Kayne Anderson BDC, Inc.(KBDC) - 2024 Q4 - Annual Results

Financial Performance - Net investment income for the quarter was $34,000,000, or$0.48 per share, down from $37,100,000, or$0.52 per share in the previous quarter, reflecting a decrease of 8.38% in income per share[7] - Total Investment Income for Q4 2024 was $56.34 million, up 32.5$42.69 million in Q4 2023[18] - Net Investment Income for Q4 2024 increased to $34.02 million, compared to$22.43 million in Q4 2023, representing a growth of 51.7%[18] - Basic and diluted net investment income per common share for Q4 2024 was $0.48, down 11.1$0.54 in Q4 2023[18] - Net Increase in Net Assets Resulting from Operations for the year ended December 31, 2024 was $131.94 million, compared to$77.08 million in 2023, reflecting a growth of 71.2%[18] Debt and Leverage - The total debt outstanding at principal rose to $858,000,000, up from$788,000,000, indicating a 8.87% increase[4] - The total debt-to-equity ratio increased to 0.72x from 0.66x, indicating a rise in leverage[4] - The company expects to achieve the low end of its targeted debt-to-equity ratio of 1.0x to 1.25x by the second or third quarter of 2025[12] Investment Portfolio - For the quarter ended December 31, 2024, the investment portfolio at fair value increased to $1,995,143,000 from$1,943,439,000 as of September 30, 2024, representing a growth of 2.66%[4] - The company added 8 new investments during the fourth quarter, maintaining its strategy of lending to stable industries[2] - New private credit and equity co-investment commitments totaled $230,631,000, with net funded private credit and equity investment increasing by$69,400,000[5] Income and Expenses - Total Expenses for Q4 2024 were $28.66 million, a 41.5$20.26 million in Q4 2023[18] - Management fees for Q4 2024 were $4.95 million, a 65.1$2.99 million in Q4 2023[18] - Incentive fees for Q4 2024 rose to $5.10 million, compared to$2.50 million in Q4 2023, marking a 104.0% increase[18] - Interest expense for Q4 2024 was $16.55 million, up 19.0$13.92 million in Q4 2023[18] Investment Quality - Non-accrual investments at fair value increased to $25,079,000, representing 1.3% of debt investments at fair value, up from 1.0% in the previous quarter[9] - The weighted average yield on private middle market loans decreased to 11.1% from 11.9%, while the yield on the total debt portfolio fell to 10.6% from 11.3%[9] Company Strategy - The company focuses on first lien senior secured loans and aims to generate current income and capital appreciation[19]