | $1.67 |
| Net margin | — | — | — | — | — |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value—
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield10.1%
FCF yield—
Quality & risk
ROIC (est.)-8.4%
Free cash flow—
Total debt—
Net cash$18.0M
Capital returns
Buyback yield5.2%
Dividend yield (est.)13.3%
Shareholder yield18.5%
Shares Δ YoY-5.7%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Shareholder vote2026-06-16
Annual meeting vote tallies disclosed (directors elected, auditor ratified)
- 8-K Earnings results2026-05-11
Q1'26 10-Q: continued NII pressure and higher leverage vs prior year
- 10-Q Quarterly report2026-05-11
Q1'26 10-Q: continued NII pressure and higher leverage vs prior year
- DEF 14A Proxy statement2026-04-24
2026 proxy: director slate, advisor agreement and routine items
- 8-K Reg FD disclosure2026-04-09
Reg FD investor materials/presentation posted
- 8-K Material agreement2026-03-31
Revolving Funding Facility extended to 2031; rate cut to SOFR+1.95%
- 8-K Earnings results2026-03-02
FY25 10-K: NI -29%, equity -6%, liabilities +31% as leverage builds
- 10-K Annual report2026-03-02
FY25 10-K: NI -29%, equity -6%, liabilities +31% as leverage builds
- 8-K Reg FD disclosure2026-01-15
$0.40 quarterly dividend declared; Reg FD investor update
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-06-112026-06-16open ↗8-KPeriod ending 2026-05-112026-05-11open ↗10-QPeriod ending 2026-03-312026-05-11open ↗DEF 14APeriod ending 2026-06-112026-04-24open ↗8-KPeriod ending 2026-04-092026-04-09open ↗8-KPeriod ending 2026-03-312026-03-31open ↗424B2Filing2026-03-31open ↗N-2ASRFiling2026-03-31open ↗4/APeriod ending 2025-05-282026-03-27open ↗4/APeriod ending 2025-05-282026-03-27open ↗4Period ending 2026-03-062026-03-09open ↗4Period ending 2026-03-042026-03-05open ↗
Frequently asked
- Is Kayne Anderson BDC, Inc. (KBDC) a buy?
- KBDC currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Cheap BDC at 8x earnings with a fat ~12% yield, but FY25 net income fell 29% and operating income swung deeply negative — own for income, don't chase.
- What is KBDC's fair value?
- A Modified-Graham model based on KBDC's SEC fundamentals estimates a fair value of about $14.20. It is an estimate from reported earnings, not a price target.
- Is KBDC overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, KBDC currently appears fairly valued relative to its SEC-grounded earnings power.
- What is Kayne Anderson BDC, Inc.'s quality score?
- KBDC scores 64.52941176470588/100 (grade C+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001747172, latest 10-Q filed 2026-05-11) · EODHD · analysis by claude-code · as of 6/25/2026, 2:39:39 PM.
Research and education only — not financial advice. EDGAR is not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities EDGAR rates; see Disclosures. Past performance does not guarantee future results. Do your own research.