Open report — full analysis, no account required.
Sign up to generate reports and read filings that aren't on the open list.
Get notified when PSBD files again. Create a free account and we'll email you the moment its next filing is analyzed.
Get filing alertsPalmer Square Capital BDC reports Q1 NAV decline to $13.30/share, cuts Q2 dividend to $0.36
Filed May 7, 2026 · Period ending May 7, 2026 · ~1 min read
Key Changes
-
high
NAV per share fell 10.4% to $13.30 from $14.85 at year-end 2025, driven by $48.3 million in net realized and unrealized losses on investments. Total return for the quarter was negative 7.22%.
Exhibit 99.1 view on EDGAR → -
high
Net investment income declined to $0.35/share from $0.40/share in Q1 2025. Board declared Q2 base dividend of $0.36/share (down $0.01 from Q1), payable July 13 to shareholders of record June 26. Supplemental dividend expected in June.
Exhibit 99.1 view on EDGAR → -
medium
Debt-to-equity ratio increased from 1.54x at year-end 2025 to 1.70x at March 31, 2026, with total debt of $702.3 million and available liquidity of $325.3 million.
Exhibit 99.1 view on EDGAR → -
medium
Portfolio totaled $1.2 billion across 283 investments in 214 companies, 87.7% in first lien senior secured debt. Funded $109.4 million in new investments against $79.9 million in repayments during Q1.
Exhibit 99.1 view on EDGAR → -
low
Non-accrual investments improved to less than 0.01% of portfolio fair value from 0.09% at year-end 2025 and 0.24% at March 31, 2025.
Exhibit 99.1 view on EDGAR →
Summary
Palmer Square Capital BDC reported a challenging first quarter with NAV per share declining 10.4% to $13.30, driven by $48.3 million in net realized and unrealized investment losses. Net investment income fell to $0.35 per share from $0.40 in the prior-year quarter, and the company reduced its Q2 base dividend by $0.01 to $0.36 per share, though it expects to announce a supplemental dividend in June consistent with past practice. The NAV decline and rising leverage (debt-to-equity up to 1.70x from 1.54x) warrant attention from income-focused investors.
The $0.01 dividend cut is modest but follows reduced NII, and the total payout will depend on the June supplemental announcement. On the positive side, credit quality improved with non-accruals dropping to less than 0.01% of portfolio value, and the company maintained net portfolio growth of $29.4 million during the quarter. Investors should monitor whether Q2 results stabilize NAV and whether combined base-plus-supplemental dividends remain covered by NII.
Section-by-Section Diff
Event · Exhibit 99.1
PSBD reported Q1 2026 earnings with NII of $0.35/share, NAV decline to $13.30/share, and declared Q2 base dividend of $0.36/share.
Added in current filing · view on EDGAR →
Net investment income of $11.0 million or $0.35 per share for the first quarter of 2026, compared to $12.9 million or $0.40 per share for the prior year period ... Net asset value of $13.30 per share as of March 31, 2026, compared to $14.85 per share as of December 31, 2025 ... Total net realized and unrealized losses of $48.3 million for the first quarter of 2026, compared to losses of $21.3 million for the first quarter of 2025
Palmer Square Capital BDC reported net investment income of $11.0 million ($0.35 per share) for Q1 2026, down from $12.9 million ($0.40 per share) in Q1 2025. Net asset value per share declined from $14.85 at year-end 2025 to $13.30 at March 31, 2026, driven by $48.3 million in net realized and unrealized losses on investments. The company's total return for the quarter was negative 7.22%.
Added in current filing · view on EDGAR →
As of March 31, 2026, ... we had 283 investments in 214 portfolio companies with an aggregate fair value of approximately $1.2 billion. Based on a total fair value of $1.2 billion, including short term investments, the portfolio consisted of approximately 87.7% first lien senior secured debt investments, 4.5% second lien senior secured debt investments, 3.6% short-term investments, 2.8% collateralized loan obligation structured credit funds (“CLOs”) mezzanine and equity investments, 0.7% corporate bond investments, and 0.7% equity investments. ... For the first quarter of 2026, the principal amount of new investments funded was $109.4 million which included 42 investments at an average value of approximately $2.1 million. For this period, the Company had $79.9 million aggregate principal amount in sales and repayments.
The portfolio totaled $1.2 billion across 283 investments in 214 companies as of March 31, 2026, with 87.7% in first lien senior secured debt. During Q1 2026, the company funded $109.4 million in new investments (42 investments averaging $2.1 million each) and had $79.9 million in sales and repayments, resulting in net portfolio growth of $29.4 million.
Event · Item 7.01 — Regulation FD Disclosure
Palmer Square Capital BDC posted a supplemental Q1 2026 investor presentation on its website.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
on May 6, 2026, the Company made available on its website, www.palmersquarebdc.com, a supplemental investor presentation with respect to the first quarter 2026 earnings release.
The company published a supplemental investor presentation covering its first quarter 2026 earnings on its website. This is a routine disclosure practice to provide additional context and detail beyond the earnings release itself.
Thanks — your feedback helps us improve report quality.
Figures/quotes linked to EDGAR · Narrative written by AI · Jun 23, 2026 · How we verify