The lending market for KBDC has shifted sharply this week. Availability has tightened to roughly 9% — just one share remains for every eleven already borrowed — as short positions climbed 15.4% over seven days.
Short interest hit 590,139 shares as of May 12. That is up from 511,431 on May 4 — an 8-day move of roughly 78,700 shares. The week-on-week jump of 15.4% is the fastest build in recent weeks for Kayne Anderson BDC.
The prior month told a different story. Short interest ran above 600,000 shares through most of April before falling sharply around April 24. Shorts have now rebuilt nearly all of that ground.
Availability tightened to roughly 9% on May 12, down from approximately 32% on May 11. Just one week earlier, on May 8, availability was similarly loose — around 32%. The move back to near-maximum tightness happened in a single session.
The 52-week peak in borrow utilization was 100%. At 91.5%, KBDC is close to that extreme again. The lending pool has almost no slack.
Cost to borrow stands at 5.71% APR. That is up sharply from 2.99% on May 1 — nearly double in under two weeks — though it has softened slightly from the 6.25% peak reached on May 8.
KBDC reported earnings on May 12. The stock moved +1.9% on the day. A prior earnings print on March 3 produced a +3.1% one-day gain. Neither print triggered a short-covering wave.
The next earnings event is June 11. With availability tight and short positions elevated, that date is worth watching for borrow dynamics.
Most BDC peers had a rough week. GSBD fell 11.1% over the past week. NCDL dropped 8.2%. MFIC lost 8.8%. KBDC outperformed sharply, gaining 0.3% over the same period. That relative strength may be drawing the short interest build.
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