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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