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Palmer Square Capital BDC (PSBD) Financials

Palmer Square Capital BDC logo
$10.77 -0.03 (-0.30%)
Closing price 06/5/2026 03:59 PM Eastern
Extended Trading
$10.76 0.00 (-0.03%)
As of 06/5/2026 04:10 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Palmer Square Capital BDC

Annual Income Statements for Palmer Square Capital BDC

This table shows Palmer Square Capital BDC's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 66 -74 108 48
Consolidated Net Income / (Loss)		 66 -74 108 48
Net Income / (Loss) Continuing Operations		 66 -74 108 48
Total Pre-Tax Income 		66 -74 108 48
Total Operating Income		 -6.03 -149 -4.39 -96
Total Gross Profit		 19 -116 50 -15
Total Revenue		 19 -116 50 -15
Operating Revenue		 19 -116 50 -15
Total Cost of Revenue		 0.00 0.00 0.00 0.00
Total Operating Expenses		 25 33 54 81
Selling, General & Admin Expense		 2.59 2.60 2.32 4.55
Other Operating Expenses / (Income)		 22 31 52 76
Total Other Income / (Expense), net		 72 74 112 144
Interest & Investment Income		 75 74 112 142
Other Income / (Expense), net		 5.53 0.18 0.42 1.56
Basic Earnings per Share		 $1.47 $1.78 $2.26 $1.93
Weighted Average Basic Shares Outstanding		 15.49M 23.13M 25.70M 32.35M
Diluted Earnings per Share		 - $1.78 $2.26 $1.93
Weighted Average Diluted Shares Outstanding		 - 23.13M 25.70M 32.35M
Weighted Average Basic & Diluted Shares Outstanding		 - - 32.55M 32.61M

Quarterly Income Statements for Palmer Square Capital BDC

This table shows Palmer Square Capital BDC's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 69 62 34 -58 62 17 7.56 -39
Consolidated Net Income / (Loss)		 69 62 34 -58 62 17 7.56 -39
Net Income / (Loss) Continuing Operations		 69 62 34 -58 62 17 7.56 -39
Total Pre-Tax Income 		69 62 34 -58 62 17 7.56 -39
Total Operating Income		 13 8.33 5.08 -31 1.05 -21 -30 -46
Total Gross Profit		 28 24 19 -21 23 5.31 -8.17 -35
Total Revenue		 28 24 19 -21 23 5.31 -8.17 -35
Operating Revenue		 28 24 19 -21 23 5.31 -8.17 -35
Total Operating Expenses		 15 16 14 9.79 22 27 22 11
Selling, General & Admin Expense		 0.58 0.56 0.53 0.66 0.96 1.06 1.21 1.32
Other Operating Expenses / (Income)		 14 15 13 9.14 21 26 20 9.65
Total Other Income / (Expense), net		 56 54 29 -27 61 38 37 6.75
Interest & Investment Income		 67 64 29 -48 76 62 37 -33
Other Income / (Expense), net		 -0.26 0.13 0.15 0.40 -1.47 -9.13 0.73 11
Basic Earnings per Share		 $0.55 $0.56 $0.57 $0.58 $0.52 $0.48 $0.48 $0.45
Weighted Average Basic Shares Outstanding		 24.59M 25.45M 26.02M 25.70M 31.59M 32.57M 32.61M 32.35M
Weighted Average Diluted Shares Outstanding		 - - 26.02M 25.70M 32.57M 32.62M 32.61M 32.35M
Weighted Average Basic & Diluted Shares Outstanding		 - - - 32.55M 32.57M 32.62M 32.65M 32.61M

Annual Cash Flow Statements for Palmer Square Capital BDC

This table details how cash moves in and out of Palmer Square Capital BDC's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 0.41 0.56 0.47 0.65
Net Cash From Operating Activities		 -438 25 20 -201
Net Cash From Continuing Operating Activities		 -413 25 20 -201
Net Income / (Loss) Continuing Operations		 19 -74 108 48
Consolidated Net Income / (Loss)		 19 -74 108 48
Amortization Expense		 0.62 -0.73 -0.85 0.15
Non-Cash Adjustments To Reconcile Net Income		 -524 101 -90 -252
Changes in Operating Assets and Liabilities, net		 91 -0.28 2.83 3.68
Net Cash From Investing Activities		 -25 0.00 0.00 0.00
Net Cash From Continuing Investing Activities		 -25 0.00 0.00 0.00
Net Cash From Financing Activities		 438 -25 -19 201
Net Cash From Continuing Financing Activities		 438 -25 -19 201
Repayment of Debt		 -0.78 -92 -30 -384
Repurchase of Common Equity		 - 0.00 0.00 -1.26
Payment of Dividends		 -6.29 -19 -34 -47
Issuance of Debt		 257 81 28 541
Issuance of Common Equity		 189 5.02 18 92
Cash Interest Paid		 7.31 22 42 55

Quarterly Cash Flow Statements for Palmer Square Capital BDC

This table details how cash moves in and out of Palmer Square Capital BDC's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Change in Cash & Equivalents		 - 4.59 0.49 -3.33 -1.29 6.14 6.53 -13 0.98
Net Cash From Operating Activities		 - 28 -9.95 -1.86 3.41 -238 -0.51 3.51 34
Net Cash From Continuing Operating Activities		 - 77 -13 -48 3.41 -238 -1.53 4.21 34
Net Income / (Loss) Continuing Operations		 - 28 24 34 22 23 5.31 7.56 12
Consolidated Net Income / (Loss)		 - 28 24 34 22 23 5.31 7.56 12
Amortization Expense		 - -0.11 -0.25 -0.11 -0.37 -0.29 0.07 -0.06 0.42
Non-Cash Adjustments To Reconcile Net Income		 - 47 -16 -102 -19 -284 -40 45 27
Changes in Operating Assets and Liabilities, net		 - 2.36 -20 20 0.56 23 33 -48 -4.92
Net Cash From Financing Activities		 - -23 10 -1.47 -4.70 244 7.05 -17 -33
Net Cash From Continuing Financing Activities		 - -23 10 -1.47 -4.70 244 6.45 -16 -33
Repayment of Debt		 - -28 -0.01 -1.01 -1.78 -3.63 -307 -26 -47
Repurchase of Common Equity		 - - - - - - - -0.15 -0.77
Payment of Dividends		 - -6.94 -6.25 -6.81 -14 0.00 -16 -15 -15
Issuance of Debt		 - 0.00 11 6.00 11 158 330 24 29
Issuance of Common Equity		 - 11 6.20 0.35 - 90 - 1.67 0.41
Cash Interest Paid		 - 7.94 11 12 12 14 13 9.95 17

Annual Balance Sheets for Palmer Square Capital BDC

This table presents Palmer Square Capital BDC's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Total Assets		 1,057 1,122 1,431
Total Current Assets		 1,026 2.15 2.80
Cash & Equivalents		 1.65 2.12 2.77
Prepaid Expenses		 0.60 0.03 0.03
Plant, Property, & Equipment, net		 0.00 0.00 0.00
Total Noncurrent Assets		 -12 14 28
Long-Term Investments		 -12 0.44 9.15
Other Noncurrent Operating Assets		 - 14 19
Total Liabilities & Shareholders' Equity		 1,057 1,122 1,431
Total Liabilities		 694 660 893
Total Current Liabilities		 8.08 1.07 304
Short-Term Debt		 - 0.00 303
Accrued Expenses		 1.14 1.07 1.37
Total Noncurrent Liabilities		 643 659 589
Long-Term Debt		 641 642 502
Other Noncurrent Operating Liabilities		 1.87 17 88
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 363 462 538
Total Preferred & Common Equity		 363 462 538
Total Common Equity		 363 462 538
Common Stock		 474 521 611
Retained Earnings		 -111 -59 -73

Quarterly Balance Sheets for Palmer Square Capital BDC

This table presents Palmer Square Capital BDC's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024
Period end date 3/31/2024 6/30/2024 9/30/2024
Total Assets		 1,413 1,459 1,414
Total Current Assets		 1,412 1,458 1.93
Cash & Equivalents		 8.26 15 1.79
Prepaid Expenses		 0.09 0.17 0.14
Plant, Property, & Equipment, net		 0.00 0.00 0.00
Total Noncurrent Assets		 0.00 0.00 29
Long-Term Investments		 - - 9.49
Other Noncurrent Operating Assets		 - - 20
Total Liabilities & Shareholders' Equity		 1,413 1,459 1,414
Total Liabilities		 854 910 872
Total Current Liabilities		 19 320 307
Short-Term Debt		 - 301 306
Accrued Expenses		 0.94 1.31 1.09
Total Noncurrent Liabilities		 795 520 565
Long-Term Debt		 795 520 518
Other Noncurrent Operating Liabilities		 - - 46
Commitments & Contingencies		 - 0.00 0.00
Total Equity & Noncontrolling Interests		 559 549 542
Total Preferred & Common Equity		 559 549 542
Total Common Equity		 559 549 542
Common Stock		 610 611 612
Retained Earnings		 -52 -62 -70

Annual Metrics And Ratios for Palmer Square Capital BDC

This table displays calculated financial ratios and metrics derived from Palmer Square Capital BDC's official financial filings.

Metric 2021 2022 2023 2024
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - -
Revenue Growth		 0.00% -706.32% 143.14% -129.86%
EBITDA Growth		 0.00% -116,332.42% 96.78% -1,854.57%
EBIT Growth		 0.00% -30,000.21% 97.33% -2,274.59%
NOPAT Growth		 0.00% -1,630.50% 95.79% -2,084.33%
Net Income Growth		 0.00% -213.36% 244.78% -55.80%
EPS Growth		 0.00% 0.00% 26.97% -14.60%
Operating Cash Flow Growth		 0.00% 105.73% -22.18% -1,126.42%
Free Cash Flow Firm Growth		 0.00% 0.00% 97.20% -958.85%
Invested Capital Growth		 0.00% 0.00% -56.14% -1,533.59%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% -126.22%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% -106.46%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% -109.74%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% -192.54%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% -75.22%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 0.00%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 0.00% 13.34%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% -154.20%
Profitability Metrics		 - - - -
Gross Margin		 100.00% 0.00% 100.00% 0.00%
EBITDA Margin		 0.68% 0.00% -9.66% 0.00%
Operating Margin		 -31.62% 0.00% -8.80% 0.00%
EBIT Margin		 -2.59% 0.00% -7.97% 0.00%
Profit (Net Income) Margin		 344.74% 0.00% 216.33% 0.00%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 -13,291.80% 50.06% -2,715.94% -50.56%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 0.00% -20.49% 26.13% 9.54%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% -0.36% 0.00%
Return on Assets (ROA)		 0.00% 0.00% 9.90% 0.00%
Return on Common Equity (ROCE)		 0.00% -20.48% 26.12% 9.54%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -20.49% 23.34% 8.86%
Net Operating Profit after Tax (NOPAT)		 -6.03 -104 -4.39 -96
NOPAT Margin		 -31.62% 0.00% -8.80% 0.00%
Net Nonoperating Expense Percent (NNEP)		 0.00% 16.28% 26.96% 26.72%
Return On Investment Capital (ROIC_SIMPLE)		 - -10.38% -0.40% -7.14%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 13.57% 0.00% 4.66% 0.00%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 131.62% 0.00% 108.80% 0.00%
Earnings before Interest and Taxes (EBIT)		 -0.49 -149 -3.97 -94
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 0.13 -150 -4.82 -94
Valuation Ratios		 - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.92
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.92
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 10.41
Dividend Yield		 0.00% 0.00% 0.00% 9.80%
Earnings Yield		 0.00% 0.00% 0.00% 9.61%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - -
Debt to Equity		 0.00 1.76 1.39 1.50
Long-Term Debt to Equity		 0.00 1.76 1.39 0.93
Financial Leverage		 0.00 -1.01 -1.01 -1.07
Leverage Ratio		 0.00 2.91 2.64 2.55
Compound Leverage Factor		 0.00 1.46 -71.71 -1.29
Debt to Total Capital		 0.00% 63.83% 58.15% 59.92%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 22.54%
Long-Term Debt to Total Capital		 0.00% 63.83% 58.15% 37.38%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 0.00% 36.15% 41.85% 40.08%
Debt to EBITDA		 0.00 -4.29 -133.27 -8.54
Net Debt to EBITDA		 0.00 2.45 -132.74 -8.42
Long-Term Debt to EBITDA		 0.00 -4.29 -133.27 -5.33
Debt to NOPAT		 0.00 -6.15 -146.27 -8.39
Net Debt to NOPAT		 0.00 3.51 -145.69 -8.27
Long-Term Debt to NOPAT		 0.00 -6.15 -146.27 -5.23
Altman Z-Score		 0.00 0.00 0.00 -0.22
Noncontrolling Interest Sharing Ratio		 0.00% 0.06% 0.03% 0.00%
Liquidity Ratios		 - - - -
Current Ratio		 0.00 127.04 2.01 0.01
Quick Ratio		 0.00 126.17 1.98 0.01
Cash Flow Metrics		 - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -102 -2.85 -30
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 -50.83 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 -50.83 0.00 0.00 0.00
Efficiency Ratios		 - - - -
Asset Turnover		 0.00 0.00 0.05 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - -
Invested Capital		 0.00 -2.74 -4.28 -70
Invested Capital Turnover		 0.00 0.00 -14.19 0.00
Increase / (Decrease) in Invested Capital		 0.00 -2.74 -1.54 -66
Enterprise Value (EV)		 0.00 0.00 0.00 1,288
Market Capitalization		 0.00 0.00 0.00 496
Book Value per Share		 $0.00 $15.70 $17.97 $16.47
Tangible Book Value per Share		 $0.00 $15.70 $17.97 $16.47
Total Capital		 0.00 1,005 1,104 1,342
Total Debt		 0.00 641 642 804
Total Long-Term Debt		 0.00 641 642 502
Net Debt		 0.00 -366 639 792
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 -0.87 -1.04 -1.34
Debt-free Net Working Capital (DFNWC)		 0.00 1,018 1.08 1.43
Net Working Capital (NWC)		 0.00 1,018 1.08 -301
Net Nonoperating Expense (NNE)		 -72 -30 -112 -144
Net Nonoperating Obligations (NNO)		 0.00 -366 -466 -608
Total Depreciation and Amortization (D&A)		 0.62 -0.73 -0.85 0.15
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% -2.08% 0.00%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 2.17% 0.00%
Net Working Capital to Revenue		 0.00% 0.00% 2.17% 0.00%
Earnings Adjustments		 - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $2.26 $1.93
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 25.70M 32.35M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 $1.93
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 32.55M 32.35M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 32.55M 32.61M
Normalized Net Operating Profit after Tax (NOPAT)		 -4.22 -104 -3.07 -67
Normalized NOPAT Margin		 -22.13% 0.00% -6.16% 0.00%
Pre Tax Income Margin		 344.74% 0.00% 216.33% 0.00%
Debt Service Ratios		 - - - -
EBIT to Interest Expense		 -0.06 0.00 0.00 0.00
NOPAT to Interest Expense		 -0.70 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 -0.06 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 -0.70 0.00 0.00 0.00
Payout Ratios		 - - - -
Dividend Payout Ratio		 9.57% -25.28% 31.45% 97.74%
Augmented Payout Ratio		 9.57% -25.28% 31.45% 100.39%

Quarterly Metrics And Ratios for Palmer Square Capital BDC

This table displays calculated financial ratios and metrics derived from Palmer Square Capital BDC's official financial filings.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Growth Metrics		 - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% -18.54% -77.81% -142.91% -64.41%
EBITDA Growth		 0.00% 0.00% 0.00% 0.00% -105.48% -469.49% -668.00% -9.74%
EBIT Growth		 0.00% 0.00% 0.00% 0.00% -103.21% -459.24% -654.73% -12.45%
NOPAT Growth		 0.00% 0.00% 0.00% 0.00% -92.06% -355.32% -685.72% -47.86%
Net Income Growth		 0.00% 0.00% 0.00% 0.00% -10.35% -72.66% -77.68% 32.01%
EPS Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -15.79% 0.00%
Operating Cash Flow Growth		 0.00% 0.00% 0.00% 0.00% -951.25% 94.84% 288.84% 906.60%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Invested Capital Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -1,533.59%
Revenue Q/Q Growth		 0.00% -14.77% -20.43% -211.45% 0.00% -76.78% -253.85% -327.03%
EBITDA Q/Q Growth		 0.00% -36.15% -37.62% -705.48% 0.00% -4,203.75% 4.11% -16.98%
EBIT Q/Q Growth		 0.00% -34.72% -38.17% -685.38% 0.00% -7,212.45% 4.53% -18.66%
NOPAT Q/Q Growth		 0.00% -37.00% -39.04% -527.55% 0.00% -2,125.48% -39.85% -7.93%
Net Income Q/Q Growth		 0.00% -10.62% -45.47% -269.99% 0.00% -72.74% -55.48% -617.89%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Cash Flow Q/Q Growth		 0.00% -135.61% 81.32% 283.27% 0.00% 99.78% 783.62% 876.94%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% -232.99% 83.69% 1,611.38%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 0.00% -100.84% 16.78% -259.83% -154.20%
Profitability Metrics		 - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 0.00% 100.00% 100.00% 0.00% 0.00%
EBITDA Margin		 45.77% 34.29% 26.88% 0.00% -3.08% -570.85% 0.00% 0.00%
Operating Margin		 47.08% 34.80% 26.66% 0.00% 4.59% -400.42% 0.00% 0.00%
EBIT Margin		 46.15% 35.35% 27.47% 0.00% -1.82% -572.23% 0.00% 0.00%
Profit (Net Income) Margin		 247.26% 259.30% 177.71% 0.00% 272.14% 319.45% 0.00% 0.00%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 535.76% 733.56% 647.01% 187.89% -14,977.05% -55.82% -26.03% 113.61%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 0.00% 0.00% 0.00% 26.13% 47.22% 39.84% 70.99% 9.54%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% -0.13% -32.95% 0.00% 0.00%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 19.77% 18.39% 0.00% 0.00%
Return on Common Equity (ROCE)		 0.00% 0.00% 0.00% 26.12% 47.22% 39.84% 70.99% 9.54%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00% 0.00% 47.22% 39.84% 35.49% 0.00%
Net Operating Profit after Tax (NOPAT)		 13 8.33 5.08 -22 1.05 -21 -30 -32
NOPAT Margin		 47.08% 34.80% 26.66% 0.00% 4.59% -400.42% 0.00% 0.00%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% -7.69% 21.57% 13.75% 13.10% -1.31%
Return On Investment Capital (ROIC_SIMPLE)		 - - - -1.97% - - - -2.39%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 2.06% 2.33% 2.77% 0.00% 4.20% 19.90% 0.00% 0.00%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 52.92% 65.20% 73.34% 0.00% 95.41% 500.42% 0.00% 0.00%
Earnings before Interest and Taxes (EBIT)		 13 8.46 5.23 -31 -0.42 -30 -29 -34
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 13 8.21 5.12 -31 -0.70 -30 -29 -34
Valuation Ratios		 - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.00 0.00 0.96 0.98 0.92
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.96 0.98 0.92
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 0.00 6.27 9.35 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 2.41 2.76 10.41
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.44% 3.34% 6.20% 9.80%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 41.54% 36.23% 9.61%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 23.67 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 1.39 1.42 1.49 1.52 1.50
Long-Term Debt to Equity		 0.00 0.00 0.00 1.39 1.42 0.95 0.96 0.93
Financial Leverage		 0.00 0.00 0.00 -1.01 -1.02 -1.01 -1.05 -1.07
Leverage Ratio		 0.00 0.00 0.00 2.64 2.53 2.66 2.61 2.55
Compound Leverage Factor		 0.00 0.00 0.00 4.96 -378.77 -1.48 -0.68 2.90
Debt to Total Capital		 0.00% 0.00% 0.00% 58.15% 58.74% 59.92% 60.34% 59.92%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 21.95% 22.39% 22.54%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 58.15% 58.74% 37.97% 37.95% 37.38%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 0.00% 0.00% 0.00% 41.85% 41.26% 40.08% 39.66% 40.08%
Debt to EBITDA		 0.00 0.00 0.00 -133.27 29.30 -72.00 -18.08 -8.54
Net Debt to EBITDA		 0.00 0.00 0.00 -132.74 -22.35 54.96 -17.83 -8.42
Long-Term Debt to EBITDA		 0.00 0.00 0.00 -133.27 29.30 -45.63 -11.37 -5.33
Debt to NOPAT		 0.00 0.00 0.00 -146.27 25.11 396.97 -25.16 -8.39
Net Debt to NOPAT		 0.00 0.00 0.00 -145.69 -19.15 -303.03 -24.82 -8.27
Long-Term Debt to NOPAT		 0.00 0.00 0.00 -146.27 25.11 251.55 -15.83 -5.23
Altman Z-Score		 0.00 0.00 0.00 0.00 0.00 1.21 0.01 -0.08
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.03% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - -
Current Ratio		 0.00 0.00 0.00 2.01 73.11 4.56 0.01 0.01
Quick Ratio		 0.00 0.00 0.00 1.98 72.59 4.53 0.01 0.01
Cash Flow Metrics		 - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 0.00 0.00 0.00 10 -14 -2.22 34
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.78 -0.91 0.00 0.00
Operating Cash Flow to Interest Expense		 2.71 -0.92 0.00 0.00 -18.05 -0.03 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 2.71 -0.92 0.00 0.00 -18.05 -0.03 0.00 0.00
Efficiency Ratios		 - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.05 0.07 0.06 0.08 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - -
Invested Capital		 0.00 0.00 0.00 -4.28 -9.19 -7.65 -28 -70
Invested Capital Turnover		 0.00 0.00 0.00 -11.64 -22.33 -21.96 -4.12 0.00
Increase / (Decrease) in Invested Capital		 0.00 0.00 0.00 0.00 -9.19 -7.65 -28 -66
Enterprise Value (EV)		 0.00 0.00 0.00 0.00 0.00 -100 1,344 1,288
Market Capitalization		 0.00 0.00 0.00 0.00 0.00 526 531 496
Book Value per Share		 $0.00 $0.00 $0.00 $17.97 $17.68 $16.85 $16.62 $16.47
Tangible Book Value per Share		 $0.00 $0.00 $0.00 $17.97 $17.68 $16.85 $16.62 $16.47
Total Capital		 0.00 0.00 0.00 1,104 1,354 1,369 1,366 1,342
Total Debt		 0.00 0.00 0.00 642 795 820 824 804
Total Long-Term Debt		 0.00 0.00 0.00 642 795 520 518 502
Net Debt		 0.00 0.00 0.00 639 -607 -626 813 792
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 0.00 0.00 -1.04 -9.19 -7.65 -0.95 -1.34
Debt-free Net Working Capital (DFNWC)		 0.00 0.00 0.00 1.08 1,393 1,439 0.83 1.43
Net Working Capital (NWC)		 0.00 0.00 0.00 1.08 1,393 1,138 -305 -301
Net Nonoperating Expense (NNE)		 -56 -54 -29 36 -61 -38 -37 7.02
Net Nonoperating Obligations (NNO)		 0.00 0.00 0.00 -466 -568 -556 -569 -608
Total Depreciation and Amortization (D&A)		 -0.11 -0.25 -0.11 -0.37 -0.29 0.07 -0.06 0.42
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% -2.08% -8.96% -9.11% -1.68% 0.00%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 2.17% 1,356.96% 1,713.08% 1.47% 0.00%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 2.17% 1,356.96% 1,355.31% -537.36% 0.00%
Earnings Adjustments		 - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 $0.58 $0.52 $0.48 $0.48 $0.45
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 25.70M 31.59M 32.57M 32.61M 32.35M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.48 $0.00
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 25.70M 32.57M 32.62M 32.61M 32.35M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 0.00 32.55M 32.57M 32.62M 32.65M 32.61M
Normalized Net Operating Profit after Tax (NOPAT)		 9.26 5.83 3.56 -22 0.74 -15 -21 -32
Normalized NOPAT Margin		 32.96% 24.36% 18.67% 0.00% 3.21% -280.29% 0.00% 0.00%
Pre Tax Income Margin		 247.26% 259.30% 177.71% 0.00% 272.14% 319.45% 0.00% 0.00%
Debt Service Ratios		 - - - - - - - -
EBIT to Interest Expense		 1.26 0.78 0.00 0.00 -0.03 -2.03 0.00 0.00
NOPAT to Interest Expense		 1.28 0.77 0.00 0.00 0.08 -1.42 0.00 0.00
EBIT Less CapEx to Interest Expense		 1.26 0.78 0.00 0.00 -0.03 -2.03 0.00 0.00
NOPAT Less CapEx to Interest Expense		 1.28 0.77 0.00 0.00 0.08 -1.42 0.00 0.00
Payout Ratios		 - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 31.45% 10.23% 16.78% 23.49% 97.74%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 31.45% 10.23% 16.78% 23.49% 100.39%

Financials Breakdown Chart

Key Financial Trends

Palmer Square Capital BDC (NYSE: PSBD) showed a mixed but generally resilient operating profile over the last four years, with strong investment income in several quarters offset by large swings in operating expenses, financing activity, and debt levels. As a BDC, the key story is how effectively the company converts portfolio income into distributable earnings while managing leverage and dividend commitments.

  • Revenue and earnings were strong in 2023, especially early in the year. Q1 2023 net income reached about $69.5 million, and Q3 2023 net income was about $33.9 million, showing the portfolio could generate significant earnings in a favorable rate environment.
  • PSBD remained profitable in multiple 2024 quarters before a weak Q4. Q1 2024 net income was $62.3 million and Q2 2024 was $17.0 million, indicating solid earning power before the sharp deterioration in late 2024.
  • Cash flow from operating activities was positive in several periods. Q1 2023, Q1 2024, and Q4 2024 all generated positive operating cash flow, which suggests the core portfolio continued to produce cash despite volatility in reported earnings.
  • Balance sheet equity stayed relatively stable across 2024. Total common equity was roughly $558.5 million in Q1 2024, $548.8 million in Q2 2024, and $541.9 million in Q3 2024, indicating no major erosion in book equity during the year.
  • Cash improved slightly in late 2024. Cash and equivalents rose from about $1.8 million in Q3 2024 to about $2.8 million in Q4 2024, while net cash increased modestly by about $1.0 million in Q4.
  • Dividend payments remained consistent. PSBD continued returning capital to shareholders each quarter, which is important for BDC investors focused on income.
  • Net income was highly volatile quarter to quarter. Results swung from strong profits in early 2023 and early 2024 to a Q4 2024 loss of about $39.1 million, so the earnings base is not especially stable.
  • Investment income was the main driver of performance. The company’s results are heavily tied to interest and investment income, which can fluctuate with portfolio yield, leverage, and market conditions.
  • PSBD used active debt management throughout the period. It repeatedly issued and repaid debt, which is normal for a BDC, but the pattern shows ongoing reliance on leverage to support asset growth and income generation.
  • Q4 2024 was a clear earnings disappointment. Revenue was about negative $34.9 million and net income fell to a loss of about $39.1 million, a major reversal from prior profitable quarters.
  • Operating performance weakened sharply in Q4 2024. Total operating income was about negative $45.9 million, driven by heavy operating expenses and weak top-line results.
  • Debt levels remain high relative to equity. At Q3 2024, total liabilities were about $871.6 million against equity of about $541.9 million, reflecting meaningful leverage.
  • Long-term debt was substantial and increased over time. Long-term debt was about $795.2 million in Q1 2024, then about $519.9 million in Q2 2024 and $518.5 million in Q3 2024, still a large liability burden for shareholders to monitor.
  • Interest costs are significant. Cash interest paid was $14.5 million in Q1 2024, $13.0 million in Q2 2024, $10.0 million in Q3 2024, and $17.2 million in Q4 2024, which can pressure distributable income if portfolio yields soften.
  • Cash generation turned weak in some periods. Q3 2024 operating cash flow was only about $3.5 million and Q4 2023 was about $3.4 million, showing that earnings quality and cash conversion can be uneven.

Bottom line: PSBD has demonstrated the ability to produce strong income, but the last several quarters show substantial volatility and a pronounced Q4 2024 setback. For retail investors, the key questions are whether portfolio income can stabilize, whether leverage remains manageable, and whether the dividend is supported by recurring earnings rather than one-time gains.

06/07/26 04:26 PM ETAI Generated. May Contain Errors.

Palmer Square Capital BDC Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Palmer Square Capital BDC's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

Palmer Square Capital BDC's net income appears to be on an upward trend, with a most recent value of $47.67 million in 2024, falling from $65.71 million in 2021. The previous period was $107.84 million in 2023. Check out Palmer Square Capital BDC's forecast to explore projected trends and price targets.

Palmer Square Capital BDC's total operating income in 2024 was -$95.85 million, based on the following breakdown:
  • Total Gross Profit: -$14.88 million
  • Total Operating Expenses: $80.96 million

Over the last 3 years, Palmer Square Capital BDC's total revenue changed from $19.06 million in 2021 to -$14.88 million in 2024, a change of -178.1%.

Palmer Square Capital BDC's total liabilities were at $893.20 million at the end of 2024, a 35.4% increase from 2023, and a 28.7% increase since 2022.

In the past 2 years, Palmer Square Capital BDC's cash and equivalents has ranged from $1.65 million in 2022 to $2.77 million in 2024, and is currently $2.77 million as of their latest financial filing in 2024.

Over the last 3 years, Palmer Square Capital BDC's book value per share changed from 0.00 in 2021 to 16.47 in 2024, a change of 1,647.5%.


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Financial statements for NYSE:PSBD last updated on 4/6/2025 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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