Kayne Anderson BDC, Inc. announced its financial results for the first quarter ended March 31, 2025, reporting net investment income per share of $0.40, a decrease from $0.48 in the prior quarter. Total investment income was $55.2 million, down from $56.3 million in Q4 2024, primarily due to lower SOFR reference rates and a $0.6 million impact from placing Siegel Egg on non-accrual status during the quarter.
The company experienced one of its strongest first quarters for investment activity since inception, with gross new investment commitments of $340,160 thousand and net funded deployment of $180,784 thousand. The investment portfolio at fair value grew to $2,166,770 thousand, and the number of portfolio companies increased to 116.
Net asset value per share decreased to $16.51 from $16.70 at December 31, 2024. Non-accrual debt investments increased to 1.6% of fair value, involving four positions, up from 1.3% in the prior quarter. The expiration of the incentive fee waiver also contributed to increased net expenses during the quarter.
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