Palmer Square Capital BDC Inc.

Welcome to Palmer Square Capital BDC's third quarter 2025 earnings call. At this time, all participants are in 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 Gough, managing director. Jeremy, you may begin.

Welcome to Palmer Square Capital BDC's third 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 third 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 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 third quarter 2025 conference call. On today's call, I will provide an overview of our third quarter highlights, background on our broader credit platform, and touch on the benefits of our differentiated investment strategy. Then turn the call to the team to discuss our market outlook and financial performance. During the third quarter, our team deployed $138.7 million of capital and generated total and net investment income of $31.7 million and $13.6 million respectively. We delivered net investment income of 43 cents per share, well covering our 36 cents per share third quarter base dividend and covering our 42 cents per share total dividend, which includes a six cent supplemental distribution. Given interest rate expectations, we appreciate the recent market focus on dividend coverage by the BDC investor community. Unlike many peers, we decided from the outset to create a distribution strategy that maximizes cash returns to our investors sooner rather than later. In that spirit, we continue to pay out nearly all of our excess earnings in the form of a supplemental dividend, which we believe is the right thing to do for our investors. Additionally, We recently announced our September NAV per share of $15.39. As the only publicly traded BDC to disclose NAV on a monthly basis, we believe we provide a unique level of transparency and accountability, giving shareholders regular insight into our performance. Angie will provide additional commentary on our market outlook, but I want to spend a moment addressing recent industry events. There has been much debate around whether there are cracks in the pavement of private credit and leveraged lending at large. We believe it is important for investors to understand that these idiosyncratic situations arise in credit markets year in and year out, and that does not indicate that there is any new systemic risk in private credit or liquid credit portfolios. Default rates in private and public credit have been running at consistent levels for the past couple of years. Non-accrual rates in BDCs remain below historical levels on average, and underlying portfolio company performance continues to show strength. As a concrete example, through EBITDA growth and lower base rates, PFBD's interest coverage ratio increased sequentially to 2.5 times from 2.1 times last quarter. a meaningful improvement that demonstrates companies can better service their debt. When you couple these patterns with PSBD's current yields and the discount to NAV, we continue to believe that the opportunity set is compelling for investors and PSBD common stock is undervalued. To that end, our board recently approved an additional $5 million of open market share repurchases, which Matt and Jeff will discuss in further detail. We have confidence in our strategy and believe that our emphasis on senior secure liquid credit and the optionality to deploy into private credit position us to remain agile and adjust to various market environments. This agility is further enhanced by our specialized and seasoned investment team in strong alignment with our shareholders. To put a finer point on this, our investment team is incentivized in a way that promotes a clear focus on investor outcomes and experience. which by definition creates strong alignment through the investment process to make decisions that maximize risk adjusted performance. At the heart of our investment philosophy is the conviction that active management and credit, when executed properly, can generate attractive total returns in excess yield. We believe our focus on higher quality assets, minimizing interest rate duration, and maintaining liquidity where possible combined with our core competency of locating relative value has helped drive strong outcomes for our portfolio. Looking ahead, we continue to lean into our strengths and prioritize synergies across our platform strategies, which we believe will ultimately benefit the BDC. For instance, our seal issuance volume informs our BDC by enabling us to see nearly all the deal flow in the bank loan space and act on it when appropriate. We believe this quality is often underappreciated by equity investors, particularly given that our presence and recognition in the global CLO space exceeds many other well-known alternative asset managers. Since our last earnings call, we've had the opportunity to connect with both existing and new investors, reiterating our position as a deeply experienced corporate and structured credit manager. We believe our differentiated story is resonating, but it is still in the early innings for the public life of PSBD with our listing taking place less than two years ago. We look forward to continuing these conversations in 2026 as we remain steadfast in our commitment to shareholder alignment and transparency. With that, I will hand the call over to Angie.