Kayne Anderson BDC, Inc. reported significant growth in its financial performance for the third quarter and the nine months ended September 30, 2024, compared to the same periods in 2023. The company’s total assets increased to $2.03 billion from $1.42 billion at the end of 2023, with non-controlled, non-affiliated investments rising to $1.93 billion from $1.36 billion. Cash and cash equivalents also saw an increase, reaching $39.1 million, up from $34.1 million.
Investment income for the third quarter of 2024 was $57.8 million, a substantial rise from $41.2 million in Q3 2023. For the nine-month period, investment income totaled $156.8 million, compared to $118.3 million in the prior year. Net investment income for Q3 2024 was $37.1 million, up from $21.4 million in Q3 2023, while for the nine months, it increased to $95.2 million from $62.4 million. The net increase in net assets resulting from operations for Q3 2024 was $37.6 million, compared to $13.9 million in Q3 2023, and for the nine months, it rose to $96.5 million from $54.3 million.
The company’s total expenses for Q3 2024 were $27.6 million, up from $19.8 million in Q3 2023, and for the nine months, total expenses increased to $72.9 million from $55.9 million. The net asset value per common share increased to $16.70 as of September 30, 2024, from $16.42 at the end of 2023.
Kayne Anderson BDC completed its initial public offering (IPO) on May 24, 2024, issuing 6 million shares at $16.63 per share, resulting in net cash proceeds of approximately $92.4 million. The company also initiated a share repurchase plan on May 21, 2024, allowing for the acquisition of up to $100 million of its common stock, with $349,000 spent on repurchases from October 1 to November 7, 2024.
The company reported unfunded commitments of $179 million as of September 30, 2024, an increase from $147.9 million at the end of 2023. The portfolio consisted of 98% first lien senior secured loans, with a weighted average yield of 11.9% for private middle market loans. As of September 30, 2024, Kayne Anderson BDC had two debt investments on non-accrual status, representing 1.0% of total debt investments at fair value.
Overall, Kayne Anderson BDC's strategic focus on debt investments in middle-market companies has led to substantial growth in both revenue and net assets, positioning the company favorably in the market.
About Kayne Anderson BDC, Inc.
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