2023 Q4 Form 10-Q Financial Statement

#000121390023086801 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q4
Revenue $42.70M $21.37M
YoY Change 90.22%
Cost Of Revenue $19.42M $19.15M
YoY Change
Gross Profit $23.28M $22.05M
YoY Change
Gross Profit Margin 54.52% 103.19%
Selling, General & Admin $845.0K $681.0K
YoY Change
% of Gross Profit 3.63% 3.09%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $845.0K $19.83M
YoY Change 114.13%
Operating Profit $22.43M $2.222M
YoY Change
Interest Expense $361.0K $13.87M
YoY Change 152.02%
% of Operating Profit 1.61% 624.26%
Other Income/Expense, Net
YoY Change
Pretax Income $22.79M $13.87M
YoY Change
Income Tax
% Of Pretax Income
Net Earnings $22.79M $13.87M
YoY Change
Net Earnings / Revenue 53.39% 64.92%
Basic Earnings Per Share $0.53
Diluted Earnings Per Share $0.32 $0.53
COMMON SHARES
Basic Shares Outstanding 41.60M shares 41.51M shares 32.92M shares
Diluted Shares Outstanding 40.50M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $34.07M $12.38M
YoY Change
Cash & Equivalents $34.07M $12.38M $8.526M
Short-Term Investments
Other Short-Term Assets $319.0K $119.0K
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $34.49M $12.68M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.376B $1.294B $7.148M
YoY Change 19154.34% 25138.51% 2759.2%
Other Assets
YoY Change
Total Long-Term Assets $1.389B $1.308B
YoY Change
TOTAL ASSETS
Total Short-Term Assets $34.49M $12.68M
Total Long-Term Assets $1.389B $1.308B
Total Assets $1.424B $1.321B $1.194B
YoY Change 19.2% 33.07% 103.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $11.95M $10.60M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $51.29M $47.19M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $695.8M $598.0M
YoY Change
Other Long-Term Liabilities -$6.431M -$5.289M
YoY Change
Total Long-Term Liabilities $689.3M $592.7M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $51.29M $47.19M
Total Long-Term Liabilities $689.3M $592.7M
Total Liabilities $740.6M $639.9M $602.4M
YoY Change 22.95% 36.52% 119.44%
SHAREHOLDERS EQUITY
Retained Earnings $13.02M $12.18M $17.47M
YoY Change -25.43% -52.88% 55.6%
Common Stock $670.0M $668.5M $36.00K
YoY Change 1861100.0% 2156503.23% 89.47%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $683.1M $680.7M $592.0M
YoY Change
Total Liabilities & Shareholders Equity $1.424B $1.321B $1.194B
YoY Change 19.2% 33.07% 103.66%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q4
OPERATING ACTIVITIES
Net Income $22.79M $13.87M
YoY Change
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$53.75M -$56.30M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 75.44M 60.16M
YoY Change
NET CHANGE
Cash From Operating Activities -53.75M -56.30M
Cash From Investing Activities
Cash From Financing Activities 75.44M 60.16M
Net Change In Cash 21.69M 3.858M
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$53.75M -$56.30M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Profit Loss
ProfitLoss
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us-gaap Profit Loss
ProfitLoss
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ck0001747172 Net Realizedgainslosses On Investments
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us-gaap Unrealized Gain Loss On Investments
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us-gaap Unrealized Gain Loss On Investments
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us-gaap Accretion Amortization Of Discounts And Premiums Investments
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us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
3287000 usd
ck0001747172 Purchases Of Shortterm Investments Net
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ck0001747172 Purchases Of Shortterm Investments Net
PurchasesOfShorttermInvestmentsNet
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ck0001747172 Purchases Of Portfolio Investments
PurchasesOfPortfolioInvestments
217836000 usd
ck0001747172 Purchases Of Portfolio Investments
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468799000 usd
ck0001747172 Proceeds From Sales Of Investments And Principal Repayments
ProceedsFromSalesOfInvestmentsAndPrincipalRepayments
105319000 usd
ck0001747172 Proceeds From Sales Of Investments And Principal Repayments
ProceedsFromSalesOfInvestmentsAndPrincipalRepayments
89694000 usd
ck0001747172 Paidinkind Interest From Portfolio Investments
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1310000 usd
us-gaap Amortization Of Financing Costs
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1936000 usd
us-gaap Amortization Of Financing Costs
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us-gaap Increase Decrease In Interest And Dividends Receivable
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5820000 usd
us-gaap Increase Decrease In Deferred Charges
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ck0001747172 Increasedecrease In Receivable For Principal Payments On Investments
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ck0001747172 Increasedecrease In Receivable For Principal Payments On Investments
IncreasedecreaseInReceivableForPrincipalPaymentsOnInvestments
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us-gaap Increase Decrease In Prepaid Expenses Other
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us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
9000 usd
us-gaap Increase Decrease In Payable For Investment Purchased
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us-gaap Increase Decrease In Management Fee Payable
IncreaseDecreaseInManagementFeePayable
490000 usd
us-gaap Increase Decrease In Management Fee Payable
IncreaseDecreaseInManagementFeePayable
956000 usd
us-gaap Increase Decrease In Incentive Fee Payable
IncreaseDecreaseInIncentiveFeePayable
6930000 usd
us-gaap Increase Decrease In Incentive Fee Payable
IncreaseDecreaseInIncentiveFeePayable
2960000 usd
ck0001747172 Increasedecrease In Accrued Organizational And Offering Costs Net
IncreasedecreaseInAccruedOrganizationalAndOfferingCostsNet
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ck0001747172 Increasedecrease In Accrued Other General And Administrative Expenses
IncreasedecreaseInAccruedOtherGeneralAndAdministrativeExpenses
3397000 usd
ck0001747172 Increasedecrease In Accrued Other General And Administrative Expenses
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2096000 usd
us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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ck0001747172 Borrowingspayments On Corporate Credit Facility Net
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ck0001747172 Borrowingspayments On Corporate Credit Facility Net
BorrowingspaymentsOnCorporateCreditFacilityNet
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ck0001747172 Borrowings On Revolving Funding Facility Net
BorrowingsOnRevolvingFundingFacilityNet
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ck0001747172 Borrowings On Revolving Funding Facility Net
BorrowingsOnRevolvingFundingFacilityNet
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us-gaap Proceeds From Repayments Of Other Debt
ProceedsFromRepaymentsOfOtherDebt
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ck0001747172 Borrowings On Subscription And Credit Agreement Net
BorrowingsOnSubscriptionAndCreditAgreementNet
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ck0001747172 Borrowings On Subscription And Credit Agreement Net
BorrowingsOnSubscriptionAndCreditAgreementNet
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us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
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us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
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us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
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us-gaap Payments Of Capital Distribution
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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ck0001747172 Proceeds From Issuance Of Notes
ProceedsFromIssuanceOfNotes
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
370654000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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3858000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
13236000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8526000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2035000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12384000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
15271000 usd
us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Interest Paid Net
InterestPaidNet
8168000 usd
ck0001747172 Noncash Financing Activities Not Included Herein Consisted Of Reinvestment Of Dividends
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3396000 usd
ck0001747172 Noncash Financing Activities Not Included Herein Consisted Of Reinvestment Of Dividends
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us-gaap Nature Of Operations
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 1. Organization</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Organization</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Kayne Anderson BDC, Inc. (the “Company”) is an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, the Company intends to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company was formed as a Delaware corporation to make investments in middle-market companies and commenced operations on February 5, 2021.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2023, the Company has entered into subscription agreements with investors for an aggregate capital commitment of $887,003 to purchase shares of the Company’s common stock. See Note 11 – Subsequent Events.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">KA Credit Advisors, LLC (the “Advisor”) is an affiliate of Kayne Anderson Capital Advisors, L.P. (“Kayne Anderson”), a prominent alternative investment management firm. The Advisor and Kayne Anderson are registered with the United States Securities and Exchange Commission (the “SEC”) under the Investment Advisory Act of 1940, as amended. Subject to the overall supervision of the Company’s board of directors (the “Board”), the Advisor is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring investments, determining the value of its investments and monitoring its investments and portfolio companies on an ongoing basis. The Board consists of seven directors, four of whom are independent.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation primarily through debt investments in middle-market companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company conducts private offerings of its Common Stock to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). At the closing of any private offering, each investor will make a capital commitment (a “Capital Commitment”) to purchase shares of its common stock pursuant to a subscription agreement entered into with the Company. Investors will be required to fund drawdowns to purchase shares of common stock up to the amount of their respective Capital Commitments each time the Company delivers a notice to the investors. Following the initial closing of the private offering (the “Initial Closing”) on February 5, 2021 and prior to any Liquidity Event (as defined below), the Advisor may, in its sole discretion, permit additional closings of the private offering. A “Liquidity Event” is defined as (a) an initial public offering of shares of common stock (the “Initial Public Offering”) or the listing of shares of common stock on an exchange (together with the Initial Public Offering, an “Exchange Listing”), (b) the sale of the Company or (c) a disposition of the Company’s investments and distribution of the net proceeds (after repayment of borrowed funds or other forms of leverage) to the Company’s investors.</p>
CY2023Q3 us-gaap Investment Company Financial Commitment To Investee Future Amount
InvestmentCompanyFinancialCommitmentToInvesteeFutureAmount
887003000 usd
CY2023Q3 ck0001747172 Non Qualifying Assets
NonQualifyingAssets
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us-gaap Use Of Estimates
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">C.<i> Use of Estimates</i>—the preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Actual results could differ materially from those estimates.</p>
ck0001747172 Third Party Valuation Percentage
ThirdPartyValuationPercentage
0.25 pure
us-gaap Dividends Paidinkind
DividendsPaidinkind
1310000 usd
ck0001747172 Aggregate Interest Income
AggregateInterestIncome
0.011 pure
CY2022Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
1165119000 usd
ck0001747172 Distributions Percentage
DistributionsPercentage
0.90 pure
us-gaap Quarterly Financial Information Income Taxes Significant Variation Description
QuarterlyFinancialInformationIncomeTaxesSignificantVariationDescription
All RICs are subject to a non-deductible 4% excise tax on income that is not distributed on a timely basis in accordance with the calendar year distribution requirements. To avoid the tax, the Company must distribute during each calendar year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of its net capital gains for the one-year period ending on December 31, the last day of our taxable year, and (iii) undistributed amounts from previous years on which the Company paid no U.S. federal income tax.
ck0001747172 Base Management Fee Annual Rate
BaseManagementFeeAnnualRate
0.015 pure
ck0001747172 Fair Market Value In Percentage
FairMarketValueInPercentage
0.01 pure
CY2023Q3 us-gaap Management Fee Expense
ManagementFeeExpense
2905000 usd
CY2022Q3 us-gaap Management Fee Expense
ManagementFeeExpense
1908000 usd
us-gaap Management Fee Expense
ManagementFeeExpense
8438000 usd
us-gaap Management Fee Expense
ManagementFeeExpense
4732000 usd
us-gaap Investment Company Incentive Fee To Average Net Assets
InvestmentCompanyIncentiveFeeToAverageNetAssets
0.015 pure
us-gaap Investment Company Total Return After Incentive Fees
InvestmentCompanyTotalReturnAfterIncentiveFees
0.06 pure
us-gaap Incentive Fee Description
IncentiveFeeDescription
●Prior to an Exchange Listing: 100% of our pre-incentive fee net investment income for the immediately preceding calendar quarter in excess of 1.50% of the Company’s NAV at the end of the immediately preceding calendar quarter until the Advisor has received 10% of the total pre-incentive fee net income for that calendar quarter and, for pre-incentive fee net investment income in excess of 1.6667%, 10% of all remaining pre-incentive fee net investment income for that quarter.   ● After an Exchange Listing: 100% of the Company’s pre-incentive fee net investment income for the immediately preceding calendar quarter in excess of 1.50% of the Company’s NAV at the end of the immediately preceding calendar quarter until the Advisor has received 15% of the total pre-incentive fee net income for that calendar quarter and, for pre-incentive fee net investment income in excess of 1.7647%, 15% of all remaining pre-incentive fee net investment income for that quarter.
CY2022Q3 us-gaap Incentive Fee Expense
IncentiveFeeExpense
1230000 usd
us-gaap Incentive Fee Expense
IncentiveFeeExpense
6929000 usd
ck0001747172 Incentive Fee Expense Excluding Capital Gains
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2960000 usd
CY2022Q4 ck0001747172 Non Qualifying Assets
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ck0001747172 Longterm Investments Fair Value Percentage
LongtermInvestmentsFairValuePercentage
1 pure
CY2022 ck0001747172 Longterm Investments Fair Value Percentage
LongtermInvestmentsFairValuePercentage
1 pure
CY2023Q3 us-gaap Investments
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CY2022Q4 us-gaap Investments
Investments
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CY2022Q4 us-gaap Investments Fair Value Disclosure
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FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
40482000 usd
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2443000 usd
CY2023Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
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FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
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CY2022Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales
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CY2022Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
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3317000 usd
CY2022Q3 us-gaap Fair Value Liabilities Measured On Recurring Basis Change In Unrealized Gain Loss
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FairValueMeasurementWithUnobservableInputReconciliationRecurringBasisNetAccretionOfDiscountOnInvestments
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CY2022Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
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ck0001747172 Fair Value Measurement With Unobservable Input Reconciliation Recurring Basis Net Accretion Of Discount On Investments
FairValueMeasurementWithUnobservableInputReconciliationRecurringBasisNetAccretionOfDiscountOnInvestments
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FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
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FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
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us-gaap Fair Value Liabilities Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
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ck0001747172 Fair Value Measurement With Unobservable Input Reconciliation Recurring Basis Net Accretion Of Discount On Investments
FairValueMeasurementWithUnobservableInputReconciliationRecurringBasisNetAccretionOfDiscountOnInvestments
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CY2022Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
964034000 usd
CY2023Q3 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
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us-gaap Line Of Credit Facility Commitment Fee Percentage
LineOfCreditFacilityCommitmentFeePercentage
0.0025 pure
ck0001747172 Extension Fee
ExtensionFee
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ck0001747172 Debt Total Commitment
DebtTotalCommitment
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us-gaap Long Term Debt Average Amount Outstanding
LongTermDebtAverageAmountOutstanding
192000000 usd
CY2022Q1 us-gaap Other Loans Payable
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CY2023Q3 us-gaap Debt Instrument Face Amount
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CY2023Q3 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
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CY2023Q3 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
75625000 usd
CY2023Q3 ck0001747172 Debt Weighted Average Interest Rate1
DebtWeightedAverageInterestRate1
0.0871 pure
us-gaap Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
0.01 pure
us-gaap Debt Instrument Redemption Price Percentage Of Principal Amount Redeemed
DebtInstrumentRedemptionPricePercentageOfPrincipalAmountRedeemed
0.015 pure
CY2023Q3 ck0001747172 Aggregate Interest Threshold
AggregateInterestThreshold
0.02 pure
CY2023Q3 ck0001747172 Asset Coverage Ratio
AssetCoverageRatio
1.50 pure
us-gaap Line Of Credit Facility Periodic Payment Principal
LineOfCreditFacilityPeriodicPaymentPrincipal
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us-gaap Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
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CY2023Q3 ck0001747172 Line Of Credit Available Amount
LineOfCreditAvailableAmount
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CY2023Q3 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
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CY2022 us-gaap Line Of Credit Facility Periodic Payment Principal
LineOfCreditFacilityPeriodicPaymentPrincipal
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CY2022 us-gaap Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
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CY2022Q4 ck0001747172 Line Of Credit Available Amount
LineOfCreditAvailableAmount
169793000 usd
CY2022Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
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us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
54281000 usd
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InterestExpenseOther
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InterestExpenseOther
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CY2023Q3 us-gaap Amortization Of Financing Costs
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CY2022Q3 us-gaap Amortization Of Financing Costs
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CY2023Q3 us-gaap Interest Expense
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CY2022Q3 us-gaap Interest Expense
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CY2023Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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CY2022Q3 us-gaap Interest Income Expense Net
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us-gaap Interest Expense Other
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us-gaap Interest Expense Other
InterestExpenseOther
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us-gaap Amortization Of Financing Costs
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us-gaap Amortization Of Financing Costs
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us-gaap Interest Expense
InterestExpense
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us-gaap Interest Expense
InterestExpense
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us-gaap Interest Income Expense Net
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us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
312423000 usd
CY2023Q3 us-gaap Shares Issued
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us-gaap Proceeds From Issuance Of Common Stock
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CY2022Q3 us-gaap Shares Issued
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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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ck0001747172 Aggregate Capital Commitment
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CY2023Q3 us-gaap Other Commitment
OtherCommitment
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CY2022Q3 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
14598000 usd
CY2023Q3 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
1.53
CY2022Q3 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
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us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
205120 shares
ck0001747172 Stock Issued During Period Value Dividends Reinvestment Plan
StockIssuedDuringPeriodValueDividendsReinvestmentPlan
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us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
218941 shares
ck0001747172 Stock Issued During Period Value Dividends Reinvestment Plan
StockIssuedDuringPeriodValueDividendsReinvestmentPlan
3555000 usd
CY2023Q3 ck0001747172 Unfunded Commitments
UnfundedCommitments
109130000 usd
CY2022Q4 ck0001747172 Unfunded Commitments
UnfundedCommitments
149338000 usd
CY2023Q3 ck0001747172 Unfunded Commitments
UnfundedCommitments
109130000 usd
CY2022Q4 ck0001747172 Unfunded Commitments
UnfundedCommitments
149338000 usd
CY2023Q3 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
13872000 usd
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
27789000 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
40499327 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29530036 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38461385 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25177005 shares
CY2023Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.34
CY2022Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.49
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.41
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.1
CY2022Q4 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
16.5
CY2021Q4 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
16.22
us-gaap Investment Company Investment Income Loss Per Share
InvestmentCompanyInvestmentIncomeLossPerShare
1.62
us-gaap Investment Company Investment Income Loss Per Share
InvestmentCompanyInvestmentIncomeLossPerShare
0.98
us-gaap Investment Company Gain Loss On Investment Per Share
InvestmentCompanyGainLossOnInvestmentPerShare
-0.19
us-gaap Investment Company Gain Loss On Investment Per Share
InvestmentCompanyGainLossOnInvestmentPerShare
0.09
us-gaap Investment Company Investment Income Loss From Operations Per Share
InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare
1.43
us-gaap Investment Company Investment Income Loss From Operations Per Share
InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare
1.07
us-gaap Investment Company Distribution To Shareholders Per Share
InvestmentCompanyDistributionToShareholdersPerShare
1.53
us-gaap Investment Company Distribution To Shareholders Per Share
InvestmentCompanyDistributionToShareholdersPerShare
0.56
ck0001747172 Net Decrease In Net Assets Resulting From Distributions Subtotal
NetDecreaseInNetAssetsResultingFromDistributionsSubtotal
-1.53
ck0001747172 Net Decrease In Net Assets Resulting From Distributions Subtotal
NetDecreaseInNetAssetsResultingFromDistributionsSubtotal
-0.56
CY2023Q3 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
16.4
CY2022Q3 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
16.73
CY2023Q3 us-gaap Shares Outstanding
SharesOutstanding
41506935 shares
CY2022Q3 us-gaap Shares Outstanding
SharesOutstanding
31304965 shares
CY2023Q3 us-gaap Net Regulatory Assets
NetRegulatoryAssets
680726000 usd
CY2022Q3 us-gaap Net Regulatory Assets
NetRegulatoryAssets
523727000 usd
ck0001747172 Weightedaverage Shares Outstandingin Shares
WeightedaverageSharesOutstandinginShares
38461385 shares
ck0001747172 Weightedaverage Shares Outstandingin Shares
WeightedaverageSharesOutstandinginShares
25177005 shares
us-gaap Investment Company Total Return
InvestmentCompanyTotalReturn
0.089 pure
us-gaap Investment Company Total Return
InvestmentCompanyTotalReturn
0.067 pure
us-gaap Investment Company Portfolio Turnover
InvestmentCompanyPortfolioTurnover
0.085 pure
us-gaap Investment Company Portfolio Turnover
InvestmentCompanyPortfolioTurnover
0.125 pure
ck0001747172 Ratio Of Operating Expenses To Average Net Assets
RatioOfOperatingExpensesToAverageNetAssets
0.119 pure
ck0001747172 Ratio Of Operating Expenses To Average Net Assets
RatioOfOperatingExpensesToAverageNetAssets
0.069 pure
us-gaap Investment Company Investment Income Loss Ratio
InvestmentCompanyInvestmentIncomeLossRatio
0.133 pure
us-gaap Investment Company Investment Income Loss Ratio
InvestmentCompanyInvestmentIncomeLossRatio
0.082 pure
CY2023Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
0
CY2022Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
0.03
CY2022Q4 ck0001747172 Senior Unsecured Notes
SeniorUnsecuredNotes
usd
CY2022Q4 ck0001747172 Unamortized Notes Issuance Costs
UnamortizedNotesIssuanceCosts
usd
CY2023Q3 ck0001747172 Payable For Investments Purchased
PayableForInvestmentsPurchased
usd
CY2023Q3 us-gaap Noninterest Expense Offering Cost
NoninterestExpenseOfferingCost
usd
CY2022Q3 us-gaap Noninterest Expense Offering Cost
NoninterestExpenseOfferingCost
usd
us-gaap Noninterest Expense Offering Cost
NoninterestExpenseOfferingCost
usd
CY2023Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.34
CY2022Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.49
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25177005 shares
ck0001747172 Net Realizedgainslosses On Investments
NetRealizedgainslossesOnInvestments
usd
ck0001747172 Paidinkind Interest From Portfolio Investments
PaidinkindInterestFromPortfolioInvestments
usd
us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
usd
us-gaap Increase Decrease In Payable For Investment Purchased
IncreaseDecreaseInPayableForInvestmentPurchased
usd
ck0001747172 Increasedecrease In Accrued Organizational And Offering Costs Net
IncreasedecreaseInAccruedOrganizationalAndOfferingCostsNet
usd
us-gaap Proceeds From Repayments Of Other Debt
ProceedsFromRepaymentsOfOtherDebt
usd
ck0001747172 Proceeds From Issuance Of Notes
ProceedsFromIssuanceOfNotes
usd
us-gaap Dividends Paidinkind
DividendsPaidinkind
usd
CY2023Q3 ck0001747172 Capital Gains
CapitalGains
usd
CY2022Q3 ck0001747172 Capital Gains
CapitalGains
usd
ck0001747172 Capital Gains
CapitalGains
usd
ck0001747172 Capital Gains
CapitalGains
usd
CY2023Q3 us-gaap Fair Value Liabilities Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
usd
CY2023Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
usd
CY2022Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
usd
us-gaap Fair Value Liabilities Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
usd
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
usd
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40499327 shares
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.10
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.41
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0001747172

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