The business behind the dividend
| Measure | KBDC | Median | Formula |
|---|---|---|---|
| Return on equity | 8.4% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | — | — | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | 8.4% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Current ratio, Debt to equity, Free cash flow, Interest cover, Net margin, Operating margin, Owner earnings, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | Median |
|---|---|---|---|---|---|---|
| Return on equity | 8.4% | 11.1% | 11.3% | 7.7% | 7.1% | 8.4% |
How it compares in investment company
Among the 40 investment company companies here measured on net investment income, Kayne Anderson BDC pays out less than 17 of them. The median for that group is 103.1%, against this company’s 104.9%.
Closest on net investment income
- Barings BDC (BBDC) 102.9%
- Main Street Capital (MAIN) 103.1%
- Palmer Square Capital BDC (PSBD) 103.4%
- Great Elm Capital (GECC) 107.5%
Same sector and same denominator, so the figures are comparable. All 40 in investment company →