PSBD on NYSE
Palmer Square Capital BDC Inc.
In its 2026 annual report the company says: “We are a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. We have elected to be regulated as a business development company under the Investment Company Act of 1940, as amended.”4 It is headquartered in Mission Woods, Kansas.1 Its shares trade on NYSE under the symbol PSBD.1
Price unavailable
Last updated Oct 20, 2026.
Overview
- TickerPSBD on NYSE1
- HeadquartersMission Woods, Kansas1
- Incorporated inMD2
- Business address1900 Shawnee Mission Parkway, Suite 315, Mission Woods, Ks 662052
- Filer category, Emerging growth company2
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We are a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. We were organized as a Maryland corporation on August 26, 2019 and are structured as an externally managed, non-diversified closed-end management investment company. We have elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). Beginning with our taxable year ended December 31, 2020, we have elected to be treated as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and we expect to qualify as a RIC annually.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.8
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Interest income | $118.3M | $137.5M | $107.7M |
| Dividend income | $2.3M | $3.3M | $4.1M |
| Payment-in-kind interest income | $1.6M | $1.1M | $0 |
| Other income | $2.2M | $1.6M | $417.5K |
| Total investment income from non-controlled, non-affiliated investments | $124.4M | $143.5M | $112.2M |
| Total Investment Income | $124.4M | $143.5M | $112.2M |
| Incentive fees | $7.6M | $8.6M | $0 |
| Interest expense | $50.1M | $58.0M | $44.5M |
| Management fees | $8.9M | $9.7M | $8.4M |
| Professional fees | $1.1M | $1.5M | $792.6K |
| Directors fees | $150.0K | $150.0K | $75.0K |
| Other general and administrative expenses | $3.1M | $3.1M | $1.5M |
| Total Expenses | $70.9M | $81.0M | $55.3M |
| Less: Management fee waiver (Note 3) | $0 | -$50.5K | -$1.1M |
| Net expenses | $70.9M | $80.9M | $54.2M |
| Net Investment Income (Loss) | $53.5M | $62.6M | $58.0M |
| Non-controlled, non-affiliated investments | -$13.2M | -$17.8M | -$2.7M |
| Total net realized gains (losses) | -$13.2M | -$17.8M | -$2.7M |
| Total net change in unrealized gains (losses) | -$43.4M | $2.8M | $52.6M |
| Non-controlled, non-affiliated investments | -$43.4M | $2.8M | $52.6M |
| Total realized and unrealized gains (losses) | -$56.6M | -$14.9M | $49.8M |
| Net Increase (Decrease) in Net Assets Resulting from Operations | -$3.2M | $47.7M | $107.8M |
| Basic net investment income per common share (in Dollars per share) | $1.66 | $1.93 | $2.26 |
| Diluted net investment income per common share (in Dollars per share) | $1.66 | $1.93 | $2.26 |
| Basic net increase (decrease) in net assets resulting from operations (in Dollars per share) | -$0 | $1 | $4 |
| Diluted net increase (decrease) in net assets resulting from operations (in Dollars per share) | -$0 | $1 | $4 |
| Weighted Average Common Shares Outstanding - Basic (in Shares) | 32.1M shares | 32.4M shares | 25.7M shares |
| Weighted Average Common Shares Outstanding Diluted (in Shares) | 32.1M shares | 32.4M shares | 25.7M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 6 quarters (quarterly), latest first.8
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Non-controlled, non-affiliated investments, at fair value (amortized cost of $1,294,556,070 and $1,454,611,467, respectively) | $1.2B | $1.4B | |||
| Cash and cash equivalents | $3.2M | $2.8M | |||
| Receivable for sales of investments | $2.8M | $7.8M | |||
| Receivable for paydowns of investments | $233.9K | $1.3M | |||
| Due from investment adviser | $616.7K | $248.1K | |||
| Dividend receivable | $195.7K | $259.6K | |||
| Interest receivable | $8.6M | $11.5M | |||
| Prepaid expenses and other assets | $41.4K | $32.4K | |||
| Total Assets | $1.2B | $1.4B | |||
| Credit facilities (net of deferred financing costs of $5,030,068 and $5,375,986, respectively) (Note 6) | $414.4M | $501.7M | |||
| Notes (net of deferred financing costs of $1,609,420 and $1,748,822, respectively) (Note 6) | $302.1M | $302.5M | |||
| Payable for investments purchased | $20.4M | $67.5M | |||
| Distributions payable | $13.4M | $15.6M | |||
| Management fee payable | $2.1M | $2.4M | |||
| Incentive fee payable | $1.9M | $2.1M | |||
| Accrued other general and administrative expenses | $933.6K | $1.4M | |||
| Total Liabilities | $755.3M | $893.2M | |||
| 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 | $31.3K | $32.6K | |||
| Additional paid-in capital | $593.6M | $611.1M | |||
| Total distributable earnings (accumulated deficit) | -$129.6M | -$73.3M | |||
| Total Net Assets | $464.1M | $537.8M | $462.0M | $363.4M | |
| Total Liabilities and Net Assets | $1.2B | $1.4B | |||
| Net Asset Value Per Common Share | $14.85 | $16.50 | $17.04 | $14.96 | $20.06 |
| Amortized cost | $1.3B | $1.5B | |||
| Credit facilities of deferred financing costs | $5.0M | $5.4M | |||
| Deferred financing costs | $1.6M | $1.7M | |||
| Common stock, par value | $0.00 | $0.00 | |||
| Common stock, shares authorized | 450.0M shares | 450.0M shares | |||
| Common stock, shares issued | 31.3M shares | 32.6M shares | |||
| Common stock, shares outstanding | 31.3M shares | 32.6M shares | 27.1M shares | 24.3M shares | 22.8M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 |
|---|---|---|---|---|---|---|
| Non-controlled, non-affiliated investments, at fair value (amortized cost of $1,294,556,070 and $1,454,611,467, respectively) | $1.2B | $1.4B | ||||
| Cash and cash equivalents | $3.2M | $2.8M | ||||
| Receivable for sales of investments | $2.8M | $7.8M | ||||
| Receivable for paydowns of investments | $233.9K | $1.3M | ||||
| Due from investment adviser | $616.7K | $248.1K | ||||
| Dividend receivable | $195.7K | $259.6K | ||||
| Interest receivable | $8.6M | $11.5M | ||||
| Prepaid expenses and other assets | $41.4K | $32.4K | ||||
| Total Assets | $1.2B | $1.4B | ||||
| Credit facilities (net of deferred financing costs of $5,030,068 and $5,375,986, respectively) (Note 6) | $414.4M | $501.7M | ||||
| Notes (net of deferred financing costs of $1,609,420 and $1,748,822, respectively) (Note 6) | $302.1M | $302.5M | ||||
| Payable for investments purchased | $20.4M | $67.5M | ||||
| Distributions payable | $13.4M | $15.6M | ||||
| Management fee payable | $2.1M | $2.4M | ||||
| Incentive fee payable | $1.9M | $2.1M | ||||
| Accrued other general and administrative expenses | $933.6K | $1.4M | ||||
| Total Liabilities | $755.3M | $893.2M | ||||
| 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 | $31.3K | $32.6K | ||||
| Additional paid-in capital | $593.6M | $611.1M | ||||
| Total distributable earnings (accumulated deficit) | -$129.6M | -$73.3M | ||||
| Total Net Assets | $464.1M | $537.8M | $462.0M | $363.4M | ||
| Total Liabilities and Net Assets | $1.2B | $1.4B | ||||
| Net Asset Value Per Common Share | $14.85 | $16.50 | $17.04 | $14.96 | $20.06 | $20.15 |
| Amortized cost | $1.3B | $1.5B | ||||
| Credit facilities of deferred financing costs | $5.0M | $5.4M | ||||
| Deferred financing costs | $1.6M | $1.7M | ||||
| Common stock, par value | $0.00 | $0.00 | ||||
| Common stock, shares authorized | 450.0M shares | 450.0M shares | ||||
| Common stock, shares issued | 31.3M shares | 32.6M shares | ||||
| Common stock, shares outstanding | 31.3M shares | 32.6M shares | 27.1M shares | 24.3M shares | 22.8M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.8
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net increase (decrease) in net assets resulting from operations | -$3.2M | $47.7M | $107.8M |
| Net realized (gains)/losses on investments | $13.2M | $17.8M | $2.7M |
| Net change in unrealized appreciation (depreciation) from investments | $43.4M | -$2.8M | -$52.6M |
| Net accretion of discount on investments | -$2.7M | -$1.4M | -$1.9M |
| Payment-in-kind interest and other income | -$2.5M | -$1.1M | $0 |
| Purchases of short-term investments | -$600.8M | -$868.0M | -$578.7M |
| Purchases of portfolio investments | -$426.7M | -$773.8M | -$273.7M |
| Proceeds from sale of short-term investments | $597.5M | $862.3M | $565.5M |
| Proceeds from sale of portfolio investments | $582.0M | $468.8M | $247.1M |
| Amortization of deferred financing cost | $1.7M | $1.6M | $1.0M |
| (Increase)/decrease in receivable for sales of investments | $5.0M | -$7.7M | $30.9M |
| (Increase)/decrease in interest and dividends receivable | $2.9M | -$3.0M | -$2.1M |
| (Increase)/decrease in due from investment adviser | -$368.6K | $1.5M | -$1.5M |
| (Increase)/decrease in receivable for paydowns of investments | $1.1M | -$1.0M | -$208.4K |
| (Increase)/decrease in prepaid expenses and other assets | -$9.1K | -$2.3K | $568.2K |
| Increase/(decrease) in interest payable on credit facilities | -$1.9M | $3.4M | $2.3M |
| Increase/(decrease) in payable for investments purchased | -$47.1M | $52.7M | -$28.0M |
| Increase/(decrease) in management fees payable | -$284.7K | $161.7K | $379.3K |
| Increase/(decrease) in incentive fee payable | -$282.6K | $2.1M | $0 |
| Increase/(decrease) in accrued other general and administrative expenses | -$435.1K | $300.8K | -$67.6K |
| Net cash provided by (used in) operating activities | $160.7M | -$200.6M | $19.5M |
| Borrowings on the credit facilities | $45.1M | $241.1M | $27.5M |
| Payments on the credit facilities | -$131.3M | -$378.2M | -$28.5M |
| Borrowings on the notes | $0 | $300.0M | $0 |
| Payments of debt issuance costs | -$1.2M | -$5.5M | -$1.8M |
| Distributions paid in cash | -$55.3M | -$46.6M | -$33.9M |
| Proceeds from issuance of common shares, net of change in subscriptions receivable | $0 | $89.7M | $17.7M |
| Purchase of common shares for dividend reinvestment plan | $514.6K | $2.1M | $0 |
| Repurchase of common shares | -$18.0M | -$1.3M | $0 |
| Net cash provided by (used in) financing activities | -$160.2M | $201.2M | -$19.1M |
| Net increase/(decrease) in cash and cash equivalents | $451.0K | $649.3K | $466.3K |
| Interest paid during the period | $52.0M | $54.6M | $42.2M |
| Distributions declared during the period | $53.1M | $62.2M | $56.1M |
| Reinvestment of distributions during the period | $0 | $0 | $29.1M |
| Distributions payable | $13.4M | $15.6M | $0 |
No quarter-by-quarter statement was filed.
Corporate structure
Palmer Square Capital BDC Inc. sits at the top of its group. 4 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Palmer Square Capital BDC Inc.
- Alaris Master Fund LP Filed SCHEDULE 13G/A on Palmer Square Capital BDC Inc., latest Jul 2, 2026 (4 filings since Oct 18, 2021)
- BFFV, LLC Filed SCHEDULE 13G/A on Palmer Square Capital BDC Inc., latest Jun 11, 2026 (2 filings since Mar 13, 2025)
- BFFV19, LLC Filed SCHEDULE 13G/A on Palmer Square Capital BDC Inc., latest May 29, 2026 (3 filings since Nov 8, 2021)
- First Trust Capital Management L.P. Filed SCHEDULE 13G/A on Palmer Square Capital BDC Inc., latest Nov 14, 2025 (3 filings since Jan 25, 2024)
- Excelsior Holdings D2 LLC Filed SCHEDULE 13D/A on Palmer Square Capital BDC Inc., latest Jun 27, 2025
- Caravel Holdings LLC Filed SC 13G/A on Palmer Square Capital BDC Inc., latest Apr 8, 2024 (2 filings since Oct 18, 2021)
- Chinquapin Trust Co Filed SC 13G on Palmer Square Capital BDC Inc., latest Oct 29, 2021
- Palmer Square Capital BDC Inc. Mission Woods, Kansas
- Palmer Square BDC CLO 1, LLC Subsidiary · Delaware, United States
- Palmer Square BDC Funding I LLC Subsidiary · Delaware, United States
- Palmer Square BDC Funding II LLC Subsidiary · Delaware, United States
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Palmer Square Capital BDC Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Investments
Properties, in its own words
Our headquarters are located at 1900 Shawnee Mission Parkway, Suite 315, Mission Woods, Kansas 66205. We believe that our office facilities are suitable and adequate for our business.
Item 2 of the 10-K filed Feb 26, 2026.4
Leadership
Who has led Palmer Square Capital BDC Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
2025
- Chief executive officerChristopher Dale Long Jan 27, 2020 to Jan 19, 202411
- PresidentMatthew L. Bloomfield Apr 7, 2022 to now12
- PresidentChristopher Dale Long Jan 27, 2020 to Jan 19, 202411
- Chief financial officerJeffrey Doerr Fox Jan 27, 2020 to Mar 19, 202013
Board members and other officers (7)
- Chief Compliance OfficerBen Wiesenfeld Aug 10, 2026 to now14
- Chief Investment OfficerAngie Knighton Long Jan 27, 2020 to Jan 19, 202415
- Chief Compliance OfficerScott Andrew Betz Jan 27, 2020 to Mar 19, 202016
- Board memberChristopher Dale Long Jan 27, 2020 to Jan 19, 202411
- Board memberJames Walter Neville Jr. Jan 27, 2020 to Jan 27, 202017
- Board memberJeffrey Doerr Fox Jan 27, 2020 to Mar 19, 202013
- Board memberMegan Webber Rosenzweig Jan 27, 2020 to Jan 27, 202018
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- Palmer Square BDC CLO 1, LLC Delaware3
- Palmer Square BDC CLO 1, Ltd. Cayman Islands3
- Palmer Square BDC Funding I LLC Delaware3
- Palmer Square BDC Funding II LLC Delaware3
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Timeline
- Oct 13, 20268-K Other events19
- Sep 22, 20268-K Other events20
- Sep 15, 20268-K Other events21
- Aug 17, 20268-K Other events22
- Aug 7, 20268-K Executive or director change23
- Aug 5, 20268-K Results of operations; Regulation FD disclosure24
- Jul 15, 20268-K Entered a material agreement25
- Jul 14, 20268-K Other events26
- Jun 25, 20268-K Entered a material agreement27
- Jun 24, 20268-K Other events28
- Jun 18, 20268-K Regulation FD disclosure29
- Jun 12, 20268-K Other events30
- Jan 27, 2020New chief executive Christopher Dale Long becomes CEO11
Calendar
Coming up
- Nov 4, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $0.43 a share, on Nov 5, 2025.31
When it reported results
- Aug 5, 2026Reported quarterly or annual results24
- May 7, 2026Reported quarterly or annual results32
- Feb 26, 2026Reported quarterly or annual results33
- Nov 5, 2025Reported quarterly or annual results34
- Aug 6, 2025Reported quarterly or annual results35
- May 7, 2025Reported quarterly or annual results36
- Feb 28, 2025Reported quarterly or annual results37
- Nov 5, 2024Reported quarterly or annual results38
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
181 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 83 major events, 21 insider forms, 16 large holders, 41 other. The latest 20:
- Oct 13, 20268-K EDGAR
- Sep 24, 202640-17G EDGAR
- Sep 22, 20268-K EDGAR
- Sep 15, 20268-K EDGAR
- Aug 17, 20268-K EDGAR
- Aug 10, 20263 EDGAR
- Aug 7, 20268-K CURRENT REPORT EDGAR
- Aug 5, 20268-K EDGAR
- Aug 5, 202610-Q EDGAR
- Jul 15, 20268-K CURRENT REPORT EDGAR
- Jul 14, 20268-K EDGAR
- Jul 7, 20264 EDGAR
- Jul 2, 2026SCHEDULE 13G/A EDGAR
- Jul 2, 20264 EDGAR
- Jun 30, 20264 EDGAR
- Jun 30, 20263 EDGAR
- Jun 25, 20268-K CURRENT REPORT EDGAR
- Jun 24, 20268-K EDGAR
- Jun 18, 20268-K CURRENT REPORT EDGAR
- Jun 12, 20268-K EDGAR
The 181 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
23 open-market trades by officers, directors and large owners since October 2021: 21 buys and 2 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jul 7, 2026 | Bicknell Martin C10% owner | Buy | 21,484 | $10.47 | $224.9K | Form 4 |
| Jul 6, 2026 | Bicknell Martin C10% owner | Buy | 40,000 | $10.56 | $422.4K | Form 4 |
| Jul 2, 2026 | Bicknell Martin C10% owner | Buy | 40,000 | $10.55 | $422.0K | Form 4 |
| Jul 1, 2026 | Bicknell Martin C10% owner | Buy | 40,000 | $10.57 | $422.8K | Form 4 |
| Jun 8, 2026 | Bicknell Martin C10% owner | Buy | 1,988 | $10.80 | $21.5K | Form 4 |
| Jun 5, 2026 | Bicknell Martin C10% owner | Buy | 30,000 | $10.79 | $323.7K | Form 4 |
| May 29, 2026 | Bicknell Martin C10% owner | Buy | 15,000 | $10.87 | $163.1K | Form 4 |
| Nov 6, 2025 | Alaris Capital, LLC10% owner | Sale | 30,000 | $11.97 | $359.1K | Form 4 |
| Oct 22, 2025 | Alaris Capital, LLC10% owner | Sale | 532,350 | $12.56 | $6.7M | Form 4 |
| Mar 21, 2025 | Bloomfield Matthew LPresident | Buy | 750 | $14.51 | $10.9K | Form 4 |
| Mar 11, 2025 | Bloomfield Matthew LPresident | Buy | 7,000 | $15.05 | $105.3K | Form 4 |
| Mar 10, 2025 | Bloomfield Matthew LPresident | Buy | 5,250 | $15.25 | $80.1K | Form 4 |
| Mar 7, 2025 | Bloomfield Matthew LPresident | Buy | 5,200 | $15.43 | $80.2K | Form 4 |
| Mar 6, 2025 | Bloomfield Matthew LPresident | Buy | 4,000 | $15.48 | $61.9K | Form 4 |
| Mar 5, 2025 | Bloomfield Matthew LPresident | Buy | 5,000 | $15.34 | $76.7K | Form 4 |
| Mar 4, 2025 | Bloomfield Matthew LPresident | Buy | 4,200 | $15.38 | $64.6K | Form 4 |
| Mar 4, 2024 | Bloomfield Matthew LPresident | Buy | 15,000 | $16.44 | $246.6K | Form 4 |
| Jan 17, 2024 | LONG CHRISTOPHER DALECEO & President | Buy | 60,790 | $16.45 | $1.0M | Form 4 |
| Jan 17, 2024 | Long Angie KnightonChief Investment Officer | Buy | 60,790 | $16.45 | $1.0M | Form 4 |
| Jan 17, 2024 | Bicknell Martin C10% owner | Buy | 607,902 | $16.45 | $10.0M | Form 4 |
All 23 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Alaris Master Fund LPSCHEDULE 13G/A, 4 filings Oct 18, 2021 to Jul 2, 202639
- BFFV, LLCSCHEDULE 13G/A, 2 filings Mar 13, 2025 to Jun 11, 202640
- BFFV19, LLCSCHEDULE 13G/A, 3 filings Nov 8, 2021 to May 29, 202641
- First Trust Capital Management L.P.SCHEDULE 13G/A, 3 filings Jan 25, 2024 to Nov 14, 202542
- Excelsior Holdings D2 LLCSCHEDULE 13D/A, 1 filing Jun 27, 202543
- Caravel Holdings LLCSC 13G/A, 2 filings Oct 18, 2021 to Apr 8, 202444
- Chinquapin Trust CoSC 13G, 1 filing Oct 29, 202145
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 42. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| OV Management LLC | 3,730,065 | $38.9M | 72.6% | No change |
| 1248 Management, LLC | 3,186,701 | $34.4M | 13.5% | +231,988 |
| Mariner, LLC | 3,160,003 | $32.9M | 0.0% | +79,898 |
| First Trust Capital Management L.P. | 1,288,337 | $13.4M | 0.8% | No change |
| Pandi, LLC | 911,854 | $9.5M | 1.4% | No change |
| Bank Of America Corp /de/ | 669,631 | $7.0M | 0.0% | +92,700 |
| Arlington Partners LLC | 510,344 | $5.3M | 9.6% | No change |
| Bienville Capital Management, LLC | 425,379 | $4.6M | 0.7% | −99,843 |
| Sunesis Advisors, LLC | 298,959 | $3.1M | 1.3% | No change |
| Hennion & Walsh Asset Management, Inc. | 198,062 | $2.1M | 0.1% | −15,878 |
| Two Sigma Investments, LP | 186,517 | $1.9M | 0.0% | −124,435 |
| Opal Wealth Advisors, LLC | 159,240 | $1.7M | 0.4% | +36,431 |
| NewGen Asset Management Ltd | 154,539 | $1.6M | 0.9% | +80,855 |
| Squarepoint Ops LLC | 130,704 | $1.4M | 0.0% | New |
| Palliser Capital (UK) Ltd | 88,028 | $917.3K | 0.5% | New |
| Renaissance Technologies LLC | 75,100 | $782.5K | 0.0% | −80,600 |
| Advisor OS, LLC | 63,761 | $664.4K | 0.0% | +391 |
| BlackRock, Inc. | 58,382 | $608.3K | 0.0% | +3,039 |
| Trexquant Investment LP | 57,634 | $600.5K | 0.0% | −7,340 |
| XTX Topco Ltd | 56,612 | $589.9K | 0.0% | +31,926 |
| Citadel Advisors LLC | 51,962 | $541.4K | 0.0% | +32,447 |
| Nottingham Advisors, Inc. | 48,686 | $472.3K | 0.1% | +17,466 |
| Clear Harbor Asset Management, LLC | 43,116 | $449.3K | 0.0% | +6,424 |
| Waterfront Wealth Inc. | 43,154 | $447.1K | 0.1% | +841 |
| Jane Street Group, LLC | 29,784 | $310.4K | 0.0% | +13,925 |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How Palmer Square Capital BDC Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARPalmer Square Capital BDC Inc.1
- CIK0001794776
- Employer ID (EIN)84-36652004
- Filer statusAccelerated filer an emerging growth company; not a smaller reporting company; not a shell company4
- Incorporated inMaryland4
- Fiscal year endsDecember 311
- Business address1900 Shawnee Mission Parkway, Suite 315, Mission Woods, KS 662051
- Phone816-994-32001
- Shares outstanding30,651,221 as of Aug 4, 202610
- Public float$445.8M as of Jun 30, 20254
- AuditorPricewaterhouseCoopers LLP, Kansas City PCAOB ID 238; no auditor attestation of internal control over financial reporting4
- On EDGAR sinceNov 27, 20191
- Filings236 in all: 8-K (88), 4 (23), 10-Q (20), 3 (15), CORRESP (15), 40-17G (8), SCHEDULE 13G/A (8), 10-K (6)1
All 36 form types
DEF 14A (6), SC 13G (6), N-2/A (5), SC 13G/A (4), 3/A (3), DRS/A (3), 10-12G/A (2), 40-APP/A (2), EFFECT (2), N-2 (2), 10-12G (1), 144 (1), 4/A (1), 40-APP (1), 424B1 (1), 424B2 (1), 8-A12B (1), 8-K/A (1), CERT (1), D (1), DRS (1), N-54A (1), N-6F (1), PRE 14A (1), SC 13D (1), SCHEDULE 13D/A (1), SCHEDULE 13G (1), UPLOAD (1)
- Latest filingsAnnual report (10-K) Feb 26, 2026
Quarterly report (10-Q) Aug 5, 2026
Proxy statement (DEF 14A) Nov 20, 2025
Latest 8-K (8-K) Oct 13, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, par value $0.001 per share | PSBD | New York Stock Exchange |
From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).4
Risk factors and legal proceedings
The risks Palmer Square Capital BDC Inc. names in Item 1A of its 10-K filed Feb 26, 2026: 67 risks under these headings, as written.4
- Risks Related to our Business and Structure
- We are dependent upon key personnel of PSCM and the Investment Advisor.
- We are dependent on strong referral relationships.
- Our investment decisions may be expedited.
- Our financial condition, results of operations and cash flows depend on our ability to manage our business effectively.
- Our executive officers and directors, our Investment Advisor, PSCM and their affiliates, officers, directors and employees may face certain conflicts of interest.
- Our Investment Advisor or its affiliates may, from time to time, possess material non-public information, limiting our investment discretion.
- Our management and incentive fee structure with our Investment Advisor may create incentives for our Investment Advisor that are not fully aligned with the interests of our stockholders and may induce our Investment Advisor to make speculative investments.
- The valuation process for certain of our portfolio holdings may create a conflict of interest.
- We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses.
- We may need to raise additional capital.
- Our investments in PIK interest income expose us to risks, including a possible increase in incentive fees that are payable by us to the Investment Advisor.
The other 56 risks
- Our strategy involves a high degree of leverage. We intend to continue to finance our investments with borrowed money, which will magnify the potential for gain or loss on amounts invested and may increase the risk of investing in us.
- Illustration
- Assumed Return on Our Portfolio(1)
- (net of expenses)
- We are subject to various covenants under our credit facilities which, if not complied with, could result in reduced availability and/or mandatory prepayments under our credit facilities.
- Changes in interest rates affect our cost of capital and net investment income.
- We have uncertainty as to the value of certain portfolio investments.
- We may experience fluctuations in our quarterly operating results.
- The Board may change our investment objectives, operating policies and strategies without prior notice or stockholder approval.
- We are subject to risks related to our management of ESG activities.
- Our Investment Advisor and Administrator each have the ability to resign on 60 days’ notice, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.
- We are highly dependent on information systems, and systems failures or cyber-attacks could significantly disrupt our business, which may, in turn, negatively affect the value of shares of our common stock and our ability to pay distributions.
- We are subject to risks associated with artificial intelligence and machine learning technology.
- Failure to maintain our status as a business development company would reduce our operating flexibility.
- Our charter includes an exclusive forum selection provision, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or other agents.
- Risks Related to the 1940 Act
- Our ability to enter into transactions with our affiliates is restricted.
- Regulations governing our operation as a BDC affect our ability to, and the way in which we, raise additional capital.
- Risks Related to our Investments
- Economic recessions or downturns could impair our portfolio companies, and defaults by our portfolio companies will harm our operating results.
- We hold the debt securities of leveraged portfolio companies.
- Our investments in secured loans nonetheless expose us to losses from default and foreclosure.
- Our investments in mezzanine debt and other junior securities are subordinate to senior indebtedness of the applicable company and are subject to greater risk.
- Our investments include Covenant-Lite Loans, which give us fewer rights and subject us to greater risk of loss than loans with financial maintenance covenants.
- Our prospective portfolio companies may prepay loans, which may reduce our yields if capital returned cannot be invested in transactions with equal or greater expected yields.
- We invest in high yield debt, which has greater credit and liquidity risk than more highly rated debt obligations.
- Our investments in bank loans and financial institutions may be less liquid than our other investments and we incur greater risk with respect to investments we acquire through assignments or participations of interests.
- We are subject to risks associated with forming CLOs
- We invest in structured products and such investments involve significant risks.
- Our CLO investments are typically highly levered and subject to a higher degree of risk of total loss.
- We may be subject to lender liability and equitable subordination.
- Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio.
- Our portfolio includes equity investments, which are subordinated to debt investments and are subject to additional risks.
- The lack of liquidity in our investments may adversely affect our businesses.
- Because we generally do not hold controlling equity interests in our portfolio companies, we generally will not be able to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments.
- Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies and such portfolio companies could fail to generate sufficient cash flow to service their debt obligations to us.
- We are subject to risks related to investments in non-U.S. securities.
- We may be subject to risks if we engage in hedging transactions.
- We may invest in derivatives or other assets that expose us to certain risks, including market risk, liquidity risk and other risks similar to those associated with the use of leverage.
- Our investments in OID and PIK interest income expose us to risks associated with such income being required to be included in accounting income and taxable income prior to receipt of cash.
- Federal Income Tax and Other Tax Risks
- We will be subject to corporate-level income tax if we are unable to qualify as a RIC.
- We may have difficulty paying our required distributions if we recognize income before, or without, receiving cash representing such income.
- We may be required to withhold U.S. federal income tax on distributions to non-U.S. stockholders.
- Our business will be adversely affected if we fail to maintain our qualification as a RIC.
- There is a risk that you may not receive distributions or that our distributions may not grow over time and a portion of our distributions may be a return of capital.
- Risks Relating to Our Common Stock
- The market price of our common stock may fluctuate significantly.
- We cannot assure you that a market for shares of our common stock will be maintained or the market price of our shares will trade close to NAV.
- Sales of substantial amounts of our common stock in the public market may have an adverse effect on the market price of our common stock.
- Purchases of shares of our common stock by us under our open market repurchase program, including the Extended Company Rule 10b5-1 Stock Repurchase Plan, and by PSCM, including through the Extended PSCM Rule 10b5-1 Plan, may result in the price of shares of our common stock being higher than the price that otherwise might exist in the open market.
- We may in the future determine to issue preferred stock, which could adversely affect the market value of our common stock.
- Provisions of the Maryland General Corporation Law and of our charter and bylaws could deter takeover attempts and have an adverse impact on the price of our common stock.
- General Risk Factors
- Global capital markets may experience periods of severe disruption and instability in the future. These conditions have historically affected and could again materially and adversely affect debt and equity capital markets in the United States and around the world and our business.
- Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.
- Events outside of our control, including public health crises, could negatively affect our portfolio companies, our Investment Advisor and the results of our operations.
- Global economic, political and market conditions, including downgrades of the U.S. credit rating, may adversely affect our business, results of operations and financial condition.
- Changes to United States tariff and import/export regulations may have a negative effect on our portfolio companies.
- The Russian invasion of Ukraine as well as the conflicts in the Middle East and Latin America may have a material adverse impact on us and our portfolio companies.
- Climate change and related transition and physical risks could adversely affect our operations and those of our portfolio companies and increase costs (including insurance costs).
- New or modified laws or regulations governing our operations could adversely affect our business.
- The outcome of the U.S. presidential, congressional and other elections creates significant uncertainty with respect to the legal, tax and regulatory regime in which we and the Investment Advisor will operate.
- Our business is dependent on bank relationships and strain on the banking system may adversely impact us.
Legal proceedings
We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under loans to or other contracts with our portfolio companies.
The opening of Item 3, Legal Proceedings.4
Sources
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- 29SEC EDGARRegulation FD disclosure
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