Palmer Square Capital BDC Inc.
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Range $11 – $11.5
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About the company
Palmer Square Capital BDC, Inc. specializes in providing diverse investment offerings. The firm actively supplies capital to businesses by issuing loans and acquiring their debt instruments.
- CEO
- Christopher Dale Long
- IPO
- 2024
- HQ
- Mission Woods, KS, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $318.68M
- P/E
- -10.34
- Fwd P/E
- 7.06
- PEG
- -0.19
- P/S
- 4.97
- P/B
- 0.00
- EV/EBITDA
- 1597.90
- Div Yield
- 15.72%
- Gross Margin
- 50.80%
- Op Margin
- -14.82%
- Net Margin
- -47.90%
- ROE
- -0.03%
- ROIC
- -0.00%
Latest fiscal year · YoY change
- Revenue
- $111.20M+0.8%
- Gross Profit
- $94.66M+80.9%
- Op Income
- $46.89M
- Net Income
- $-3,169,730-106.6%
- EPS
- $-0.10-106.8%
- OCF Growth
- +50.5%
- FCF Growth
- +50.5%
- 52W High
- $14.43
- 52W Low
- $9.34
- 50D MA
- $10.27
- 200D MA
- $11.05
- Beta
- 0.96
- RSI (14)
- 52
- Avg Volume
- 154.50K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Palmer Square Capital BDC reported steady second-quarter results, maintained its dividend, and leaned more heavily on buybacks and balance-sheet optimization amid muted deal activity and volatile credit markets.· August 5, 2026
- Q2 NII was $12.0 million, or $0.39 per share, matching the $0.39 per-share dividend that included a $0.03 supplemental payout.
- Total investment income was $27.3 million, down 13.8% year over year, mainly due to lower base rates; net expenses fell to $15.3 million from $17.8 million.
- NAV per share was $13.21, down slightly from $13.30 in Q1, while total net realized and unrealized losses were $3.6 million versus $6.7 million a year ago.
- The board declared a Q3 base dividend of $0.36 per share and management said the supplemental dividend will be determined in the normal course.
- Management upsized the share repurchase program to $30 million and expects it to be a meaningful near-term use of capital given the current discount to NAV.
Second-quarter 2026 total investment income was $27.3 million, down 13.8% from $31.7 million a year ago. Net investment income was $12.0 million, or $0.39 per share, versus $13.8 million, or $0.43 per share, in the prior-year quarter. Total net expenses were $15.3 million versus $17.8 million last year, and total net realized and unrealized losses were $3.6 million versus $6.7 million in Q2 2025. NAV per share ended at $13.21, down from $13.30 at the end of Q1. The portfolio was valued at approximately $1.11 billion at June 30, down from $1.15 billion in Q1, with available liquidity of about $331 million and debt-to-equity of 1.71x. For Q3, the board declared a base dividend of $0.36 per share; management said the supplemental dividend will be set in the normal course.
Chris Long framed the quarter around disciplined capital allocation in a subdued market, noting that the company deployed $72.4 million of capital and still covered the dividend with NII. He emphasized the advantages of Palmer Square’s CLO and syndicated-loan platform, saying it gives PSBD broad visibility and selective access to attractive risk-adjusted returns. He also said the company sees AI-related software disruption as more nuanced than market sentiment suggests, and that disciplined credit selection matters more as vintages mature in a tougher exit and rate environment.
Jeff Fox said income was pressured by lower base rates and some paydown- and fee-related income, which helped explain the decline in total investment income to $27.3 million. He highlighted that net expenses fell to $15.3 million, and that the quarter produced $12.0 million of NII, or $0.39 per share, with NAV ending at $13.21. He also noted total net assets of $406.2 million, leverage of 1.71x, and liquidity of roughly $331 million, while reminding investors that the board declared a $0.36 base dividend and continued the policy of paying supplemental distributions when earnings allow.
Analysts focused on three main topics: the expanded $30 million buyback program, leverage running toward the high end of management’s target, and whether PSBD would take advantage of discounted loan opportunities. Management said roughly $4 million had already been used under the prior program and that buybacks are viewed as a very strong return on equity at current discounts, though leverage will be managed alongside repurchases and deployment. On leverage, management said the balance sheet remains comfortable because the portfolio is largely liquid and that some of the higher leverage reflected Q1 NAV pressure; on discounted loans, they said opportunities are more attractive in broadly syndicated loans and some private credit, but they remain highly selective.
The bull case is that PSBD covered its dividend in Q2, kept credit quality stable, and has multiple levers to create shareholder value. Management sounded constructive on refinancing activity, widening private-credit spreads, and the ability to repurchase shares at a meaningful discount to NAV, while also improving funding costs by resetting the BDC CLO. They also pointed to low nonaccruals of 0.29% and a diversified, mostly senior-secured portfolio as evidence of resilience.
The bear case is that income declined year over year as lower base rates weighed on earnings, and market activity remains muted. NAV slipped to $13.21, leverage is still toward the higher end of management’s comfort range, and software-related loan marks were described as increasingly difficult to benchmark amid AI-related sentiment pressure. Management also acknowledged that realization and refinancing outcomes remain company-specific and that some borrowers may face meaningfully higher costs or stress as 2021–2022 vintages mature.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 41.3%
- Shares Outstanding
- 31.12M
- Float Shares
- 12.84M
of shares held by institutions
44 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Ov Management LLC | 3.73M | 0 |
| 1248 Management, LLC | 3.19M | ▲ 231.99K |
| Mariner, LLC | 3.16M | ▲ 79.90K |
| First Trust Capital Management L.P. | 1.29M | 0 |
| Pandi, LLC | 911.85K | 0 |
| Bank Of America Corp | 669.63K | ▲ 92.70K |
| Arlington Partners LLC | 510.34K | 0 |
| Bienville Capital Management, LLC | 425.38K | ▼ 99.84K |
| Sunesis Advisors, LLC | 298.96K | 0 |
| Hennion & Walsh Asset Management, Inc. | 198.06K | ▼ 15.88K |
| Two Sigma Advisers, LP | 193.60K | ▲ 93.00K |
| Two Sigma Investments, LP | 186.52K | ▼ 124.44K |
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 3, 26 | Wiesenfeld Ben | other | 0 |
| Jul 7, 26 | Bicknell Martin C | buy | 21,484 |
| Jul 6, 26 | Bicknell Martin C | buy | 40,000 |
| Jul 2, 26 | Bicknell Martin C | buy | 40,000 |
| Jul 1, 26 | Bicknell Martin C | buy | 40,000 |
| Jun 8, 26 | Bicknell Martin C | buy | 1,988 |
| Jun 5, 26 | Bicknell Martin C | buy | 30,000 |
| May 29, 26 | Bicknell Martin C | buy | 15,000 |
| May 27, 26 | Bicknell Martin C | other | 0 |
| May 27, 26 | Bicknell Martin C | other | 0 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our PSBD coverage
Recent articles, reports, and earnings notes.
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Generate PSBD report →Palmer Square Capital BDC Q2 Earnings Call Highlights
marketbeat.com · Aug 8
Palmer Square Capital BDC Inc. (PSBD) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 5
Palmer Square Capital BDC Inc. (PSBD) Q2 Earnings and Revenues Beat Estimates
zacks.com · Aug 5
Palmer Square Capital BDC Inc. Announces Second Quarter 2026 Financial Results
businesswire.com · Aug 5
Analysts Estimate Palmer Square Capital BDC Inc. (PSBD) to Report a Decline in Earnings: What to Look Out for
zacks.com · Jul 29
Brokerages Set Palmer Square Capital BDC Inc. (NYSE:PSBD) PT at $10.75
defenseworld.net · Jul 22
Ares Capital (NASDAQ:ARCC) versus Palmer Square Capital BDC (NYSE:PSBD) Critical Survey
defenseworld.net · Jul 17
Palmer Square Capital BDC Inc. Announces Second Quarter 2026 Earnings Release and Conference Call
businesswire.com · Jul 14
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