Palmer Square Capital BDC Inc.: insider trades · United States · SEC (Form 4)

About Palmer Square Capital BDC Inc.

Palmer Square Capital BDC Inc. (ticker: PSBD) is a U.S.-listed business development company trading on the NYSE, giving public-market investors access to private credit and leveraged-loan exposure through a listed vehicle. The company is structured as a non-diversified closed-end management investment company and has elected to be regulated as a BDC under the Investment Company Act of 1940. Its operating base is in Mission Woods, Kansas, United States. ([palmersquarebdc.com](https://www.palmersquarebdc.com/)) PSBD’s core strategy is centered on corporate debt investments, with an emphasis on large private U.S. companies. According to company disclosures, it primarily lends to and invests in corporate debt loans across two main lanes: broadly syndicated loans (BSLs) and large-cap direct lending in the private credit market. That places PSBD at the intersection of syndicated leveraged finance and private credit, with a business model designed to generate recurring income while maintaining a credit-oriented underwriting framework. Its investment activities are managed by Palmer Square BDC Advisor LLC, an affiliate of Palmer Square Capital Management LLC. ([palmersquarebdc.com](https://www.palmersquarebdc.com/)) From a competitive standpoint, Palmer Square Capital BDC sits within the crowded U.S. BDC and private credit ecosystem, where scale, sourcing, underwriting discipline, and funding flexibility are critical differentiators. Its positioning is notable for its blend of exposure to broadly syndicated loans and direct lending to larger private borrowers, rather than concentrating solely on smaller middle-market unitranche origination. For investors in French-speaking Europe, the appeal is straightforward: PSBD offers access to U.S. credit markets, income potential through distributions, and portfolio diversification across private corporate borrowers, albeit with the usual sensitivity to credit spreads, leverage, and market liquidity. ([palmersquarebdc.com](https://www.palmersquarebdc.com/)) Geographically, the portfolio focus is predominantly the United States, where the company lends to private businesses and participates in transactions tied to the domestic leveraged-finance market. Public filings show that as of December 31, 2025, PSBD had total assets of about $1.2 billion and a debt-to-equity ratio of 1.54x, underscoring a moderate but meaningful leverage profile typical of a credit income vehicle. ([palmersquarebdc.com](https://www.palmersquarebdc.com/financial-information/sec-filings/content/0001193125-26-076901/psbd-ex99_1.htm)) Recent developments reinforce the company’s income-oriented profile. On February 26, 2026, PSBD reported fourth-quarter and full-year 2025 results, including net investment income of $13.1 million, or $0.41 per share, for the fourth quarter, net asset value of $14.85 per share at year-end 2025, and cash distributions totaling $0.43 per share for the quarter. Management also commented that sponsor engagement is improving and that pipelines in both the broadly syndicated loan and private credit markets are healthier than a year earlier. In short, PSBD remains a U.S. credit BDC focused on generating distributable income, while retaining exposure to the cyclical dynamics of corporate credit markets. ([palmersquarebdc.com](https://www.palmersquarebdc.com/financial-information/sec-filings/content/0001193125-26-076901/psbd-ex99_1.htm))