The following is a summary of the Palmer Square Capital BDC Inc. (PSBD) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Palmer Square Capital BDC reported a strong financial performance in Q2 2024, with total and net investment income reaching $36.5 million and $15.8 million, representing year-over-year increases of 33% and 11% respectively.

• Net investment income per share was $0.48, and the company declared a second quarter total dividend of $0.47 per share, inclusive of a $0.05 supplemental distribution.

• They revealed an NAV per share as of June 30, 2024, standing at $16.85.

• Total assets reached $1.5 billion at the quarter end, with an increase in the debt-to-equity ratio from 1.42x in Q1 to 1.49x in Q2 2024.

Business Progress:

• Expanded portfolio with $189 million in capital deployment across 24 new investment commitments and realized approximately $140 million through repayments and sales.

• Achieved notable growth in Issuing $7.7 billion in CLOs year-to-date across regimes, including the inaugural $400 million CLO launched in partnership with Bank of America.

• Maintained operational focus on investing in larger companies with stable revenue streams and reduced participation in cyclical industries.

Opportunities:

• Strong positioning to capture opportunities in both liquid and private credit markets, supported by a large-liquid loan strategy focusing on high-quality and large private credits.

• Favorable market conditions are expected to provide investment entry points due to macro and interest rate volatility, with plans to leverage both primary and secondary markets for optimal yield.

Risks:

• Acknowledged the rising macroeconomic and interest rate volatility alongside ongoing market adjustments such as tightening credit spreads and potential challenges in maintaining underwriting discipline in a borrower-friendly environment.

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