Kayne Anderson BDC
Provides middle-market private credit mainly through first-lien senior secured loans.
Something off on this page? Send us feedback.
Profile
An externally managed BDC investing in private middle-market companies, primarily through first-lien senior secured loans. KA Credit Advisors manages the portfolio within Kayne Anderson's private-credit platform, with unitranche and split-lien loans as secondary focuses.
An externally managed BDC investing in private middle-market companies. Its portfolio centers on first-lien senior secured loans, while unitranche and split-lien loans are secondary focuses.
KA Credit Advisors, LLC serves as investment adviser and operates within Kayne Anderson Private Credit. The BDC has no direct employees; the Adviser and Administrator manage daily investment operations, and Co-CEOs Douglas L. Goodwillie and Kenneth B. Leonard jointly oversee day-to-day portfolio management.
Structured as a closed-end, non-diversified management investment company, it elected BDC status under the Investment Company Act. Common stock began NYSE trading in 2024 after a pre-IPO private-placement period.
Company facts
Categories
Key statistics
Year to date −6.2% · Average volume (30d) 391.6K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jun 12, 2026 | Wells Fargo | Downgrade | Overweight | Equal Weight | $15 | $14 |
| May 13, 2026 | Wells Fargo | Reiterate | Overweight | $15 | ||
| Oct 14, 2025 | UBS | Reiterate | Neutral | $15 | ||
| Oct 6, 2025 | Keefe, Bruyette & Woods | Upgrade | Market Perform | Outperform |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 10, 2026Q2 FY26 | $0.40 | $0.42 | +5.5% | $51.9M | $55.7M | +7.4% | −1.57% |
| May 11, 2026Q1 FY26 | $0.41 | $0.43 | +4.9% | $52.4M | $57.3M | +9.4% | +3.77% |
| Mar 2, 2026Q4 FY25 | $0.41 | $0.44 | +7.3% | $56.5M | $61.9M | +9.6% | +1.24% |
| Nov 10, 2025Q3 FY25 | $0.40 | $0.43 | +7.5% | $54.0M | $46.4M | −14.1% | +3.07% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $39.7M | $44.0M | $46.4M | $61.3M | $46.1M | $43.5M | |
| Gross profit | $23.5M | $26.5M | $27.1M | $51.7M | $37.5M | $36.0M | |
| Operating income | $22.8M | $25.2M | $25.0M | $42.9M | $36.5M | $30.3M | |
| Net income | $22.2M | $24.9M | $24.6M | $22.0M | $17.2M | $10.7M | |
| Diluted EPS | $0.40 | $0.35 | $0.35 | $0.32 | $0.26 | $0.16 | |
| Gross margin | 59.2% | 60.3% | 58.5% | 84.4% | 81.5% | 82.9% | |
| Operating margin | 57.3% | 57.4% | 54.0% | 70.1% | 79.2% | 69.8% |
Fiscal years (4-quarter sums)FY22 $71.4M · FY23 $132.4M · FY24 $181.6M · FY25 $191.3M
Balance sheet, Jun 30, 2026Cash & short-term investments $14.52B · Total debt $1.22B · Total assets $2.34T · Shareholders' equity $1.06T
Dividends
To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 16 | $0.40 | |
| Mar 31, 2026 | Mar 31 | Apr 16 | $0.40 | |
| Dec 31, 2025 | Dec 31 | Jan 16 | $0.40 | |
| Sep 30, 2025 | Sep 30 | Oct 16 | $0.40 | |
| Jun 30, 2025 | Jun 30 | Jul 16 | $0.40 | |
| Jun 9, 2025 | Jun 9 | Jun 24 | $0.10 | special dividend |
| Mar 31, 2025 | Mar 31 | Apr 15 | $0.40 | |
| Mar 3, 2025 | Mar 3 | Mar 18 | $0.10 | special dividend |
Ownership
Shares outstanding 66.35M · Float 62.27M · 93.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Koch, Inc. | 10.49M | 15.80% | 13F | Aug 13, 2026 |
| State of Michigan Retirement System | 6.57M | 9.90% | 13F | Jul 30, 2026 |
| Bank of America Corp /DE/ | 5.45M | 8.00% | 13G | Feb 12, 2026 |
| HF Capital, LLC | 2.22M | 3.34% | 13F | Aug 11, 2026 |
| James L. Robo · director | 1.74M | 2.62% | Form 4 | Mar 27, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 28, 2025 | James L. Robo | director | +121,686 | $15.84 |
| Mar 6, 2026 | George E. Jr Marucci | director | +9,000 | $13.74 |
| Mar 4, 2026 | George E. Jr Marucci | director | +1,000 | $13.96 |
| Sep 29, 2025 | Rhonda Scott Smith | director | +365 | $13.68 |
Peers
- Ares Capital
Large externally managed BDC with 61% in first-lien senior secured loans
- Blue Owl Capital
Scaled BDC with 73.1% of its portfolio in first-lien secured debt
- Golub Capital BDC
Sponsor-finance BDC focused on first-lien middle-market loans
- Blackstone Secured Lending Fund
First-lien-focused BDC lending to private U.S. companies
- FS KKR Capital
Customized credit BDC focused on private U.S. middle-market debt
- Sixth Street Specialty Lending
Direct senior-secured lender to U.S. middle-market companies
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Kayne Anderson BDC | $13.44 | +0.25% | $889.1M | 12.3 | 8.6 | 4.5 | +26.7% |
| Ares Capital | $19.97 | +0.15% | $14.32B | 14.8 | 10.3 | 6.2 | +32.6% |
| Blue Owl Capital | $11.37 | +0.64% | $5.61B | 20.2 | 8.8 | 4.0 | −20.8% |
| Golub Capital BDC | $13.03 | +0.04% | $3.39B | 23.7 | 10.1 | 4.7 | −14.2% |
| Blackstone Secured Lending Fund | $24.83 | +0.35% | $5.76B | 19.6 | 9.5 | 5.4 | +25.9% |
| FS KKR Capital | $12.22 | −0.41% | $3.43B | — | 7.8 | 3.6 | +11.5% |
| Sixth Street Specialty Lending | $18.74 | −0.11% | $1.78B | 19.7 | 10.5 | 5.2 | −13.0% |
| Median | 19.7 | 9.8 | 5.0 | −0.8% |