JMM vs KBDC

Nuveen Multi-Market Income Fund vs Kayne Anderson BDC, Inc. — Valuation Comparison 2026

By CirclFi Research Team · Updated 2026-06-03 · Data from SEC EDGAR, FRED & GDELT

Quick Summary — KBDC scores higher on quality with 4.1/10 vs JMM's 1.7/10. JMM trades at $5.82 while KBDC trades at $14.65. Both analyzed daily using SEC EDGAR data across 13 institutional models.

JMM

Asset Management
Nuveen Multi-Market Income Fund
Quality
1.7
out of 10
Value Trap
Price
$5.82
Last close
Models
8/13
Active
VS

KBDC

Asset Management
Kayne Anderson BDC, Inc.
Quality
4.1
out of 10
Value Trap
42
WARN
Price
$14.65
Last close
Models
9/13
Active
JMM
2 models active
Quality 1.7/10 — below average
KBDC
2 models active
Value Trap 42/100 — caution

JMM vs KBDC — Fair Value Comparison

JMM
$0$2$5$7 Price$5.82 Bayesian …$1.51 (-74.0%) Markov DDM$3.71 (-36.8%)
KBDC
$0$6$12$17 Price$14.65 Bayesian …$2.04 (-86.0%) RCMH-DCF$13.89 (-5.2%)
Market Price Model 1 Model 2

Model-by-Model Comparison

ModelType JMM Fair ValueJMM Upside KBDC Fair ValueKBDC Upside
Bayesian DCF Intrinsic $1.51 -74.0% $2.04 -86.0%
EROIC Spread Intrinsic $•••.•• ••.•% $•••.•• ••.•%
First Chicago Scenario $•••.•• ••.•% $•••.•• ••.•%
Markov DDM Intrinsic $3.71 -36.8%
ML-RIV Intrinsic $•••.•• ••.•% $•••.•• ••.•%
Dynamic NAV Asset-Based $•••.•• ••.•% $•••.•• ••.•%
PWERM Option-Based $•••.•• ••.•% $•••.•• ••.•%
Regime Cross-Sectional Relative $•••.•• ••.•% $•••.•• ••.•%
Sentiment SOTP Hybrid $•••.•• ••.•% $•••.•• ••.•%
CUCE Ensemble Ensemble $•••.•• ••.•% $•••.•• ••.•%
FTNN Topology Relative $•••.•• ••.•% $•••.•• ••.•%
RCMH-DCF Intrinsic $13.89 -5.2%

JMM vs KBDC — Which Stock Is More Undervalued in 2026?

KBDC scores higher with a 4.1/10 quality rating vs JMM's 1.7/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

How Do JMM and KBDC Valuations Compare?

At $5.82, JMM trades +74.0% above its Bayesian DCF fair value of $1.51, while KBDC at $14.65 trades +86.0% above its estimate of $2.04. KBDC shows a wider gap between price and intrinsic value.

Quality of Company: JMM vs KBDC

JMM earns a Quality of Company score of 1.7/10 compared to KBDC's 4.1/10. This moderate difference suggests one company has an edge in fundamental quality, though both may offer investment merit depending on valuation. The QOC score synthesizes 32 signals spanning profitability margins, revenue growth, free cash flow, capital allocation, and leverage.

Value Trap Risk: JMM vs KBDC

Review the value trap analysis for both JMM and KBDC to assess whether apparent undervaluation reflects genuine opportunity or hidden fundamental risk.

Both in Asset Management

Both JMM and KBDC operate in Asset Management, which has 448 stocks tracked by CirclFi. Same-industry comparisons provide the most direct insight into relative valuation since both companies face similar regulatory environments, market dynamics, and competitive pressures. Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN), and ensemble methods (CUCE).

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