Palmer Square Capital BDC Inc. (PSBD) 10-Year Financial Performance & Capital Metrics

PSBD • • Banking & Credit

Financial ServicesAsset ManagementBusiness Development Companies (BDCs)Middle Market Lenders

AboutPalmer 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.Show more

Net Interest Income $81M +27.5%
Total Revenue $110M -28.2%
Net Income $48M -55.8%
Return on Equity 9.54% -63.5%
Net Interest Margin 5.63%
Efficiency Ratio 4.21% +381.5%
ROA 3.73% -62.3%
Equity / Assets 37.58% -8.7%
Book Value per Share 16.50 +16.3%
Tangible BV/Share 16.50 +16.3%
Debt/Equity 1.50 +7.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong NIM of 5.6%
✓Efficient operations: 4.2% efficiency ratio
✓Well capitalized: 37.6% equity/assets
✓Trading at only 0.7x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y55.15%

TTM-

Profit (Net Income) CAGR

10Y-

5Y-

3Y35.74%

TTM-75.65%

EPS CAGR

10Y-

5Y-

3Y35.26%

TTM-19.32%

ROCE

10Y Avg2.81%

5Y Avg2.81%

3Y Avg2.35%

Latest3.88%

Peer Comparison

Middle Market Lenders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GSBDGoldman Sachs BDC, Inc.	1.08B	9.43	17.15	-57.7%	32.67%	9.15%	18.68%	1.23
CSWCCapital Southwest Corporation	1.36B	23.72	16.14	7.67%	43.07%	9.13%		1.08
HCXYHercules Capital, Inc.	2.36B	25.18	15.64	-9.71%	62.54%	14.13%		0.90
TRINITrinity Capital Inc. 7.875% Notes Due 2029	1.91B	25.41	12.10	29.68%	50.98%	15.22%	4.92%	1.08
HTGCHercules Capital, Inc.	3.45B	18.97	11.78	-12.79%	61.03%	14.17%		0.90
TSLXSixth Street Specialty Lending, Inc.	2.12B	22.40	11.03	-2.72%	51.86%	11.83%	8.85%	1.18
MAINMain Street Capital Corporation	5.75B	64.20	10.97	18.32%	70.11%	18.28%		0.76
GBDCGolub Capital BDC, Inc.	3.68B	13.95	9.82	80.52%	46.2%	9.4%

Profit & Loss

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	0	30.28M	50.25M	63.26M	80.63M
NII Growth %	-	-	0.66%	0.26%	0.27%
Net Interest Margin %	-	-	-	-	-
Interest Income	0	38.9M	73.71M	107.74M	138.63M
Interest Expense	0	8.62M	23.45M	44.48M	58.01M
Loan Loss Provision	4.96M	0	0	0	0
Non-Interest Income+	24.45M	-9.36M	-123.1M	45.92M	-28.31M
Non-Interest Income %	-	-	-	-	-
Total Revenue+	24.45M	29.54M	-49.39M	153.66M	110.32M
Revenue Growth %	-	0.21%	-2.67%	4.11%	-0.28%
Non-Interest Expense	-11.98M	1.87M	1.64M	1.34M	4.65M
Efficiency Ratio	-	-	-	-	-
Operating Income+	31.47M	19.06M	-74.48M	107.84M	47.67M
Operating Margin %	-	-	-	-	-
Operating Income Growth %	-	-0.39%	-4.91%	2.45%	-0.56%
Pretax Income+	26.73M	19.06M	-74.48M	107.84M	47.67M
Pretax Margin %	-	-	-	-	-
Income Tax+	0	0	0	0	0
Effective Tax Rate %	-	-	-	-	-
Net Income+	26.73M	19.06M	-74.48M	107.84M	47.67M
Net Margin %	-	-	-	-	-
Net Income Growth %	-	-0.29%	-4.91%	2.45%	-0.56%
Net Income (Continuing)	26.73M	19.06M	-74.48M	107.84M	47.67M
EPS (Diluted)+	0.83	0.59	-3.22	3.31	1.46
EPS Growth %	-	-0.29%	-6.46%	2.03%	-0.56%
EPS (Basic)	0.83	0.59	-2.32	3.31	1.46
Diluted Shares Outstanding	32.12M	32.12M	32.12M	32.55M	32.6M

Balance Sheet

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	682.58K	1000K	1000K	1000K	1000K
Cash & Due from Banks	682.58K	1.09M	1.65M	2.12M	2.77M
Short Term Investments	0	0	0	0	0
Total Investments+	0	0	0	0	0
Investments Growth %	-	-	-	-	-
Long-Term Investments	0	0	0	0	0
Accounts Receivables	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-
Goodwill	0	0	0	0	0
Intangible Assets	0	0	0	0	0
PP&E (Net)	0	0	0	0	0
Other Assets	653.16M	1.19B	1.02B	1.11B	1.41B
Total Current Assets	14.33M	23.03M	40.24M	13M	23.88M
Total Non-Current Assets	653.16M	1.19B	1.02B	1.11B	1.41B
Total Assets+	667.49M	1.22B	1.06B	1.12B	1.43B
Asset Growth %	-	0.82%	-0.13%	0.06%	0.28%
Return on Assets (ROA)	0.04%	0.02%	-0.07%	0.1%	0.04%
Accounts Payable	19.45M	110.15M	49.69M	14.71M	83.11M
Total Debt+	393.15M	649.91M	641.31M	641.83M	804.16M
Net Debt	392.47M	648.82M	639.66M	639.71M	801.39M
Long-Term Debt	393.15M	649.91M	641.31M	641.83M	804.16M
Short-Term Debt	0	0	0	0	0
Other Liabilities	1.75M	4.42M	3.01M	3.32M	5.93M
Total Current Liabilities	19.45M	110.15M	49.69M	14.71M	83.11M
Total Non-Current Liabilities	394.9M	654.33M	644.32M	645.15M	810.09M
Total Liabilities	414.35M	764.49M	694.01M	659.86M	893.2M
Total Equity+	253.14M	452.8M	363.44M	461.96M	537.84M
Equity Growth %	-	0.79%	-0.2%	0.27%	0.16%
Equity / Assets (Capital Ratio)	-	-	-	-	-
Return on Equity (ROE)	0.11%	0.05%	-0.18%	0.26%	0.1%
Book Value per Share	7.88	14.10	11.32	14.19	16.50
Tangible BV per Share	-	-	-	-	-
Common Stock	12.56K	22.57K	24.29K	27.1K	32.6K
Additional Paid-in Capital	238.2M	444.74M	473.92M	520.66M	611.12M
Retained Earnings	14.93M	8.04M	-110.5M	-58.73M	-73.31M
Accumulated OCI	0	0	0	0	0
Treasury Stock	0	0	0	0	0
Preferred Stock	0	0	0	0	0

Cash Flow

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	16.19M	-438.01M	-39.25M	57.12M	106.73M
Operating CF Growth %	-	-28.05%	0.91%	2.46%	0.87%
Net Income	26.73M	19.06M	-74.48M	107.84M	47.67M
Depreciation & Amortization	0	0	0	0	0
Deferred Taxes	0	0	0	0	0
Other Non-Cash Items	-14.19M	-540.19M	114.83M	-50.69M	13.96M
Working Capital Changes	3.65M	83.12M	-79.6M	-24.9K	45.1M
Cash from Investing+	-586.26M	-519.55M	35.4M	-26.65M	-305.05M
Purchase of Investments	-854.52M	-926.35M	-278.95M	-273.73M	-773.81M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-
Acquisitions	0	0	0	0	0
Other Investing	0	0	0	0	0
Cash from Financing+	570.75M	438.42M	4.4M	-30M	198.97M
Dividends Paid	-3.37M	-6.29M	-18.83M	-33.92M	-46.59M
Share Repurchases	0	0	0	0	-1.26M
Stock Issued	233.67M	188.86M	5.02M	17.65M	91.73M
Net Stock Activity	-	-	-	-	-
Debt Issuance (Net)	1000K	1000K	1000K	-1000K	1000K
Other Financing	0	-780.62K	0	0	0
Net Change in Cash+	681.08K	410.92K	557.3K	466.31K	649.3K
Exchange Rate Effect	0	1000K	0	0	0
Cash at Beginning	1.5K	682.58K	1.09M	1.65M	2.12M
Cash at End	682.58K	1.09M	1.65M	2.12M	2.77M
Interest Paid	0	0	0	0	0
Income Taxes Paid	0	0	0	0	0
Free Cash Flow+	16.19M	-438.01M	-39.25M	57.12M	106.73M
FCF Growth %	-	-28.05%	0.91%	2.46%	0.87%

Banking Ratios

Metric	2020	2021	2022	2023	2024
Return on Equity (ROE)	10.56%	5.4%	-18.25%	26.13%	9.54%
Return on Assets (ROA)	4.01%	2.02%	-6.55%	9.9%	3.73%
Net Interest Margin	0%	2.49%	4.75%	5.64%	5.63%
Efficiency Ratio	-49.01%	6.31%	-3.32%	0.88%	4.21%
Equity / Assets	37.92%	37.2%	34.37%	41.18%	37.58%
Book Value / Share	7.88	14.1	11.32	14.19	16.5
NII Growth	-	-	65.96%	25.87%	27.46%
Dividend Payout	-	32.99%	-	31.45%	-

Frequently Asked Questions

Valuation & Price

Palmer Square Capital BDC Inc. (PSBD) has a price-to-earnings (P/E) ratio of 8.4x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Palmer Square Capital BDC Inc. (PSBD) saw revenue decline by 28.2% over the past year.

Yes, Palmer Square Capital BDC Inc. (PSBD) is profitable, generating $14.1M in net income for fiscal year 2024 (43.2% net margin).

Dividend & Returns

Yes, Palmer Square Capital BDC Inc. (PSBD) pays a dividend with a yield of 11.60%. This makes it attractive for income-focused investors.

Palmer Square Capital BDC Inc. (PSBD) has a return on equity (ROE) of 9.5%. This is below average, suggesting room for improvement.

Industry Metrics

Palmer Square Capital BDC Inc. (PSBD) has a net interest margin (NIM) of 5.6%. This indicates healthy earnings from lending activities.

Palmer Square Capital BDC Inc. (PSBD) has an efficiency ratio of 4.2%. This is excellent, indicating strong cost control.

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