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

Declares Third Quarter 2025 Base Dividend of $0.36 Per Share with Supplemental Dividend Expected to be Announced in September

MISSION WOODS, Kansas--(BUSINESS WIRE)-- Palmer Square Capital BDC Inc. (NYSE: PSBD) (鈥淧SBD鈥� or the 鈥淐ompany鈥�), an externally managed business development company, today announced its financial results for the second quarter ended June 30, 2025.

Financial and Operating Highlights

• Total investment income of $31.7 million for the second quarter of 2025, compared to $36.5 million for the prior year period
• Net investment income of $13.8 million or $0.43 per share for the second quarter of 2025, as compared to $15.8 million or $0.48 per share for the comparable period last year
• Net asset value of $15.68 per share as of June 30, 2025, compared to $15.85 per share as of March 31, 2025
• Total net realized and unrealized losses of $6.7 million for the second quarter of 2025, compared to losses of $10.4 million in the second quarter of 2024
• As of June 30, 2025, total assets were $1.3 billion and total net assets were $505.2 million
• Debt-to-equity as of June 30, 2025 was 1.51x, compared to 1.50x as of March 31, 2025
• Paid cash distributions to stockholders totaling $0.42 per share for the second quarter of 2025
• Declared a third quarter regular base dividend distribution of $0.36 per share, payable on October 14, 2025, to shareholders of record as of September 26, 2025. In accordance with our dividend policy, we expect to announce a supplemental dividend in September
• In the second quarter, we had only $801.9 thousand of PIK income, or 2.53% of total investment income

鈥淧almer Square Capital BDC continued to perform consistently despite a volatile macro backdrop in the second quarter of 2025,鈥� said Christopher D. Long, Chairman and Chief Executive Officer of PSBD. 鈥淟everaging the full scale and expertise of Palmer Square Capital Management鈥檚 $35-billion platform, we are able to fully tap into the primary and deeply-liquid secondary markets for broadly syndicated loans. Looking ahead, we are pleased with our pipeline of opportunities and believe our focus on relative value in credit markets will yield attractive returns for our shareholders.鈥�

1. Net investment income for the period divided by the weighted average share count for the period.
2. Dividend amount reflects dividend earned in period.
3. Weighted average total yield of debt and income producing securities at fair value.
4. As a percentage of long-term investments, at fair value.
5. As a percentage of total investments, at fair value.
6. Total return is calculated as the change in net asset value (鈥淣AV鈥�) per share during the period, plus distributions per share (if any), divided by the beginning NAV per share. Total return is not annualized. Assumes reinvestment of distributions.

Portfolio and Investment Activity

As of June 30, 2025, we had 263 investments in 206 portfolio companies with an aggregate fair value of approximately $1.2 billion, Based on a total fair value of $1.3 billion, including short term investments, the portfolio consisted of 86.4% first lien senior secured debt investments, 5.7% second lien senior secured debt investments, 3.8% short-term investments, 3.3% collateralized loan obligation structured credit funds (鈥淐LOs鈥�) mezzanine and equity investments, 0.30% corporate bond investments, and 0.50% equity investments.

As of June 30, 2025, 98% of the long-term investments based on fair value in our portfolio were at floating rates. At the end of the second quarter, 99.8% of the portfolio at fair value was income producing. There was one loan on non-accrual status. As of June 30, 2025, the weighted average total yield to maturity of debt and income producing securities at fair value was 10.10%, and weighted average total yield to maturity of debt and income producing securities at amortized cost was 8.27%. For the second quarter of 2025, the principal amount of new investments funded was $92.4 million which included 23 investments at an average value of approximately $3.1 million. For this period, the Company had $133.3 million aggregate principal amount in sales and repayments.

Liquidity and Capital Resources

As of June 30, 2025, the Company had $16.4 million in cash and cash equivalents and approximately $763.2 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 $253.5 million compared to $15.7 million of undrawn investment commitments as of June 30, 2025.

Recent Developments

On August 06, 2025, PSBD鈥檚 Board of Directors announced that it had declared a third quarter regular base dividend distribution of $0.36 per share, payable on October 14, 2025, to shareholders of record as of September 26, 2025. We expect to announce an additional quarterly supplemental dividend distribution for the third quarter of 2025 in September.

Earnings Conference Call

The Company will host a conference call on Wednesday, August 06, 2025, 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:

• United States: +1 (888) 596-4144
• International: +1 (646) 968-2525
• Event Plus Entry Passcode: 1803382#

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鈥檚 investment objective is to maximize total return, comprised of current income and capital appreciation. PSBD鈥檚 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鈥檚 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 鈥渕ay,鈥� 鈥渨ill,鈥� 鈥渟hould,鈥� 鈥渟eek,鈥� 鈥渆xpect,鈥� 鈥渁nticipate,鈥� 鈥減roject,鈥� 鈥渆stimate,鈥� 鈥渋ntend,鈥� 鈥渃ontinue,鈥� 鈥渢arget,鈥� or 鈥渂elieve鈥� 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鈥檚 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.

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Investors

Matt Bloomfield and Jeremy Goff

Palmer Square Capital BDC Inc.

[email protected]

Media

Josh Clarkson

Prosek Partners

[email protected]

Source: Palmer Square Capital BDC Inc.