Kayne Anderson BDC, Inc. reported its financial results for the first quarter ended March 31, 2025. The company achieved a total investment income of $55.2 million, up from $46.5 million in the same period last year, driven by an increase in interest income from non-controlled, non-affiliated investments, which rose to $55.0 million from $46.2 million. The net investment income for the quarter was $28.7 million, or $0.40 per share. Total expenses for the quarter increased, primarily due to higher management and incentive fees, which were $5.1 million and $4.5 million, respectively, compared to $3.5 million and $2.6 million in the prior year. Interest expenses also rose to $17.1 million from $15.7 million year-over-year. The company declared a second-quarter dividend of $0.40 per share. The net asset value per share decreased from $16.70 as of December 31, 2024, to $16.51, primarily due to a special dividend of $0.10 per share and unrealized losses of $0.10. Kayne Anderson BDC aims to reach the lower end of its debt-to-equity target range of 1.0x - 1.25x over the next two quarters, while maintaining a selective, value-oriented investment approach.