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PSBD

Palmer Square Capital BDC Inc.

PSBD

Palmer Square Capital BDC Inc. • NYSE
$12.40 ▲ 1.31% (+0.16)
Market Cap $390.34 M
52w High $16.16
52w Low $11.51
Dividend Yield 1.71%
P/E 28.84
Volume 17.67K
Outstanding Shares 31.48M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $17.205M ▼ $1.094M ▲ $3.353M ▼ 19.491% ▼ $0.43 ▲ $3.353M ▼
Q2-2025 $20.832M ▲ $1.086M ▼ $7.17M ▲ 34.418% ▲ $0.22 ▼ $7.17M ▲
Q1-2025 $5.736M ▼ $1.155M ▼ $-8.389M ▼ -146.267% ▼ $0.4 ▲ $-8.389M ▼
Q4-2024 $27.432M ▲ $1.355M ▲ $11.918M ▲ 43.444% ▲ $0.37 ▲ $11.918M ▲
Q3-2024 $24.478M $1.253M $7.555M 30.865% $0.23 $7.555M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.201B ▲ $1.282T ▲ $791.077B ▲ $490.445B ▲
Q2-2025 $16.436M ▲ $1.315B ▼ $809.601M ▼ $505.213M ▼
Q1-2025 $2.872M ▲ $1.363B ▼ $847.122M ▼ $515.807M ▼
Q4-2024 $2.766M ▲ $1.431B ▲ $893.198M ▲ $537.845M ▼
Q3-2024 $1.786M $1.414B $871.615M $541.937M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $3.353M ▼ $5.842M ▲ $17.362M ▼ $-35.44M ▼ $-12.236M ▼ $5.842M ▲
Q2-2025 $7.17M ▲ $-8.017M ▼ $40.92M ▲ $-19.339M ▲ $13.564M ▲ $-8.017M ▼
Q1-2025 $-8.389M ▼ $-6.207M ▼ $40.046M ▲ $-33.733M ▲ $106.011K ▼ $-6.207M ▼
Q4-2024 $11.918M ▲ $50.42M ▲ $4.572M ▼ $-54.011M ▼ $980.61K ▲ $50.42M ▲
Q3-2024 $7.555M $-30.787M $16.582M $1.202M $-13.003M $-30.787M

Five-Year Company Overview

Income Statement

Income Statement Palmer Square Capital BDC shows the financial profile of a relatively young, credit-focused firm that has already lived through a rough patch and then bounced back. After a loss earlier in the period, results have improved noticeably, with the last couple of years showing solid profitability. Earnings per share, however, have been quite jumpy from year to year, which is common around IPOs and fast balance‑sheet growth. Revenue has been fairly steady recently rather than rapidly expanding, suggesting that the story is more about improving mix and execution than about breakneck growth. Overall, the income statement points to a business that can be profitable but is still proving how stable its earnings will be over a full credit cycle.

Balance Sheet

Balance Sheet The balance sheet has expanded meaningfully over the past few years, with both total investments and shareholder equity rising. Debt has also grown, which is normal for a business development company that uses borrowing to finance loans, but it does mean leverage is a central feature of the model. Equity has increased alongside assets, which helps support that leverage and offers a cushion against credit losses. There is little reported cash, indicating capital is largely deployed into investments rather than sitting idle, again typical for this type of vehicle. The key watchpoint is how prudently the company manages leverage and credit quality as the portfolio scales.

Cash Flow

Cash Flow Cash flows are more volatile than the earnings line suggests. In some years, operations have generated positive cash; in others, especially most recently, operating cash flow has been meaningfully negative. Because this is an investment company, swings in lending activity, repayments, and use of credit facilities can drive large cash movements without necessarily signaling a problem. Still, persistent negative operating cash would make the company more dependent on capital markets and lender confidence. The lack of traditional capital spending is normal for a financial entity whose main “assets” are loans rather than physical plant or equipment.

Competitive Edge

Competitive Edge Within the business development company universe, PSBD is positioning itself as a specialist in larger, more liquid loans rather than in smaller, less liquid middle‑market deals. That focus on broadly syndicated, senior secured, floating‑rate credit gives it a somewhat different risk and liquidity profile from many peers. Its link to Palmer Square Capital Management provides scale, deal flow, and a long track record in corporate and structured credit, which is a meaningful edge in sourcing and evaluating loans. A more investor‑friendly fee structure and the unusual practice of reporting net asset value every month further differentiate it and may build trust with shareholders. On the flip side, it still operates in a very crowded private and syndicated credit market, competing with banks, private funds, and other BDCs, and remains exposed to general credit cycle and interest‑rate conditions.

Innovation and R&D

Innovation and R&D Innovation here is strategic and process‑driven rather than technological. The company emphasizes a disciplined investment committee process that requires full agreement on deals, a focus on liquid senior secured loans, and selective use of structured credit like CLOs to enhance returns and financing flexibility. Monthly NAV disclosure is a noteworthy transparency innovation in this space. PSBD also appears willing to create and refinance credit facilities and securitizations opportunistically, which can be a competitive tool if managed conservatively. There is no indication of heavy spending on proprietary technology, but the firm leans on the broader Palmer Square platform for analytics, market intelligence, and product development, including opportunistic and client‑driven credit strategies.

Summary

Palmer Square Capital BDC is a relatively new public player in the BDC world, built around a differentiated focus on more liquid, senior secured loans and the structured credit expertise of its parent platform. Financially, it has moved from an earlier loss into a period of solid profitability, though earnings have been choppy and cash flows from operations can swing sharply with investment activity. The balance sheet shows growing assets funded by a mix of rising equity and leverage, which is typical for this model but makes credit discipline and risk management crucial. Competitively, its investment niche, experienced team, affiliation with a larger credit manager, and shareholder‑friendly practices such as monthly NAV disclosure and a relatively aligned fee structure all stand out. The main questions for investors to monitor are how resilient earnings and asset quality will be through a full credit and rate cycle, how prudently leverage is managed, and whether the firm can maintain its differentiation in an increasingly crowded private credit landscape.

NEWS

November 5, 2025 · 7:00 AM UTC

Palmer Square Capital BDC Inc. Announces Third Quarter 2025 Financial Results

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October 6, 2025 · 4:05 PM UTC

Palmer Square Capital BDC Inc. Announces Third Quarter 2025 Earnings Release and Conference Call

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September 23, 2025 · 8:30 AM UTC

Palmer Square Capital BDC Inc. Announces Third Quarter 2025 Supplemental Dividend of $0.06

Read more