Palmer Square Capital BDC Inc.

At this time, I'd like to turn the call over to Jeremy Goff, Managing Director. You may begin.

Welcome to Palmer Square Capital BDC's first quarter 2025 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 first quarter 2025 financial results were released earlier today and can also be 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. 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 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 first quarter 2025 conference call. Today, I will begin by providing an overview of the quarterly highlights and touch on our differentiated market positioning, then turn the call to the team to discuss our market outlook, portfolio, and financial results. During the first quarter, our team deployed $104.3 million of capital and generated total and net investment income of $31.2 million and $12.9 million respectively. We delivered net investment income of $0.40 per share and paid a $0.39 per share first quarter total dividend, which includes a $0.03 supplemental distribution. In line with our commitment to sector-leading transparency, we recently announced our March NAV per share of $15.85. To reiterate, the unique structure of our portfolio allows us to disclose an enhanced level of transparency. We are the only public BDC to disclose monthly NAV, providing real-time visibility into the health and value of our portfolio. Before I turn the call over to Angie to discuss our market outlook, I'll touch on the current macro environment in how we are managing our portfolio accordingly. The recent volatility spurred by tariff uncertainty has no impact on our approach to underwriting or how we monitor our portfolio. In fact, in many ways, Palmer Square has its roots in environments that are just like today's, and our investment thesis was built for times like these. We founded Palmer Square Capital Management in the wake of the Great Recession and our focus on identifying the best relative value across corporate and structured credit has remained unchanged since 2009. In that span of time, we've navigated numerous periods of volatility, including the COVID-19 pandemic and the regional banking failures, while scaling our broader platform to over $34 billion in assets under management. As we've discussed on our previous earnings calls, We attribute the strength of our portfolio and stable credit quality to our rigorous investment process and focus on larger companies with strong fundamentals. Our fundamental investment strategy rooted in both liquid credit opportunities and senior secured private credit investments remains fully intact. More importantly, it is underpinned by the resources and platform that Palmer Square Capital Management offers. We have a robust team of investment professionals who work tirelessly to identify opportunities to optimize our portfolio in real time, and our senior leaders average over 20 years of credit investment experience. Our team has demonstrated a unique ability to combine a top-down and bottom-up investment framework that places a premium on risk management and prudently deploys capital across market cycles. Our investment philosophy focuses on finding innovative ways to identify market dislocations while using the flexibility created by our nimble portfolio structure, which spans liquid bank and private credit loans, to tactfully take advantage of attractive opportunities as they arise. We believe our strategy was tailor-made to perform during periods of volatility, which is aided by our ability to act quickly on behalf of our fellow shareholders. At our core, We are a client and shareholder-driven organization, and we uphold shareholder alignment with the most importance. Our fee structure is lower than most externally managed publicly traded BDCs, and our annualized dividend payout of 12.3% as of April 30th reinforces our commitment to returning capital to our shareholders. Finally, we combine the size and scale of our position as a growing global asset manager with our local roots. Clients and investors choose to partner with Palmer Square because we have a global footprint with a specialized approach, but our team is approachable and accessible. Our LPs and investors know that Palmer Square is a team they want to be part of, and we have maintained a high touch approach to client service since our founding. In a time characterized by uncertainty, we are certain that the landscape will continue to shift, but we believe that our nimble portfolio construction and ample liquidity enables us to capture the best relative value opportunities across the entire spectrum of corporate and structured credit. Moving forward, investors will continue to get the full power and breadth of the Palmer Square platform as we work to deliver on our mission to generate attractive, risk-adjusted returns through a highly liquid strategy underpinned by excellent credit quality and a shareholder-friendly fee structure. I will now hand the call over to Angie.