Kayne Anderson BDC, Inc. announced its financial results for the second quarter ended June 30, 2025, reporting net investment income per share of $0.40, consistent with the prior quarter. Total investment income increased to $57.3 million from $55.2 million in Q1 2025, driven by rotations out of lower-yielding broadly syndicated loans into middle market loans and the full quarter impact of net portfolio additions.
The company's investment portfolio at fair value increased to $2,174,640 thousand. Non-accrual debt investments remained flat quarter-over-quarter at 1.6% of fair value, but the number of investments on non-accrual increased to five from four. PIK income represented 3.6% of total interest income, elevated due to one investment converting to PIK during the second quarter.
Net asset value per share decreased to $16.37 from $16.51 at March 31, 2025. The debt-to-equity ratio increased to 0.91x from 0.86x, with management expecting to achieve the low end of its target leverage range in the third quarter of 2025. KBDC declared a regular quarterly dividend of $0.40 per share and a special dividend of $0.10 per share.
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