Palmer Square Capital BDC Inc (PSBD) 2026 Q1 法說會逐字稿

Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Palmer Square Capital BDC, Inc., first-quarter 2026 earnings conference call. (Operator Instructions)

您好，感謝您的等候。我叫 Regina，今天將擔任本次電話會議的接線員。此刻，我謹代表主辦方歡迎各位參加 Palmer Square Capital BDC, Inc. 2026 年第一季財報電話會議。（接線員指示）

I would now like to turn the conference over to Jeremy Goff, Managing Director. Please go ahead.

現在我想將會議交給董事總經理 Jeremy Goff。請開始。

Welcome to Palmer Square Capital BDC's first-quarter 2026 earnings call. Joining me this afternoon are Christopher Long, Chairman and Chief Executive Officer; Angie Long, Chief Investment Officer; Matt Bloomfield, President; and Jeff Fox, Chief Financial Officer and Director.

歡迎參加 Palmer Square Capital BDC 2026 年第一季財報電話會議。今天下午與我一同出席的有：董事長兼執行長 Christopher Long；投資長 Angie Long；總裁 Matt Bloomfield；以及財務長兼董事 Jeff Fox。

Palmer Square Capital BDC's first-quarter 2026 financial results were released earlier today and can all be accessed on Palmer Square investor relations website at palmersquarebdc.com. We have also arranged for a replay of today's event that can be accessed on our website.

Palmer Square Capital BDC 2026 年第一季財務結果已於今日稍早發布，皆可於 Palmer Square 投資人關係網站 palmersquarebdc.com 查閱。我們也已安排本次活動的重播，可於我們網站收聽。

During this call, I want to remind you that the forward-looking statements we make are based on current expectations. The statements on this call that are not purely historical are forward-looking statements. These forward-looking statements are not a guarantee of future performance and are subject to uncertainties and other factors that could cause actual results to differ materially from those expressed in the forward-looking statements, including and without limitation, market conditions caused by uncertainty surrounding interest rates, changing economic conditions, and other factors we identified in our filings with the SEC. Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions can prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions can be incorrect. You should not place undue reliance on these forward-looking statements. The forward-looking statements made during this call are made as of the date hereof, and Palmer Square Capital BDC assumes no obligation to update the forward-looking statements unless required by law. To obtain copies of SEC-related filings, please visit our website at www.palmersquarebdc.com.

在本次電話會議中，我想提醒各位，我們所做的前瞻性陳述係基於目前的預期。本次電話會議中非純屬歷史事實的陳述均屬前瞻性陳述。前瞻性陳述不保證未來表現，且受不確定性及其他因素影響，可能導致實際結果與前瞻性陳述所表達者存在重大差異，包括但不限於：利率不確定性所致的市場狀況、經濟情勢變化，以及我們在向美國證券交易委員會（SEC）提交之文件中所識別的其他因素。儘管我們相信作為前瞻性陳述基礎的假設屬合理，但任何假設均可能被證明不正確，因此基於該等假設的前瞻性陳述亦可能不正確。您不應過度依賴這些前瞻性陳述。本次電話會議所作之前瞻性陳述係截至本日，除法律要求外，Palmer Square Capital BDC 不承擔更新前瞻性陳述之義務。如需取得 SEC 相關申報文件之副本，請造訪我們的網站：www.palmersquarebdc.com。

With that, I will now turn the call over to Chris Long.

接下來，我將把電話會議交給 Chris Long。

Good afternoon, everyone. Thank you for joining us today for Palmer Square Capital BDC's first-quarter 2026 conference call. On today's call, I will provide an overview of our first-quarter results, touch on our market outlook and competitive positioning, and then turn the call to the team to discuss the current industry dynamics at play, our portfolio activity, and financial results.

各位下午好。感謝各位今天參加 Palmer Square Capital BDC 2026 年第一季電話會議。在今天的會議中，我將概述我們第一季的業績，談談我們的市場展望與競爭定位，接著把電話交給團隊，討論目前產業動態、我們的投資組合活動以及財務結果。

During the first quarter, our team deployed $109.4 million of capital and generated total and net investment income of $26.2 million and $11 million respectively. We delivered net investment income of $0.35 per share and paid $0.37 per share total dividend, which includes a $0.01 supplemental distribution above our base dividend and included approximately $0.02 of spillover income. Consistent with the sector, our earnings profile is reflective of monetary policy tightening over the last several quarters, in addition to experiencing a slowdown in new deal and refinancing activity given the macro backdrop. With this in mind, our dividend payout still represents an 11.1% yield on NAV and a 13.5% yield on the stock price as of April 30, which we believe is a compelling value proposition for investors.

第一季期間，我們團隊投入資本 1.094 億美元，分別實現總投資收益與淨投資收益 2,620 萬美元與 1,100 萬美元。我們的每股淨投資收益為 0.35 美元，並支付每股合計股利 0.37 美元，其中包含較基本股利額外的 0.01 美元補充配息，並包含約 0.02 美元的結轉收益（spillover income）。與同業一致，我們的獲利表現反映了過去數季貨幣政策緊縮的影響，同時在宏觀環境背景下，新交易與再融資活動亦有所放緩。基於此，我們的股利配發仍相當於以淨資產價值（NAV）計 11.1% 的殖利率，以及截至 4 月 30 日以股價計 13.5% 的殖利率；我們認為這對投資人而言具吸引力。

We also believe we are beginning to experience a pickup in activity in April, which we are hopeful continues in the remainder of the second quarter. As such, our Board has confirmed a second-quarter base dividend of $0.36, with the supplemental to follow in the normal course. We will continue to prioritize, to the extent possible, a distribution strategy that maximizes cash returns to investors. Our March NAV per share was $13.30. This mark is based on real actionable prices in the market. It underscores our intentional commitment to transparency and accountability, regardless of the day's market conditions.

我們也認為 4 月份的活動開始回升，並希望此趨勢能在第二季剩餘期間延續。因此，我們董事會已確認第二季基本股利為每股 0.36 美元，補充配息將依一般程序後續決定。我們將持續在可行範圍內優先採取能最大化投資人現金回報的配息策略。我們 3 月每股 NAV 為 13.30 美元。此評價係基於市場中真實且可執行的價格，彰顯我們不論當日市場狀況如何，對透明度與問責的刻意承諾。

This level of transparency is especially relevant in today's environment. With heightened scrutiny around BDC portfolio company valuations, we believe our monthly NAV disclosure delivers an added layer of confidence in the underlying value of PSBD's portfolio, while highlighting the uniqueness of our portfolio's positioning in liquid senior secured debt. We are pleased with the increased amount of positive feedback we have been receiving in this regard.

在當前環境下，這種透明度尤其重要。鑑於市場對 BDC 投資組合公司估值的審視日益提高，我們每月揭露 NAV 的作法，為 PSBD 投資組合的內在價值提供額外一層信心，同時凸顯我們投資組合在流動性較高的優先擔保債務（liquid senior secured debt）上的獨特定位。我們很高興在這方面收到更多正面回饋。

The first quarter of 2026 presented another episode of volatility induced by the software sell-off and credit cycle concerns in general, factors we discussed on our fourth-quarter earnings call in February. These issues have continued to drive headlines in the months since in addition to concerns and economic impacts resulting from the Iran war.

2026 年第一季再度出現一波波動，主要由軟體類股拋售以及對信用循環的普遍擔憂所引發；我們在 2 月的第四季財報電話會議中曾討論這些因素。此後數月，除上述議題持續成為新聞焦點外，亦新增了因伊朗戰爭所引發的擔憂與經濟影響。

As I did last quarter, I would like to spend a moment reiterating our philosophy around software and technology investments as it remains very topical. We continue to prefer deeply embedded, mission-critical software in areas such as cybersecurity, IT infrastructure, and ERP systems, which we believe will ultimately be net beneficiaries of AI advancements. Within these subsectors, we lend to large, highly scaled providers that have meaningful profitability and cash flow. We've found that these large enterprise platforms tend to be backed by sophisticated private equity sponsors and believe their capital structures provide meaningful equity cushion below our senior secured loans. In our experience, these providers also frequently benefit from significant incumbency advantages.

如同上季，我想花一點時間重申我們對軟體與科技投資的理念，因為這仍是非常受關注的主題。我們持續偏好深度嵌入、具關鍵任務性（mission-critical）的軟體，涵蓋資安、IT 基礎設施與 ERP 系統等領域；我們相信這些領域最終將成為 AI 進展的淨受益者。在這些次產業中，我們向規模大且高度擴張的供應商放款，這些供應商具備可觀的獲利能力與現金流。我們發現，這些大型企業平台通常由成熟的私募股權贊助者支持，並相信其資本結構在我們的優先擔保貸款之下提供了可觀的股權緩衝。依我們的經驗，這些供應商也經常受益於顯著的既有客戶優勢（incumbency advantages）。

We believe another advantage is the breadth and depth of their data collected across industries. This data positions incumbents to develop more effective AI and infrastructure than their more nascent peers, as data quality remains a foundational element of model performance and inference. To that end, we believe our portfolio companies are already realizing the benefits of AI advancements. Examples include one data analytics business that has over 60% of its top 50 customers using at least one AI-native product, while one of our large ERP software companies' AI application has seen adoption by 40% of its over 7,000 customers. In the latter example, management expects that adoption to be over 75% by year-end 2026.

我們認為另一項優勢在於其跨產業蒐集資料的廣度與深度。這些資料使既有業者相較於較新進的同業，能開發更有效的 AI 與基礎設施，因為資料品質仍是模型表現與推論（inference）的基礎要素。就此而言，我們相信投資組合公司已開始實現 AI 進展所帶來的效益。例如，其中一家資料分析公司，其前 50 大客戶中有超過 60% 使用至少一項 AI 原生產品；而我們其中一家大型 ERP 軟體公司的 AI 應用，已被其超過 7,000 名客戶中的 40% 採用。在後者案例中，管理層預期至 2026 年底採用率將超過 75%。

Beginning in April, we started to observe a stabilization and, in some cases, a reversal of the mark-to-market prices on software and other AI-impacted loans, which we believe reflects the market's growing realization of the advantages incumbent providers hold amid the AI-driven disruption. To echo recent commentary from a large private equity sponsor, these incumbents are well positioned to win, but that position is not guaranteed. We believe that advantage is predicated on their long-term customer relationships, their ownership of critical data that underpins the day-to-day functions of their clients, and their ability to incorporate AI into existing software systems to improve services.

自 4 月起，我們開始觀察到軟體及其他受 AI 影響之貸款的按市價（mark-to-market）價格趨於穩定，且在部分情況下出現反轉；我們認為這反映市場日益意識到，在 AI 驅動的顛覆之下，既有供應商所具備的優勢。呼應近期一位大型私募股權贊助者的評論：這些既有業者確實具備勝出的有利位置，但該位置並非必然。我們認為其優勢建立在長期客戶關係、其所擁有並支撐客戶日常運作的關鍵資料，以及其將 AI 納入既有軟體系統以提升服務的能力之上。

With that, I will hand the call over to Angie.

接下來，我把電話交給 Angie。

Thank you, Chris. Through the first quarter, PSBD's portfolio faced many macro headwinds, but we believe it performed respectably given the degree of volatility across asset classes. Importantly, given this backdrop, we continue to see stability in our underlying credits, continued earnings growth in our software exposure, and minimal fundamental impacts from the Iran war. As the broader market begins to regain its footing, we believe PSBD's portfolio will perform steadily as we look to capitalize on an improving opportunity set in what we believe should be better risk-adjusted spreads going forward.

謝謝你，Chris。到第一季為止，PSBD 的投資組合面臨多項宏觀逆風，但我們認為在各資產類別波動幅度如此之大的情況下，整體表現仍屬穩健。重要的是，在此背景下，我們持續看到基礎信用狀況保持穩定、軟體曝險帶來的獲利持續成長，以及伊朗戰爭對基本面造成的影響有限。隨著整體市場開始重新站穩腳步，我們相信 PSBD 的投資組合將穩健表現，並在我們認為未來應具更佳風險調整後利差的情況下，把握改善中的投資機會。

Stepping back, the first quarter was defined by significant macro volatility driven by the sell-off in software and technology credit, persistent headlines around redemptions in evergreen vehicles, and geopolitical uncertainty, most notably the situation in Iran. Within that context, our views on software remain unchanged. As Chris alluded to earlier, we continue to believe that deeply embedded, mission-critical platforms are well positioned to be net beneficiaries of AI advancements. As we are already seeing across parts of the market, these businesses are beginning to incorporate AI into their existing systems, leveraging longstanding customer relationships and differentiated datasets to enhance their offerings. Across the broader market, the dislocation has started to create more attractive entry points.

退一步來看，第一季的特徵是顯著的總體經濟波動，主要由軟體與科技信用的拋售、圍繞常青型（evergreen）載具贖回的持續新聞標題，以及地緣政治不確定性所驅動，其中最值得注意的是伊朗局勢。在此背景下，我們對軟體的看法維持不變。正如 Chris 先前提到的，我們仍然相信，深度嵌入、具任務關鍵性的平臺具備良好條件，將成為 AI 進展的淨受益者。正如我們已在市場部分領域看到的，這些企業正開始將 AI 納入其既有系統，運用長期的客戶關係與差異化資料集來強化其產品與服務。在更廣泛的市場中，這波錯位已開始創造更具吸引力的進場點。

In the secondary loan market in particular, we are seeing pricing that, in certain cases, reflects macro concerns more than company-specific performance. That shift is beginning to create a much better risk-reward dynamic than we have seen over the past several quarters. From an activity standpoint, M&A volumes slowed during the quarter as sponsors paused in response to the macro backdrop. However, with improving visibility, we are beginning to see activity return, including increased refinancing activity and select new opportunities across both the broadly syndicated and private credit markets. Importantly, spreads are now beginning to move wider across both markets. We are cautiously optimistic and believe the extended period of spread tightening is likely behind us.

尤其是在次級貸款市場，我們看到某些情況下的定價反映的是總體經濟疑慮多於公司特定的經營表現。這樣的轉變正開始帶來比過去幾個季度更佳的風險報酬結構。就活動面而言，由於贊助方因應總體環境而暫停動作，本季併購（M&A）量有所放緩。然而，隨著能見度改善，我們開始看到活動回溫，包括再融資活動增加，以及在廣泛聯貸與私募信貸市場中出現的部分新機會。重要的是，兩個市場的利差現在都開始走寬。我們審慎樂觀，並認為利差長期收斂的階段很可能已經過去。

Finally, we must acknowledge that geopolitical developments remain a key variable. A timely resolution in Iran would likely be supportive of market conditions, particularly given the potential for elevated oil prices to have broader inflationary impacts across the economy. While the environment remains fluid, we believe the combination of more attractive pricing and a disciplined approach positions us well for the periods ahead. At the portfolio level, underlying credit performance continues to remain solid, and capital markets remain open for high-quality borrowers. We have experienced increased volatility in NAV, which is not unexpected given the market dynamics we have discussed thus far and the overall liquid nature of our underlying loans.

最後，我們必須承認地緣政治發展仍是關鍵變數。若伊朗問題能及時解決，可能有助於市場環境，特別是考量到油價上行可能對整體經濟帶來更廣泛的通膨影響。儘管環境仍在變動，我們相信更具吸引力的定價加上紀律性的作法，將使我們在未來一段時間處於有利位置。在投資組合層面，基礎信用表現仍然穩健，且資本市場對高品質借款人仍保持開放。我們的淨資產價值（NAV）波動加大，考量到我們迄今討論的市場動態以及我們底層貸款整體偏流動性的特性，這並不令人意外。

We view this as a function of an efficient market attempting to price in perceived risks, rather than a reflection of any meaningful deterioration in underlying credit quality. To reiterate Chris' earlier comments, our monthly NAV is based on real, actionable market prices, providing more frequent transparency into how the portfolio is valued and eliminating perceived questions around the true NAV of the BDC.

我們認為，這是有效率的市場試圖將所感知的風險納入定價的結果，而非底層信用品質出現任何實質惡化的反映。再次重申 Chris 先前的評論，我們的每月 NAV 係基於真實且可執行的市場價格，能更頻繁地提供投資組合估值透明度，並消除外界對 BDC 真實 NAV 的疑慮。

In terms of our balance sheet, we continue to believe the flexibility of our financing facilities is a core benefit of the BDC. The CLO that we issued in 2024 will exit its non-call period in July 2026, and we will likely be looking at potential refinancing options for that during the second quarter.

就資產負債表而言，我們仍然相信融資工具的彈性是 BDC 的核心優勢。我們於 2024 年發行的 CLO 將於 2026 年 7 月結束其不可贖回期（non-call period），我們很可能會在第二季評估該筆交易的潛在再融資選項。

During the first quarter, we remained active and disciplined with our share repurchase program. We bought back 140,149 shares for approximately $1.6 million and have remaining availability of approximately $4.2 million. In addition, Palmer Square Capital Management, our manager, purchased an additional 67,875 shares for approximately $800,000 via its program. The Board will continue to evaluate share repurchases in the second quarter and beyond given the attractive trading levels of our stock relative to NAV, and we will consider future upsizes to the program if deemed appropriate.

第一季期間，我們持續積極且有紀律地執行庫藏股回購計畫。我們回購了 140,149 股，金額約 160 萬美元，尚餘可用額度約 420 萬美元。此外，我們的管理人 Palmer Square Capital Management 亦透過其計畫額外買入 67,875 股，金額約 80 萬美元。鑑於本公司股價相對 NAV 的交易水準具吸引力，董事會將在第二季及之後持續評估回購事宜，並在適當情況下考慮未來擴大該計畫規模。

For added context, PSBD shares were yielding 13.5% as of April 30, 2026, a significant premium to the 11.1% yield on NAV. We believe this presents a compelling value proposition in the current environment, especially when taking into account the quality and conservative positioning of PSBD's portfolio.

補充背景說明，截至 2026 年 4 月 30 日，PSBD 股票殖利率為 13.5%，相較於 NAV 殖利率 11.1% 有顯著溢價。我們認為，這在目前環境下提供了具吸引力的價值主張，尤其是考量到 PSBD 投資組合的品質與保守的配置定位。

As we look ahead to the remainder of 2026, we are constructive on the emerging opportunity set and believe the depth of our platform combined with PSBD's flexibility to nimbly allocate across both public and private markets will continue to serve as a strong advantage in positioning the portfolio to capitalize on attractive risk-adjusted opportunities as they emerge.

展望 2026 年剩餘時間，我們對正在浮現的機會集合持建設性看法，並相信我們平臺的深度，加上 PSBD 能夠在公開與私募市場間靈活、迅速地配置資產的彈性，將持續成為重要優勢，使投資組合得以在機會出現時把握具吸引力的風險調整後報酬機會。

I will now turn the call over to Matt to discuss the portfolio and investment activity in more detail.

接下來我將把電話會議交給 Matt，由他更詳細地說明投資組合與投資活動。

Thank you, Angie. As Angie mentioned, PSBD navigated the first quarter of 2026 well despite heightened volatility facing the sector and broader markets. Relative to the fourth quarter, our net investment income per share decreased to $0.35 per share in the first quarter of 2026, predominantly due to a combination of lower base rates as well as slower prepayment activity in the shortest quarter of the year. I would like to note that the full impact of lower base rates was felt more in the first quarter of 2026 than in the fourth quarter of 2025 due to how our borrower contracts are structured, and we believe the second quarter should represent a more normalized environment, assuming no additional rate cuts in the near term.

謝謝你，Angie。正如 Angie 提到的，儘管該產業與更廣泛市場面臨更高波動，PSBD 在 2026 年第一季仍表現良好。相較於第四季，我們 2026 年第一季每股淨投資收益降至每股 0.35 美元，主要是由於基準利率下降以及在一年中最短季度裡提前償還活動較慢的綜合影響。我想指出，由於我們與借款人的合約結構設計，基準利率下降的完整影響在 2026 年第一季比 2025 年第四季更為明顯；在假設短期內不再降息的情況下，我們認為第二季應會呈現較為正常化的環境。

In recent weeks, we are beginning to observe increased new issue activity and refinancing. While prepayment activity is difficult to predict, we believe it could reaccelerate as we move through the year. In addition, to reiterate Chris and Angie's comments, we also believe we are in a more reasonable spread environment today versus the past several quarters and are optimistic about the opportunity to reinvest paydowns into a higher spread environment in the near term.

近幾週，我們開始觀察到新發行活動與再融資增加。雖然提前償還活動難以預測，但我們認為隨著年度推進，其可能再度加速。此外，重申 Chris 與 Angie 的評論，我們也認為相較於過去幾個季度，目前的利差環境更為合理，並對在不久的將來把回收本金再投資於更高利差環境的機會感到樂觀。

Our total investment portfolio as of March 31, 2026 had a fair value of approximately $1.15 billion, diversified across 44 industries to demonstrate strong credit quality, industry- and company-specific tailwinds, and a variety of end markets. This compares to a fair value of $1.20 billion at the end of the fourth quarter of 2025, reflecting a decrease of approximately 4.1%. In the first quarter, we invested $109.4 million of capital, which included 42 new investment commitments at an average value of approximately $2.1 million.

截至 2026 年 3 月 31 日，我們的總投資組合公允價值約為 11.5 億美元，分散於 44 個產業，展現出強勁的信用品質、產業與公司特定的順風因素，以及多元的終端市場。相較之下，2025 年第四季末的公允價值為 12.0 億美元，約下降 4.1%。第一季我們投入資本 1.094 億美元，其中包含 42 筆新的投資承諾，平均金額約 210 萬美元。

During the same period, we realized approximately $79.9 million through repayments and sales. Importantly, we remain focused on diversification as we allocate new capital across the portfolio, as we believe the recent market turbulence has refocused investors on the importance of risk management through diversification. To recap key portfolio highlights at the end of the first quarter, our weighted average total yield to maturity of debt and income-producing securities at fair value was 11.73%, and our weighted average total yield to maturity of debt and income-producing securities at amortized cost was 8.26%.

同一期間，我們透過償還與出售實現約 7,990 萬美元。重要的是，在將新資本配置至投資組合時，我們仍聚焦於分散化，因為我們認為近期市場動盪使投資人重新重視透過分散化進行風險管理的重要性。回顧第一季末的投資組合重點，我們以公允價值計算之債務及具收益性證券的加權平均到期總收益率為 11.73%，以攤銷成本計算之債務及具收益性證券的加權平均到期總收益率為 8.26%。

We believe our focus on first-lien loans combined with diversification across industries and company size contributes to a strong credit profile with exposure to 44 different industries. Further, our 10 largest investments account for just 10.64% of the overall portfolio, and our portfolio is 90% senior secured, with an average hold size of approximately $4.4 million. We view this as a key risk management tool for PSBD.

我們認為，聚焦第一順位擔保貸款（first-lien loans），並在產業與公司規模上分散配置，有助於建立強健的信用概況，並使投資組合曝險於 44 個不同產業。此外，我們前十大投資僅占整體投資組合的 10.64%，且投資組合 90% 為優先擔保（senior secured），平均持有部位規模約 440 萬美元。我們將此視為 PSBD 的關鍵風險管理工具。

On a fair value-weighted basis, our first-lien borrowers have a weighted average EBITDA of $452 million, senior secured leverage of 5.5 times, and interest coverage of 2.4 times. Additionally, new private credit loans comprised 22.3% of overall new investments at a weighted average spread of 486 basis points over the reference rate. While credit quality remains an industry-wide concern, nonaccruals continue to be low at PSBD. On a fair value basis, nonaccruals represent less than 1 basis point and on an at-cost basis, only 90 basis points. Our PIK income represents approximately 1.64% of total investment income, well below our peers and the industry average.

以公允價值加權計算，我們第一順位借款人的加權平均 EBITDA 為 4.52 億美元，優先擔保槓桿倍數為 5.5 倍，利息保障倍數為 2.4 倍。此外，新承作的私募信貸貸款占整體新投資的 22.3%，其加權平均利差為較參考利率高 486 個基點。雖然信用品質仍是全產業的關注議題，PSBD 的不計息資產（nonaccruals）仍維持在低水準。以公允價值計算，不計息資產占比低於 1 個基點；以成本計算則僅 90 個基點。我們的 PIK 收入約占總投資收入的 1.64%，明顯低於同業與產業平均。

We believe this underscores the quality of our disclosed investment income. We have maintained an average internal rating of 3.6 on a fair value-weighted basis for all loan investments. Our rating is derived from a unique relative value-based scoring system. We believe credit performance across the portfolio remains strong. We continue to experience stable leverage levels and loan-to-value ratios, and our diversification positions us attractively within the dynamic markets we participate in.

我們認為這凸顯了我們所揭露投資收益的品質。我們在所有貸款投資上，以公允價值加權基礎維持平均內部評等 3.6。我們的評等源自一套獨特、以相對價值為基礎的評分系統。我們認為整體投資組合的信用表現仍然強勁。我們持續維持穩定的槓桿水準與貸款價值比（LTV），而我們的多元化配置使我們在所參與的動態市場中具備具吸引力的定位。

As we have discussed in the past, we believe larger borrowers are better positioned to deliver favorable credit outcomes over the long term, a dynamic we expect to continue as AI is advantageous to companies with the scale to invest in and leverage these technologies.

如同我們過去所討論的，我們認為較大型的借款人更有能力在長期交出有利的信用結果；我們預期這種態勢將持續，因為 AI 對於具備規模、能投入並運用這些技術的公司更具優勢。

As Angie described, in conjunction with the Board, we continue to evaluate share repurchases as a means of driving shareholder value given the discounts in the market. We will continue to evaluate share repurchases on a go-forward basis and will look to balance attractive investment opportunities in conjunction with those potential repurchases. Earlier in the call, we mentioned dislocations in the secondary market creating a better risk-reward dynamic than we have seen over the past several quarters. While we are actively evaluating new investments, we plan to approach these opportunities with balance.

如 Angie 所述，我們與董事會一同持續評估在市場折價情況下，以庫藏股回購作為提升股東價值的方式。我們將在未來持續評估股票回購，並會在潛在回購與具吸引力的投資機會之間取得平衡。在本次電話會議稍早，我們提到次級市場的錯位（dislocations）正在創造出比過去幾個季度更佳的風險報酬動態。雖然我們正積極評估新投資，但我們計畫以更均衡的方式把握這些機會。

We are managing leverage carefully given movements in NAV, which Jeff will discuss in more detail, and we will be discerning in weighing the return profile of any new investments against that available through share repurchases to ensure we are making the most accretive capital allocation decisions on behalf of our shareholders.

鑑於淨資產價值（NAV）的變動（Jeff 將更詳細說明），我們正審慎管理槓桿；同時，我們也會在評估任何新投資時保持嚴謹，將其報酬特性與透過股票回購可取得的報酬進行比較，以確保我們代表股東做出最具增值效果（accretive）的資本配置決策。

Now I would like to turn the call over to Jeff who will review our first-quarter 2026 financial results.

接下來我想把電話會議交給 Jeff，由他回顧我們 2026 會計年度第一季的財務結果。

Thank you, Matt. Total investment income was $26.2 million for the first quarter of 2026, down 16% from $31.2 million for the comparable period last year. Income generation during the quarter reflected the mix of contractual interest income, paydown-related income, and select fee income from new deal activity. Total net expenses for the first quarter were $15.2 million compared to $18.3 million in the prior-year period.

謝謝你，Matt。2026 年第一季總投資收益為 2,620 萬美元，較去年同期的 3,120 萬美元下降 16%。本季的收益產生反映了契約利息收入、與償還（paydown）相關的收入，以及來自新交易活動的部分費用收入。本季總淨費用為 1,520 萬美元，去年同期為 1,830 萬美元。

Net investment income for the first quarter of 2026 was $11 million, or $0.35 per share, compared to $12.9 million, or $0.40 per share, for the comparable period last year. During the first quarter of 2026, the company had total net realized and unrealized losses of $48.3 million compared to total net realized and unrealized losses of $21.3 million in the first quarter of 2025. This consisted of net unrealized depreciation of $52.8 million related to existing portfolio investments and net unrealized appreciation of $15.2 million related to exited portfolio investments. At the end of the first quarter, NAV per share was $13.30 compared to $14.85 at the end of the fourth quarter of 2025.

2026 年第一季淨投資收益（NII）為 1,100 萬美元，或每股 0.35 美元；去年同期為 1,290 萬美元，或每股 0.40 美元。2026 年第一季，公司合計淨已實現與未實現損失為 4,830 萬美元，去年 2025 年第一季合計淨已實現與未實現損失為 2,130 萬美元。其中包括與既有投資組合投資相關的淨未實現減值 5,280 萬美元，以及與已退出投資組合投資相關的淨未實現增值 1,520 萬美元。第一季末每股淨資產價值（NAV）為 13.30 美元，相較於 2025 年第四季末的 14.85 美元。

Moving to our balance sheet, total assets were $1.2 billion and total net assets were $413.8 million as of March 31, 2026. At the end of the first quarter, our debt-to-equity ratio was 1.7 times compared to 1.54 times at the end of the fourth quarter of 2025. This difference is predominantly due to the change in NAV as well as the modest impact from share repurchases. Available liquidity consisting of cash and undrawn capacity on our credit facilities was approximately $325.3 million. This compared to approximately $311.3 million at the end of the fourth quarter of 2025.

接著看資產負債表，截至 2026 年 3 月 31 日，總資產為 12 億美元，總淨資產為 4.138 億美元。第一季末，我們的負債對股東權益比率為 1.7 倍，相較於 2025 年第四季末的 1.54 倍。此差異主要來自 NAV 的變動，以及股票回購帶來的些微影響。可用流動性（包含現金及我們信貸額度中未動用的額度）約為 3.253 億美元；相較於 2025 年第四季末約 3.113 億美元。

Finally, on May 6, the Board of Directors declared a second-quarter 2026 base dividend of $0.36 per share in line with our dividend policy. Furthermore, our policy continues to be distributing excess earnings in the form of a quarterly supplemental distribution.

最後，5 月 6 日，董事會依照我們的股利政策宣告 2026 年第二季基本股利為每股 0.36 美元。此外，我們的政策仍是以季度補充配息的形式分配超額盈餘。

With that, I would now like to open up the call for questions.

接下來，我想開放電話會議進入提問環節。

(Operator Instructions) Kenneth Lee, RBC Capital Markets.

（接線員指示）RBC Capital Markets 的 Kenneth Lee。

Just one on the NAV. Could you remind us again, and it sounds like a lot of the marks are driven by market and actionable pricing there, could you remind us again how much input does Palmer Square have in terms of the loan valuations within the book, or is it completely driven by what you are seeing in the secondary markets there?

我只有一個關於 NAV 的問題。能否再提醒我們一次：聽起來很多評價調整（marks）是由市場與可執行的定價所驅動；能否再提醒我們，Palmer Square 在帳上貸款估值方面有多少投入（input），還是完全由你們在次級市場看到的情況所驅動？

Hey, Ken, it is Matt. Yes, so it is completely driven by third-party marks. So on the broadly syndicated side, those are real quotes, real levels, tradable in the secondary market, so those come from a third-party service provider that aggregates all those daily marks on the syndicated loans. Then on the private credit side, those are marked from a third-party valuation provider.

嗨，Ken，我是 Matt。是的，完全由第三方估值（marks）所驅動。就廣泛聯貸（broadly syndicated）那一側而言，那些都是真實報價、真實水準，且可在次級市場交易；因此這些來自一家第三方服務提供者，該提供者彙整聯貸每日的所有估值。至於私募信貸（private credit）那一側，則由第三方估值機構進行估值。

Okay, great. Very helpful there. And one follow-up, if I may, just want to get your thoughts around dividend coverage, just given where NII is leveling at right now.

好的，很棒。這很有幫助。若可以再追問一個問題：考量到目前 NII 的水準趨於持平，你們對股利覆蓋（dividend coverage）的看法是什麼？

Sure. So it is obviously something we and the Board spend a lot of time on. First quarter of the year is always the slowest from a prepayment activity standpoint, shortest day count of the year, and obviously with the volatility that transpired in predominantly February and March, activity slowed down pretty dramatically there. As we moved into April, I would say we do feel incrementally better about what we are seeing from new origination activity, conversations we have had, and a couple of refinancings that have already hit.

當然。這顯然是我們與董事會投入大量時間關注的議題。每年第一季在提前償還活動（prepayment activity）方面一向最慢，且是一年中天數最少的季度；另外，隨著主要發生在 2 月與 3 月的波動，活動在那段期間明顯放緩。進入 4 月後，我會說我們對於新承作（origination）活動、我們所進行的對話，以及已經落地的幾筆再融資（refinancings），感受上有些增量改善。

So we feel very good about the $0.36 base dividend and the ability to pay a supplemental this quarter, and that is kind of the consideration. Obviously base rates certainly play a big impact in that. Obviously out of our control, but incrementally feeling better about where those are settling out, at least in the near term. Obviously, we're not interest rate prognosticators per se, but as we look through things, look through the portfolio, look through activity in April, felt increasingly comfortable with where we are at here for the near- to intermediate-term.

因此，我們對每股 0.36 美元的基本股利以及本季支付補充配息的能力感到非常有信心，這就是我們的考量。當然，基準利率對此有很大影響；這不在我們控制之內，但我們對其至少在短期內的落點逐步感到更樂觀。顯然我們並非利率預測者，但當我們綜合檢視各項因素、檢視投資組合、以及檢視 4 月的活動後，對於我們目前在短期到中期的狀況感到愈來愈安心。

Right. Very helpful there.

了解。這很有幫助。

(Operator Instructions) Rick Shane, JPMorgan.

（接線員指示）JPMorgan 的 Rick Shane。

Hey, guys. I need to cue in a little faster. Kind of asked my question, but I am curious as well about cadence of deal flow, both repayments and investments. You largely addressed that, but any other color you want to add, I would be appreciative.

嗨，各位。我得更快一點插話。我的問題某種程度上已經被問到了，但我也想了解交易流量（deal flow）的節奏，包括償還與投資兩方面。你們大致已經回答了，但如果還有其他補充說明，我會很感激。

Yeah, I mean similar to past years, coming into the end of last year, conversations and activity level felt pretty robust and that likely that that would continue into the first half of 2026, certainly with what transpired in the software space and then followed by the Iran war. As the case has been the case for the past several years, M&A conversations can grind to a halt pretty quickly. That being said, I think specifically outside of software, it feels like conversations have reengaged through the latter half of April and into early May. I think that always takes a little bit of time to translate to actual deal activity, but from what we are seeing, from early looks as what we would call them on the broadly syndicated side, those have increased the past couple of weeks.

是的，我的意思是，和過去幾年類似，去年底時對話與活動水準感覺相當強勁，而且看起來很可能會延續到 2026 年上半年；但隨後軟體領域發生的情況，以及接著爆發的伊朗戰爭，改變了節奏。過去幾年一再出現的情況是，併購（M&A）對話可能很快就會停滯。儘管如此，我認為特別是在軟體以外的領域，對話在 4 月下半月到 5 月初似乎已重新啟動。我認為這通常需要一些時間才會轉化為實際交易活動，但就我們所看到的，在廣泛聯貸那一側，我們所稱的「初步觀察」（early looks）在過去幾週有所增加。

Conversations and term sheets on the private credit side have marginally increased as well. I think certainly spreads, we expect to be wider. And I think there's always got to be a little bit of digesting that from the borrower standpoint and from the sponsor community. So I don't expect it to be a huge acceleration, but definitely expect it to be picking back up from the very, very depressed levels that we saw in February and March of the first quarter.

私募信貸方面的對話與條款清單也略有增加。我認為利差肯定會更寬，我們也預期如此。而且從借款人角度以及贊助方社群的角度來看，總是需要一點時間去消化。因此我不預期會出現大幅加速，但確實預期會從我們在第一季二月與三月所看到的非常、非常低迷水準回升。

Got it. And then just one follow-up question. One of the things we are hearing more generally is improved documentation, better covenants associated with deals, more thoughtful opportunity for due diligence. Is that something, particularly in the BSL market, is it fair to extrapolate that as well?

了解。接著再追問一個問題。我們更普遍聽到的一點是：文件條款有所改善、交易相關的契約條款（covenants）更好、盡職調查有更周全的空間。這是否也是一種情況——特別是在BSL市場——我們也可以合理地這樣推論？

Yes, I think it is. Given the bandwidth we have across the firm from a capital deployment standpoint and in the broadly syndicated market, so even outside of the BDC, with our global CLO platform and private funds business, we tend to be meaningful relationships with those sponsors. So we get to have a lot of early access with management teams. I would say the amount of time we are getting to spend has certainly increased, and then as that flows through toward the credit documentation, certainly in times of volatility and wider spreads, it becomes a more lender-friendly environment, which we certainly welcome.

是的，我認為是這樣。鑑於我們在公司內部於資本部署面向，以及在廣泛聯貸市場（甚至在BDC之外），透過我們的全球CLO平台與私募基金業務所具備的資源，我們通常與那些贊助方維持重要的合作關係。因此我們能夠更早接觸管理團隊。我會說我們能投入的時間確實增加了；而當這些反映到信貸文件條款上，在波動加大、利差走寬的時期，環境會更偏向放款人，這點我們當然樂見。

It has been quite some time since we have been able to say that, so we will use that to try to get a good documentation and as favorable levels as we can from a lender standpoint, and that certainly come to our favor here recently.

我們已經很久沒有能這樣說了，所以我們會善用這個機會，從放款人的角度，盡可能爭取良好的文件條款與更有利的水準，而最近這確實對我們更有利。

Got it. And then last question, and I apologize for so many, but we have asked most of the management teams in the space. When you think about where we are in the continuum in terms of structure and pricing, is it fair to say we are sort of back to the middle, we have gone from tight, but we are not at distressed-type markets. It is more sort of in the normal range right now?

了解。最後一個問題，也抱歉問了這麼多，但我們已經問過這個領域的大多數管理團隊。當你們思考在結構與定價的連續光譜上我們目前所處的位置時，是否可以說我們大致回到中間位置：我們從非常緊縮的狀態走出來，但也還沒到困境型市場？也就是說，目前更像是在正常區間？

Yes, I think the way we look at it, and we have been pretty vocal, I think, over really the past year plus in that spreads had just been very, very tight relative to risk, and that encompassed corporate credit, structured credit, investment grade, high yield. And so I would say we've, in a lot of ways, I would expect spreads to be considerably wider given everything going on from a macro sentiment. I would say we did see spread widening. I do think spreads will stay a little bit wider.

是的，我認為我們的看法是——而且我們一直相當直言不諱——在過去一年多的時間裡，利差相對於風險一直非常、非常緊，這涵蓋了公司信貸、結構性信貸、投資級與高收益。因此我會說，從宏觀情緒與當前各種事件來看，很多方面我原本會預期利差應該會顯著更寬。我們確實看到了利差擴大，我也認為利差會維持稍微偏寬。

But I think the way we view it from the markets we are participating in, we would call it probably more fair value. Certainly not cheap, certainly not super wide to your point from stress or distress levels. So I think you are being better compensated certainly than we have been in quite some time. But we kind of view it as fair compensation relative to what we have seen over the past 20-plus years.

但就我們參與的市場而言，我們可能會把它稱為更接近公允價值。當然不算便宜；也如你所說，從壓力或困境水準來看，當然也沒有寬到那種程度。所以我認為你現在獲得的補償，確實比我們很長一段時間以來都要好。但我們大致把它視為相對於過去20多年所見情況而言的合理補償。

Sounds good. I appreciate it very much, guys.

聽起來不錯。非常感謝，各位。

Derek Hewitt, Bank of America.

美國銀行（Bank of America）的Derek Hewitt。

Good afternoon. Could you provide some color on pro forma leverage as of April, since we have seen some recovery in the BSL market? And then secondly, are there certain sectors that have been significantly dislocated earlier this year, maybe even software, that you might lean into from a new investment perspective?

下午好。鑑於我們看到BSL市場在四月有些回升，能否請你們提供一下截至四月的備考槓桿（pro forma leverage）的一些說明？第二，是否有某些今年較早時顯著錯位的產業——甚至像軟體——從新增投資的角度，你們可能會更傾向加碼？

Hi, Derek. I appreciate the question. I would say from April's standpoint, we should be posting the updated NAV later next week, but certainly to your point, we have seen a modest rebound in prices in April. So we expect leverage to come back down, but we will be able to disclose the updated NAV for April probably by the end of next week, which should give some good directionality as to where things are headed.

嗨，Derek。謝謝你的問題。我會說就四月而言，我們應該會在下週稍晚公布更新後的NAV，但確實如你所說，我們在四月看到價格小幅反彈。因此我們預期槓桿會回落；不過我們大概會在下週末前披露四月更新後的NAV，這應該能提供一些良好的方向性，讓大家了解情況將往哪裡走。

But we certainly, as you know, given the underlying collateral and credit facilities we have, we are able to manage leverage pretty quickly. We even paid down, I think, about $14 million in total on the credit facilities in the first quarter to try to maintain appropriate leverage levels that we were comfortable with. There were obviously a lot of moving pieces during the quarter, but that is something we have good control over and can manage that effectively on a daily basis.

但如你所知，鑑於我們的底層抵押資產與所持有的信貸融資額度，我們能相當快速地管理槓桿。我們甚至在第一季於信貸融資額度上合計償還了約1,400萬美元，以維持我們覺得合適且舒適的槓桿水準。該季顯然有很多變動因素，但這是我們能良好掌控的事情，也能在日常層面有效管理。

To the second part of your question, undoubtedly software was the most disrupted sector in the first quarter, and that predominantly is responsible for the unrealized mark to market move in NAV. The whole sector traded off considerably. In our opinion, we want to be prudent in how we think about overall exposure there, but I do think, and you heard from our prepared comments from Chris, Angie, and myself, there are undoubtedly some really great companies in there that are trading at real discounts relative to par. And so when we have conviction in something, we will certainly look to take advantage of that where we think it makes sense.

至於你問題的第二部分，毫無疑問，軟體是第一季受衝擊最大的產業，而這也主要是造成NAV未實現按市價評價變動的原因。整個產業的交易價格大幅回落。就我們的看法，我們希望在思考整體曝險時保持審慎；但我也認為——你也從Chris、Angie以及我在事先準備的發言中聽到——其中確實有一些非常優秀的公司，其交易價格相對於面值（par）有實質折價。因此當我們對某個標的有信心時，我們當然會在我們認為合理的地方把握機會。

Outside of that as well, there is obviously a lot going on with the Iran situation that has produced some interesting opportunities in the chemicals space as an example. That, I think we have talked about in the past, has been a very tough sector really for the past two-plus years given a lot of the supply-demand dynamics, a lot of the effective dumping by Chinese producers, particularly in some of the pan-European markets. With the closure of the Strait over the past couple of months, that led to some meaningful, meaningful earnings tailwinds for some of the petrochemical producers, so we have been able to see some benefit from a couple of tactical positions there.

此外，伊朗局勢顯然也帶來了不少變化，例如在化學品領域產生了一些有趣的機會。我想我們過去也談過，受供需動態影響，以及中國生產商的有效傾銷（特別是在一些泛歐市場），這個產業在過去兩年多其實一直很艱難。過去幾個月海峽關閉，為部分石化生產商帶來了顯著、顯著的獲利順風，因此我們在那裡的幾個戰術性部位也看到了些許受益。

So I think we've said over the last several quarters, there had not been as much interesting things to do from a total return standpoint just given how tight spreads had gotten. That dynamic has certainly changed with a lot of the dynamics across software and in the geopolitical tension. That being said, I would still echo some of our prepared remarks where we want to be prudent, we want to make sure we have dry powder to the extent there's further dislocations. But we are certainly seeing more that is interesting to us now than we have in quite some time.

所以我認為我們在過去幾個季度一直說，從總報酬角度來看，因為利差變得太緊，能做的有趣事情並不多。隨著軟體領域的各種變化以及地緣政治緊張，這種動態確實已經改變。話雖如此，我仍會呼應我們事先準備的一些說法：我們希望保持審慎，並確保在可能出現進一步錯位時我們有足夠的乾粉（可用資金）。但我們現在看到的、對我們而言有趣的機會，確實比相當長一段時間以來都要多。

And this concludes our question-and-answer session. I will turn the call back over to Jeremy for any closing comments.

我們的問答環節到此結束。我將把電話交回給Jeremy，請他做任何結語。

Thank you, operator, and thank you, everyone, for your time and all of the thoughtful questions. We look forward to updating everyone on second-quarter 2026 financial results in August. Thank you again.

謝謝主持人，也謝謝各位撥冗參與以及提出所有深思熟慮的問題。我們期待在八月向各位更新2026年第二季的財務結果。再次感謝。

That concludes our call today. Thank you all for joining. You may now disconnect.

我們今天的電話會議到此結束。感謝各位加入。您現在可以掛線。