# Palmer Square Capital BDC Inc. (PSBD)

> Source: Nexqual · https://nexqual.com/PSBD · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Palmer Square Capital BDC Inc. (PSBD), nexqual.com/PSBD" · informational, not investment advice.

**Price:** USD 9.92 (+0.71% on the day) · last close of Oct 28, 2026; US market closed, not a live price. Prev close 9.85 · day 9.81–9.94 · 52w 9.34–12.71 · market cap $304M · NYQ

## Key facts
- Insider open-market purchases, last ~7 months: 3 Form 4 filings, $2.0M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 3.00 on a 1–5 scale) (6 analysts), mean target USD 10.79 (range 9.5–12).
- Total return with dividends: 1Y -7.0% vs S&P 500 +13.2%; 5Y -13.6% vs S&P 500 +79.8%.
- Next earnings: 2026-11-04, EPS estimate USD 0.38, revenue estimate $26.4M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Operating income | -$16.9M | -$33.4M | — | — | — | — |
| Net income | $19.1M | -$74.5M | $108M | $47.7M | -$3.2M | -$30.7M |
| EPS (diluted) | $1.47 | $1.78 | $2.26 | $1.93 | $1.66 | — |
| Cash + short-term investments | $1.1M | $1.7M | $2.1M | $2.8M | $3.2M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/B 0.8x · Earnings yield -10.11% · Buyback yield (TTM) 5.91%
P/E at fiscal year-ends: Dec 2024 10.3x.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
3 purchases, $2.0M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-07-06…2026-07-07 | Bicknell Martin C |  | 61,484 | $647K | 10.53 | Too little history (no open-market trades in 2023 or 2025) |
| 2026-07-01…2026-07-02 | Bicknell Martin C |  | 80,000 | $845K | 10.56 | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-29…2026-06-08 | Bicknell Martin C |  | 46,988 | $508K | 10.82 | Too little history (no open-market trades in 2023 or 2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 6 analysts; mean target USD 10.79 (low 9.5, high 12).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-01 | UBS | Target lowered | Neutral | $11 → $10 |
| 2026-07-02 | JP Morgan | Target lowered | Neutral | $10 → $9.5 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2024-01-15) |
|---|---|---|
| Total return | -7.0% | -13.6% |
| S&P 500 (SPY) | +13.2% | +79.8% |
| Per year | -7.0% | -5.1% |
| Volatility (annualized) | 20.6% | 17.3% |
| Max drawdown | -18.7% (Jan 2026→Mar 2026) | -27.9% (Feb 2025→Mar 2026) |

## Peers (Asset Management)
BXSL (Blackstone Secured Lending Fund) USD 23.2 +0.39% · PDI (PIMCO Dynamic Income Fund) USD 14.1 +0.21% · VCTR (Victory Capital Holdings, Inc. ) USD 111.87 +1.12% · AMG (Affiliated Managers Group, Inc.) USD 393.24 +0.32% · SEIC (SEI Investments Company) USD 103.2 +0.31% · IVZ (Invesco Ltd) USD 28.68 +0.88%

## More
Full page: https://nexqual.com/PSBD · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in PSBD's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1794776/000119312526073362/psbd-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Palmer Square Capital Management | "Pursuant to its Resource Sharing Agreement with PSCM, the Investment Advisor has access to the individuals who comprise our Investment Advisor's Investment Committee and Investment Team." |

## Company outlook (8-K filed 2026-08-05)

- "Announces Second Quarter 2026 Financial Results Declares Third Quarter 2026 Base Dividend of $0.36 Per Share with Supplemental Dividend Expected to be Announced in September MISSION WOODS, Kansas, August 5, 2026 — Palmer Square Capital BDC Inc."
- "Assumes reinvestment of distributions."
- "We expect to announce an additional quarterly supplemental dividend distribution for the third quarter of 2026 in September. 3 Earnings Conference Call The Company will host a conference call on Wednesday, August 5, 2026, at 1:00 pm ET to review its financial performance and conduct a question-and-answer session."
- "Assumes reinvestment of distributions."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.38 | $0.36 | +5.9% | $26.4M | 6 |
| Next quarter (ends 2026-12-31) | $0.38 | $0.36 | +6.9% | $26.1M | 6 |
| Current fiscal year (ends 2026-12-31) | $1.50 | $1.43 | +5.1% | $106.2M | 6 |
| Next fiscal year (ends 2027-12-31) | $1.54 | $1.42 | +8.2% | $104.2M | 6 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.39 | $0.36 | Beat +8.3% | — |
| — | Quarter ended Mar 31, 2026 | $0.35 | $0.38 | Miss −7.9% | — |
| — | Quarter ended Dec 31, 2025 | $0.41 | $0.42 | Miss −2.4% | — |
| — | Quarter ended Sep 30, 2025 | $0.43 | $0.41 | Beat +4.9% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).