PSBD — what changed in the latest 10-Q
A section-by-section comparison of PSBD's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-11-04 vs the prior 10-Q · 2026-08-05
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +7 | −7 | ~32 | 90 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~2 | 3 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 1 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Other information
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-11-04
The change in unrealized appreciation (depreciation) for the nine months ended September 30, 2026 and September 30, 2025 totaled $(30.9) million and $(25.4) million, respectively. For the nine months ended September 30, 2026, this consisted of net unrealized depreciation of $61.3 million related to …
portfolio investments and net unrealized appreciation of $30.4 million related to exited portfolio investments (a portion of which has been reclassified to realized losses). For the nine months ended September 30, 2025, this consisted of net unrealized depreciation of $42.9 million related to existi…
For the nine months ended September 30, 2026, we repurchased 1,025,984 shares of our common stock pursuant to the Company Rule 10b5-1 Stock Repurchase Plan, Extended Company Rule 10b5-1 Stock Repurchase Plan, and Company Rule 10b-18 Repurchase Plan.
On June 18, 2026, the Company, through Palmer Square BDC CLO 1, Ltd., priced its refinancing of a $300.0 million term debt securitization (the “CLO Reset Transaction” and together with the CLO Transaction, the “CLO Transactions”). The CLO Reset Transaction closed on July 15, 2026 (the “Refinancing D…
The notes offered in the CLO Reset Transaction were issued by the Issuer, and consist of (i) $228.0 million of AAA Class A-R Notes due 2039, which bear interest at the forward-looking term rate based on the secured overnight financing rate (“Term SOFR”) plus 1.27% (the “Class A-R Notes”); and (ii) $…
Text removed vs the prior filing · source: 10-Q · 2026-08-05
The change in unrealized appreciation (depreciation) for the six months ended June 30, 2026 and June 30, 2025. totaled $(37.9) million and $(16.3) million, respectively. For the six months ended June 30, 2026, this consisted of net unrealized depreciation of $59.0 million related to existing portfol…
Pursuant to the program, the Company may, from time to time, purchase shares of our common stock in the open market, subject to market conditions and other factors. We will determine the timing and amount of repurchases based on our evaluation of market conditions and other factors.
For the six months ended June 30, 2026, we repurchased 517,882 shares of our common stock pursuant to the Company Rule 10b5-1 Stock Repurchase Plan, Extended Company Rule 10b5-1 Stock Repurchase Plan, and Company Rule 10b-18 Repurchase Plan.
Simple SOFR is unavailable), plus 1.95%, with an interest rate floor of 0.0%. The “base rate” will be equal to the highest of (a) the federal funds rate plus 0.50% and (b) the prime rate. The Loan Agreement requires the payment of a non-usage fee ranging from 0.50% to 1.45%, depending on the utiliza…
The CLO Transaction is backed by a diversified portfolio of senior secured loans or participation interests therein with the potential for investment in second lien loans or participation interests therein, corporate bonds or loans made to a debtor-in-possession pursuant to Section 364 of the Bankru…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice