Palmer Square Capital BDC Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 saw $27.3M in investment income and $12M net investment income, with a $0.39/share dividend and an expanded $30M share repurchase program. Portfolio quality remained strong amid macro uncertainty, with a 0.29% non-accrual rate and robust liquidity.
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Q1 2026 saw lower investment income and NAV amid sector volatility, but credit quality and liquidity remained strong. Dividend yields were robust, and management is optimistic about improved deal flow and risk-adjusted returns as spreads widen and market activity rebounds.
Fiscal Year 2025
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Q4 2025 saw lower investment income and NAV, but the portfolio remains highly diversified and resilient, with low non-accruals and strong liquidity. Management is cautiously optimistic for 2026, maintaining a stable dividend policy and focusing on disciplined credit selection amid ongoing market volatility.
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Q3 2025 saw $138.7M deployed, $31.7M total investment income, and $13.6M net investment income, with strong dividend coverage and a NAV per share of $15.39. Portfolio diversification, low non-accruals, and active share repurchases highlight disciplined management.
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Q2 2025 saw $92.4M deployed, $31.7M total investment income, and a 12.12% portfolio yield. NAV per share declined slightly to $15.68, with non-accruals at 0.19%. Portfolio remains conservatively positioned amid tight spreads and macro uncertainty.
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Q1 2025 saw lower investment income and NAV amid market volatility, but the portfolio remains highly diversified, conservatively managed, and focused on senior secured loans. Liquidity and capital flexibility position the firm to capitalize on future opportunities.
Fiscal Year 2024
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Strong Q4 and full-year 2024 results featured robust income, high credit quality, and a diversified portfolio. Management recalibrated the base dividend for 2025, maintaining flexibility amid tight spreads and muted deal activity, while emphasizing transparency and risk discipline.
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Strong Q3 results with 30% year-over-year investment income growth, robust credit quality, and a diversified, predominantly senior secured portfolio. NAV per share declined slightly due to mild losses, while the annualized dividend yield remained high at 11.3%.
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Q2 2024 saw strong portfolio growth, robust net investment income, and continued focus on high-quality, liquid loans. Management remains cautious amid market volatility, prioritizing credit quality and disciplined capital deployment.