Palmer Square Capital BDC Inc. (PSBD) Balance Sheet
PSBD balance sheet, 2025
December 31, 2025 · U.S. dollars$1.22B assets = $755.3M liabilities + $464.1M equity
Both columns are drawn to the same scale: what PSBD owns equals what it owes plus shareholders’ equity. Hover a block for its value.
PSBD financial health
Descriptive bands, not a rating. Fiscal 2025.
PSBD balance sheet trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $501,7462019 | $1.22B2025 | +266.7%/yr | |
| Total liabilities | $623,8232019 | $755.3M2025 | +226.5%/yr | |
| Shareholders’ equity | −$122,0772019 | $464.1M2025 | — | |
| Cash & short-term investments | $1,5002019 | $3.2M2025 | +259.1%/yr | |
| Total debt | $500,2452019 | $716.5M2025 | +235.7%/yr | |
| Net cash (debt) | −$498,7452019 | −$713.3M2025 | −$712.8M | |
| Working capital | −$120,5772019 | −$34.6M2025 | −$34.5M | |
| Book value per share | −$0.002019 | $14.442025 | — | |
| Current ratio | 0.812019 | 0.092025 | −0.72 | |
| Debt / equity | 1.552020 | 1.542025 | −0.01 | |
| Shares outstanding | 32.6M2019 | 32.1M2025 | −0.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PSBD assets
PSBD liabilities and equity
PSBD debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
PSBD balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $3.2M | $2.8M | $2.1M | $1.7M | $1.1M | $682,579 | $1,500 |
| Cash & equivalents | $3.2M | $2.8M | $2.1M | $1.7M | $1.1M | $682,579 | $1,500 |
| Short-term investments | — | — | $63.8M | $50.3M | $78.1M | $53.1M | — |
| Receivables | $12.5M | $21.1M | $10.9M | $38.0M | $21.7M | $13.7M | $0 |
| Inventory | $0 | $0 | $0 | $90.0M | $101.0M | $67.4M | $0 |
| Other current assets | $0 | $0 | $30,100 | $0 | $0 | $0 | $501,746 |
| Total current assets | $3.2M | $23.9M | $13.0M | $40.2M | $23.0M | $14.3M | $503,246 |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $1.20B | $1.41B | $1.11B | $1.02B | $1.19B | $653.2M | $0 |
| Other non-current assets | $12.5M | $32,364 | $0 | $0 | $0 | $0 | $0 |
| Total assets | $1.22B | $1.43B | $1.12B | $1.06B | $1.22B | $667.5M | $501,746 |
| Liabilities | |||||||
| Accounts payable | $33.8M | $83.1M | $14.7M | $49.7M | $110.2M | $19.4M | — |
| Short-term debt | — | — | $641.8M | $641.3M | $649.9M | $393.2M | — |
| Deferred revenue | — | — | −$627.1M | −$591.6M | −$539.8M | −$373.7M | — |
| Total current liabilities | $37.8M | $83.1M | $14.7M | $49.7M | $110.2M | $19.4M | $623,823 |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $717.4M | $810.1M | $645.1M | $644.3M | $654.3M | $394.9M | $622,323 |
| Total liabilities | $755.3M | $893.2M | $659.9M | $694.0M | $764.5M | $414.3M | $623,823 |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | $31,261 | $32,600 | $27,103 | $24,287 | $22,570 | $12,563 | $1,500 |
| Retained earnings (deficit) | −$129.6M | −$73.3M | −$58.7M | −$110.5M | $8.0M | $14.9M | −$123,577 |
| Accumulated other comprehensive income | — | — | $462.0M | $363.4M | $452.8M | $253.1M | −$122,077 |
| Total shareholders' equity | $464.1M | $537.8M | $462.0M | $363.4M | $452.8M | $253.1M | −$122,077 |
| Key figures | |||||||
| Total debt | $716.5M | $804.2M | $641.8M | $641.3M | $649.9M | $393.2M | $500,245 |
| Net cash (debt) | −$713.3M | −$801.4M | −$639.7M | −$639.7M | −$648.8M | −$392.5M | −$498,745 |
| Working capital | −$34.6M | −$59.2M | −$1.7M | −$9.5M | −$87.1M | −$5.1M | −$120,577 |
| Tangible book value | $464.1M | $537.8M | $462.0M | $363.4M | $452.8M | $253.1M | −$122,077 |
| Book value per share | $14.44 | $16.50 | $14.19 | $11.32 | $14.10 | $7.88 | −$0.00 |
| Shares outstanding | 32.1M | 32.6M | 32.6M | 32.1M | 32.1M | 32.1M | 32.6M |
| Current ratio | 0.09 | 0.29 | 0.88 | 0.81 | 0.21 | 0.74 | 0.81 |
| Quick ratio | 0.42 | 0.29 | 0.88 | 0.80 | 0.21 | 0.74 | 0.00 |
| Debt / equity | 1.54 | 1.50 | 1.39 | 1.76 | 1.44 | 1.55 | — |
| Equity / assets | 38.1% | 37.6% | 41.2% | 34.4% | 37.2% | 37.9% | −24.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $2.45B | $1.5M | $3.2M | $4.2M | $16.4M | $2.9M | $2.8M | $1.8M | $14.8M | $8.3M | $2.1M | $3.4M |
| Cash & equivalents | $2.45B | $1.5M | $3.2M | $4.2M | $16.4M | $2.9M | $2.8M | $1.8M | $14.8M | $8.3M | $2.1M | $3.4M |
| Short-term investments | — | $41.4M | — | — | $48.8M | — | $69.4M | $45.3M | $63.1M | $64.1M | $63.8M | $99.5M |
| Receivables | $15.89B | $8.50B | $12.5M | $18.2M | $18.5M | $25.7M | $21.1M | $21.8M | $12.2M | $11.0M | $10.9M | $16.1M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $119.0M |
| Other current assets | $333.3M | $0 | $0 | $0 | $0 | $0 | $0 | $139,514 | $167,101 | $85,517 | $30,100 | $0 |
| Total current assets | $18.68B | $1.5M | $3.2M | $4.2M | $35.0M | $28.6M | $23.9M | $23.8M | $27.2M | $19.4M | $13.0M | $20.1M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $1.11B | $1.15B | $1.20B | $1.26B | $1.28B | $1.33B | $1.41B | $1.39B | $1.43B | $1.39B | $1.11B | $1.10B |
| Other non-current assets | $1.11T | $10.0M | $12.5M | $18.3M | $39,191 | $62,378 | $32,364 | $0 | $0 | $0 | $0 | $0 |
| Total assets | $1.13T | $1.17B | $1.22B | $1.28B | $1.31B | $1.36B | $1.43B | $1.41B | $1.46B | $1.41B | $1.12B | $1.12B |
| Liabilities | ||||||||||||
| Accounts payable | $25.0M | $45.1M | $33.8M | $33.4M | $41.0M | $67.5M | $83.1M | $41.5M | $83.5M | $53.5M | $14.7M | $42.3M |
| Short-term debt | $394.54B | — | — | — | — | — | — | — | — | — | — | — |
| Total current liabilities | $425.96B | $48.6M | $37.8M | $37.6M | $41.0M | $67.5M | $83.1M | $41.5M | $83.5M | $53.5M | $14.7M | $42.3M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $301.95B | $703.8M | $717.4M | $753.5M | $768.6M | $779.6M | $810.1M | $830.2M | $826.4M | $800.5M | $645.1M | $635.6M |
| Total liabilities | $726.43B | $752.3M | $755.3M | $791.1M | $809.6M | $847.1M | $893.2M | $871.6M | $910.0M | $854.0M | $659.9M | $677.9M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $30.7M | $31,121 | $31,261 | $31,876 | $32,219 | $32,534 | $32,600 | $32,624 | $32,567 | $32,553 | $27,103 | $26,666 |
| Retained earnings (deficit) | −$181.85B | −$178.3M | −$129.6M | −$110.8M | −$100.8M | −$94.4M | −$73.3M | −$69.6M | −$61.8M | −$51.8M | −$58.7M | −$66.4M |
| Total shareholders' equity | $406.15B | $413.8M | $464.1M | $490.4M | $505.2M | $515.8M | $537.8M | $541.9M | $548.8M | $558.5M | $462.0M | $446.9M |
| Key figures | ||||||||||||
| Total debt | $696.49B | $702.3M | $716.5M | $752.4M | $763.2M | $774.5M | $804.2M | $824.4M | $820.4M | $795.2M | $641.8M | $632.5M |
| Net cash (debt) | −$694.04B | −$700.8M | −$713.3M | −$748.1M | −$746.8M | −$771.6M | −$801.4M | −$822.6M | −$805.6M | −$786.9M | −$639.7M | −$629.1M |
| Working capital | −$407.29B | −$47.1M | −$34.6M | −$33.4M | −$6.0M | −$39.0M | −$59.2M | −$17.7M | −$56.4M | −$34.2M | −$1.7M | −$22.2M |
| Tangible book value | $406.15B | $413.8M | $464.1M | $490.4M | $505.2M | $515.8M | $537.8M | $541.9M | $548.8M | $558.5M | $462.0M | $446.9M |
| Book value per share | $13,101.30 | $13.27 | $14.44 | $15.29 | $15.62 | $15.82 | $16.49 | $16.62 | $16.85 | $17.16 | $14.19 | $17.18 |
| Shares outstanding | 31.0M | 31.2M | 32.1M | 32.1M | 32.3M | 32.6M | 32.6M | 32.6M | 32.6M | 32.6M | 32.6M | 26.0M |
| Current ratio | 0.04 | 0.03 | 0.09 | 0.11 | 0.85 | 0.42 | 0.29 | 0.57 | 0.33 | 0.36 | 0.88 | 0.48 |
| Quick ratio | 0.04 | 174.86 | 0.42 | 0.60 | 0.85 | 0.42 | 0.29 | 0.57 | 0.32 | 0.36 | 0.88 | 0.46 |
| Debt / equity | 1.71 | 1.70 | 1.54 | 1.53 | 1.51 | 1.50 | 1.50 | 1.52 | 1.49 | 1.42 | 1.39 | 1.42 |
| Equity / assets | 35.9% | 35.5% | 38.1% | 38.3% | 38.4% | 37.8% | 37.6% | 38.3% | 37.6% | 39.5% | 41.2% | 39.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
PSBD financial position
At the end of fiscal 2025 (December 31, 2025), Palmer Square Capital BDC had total assets of $1.2 billion (down 14.8% from a year earlier), total liabilities of $755.3 million and shareholders' equity of $464.1 million. It held $3.2 million in cash and short-term investments against $716.5 million of debt, net debt of $713.3 million. Its current ratio was 0.09. In the latest quarter (ended June 30, 2026) total assets were $1.13 trillion and equity $406.2 billion.
Related: PSBD income statement, PSBD cash flow statement, PSBD key metrics. See the PSBD stock overview for the latest quote and news.
PSBD balance sheet FAQ
What are Palmer Square Capital BDC's total assets?
Palmer Square Capital BDC reported total assets of $1.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.4 billion a year earlier.
How much debt does Palmer Square Capital BDC have?
Palmer Square Capital BDC had $716.5 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.54.
How much cash does Palmer Square Capital BDC have?
Palmer Square Capital BDC held $3.2 million in cash and short-term investments at the end of fiscal 2025; with $716.5 million of debt that is net debt of $713.3 million.
What is Palmer Square Capital BDC's book value?
Palmer Square Capital BDC's shareholders' equity (book value) was $464.1 million at the end of fiscal 2025, or $14.44 per share.
What is Palmer Square Capital BDC's current ratio?
Palmer Square Capital BDC had current assets of $3.2 million and current liabilities of $37.8 million, a current ratio of 0.09 (current liabilities exceed current assets).