Private Credit Portfolio Analysis | Kayne Anderson BDC Reports Q1 2025 Results
- Editor
- May 12
- 2 min read
Whats New:
Kayne Anderson BDC reported its Q1 2025 financial results, showing growth in assets and borrowings compared to the previous quarter. The fund's total assets increased to $2.23 billion as of March 31, 2025, up from $2.08 billion at the end of 2024. Net Asset Value (NAV) per share decreased slightly to $16.51 from $16.70 at the end of the previous quarter.
Portfolio Dynamics:
Total assets grew to $2.23 billion as of March 31, 2025, compared to $2.08 billion at the end of 2024.
Cash and cash equivalents decreased to $17.36 million from $22.38 million at the end of 2024.
Money market funds at carrying value decreased to $28.62 million from $48.68 million at the end of 2024.
Investment Activity:
Purchases of portfolio investments totaled $287.74 million in Q1 2025.
Proceeds from sales of investments and principal repayments were $113.99 million.
Interest receivable increased to $17.24 million from $14.97 million at the end of 2024.
Capital Structure:
Revolving Funding Facility borrowings increased to $577 million from $420 million at the end of 2024.
Revolving Funding Facility II borrowings rose to $169.5 million from $113 million at the end of 2024.
Line of Credit decreased to $194 million from $250 million at the end of 2024.
Performance Profile:
Net Asset Value (NAV) per share decreased to $16.51 as of March 31, 2025, compared to $16.70 at the end of 2024.
Net income for Q1 2025 was $22.22 million.
Distribution payable increased slightly to $28.51 million from $28.42 million at the end of 2024.
Risk & Quality:
Incentive fee payable increased to $4.49 million from zero at the end of 2024.
Management fee payable increased to $3.85 million from $3.71 million at the end of 2024.
Accrued liabilities and other liabilities decreased to $13.91 million from $15.24 million at the end of 2024.
The Wrap:
Kayne Anderson BDC demonstrated growth in Q1 2025, with significant increases in total assets and borrowings. However, the fund's NAV per share slightly decreased. The increase in investment activity and borrowings suggests an expansion of the fund's portfolio, while the rise in incentive and management fees payable indicates higher costs associated with this growth. The decrease in cash and money market funds, coupled with increased borrowings, points to a more aggressive investment strategy in the quarter.
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