The firm's financial position appears strained, characterized by a massive decline in retained earnings to -$178.3B and a current ratio that has frequently dropped to near-zero levels.
| Total Current Assets | 9.98B | 3.22M | 23.88M | 13M | 40.24M | 23.03M | 14.33M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 1.11B | 1.22B | 1.41B | 1.11B | 1.02B | 1.19B | 653.16M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 1.11B | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - |
| Total Assets | 1.17T | 1.22B | 1.43B | 1.12B | 1.06B | 1.22B | 667.49M |
| Asset Turnover | 0.00x | 0.09x | 0.08x | 0.14x | -0.05x | 0.02x | 0.04x |
| Asset Growth % | 85426.18% | -14.79% | 27.57% | 6.09% | -13.13% | 82.37% | - |
| Total Current Liabilities | 0 | 37.8M | 83.11M | 14.71M | 49.69M | 110.15M | 19.45M |
| Accounts Payable | 0 | 33.81M | 83.11M | 14.71M | 49.69M | 110.15M | 19.45M |
| Days Payables Outstanding | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | - | 0.09x | 0.29x | 0.88x | 0.81x | 0.21x | 0.74x |
| Quick Ratio | - | 0.09x | 0.29x | 0.88x | 0.81x | 0.21x | 0.74x |
| Cash Conversion Cycle | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 752.34B | 717.45M | 810.09M | 645.15M | 644.32M | 654.33M | 394.9M |
| Long-Term Debt | 702.31M | 716.51M | 804.16M | 641.83M | 641.31M | 649.91M | 393.15M |
| Capital Lease Obligations | 0 | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - |
| Total Liabilities | 752.34B | 755.25M | 893.2M | 659.86M | 694.01M | 764.49M | 414.35M |
| Total Debt | 702.31M | 716.51M | 804.16M | 641.83M | 641.31M | 649.91M | 393.15M |
| Net Debt | 699.09M | 713.3M | 801.39M | 639.71M | 639.66M | 648.82M | 392.47M |
| Debt / Equity | 0.00x | 1.54x | 1.50x | 1.39x | 1.76x | 1.44x | 1.55x |
| Debt / EBITDA | -32.77x | 0.40x | 16.87x | 5.95x | - | 34.10x | 16.08x |
| Net Debt / EBITDA | -32.62x | 0.40x | 16.81x | 5.93x | - | 34.04x | 16.05x |
| Interest Coverage | -0.45x | 0.00x | 0.82x | 2.42x | -3.18x | 2.21x | - |
| Total Equity | 413.78B | 464.12M | 537.84M | 461.96M | 363.44M | 452.8M | 253.14M |
| Equity Growth % | 80089.27% | -13.71% | 16.43% | 27.11% | -19.73% | 78.87% | - |
| Book Value per Share | 13267.37 | 14.44 | 16.50 | 14.19 | 11.32 | 14.10 | 7.88 |
| Total Shareholders' Equity | 413.78B | 464.12M | 537.84M | 461.96M | 363.44M | 452.8M | 253.14M |
| Common Stock | 31.12M | 31.26K | 32.6K | 27.1K | 24.29K | 22.57K | 12.56K |
| Retained Earnings | -178.3B | -129.55M | -73.31M | -58.73M | -110.5M | 8.04M | 14.93M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Portfolio Valuation Volatility
As reported in financial statements, PSBD's total assets plummeted from $1.5B in 2024Q2 to $1.2T in 2026Q1, a trend that suggests significant portfolio liquidation or severe mark-to-market devaluations that have fundamentally weakened the firm's overall balance sheet position over the observed two-year period.
The rapid decline in asset value, coupled with a persistent accumulation of negative retained earnings, indicates that the firm is struggling to preserve capital. This trajectory suggests that the underlying investment strategy is failing to generate sufficient returns to offset portfolio losses, warranting caution regarding the firm's long-term viability.
Based on the provided balance sheet data, PSBD's debt-to-equity ratio has fluctuated significantly, reaching 1.54 in 2025Q4 before dropping to 0.00 in 2026Q1, which implies a potential forced deleveraging event or a major shift in the firm's approach to financing its investment portfolio.
The sudden shift to zero debt in the most recent quarter is highly unusual for a BDC and may indicate a defensive posture or a lack of access to credit markets. Investors should monitor whether this lack of leverage is a temporary strategic pivot or a sign of deeper structural distress.
According to recent SEC filings, PSBD's current ratio has remained consistently low, dropping to near-zero levels in several periods, which highlights a precarious liquidity position that leaves the firm with minimal buffer to absorb unexpected shocks or meet short-term obligations without further capital intervention.
The erratic nature of the cash balance, which swung from $16.4M in 2025Q2 to $1.5B in 2026Q1, suggests that liquidity is being managed through volatile asset sales rather than operational cash flow. This lack of a stable cash cushion appears to be a significant risk factor for shareholders.
As indicated by the historical balance sheet data, PSBD's retained earnings have consistently trended deeper into negative territory, reaching -$178.3B in 2026Q1, which reflects a sustained period of value destruction that has severely eroded the firm's equity base over the last ten quarters.
The persistent negative retained earnings suggest that the firm is not only failing to grow its book value but is actively losing capital through its investment activities. This trend implies that the current equity structure may require significant recapitalization to support future operations.
Based on the reported figures, the absence of goodwill and PPE on the balance sheet suggests that PSBD's value is entirely dependent on the mark-to-market valuation of its debt portfolio, making the firm uniquely vulnerable to secondary market liquidity shocks and credit spread volatility.
Because the firm lacks tangible assets to fall back on, any mispricing in the BSL market directly impacts the net asset value, creating a feedback loop of volatility. Investors should be wary that the headline equity figures may not accurately reflect the realizable value of the underlying loan portfolio.
Quick answers to the most common questions about buying PSBD stock.
As of 2025, Palmer Square Capital BDC Inc. (PSBD) had total assets of $1.22B including $3.2M in current assets.
Palmer Square Capital BDC Inc. (PSBD) carries total debt of $716.5M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Palmer Square Capital BDC Inc. (PSBD) has total shareholders' equity (book value) of $464.1M ($14.44 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Palmer Square Capital BDC Inc. (PSBD) reported a current ratio of 0.09x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.