Kayne Anderson BDC initiated with an Outperform at RBC Capital

RBC Capital initiated coverage of Kayne Anderson BDC with an Outperform rating and $17 price target. The firm is positive on the company’s core middle-market direct lending in stable/slow-growing markets, the advisor’s value-lending philosophy and track record of low loss rates and senior management’s extensive industry experience, and its attractive dividend yield of 10%-11% with potential for incremental dividends in 2025, the analyst tells investors in a research note.