MISSION WOODS, Kan., May 29, 2025 /PRNewswire/ -- Today, Palmer Square Capital Management ("Palmer Square") celebrates the 10 year anniversary of its groundbreaking CLO indices. On May 29, 2015, Palmer Square introduced the first CLO benchmarks distributed globally on a daily basis: the Palmer Square CLO Senior Debt Index (CLOSE) and the Palmer Square CLO Debt Index (CLODI). According to Christopher D. Long, Founder, CEO and Chairman of Palmer Square, "We launched the CLO indices to provide valuable insight ...

Palmer Square Capital BDC Inc. Announces First Quarter 2025 Financial Results Declares Second Quarter 2025 Base Dividend of $0.36 Per Share with Supplemental Dividend Expected to be Announced in June Exhibit 99.1 MISSION WOODS, Kansas, May 07, 2025 — Palmer Square Capital BDC Inc. (NYSE: PSBD) ("PSBD" or the "Company"), an externally managed business development company, today announced its financial results for the first quarter ended March 31, 2025. Financial and Operating Highlights "In the first quarter ...

Palmer Square Capital BDC Inc. (PSBD) reported $31.21 million in revenue for the quarter ended March 2025, representing a year-over-year decline of 10.3%. EPS of $0.40 for the same period compares to $0.52 a year ago.The reported revenue represents a surprise of -3.95% over the Zacks Consensus Estimate of $32.5 million. With the consensus EPS estimate being $0.44, the EPS surprise was -9.09%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they comp ...

Palmer Square Capital BDC Inc. Shares have lost about 16.4% since the beginning of the year versus the S&P 500's decline of -4.7%. What's Next for Palmer Square Capital BDC Inc. While Palmer Square Capital BDC Inc. Has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? Palmer Square Capital BDC Inc. (PSBD) came out with quarterly earnings of $0.40 per share, missing the Zacks Consensus Estimate of $0.44 per share. This compares to earnings ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 814-01334 Palmer Square Capital BDC Inc. (Exact name of registrant as specified in its charter) | Maryland | 84-3665200 | | --- | --- | | (State or Other Jurisdiction of | (I.R.S ...

Palmer Square Capital BDC Inc. (NYSE:PSBD) Q4 2024 Results Conference Call February 27, 2025 1:00 PM ET Company Participants Jeremy Goff - Managing Director Chris Long - Chairman and Chief Executive Officer Angie Long - Chief Investment Officer Matt Bloomfield - President Jeff Fox - Chief Financial Officer and Director Conference Call Participants Kenneth Lee - RBC Capital Markets Doug Harter - UBS Financial Melissa Wedel - JPMorgan Operator Welcome to Palmer Square Capital BDC's Fourth Quarter and Year-End ...

Investment Income - Total investment income for Q4 2024 was $34.9 million, up from $29.8 million in Q4 2023, representing a 17.1% increase[4] - Net investment income for Q4 2024 was $14.8 million or $0.45 per share, compared to $15.4 million or $0.58 per share in Q4 2023, reflecting a decrease of 3.9% in income and 22.4% in per share earnings[4] - Investment income from non-controlled, non-affiliated investments rose to $143,513,299 in 2024, up from $112,223,607 in 2023, marking an increase of about 27.9%[26] - The company reported a net investment income of $62,600,382 for 2024, compared to $57,987,520 in 2023, reflecting an increase of approximately 8.8%[26] Asset and Liability Overview - As of December 31, 2024, total assets were $1.4 billion, and total net assets were $537.8 million[4] - Total assets increased to $1,431,042,759 in 2024 from $1,121,814,718 in 2023, representing a growth of approximately 27.6%[21] - Total liabilities increased to $893,197,790 in 2024 from $659,859,325 in 2023, reflecting a rise of approximately 35.3%[21] - The debt-to-equity ratio as of December 31, 2024, was 1.50x, slightly down from 1.52x as of September 30, 2024[4] Investment Activity - The principal amount of new investments funded in Q4 2024 was $171.8 million, with $176.4 million in aggregate principal amount in sales and repayments[8] - New investments totaled $773,809,544 in 2024, significantly higher than $273,733,424 in 2023, indicating a growth of about 183.5%[30] - The principal amount of investments sold or repaid was $468,762,595 in 2024, compared to $247,083,117 in 2023, which is an increase of approximately 89.7%[30] - The number of new investment commitments increased to 94 in 2024 from 67 in 2023, representing a growth of approximately 40.3%[30] - The weighted average interest rate of new investment commitments was 9.12% in 2024, down from 10.22% in 2023[30] Portfolio Composition - The portfolio consisted of 85.7% first lien senior secured debt investments, with a total fair value of investments at approximately $1.4 billion[7] - The weighted average total yield to maturity of debt and income-producing securities at fair value was 10.65% as of December 31, 2024[8] Dividend Information - The company declared a first quarter regular base dividend of $0.36 per share, payable on April 10, 2025, with a supplemental dividend expected to be announced in March[10] Net Asset Value - Net asset value (NAV) per share decreased to $16.50 as of December 31, 2024, down from $17.04 at the end of 2023, a decline of 3.2%[16] - The net asset value per common share decreased to $16.50 in 2024 from $17.04 in 2023[24] Unfunded Commitments - The company had $21.6 million of unfunded commitments to provide debt financing to its portfolio companies as of December 31, 2024, compared to $20.1 million in 2023[22] Realized and Unrealized Losses - Total net realized and unrealized losses for Q4 2024 were $2.9 million, contrasting with gains of $6.6 million in Q4 2023[4]

Core Insights - Palmer Square Capital BDC Inc. (PSBD) reported revenue of $34.87 million for the quarter ended December 2024, reflecting a 17% increase year-over-year [1] - The earnings per share (EPS) for the quarter was $0.46, down from $0.58 in the same quarter last year [1] - The reported revenue was slightly below the Zacks Consensus Estimate of $34.89 million, resulting in a revenue surprise of -0.05% [1] - The company experienced an EPS surprise of -4.17%, with the consensus EPS estimate being $0.48 [1] Performance Metrics - Investment income from non-controlled, non-affiliated investments showed varied results: - Other income was reported at $0.28 million, below the average estimate of $0.40 million [4] - Dividend income was $0.66 million, compared to the average estimate of $0.70 million [4] - Interest income was reported at $33.25 million, slightly below the average estimate of $33.65 million [4] - Over the past month, shares of Palmer Square Capital BDC Inc. returned -1.9%, compared to a -2.2% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Financial Performance - Palmer Square Capital BDC Inc. reported quarterly earnings of $0.46 per share, missing the Zacks Consensus Estimate of $0.48 per share, and down from $0.58 per share a year ago, representing an earnings surprise of -4.17% [1] - The company posted revenues of $34.87 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 0.05%, compared to year-ago revenues of $29.82 million [2] - Over the last four quarters, the company has surpassed consensus EPS estimates just once and topped consensus revenue estimates three times [2] Stock Performance and Outlook - Palmer Square Capital BDC Inc. shares have added about 0.5% since the beginning of the year, while the S&P 500 has gained 1.3% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the coming quarter is $0.47 on revenues of $34.36 million, and $1.83 on revenues of $134.64 million for the current fiscal year [7] Industry Context - The Financial - SBIC & Commercial Industry, to which Palmer Square Capital BDC Inc. belongs, is currently in the top 22% of over 250 Zacks industries, indicating a favorable industry outlook [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5] - The Zacks Rank for Palmer Square Capital BDC Inc. is currently 3 (Hold), suggesting that shares are expected to perform in line with the market in the near future [6]

Investment Portfolio - As of December 31, 2024, the company had 262 debt and equity investments in 207 portfolio companies with an aggregate fair value of approximately $1.3 billion[365]. - As of December 31, 2023, the company had 227 debt and equity investments in 191 portfolio companies with an aggregate fair value of approximately $1.0 billion[366]. - Total investments increased from $1.0 billion as of December 31, 2023 to $1.3 billion as of December 31, 2024, representing a growth of approximately 30%[375]. - The investment portfolio's fair value composition showed a decrease in Software from 14.0% in 2023 to 10.2% in 2024, while Chemicals increased from 2.9% to 5.1%[375]. Investment Performance - Total investment income for the year ended December 31, 2024 was $143.5 million, up from $112.2 million in 2023, reflecting a year-over-year increase of 28%[374]. - Net investment income for 2024 was $62.6 million, compared to $58.0 million in 2023, indicating a growth of approximately 8.5%[374]. - The weighted average total yield of debt and income-producing securities increased to 10.65% in 2024 from 10.51% in 2023[373]. - The weighted average interest rate of new investment commitments was 9.12% in 2024, compared to 10.22% in 2023[369]. - Net change in unrealized gains on investments for 2024 was $2.8 million, a significant decrease from $52.6 million in 2023[383]. - The company reported net realized losses on investments of $17.8 million in 2024, compared to losses of $2.7 million in 2023[374]. Investment Strategy - The company’s investment objective is to maximize total return, which includes current income and capital appreciation, primarily through corporate debt securities[361]. - The company’s investment strategy includes a focus on "Covenant-Lite Loans," which have fewer or no maintenance covenants compared to other loans[361]. Debt and Financing - The principal amount of first-lien senior secured debt investments funded in 2024 was $687.35 million, significantly higher than $267.27 million in 2023[368]. - The company funded portfolio investments of $773.8 million during the year ended December 31, 2024, partially offset by proceeds from the sale of investments totaling $468.8 million[386]. - The company completed a $400.5 million term debt securitization (CLO Transaction) on May 23, 2024, which serves as a source of long-term financing for portfolio investments[408]. - As of December 31, 2024, the company had outstanding indebtedness of $300.0 million under the CLO Transaction[410]. - The BoA Credit Facility has a current commitment amount of $525 million, with the ability to draw until February 11, 2028[397]. - As of December 31, 2024, the company had $352.3 million principal outstanding under the BoA Credit Facility and was in compliance with applicable covenants[401]. - The WF Credit Facility was amended on December 18, 2023, increasing the borrowing amount from $150 million to $175 million and extending the maturity date to December 18, 2028[403]. - As of December 31, 2024, the outstanding loans under the WF Credit Facility amounted to $150.8 million, with $24.2 million of available commitments[407]. Cash and Liquidity - As of December 31, 2024, the company had cash and cash equivalents of $2.8 million and $172.7 million in undrawn capacity under the BoA Credit Facility[389]. - For the year ended December 31, 2024, the company experienced a net increase in cash and cash equivalents of $649 thousand, with net cash used in operating activities amounting to $200.6 million[386]. - Average net assets increased from $420.4 million in 2023 to $801.0 million in 2024, reflecting a substantial growth in asset management[379]. - The company has total contractual obligations of $804,155,659, with $501,650,602 due in 3-5 years and $302,505,057 due beyond 5 years[427]. - The company had $59.7 million in net purchases that had not yet settled as of December 31, 2024[432]. Shareholder Returns - The company intends to distribute quarterly dividends to stockholders, contingent on available income, with a commitment to distribute at least 90% of net ordinary income and net short-term capital gains to maintain RIC tax treatment[411][412]. - The company has adopted a dividend reinvestment plan, allowing stockholders to reinvest dividends in additional shares unless they opt for cash[415]. - During the years ended December 31, 2024, 2023, and 2022, the company issued and sold a total of 5,576,363 shares for an aggregate purchase price of $91.7 million[391]. - The company repurchased 78,964 shares of its common stock under the Company Rule 10b5-1 Repurchase Plan for the year ended December 31, 2024[393]. Risk Management - The company is subject to interest rate sensitivity, which may significantly affect net investment income due to the difference between investment and borrowing rates[430]. - A hypothetical increase of 300 basis points in interest rates could result in a net investment income decrease of $17,415,738[432]. - The company measures exposure to interest rate and currency exchange rate fluctuations and may use hedging instruments to mitigate risks[434]. - The company does not have any off-balance sheet financings or liabilities other than contractual commitments and legal contingencies[429]. Compliance and Governance - The company expects to qualify as a RIC annually under Subchapter M of the Code, which is crucial for its tax treatment[358]. - The company is required to comply with leverage restrictions under the 1940 Act and has made customary representations and warranties regarding its obligations under the WF Credit Facility[406]. - The company has pledged all its assets to U.S. Bank as collateral for the WF Credit Facility, ensuring compliance with various covenants and reporting requirements[406]. - The investment advisor has been designated to determine fair value for portfolio investments, effective August 11, 2022, under the SEC's Rule 2a-5[421]. - The company may engage independent valuation providers to review the valuation of material portfolio investments at least annually[422]. Unfunded Commitments - As of December 31, 2024, the company had 26 unfunded commitments totaling $21.6 million, compared to 15 commitments totaling $20.1 million as of December 31, 2023[428]. - The company’s unfunded commitments may expire without being drawn upon, indicating potential liquidity management strategies[428].