Palmer Square Capital BDC Inc

NYSE:PSBDUnited States

Nov 5, 2024

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• Palmer Square Capital BDC Inc. Announces Third Quarter 2024 Financial Results, from 7:00AM ET on Tuesday Nov 05, 2024 by Dow Jones

  7:00AM ET on Tuesday Nov 05, 2024 by Dow Jones
  Companies Mentioned: PSBD
  ---------- ---------- ----------- ---------- Net expenses 21,577,270 13,969,777 60,835,629 39,804,342 ---------- ---------- ----------- ---------- Net Investment Income (Loss) 15,728,731 14,803,913 47,804,811 42,596,713 ---------- ---------- ----------- ---------- Realized and unrealized gains (losses) on investments and foreign currency transactions Net realized gains (losses): Non-controlled, non-affiliated investments (7,119,299) (2,103,618) (18,267,554) (2,423,632) ---------- ---------- ----------- ---------- Total net realized gains (losses) (7,119,299) (2,103,618) (18,267,554) (2,423,632) ---------- ---------- ----------- ---------- Net change in unrealized gains (losses): Non-controlled, non-affiliated investments (1,054,247) 21,152,793 6,210,881 45,708,992 ---------- ---------- ----------- ---------- Total net change in unrealized gains (losses) (1,054,247) 21,152,793 6,210,881 45,708,992 ---------- ---------- ----------- ---------- Total realized and unrealized gains (losses) (8,173,546) 19,049,175 (12,056,673) 43,285,360 ---------- ---------- ----------- ---------- Net Increase (Decrease) in Net Assets Resulting from Operations $ 7,555,185 $33,853,088 $ 35,748,138 $85,882,073 ---------- ---------- ----------- ---------- Per Common Share Data: -------------------- Basic and diluted net investment income per common share $ 0.48 $ 0.57 $ 1.48 $ 1.68 ---------- ---------- ----------- ---------- Basic and diluted net increase (decrease) in net assets resulting from operations $ 0.23 $ 1.30 $ 1.11 $ 3.39 ---------- ---------- ----------- ---------- Weighted Average Common Shares Outstanding - Basic and Diluted 32,613,897 26,016,761 32,260,537 25,359,324 ========== ========== =========== ========== The accompanying notes are an integral part of these consolidated financial statements. (Note 3) Prior to the IPO, the base management fee was 2.00% of the average value of the weighted average (based on the number of shares outstanding each day in the quarter) of the Company's total net assets at the end of the two most recently completed calendar quarters. The Investment Advisor, however, during any period prior to the IPO, agreed to waive its right to receive management fees in excess of an annual rate of 1.75% of the average value of the weighted average total net assets at the end of each of our two most recently completed calendar quarters. The Investment Advisor will not be permitted to recoup any base management fees waived for any period of time prior to the IPO. Palmer Square Capital BDC Inc. Portfolio and Investment Activity For the Three Months Ended For the Nine Months Ended September 30, September 30, --------------------------- ----------------------------- 2024 2023 2024 2023 ------------ ------------ ------------- ------------- New investments: Gross investments $ 66,239,961 $ 78,271,670 $ 602,024,188 $ 188,402,217 Less: sold investments (82,822,220) (58,480,713) (292,405,569) (194,434,792) ----------- ----------- ------------ ------------ Total new investments (16,582,259) 19,790,957 309,618,619 (6,032,575) Principal amount of investments funded: First-lien senior secured debt investments $ 62,171,592 $ 74,412,920 $ 526,804,513 $ 184,543,467 Second-lien senior secured debt investments 4,068,369 3,858,750 46,292,869 3,858,750 Convertible bonds -- -- 4,095,000 -- Collateralized securities and structured products - debt -- -- 23,573,612 -- Common stock -- -- 1,258,194 ----------- ----------- ------------ ------------- Total principal amount of investments funded 66,239,961 78,271,670 602,024,188 188,402,217 Principal amount of investments sold or repaid: First-lien senior secured debt investments $ 75,231,088 $ 57,657,965 $ 253,203,637 $ 184,842,717 Second-lien senior secured debt investments 1,200,000 13,549 19,654,359 5,013,549 Corporate Bonds 4,020,000 -- 4,020,000 -- CLO Equity 1,121,132 809,199 9,027,573 1,699,051 Collateralized securities and structured products - debt 1,250,000 -- 6,500,000 2,879,475 ----------- ----------- ------------ ------------ Total principal amount of investments sold or repaid 82,822,220 58,480,713 292,405,569 194,434,792 For the Three Months Ended For the Nine Months Ended September 30, September 30, -------------------------- -------------------------- 2024 2023 2024 2023 ---------- ---------- ---------- ---------- Number of new investment commitments 21 20 78 45 Average new investment commitment amount $2,717,288 $2,889,085 $4,157,481 $3,517,770 Weighted average maturity for new investment commitments 5.29 years 5.61 years 5.6 years 4.91 years Percentage of new debt investment commitments at floating rates 100.00% 100.00% 100.00% 100.00% Percentage of new debt investment commitments at fixed rates 0.00% 0.00% 0.00% 0.00% Weighted average interest rate of new investment commitments(1) 9.07% 10.00% 9.58% 10.24% Weighted average spread over reference rate of new floating rate investment commitments(2) 4.17% 4.57% 4.63% 4.82% Weighted average interest rate on long-term investments sold or paid down 9.50% 10.15% 10.22% 9.49% (1) New CLO equity investments do not have an ascribed interest rate and are therefore excluded from the calculation. (2) Variable rate loans bear interest at a rate that may be determined by reference to either a) LIBOR (which can include one-, two-, three- or six-month LIBOR) or b) the CME Term Secured Overnight Financing Rate ("SOFR" or "S") (which can include one-, three-, or six-month SOFR), which resets periodically based on the terms of the loan agreement. At the borrower's option, loans may instead reference an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate), which also resets periodically based on the terms of the loan agreements. Loans that reference SOFR may include a Credit Spread Adjustment ("CSA"), where the CSA is a defined additional spread amount based on the tenor of SOFR the borrower selects (making the reference rate S+CSA).
  

• Press Release: Palmer Square Capital BDC Inc. Announces Third Quarter 2024 Financial Results, from 7:00AM ET on Tuesday Nov 05, 2024 by Dow Jones

  7:00AM ET on Tuesday Nov 05, 2024 by Dow Jones
  Companies Mentioned: PSBD