Palmer Square Capital BDC Inc Q4 2024 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Kenneth Lee - RBC Capital Markets - Analyst : Hey, good afternoon and thanks for taking my question. Just one on the outlook for dividends there. It sounds like partly driven by impact of rate cuts as well as the opportunity set out there. What gives you confidence that the new level is going to be sustainable for the rest of the year there? Thanks.

Question: Kenneth Lee - RBC Capital Markets - Analyst : Got you. Very helpful there. And just one follow-up, if I may. What's the outlook over the near term in terms of either potential investment sales or prepayments within portfolio there? And recognize it's fairly -- it could be difficult to predict there.

Question: Kenneth Lee - RBC Capital Markets - Analyst : Got it, very helpful there. Thanks again.

Question: Doug Harter - UBS - Analyst : Thanks. Should we take your commentary about kind of being a little more cautious on the near-term deal opportunity to mean that leverage could decline in the near term and kind of wait to be patient to redeploy some of those repayments? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 27, 2025 / 6:00PM, PSBD.N - Q4 2024 Palmer Square Capital BDC Inc Earnings Call

Question: Doug Harter - UBS - Analyst : Great. Appreciate it. And as you think about portfolio construction, do you have kind of an optimal mix between more liquid investments versus kind of private per credit loans?

Question: Doug Harter - UBS - Analyst : Great, thank you.

Question: Melissa Wedel - JPMorgan - Analyst : Regarding the change in the base dividend, when we look historically, it seems that the -- as a percentage of the total dividend, the supplemental has accounted for maybe low double-digit or low teen percentage of the total dividend. Would you expect that to remain the same going forward? Or might that creep up? I'm trying to back into some earnings power in the portfolio right now.

Question: Melissa Wedel - JPMorgan - Analyst : Okay. Thanks for that. I also heard your points about -- or Angie's (technical difficulty) about uncertainty from the impact of potential policies or tariffs. When you look across your portfolio, can you talk about where -- the extent to which you see any exposure to the impact of tariffs potentially? And then beyond your portfolio, do you think that there is more tariff exposure potentially in the broadly syndicated market versus private credit generally? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 27, 2025 / 6:00PM, PSBD.N - Q4 2024 Palmer Square Capital BDC Inc Earnings Call

Question: Melissa Wedel - JPMorgan - Analyst : Thank you.