Palmer Square BDC (NYSE: PSBD) expands $30M stock repurchase plan
Rhea-AI Filing Summary
Palmer Square Capital BDC Inc. reported that its board approved an increase and extension of its common stock repurchase program. The company is authorized to repurchase an additional $30 million of shares and extended the program’s expiration to June 22, 2027.
To date, Palmer Square Capital BDC has repurchased approximately $22.2 million of stock under the program. It also expects to enter into a Rule 10b5-1 share repurchase plan to buy up to $10 million of stock when the market price trades at a set discount to the most recently reported net asset value per share, subject to legal and market constraints.
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Insights
Palmer Square BDC expands a rules-based buyback program tied to NAV discounts.
Palmer Square Capital BDC authorized an additional $30 million in stock repurchases and extended its program to June 22, 2027. This is a capital allocation decision aimed at buying shares when they trade below reported net asset value per share.
The company has already repurchased about $22.2 million of stock and plans a Rule 10b5-1 plan for up to $10 million more, executed under Rule 10b-18 constraints. The plan’s trigger is a specified discount to the most recent NAV.
The actual impact depends on future trading prices and volume limits, which will determine how much of the authorization is ultimately used. Subsequent company reports may show how much stock is repurchased under this expanded authorization and the 10b5-1 plan.
8-K Event Classification
Key Figures
Key Terms
stock repurchase program financial
Rule 10b5-1 regulatory
Rule 10b-18 regulatory
net asset value financial
business development company financial
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Item 8.01 Other Events.
Increase and Extension of Stock Repurchase Program
On May 21, 2026, Palmer Square Capital BDC (the “Company”) issued a press release to announce that its board of directors approved an increase and extension of the Company’s stock repurchase program. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K.
The information in Item 8.01 of this Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, is being furnished and shall not be deemed “filed” for any purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such Section, nor shall such information be deemed incorporated by reference into any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| 99.1 | Press Release, dated May 21, 2026 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
1
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.
| Palmer Square Capital BDC Inc. | ||
| Date: May 21, 2026 | By: | /s/ Jeffrey D. Fox |
| Name: | Jeffrey D. Fox | |
| Title: | Chief Financial Officer | |
2
Exhibit 99.1
Palmer Square Capital BDC Inc. Announces Increase and Extension of its Stock Repurchase Program
Authorizes an Additional $30 million of Repurchases
MISSION WOODS, Kansas, May 21, 2026 — Palmer Square Capital BDC Inc. (NYSE: PSBD) (“PSBD” or the “Company”), an externally managed business development company, today announced that the Company’s board of directors authorized an increase and extension of the Company’s previously established open-market share repurchase program (the “Repurchase Program”).
Under the increased and extended Repurchase Program, the board of directors authorized the Company to repurchase an additional $30 million of shares of its common stock and extended the Repurchase Program to expire on June 22, 2027. Pursuant to the program, the Company may, from time to time, purchase shares of its common stock in the open market, subject to market conditions and other factors. To date, approximately $22.2 million of repurchases have been made by the Company under the Repurchase Program.
In connection with the Repurchase Program, the Company expects to enter into a share repurchase plan (the “Rule 10b5-1 Repurchase Plan”) to acquire up to $10 million in the aggregate of its common stock, in accordance with the guidelines specified in Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The Rule 10b5-1 Repurchase Plan will require the Company’s agent to repurchase shares of the Company’s common stock on the Company’s behalf when the market price of the Company’s common stock is a certain level below the most recently reported net asset value (“NAV”) per share of the common stock, subject to applicable law, including certain volume, market and timing restrictions.
“Consistent with our comments on the most recent earnings call, we remain conviction buyers of PSBD at current levels. Today we are pleased to announce a $30 million expansion of our share repurchase authorization — including a new $10 million 10b5-1 repurchase program and a $20 million increase to our existing open market repurchase program,” said Christopher D. Long, Chairman and Chief Executive Officer of PSBD. “Given PSBD’s current discount to book value despite a transparent NAV which is disclosed monthly, we believe there is tremendous value in buying our own portfolio at a discount to drive shareholder returns and view this repurchase expansion as a clear expression of our alignment with shareholders.”
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