Revenue remains inconsistent, fluctuating between $37.6 million and $61.3 million over the last ten quarters, while gross margins have recently compressed from 84.4% in 2025Q4 to 81.5% in 2026Q1.
| Sales/Revenue | 197.67M | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - |
| Gross Profit | 142.91M | 198.78M | 123.76M | 82.78M | 50.4M | 24.56M |
| Gross Margin % | 72.3% | 84.29% | 68.16% | 62.52% | 73.5% | 85.41% |
| Gross Profit Growth % | - | 60.62% | 49.51% | 64.24% | 105.2% | - |
| Operating Expenses | 13.21M | 27.05M | -8.9M | 5.7M | 4.63M | 2.27M |
| OpEx % of Revenue | - | 11.47% | -4.9% | 4.31% | 6.76% | 7.9% |
| Selling, General & Admin | 3.29M | 3.81M | 4.28M | 2.91M | 2.51M | 1.84M |
| SG&A % of Revenue | - | 1.62% | 2.36% | 2.19% | 3.66% | 6.39% |
| Research & Development | 0 | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - |
| Operating Income | 129.71M | 171.72M | 132.66M | 77.08M | 45.77M | 22.29M |
| Operating Margin % | 65.62% | 72.82% | 73.07% | 58.22% | 66.74% | 77.51% |
| Operating Income Growth % | - | 29.45% | 72.11% | 68.41% | 105.33% | - |
| EBITDA | 129.71M | 171.72M | 132.66M | 77.08M | 45.77M | 22.29M |
| EBITDA Margin % | 65.62% | 72.82% | 73.07% | 58.22% | 66.74% | 77.51% |
| EBITDA Growth % | 1.61% | 29.45% | 72.11% | 68.41% | 105.33% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT | 129.71M | 171.72M | 132.66M | 77.08M | 45.77M | 22.29M |
| Net Interest Income | 91.78M | 144.55M | 153.84M | 110.81M | 56.66M | 14.56M |
| Interest Income | 167.96M | 220.91M | 211.64M | 160.43M | 74.83M | 18.75M |
| Interest Expense | 76.18M | 76.36M | 57.8M | 49.62M | 18.17M | 4.2M |
| Other Income/Expense | 0 | - | - | - | - | - |
| Pretax Income | 89.82M | 95.36M | 132.66M | 77.08M | 45.77M | 22.29M |
| Pretax Margin % | 45.44% | 40.44% | 73.07% | 58.22% | 66.74% | 77.51% |
| Income Tax | 1.08M | 1.66M | 717K | 0 | 0 | 0 |
| Effective Tax Rate % | 1.21% | 1.74% | 0.54% | 0% | 0% | 0% |
| Net Income | 88.73M | 93.71M | 131.94M | 77.08M | 45.77M | 22.29M |
| Net Margin % | 44.89% | 39.74% | 72.67% | 58.22% | 66.74% | 77.51% |
| Net Income Growth % | -29.8% | -28.98% | 71.18% | 68.41% | 105.33% | - |
| Net Income (Continuing) | 88.73M | 93.71M | 131.94M | 77.08M | 45.77M | 22.29M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.32 | 1.33 | 2.07 | 1.19 | 0.70 | 0.34 |
| EPS Growth % | -31.55% | -35.75% | 73.95% | 70% | 105.88% | - |
| EPS (Basic) | - | 1.33 | 2.07 | 1.19 | 0.70 | 0.34 |
| Diluted Shares Outstanding | 67.14M | 70.26M | 63.76M | 65.02M | 65.02M | 65.02M |
| Basic Shares Outstanding | 67.14M | 70.26M | 63.76M | 65.02M | 65.02M | 65.02M |
| Dividend Payout Ratio | - | 131.62% | - | 90.84% | 50.47% | 19.77% |
Portfolio credit quality volatility
As indicated by the quarterly income statements, KBDC's revenue has fluctuated between $37.6 million and $61.3 million over the last ten quarters, suggesting that top-line growth remains inconsistent and highly sensitive to the timing of portfolio originations and the realization of non-recurring fee income streams.
The lack of a clear, linear growth trajectory implies that the company's revenue base is heavily influenced by lumpy prepayment and amendment fees rather than purely recurring interest income. Investors should monitor whether future periods demonstrate a more stable expansion of the core loan book or if revenue remains tethered to episodic transactional activity.
Based on the provided financial data, KBDC's gross margin has experienced significant variance, peaking at 84.4% in 2025Q4 before contracting to 81.5% in 2026Q1, which may indicate shifting yield profiles or increased cost of capital pressures within the underlying middle-market loan portfolio.
The observed volatility in gross margins suggests that the company's pricing power may be less resilient than that of larger, more diversified BDC peers. This compression warrants further investigation into whether the firm is accepting lower-yielding assets to maintain deployment volume or if competitive pressures are eroding the spread on new originations.
According to the reported income statements, net income has shown a notable disconnect from operating income, with net margins fluctuating from a high of 78.3% in 2024Q3 to 37.4% in 2026Q1, highlighting the impact of non-operating items and potential fair value adjustments on the bottom line.
The significant variance in net margins suggests that reported earnings are heavily influenced by unrealized gains or losses inherent in Level 3 asset valuations. Analysts should be wary of relying on headline EPS figures, as they may not accurately reflect the cash-generating capacity of the underlying investment platform.
As reported in financial statements, the recent decline in net margin from 78.3% in 2024Q3 to 37.4% in 2026Q1 raises questions regarding the sustainability of KBDC's profitability, particularly if the firm is forced to increase leverage or accept higher credit risk to support its dividend policy.
Short-term observers might focus on the potential for further margin erosion if the company's portfolio experiences a rise in non-accruals or if the cost of debt capital increases. The current earnings profile appears vulnerable to shifts in market sentiment and the credit health of the $10 million to $150 million EBITDA borrower cohort.
Quick answers to the most common questions about buying KBDC stock.
Kayne Anderson BDC, Inc. (KBDC) is profitable, generating $93.7M in net income for the fiscal year ending 2025 with a net profit margin of 39.7%.
Kayne Anderson BDC, Inc. (KBDC) reported an operating income of $171.7M, resulting in an operating profit margin of 72.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Kayne Anderson BDC, Inc. (KBDC) generated $198.8M in gross profit for the year, representing a gross profit margin of 84.3%. This demonstrates the company's core pricing power and production efficiency.