Filing Analysis
Palmer Square Capital BDC Inc.'s wholly owned subsidiary, Palmer Square BDC Funding I LLC, is reducing its aggregate credit facility commitments from $525 million to $350 million. The reduction is intended to optimize cost management by decreasing commitment fees on unused capacity while maintaining sufficient liquidity for growth.
🚩 Red Flags
- Reduction in available credit liquidity ($175 million decrease).
📋 Key Facts
- Effective date of commitment reduction: July 1, 2026.
- Reduction in aggregate commitments from $525 million to $350 million (a decrease of $175 million).
- The facility is held by Palmer Square BDC Funding I LLC (an SPV) with Bank of America, N.A. as administrative agent.
- The reduction aims to reduce commitment fees paid on unused capacity.
Palmer Square Capital BDC Inc. announced a supplemental dividend of $0.03 per share for the second quarter of 2026, in addition to its previously declared base dividend.
📋 Key Facts
- Supplemental dividend amount: $0.03 per share.
- Base dividend amount (previously declared): $0.36 per share.
- Total Q2 2026 dividend distribution: $0.39 per share.
- Record date for both dividends: June 26, 2026.
- Payment date for both dividends: July 13, 2026.
- Funding source: Excess of quarterly undistributed net investment income.
Palmer Square Capital BDC Inc. announced a supplemental dividend of $0.06 per share for the fourth quarter of 2024. This is in addition to the previously declared base dividend of $0.42 per share.
📋 Key Facts
- Supplemental dividend amount: $0.06 per share.
- Base dividend amount (previously declared): $0.42 per share.
- Total Q4 2024 dividend distribution: $0.48 per share.
- Record date for dividends: December 27, 2024.
- Payment date for dividends: January 13, 2025.
- Source of funds: Excess of quarterly undistributed net investment income.
Palmer Square Capital BDC Inc. reported its unaudited estimated net asset value (NAV) per share as of November 30, 2024.
📋 Key Facts
- Management's unaudited estimate of NAV per share: $16.91
- As of date: November 30, 2024
- Reporting Date: December 13, 2024
Palmer Square Capital BDC Inc. held its 2024 Annual Meeting of Stockholders on December 11, 2024. The meeting resulted in the election of two Class III directors and the ratification of PricewaterhouseCoopers LLP as the independent auditor for the fiscal year ending December 31, 2024.
📋 Key Facts
- Annual Meeting held on December 11, 2024.
- Jeffrey D. Fox was elected to the Board of Directors (Class III) with 18,047,412 votes in favor.
- James W. Neville was elected to the Board of Directors (Class III) with 17,597,028 votes in favor.
- PricewaterhouseCoopers LLP was ratified as the independent registered public accounting firm for fiscal year ending Dec 31, 2024.
- Total shares eligible to vote: 32,646,562.73; Total shares voted: 21,574,878.
The company has released management's unaudited estimate of the net asset value (NAV) per share as of October 31, 2024.
📋 Key Facts
- Management's unaudited estimate of NAV per share: $16.85
- Valuation date: October 31, 2024
- Report filed on November 19, 2024
Palmer Square Capital BDC Inc. has issued a press release announcing its financial results for the third quarter ended September 30, 2024. The filing also includes a supplemental investor presentation made available on the company's website.
📋 Key Facts
- Announced financial results for the quarter ended September 30, 2024.
- Filed under Item 2.02 (Results of Operations and Financial Condition).
- Provided a supplemental investor presentation via Regulation FD disclosure (Item 7.01).
- Report date: November 5, 2024.
The company has released management's unaudited estimate of the Net Asset Value (NAV) per share as of September 30, 2024.
📋 Key Facts
- Management's unaudited estimate of NAV per share: $16.61
- Valuation date: September 30, 2024
- Reported by Jeffrey D. Fox, Chief Financial Officer
Palmer Square Capital BDC Inc. announced a supplemental dividend for the third quarter of 2024. This payment is in addition to the previously declared base dividend.
📋 Key Facts
- Declared a third quarter 2024 supplemental dividend of $0.05 per share.
- The total dividend for Q3 2024 consists of a $0.42 base dividend plus a $0.05 supplemental dividend.
- Record date for both dividends is September 27, 2024.
- Payment date for both dividends is October 14, 2024.
- The supplemental dividend is funded from excess quarterly undistributed net investment income.
Palmer Square Capital BDC Inc. released management's unaudited estimate of the net asset value (NAV) per share as of August 31, 2024.
📋 Key Facts
- Management's unaudited estimate of Net Asset Value (NAV) per share was $16.94.
- The NAV estimate is as of the period ending August 31, 2024.
- Report filed on September 18, 2024.
The company is reporting its unaudited estimated net asset value (NAV) per share as of July 31, 2024.
📋 Key Facts
- Management's unaudited estimate of the NAV per share for common stock was $16.89 as of July 31, 2024.
Palmer Square Capital BDC Inc. has released its financial results for the second quarter ended June 30, 2024. The filing serves to furnish quarterly earnings data and a supplemental investor presentation via Exhibit 99.1.
📋 Key Facts
- Report date: August 8, 2024
- Reporting period: Quarter ended June 30, 2024
- Company issued a press release regarding financial results (Exhibit 99.1)
- Supplemental investor presentation made available on the company website
The company reported its unaudited estimated net asset value (NAV) per share as of June 30, 2024. This is a routine regulatory disclosure for Business Development Companies (BDCs).
📋 Key Facts
- Management's unaudited estimate of NAV per share as of June 30, 2024: $16.85.
Palmer Square Capital BDC Inc. announced a supplemental dividend for the second quarter of 2024. This payment is in addition to the previously declared base dividend.
📋 Key Facts
- Declared a second quarter 2024 supplemental dividend of $0.05 per share.
- Base dividend for Q2 2024 was previously declared at $0.42 per share.
- Total dividend for the period (base + supplemental) is $0.47 per share.
- Record date for both dividends is June 28, 2024.
- Payment date for both dividends is July 16, 2024.
- The supplemental portion is funded from excess quarterly undistributed net investment income.
Palmer Square Capital BDC Inc. released an 8-K reporting management's unaudited estimate of the net asset value (NAV) per share as of May 31, 2024.
📋 Key Facts
- Management's unaudited estimated NAV per share as of May 31, 2024: $17.49.
Palmer Square Capital BDC Inc. completed a $400.5 million term debt securitization (CLO Transaction) on May 23, 2024, to provide long-term balance sheet financing for its portfolio investments.
🚩 Red Flags
- The transaction involves complex structured finance (CLO) which introduces specific leverage and regulatory asset coverage requirements.
📋 Key Facts
- Completed a $400.5 million CLO Transaction on May 23, 2024.
- The transaction involved the issuance of Secured Notes by Palmer Square BDC CLO 1, Ltd. (a Cayman Islands subsidiary).
- Secured Notes include: $232M AAA Class A (Term SOFR + 1.60%), $58M AA Class B-1 (Term SOFR + 2.15%), and $10M AA Class B-2 (6.33% fixed).
- The Company issued $100.5 million in Subordinated Notes due 2037, which are non-interest bearing.
- Notes mature on July 15, 2037, with a call option starting July 15, 2026.
- The Company has agreed to irrevocably waive all collateral management fees while serving as the collateral manager.
The company is reporting its unaudited estimated net asset value (NAV) per share as of April 30, 2024. This is a routine disclosure for Business Development Companies (BDCs).
📋 Key Facts
- Management's unaudited estimate of the NAV per share as of April 30, 2024, was $17.19.
- The report was filed on May 17, 2024, regarding events occurring through that date.
Palmer Square Capital BDC Inc. filed an 8-K to announce its financial results for the first quarter ended March 31, 2024. The filing includes a press release and a supplemental investor presentation.
📋 Key Facts
- Report date: May 7, 2024
- Reporting period: Quarter ended March 31, 2024
- The company issued a press release (Exhibit 99.1) regarding financial results.
- A supplemental investor presentation was made available on the company's website.
Palmer Square Capital BDC Inc., through its subsidiary Palmer Square BDC CLO 1, Ltd., has priced a $400.5 million term debt securitization (CLO Transaction). The transaction involves the issuance of various secured notes and the company's acquisition of subordinated notes to satisfy risk retention requirements.
🚩 Red Flags
- The company is required to retain the $100.5 million subordinated notes (no interest) in accordance with U.S. and EU/UK Risk Retention Rules.
📋 Key Facts
- Total CLO Transaction size: $400,500,000
- Expected closing date: May 23, 2024
- Issuance includes $232M of AAA Class A Notes (Term SOFR + 1.60%)
- Issuance includes $58M of AA Class B-1 Notes (Term SOFR + 2.15%)
- Issuance includes $10M of AA Class B-2 Notes (Fixed rate of 6.33%)
- Company to acquire 100% of subordinated notes valued at approximately $100.5 million
- Subordinated notes are non-interest bearing and required for risk retention compliance
- Expected maturity date: July 15, 2037
The company is reporting its unaudited estimated net asset value (NAV) per share as of March 31, 2024. This is a routine disclosure for Business Development Companies (BDCs).
📋 Key Facts
- Management's unaudited estimate of NAV per share as of March 31, 2024: $17.16.
Palmer Square Capital BDC Inc., through its subsidiary, entered into Amendment No. 4 to its existing credit facility with Bank of America N.A. The amendment primarily extends the maturity date and adjusts fee structures.
🚩 Red Flags
- Payment of a $3.6 million extension fee to lenders.
📋 Key Facts
- Maturity date extended from February 18, 2025, to February 18, 2028.
- Unused commitment fee range updated to 0.50% - 1.40% (previously 1.30%).
- Agreement includes a one-time extension fee of 0.50% of commitments, totaling $3.6 million.
- The amendment was entered into on March 29, 2024.
Palmer Square Capital BDC Inc. announced its first quarter 2024 dividend of $0.49 per share and a supplemental dividend policy via a press release.
📋 Key Facts
- Dividend amount: $0.49 per share for Q1 2024.
- Record date: March 28, 2024.
- Payment date: April 10, 2024.
- The company also announced a supplemental dividend policy.
The company is reporting its unaudited estimated net asset value (NAV) per share as of February 29, 2024.
📋 Key Facts
- Management's unaudited estimate of the NAV per share was $17.43 as of February 29, 2024.
The company reported its unaudited estimated net asset value (NAV) per share as of January 31, 2024. This is a routine disclosure for Business Development Companies (BDCs).
📋 Key Facts
- Management's unaudited estimate of NAV per share: $17.17
- As of date: January 31, 2024
- Reporting Date: February 14, 2024
Palmer Square Capital BDC Inc. announced the successful closing of its initial public offering (IPO) of common stock on January 22, 2024.
📋 Key Facts
- The company closed its initial public offering of shares of common stock.
- Announcement date: January 22, 2024.
- The filing includes a press release (Exhibit 99.1) detailing the IPO closing.
Palmer Square Capital BDC Inc. announced the pricing of its initial public offering (IPO) of common stock on January 17, 2024.
📋 Key Facts
- The company issued a press release announcing the pricing of its IPO of common stock.
- Filing date: January 17, 2024.
- The announcement is included as Exhibit 99.1.