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8-K ·Filed May 11, 2026

KBDC

Kayne Anderson BDC, Inc.
NEUTRAL
Impact 4/10
Horizonweeks Processed5mo ago SEC0001213900-26-054511
8-K Item 2.02: Earnings release
Actionable Insight • Neutral

KBDC's stable NII continues to cover the $0.40 dividend, but the rise in non-accruals to 2.5% and NAV erosion warrant monitoring. The $100M buyback extension provides a floor, but the stock trades at a ~12% discount to NAV ($14.29 avg repurchase vs $16.23 NAV). Watch the Q2 earnings call for credit quality updates and any guidance on portfolio yield trajectory.

DirectionNeutral
Confidencehigh
Horizonweeks
Final — all horizons settled through T+60d
KBDC ▼ -8.38% at T+60d
NEUTRAL call -8.38% · α vs SPY -12.77% · entry $15.15 → $13.88
Entry = T+0 close
May 11, 2026
via day close
T+1d
0.00%
call 0.00% · α -0.54%
$15.15
settled 6mo ago
T+5d
-3.43%
call -3.43% · α -3.51%
$14.63
settled 5mo ago
T+20d
-4.09%
call -4.09% · α -2.37%
$14.53
settled 5mo ago
T+60d
-8.38%
call -8.38% · α -12.77%
$13.88
settled 3mo ago

Price Chart

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Executive Summary

Kayne Anderson BDC reported Q1 2026 NII of $0.43 per share, in line with the prior quarter's $0.44 and above the $0.40 regular dividend, but total investment income fell to $57.3M from $61.9M QoQ due to lower rates and reduced fee income. Non-accruals nearly doubled to 2.5% of debt investments (from 1.4%), and NAV per share declined to $16.23 from $16.32, driven by $0.17 in realized and unrealized losses. The company extended its $100M share repurchase plan through May 2027.

Key Financial Metrics

EPS
$0.43
est $0.41 · +4.9%
Revenue
$57.3M
est $57.3M · +0.0% · +3.8% YoY
Rating
in line

Key Facts

  • Q1 2026 NII of $28.9M, or $0.43 per share, vs $0.44 in Q4 2025 and $0.40 in Q1 2025
  • Total investment income of $57.3M, down from $61.9M QoQ and up from $55.2M YoY
  • NAV per share fell to $16.23 from $16.32, driven by $0.17 in realized/unrealized losses
  • Non-accrual investments at fair value rose to $53.7M (2.5% of debt investments) from $31.0M (1.4%)
  • Regular dividend maintained at $0.40 per share for Q2 2026, payable July 16, 2026
  • Share repurchase plan extended to May 2027, with $100M authorization; $36.7M remaining as of May 5, 2026
  • Debt-to-equity ratio increased to 1.05x from 1.02x; asset coverage at 195%
  • Weighted average yield on debt portfolio declined to 10.1% from 10.3% (excluding non-income producing)

Financial Impact

NII per share of $0.43 vs $0.44 prior quarter; total investment income down $4.6M QoQ; non-accruals increased by $22.7M

net investment incomenet asset valuenon-accrual rateportfolio yield

Risk Factors

  • Non-accrual investments nearly doubled to 2.5% of debt portfolio, signaling potential credit deterioration
  • Portfolio yield declining (10.1% vs 10.3% prior quarter) amid lower SOFR rates
  • NAV per share has declined for five consecutive quarters from $16.51 to $16.23
  • Realized losses of $2.3M including $2.0M loss on Regiment Security Partners restructure

Market Snapshot

Exchange
NYSE
Analyst Consensus
82% bullish (11 analysts)

Documents Analyzed

This report is based on 7 SEC documents filed with EDGAR.

DocumentAccession Number
8-K Filing (Primary)0001213900-26-054511
Document: ea029001601_ex99-2.htm0001213900-26-054511
Document: ea0290016-8k_kayne.htm0001213900-26-054511
Document: 0001213900-26-054511-index-headers.html0001213900-26-054511
Document: 0001213900-26-054511-index.html0001213900-26-054511
Document: 0001213900-26-054511.txt0001213900-26-054511
8-K Data (Synthetic)0001213900-26-054511
9 reports for KBDC
Performance horizon
25% Hit rate @ T+1 1 of 4 directional calls Went positive at some point 1 of 4 best @ T+1▲ +0.38%Sep 23, 2026
Filters
Rows
Reports for KBDC — sortable, filterable
TypeNow
Oct 9, 2026
17d ago
8-K
NEUTRAL ★ 2/10
$12.45 $12.46▲ +0.08%▲ +0.14%$12.93 (+3.86%)
Sep 30, 2026
26d ago
Insider Buy
BULLISH ★ 5/10
$12.76 $12.67▼ −0.71%▼ −1.44%$12.93 (+1.33%)
Sep 25, 2026
4w ago
Insider Buy
BULLISH ★ 5/10
$13.04 $13.03▼ −0.08%▲ +0.67%$12.93 (−0.84%)
Sep 23, 2026
4w ago
Insider Buy
BULLISH ★ 6/10
$12.99 $13.04▲ +0.38%▼ −0.16%$12.93 (−0.46%)
Sep 16, 2026
5w ago
Insider Buy
BULLISH ★ 5/10
$13.24 $13.07▼ −1.28%▼ −1.16%$12.93 (−2.34%)
Aug 10, 2026
11w ago
8-K
MIXED ★ 5/10
$13.75 $13.60▼ −1.09%▼ −1.34%$12.93 (−5.96%)
Jun 29, 2026
17w ago
8-K
NEUTRAL ★ 2/10
$13.53 $13.68▲ +1.11%▲ +1.24%$12.93 (−4.43%)
May 11, 2026
24w ago
8-K
NEUTRAL ★ 4/10
$15.15 $15.15· 0.00%▼ −0.54%$12.93 (−14.65%)
May 28, 2025
17mo ago
Insider Cluster
NEUTRAL ★ 3/10
$14.07 $14.11▲ +0.32%▼ −0.08%$12.93 (−8.10%)
Showing 9 of 9

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Report published May 11, 2026