PSBDHIGH SIGNALFINANCIAL10-K

PSBD experienced substantially deteriorating operating performance with operating losses roughly doubling while interest expense grew meaningfully, accompanied by significant portfolio turnover across multiple debt investments.

The company's operating losses expanded substantially while borrowing costs increased meaningfully, indicating deteriorating profitability and rising financing pressure. The extensive portfolio turnover suggests active repositioning but also potential credit quality concerns given the worsening operating metrics.

Comparing 2026-02-26 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

PSBD's financial position weakened considerably with operating losses roughly doubling while interest expense grew substantially. Total assets and liabilities both declined by approximately 15%, reflecting portfolio contraction, while stockholders' equity fell 13.7% to $464.1M. The combination of deteriorating operating performance, rising borrowing costs, and portfolio shrinkage signals meaningful financial stress for this business development company.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
-98.3%
-$16.9M→-$33.4M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Interest Expense
P&L
+89.7%
$23.5M→$44.5M

Interest expense surged 89.7% — significant debt increase or rising rates materially impacting earnings.

Cash & Equivalents
Balance Sheet
+16.3%
$2.8M→$3.2M

Cash grew 16.3% — improving liquidity position supports investment and shareholder returns.

Total Liabilities
Balance Sheet
-15.4%
$893.2M→$755.3M

Liabilities reduced 15.4% — deleveraging improves balance sheet strength and financial flexibility.

Total Assets
Balance Sheet
-14.8%
$1.4B→$1.2B

Total assets contracted 14.8% — asset sales, write-downs, or balance sheet optimization underway.

Stockholders Equity
Balance Sheet
-13.7%
$537.8M→$464.1M

Equity decreased 13.7% — buybacks or losses reducing book value, monitor solvency ratios.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-27
ADDED
Industry Independent Power and Renewable Electricity Producers Interest Rate 8.61% (S + 4.25%) Maturity Date 08/01/2030 2024-12-31 0001794776 Debt Investments First Lien Senior Secured Global Medical Response, Inc.
Industry Healthcare Providers and Services Interest Rate 7.38% (S + 3.50%) Maturity Date 10/1/2032 2025-12-31 0001794776 psbd:DiversifiedConsumerServicesMember 2024-12-31 0001794776 us-gaap:CommonStockMember 2023-01-01 2023-12-31 0001794776 Debt Investments Corporate Bonds Altice Financing S.A.
Industry Diversified Telecommunication Services Interest Rate 0.05 Maturity Date 1/15/2028 2025-12-31 0001794776 Debt Investments First Lien Senior Secured LogMeIn, Inc.
Industry Construction and Engineering Interest Rate 8.57% (S + 4.75%) Maturity Date 10/25/2030 2025-12-31 0001794776 Debt Investments First Lien Senior Secured Wellpath Holdings, Inc.
Industry Hotels, Restaurants and Leisure Interest Rate 9.35% (S +CSA + 5.50%) Maturity Date 3/11/2030 2025-12-31 0001794776 Debt Investments First Lien Senior Secured Project Alpha Intermediate Holding, Inc.
Industry Software Interest Rate 7.58% (S + 3.25%) Maturity Date 10/26/2030 2024-12-31 0001794776 Debt Investments First Lien Senior Secured Consolidated Communications, Inc.
Industry Diversified Telecommunication Services Interest Rate 7.97% (S + CSA + 3.50%) Maturity Date 10/02/2027 2024-12-31 0001794776 psbd:RoadAndRailMember 2024-12-31 0001794776 psbd:InsuranceMember 2025-12-31 0001794776 Debt Investments Second Lien Senior Secured Aruba Investments, Inc.
Industry Chemicals Interest Rate 12.21% (S + CSA + 7.75%) Maturity Date 10/27/2028 2024-12-31 0001794776 psbd:CLOTransactionMember 2025-01-01 2025-12-31 0001794776 Debt Investments Second Lien Senior Secured Pretium PKG Holdings, Inc.
Industry Containers and Packaging Interest Rate 10.86% (S +CSA + 6.75%) Maturity Date 9/30/2029 2025-12-31 0001794776 us-gaap:SubsequentEventMember psbd:O2026M1DividendsMember 2026-01-14 0001794776 Debt Investments First Lien Senior Secured TCP Sunbelt Acquisition Co.
Industry Electronic Equipment, Instruments and Components Interest Rate 8.77% (S + 4.25%) Maturity Date 10/16/2031 2024-12-31 0001794776 Short-Term Investments Morgan Stanley Liquidity Funds US Dollar Treasury Liquidity Fund - Institutional Class 2025-12-31 0001794776 Debt Investments First Lien Senior Secured Deerfield Dakota Holding, LLC Industry Diversified Financial Services Interest Rate 8.08% (S + 3.75%) Maturity Date 04/09/2027 2024-12-31 0001794776 us-gaap:ShortTermInvestmentsMember 2025-12-31 0001794776 Debt Investments First Lien Senior Secured Idemia Group S.A.S.
REMOVED
10-K False 0001794776 false false false false FY --12-31 0001794776 Debt Investments First Lien Senior Secured Barracuda Networks, Inc.
Industry Auto Components Interest Rate 8.47% (S + CSA + 4.00%) Maturity Date 4/6/2028 2024-12-31 0001794776 psbd:CLOMezzanineMember 2023-12-31 0001794776 Debt Investments First Lien Senior Secured PT Intermediate Holdings III, LLC Industry Machinery Interest Rate 11.47% (S + CSA + 5.98%) Maturity Date 11/1/2028 2023-12-31 0001794776 us-gaap:FairValueInputsLevel2Member psbd:SecondlienSeniorSecuredDebtMember 2023-12-31 0001794776 psbd:IncomeTaxesMember 2022-12-31 0001794776 Debt Investments First Lien Senior Secured Nielsen Consumer Inc.
Industry Insurance Interest Rate 9.30% (S + 4.75%) Maturity Date 11/1/2029 2024-12-31 0001794776 psbd:RealEstateManagementAndDevelopmentMember 2024-12-31 0001794776 Debt Investments First Lien Senior Secured Grinding Media Inc.
Industry Metals and Mining Interest Rate 9.68% (S + CSA + 4.00%) Maturity Date 9/21/2028 2023-12-31 0001794776 Debt Investments First Lien Senior Secured Magenta Security Holdings LLC Industry Software Interest Rate 11.60% (S + CSA + 6.75%) Maturity Date 07/27/2028 2024-12-31 0001794776 psbd:EnergyEquipmentAndServicesMember 2023-12-31 0001794776 Debt Investments Second Lien Senior Secured Gainwell Acquisition Corp.
Industry Healthcare Providers and Services Interest Rate 13.52% (S + CSA + 8.00%) Maturity Date 10/2/2028 2023-12-31 0001794776 CLO Equity Signal Peak CLO, LLC Industry Structured Subordinated Note Maturity Date 10/26/2034 2023-12-31 0001794776 Debt Investments First Lien Senior Secured ARC Falcon I Inc.
Industry Household Durables Interest Rate 11.00% (S + CSA + 5.50%) Maturity Date 10/20/2028 2023-12-31 0001794776 Debt Investments First Lien Senior Secured ConvergeOne Holdings Corp.
Industry IT Services Interest Rate 12.50% (P + 4.00%) Maturity Date 1/4/2026 2023-12-31 0001794776 Debt Investments First Lien Senior Secured Lightstone Holdco LLC One Industry Independent Power and Renewable Electricity Producers Interest Rate 10.34% (S + 5.75%) Maturity Date 2/1/2027 2024-12-31 0001794776 Debt Investments Short-Term Investments Fidelity Investments Money Market Government Portfolio - Institutional Class, 4.42% 2024-12-31 0001794776 psbd:DwyerInstrumentsLLCOneMember 2024-12-31 0001794776 Debt Investments First Lien Senior Secured Crown Subsea Communications Holding, Inc.
Industry Construction and Engineering Interest Rate 10.71% (S + CSA + 5.25%) Maturity Date 4/27/2027 2023-12-31 0001794776 Debt Investments First Lien Senior Secured Pretium PKG Holdings, Inc.
Industry Containers and Packaging Interest Rate 9.17% (S + 4.60% incl 0.70% PIK) Maturity Date 10/2/2028 2024-12-31 0001794776 Debt Investments Second Lien Senior Secured Gainwell Acquisition Corp.
Industry Healthcare Providers and Services Interest Rate 12.69% (S + CSA + 8.00%) Maturity Date 10/2/2028 2024-12-31 0001794776 Debt Investments First Lien Senior Secured Creation Technologies Inc.
MORE FINANCIAL SIGNALS
CRMHIGHSalesforce significantly increased debt by 71% to $14.4B while simultaneously ac...
2026-03-02
UNHHIGHUNH's operating income plummeted 41% despite 12% revenue growth, indicating seve...
2026-03-02
PFEHIGHPfizer achieved a dramatic 87.3% reduction in total debt from $31.4B to $4.0B, r...
2026-02-26
GILDHIGHGILD dramatically increased R&D spending by 81.5% to $9.1B while introducing new...
2026-02-24
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →