The firm maintains a disciplined capital structure with a debt-to-equity ratio of 1.01 as of 2025Q4, though liquidity remains variable as evidenced by the current ratio declining from 67.28 in 2023Q4 to 0.82 in 2025Q4.
| Total Current Assets | 38.73B | 31.04M | 37.88M | 1.48B | 19.08M | 4.17M |
| Cash & Short-Term Investments | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 1.42B | 0 | 0 |
| Total Non-Current Assets | 2.19B | 2.26B | 2.04B | 2.8B | 1.18B | 582.3M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 2.19B | 0 | 0 | 1.38B | 7.15M | 250K |
| Other Non-Current Assets | - | - | - | - | - | - |
| Total Assets | 2.25T | 2.29B | 2.08B | 1.42B | 1.19B | 586.46M |
| Asset Turnover | 0.00x | 0.10x | 0.09x | 0.09x | 0.06x | 0.05x |
| Asset Growth % | 100923.2% | 9.8% | 46.29% | 19.2% | 103.66% | - |
| Total Current Liabilities | 0 | 37.73M | 28.42M | 22.05M | 16.38M | 4.62M |
| Accounts Payable | 0 | 27.21M | 28.42M | 22.05M | 16.38M | 4.62M |
| Days Payables Outstanding | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | - | - | - | - | - |
| Other Current Liabilities | 0 | 0 | 0 | -17.19M | 0 | 0 |
| Current Ratio | - | 0.82x | 1.33x | 67.28x | 1.16x | 0.90x |
| Quick Ratio | - | 0.82x | 1.33x | 67.28x | 1.16x | 0.90x |
| Cash Conversion Cycle | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.17T | 1.14B | 867.9M | 740.61M | 585.97M | 269.88M |
| Long-Term Debt | 1.12B | 1.12B | 848.13M | 689.32M | 571.59M | 266.33M |
| Capital Lease Obligations | 0 | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - |
| Total Liabilities | 1.17T | 1.18B | 896.32M | 740.61M | 602.35M | 274.5M |
| Total Debt | 1.12B | 1.12B | 848.13M | 689.32M | 571.59M | 266.33M |
| Net Debt | 1.1B | 1.1B | 825.75M | 655.25M | 563.07M | 264.29M |
| Debt / Equity | 0.00x | 1.01x | 0.71x | 1.01x | 0.97x | 0.85x |
| Debt / EBITDA | 8.66x | 6.50x | 6.39x | 8.94x | 12.49x | 11.95x |
| Net Debt / EBITDA | 8.52x | 6.40x | 6.22x | 8.50x | 12.30x | 11.86x |
| Interest Coverage | 1.70x | 2.25x | 2.30x | 1.55x | 2.52x | 5.31x |
| Total Equity | 1.08T | 1.11B | 1.19B | 683.06M | 592.04M | 311.97M |
| Equity Growth % | 91612.33% | -6.44% | 73.68% | 15.37% | 89.78% | - |
| Book Value per Share | 16072.71 | 15.80 | 18.61 | 10.51 | 9.11 | 4.80 |
| Total Shareholders' Equity | 1.08T | 1.11B | 1.19B | 683.06M | 592.04M | 311.97M |
| Common Stock | 66M | 68K | 71K | 42K | 36K | 19K |
| Retained Earnings | -7.49M | 1.86M | 33.88M | 13.02M | 17.46M | 11.22M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Portfolio fair value volatility
According to reported balance sheet data, KBDC has expanded its total assets from $1.4 billion in 2023Q4 to $2.3 billion by 2026Q1, reflecting a consistent growth trajectory that suggests successful capital deployment strategies despite the inherent volatility of the middle-market lending environment.
The steady increase in total assets indicates that the firm is effectively scaling its investment platform, likely leveraging the Kayne Anderson brand to capture market share. Investors should monitor whether this expansion continues to be supported by high-quality originations or if the firm is forced to accept lower-yielding assets to maintain its growth pace.
Based on financial filings, KBDC maintains a remarkably conservative debt-to-equity ratio of 1.01 as of 2025Q4, which stands in stark contrast to many industry peers and suggests a deliberate strategy to prioritize balance sheet resilience over aggressive, levered return generation.
This low leverage profile provides the firm with significant dry powder to navigate potential credit cycles or market dislocations. While this approach may limit short-term ROE, it appears to be a strategic choice that enhances the durability of the firm's cash flows and provides a buffer against potential portfolio impairments.
As reported in recent financial statements, KBDC's current ratio has fluctuated significantly, dropping from 67.28 in 2023Q4 to 0.82 in 2025Q4, which highlights the inherent sensitivity of the firm's liquidity position to the timing of loan repayments and capital market activities.
The extreme variance in current ratio metrics suggests that the firm's liquidity is not always predictable, which may pose challenges during periods of market stress. Analysts should investigate whether these swings are driven by temporary timing mismatches or if they indicate a structural reliance on external financing to meet short-term obligations.
Based on the provided data, the absence of goodwill and PPE, combined with the reliance on Level 3 fair value accounting, suggests that KBDC's $2.3 billion asset base is highly sensitive to internal valuation models rather than observable market prices, warranting further investigation into potential impairment risks.
Because the portfolio is valued internally, the reported net asset value may not fully reflect the true economic reality of the underlying loans if credit conditions deteriorate. Investors should remain cautious, as any downward revision in these fair value estimates could lead to rapid balance sheet contraction and potential covenant pressure.
Quick answers to the most common questions about buying KBDC stock.
As of 2025, Kayne Anderson BDC, Inc. (KBDC) had total assets of $2.29B including $31.0M in current assets.
Kayne Anderson BDC, Inc. (KBDC) carries total debt of $1.12B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Kayne Anderson BDC, Inc. (KBDC) has total shareholders' equity (book value) of $1.11B ($15.80 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Kayne Anderson BDC, Inc. (KBDC) reported a current ratio of 0.82x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.