Q1 2026 NAV drop and losses at Palmer Square Capital BDC (NYSE: PSBD)
Rhea-AI Filing Summary
Palmer Square Capital BDC Inc. reported first quarter 2026 results with total investment income of $26.2 million and net investment income of $11.0 million, or $0.35 per share, down from $0.40 a year earlier. Net asset value per share fell to $13.30 from $14.85 at year-end, driven by $48.3 million of net realized and unrealized losses and a total return of (7.22)% for the quarter.
As of March 31, 2026, total assets were $1.2 billion and net assets were $413.8 million, with debt-to-equity of 1.70x. The portfolio totaled $1.15 billion in fair value across 214 companies, 96% in senior secured loans and 98% floating-rate, with virtually no non-accrual exposure by fair value. The company paid $0.37 per share in first quarter distributions and declared a second quarter base dividend of $0.36 per share, with an additional supplemental dividend expected to be announced in June.
Positive
- Portfolio credit quality and diversification remain strong: 96% of long-term investments are in senior secured loans, 98% of long-term investments by fair value are floating-rate, and only one portfolio company is on non-accrual, representing less than 0.01% of total investments at fair value.
- Ample liquidity versus commitments: As of March 31, 2026, the company had approximately $325.3 million of liquidity (cash plus undrawn credit capacity) against $20.3 million of unfunded investment commitments, supporting ongoing funding flexibility.
Negative
- Significant NAV decline and negative total return: Net asset value per share dropped from $14.85 to $13.30 during the quarter, with a total return of (7.22)%, driven by $48.3 million of net realized and unrealized losses.
- Lower income versus prior year and higher leverage: Total investment income fell to $26.2 million from $31.2 million and net investment income per share declined to $0.35 from $0.40, while debt-to-equity rose to 1.70x from 1.54x at year-end.
Insights
Results show weaker NAV and income but strong credit quality.
Palmer Square Capital BDC generated net investment income of $11.0 million, or $0.35 per share, versus $0.40 a year ago, on total investment income of $26.2 million. The quarter was dominated by net realized and unrealized losses of $48.3 million, which drove a total return of (7.22)% and pushed NAV per share down to $13.30 from $14.85 at December 31, 2025.
Despite the NAV pressure, portfolio credit metrics remain strong. As of March 31, 2026, 96% of long-term investments were senior secured loans and 98% of long-term investments by fair value were floating-rate. Only one portfolio company was on non-accrual, representing less than 0.01% of total investments at fair value.
Leverage increased, with debt-to-equity at 1.70x versus 1.54x at year-end, while total assets were $1.2 billion and net assets $413.8 million. The company maintained distributions, paying $0.37 per share in the quarter and declaring a second quarter base dividend of $0.36 per share, with expectations for a supplemental dividend announcement in June 2026. Available liquidity of roughly $325.3 million versus $20.3 million of unfunded commitments provides a cushion for new investments and existing obligations.
8-K Event Classification
Key Figures
Key Terms
net investment income financial
net asset value financial
senior secured debt investments financial
non-accrual status financial
payment-in-kind interest income financial
total return financial
Earnings Snapshot
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
(Exact name of Registrant as Specified in Its Charter)
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Registrant’s Telephone Number, Including Area Code: |
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On May 6, 2026, Palmer Square Capital BDC Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in this Item 2.02 of this Current Report on Form 8-K, and Exhibit 99.1 attached hereto, is being furnished by the Company in satisfaction of the public disclosure requirements of Item 2.02 of Form 8-K.
In accordance with General Instruction B.2 of Form 8-K, the information included in this Item 2.02 and Exhibit 99.1 attached hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall such information be deemed incorporated by reference into any filing made by the Company under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”).
Item 7.01 Regulation FD Disclosure.
Additionally, on May 6, 2026, the Company made available on its website, www.palmersquarebdc.com, a supplemental investor presentation with respect to the first quarter 2026 earnings release. The information furnished in this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act or the Exchange Act
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
99.1 |
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Press Release, dated May 6, 2026 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Palmer Square Capital BDC Inc. has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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PALMER SQUARE CAPITAL BDC INC. |
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Date: |
May 7, 2026 |
By: |
/s/ Jeffrey D. Fox |
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Jeffrey D. Fox, Chief Financial Officer |
Exhibit 99.1
Palmer Square Capital BDC Inc. Announces First Quarter 2026 Financial Results
Declares Second Quarter 2026 Base Dividend of $0.36 Per Share with Supplemental Dividend
Expected to be Announced in June
MISSION WOODS, Kansas, May 6, 2026 — Palmer Square Capital BDC Inc. (NYSE: PSBD) (“PSBD” or the “Company”), an externally managed business development company, today announced its financial results for the first quarter ended March 31, 2026.
Financial and Operating Highlights
“Palmer Square Capital BDC reported solid financial results for the first quarter of 2026, demonstrating resilience amid the volatile macroeconomic backdrop impacting the sector,” said Christopher D. Long, Chairman and Chief Executive Officer of PSBD. “We continue to observe stability across our underlying investments. As conditions are expected to continue to improve beyond April, we believe our portfolio is well positioned to deliver consistent performance while capitalizing on an increasingly attractive opportunity set and more favorable risk-adjusted spreads going forward.”
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$ in thousands, except per share data |
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For the Quarter Ended |
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3/31/26 |
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12/31/25 |
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3/31/25 |
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Financial Highlights |
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Net Investment Income Per Share1 |
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$ |
0.35 |
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$ |
0.41 |
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$ |
0.40 |
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Net Investment Income |
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$ |
11,037 |
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$ |
13,068 |
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$ |
12,913 |
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NAV Per Share |
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$ |
13.30 |
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$ |
14.85 |
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$ |
15.85 |
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Dividends Earned Per Share2 |
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$ |
0.37 |
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$ |
0.43 |
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$ |
0.39 |
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3/31/26 |
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12/31/25 |
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3/31/25 |
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Portfolio Highlights |
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Total Fair Value of Investments |
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$ |
1,154,637 |
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$ |
1,203,640 |
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$ |
1,334,314 |
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Number of Industries |
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44 |
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42 |
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39 |
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Number of Portfolio Companies |
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214 |
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205 |
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209 |
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Portfolio Yield3 |
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11.73% |
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11.30% |
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10.37% |
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Senior Secured Loan4 |
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96% |
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95% |
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96% |
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Investments on Non-Accrual5 |
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0.00% |
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0.09% |
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0.24% |
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Total Return6 |
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(7.22)% |
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(0.09)% |
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(1.05)% |
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Debt-to-Equity |
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1.70x |
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1.54x |
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1.50x |
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represented less than 0.01% of the total investments at fair value.
Portfolio and Investment Activity
As of March 31, 2026, we had 283 investments in 214 portfolio companies with an aggregate fair value of approximately $1.2 billion. Based on a total fair value of $1.2 billion, including short term investments, the portfolio consisted of approximately 87.7% first lien senior secured debt investments, 4.5% second lien senior secured debt investments, 3.6% short-term investments, 2.8% collateralized loan obligation structured credit funds (“CLOs”) mezzanine and equity investments, 0.7% corporate bond investments, and 0.7% equity investments.
As of March 31, 2026, 98% of the long-term investments based on fair value in our portfolio were at floating rates. At the end of the first quarter, there was one portfolio company on non-accrual status. As of March 31, 2026, the weighted average total yield to maturity of debt and income producing securities at fair value was 11.73%, and weighted average total yield to maturity of debt and income producing securities at amortized cost was 8.26%. For the first quarter of 2026, the principal amount of new investments funded was $109.4 million which included 42 investments at an average value of approximately $2.1 million. For this period, the Company had $79.9 million aggregate principal amount in sales and repayments.
Liquidity and Capital Resources
As of March 31, 2026, the Company had $1.5 million in cash and cash equivalents and approximately $702.3 million in total aggregate principal amount of debt outstanding. Subject to borrowing base and other restrictions, the Company had available liquidity, consisting of cash and undrawn capacity on credit facilities of approximately $325.3 million compared to $20.3 million of unfunded investment commitments as of March 31, 2026.
Recent Developments
On May 6, 2026, PSBD’s Board of Directors announced that it had declared a second quarter regular base dividend distribution of $0.36 per share, payable on July 13, 2026, to stockholders of record as of June 26, 2026. We expect to announce an additional quarterly supplemental dividend distribution for the second quarter of 2026 in June.
2
Earnings Conference Call
The Company will host a conference call on Wednesday, May 6, 2026, at 1:00 pm ET to review its financial performance and conduct a question-and-answer session. To participate in the earnings call, participants should register online at the Palmer Square Investor Relations website. To avoid potential delays, please join at least 10 minutes prior to the start of the call. The conference call can be accessed through the following links:
A replay of the live conference call will be available shortly after the conclusion of the event and accessible on the events and presentations section of the Palmer Square Investor Relations website.
About Palmer Square Capital BDC Inc.
Palmer Square Capital BDC Inc. (NYSE: PSBD) is an externally managed, non-diversified closed-end management investment company that primarily lends to and invests in corporate debt loans, including but not limited to large private U.S. companies in the broadly syndicated loan market, as well as the direct large cap private credit market. PSBD has elected to be regulated as a business development company under the Investment Company Act of 1940. PSBD’s investment objective is to maximize total return, comprised of current income and capital appreciation. PSBD’s current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: (1) investing in corporate debt loans and, to a lesser extent, (2) investing in other debt securities which may include collateralized loan obligation debt and equity. PSBD’s investment activities are managed by its investment adviser, Palmer Square BDC Advisor LLC, an affiliate of Palmer Square Capital Management LLC.
Forward-Looking Statements
Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. The forward-looking statements may include statements as to our future base and supplemental dividend distributions and the prospects of our portfolio companies. These and other forward-looking statements can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “seek,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue,” “target,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in PSBD’s filings with the SEC. PSBD undertakes no duty to update any forward-looking statement made herein unless required by law. All forward-looking statements speak only as of the date of this press release. Although PSBD undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that PSBD may make directly to you or through reports that in the future may be filed with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
Contacts
Investors
Matt Bloomfield and Jeremy Goff
Palmer Square Capital BDC Inc.
Investors@palmersquarebdc.com
Media
Josh Clarkson
Prosek Partners
PSBD@prosek.com
3
Financial Highlights
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For the Three Months Ended |
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March 31, |
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2026 |
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2025 |
Per Common Share Operating Performance |
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Net Asset Value, Beginning of Period |
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$14.85 |
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$16.50 |
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Results of Operations: |
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Net Investment Income(1) |
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0.35 |
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0.40 |
Net Realized and Unrealized Gain (Loss) on Investments(4) |
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(1.53) |
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(0.66) |
Net Increase (Decrease) in Net Assets Resulting from Operations |
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(1.18) |
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(0.26) |
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Distributions to Common Stockholders |
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Distributions from Net Investment Income |
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(0.37) |
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(0.39) |
Net Decrease in Net Assets Resulting from Distributions |
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(0.37) |
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(0.39) |
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Net Asset Value, End of Period |
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$13.30 |
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$15.85 |
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Shares Outstanding, End of Period |
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31,120,814 |
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32,534,040 |
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Ratio/Supplemental Data |
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Net assets, end of period |
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$413,782,758 |
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$515,807,254 |
Weighted-average shares outstanding |
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31,187,746 |
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32,602,053 |
Total Return(3) |
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(7.22)% |
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(1.05)% |
Portfolio turnover |
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7% |
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8% |
Ratio of operating expenses to average net assets without waiver(2) |
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13.74% |
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13.72% |
Ratio of operating expenses to average net assets with waiver(2) |
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13.74% |
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13.72% |
Ratio of net investment income (loss) to average net assets without waiver(2) |
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9.99% |
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9.68% |
Ratio of net investment income (loss) to average net assets with waiver(2) |
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9.99% |
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9.68% |
4
Palmer Square Capital BDC Inc.
Consolidated Statement of Assets and Liabilities
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March 31, |
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December 31, |
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Assets: |
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(Unaudited) |
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Non-controlled, non-affiliated investments, at fair value (amortized cost of $1,283,151,468 and $1,294,556,070, respectively) |
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$ |
1,154,636,534 |
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$ |
1,203,640,318 |
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Cash and cash equivalents |
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1,489,202 |
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3,217,449 |
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Receivables: |
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Receivable for sales of investments |
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538,437 |
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2,821,628 |
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Receivable for paydowns of investments |
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169,510 |
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233,930 |
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Due from investment adviser |
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616,715 |
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616,715 |
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Dividend receivable |
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116,781 |
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195,710 |
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Interest receivable |
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8,495,169 |
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8,608,563 |
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Prepaid expenses and other assets |
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62,776 |
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41,446 |
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Total Assets |
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$ |
1,166,125,124 |
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$ |
1,219,375,759 |
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Liabilities: |
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Credit facilities (net of deferred financing costs of $4,624,358 and $5,030,068, respectively) (Note 6) |
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$ |
400,443,711 |
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$ |
414,438,758 |
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Notes (net of deferred financing costs of $1,575,047 and $1,609,420, respectively) (Note 6) |
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301,867,199 |
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302,075,353 |
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Payables: |
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Payable for investments purchased |
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33,566,779 |
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20,366,967 |
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Distributions payable |
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11,514,701 |
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13,442,214 |
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Management fee payable |
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1,932,898 |
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2,129,141 |
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Incentive fee payable |
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1,576,148 |
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1,866,531 |
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Accrued other general and administrative expenses |
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1,440,930 |
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933,623 |
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Total Liabilities |
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$ |
752,342,366 |
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$ |
755,252,587 |
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Commitments and contingencies (Note 9) |
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Net Assets: |
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Common Shares, $0.001 par value; 450,000,000 shares authorized; 31,120,814 and 31,260,963 as of March 31, 2026 and December 31, 2025, respectively issued and outstanding |
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$ |
31,121 |
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$ |
31,261 |
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Additional paid-in capital |
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592,054,437 |
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593,643,044 |
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Total distributable earnings (accumulated deficit) |
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(178,302,800 |
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(129,551,133 |
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Total Net Assets |
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$ |
413,782,758 |
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$ |
464,123,172 |
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Total Liabilities and Net Assets |
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$ |
1,166,125,124 |
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$ |
1,219,375,759 |
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Net Asset Value Per Common Share |
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$ |
13.30 |
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$ |
14.85 |
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The accompanying notes are an integral part of these consolidated financial statements.
(Note 6) |
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See Note 6 to the consolidated financial statements for a description of the Company’s borrowings, including its revolving credit facility with Bank of America, N.A., its credit facility with Wells Fargo Bank, National Association, and its term debt securitization (CLO transaction). |
(Note 9) |
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As of March 31, 2026 and December 31, 2025, the Company had an aggregate of $20.3 million and $21.5 million, respectively, of unfunded commitments to provide debt financing to its portfolio companies. As of each of March 31, 2026 and December 31, 2025, there were no capital calls or draw requests made by the portfolio companies to fund these commitments. Such commitments are generally up to the Company’s discretion to approve or are subject to the satisfaction of certain financial and nonfinancial covenants and involve, to varying degrees, elements of credit risk in excess of the amount recognized in the Company’s consolidated statements of assets and liabilities and are not reflected in the Company’s consolidated statements of assets and liabilities. |
5
Palmer Square Capital BDC Inc.
Consolidated Statement of Operations
(unaudited)
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For the Three Months Ended March 31, |
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2026 |
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2025 |
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Income: |
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Investment income from non-controlled, non-affiliated investments: |
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Interest income |
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$ |
25,098,926 |
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$ |
29,819,663 |
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Dividend income |
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421,134 |
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574,336 |
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Payment-in-kind interest income |
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430,961 |
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507,850 |
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Other income |
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265,693 |
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312,430 |
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Total investment income from non-controlled, non-affiliated investments |
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26,216,714 |
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31,214,279 |
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Total Investment Income |
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26,216,714 |
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31,214,279 |
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Expenses: |
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Incentive fees |
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1,576,148 |
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1,842,706 |
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Interest expense |
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10,582,817 |
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12,969,757 |
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Management fees |
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1,932,888 |
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2,333,675 |
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Professional fees |
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313,603 |
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312,732 |
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Directors fees |
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36,986 |
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36,987 |
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Other general and administrative expenses |
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737,622 |
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805,271 |
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Total Expenses |
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15,180,064 |
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18,301,128 |
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Less: Management fee waiver (Note 3) |
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— |
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— |
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Net expenses |
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15,180,064 |
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18,301,128 |
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Net Investment Income (Loss) |
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11,036,650 |
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12,913,151 |
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Realized and unrealized gains (losses) on investments and foreign currency transactions |
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Net realized gains (losses): |
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Non-controlled, non-affiliated investments |
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(10,674,426 |
) |
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(5,894,493 |
) |
Total net realized gains (losses) |
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(10,674,426 |
) |
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(5,894,493 |
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Net change in unrealized gains (losses): |
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Non-controlled, non-affiliated investments |
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(37,599,190 |
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(15,407,869 |
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Total net change in unrealized gains (losses) |
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(37,599,190 |
) |
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(15,407,869 |
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Total realized and unrealized gains (losses) |
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(48,273,616 |
) |
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(21,302,362 |
) |
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Net Increase (Decrease) in Net Assets Resulting from Operations |
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$ |
(37,236,966 |
) |
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$ |
(8,389,211 |
) |
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Per Common Share Data: |
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Basic and diluted net increase (decrease) in net assets resulting from operations |
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$ |
(1.19 |
) |
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$ |
(0.26 |
) |
Weighted Average Common Shares Outstanding - Basic and Diluted |
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31,187,746 |
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32,602,053 |
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The accompanying notes are an integral part of these consolidated financial statements.
(Note 3) |
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On January 22, 2024, PSBD completed its initial public offering (the "IPO"). Prior to the IPO, the base management fee was 2.00% of the average value of the weighted average (based on the number of shares outstanding each day in the quarter) of the Company’s total net assets at the end of the two most recently completed calendar quarters. Palmer Square BDC Advisor LLC (the "Investment Advisor"), however, during any period prior to the IPO, agreed to waive its right to receive management fees in excess of an annual rate of 1.75% of the average value of the weighted average total net assets at the end of each of our two most recently completed calendar quarters. The Investment Advisor will not be permitted to recoup any base management fees waived for any period of time prior to the IPO. |
6
Palmer Square Capital BDC Inc.
Portfolio and Investment Activity
|
|
For the Three Months Ended March 31, |
|
|
|||||
|
|
2026 |
|
|
2025 |
|
|
||
New investments: |
|
|
|
|
|
|
|
||
Gross investments |
|
$ |
109,362,638 |
|
|
$ |
104,323,107 |
|
|
Less: sold investments |
|
|
(79,939,687 |
) |
|
|
(144,369,364 |
) |
|
Total new investments |
|
|
29,422,951 |
|
|
|
(40,046,257 |
) |
|
|
|
|
|
|
|
|
|
||
Principal amount of investments funded: |
|
|
|
|
|
|
|
||
First-lien senior secured debt investments |
|
$ |
103,290,194 |
|
|
$ |
97,436,250 |
|
|
Second-lien senior secured debt investments |
|
|
2,500,000 |
|
|
|
— |
|
|
Corporate bonds |
|
|
1,000,000 |
|
|
|
— |
|
|
Collateralized securities and structured products - debt |
|
|
1,406,500 |
|
|
|
— |
|
|
Common stock |
|
|
1,165,944 |
|
|
|
6,886,857 |
|
|
Preferred Stock |
|
|
— |
|
|
|
— |
|
|
Total principal amount of investments funded |
|
|
109,362,638 |
|
|
|
104,323,107 |
|
|
|
|
|
|
|
|
|
|
||
Principal amount of investments sold or repaid: |
|
|
|
|
|
|
|
||
First-lien senior secured debt investments |
|
$ |
67,757,902 |
|
|
$ |
138,003,373 |
|
|
Second-lien senior secured debt investments |
|
|
5,584,634 |
|
|
|
3,203,994 |
|
|
Corporate Bonds |
|
|
1,011,250 |
|
|
|
— |
|
|
Collateralized securities and structured products - debt |
|
|
5,193,165 |
|
|
|
2,900,000 |
|
|
CLO Equity |
|
|
392,736 |
|
|
|
261,997 |
|
|
Total principal amount of investments sold or repaid |
|
$ |
79,939,687 |
|
|
$ |
144,369,364 |
|
|
|
|
For the Three Months Ended March 31, |
||
|
|
2026 |
|
2025 |
Number of new investment commitments |
|
42 |
|
23 |
Average new investment commitment amount |
|
$2,096,070 |
|
$3,855,336 |
Weighted average maturity for new investment commitments |
|
5.65 years |
|
5.59 years |
Percentage of new debt investment commitments at floating rates |
|
100.00% |
|
100.00% |
Percentage of new debt investment commitments at fixed rates |
|
0.00% |
|
0.00% |
Weighted average interest rate of new investment commitments(1) |
|
7.38% |
|
8.52% |
Weighted average spread over reference rate of new floating rate investment commitments(2) |
|
3.87% |
|
4.21% |
Weighted average interest rate on long-term investments sold or paid down |
|
8.09% |
|
8.33% |
7