Kayne Anderson BDC (KBDC)


Market Price (11/6/2026): $12.67 | Market Cap: $836.7 MilSector: Financials | Industry: Asset Management & Custody Banks

Kayne Anderson BDC (KBDC)


Market Price (11/6/2026): $12.67
Market Cap: $836.7 Mil
Sector: Financials
Industry: Asset Management & Custody Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 22%, Dividend Yield is 13%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 18%

Low stock price volatility
Vol 12M is 21%

Megatrend and thematic drivers
Megatrends include Digital & Alternative Assets. Themes include Private Credit, and Private Equity.

Weak multi-year price returns
2Y Excs Rtn is -36%, 3Y Excs Rtn is -79%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 143%

Expensive valuation multiples
P/SPrice/Sales ratio is 10.0x

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -27%, Rev Chg QQuarterly Revenue Change % is -51%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -4.2%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -4.2%

Key risks
KBDC key risks include [1] a rising trend in payment-in-kind (PIK) interest income signaling future borrower stress and credit quality issues, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 22%, Dividend Yield is 13%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 18%
1 Low stock price volatility
Vol 12M is 21%
2 Megatrend and thematic drivers
Megatrends include Digital & Alternative Assets. Themes include Private Credit, and Private Equity.
3 Weak multi-year price returns
2Y Excs Rtn is -36%, 3Y Excs Rtn is -79%
4 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 143%
5 Expensive valuation multiples
P/SPrice/Sales ratio is 10.0x
6 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -27%, Rev Chg QQuarterly Revenue Change % is -51%
7 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -4.2%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -4.2%
8 Key risks
KBDC key risks include [1] a rising trend in payment-in-kind (PIK) interest income signaling future borrower stress and credit quality issues, Show more.

Valuation & Metrics

Price Chart

Why The Stock Moved

Stock Movement Drivers

Fundamental Drivers

The -1.2% change in KBDC stock from 7/31/2026 to 11/5/2026 was primarily driven by a -13.8% change in the company's Total Revenues ($ Mil).
(LTM values as of)731202611052026Change
Stock Price ($)12.8912.74-1.2%
Change Contribution By: 
Total Revenues ($ Mil)9885-13.8%
Net Income Margin (%)90.1%87.8%-2.6%
P/E Multiple9.811.316.2%
Shares Outstanding (Mil)67661.2%
Cumulative Contribution-1.2%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/5/2026
ReturnCorrelation
KBDC-1.2% 
Market (SPY)-1.9%36.5%
Sector (XLF)1.0%42.9%

Fundamental Drivers

The -9.2% change in KBDC stock from 4/30/2026 to 11/5/2026 was primarily driven by a -16.9% change in the company's Total Revenues ($ Mil).
(LTM values as of)430202611052026Change
Stock Price ($)14.0312.74-9.2%
Change Contribution By: 
Total Revenues ($ Mil)10285-16.9%
Net Income Margin (%)91.7%87.8%-4.3%
P/E Multiple10.311.310.6%
Shares Outstanding (Mil)68663.2%
Cumulative Contribution-9.2%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/5/2026
ReturnCorrelation
KBDC-9.2% 
Market (SPY)2.3%22.9%
Sector (XLF)10.7%42.1%

Fundamental Drivers

The -0.2% change in KBDC stock from 10/31/2025 to 11/5/2026 was primarily driven by a -26.6% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202511052026Change
Stock Price ($)12.7712.74-0.2%
Change Contribution By: 
Total Revenues ($ Mil)11685-26.6%
Net Income Margin (%)103.9%87.8%-15.5%
P/E Multiple7.511.350.5%
Shares Outstanding (Mil)71666.9%
Cumulative Contribution-0.2%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/5/2026
ReturnCorrelation
KBDC-0.2% 
Market (SPY)8.4%31.9%
Sector (XLF)11.1%41.3%

Fundamental Drivers

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Market Drivers

10/31/2023 to 11/5/2026
ReturnCorrelation
KBDC  
Market (SPY)81.3%39.3%
Sector (XLF)85.5%44.2%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
KBDC Return---10%-2%-3%4%
Peers Return31%-8%32%21%-1%-4%81%
S&P 500 Return27%-19%24%23%16%12%105%

Monthly Win Rates [3]
KBDC Win Rate---75%50%36% 
Peers Win Rate75%45%68%73%53%53% 
S&P 500 Win Rate75%42%67%75%67%45% 

Max Drawdowns [4]
KBDC Max Drawdown-----20%-15% 
Peers Max Drawdown-8%-26%-14%-12%-22%-22% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: ARCC, FSK, GBDC, TSLX, HTGC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/5/2026 (YTD)

How Low Can It Go

EventKBDCS&P 500
2025 US Tariff Shock
  % Loss-14.2%-18.8%
  % Gain to Breakeven16.5%23.1%
  Time to Breakeven391 days79 days

Compare to ARCC, FSK, GBDC, TSLX, HTGC

In The Past

Kayne Anderson BDC's stock fell -14.2% during the 2025 US Tariff Shock. Such a loss loss requires a 16.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

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Compare to ARCC, FSK, GBDC, TSLX, HTGC

In The Past

Kayne Anderson BDC's stock fell -14.2% during the 2025 US Tariff Shock. Such a loss loss requires a 16.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Kayne Anderson BDC (KBDC)

Kayne Anderson BDC (KBDC) operates as a publicly traded business development company (BDC). Its core mission involves providing financing solutions, primarily in the form of debt and, to a lesser extent, equity, to privately-held, U.S. middle-market companies. As a BDC, KBDC essentially acts as an alternative capital provider, sourcing investment opportunities that may not typically be served by traditional banking institutions or public capital markets.

The primary services offered by KBDC are direct lending and capital provision. Its main products include various forms of debt financing, such as senior secured loans, unitranche loans, and second lien loans, often complemented by opportunistic equity co-investments. KBDC targets U.S. middle-market businesses, typically those generating annual earnings before interest, taxes, depreciation, and amortization (EBITDA) within a specific range, across diverse industries. The company's objective is to generate current income and capital appreciation for its shareholders through interest payments and potential gains from its investment portfolio.

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Here are 1-3 brief analogies for Kayne Anderson BDC (KBDC):

  • Like KKR for private company debt.
  • Like JPMorgan for private, mid-sized business loans.

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  • Senior Secured Debt: Provides loans primarily secured by a first lien on a borrower's assets to middle-market companies.
  • Junior Secured Debt: Offers loans secured by a second lien on a borrower's assets to middle-market companies.
  • Subordinated Debt: Furnishes unsecured loans that rank below senior and junior debt in the event of liquidation, often including equity features like warrants.
  • Equity Investments: Makes direct investments in the common or preferred stock of private companies, frequently alongside debt investments.

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Douglas L. Goodwillie, Co-Chief Executive Officer

Douglas L. Goodwillie serves as a Managing Partner and Co-Head of Kayne Anderson's private credit group. He has over 20 years of experience in middle market lending. Before joining Kayne Anderson in November 2011, Mr. Goodwillie was a Director at LBC Credit Partners, a middle market private debt fund, where he was responsible for originating senior and mezzanine loan transactions. Prior to LBC, he was an operating director at Arsenal Capital Partners, a private equity firm, where he led capital markets efforts and specialized in the financial services sector. He also spent seven years at Dymas Capital Management, a middle market finance company, managing senior and junior middle market loans. He began his career with Gleacher Partners, focusing on leveraged lending and M&A advisory.

Kenneth B. Leonard, Co-Chief Executive Officer

Kenneth B. Leonard serves as a Managing Partner and Co-Head of Kayne Anderson's private credit group. Before joining Kayne Anderson in 2011, Mr. Leonard was with Cerberus Capital Management, L.P., where he co-founded Dymas Capital Management and helped develop a middle market, private equity-focused lending business. This highlights his experience in founding and managing companies, as well as working with private equity-backed lending operations. He was also a Senior Vice President in the Merchant Banking Syndications Team at GE Capital and held roles at Heller Financial, including leading the Corporate Finance Syndications Team and serving as an investment professional in its Turnaround Private Equity Group.

Terry A. Hart, Chief Financial Officer and Treasurer

Terry A. Hart is a Managing Director in Kayne Anderson's private credit group and is responsible for the oversight of accounting, financial reporting, tax, and treasury. Prior to joining Kayne Anderson in 2005, Mr. Hart was a Senior Vice President and Controller at Dynegy, Inc. He also served as Assistant Treasurer and Director of Structured Finance at Dynegy. His career in finance and accounting began in 1992 with Illinova Corporation, which was later acquired by Dynegy, Inc.

Frank P. Karl, President

Frank P. Karl is a Managing Director of investments of middle market direct lending at Kayne Anderson. He joined Kayne Anderson in 2013 and has focused on the firm's private credit strategies. Mr. Karl played a significant role in the formation of KBDC and was instrumental in leading its IPO process and a strategic investment into SG Credit. Earlier in his career, he was an analyst with Houlihan Lokey's financial restructuring group.

Andy Wedderburn-Maxwell, Senior Vice President

Andy Wedderburn-Maxwell is a Managing Director, BDCs at Kayne Anderson, having joined in April 2025. He brings over fifteen years of investment banking experience, including senior roles at firms such as Citigroup and Wells Fargo, where he focused on financial institutions. Prior to joining Kayne Anderson, he transitioned to the asset management side in 2023, where he contributed to the development and public listing of a Business Development Company at another investment management firm.

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Key Risks to Kayne Anderson BDC (KBDC)

  1. Refinancing and Repayment Risks for Portfolio Companies: Kayne Anderson BDC faces heightened refinancing and repayment risks as the loans to its middle-market portfolio companies approach maturity. If borrowers are unable to repay or refinance their outstanding principal, it could negatively impact KBDC's financial condition and cash flows. Elevated interest rates can further stress debt markets, making it more challenging for borrowers to service or refinance their debt.
  2. Interest Rate Fluctuations: KBDC's investment income is susceptible to changes in interest rates. While approximately 95% of KBDC's portfolio positions are floating rate, meaning higher interest rates can increase income, a decline in interest rates would consequently reduce KBDC's income.
  3. Credit Risk and Portfolio Company Performance: As a business development company that lends to middle-market companies, KBDC's success is dependent on its borrowers' ability to meet their debt maintenance obligations. There is an inherent credit risk that portfolio companies may experience financial distress or default on their loans, which could lead to losses for KBDC. As of December 31, 2025, KBDC had five debt investments on non-accrual status.

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Kayne Anderson BDC (KBDC) primarily operates within the U.S. private credit market, specifically focusing on direct lending to middle-market companies.

The U.S. private credit market has seen significant growth, reaching approximately $1.3 trillion as of early 2026. Other estimates place the market size between $1.5 trillion and $2.1 trillion, with about three-quarters of this market residing in the United States. The market surpassed $1.7 trillion in assets under management as of June 2023. Projections indicate continued expansion, with Moody's forecasting the U.S. private credit market to exceed $3 trillion in assets under management by 2028.

Within the broader private credit market, direct lending is a dominant strategy, representing approximately half of all gross value invested. The U.S. direct lending market was approximately $1 trillion in size as of early 2025. In 2025, total direct lending volume in the U.S. reached $369 billion.

The ultimate addressable market for private credit in the United States is estimated to be significantly larger, with McKinsey & Company suggesting it could be more than $30 trillion. This indicates substantial potential for further expansion beyond its current size.

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Expected Drivers of Future Revenue Growth for Kayne Anderson BDC (KBDC)

Over the next 2-3 years, Kayne Anderson BDC (KBDC) is expected to drive revenue growth through several key initiatives and market opportunities:

  1. Rotation into Higher-Yielding Private Credit Investments: KBDC is strategically rotating its portfolio out of lower-yielding broadly syndicated loans (BSLs) and into higher-yielding direct lending opportunities within the middle-market sector. This ongoing shift is a key initiative to enhance the company's overall portfolio yield and maximize earnings.
  2. Optimization of Leverage within Target Range: The company plans to gradually increase its debt-to-equity leverage ratio within its target range of 1.0x to 1.25x. By prudently utilizing additional leverage, KBDC can fund more investments, thereby increasing its interest income and net investment income per share.
  3. New Originations from a Strong M&A Pipeline: Management anticipates a solid pipeline for new private credit investment activity, supported by an expected increase in merger and acquisition (M&A) transactions. This environment is expected to create favorable opportunities for new originations and further portfolio growth.
  4. Deployment of Unfunded Commitments: KBDC maintains substantial unfunded commitments across its existing portfolio companies, amounting to approximately $287 million. These commitments provide future deployment optionality and additional opportunities to support its borrowers' growth initiatives, which will contribute to future interest income as they are drawn upon.
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Share Repurchases

  • A Rule 10b5-1 repurchase plan authorizes up to $100 million in buybacks through May 24, 2026.
  • From January 1, 2026 to February 20, 2026, the company repurchased $14.5 million of common stock at an average price of $14.25 per share.
  • As of February 20, 2026, $45.4 million remains available for repurchase under the existing stock repurchase plan.

Share Issuance

  • Kayne Anderson BDC completed its initial public offering (IPO) on May 24, 2024, generating net cash proceeds of $92.4 million.
  • The company's common stock began trading on the New York Stock Exchange (NYSE) on May 22, 2024.

Outbound Investments

  • As of December 31, 2025, Kayne Anderson BDC had investments in 107 portfolio companies with an aggregate fair value of approximately $2,198 million, primarily consisting of 93.2% first-lien senior secured loans.
  • Total investments at fair value increased to $2.19 billion as of December 31, 2025, up from $1.99 billion in the prior year.
  • During Q4 2025, gross new investment commitments totaled $113 million, though net investment activity for the quarter was negative, approximately $52 million, due to repayments and sales.

Capital Expenditures

  • Kayne Anderson BDC reported $0.00 in capital expenditures for periods including 2021, 2022, 2023, 2024, and Q3 2025.

Peer Outperformance in Asset Management & Custody Banks

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Share of Asset Management & Custody Banks constituents that KBDC has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
59%
of 100 industry peers · -0.6% return
3Y
—
insufficient peer history
5Y
—
insufficient peer history
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Median price return by industry across the Financials sector, ranked by 5Y. Asset Management & Custody Banks is KBDC's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Reinsurance 6 33.1%75.7%125.1% SPNT 168% · RGA 162% · RNR 141%
Investment Banking & Brokerage 13 -3.9%89.1%93.1% IBKR 305% · SNEX 152% · GS 141%
Diversified Banks 12 30.0%140.4%90.3% CM 144% · RY 129% · JPM 127%
Life & Health Insurance 20 14.3%52.3%75.4% JXN 514% · UNM 224% · FG 188%
Property & Casualty Insurance 42 18.9%76.8%66.8% TRV 178% · PGR 172% · ACGL 168%
Multi-Sector Holdings 3 10.1%53.8%59.4% BRK-B 99% · VOYA 59% · JEF 37%
Multi-line Insurance 9 9.5%71.4%59.4% AIZ 105% · GNW 104% · L 98%
Regional Banks 263 30.0%87.5%46.7% CBC 268% · FCNCA 176% · NIC 136%
Insurance Brokers 15 5.5%13.4%33.4% LIFE 287% · ARX 89% · WTW 56%
Financial Exchanges & Data 15 20.6%37.2%27.9% CBOE 183% · VIRT 131% · CME 71%
Asset Management & Custody Banks ← 83 -5.9%22.8%12.3% VCTR 210% · AAMI 207% · WT 205%
Consumer Finance 30 2.9%81.0%8.1% ENVA 330% · FCFS 130% · ECPG 111%
Commercial & Residential Mortgage Finance 14 -46.5%36.8%2.5% FNMA 327% · FMCC 293% · ACT 158%
Diversified Financial Services 4 -1.6%20.1%-1.1% FRHC 153% · EQH 71%
Specialized Finance 3 15.8%31.5%-19.7% HASI -20% · CACC -24%
Transaction & Payment Processing Services 17 19.3%9.1%-29.4% V 103% · MA 94% · CPAY 83%
Mortgage REITs 35 -18.0%-6.1%-37.2% RITM 36% · DX 17% · AGNC 10%
Diversified Capital Markets 20 -47.1%-8.5%-70.1% LPLA 83% · TW 38% · RIOT -53%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

KBDCARCCFSKGBDCTSLXHTGCMedian
NameKayne An.Ares Cap.FS KKR C.Golub Ca.Sixth St.Hercules. 
Mkt Price12.6719.3411.6412.9217.7916.5514.73
Mkt Cap0.813.93.23.41.73.13.1
Rev LTM851,079-459203119458161
Op Inc LTM-------
FCF LTM-41,1451,62092022-154471
FCF 3Y Avg-235-8771,35131672-171-49
CFO LTM-41,1451,62092022-154471
CFO 3Y Avg-235-8771,35131672-170-49

Growth & Margins

KBDCARCCFSKGBDCTSLXHTGCMedian
NameKayne An.Ares Cap.FS KKR C.Golub Ca.Sixth St.Hercules. 
Rev Chg LTM-26.6%-31.6%-226.8%-48.2%-50.8%13.3%-39.9%
Rev Chg 3Y Avg5.6%-4.1%-94.7%16.4%-20.1%7.4%0.8%
Rev Chg Q-51.2%-20.7%-66.7%-31.9%-23.7%-19.8%-27.8%
QoQ Delta Rev Chg LTM-13.8%-8.1%-49.5%-13.0%-10.3%-5.9%-11.7%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM-4.2%106.1%-452.2%18.3%-33.6%18.3%
CFO/Rev 3Y Avg-225.2%-39.6%-175.2%33.8%-40.7%-39.6%
FCF/Rev LTM-4.2%106.1%-452.2%18.3%-33.6%18.3%
FCF/Rev 3Y Avg-225.2%-39.6%-175.2%33.8%-40.8%-39.6%

Valuation

KBDCARCCFSKGBDCTSLXHTGCMedian
NameKayne An.Ares Cap.FS KKR C.Golub Ca.Sixth St.Hercules. 
Mkt Cap0.813.93.23.41.73.13.1
P/S9.912.9-16.514.36.712.9
P/Op Inc-------
P/EBIT-------
P/E11.315.9-6.219.621.58.613.6
P/CFO-237.512.22.03.778.2-20.02.8
Total Yield21.8%16.0%4.0%14.5%13.4%22.9%15.2%
Dividend Yield13.0%9.7%20.1%9.4%8.8%11.1%10.4%
FCF Yield 3Y Avg-21.8%-6.4%35.1%10.7%3.2%-5.1%-0.9%
D/E1.51.11.91.31.10.81.2
Net D/E1.41.01.91.31.10.81.2

Returns

KBDCARCCFSKGBDCTSLXHTGCMedian
NameKayne An.Ares Cap.FS KKR C.Golub Ca.Sixth St.Hercules. 
1M Rtn0.5%3.8%7.7%6.0%3.0%-0.1%3.4%
3M Rtn-5.8%1.0%1.7%1.5%-2.6%-0.2%0.4%
6M Rtn-11.5%7.2%14.8%3.4%4.4%6.9%5.6%
12M Rtn-1.1%4.9%-6.7%2.2%-10.3%2.8%0.5%
3Y Rtn3.8%31.2%-6.5%22.8%18.3%42.5%20.6%
1M Excs Rtn3.6%6.3%9.7%9.1%5.0%2.6%5.6%
3M Excs Rtn-6.6%-0.1%-2.0%1.6%-3.8%-0.5%-1.2%
6M Excs Rtn-16.3%2.4%10.0%-1.4%-0.4%2.1%0.8%
12M Excs Rtn-14.1%-8.1%-21.0%-11.4%-25.7%-10.3%-12.7%
3Y Excs Rtn-79.1%-48.1%-85.8%-57.6%-58.5%-36.3%-58.0%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment2142161538031
Total2142161538031


Price Behavior

Price Behavior
Market Price$12.74 
Market Cap ($ Bil)0.8 
First Trading Date05/22/2024 
Distance from 52W High-11.5% 
   50 Days200 Days
DMA Price$12.72$13.09
DMA Trenddownindeterminate
Distance from DMA0.2%-2.7%
 3M1YR
Volatility16.2%20.7%
Downside Capture46.2262.84
Upside Capture16.6555.53
Correlation (S&P 500)15.6%30.9%
KBDC Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta0.080.270.520.290.50-0.03
Up Beta-3.59-0.510.79-0.050.380.06
Down Beta0.310.12-0.060.280.32-0.04
Up Capture41%35%56%21%46%11%
Bmk +ve Days12182862130427
Stock +ve Days9172954123304
Down Capture-1%52%65%60%71%67%
Bmk -ve Days10253664121325
Stock -ve Days12243369124295

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with KBDC
KBDC-0.1%20.7%-0.12-
Sector ETF (XLF)11.1%15.2%0.4741.3%
Equity (SPY)9.5%13.6%0.4132.1%
Gold (GLD)3.6%28.7%0.114.4%
Commodities (DBC)37.7%21.2%1.40-17.7%
Real Estate (VNQ)12.0%14.2%0.5537.5%
Bitcoin (BTCUSD)-20.8%43.3%-0.4215.2%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with KBDC
KBDC0.9%18.6%-0.04-
Sector ETF (XLF)9.1%18.4%0.3644.2%
Equity (SPY)11.3%17.3%0.4839.3%
Gold (GLD)17.5%19.1%0.74-0.2%
Commodities (DBC)8.0%19.6%0.29-3.1%
Real Estate (VNQ)1.2%18.9%-0.0537.9%
Bitcoin (BTCUSD)5.9%51.5%0.2914.2%

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Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with KBDC
KBDC0.4%18.6%-0.04-
Sector ETF (XLF)13.3%22.1%0.5444.2%
Equity (SPY)14.9%18.0%0.7039.3%
Gold (GLD)12.0%16.5%0.59-0.2%
Commodities (DBC)7.6%18.1%0.33-3.1%
Real Estate (VNQ)5.7%20.7%0.2337.9%
Bitcoin (BTCUSD)61.3%66.2%1.0114.2%

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Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity0.7 Mil
Short Interest: % Change Since 93020262.1%
Average Daily Volume0.3 Mil
Days-to-Cover Short Interest2.0 days
Basic Shares Quantity66.3 Mil
Short % of Basic Shares1.0%

Earnings Returns History

Updated 11/5/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/10/2026-1.6%-4.7%-6.4%
5/11/20263.8%0.2%-0.5%
3/2/20261.2%0.9%3.4%
11/10/20253.1%2.1%6.9%
8/11/20250.7%0.0%0.1%
5/12/2025-0.8%1.9%-0.7%
3/3/2025-3.5%-3.3%-2.4%
11/13/2024-0.8%-3.2%2.5%
...
SUMMARY STATS   
# Positive565
# Negative434
Median Positive1.2%0.7%2.5%
Median Negative-1.2%-3.3%-1.6%
Max Positive3.8%2.1%6.9%
Max Negative-3.5%-4.7%-6.4%
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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/10/2026-1.6%-4.7%-6.4%
5/11/20263.8%0.2%-0.5%
3/2/20261.2%0.9%3.4%
11/10/20253.1%2.1%6.9%
8/11/20250.7%0.0%0.1%
5/12/2025-0.8%1.9%-0.7%
3/3/2025-3.5%-3.3%-2.4%
11/13/2024-0.8%-3.2%2.5%
8/13/20240.4%0.5%1.9%
SUMMARY STATS   
# Positive565
# Negative434
Median Positive1.2%0.7%2.5%
Median Negative-1.2%-3.3%-1.6%
Max Positive3.8%2.1%6.9%
Max Negative-3.5%-4.7%-6.4%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/10/202610-Q
03/31/202605/11/202610-Q
12/31/202503/02/202610-K
09/30/202511/10/202510-Q
06/30/202508/11/202510-Q
03/31/202505/12/202510-Q
12/31/202403/03/202510-K
09/30/202411/13/202410-Q
06/30/202408/13/202410-Q
03/31/202405/23/2024424B1
09/30/202302/02/2024DRS/A
06/30/202310/06/2023DRS
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Report DateFiling DateFiling
06/30/202608/10/202610-Q
03/31/202605/11/202610-Q
12/31/202503/02/202610-K
09/30/202511/10/202510-Q
06/30/202508/11/202510-Q
03/31/202505/12/202510-Q
12/31/202403/03/202510-K
09/30/202411/13/202410-Q
06/30/202408/13/202410-Q
03/31/202405/23/2024424B1
09/30/202302/02/2024DRS/A
06/30/202310/06/2023DRS

Recent Forward Guidance

Updated 11/5/2026

Latest: Q3 2026 Earnings Reported 11/5/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2026 DividendsReported 0.4    
2026 Target Asset Coverage RatioReported1.81.92  AffirmedGuidance: 1.9 for 2026
2026 Target Debt-to-Equity RatioReported11.131.25  AffirmedGuidance: 1.13 for 2026


Prior: Q2 2026 Earnings Reported 8/10/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Asset Coverage RatioReported1.81.92   
2026 Debt-to-Equity RatioReported11.131.250.0% AffirmedGuidance: 1.13 for 2026

Q1 2026 Earnings Reported 5/11/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Debt-to-Equity RatioReported11.131.25   

Q4 2025 Earnings Reported 3/2/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Base DividendReported 0.4    

Insider Activity

Updated 9/30/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Robo, James L Ventus Capital, LLCBuy930202613.03146,7551,912,6589,992,610Form
2Robo, James L Ventus Capital, LLCBuy925202613.05105,0001,369,8308,088,011Form
3Robo, James L Ventus Capital, LLCBuy923202613.0894,1201,230,9956,735,175Form
4Robo, James L Ventus Capital, LLCBuy923202613.1320,841273,7475,527,747Form
5Robo, James L Ventus Capital, LLCBuy916202613.04340,0004,432,9205,215,200Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Robo, James L Ventus Capital, LLCBuy930202613.03146,7551,912,6589,992,610Form
2Robo, James L Ventus Capital, LLCBuy925202613.05105,0001,369,8308,088,011Form
3Robo, James L Ventus Capital, LLCBuy923202613.0894,1201,230,9956,735,175Form
4Robo, James L Ventus Capital, LLCBuy923202613.1320,841273,7475,527,747Form
5Robo, James L Ventus Capital, LLCBuy916202613.04340,0004,432,9205,215,200Form
6Robo, James L Ventus Capital, LLCBuy916202613.0260,000781,020781,020Form
7Marucci, George E JR DirectBuy309202613.749,000123,660137,400Form
8Marucci, George E JR DirectBuy305202613.961,00013,96013,960Form
9Smith, Rhonda Scott DirectBuy930202513.683654,99222,087Form

Investor Activity (13F)

Updated Nov 6, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Koch, Inc.$167.1 Mil18.1%8Hold13F
Active Manager
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Koch, Inc.$167.1 Mil18.1%8Hold13F
Core Cache Last Updated: 11/5/2026