Kayne Anderson BDC

KBDC · NYSE

$12.46+$0.18 (+1.47%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $12.28

KBDC analyst rating

BuyConsensus of 4 analysts over the last 12 months. 50% rate it a buy.

Strong buy0
Buy2
Hold2
Underperform0
Sell0

12-month price target · 7 analysts

Average $14.79 (+18.7% upside)

Low: $13.64
Now: $12.46
High: $15.75

Upgrades and downgrades

The latest rating actions, newest first

KBDC analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
UBS	Sep 1, 2026	Maintains	Neutral	$15.00 → $13.50	100%
RBC Capital	Aug 13, 2026	Maintains	Outperform	$16.00 → $15.00	29%
Wells Fargo	Jun 12, 2026	Downgrade	Overweight → Equal-Weight	$15.00 → $14.00	50%
Wells Fargo	May 13, 2026	Maintains	Overweight	$14.00 → $15.00	50%
UBS	Apr 20, 2026	Maintains	Neutral	$14.50 → $15.00	100%
UBS	Mar 13, 2026	Maintains	Neutral	$15.00 → $14.50	100%
Wells Fargo	Mar 4, 2026	Maintains	Overweight	$15.00 → $14.00	50%
Keefe, Bruyette & Woods	Mar 4, 2026	Maintains	Outperform	$16.00 → $15.50	36%
RBC Capital	Nov 19, 2025	Maintains	Outperform	$17.00 → $16.00	29%
Keefe, Bruyette & Woods	Nov 13, 2025	Maintains	Outperform	$16.50 → $16.00	36%

The case for and against

Updated Nov 7, 2025

Bull case

Kayne Anderson BDC reported new investment spreads of S+549bps in the first quarter, indicating a competitive edge over industry peers, which is attributed to positive market conditions for middle-market (MM) investments. Although non-accruals increased to 2.3% of the portfolio from 1.6% in the prior quarter, the overall credit performance remains manageable and aligns with industry standards. Additionally, the company's leverage rose to 0.86x debt/equity, surpassing prior estimates and reflecting a strategic approach to capital financing that supports growth potential within its investment framework.

Bear case

Kayne Anderson BDC has exhibited a decline in its weighted average yield on debt investments, dropping from 10.7% to 10.4% quarter-over-quarter, which raises concerns about its ability to generate attractive returns in a potentially weakening credit environment. The downside scenario suggests a possible valuation drop to $10 due to anticipated incremental realized credit losses of 3% in the investment portfolio, alongside a slower-than-expected ramp-up of leverage and a decline in average asset yields influenced by broader economic conditions. Additionally, the reported net investment income per share for 1Q25 at $0.40 fell slightly below expectations, further indicating potential challenges in maintaining profitability.

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