Palmer Square Capital BDC Inc.

Listed Company

PSBDCIK 0001794776NYSEEmerging GrowthMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-3.17M

Total Assets

$1.20B

Equity

$464.10M

Shares Out

31.20M

Op. Cash Flow

$160.66M

Business

Palmer Square Capital BDC Inc. is a financial services company that primarily lends to and invests in corporate debt securities of U.S. companies and operates as an externally managed, non‑diversified closed‑end management investment company and business development company. It offers investments in senior secured loans, second‑lien loans, corporate bonds, CLO debt and equity tranches, derivatives for hedging or income generation, and may receive warrants or equity rights; it also provides managerial assistance to portfolio companies. Key operating components include its registered Investment Advisor and Administrator, an Investment Committee, and several special‑purpose funding and CLO subsidiaries. The company principally targets U.S. corporate borrowers and accesses capital markets and bank credit facilities while serving public stockholders through its externally managed structure.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest income	118	138	108	74	39
Dividend income	2	3	4	610,203	9,597
Payment-in-kind interest income	2	1	0	0	—
Other income	2	2	417,480	184,247	778,840
Total investment income from non-controlled, non-affiliated investments	124	144	112	74	40
Total Investment Income	124	144	112	74	40
Incentive fees	8	9	0	0	—
Interest expense	50	58	44	23	—
Management fees	9	10	8	8	6
Professional fees	1	1	792,645	741,961	758,435
Directors fees	150,000	150,000	75,000	75,000	75,000
Other general and administrative expenses	3	3	2	2	2
Total Expenses	71	81	55	34	18
Less: Management fee waiver (Note 3)	0	−50,511	−1	−1	−796,198
Net expenses	71	81	54	33	17
Net Investment Income (Loss)	53	63	58	41	23
Non-controlled, non-affiliated investments	−13	−18	−3	−8	—
Total net realized gains (losses)	−13	−18	−3	−8	5
Total net change in unrealized gains (losses)	−43	3	53	−107	−9
Non-controlled, non-affiliated investments	−43	3	53	−107	5
Total realized and unrealized gains (losses)	−57	−15	50	−116	−4
Net Increase (Decrease) in Net Assets Resulting from Operations	−3	48	108	−74	19
Basic net investment income per common share (in Dollars per share)	1.66	1.93	2.26	1.78	1.47
Diluted net investment income per common share (in Dollars per share)	1.66	1.93	2.26	1.78	1.47
Basic net increase (decrease) in net assets resulting from operations (in Dollars per share)	−0.1	1.47	4.2	−3.22	1.23
Diluted net increase (decrease) in net assets resulting from operations (in Dollars per share)	−0.1	1.47	4.2	−3.22	1.23
Weighted Average Common Shares Outstanding - Basic (in Shares)	32	32	26	23	15
Weighted Average Common Shares Outstanding Diluted (in Shares)	32	32	26	23	15

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Non-controlled, non-affiliated investments, at fair value (amortized cost of $1,294,556,070 and $1,454,611,467, respectively)	1,200	1,407	1,109	1,017	1,194
Cash and cash equivalents	3	3	2	2	1
Receivable for sales of investments	3	8	97,141	31	—
Receivable for paydowns of investments	233,930	1	344,509	136,119	227,548
Due from investment adviser	616,715	248,110	2	234,102	—
Dividend receivable	195,710	259,625	301,637	141,997	833
Interest receivable	9	11	8	6	4
Prepaid expenses and other assets	41,446	32,364	30,100	598,327	195,996
Total Assets	1,200	1,431	1,122	1,057	1,217
Credit facilities (net of deferred financing costs of $5,030,068 and $5,375,986, respectively) (Note 6)	414	502	642	641	650
Notes (net of deferred financing costs of $1,609,420 and $1,748,822, respectively) (Note 6)	302	303	0	—	—
Payable for investments purchased	20	67	15	43	104
Distributions payable	13	16	0	7	6
Management fee payable	2	2	2	2	2
Incentive fee payable	2	2	0	—	—
Accrued other general and administrative expenses	933,623	1	1	1	—
Total Liabilities	755	893	660	694	764
Commitments and contingencies (Note 9)	—	—	—	—	—
Common Shares, $0.001 par value; 450,000,000 shares authorized; 31,260,963 and 32,600,193 as of December 31, 2025 and December 31, 2024, respectively issued and outstanding	31,261	32,600	27,103	24,287	22,570
Additional paid-in capital	594	611	521	474	—
Total distributable earnings (accumulated deficit)	−130	−73	−59	−111	—
Total Net Assets	464	538	462	363	453
Total Liabilities and Net Assets	1,219	1,431	1,122	1,057	1,217
Net Asset Value Per Common Share	14.85	16.5	17.04	14.96	20.06

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net accretion of discount on investments	−3	−1	−2	−2	−286,282
Payment-in-kind interest and other income	−2	−1	0	—	—
Purchases of short-term investments	−601	−868	−579	−374	−663
Purchases of portfolio investments	−427	−774	−274	−279	−926
Proceeds from sale of short-term investments	598	862	565	402	638
Proceeds from sale of portfolio investments	582	469	247	314	407
Amortization of deferred financing cost	2	2	1	988,243	909,269
(Increase)/decrease in receivable for sales of investments	5	−8	31	−14	−6
(Increase)/decrease in interest and dividends receivable	3	−3	−2	−3	−2
(Increase)/decrease in due from investment adviser	−368,605	1	−1	46,638	−125,387
(Increase)/decrease in receivable for paydowns of investments	1	−1	−208,390	91,429	−106,157
(Increase)/decrease in prepaid expenses and other assets	−9,082	−2,264	568,233	−402,331	−195,996
Increase/(decrease) in interest payable on credit facilities	−2	3	2	1	—
Increase/(decrease) in payable for investments purchased	−47	53	−28	−62	89
Increase/(decrease) in management fees payable	−284,657	161,723	379,260	−373,103	1
Increase/(decrease) in incentive fee payable	−282,601	2	0	0	—
Increase/(decrease) in accrued other general and administrative expenses	−435,130	300,832	−67,579	−1	2
Net cash provided by (used in) operating activities	161	−201	20	25	−438
Borrowings on the credit facilities	45	241	28	81	257
Payments on the credit facilities	−131	−378	−29	−92	—
Borrowings on the notes	0	300	0	0	—
Payments of debt issuance costs	−1	−5	−2	0	−780,621
Distributions paid in cash	−55	−47	−34	−19	−6
Proceeds from issuance of common shares, net of change in subscriptions receivable	0	90	18	5	189
Purchase of common shares for dividend reinvestment plan	514,649	2	0	0	—
Repurchase of common shares	−18	−1	0	0	—
Net cash provided by (used in) financing activities	−160	201	−19	−25	438
Net increase/(decrease) in cash and cash equivalents	451,040	649,300	466,308	557,298	410,924
Interest paid during the period	52	55	42	22	7
Distributions declared during the period	53	62	56	44	26
Reinvestment of distributions during the period	0	0	29	24	18
Distributions payable	13	16	0	7	6

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