Financial Performance - Net investment income for the quarter ended June 30, 2024, was $34.4 million, or $0.51 per share, compared to $23.8 million, or $0.52 per share for the previous quarter[4] - Total investment income increased to $52.5 million for the quarter ended June 30, 2024, up from $46.5 million in the prior quarter[7] - Total investment income for the three months ended June 30, 2024, was $52,453,000, an increase of 28.5% compared to $40,746,000 for the same period in 2023[18] - Net investment income for the three months ended June 30, 2024, was $34,393,000, up 58.2% from $21,733,000 in the prior year[18] - Management fees for the three months ended June 30, 2024, were $4,251,000, an increase of 49.4% from $2,848,000 in the same period last year[18] - The company reported a net increase in net assets resulting from operations of $31,180,000 for the three months ended June 30, 2024, compared to $21,002,000 in the prior year[18] Asset and Liability Management - Total assets as of June 30, 2024, amounted to $1,909,850,000, compared to $1,423,666,000 as of December 31, 2023, reflecting a growth of 34.1%[17] - Total liabilities decreased to $731,674,000 as of June 30, 2024, from $740,610,000 at the end of 2023, a reduction of 1.3%[17] - Cash and cash equivalents decreased to $20,271,000 as of June 30, 2024, from $34,069,000 at the end of 2023, a decline of 40.5%[17] Investment Activity - New private credit investment commitments totaled $141.8 million, with fundings of $136.2 million and net funded portfolio increase of $95.7 million[4] - The investment portfolio at fair value increased to $1,847.1 million from $1,784.0 million as of March 31, 2024[5] - The company has a focus on investing in first lien senior secured loans, with a secondary focus on unitranche and split-lien loans to middle market companies[19] Shareholder Returns - The company declared a regular dividend of $0.40 per share, to be paid on October 15, 2024, to stockholders of record as of September 30, 2024[4] Valuation Metrics - The company's net asset value per share decreased to $16.57 from $16.63 as of March 31, 2024, reflecting a $0.11 per share dilution from the IPO[4] - Net asset value per common share increased to $16.57 as of June 30, 2024, from $16.42 at the end of 2023[17] Debt Management - The debt-to-equity ratio as of June 30, 2024, was 0.53x, with a target range of 1.0x to 1.25x[15] Market Conditions - The weighted average yield on private middle market loans was 12.3%, slightly down from 12.4% in the previous quarter[11] - The company had $603 million of undrawn commitments available on its credit facilities as of June 30, 2024[12] Unrealized Losses - The company experienced a net change in unrealized losses of $3.1 million, primarily due to changes in the fair value of certain investments[9] Share Count - The weighted average common shares outstanding increased to 67,426,904 for the three months ended June 30, 2024, compared to 38,905,173 in the same period last year[18]
Kayne Anderson BDC, Inc.(KBDC) - 2024 Q2 - Quarterly Results