Christopher Long: Good afternoon, everyone. Thank you for joining us today for Palmer Square Capital BDC's third quarter 2025 conference call. On today's call, I will provide an overview of our third quarter highlights, background on our broader credit platform, and touch on the benefits of our differentiated investment strategy. Then turn the call to the team to discuss our market outlook and financial performance. During the third quarter, our team deployed $138.7 million of capital and generated total an ...

gearbox protocol liquidated 0.07% of tvl during the $19b october 11 cascade. four liquidation events totaling $250k zero bad debt. lighter had 4.5 hour downtime binance paid $283m in user compensation. gear at $44m market cap for the only leveraged lending protocol that didn't break. $9.2b cumulative volume since 2021 zero security incidents. market rewards hype over infrastructure until it doesn't ...

Private Markets - Wall Street's leveraged lending fightback is gathering pace [1]

Regulatory Action - South Korea's FSC ordered domestic exchanges to halt all crypto lending programs, citing legal gray areas and user loss risks [1] - Exchanges must comply with the suspension order or face on-site inspections [1] - The FSC will allow existing contracts to be repaid or extended but prohibits new lending [3] Market Impact - Approximately 27,600 investors borrowed ₩1.5 trillion (approximately $1.1 billion) in the first month of one firm's program [2] - About 13% of borrowers faced liquidation due to price swings [2] - The agency flagged market disruption, citing an abnormal USDT sell-off linked to the new lending services [2] Industry Response & Future Outlook - The crackdown follows the rapid rise of lending services launched in July [2] - Upbit allowed users to borrow up to 80% of their deposits against BTC, XRP, or USDT [2] - Bithumb offered loans worth up to four times collateral [2] - South Korea is shifting towards structured crypto regulation, preparing spot ETFs, easing institutional curbs, and drafting a stablecoin framework pegged to the won [3]