Financial Performance - Net investment income for the quarter ended June 30, 2025, was $28.7 million, or $0.40 per share, consistent with the previous quarter[4] - Total investment income for the quarter was $57.3 million, up from $55.2 million in the previous quarter, driven by a shift to higher-yielding middle market loans[6] - For the three months ended June 30, 2025, total investment income was $57,298, an increase of 3.2% from $52,453 for the same period in 2024[19] - Net investment income for the six months ended June 30, 2025, was $57,450, compared to $58,196 for the same period in 2024, reflecting a decrease of 1.3%[19] - Basic and diluted net investment income per common share was $0.40 for the three months ended June 30, 2025, compared to $0.51 for the same period in 2024, a decline of 21.6%[19] - Interest income from non-controlled, non-affiliated investments increased to $57,120 for the three months ended June 30, 2025, from $51,991 in 2024, representing an increase of 9.1%[19] Asset and Investment Overview - The company's net asset value per share decreased to $16.37 from $16.51 as of March 31, 2025, primarily due to a special dividend payment and net unrealized losses[4] - The company's total assets increased to $2,255.99 million from $2,230.50 million as of March 31, 2025[5] - New private credit and equity co-investment commitments totaled $128.7 million, with net funded private credit and equity investment increasing by $56.6 million[4] - The investment in SG Credit Partners, Inc. included an $80 million term loan facility and a $12 million common equity investment, with an interest rate of 11.00%[16] Expenses and Management - Total expenses for the three months ended June 30, 2025, were $29,377, up 30% from $22,640 in the same period of 2024[19] - Management fees for the three months ended June 30, 2025, were $5,412, an increase of 27.5% from $4,251 in the same period of 2024[19] - The company is externally managed by KA Credit Advisors, LLC, focusing on first lien senior secured loans to middle market companies[20] Debt and Non-Accrual Investments - The debt-to-equity ratio as of June 30, 2025, was 0.91x, with a target range of 1.0x to 1.25x[13] - Non-accrual investments remained flat at 1.6% of fair value, with non-accrual investments valued at $34.54 million[10] - The weighted average yield on private middle market loans was 10.7%, while the total debt portfolio yield was 10.4%[10] Unrealized Losses and Share Information - The company experienced a total net change in unrealized losses of $3,471 for the three months ended June 30, 2025, compared to a loss of $3,075 in the same period of 2024[19] - The weighted average common shares outstanding for the three months ended June 30, 2025, was 70,901,688, an increase from 67,426,904 in 2024[19] - The company declared a regular dividend of $0.40 per share, to be paid on October 16, 2025[4]
Kayne Anderson BDC, Inc.(KBDC) - 2025 Q2 - Quarterly Results