Palmer Square Capital BDC Inc. (PSBD) Cash Flow Statement
Where PSBD’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $160.7M +50.5% vs 2024
- Capital expenditures
- $5 0.0% of revenue
- Free cash flow
- $160.7M 144.5% margin
- Returned to shareholders
- $73.3M 46% of free cash flow
- Change in cash
- $451,040 cash at year-end $3.2M
Drawn to scale: where the cash came from and how it was used. Hover for values.
PSBD operating cash flow, capex and free cash flow
PSBD cash flow trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $16.2M2020 | $160.7M2025 | +58.2%/yr | |
| Capital expenditures | $12020 | $52025 | +38.0%/yr | |
| Free cash flow | $16.2M2020 | $160.7M2025 | +58.2%/yr | |
| Free cash flow margin | 66.2%2020 | 144.5%2025 | +78.3 pts | |
| Operating cash flow / net income | 0.612020 | 2.242024 | +1.63 | |
| Dividends paid | $3.4M2020 | $55.3M2025 | +75.0%/yr | |
| Share buybacks (net) | $230.8M2021 | $18.0M2025 | −47.2%/yr | |
| Capex / revenue | 0.0%2020 | 0.0%2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PSBD cash flow by activity
PSBD net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
PSBD cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net income | −$3.2M | $47.7M | $107.8M | −$74.5M | $19.1M | $26.7M |
| Depreciation & amortization | $1.73B | $1.57B | — | — | — | — |
| Change in working capital | −$41.4M | $45.1M | −$24,898 | −$79.6M | $83.1M | $3.6M |
| Other non-cash items | −$1.53B | −$1.55B | −$50.7M | $114.8M | −$540.2M | −$14.2M |
| Cash from operating activities | $160.7M | $106.7M | $57.1M | −$39.2M | −$438.0M | $16.2M |
| Investing activities | ||||||
| Capital expenditures | −$5 | −$1 | −$2 | −$2 | $0 | −$1 |
| Acquisitions & other investing | $155.3M | −$305.0M | −$26.7M | $35.4M | −$519.6M | −$586.3M |
| Cash from investing activities | $155.3M | −$305.0M | −$26.7M | $35.4M | −$519.6M | −$586.3M |
| Financing activities | ||||||
| Dividends paid | −$55.3M | −$46.6M | −$33.9M | −$18.8M | −$6.3M | −$3.4M |
| Share repurchases & issuance (net) | −$18.0M | −$1.3M | $0 | $0 | −$230.8M | — |
| Net borrowing (repayment) | −$86.2M | $162.9M | −$1.0M | −$10.8M | $256.6M | — |
| Shares issued | $514,649 | $91.7M | $17.7M | $5.0M | $188.9M | $0 |
| Other financing | −$1.2M | −$7.8M | −$12.7M | $29.0M | $230.0M | $574.1M |
| Cash from financing activities | −$160.2M | $199.0M | −$30.0M | $4.4M | $438.4M | $570.7M |
| Summary | ||||||
| Net change in cash | $451,040 | $649,300 | $466,308 | $557,298 | $410,924 | $681,079 |
| Cash at end of period | $3.2M | $2.8M | $2.1M | $1.7M | $1.1M | $682,579 |
| Free cash flow | $160.7M | $106.7M | $57.1M | −$39.2M | −$438.0M | $16.2M |
| Free cash flow margin | 144.5% | 96.7% | 37.2% | — | −1,482.7% | 66.2% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | — | 0.0% | 0.0% |
| Operating cash flow / net income | — | 2.24 | 0.53 | — | −22.98 | 0.61 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $37.2M | −$37.2M | −$1.2M | $3.4M | $7.2M | −$8.4M | $11.9M | $7.6M | $5.3M | $22.9M | $22.0M | $33.9M |
| Depreciation & amortization | $885.1M | $440.1M | $444.1M | $434.2M | $429.4M | $424.7M | $1.57B | — | — | — | — | — |
| Change in working capital | −$16.8M | $16.8M | −$39.6M | −$7.1M | −$21.1M | −$18.4M | $35.9M | −$46.3M | $32.1M | $23.3M | −$17.0M | $5.9M |
| Other non-cash items | $49.38B | −$390.6M | −$384.3M | −$412.9M | −$423.5M | −$351.5M | −$1.56B | $7.9M | $10.3M | −$6.9M | −$6.9M | −$19.2M |
| Cash from operating activities | $50.28B | $29.1M | $19.0M | $17.5M | −$8.0M | $46.4M | $50.4M | −$30.8M | $47.7M | $39.4M | −$2.0M | $20.6M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | −$3 | $0 | −$5 | −$1 | −$3 | −$2 | −$3 | −$2 | −$2 | $0 | −$4 |
| Acquisitions & other investing | $40.28B | −$29.4M | $56.9M | $17.4M | $40.9M | $40.0M | $4.6M | $16.6M | −$49.3M | −$276.9M | −$32.7M | −$19.8M |
| Cash from investing activities | $40.28B | −$29.4M | $56.9M | $17.4M | $40.9M | $40.0M | $4.6M | $16.6M | −$49.3M | −$276.9M | −$32.7M | −$19.8M |
| Financing activities | ||||||||||||
| Dividends paid | −$24.96B | −$13.4M | −$13.4M | −$13.5M | −$12.7M | −$15.6M | −$15.3M | −$15.3M | −$16.0M | $0 | −$13.9M | −$6.8M |
| Share repurchases & issuance (net) | −$5.67B | −$1.6M | −$7.6M | −$4.7M | −$4.2M | −$1.5M | −$765,047 | −$150,492 | −$346,272 | $0 | — | — |
| Net borrowing (repayment) | −$4.7M | −$15.8M | −$34.5M | −$11.5M | −$10.5M | −$29.7M | −$17.6M | −$2.1M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $514,649 | $405,159 | $1.1M | $593,206 | $89.7M | $0 | $350,000 |
| Other financing | −$20.42B | $0 | −$21.4M | $0 | $8.1M | $0 | −$20.7M | $17.7M | $23.8M | $154.1M | $47.3M | $2.3M |
| Cash from financing activities | −$51.05B | −$30.8M | −$76.9M | −$29.8M | −$19.3M | −$46.3M | −$54.0M | $1.2M | $8.1M | $243.7M | $33.4M | −$4.1M |
| Summary | ||||||||||||
| Net change in cash | −$766.8M | −$1.7M | −$983,333 | −$12.2M | $13.6M | $106,011 | $980,610 | −$13.0M | $6.5M | $6.1M | −$1.3M | −$3.3M |
| Cash at end of period | $2.45B | $1.5M | $3.2M | $4.2M | $16.4M | $2.9M | $2.8M | $1.8M | $14.8M | $8.3M | $2.1M | $3.4M |
| Free cash flow | $50.28B | $29.1M | $19.0M | $17.5M | −$8.0M | $46.4M | $50.4M | −$30.8M | $47.7M | $39.4M | −$2.0M | $20.6M |
| Free cash flow margin | 209,797.9% | 186.9% | 254.8% | 101.8% | −38.5% | 809.2% | 183.8% | −125.8% | 223.1% | 106.3% | −5.9% | 45.1% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | 1,350.36 | — | — | 5.22 | −1.12 | — | 4.23 | −4.07 | 8.99 | 1.72 | −0.09 | 0.61 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
PSBD cash generation
In fiscal 2025 (ended December 31, 2025), Palmer Square Capital BDC generated $160.7 million of cash from operations (up 50.5%) and spent $0.0 million on capital expenditures, leaving free cash flow of $160.7 million, 144.5% of revenue. It returned $73.3 million to shareholders through dividends ($55.3 million) and net share buybacks ($18.0 million). Cash and equivalents rose by $0.5 million over the year.
Related: PSBD income statement, PSBD balance sheet, PSBD dividend history. See the PSBD stock overview for the latest quote and news.
PSBD cash flow FAQ
What is Palmer Square Capital BDC's free cash flow?
Palmer Square Capital BDC's free cash flow was $160.7 million in fiscal 2025: $160.7 million of operating cash flow minus $0.0 million of capital expenditures It was $106.7 million a year earlier..
How much cash does Palmer Square Capital BDC generate from operations?
Palmer Square Capital BDC generated $160.7 million of cash from operating activities in fiscal 2025.
How much does Palmer Square Capital BDC spend on capital expenditures?
Palmer Square Capital BDC spent $0.0 million on capital expenditures in fiscal 2025, 0.0% of revenue, compared with $0.0 million the year before.
How much stock does Palmer Square Capital BDC buy back?
Palmer Square Capital BDC spent $18.0 million on net share repurchases in fiscal 2025.
How much does Palmer Square Capital BDC pay in dividends?
Palmer Square Capital BDC paid $55.3 million in dividends in fiscal 2025, 34.4% of free cash flow.