Financial Performance - For the quarter ended September 30, 2025, net investment income was $30.0 million, or $0.43 per share, compared to $28.7 million, or $0.40 per share for the previous quarter[6]. - Total investment income for the quarter was $61.3 million, an increase from $57.3 million in the prior quarter, driven by a shift to higher-yielding middle market loans[7]. - Net Investment Income for Q3 2025 decreased to $30,046,000 from $37,053,000 in Q3 2024, representing a decline of 19.4%[19]. - Basic and diluted net investment income per common share for Q3 2025 was $0.43, down from $0.52 in Q3 2024, a decrease of 17.3%[19]. - Net Increase in Net Assets Resulting from Operations for the nine months ended September 30, 2025, was $71,738,000, compared to $96,491,000 for the same period in 2024, a decrease of 25.7%[19]. - Interest income from non-controlled, non-affiliated investments increased to $58,898,000 in Q3 2025 from $57,541,000 in Q3 2024, a rise of 2.4%[19]. - Total Expenses for Q3 2025 were $31,327,000, up 13.0% from $27,562,000 in Q3 2024[19]. - Management fees for Q3 2025 were $5,583,000, an increase of 17.2% from $4,764,000 in Q3 2024[19]. Investment Portfolio - The investment portfolio at fair value increased to $2,255.5 million from $2,174.6 million as of June 30, 2025, reflecting a growth of approximately 3.7%[5]. - New private credit and equity co-investment commitments totaled $295.5 million, with net funded investments increasing by $200.1 million during the quarter[6][10]. - The weighted average yield on private middle market loans was 10.7%, slightly down from 10.9% in the previous quarter[10]. - The company focuses on first lien senior secured loans and aims to generate current income and capital appreciation[20]. Debt and Financing - The total debt outstanding at principal rose to $1,153.0 million from $1,054.0 million, resulting in a debt-to-equity ratio of 1.01x, up from 0.91x[5][14]. - The company completed a $200 million private placement of senior unsecured notes on October 15, 2025, to refinance debt and for general corporate purposes[17]. - The company had $322 million of undrawn commitments available on its credit facilities as of September 30, 2025[13]. Credit Quality - The non-accrual rate for debt investments improved to 1.4%, down from 1.6% in the previous quarter, indicating stable credit performance[4][10]. - Total net change in unrealized gains (losses) for Q3 2025 was $(4,983,000), compared to $503,000 in Q3 2024[19].
Kayne Anderson BDC, Inc.(KBDC) - 2025 Q3 - Quarterly Results