Palmer Square Capital BDC (PSBD)
Lends to private U.S. companies through an adviser-managed BDC structure.
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Invests in corporate debt of private U.S. companies through a BDC structure. Adviser-led operations draw on Palmer Square’s credit platform and focus on senior secured loans.
Operates as an externally managed business development company that lends to and invests in corporate debt of private U.S. companies. Its investment adviser, Palmer Square BDC Advisor, is part of the Palmer Square Capital Management platform.
The portfolio strategy emphasizes senior secured loans. The company seeks current income and capital appreciation through debt investments across private U.S. companies.
BDCs operate under the Investment Company Act of 1940, while PSBD has elected regulated-investment-company tax treatment. It has no employees; personnel are supplied through its adviser and affiliates, whose other client relationships can create conflicts of interest.
Company facts
Categories
Target rangeAs of Sep 2, 2026
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Sep 1, 2026 | UBS | Reiterate | Neutral | $11 | $10 | |
| Jun 24, 2026 | Wells Fargo | Target | $11.50 | |||
| Jun 24, 2026 | Noble Capital Markets | Initiate | Neutral | |||
| Jun 24, 2026 | Coker Palmer | Target | $12 | $11.50 | ||
| May 27, 2026 | RBC Capital | Target | $13 | $11 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $2.45B · Total debt $696.49B · Total assets $1.13T · Shareholders' equity $406.15B
- Revenue
- $24.0M
- Operating income
- $19.1M
- Net income
- $8.5M
Cut to $0.36 from $0.39, declared for Sep 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Sep 25, 2026 | Sep 25 | Oct 13 | $0.36 | upcoming · cut from $0.39 |
| Jun 26, 2026 | Jun 26 | Jul 13 | $0.39 | |
| Mar 27, 2026 | Mar 27 | Apr 9 | $0.37 | special dividend |
| Dec 29, 2025 | Dec 29 | Jan 14 | $0.43 | special dividend |
| Sep 26, 2025 | Sep 26 | Oct 14 | $0.42 | special dividend |
| Jun 27, 2025 | Jun 27 | Jul 14 | $0.42 | special dividend |
| Mar 28, 2025 | Mar 28 | Apr 10 | $0.39 | special dividend |
| Dec 27, 2024 | Dec 27 | Jan 13 | $0.48 | special dividend |
| Sep 27, 2024 | Sep 27 | Oct 14 | $0.52 | special dividend |
| Institutions42 holders · as of Jun 30, 2026 | 51.64% | 15.83M shares | |
| Insiders3 holders · as of Aug 10, 2026 | 1.75% | 536.0K shares | |
| Strategic holders2 holders · as of Jun 11, 2026 | 17.27% | 5.29M shares | |
| Otherremainder | 29.34% | 8.99M shares |
30.65M company shares as of Sep 3, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Evidence |
|---|---|---|---|
Excelsior Holdings D2 LLC1Strategic10 percent owner | 12.17% | 3.73M | 13Dfiled Jun 27, 2025 ↗ |
Ov Management LLCInstitution | 12.17% | 3.73M | 13Fas of Jun 30, 2026 |
1248 Management, LLCInstitution | 10.40% | 3.19M | 13Fas of Jun 30, 2026 |
Mariner, LLCInstitution | 10.31% | 3.16M | 13Fas of Jun 30, 2026 |
1248 Holdings, LLCStrategic | 5.10% | 1.56M | 13Gfiled Jun 11, 2026 ↗ |
| See all 25 → | |||
- Excelsior Holdings D2 LLC's transaction reports restate only vehicles that traded; the 2025 ownership statement (3.73M) is used instead.
13F — a manager's quarterly holdings · 13D/13G — an ownership statement filed at 5% or more
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 6, 2026 | Martin C. Bicknell | 10 percent owner | +40,000 | $10.56 |
| Jul 7, 2026 | Martin C. Bicknell | 10 percent owner | +21,484 | $10.47 |
| Jul 1, 2026 | Martin C. Bicknell | 10 percent owner | +40,000 | $10.57 |
| Jul 2, 2026 | Martin C. Bicknell | 10 percent owner | +40,000 | $10.55 |
| May 29, 2026 | Martin C. Bicknell | 10 percent owner | +15,000 | $10.87 |
- Blackstone Secured Lending Fund
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- FS KKR Capital
Customized private-company credit, centered on senior-secured debt
ComparePre-market
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Palmer Square Capital BDC | $10.33 | 0.00% | $321.5M | — | 6.9 | 5.0 | +5.3% |
| Blackstone Secured Lending Fund | $24.91 | +0.97% | $5.74B | 19.4 | 9.4 | 5.4 | +25.9% |
| Ares Capital | $20.03 | +0.02% | $14.37B | 14.8 | 10.4 | 6.2 | +32.6% |
| Blue Owl Capital | $11.36 | −0.04% | $5.64B | 20.3 | 8.8 | 4.0 | −20.8% |
| FS KKR Capital | $12.35 | +0.78% | $3.43B | — | 7.8 | 3.6 | +11.5% |
| Median | 19.4 | 9.1 | 4.7 | +18.7% |