The following is a summary of the Palmer Square Capital BDC Inc. (PSBD) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Palmer Square Capital reported a Q1 net investment income of $16.3 million, with $346 million of capital deployed.

• The company's net asset value per share as of March 31, 2024, was $17.16.

• The annualized dividend yield at the end of the first quarter was 12%, with a policy to declare a base distribution of $0.42 per share and a supplemental quarterly dividend of at least 50% of net investment income over base distribution.

Business Progress:

• Following their successful IPO, Palmer Square is targeting investment opportunities in both syndicated and private credit markets.

• They forecast an increase in new financing activity for FY 2024, focusing on becoming a leading lender in syndicated and direct loan markets.

• The company is maintaining a focus on high-quality, short-duration, liquid credits in its portfolio and is without any debt investments on non-accrual status.

• Partnering with Bank of America, the company priced a $400.5 million CLO secured by broadly syndicated loans; the CLO does not mature until 2037.

• Future strategy includes monitoring capital structure trends and extending the terms on existing facilities.

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