Palmer Square Capital BDC Inc.

Welcome to Palmer Square Capital BDC's fourth quarter and year-end 2024 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the prepared remarks. As a reminder, this conference call is being recorded. At this time, I'd like to turn the call over to Jeremy Golf, Managing Director. You may begin.

Welcome to Palmer Square Capital BDC's fourth quarter and year-end 2024 earnings call. Joining me this afternoon are Chris Long, Chairman and Chief Executive Officer, Angie Long, Chief Investment Officer, Matt Bloomfield, President, and Jeff Fox, Chief Financial Officer and Director. Palmer Square Capital BDC's fourth quarter and fiscal year-ended 2024 financial results were released earlier today and can be also accessed on Palmer Square's Investor Relations website at palmersquarebdc.com. We have also arranged for a replay of today's event that can be accessed on our website for the next six months. 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 on 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 palmersquarebdc.com. With that, I will now turn the call over to Chris Long.

Good afternoon, everyone. Thank you for joining us today for Palmer Square Capital BDC's fourth quarter and year-end 2024 conference call. Today, I will begin by providing an overview of the fourth quarter and full year highlights, then turn the call to the team to discuss the market outlook portfolio, and financial results. PSBD exhibited solid performance in the fourth quarter underpinned by continued stability and strong income generation across our high quality portfolio. During the fourth quarter, our team deployed 171.8 million of capital and generated total and net investment income of 34.9 million and 14.8 million respectively. We delivered net investment income of 45 cents per share and paid a $0.48 per share fourth quarter total dividend, including a $0.06 supplemental distribution. This supplemental distribution included $0.03 of spillover earnings from prior quarters, as we have previously communicated our plan to pay out nearly all earnings to shareholders throughout the fiscal year. 2024 was a transformative year for Palmer Square Capital BDC. We successfully IPO'd in January, and brought to market the only publicly traded BDC that has built a portfolio that spans both broadly syndicated public debt and large private credit investments. A unique portfolio allows us to disclose an enhanced level of transparency, and we are the only public BDC that discloses monthly NAV. This disclosure is in large part determined based on real actionable prices for our assets, providing real-time visibility into the health, and value of our portfolio. In line with our commitment to sector leading transparency, we recently announced our January 31st NAV per share of $16.70. Before I turn the call over to Angie to discuss our market outlook, I want to reiterate the qualities of our proprietary investment philosophy that differentiate us from many others in the space and have underpinned our performance in our first year as a publicly traded company. Our ability to deliver attractive risk adjusted returns to our shareholders is rooted in one, our deep experience as an established manager with years of expertise, opportunistically investing in corporate debt and structured credit. Two, as I just mentioned, our differentiated approach to portfolio composition that spans both liquid bank loans and private credit loans, which we believe offers superior diversification and flexibility relative to our broader BDC peers. Three, our large and expanding addressable market opportunity that enables meaningful platform level deal flow. Four, our rigorous underwriting process focused on downside protection and credit quality coupled with the agility to pursue the most attractive relative value across liquid and private markets. Five, our diversified high quality portfolio comprised primarily floating rate senior secured loans to large stable borrowers. And six, our focus on shareholder alignment, as demonstrated by our industry leading approach to fees and transparency. As we maintain strong credit performance across our portfolio, we believe our ability to be nimble and opportunistic will continue to be a differentiator for PSBD. In today's market, managers across the board grapple with an evolving rate environment and lower cash pay in their portfolios, many of which are comprised of illiquid assets. PSBD is positioned to act quickly and efficiently when attractive opportunities arise. Further, we believe our portfolio of predominantly higher quality senior secured loans, large private credit loans, and select structured credit investments enables more upside through NAV appreciation and total return over time. Looking ahead, we have been encouraged by the rhetoric we've heard of other managers that have said the future of fixed income will be a combination of public and private credit. We set up Palmer Square to be a first mover on this front, and the lessons we have learned will propel us to even higher heights moving forward. Further, we're confident that our vehicles remain differentiated, even from larger peers that may also be pursuing the advantage of combining private and public debt as they approach future portfolio construction. One point that demonstrates this is our fee structure. As we've said before, Palmer Square only charges a management fee on net assets. This is rooted in our firm belief that we should be rewarded for attracting equity capital that grows net asset value, not for taking on leverage. This philosophy further highlights our alignment with you, our fellow shareholders. I will now hand the call over to Angie to discuss our market outlook.