PSBD

MKT CAP:$334M

Palmer Square Capital BDC Inc.

Market Cap

$334M

Financial Services·Asset Management·🇺🇸 United States·NYSE

Financials·Asset Management·🇺🇸·NYSE

Stock Price

$10.80-$1.23 (-10.22%)

Apr 21, 2026

Company Details

Palmer Square Capital BDC, Inc. engages in the provision of investment funds. It lends and invests in corporate debt securities of companies. The company was founded in 2019 and is headquartered in Mission Woods, KS.

CEO

Christopher Dale Long

IPO Date

Jan 18, 2024

Website

palmersquarebdc.com

Key Metrics TTM

Revenue

$71M

-39.2% YoY

Net Income

$14M

EPS (Diluted)

$1.09

Free Cash Flow

$42M

Revenue / Share

$2.22

Gross Margin

26.3%

Operating Margin

19.7%

Net Margin

19.7%

FCF Margin

59.0%

P/S

4.7x

P/E

23.8x

Earnings Reports

Q4 2025

May 6, 2026

PENDING

Q3 2025

Nov 5, 2025

$17M-29.7%EPS $0.10

Q2 2025

Aug 6, 2025

$21M-2.7%EPS $0.22

Q1 2025

May 7, 2025

$6M-84.5%EPS $0.40

FY 2024

Feb 27, 2025

$110M-28.2%EPS $1.46

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$7M	$4M	$4M
Q1 22	-$104.4K	-$3M	-$3M
Q2 22	-$61M	-$65M	-$65M
Q3 22	$765.3K	-$6M	-$7M
Q4 22	$11M	$2M	$1M
Q1 23	$39M	$28M	$28M
Q2 23	$35M	$24M	$24M
Q3 23	$46M	$34M	$34M
Q4 23	$34M	$22M	$22M
Q1 24	$37M	$24M	$23M
Q2 24	$21M	$6M	$5M
Q3 24	$24M	$9M	$8M
Q4 24	$27M	$13M	$12M
Q1 25	$6M	-$7M	-$8M
Q2 25	$21M	$8M	$7M
Q3 25	$17M	$4M	$3M

Valuation

Quarter	P/S	P/E
Q4 21	11.3x	17.5x
Q1 22	15.4x	32.5x
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	3.9x	7.2x
Q3 23	2.6x	3.8x
Q4 23	2.2x	3.1x
Q1 24	2.2x	3.3x
Q2 24	2.4x	4.0x
Q3 24	2.9x	5.8x
Q4 24	3.0x	7.0x
Q1 25	4.2x	20.4x
Q2 25	4.3x	18.3x
Q3 25	4.7x	23.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$56M	-$56M
Q1 22	-$28M	-$28M
Q2 22	-$6M	-$6M
Q3 22	$41M	$41M
Q4 22	-$1M	-$1M
Q1 23	$28M	$28M
Q2 23	-$10M	-$10M
Q3 23	$21M	$21M
Q4 23	-$2M	-$2M
Q1 24	$39M	$39M
Q2 24	$48M	$48M
Q3 24	-$31M	-$31M
Q4 24	$50M	$50M
Q1 25	-$6M	-$6M
Q2 25	-$8M	-$8M
Q3 25	$6M	$6M

Capital Expenditures

Quarter	CapEx
Q4 21	$0
Q1 22	$1
Q2 22	$0
Q3 22	$0
Q4 22	$0
Q1 23	$0
Q2 23	$0
Q3 23	$4
Q4 23	$0
Q1 24	$2
Q2 24	$2
Q3 24	$0
Q4 24	$2
Q1 25	$3
Q2 25	$0
Q3 25	$5

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	-58.9%	+42.9%
Q1 22	-101.4%	+41.5%
Q2 22	-922.7%	+104.2%
Q3 22	-89.4%	+203.9%
Q4 22	+44.6%	+185.1%
Q1 23	+37243.9%	+221.1%
Q2 23	+158.0%	+135.7%
Q3 23	+5861.4%	+56.5%
Q4 23	+224.2%	+28.3%
Q1 24	-4.5%	+32.3%
Q2 24	-39.1%	+43.7%
Q3 24	-46.3%	+43.8%
Q4 24	-19.6%	+27.4%
Q1 25	-84.5%	-0.0%
Q2 25	-2.7%	-15.1%
Q3 25	-29.7%	-18.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	0.0%
Q1 22	$0	—
Q2 22	$0	—
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q4 21	$736.1K
Q1 22	$457.7K
Q2 22	$596.4K
Q3 22	$755.3K
Q4 22	$870.0K
Q1 23	$597.5K
Q2 23	$576.6K
Q3 23	$546.2K
Q4 23	$675.5K
Q1 24	$997.4K
Q2 24	$1M
Q3 24	$1M
Q4 24	$1M
Q1 25	$1M
Q2 25	$1M
Q3 25	$1M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$1M	$0	$1M
Q1 22	$5M	$0	$5M
Q2 22	$99.0K	$0	$99.0K
Q3 22	$4M	$0	$4M
Q4 22	$2M	$0	$2M
Q1 23	$6M	$0	$6M
Q2 23	$7M	$0	$7M
Q3 23	$3M	$0	$3M
Q4 23	$2M	$0	$2M
Q1 24	$8M	$0	$8M
Q2 24	$15M	$0	$15M
Q3 24	$2M	$0	$2M
Q4 24	$3M	$0	$3M
Q1 25	$3M	$0	$3M
Q2 25	$16M	$0	$16M
Q3 25	$4.2B	$0	$4.2B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	32M	0.0%	0.0%
Q1 22	32M	0.0%	0.0%
Q2 22	32M	0.0%	0.0%
Q3 22	32M	0.0%	0.0%
Q4 22	32M	0.0%	0.0%
Q1 23	25M	-23.4%	-23.4%
Q2 23	25M	+3.5%	-20.7%
Q3 23	26M	+2.2%	-19.0%
Q4 23	33M	+25.1%	+1.4%
Q1 24	33M	0.0%	+32.4%
Q2 24	33M	+0.0%	+27.9%
Q3 24	33M	+0.1%	+25.4%
Q4 24	33M	+0.0%	+0.2%
Q1 25	33M	-0.0%	+0.2%
Q2 25	32M	-0.8%	-0.7%
Q3 25	32M	-0.8%	-1.6%

Shares Outstanding