Kayne Anderson BDC, Inc. (KBDC) Balance Sheet
KBDC balance sheet, 2025
December 31, 2025 · U.S. dollars$2.29B assets = $1.18B liabilities + $1.11B equity
Both columns are drawn to the same scale: what KBDC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
KBDC financial health
Descriptive bands, not a rating. Fiscal 2025.
KBDC balance sheet trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $417,6092020 | $2.29B2025 | +459.4%/yr | |
| Total liabilities | $1.2M2020 | $1.18B2025 | +295.5%/yr | |
| Shareholders’ equity | −$798,1502020 | $1.11B2025 | — | |
| Cash & short-term investments | $10,0002020 | $18.0M2025 | +347.9%/yr | |
| Total debt | $266.3M2021 | $1.12B2025 | +43.1%/yr | |
| Net cash (debt) | −$264.3M2021 | −$1.10B2025 | −$834.7M | |
| Working capital | −$788,1502020 | −$6.7M2025 | −$5.9M | |
| Book value per share | $4.802021 | $15.802025 | +34.7%/yr | |
| Current ratio | 0.352020 | 0.822025 | +0.47 | |
| Debt / equity | 0.852021 | 1.012025 | +0.15 | |
| Shares outstanding | 65.0M2021 | 70.3M2025 | +2.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
KBDC assets
KBDC liabilities and equity
KBDC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
KBDC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $18.0M | $22.4M | $46.9M | $8.5M | $2.0M | $10,000 |
| Cash & equivalents | $18.0M | $22.4M | $34.1M | $8.5M | $2.0M | $10,000 |
| Short-term investments | — | $48.7M | $12.8M | $9.8M | $3.7M | — |
| Receivables | $24.1M | $15.5M | $13.0M | $10.6M | $2.1M | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $0 | $0 | $1.42B | $0 | $0 | $417,609 |
| Total current assets | $31.0M | $37.9M | $1.48B | $19.1M | $4.2M | $427,609 |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $2.22B | $2.04B | $1.38B | $1.17B | $582.1M | $0 |
| Other non-current assets | $31.8M | $958,000 | $0 | $347,000 | $177,000 | $0 |
| Total assets | $2.29B | $2.08B | $1.42B | $1.19B | $586.5M | $417,609 |
| Liabilities | ||||||
| Accounts payable | $27.2M | $28.4M | $22.1M | $16.4M | $4.6M | — |
| Short-term debt | — | — | $689.3M | $107.9M | $266.3M | — |
| Total current liabilities | $37.7M | $28.4M | $22.1M | $16.4M | $4.6M | $1.2M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $1.14B | $867.9M | $740.6M | $586.0M | $269.9M | $1.2M |
| Total liabilities | $1.18B | $896.3M | $740.6M | $602.4M | $274.5M | $1.2M |
| Shareholders' equity | ||||||
| Common stock & paid-in capital | $68,000 | $71,000 | $42,000 | $36,000 | $19,000 | $10,000 |
| Retained earnings (deficit) | $1.9M | $33.9M | $13.0M | $17.5M | $11.2M | −$808,150 |
| Accumulated other comprehensive income | — | — | $683.1M | $592.0M | $312.0M | −$798,150 |
| Total shareholders' equity | $1.11B | $1.19B | $683.1M | $592.0M | $312.0M | −$798,150 |
| Key figures | ||||||
| Total debt | $1.12B | $848.1M | $689.3M | $571.6M | $266.3M | — |
| Net cash (debt) | −$1.10B | −$825.8M | −$642.4M | −$563.1M | −$264.3M | — |
| Working capital | −$6.7M | $9.5M | $1.46B | $2.7M | −$447,000 | −$788,150 |
| Tangible book value | $1.11B | $1.19B | $683.1M | $592.0M | $312.0M | −$798,150 |
| Book value per share | $15.80 | $18.61 | $10.51 | $9.11 | $4.80 | — |
| Shares outstanding | 70.3M | 63.8M | 65.0M | 65.0M | 65.0M | — |
| Current ratio | 0.82 | 1.33 | 67.28 | 1.16 | 0.90 | 0.35 |
| Quick ratio | 1.12 | 1.33 | 2.71 | 1.16 | 0.90 | 0.01 |
| Debt / equity | 1.01 | 0.71 | 1.01 | 0.97 | 0.85 | — |
| Equity / assets | 48.5% | 57.0% | 48.0% | 49.6% | 53.2% | −191.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $14.52B | $14.3M | $18.0M | $16.4M | $14.0M | $17.4M | $22.4M | $39.1M | $20.3M | $33.4M | $46.9M | $12.4M |
| Cash & equivalents | $14.52B | $14.3M | $18.0M | $16.4M | $14.0M | $17.4M | $22.4M | $39.1M | $20.3M | $33.4M | $34.1M | $12.4M |
| Short-term investments | $25.2M | $18.3M | — | — | $30.4M | $28.6M | $48.7M | $22.7M | $20.3M | $10.9M | $12.8M | $16.6M |
| Receivables | $24.20B | $24.4M | $31.5M | $36.0M | $36.8M | $17.5M | $15.5M | $22.9M | $22.1M | $15.8M | $13.0M | $13.9M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.42B | $0 |
| Total current assets | $38.72B | $14.3M | $31.0M | $16.4M | $50.7M | $34.8M | $37.9M | $62.0M | $42.3M | $49.3M | $1.48B | $26.3M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $2.29B | $2.21B | $2.22B | $2.29B | $2.21B | $2.20B | $2.04B | $1.97B | $1.87B | $1.79B | $1.38B | $1.29B |
| Other non-current assets | $0 | $25.4M | $31.8M | $36.3M | $239,000 | $290,000 | $958,000 | $161,000 | $117,000 | $266,000 | $0 | $119,000 |
| Total assets | $2.34B | $2.25B | $2.29B | $2.34B | $2.26B | $2.23B | $2.08B | $2.03B | $1.91B | $1.84B | $1.42B | $1.32B |
| Liabilities | ||||||||||||
| Accounts payable | $26.5M | $26.6M | $27.2M | $27.9M | $28.3M | $28.5M | $28.4M | $45.8M | $100.8M | $348.2M | $22.1M | $22.0M |
| Short-term debt | — | — | — | — | — | — | — | — | — | — | — | $25.0M |
| Total current liabilities | $34.0M | $35.2M | $37.7M | $38.6M | $28.3M | $28.5M | $28.4M | $45.8M | $100.8M | $348.2M | $22.1M | $22.0M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $1.25B | $1.14B | $1.14B | $1.16B | $1.07B | $1.03B | $867.9M | $796.2M | $630.9M | $684.7M | $740.6M | $617.9M |
| Total liabilities | $1.28B | $1.17B | $1.18B | $1.20B | $1.10B | $1.05B | $896.3M | $842.0M | $731.7M | $1.03B | $740.6M | $639.9M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $66,000 | $66,000 | $68,000 | $70,000 | $71,000 | $71,000 | $71,000 | $71,000 | $71,000 | $49,000 | $42,000 | $42,000 |
| Retained earnings (deficit) | −$23.3M | −$7.5M | $1.9M | $6.7M | $10.0M | $20.4M | $33.9M | $33.1M | $24.0M | $21.3M | $13.0M | $12.2M |
| Total shareholders' equity | $1.06B | $1.08B | $1.11B | $1.14B | $1.16B | $1.18B | $1.19B | $1.19B | $1.18B | $811.6M | $683.1M | $680.7M |
| Key figures | ||||||||||||
| Total debt | $1.22B | $1.12B | $1.12B | $1.14B | $1.04B | $1.00B | $848.1M | $779.5M | $612.6M | $653.4M | $689.3M | $592.7M |
| Net cash (debt) | $13.30B | −$1.11B | −$1.10B | −$1.12B | −$1.03B | −$985.7M | −$825.8M | −$740.4M | −$592.3M | −$619.9M | −$642.4M | −$580.3M |
| Working capital | $38.68B | −$20.9M | −$6.7M | −$22.3M | $22.5M | $6.3M | $9.5M | $16.2M | −$58.4M | −$299.0M | $1.46B | $4.3M |
| Tangible book value | $1.06B | $1.08B | $1.11B | $1.14B | $1.16B | $1.18B | $1.19B | $1.19B | $1.18B | $811.6M | $683.1M | $680.7M |
| Book value per share | $15.97 | $16.07 | $15.80 | $16.19 | $16.32 | $16.52 | $16.70 | $16.69 | $16.57 | $12.48 | $9.60 | $10.47 |
| Shares outstanding | 66.3M | 67.1M | 70.3M | 70.4M | 70.9M | 71.2M | 71.0M | 71.1M | 71.1M | 65.0M | 71.1M | 65.0M |
| Current ratio | 1,137.24 | 0.41 | 0.82 | 0.42 | 1.79 | 1.22 | 1.33 | 1.35 | 0.42 | 0.14 | 67.28 | 1.19 |
| Quick ratio | 1,137.24 | 1.10 | 1.31 | 1.35 | 1.79 | 1.22 | 1.33 | 1.35 | 0.42 | 0.14 | 2.71 | 1.19 |
| Debt / equity | 1.15 | 1.04 | 1.01 | 1.00 | 0.90 | 0.85 | 0.71 | 0.66 | 0.52 | 0.81 | 1.01 | 0.87 |
| Equity / assets | 45.3% | 47.9% | 48.5% | 48.8% | 51.3% | 52.7% | 57.0% | 58.5% | 61.7% | 44.0% | 48.0% | 51.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 2, 2026); data from EODHD.
KBDC financial position
At the end of fiscal 2025 (December 31, 2025), Kayne Anderson BDC had total assets of $2.3 billion (up 9.8% from a year earlier), total liabilities of $1.2 billion and shareholders' equity of $1.1 billion. It held $18.0 million in cash and short-term investments against $1.1 billion of debt, net debt of $1.1 billion. Its current ratio was 0.82. In the latest quarter (ended June 30, 2026) total assets were $2.3 billion and equity $1.1 billion.
Related: KBDC income statement, KBDC cash flow statement, KBDC key metrics. See the KBDC stock overview for the latest quote and news.
KBDC balance sheet FAQ
What are Kayne Anderson BDC's total assets?
Kayne Anderson BDC reported total assets of $2.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.1 billion a year earlier.
How much debt does Kayne Anderson BDC have?
Kayne Anderson BDC had $1.1 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.01.
How much cash does Kayne Anderson BDC have?
Kayne Anderson BDC held $18.0 million in cash and short-term investments at the end of fiscal 2025; with $1.1 billion of debt that is net debt of $1.1 billion.
What is Kayne Anderson BDC's book value?
Kayne Anderson BDC's shareholders' equity (book value) was $1.1 billion at the end of fiscal 2025, or $15.80 per share.
What is Kayne Anderson BDC's current ratio?
Kayne Anderson BDC had current assets of $31.0 million and current liabilities of $37.7 million, a current ratio of 0.82 (current liabilities exceed current assets).