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Get filing alertsPalmer Square Capital BDC authorizes $30M stock repurchase expansion through June 2027
Filed May 21, 2026 · Period ending May 21, 2026 · ~1 min read
Key Changes
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high
Board approved $30M additional stock repurchases, extending program to June 22, 2027; company has already repurchased ~$22.2M under prior authorization
Item 8.01 verify on EDGAR → -
medium
Company will establish $10M Rule 10b5-1 plan to automatically repurchase shares when stock trades below specified discount to NAV
Exhibit 99.1 view on EDGAR → -
medium
CEO Long stated company is "conviction buyer" at current levels, views stock as trading at discount to book value despite monthly NAV transparency
Exhibit 99.1 view on EDGAR →
Summary
Palmer Square Capital BDC expanded its stock repurchase program by $30 million and extended it through June 2027, signaling management's view that shares trade below intrinsic value. The company has already deployed approximately $22.2 million under its prior authorization.
The expansion includes a $10 million Rule 10b5-1 plan that will trigger automatic repurchases when the stock falls below a specified discount to net asset value, providing systematic price support. CEO Christopher Long characterized the company as a "conviction buyer" at current levels, noting the stock trades at a discount to book value despite monthly NAV disclosure.
For BDC investors, repurchases at a discount to NAV are mechanically accretive to remaining shareholders' book value per share. The structured 10b5-1 component adds predictability to the buyback execution, though the specific NAV discount threshold that triggers purchases was not disclosed. The program's size represents meaningful capital allocation relative to the company's market capitalization.
Section-by-Section Diff
Event · Item 8.01 — Other Events
Board approved increase and extension of stock repurchase program.
Added in current filing · verify on EDGAR →
On May 21, 2026, Palmer Square Capital BDC (the “Company”) issued a press release to announce that its board of directors approved an increase and extension of the Company’s stock repurchase program.
The board of directors approved both an increase in the size and an extension of the duration of the company's existing stock repurchase program. The 8-K does not disclose the specific dollar amount of the increase, the new expiration date, or the terms under which shares may be repurchased; those details are referenced as being in the press release exhibit.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
In connection with the Repurchase Program, the Company expects to enter into a share repurchase plan (the “Rule 10b5-1 Repurchase Plan”) to acquire up to $10 million in the aggregate of its common stock, in accordance with the guidelines specified in Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The Rule 10b5-1 Repurchase Plan will require the Company’s agent to repurchase shares of the Company’s common stock on the Company’s behalf when the market price of the Company’s common stock is a certain level below the most recently reported net asset value (“NAV”) per share of the common stock, subject to applicable law, including certain volume, market and timing restrictions.
The company will establish a $10 million Rule 10b5-1 plan that automatically triggers share repurchases when the stock trades below a specified discount to NAV. This structured approach provides systematic support for the stock price when it trades at a discount to book value.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 23, 2026 · How we verify