Palmer Square Capital BDC(PSBD) - 2025 Q3 - Quarterly Results

Investment Income - Total investment income for Q3 2025 was $31.7 million, down from $37.3 million in Q3 2024, representing a decrease of approximately 15.1%[4] - Net investment income for Q3 2025 was $13.6 million, or $0.43 per share, compared to $15.7 million, or $0.48 per share in the same period last year, reflecting a decline of 13.4% in income per share[4] - Net investment income for the three months ended September 30, 2025, was $13,641,070, compared to $15,728,731 for the same period in 2024, a decrease of approximately 13.3%[25] Asset and Liability Overview - As of September 30, 2025, total assets were $1.3 billion, with total net assets of $490.4 million[4] - Total assets as of September 30, 2025, were $1,281,521,793, a decrease from $1,431,042,759 as of December 31, 2024, representing a decline of approximately 10.5%[21] - Total liabilities decreased to $791,076,580 from $893,197,790, reflecting a reduction of about 11.4%[21] - The debt-to-equity ratio as of September 30, 2025, was 1.53x, slightly up from 1.51x as of June 30, 2025[4] Investment Performance - Total net realized and unrealized losses for Q3 2025 were $10.3 million, compared to losses of $8.2 million in Q3 2024, marking an increase in losses of approximately 25.6%[4] - The company reported a net increase in net assets resulting from operations of $3,353,424 for the three months ended September 30, 2025, down from $7,555,185 in 2024, a decline of about 55.7%[25] - Gross investments for the three months ended September 30, 2025, totaled $138,665,631, significantly higher than $66,239,961 in the same period of 2024, an increase of approximately 109.4%[28] - Total new investments were negative at $(17,361,796) for the three months ended September 30, 2025, compared to $(16,582,259) in 2024, indicating a continued trend of divestment[28] Dividend Information - The company declared a fourth quarter regular base dividend of $0.36 per share, payable on January 14, 2026, to shareholders of record as of December 29, 2025[9] Portfolio Composition - The portfolio consisted of 86.10% first lien senior secured debt investments, with a total fair value of investments at approximately $1.2 billion[6] - The weighted average total yield to maturity of debt and income-producing securities at fair value was 10.07% as of September 30, 2025[7] - The principal amount of new investments funded in Q3 2025 was $138.7 million, with $156.0 million in aggregate principal amount in sales and repayments[7] Commitment and Interest Rates - The company had an aggregate of $16.4 million in unfunded commitments to provide debt financing to its portfolio companies as of September 30, 2025, down from $21.6 million as of December 31, 2024[23] - The weighted average interest rate of new investment commitments was 8.48% for the three months ended September 30, 2025, down from 9.07% in 2024[28] - The average new investment commitment amount increased to $4,760,375 for the three months ended September 30, 2025, compared to $2,717,288 in 2024, an increase of approximately 75.5%[28] Net Asset Value - Net asset value (NAV) per share decreased to $15.39 as of September 30, 2025, from $15.68 as of June 30, 2025, indicating a decline of 1.85%[4] - The net asset value per common share decreased to $15.39 as of September 30, 2025, from $16.50 as of December 31, 2024, a decline of approximately 6.7%[21]