May 6, 2026 - 10-Q: Quarterly report [Sections 13 or 15(d)] | Palmer Square Capital BDC Inc. (PSBD)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 814-01334

Palmer Square Capital BDC Inc.

(Exact name of registrant as specified in its charter)


Maryland		84-3665200
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

     1900 Shawnee Mission Parkway, Suite 315,
Mission Woods, KS

     66205

     (Address of Principal Executive Offices)

     (Zip Code)

(816) 994-3200

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	PSBD	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 5, 2026, the registrant had 31,120,814 shares of common stock, $0.001 par value per share, outstanding.

TABLE OF CONTENTS


		Page
PART I	FINANCIAL INFORMATION	1
Item 1.	Consolidated Financial Statements (Unaudited)	1
	Consolidated Statements of Assets and Liabilities as of March 31, 2026 (Unaudited) and December 31, 2025	1
	Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and March 31, 2025 (Unaudited)	2
	Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2026 and March 31, 2025 (Unaudited)	3
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and March 31, 2025 (Unaudited)	4
	Consolidated Schedules of Investments as of March 31, 2026 (Unaudited) and December 31, 2025	5
	Notes to Consolidated Financial Statements (Unaudited)	31
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	48
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	58
Item 4.	Controls and Procedures	59

PART II	OTHER INFORMATION	60
Item 1.	Legal Proceedings	60
Item 1A.	Risk Factors	60
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	60
Item 3.	Defaults Upon Senior Securities	61
Item 4.	Mine Safety Disclosures	61
Item 5.	Other Information	61
Item 6.	Exhibits	62

SIGNATURES		63

PART I—FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements.

Palmer Square Capital BDC Inc.

Consolidated Statements of Assets and Liabilities


	March 31, 2026			December 31, 2025
Assets:	(Unaudited)
Non-controlled, non-affiliated investments, at fair value (amortized cost of $1,283,151,468 and $1,294,556,070, respectively)	$	1,154,636,534		$	1,203,640,318
Cash and cash equivalents		1,489,202			3,217,449
Receivables:
Receivable for sales of investments		538,437			2,821,628
Receivable for paydowns of investments		169,510			233,930
Due from investment adviser		616,715			616,715
Dividend receivable		116,781			195,710
Interest receivable		8,495,169			8,608,563
Prepaid expenses and other assets		62,776			41,446
Total Assets	$	1,166,125,124		$	1,219,375,759

Liabilities:
Credit facilities (net of deferred financing costs of $4,624,358 and $5,030,068, respectively) (Note 6)	$	400,443,711		$	414,438,758
Notes (net of deferred financing costs of $1,575,047 and $1,609,420, respectively) (Note 6)		301,867,199			302,075,353
Payables:
Payable for investments purchased		33,566,779			20,366,967
Distributions payable		11,514,701			13,442,214
Management fee payable		1,932,898			2,129,141
Incentive fee payable		1,576,148			1,866,531
Accrued other general and administrative expenses		1,440,930			933,623
Total Liabilities	$	752,342,366		$	755,252,587

Commitments and contingencies (Note 9)

Net Assets:
Common Shares, $0.001 par value; 450,000,000 shares authorized; 31,120,814 and 31,260,963 as of March 31, 2026 and December 31, 2025, respectively issued and outstanding	$	31,121		$	31,261
Additional paid-in capital		592,054,437			593,643,044
Total distributable earnings (accumulated deficit)		(178,302,800	)		(129,551,133	)
Total Net Assets	$	413,782,758		$	464,123,172
Total Liabilities and Net Assets	$	1,166,125,124		$	1,219,375,759
Net Asset Value Per Common Share	$	13.30		$	14.85

The accompanying notes are an integral part of these consolidated financial statements.

Palmer Square Capital BDC Inc.

Consolidated Statements of Operations

(Unaudited)


	For the Three Months Ended March 31,
	2026			2025
Income:
Investment income from non-controlled, non-affiliated investments:
Interest income	$	25,098,926		$	29,819,663
Dividend income		421,134			574,336
Payment-in-kind interest income		430,961			507,850
Other income		265,693			312,430
Total investment income from non-controlled, non-affiliated investments		26,216,714			31,214,279
Total Investment Income		26,216,714			31,214,279

Expenses:
Incentive fees		1,576,148			1,842,706
Interest expense		10,582,817			12,969,757
Management fees		1,932,888			2,333,675
Professional fees		313,603			312,732
Directors fees		36,986			36,987
Other general and administrative expenses		737,622			805,271
Total Expenses		15,180,064			18,301,128
Less: Management fee waiver (Note 3)		—			—
Net expenses		15,180,064			18,301,128
Net Investment Income (Loss)		11,036,650			12,913,151

Realized and unrealized gains (losses) on investments and foreign currency transactions
Net realized gains (losses):
Non-controlled, non-affiliated investments		(10,674,426	)		(5,894,493	)
Total net realized gains (losses)		(10,674,426	)		(5,894,493	)
Net change in unrealized gains (losses):
Non-controlled, non-affiliated investments		(37,599,190	)		(15,407,869	)
Total net change in unrealized gains (losses)		(37,599,190	)		(15,407,869	)
Total realized and unrealized gains (losses)		(48,273,616	)		(21,302,362	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(37,236,966	)	$	(8,389,211	)

Per Common Share Data:
Basic and diluted net increase (decrease) in net assets resulting from operations	$	(1.19	)	$	(0.26	)
Weighted Average Common Shares Outstanding - Basic and Diluted		31,187,746			32,602,053

The accompanying notes are an integral part of these consolidated financial statements.

Palmer Square Capital BDC Inc.

Consolidated Statements of Changes in Net Assets

(Unaudited)


	For the Three Months Ended March 31,
	2026			2025
Increase (Decrease) in Net Assets Resulting from Operations:
Net investment income (loss)	$	11,036,650		$	12,913,151
Net realized gains (losses) on investments and foreign currency transactions		(10,674,426	)		(5,894,493	)
Net change in unrealized gains (losses) on investments, foreign currency translations, and foreign currency exchange contracts		(37,599,190	)		(15,407,869	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(37,236,966	)		(8,389,211	)

Decrease in Net Assets Resulting from Stockholder Distributions
Dividends and distributions to stockholders		(11,514,701	)		(12,691,089	)
Net Decrease in Net Assets Resulting from Stockholder Distributions		(11,514,701	)		(12,691,089	)

Increase (Decrease) in Net Assets Resulting from Capital Share Transactions
Issuance of common shares		—			—
Shares issued in connection with dividend reinvestment plan (Note 7)		—			514,649
Repurchase of common shares		(1,588,747	)		(1,472,064	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		(1,588,747	)		(957,415	)
Total Increase (Decrease) in Net Assets		(50,340,414	)		(22,037,715	)
Net Assets, Beginning of Period		464,123,172			537,844,969
Net Assets, End of Period	$	413,782,758		$	515,807,254

The accompanying notes are an integral part of these consolidated financial statements.

Palmer Square Capital BDC Inc.

Consolidated Statements of Cash Flows

(Unaudited)


	For the Three Months Ended March 31,
	2026			2025
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	(37,236,966	)	$	(8,389,211	)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Net realized (gains)/losses on investments		10,674,426			5,894,493
Net change in unrealized (gains)/losses on investments		37,599,190			15,407,869
Net accretion of discount on investments		(679,281	)		(598,188	)
Payment-in-kind interest and other income		(519,978	)		(507,850	)
Purchases of short-term investments		(107,667,662	)		(127,649,840	)
Purchases of portfolio investments		(109,362,638	)		(104,323,107	)
Proceeds from sale of short-term investments		139,020,040			140,223,941
Proceeds from sale of portfolio investments		79,939,687			144,369,364
Amortization of deferred financing cost		440,084			424,712
Increase/(decrease) in operating assets and liabilities:
(Increase)/decrease in receivable for sales of investments		2,283,191			(6,363,093	)
(Increase)/decrease in interest and dividends receivable		192,323			1,509,133
(Increase)/decrease in due from investment adviser		—			(214,725	)
(Increase)/decrease in receivable for paydowns of investments		64,420			501,065
(Increase)/decrease in prepaid expenses and other assets		(21,330	)		(30,014	)
Increase/(decrease) in interest payable on credit facilities		1,106,715			(428,607	)
Increase/(decrease) in payable for investments purchased		13,199,812			(12,631,927	)
Increase/(decrease) in management fees payable		(196,243	)		(80,123	)
Increase/(decrease) in incentive fee payable		(290,383	)		(306,426	)
Increase/(decrease) in accrued other general and administrative expenses		507,307			(394,115	)
Net cash provided by (used in) operating activities		29,052,714			46,413,351

Cash Flows from Financing Activities:
Borrowings on the credit facilities		—			26,600,000
Payments on the credit facilities		(15,750,000	)		(56,300,000	)
Borrowings on the notes		—			—
Payments of debt issuance costs		—			—
Distributions paid in cash		(13,442,214	)		(15,649,925	)
Purchase of common shares for dividend reinvestment plan		—			514,649
Repurchase of common shares		(1,588,747	)		(1,472,064	)
Net cash provided by (used in) financing activities		(30,780,961	)		(46,307,340	)
Net increase/(decrease) in cash and cash equivalents		(1,728,247	)		106,011
Cash and cash equivalents, beginning of period		3,217,449			2,766,409
Cash and cash equivalents, end of period	$	1,489,202		$	2,872,420

Supplemental and Non-Cash Information:
Interest paid during the period	$	9,476,102		$	13,398,364
Distributions declared during the period	$	11,514,701		$	12,691,089
Distributions payable	$	11,514,701		$	12,691,089

The accompanying notes are an integral part of these consolidated financial statements.

Palmer Square Capital BDC Inc.

Consolidated Schedules of Investments

As of March 31, 2026

(Unaudited)


Portfolio Company(3)	Investment	Interest Rate	Maturity Date	Principal / Par		Amortized Cost(1)(5)		Fair Value		Percentage of Net Assets
Debt Investments
Aerospace and Defense
Arcline FM Holdings LLC (8)	First Lien Senior Secured Loan	6.45% (S + 2.75%)	6/24/2030	$	2,977,538	$	2,971,824	$	2,985,815
Galileo Parent, Inc. (6)(8)	First Lien Senior Secured Loan	8.12% (S + 4.50%)	3/3/2033		4,300,000		4,235,783		4,223,417
Peraton Corp. (7)(8)	First Lien Senior Secured Loan	7.52% (S +CSA + 3.75%)	2/1/2028		8,570,840		8,573,488		7,335,225
Peraton Corp.	Second Lien Senior Secured Loan	11.52% (S +CSA + 7.75%)	2/1/2029		2,898,876		2,931,275		2,101,685
							18,712,370		16,646,142		4.0	%
Auto Components
Autokiniton US Holdings, Inc. (6)(7)(8)	First Lien Senior Secured Loan	7.78% (S +CSA + 4.00%)	4/6/2028		9,840,302		9,839,528		9,739,439
First Brands Group, LLC (6)(8)(9)	First Lien Senior Secured Loan	10.78% (S + 7.11%)	3/30/2027		2,412,258		2,113,428		7,044
First Brands Group, LLC (6)(8)(9)	First Lien Senior Secured Loan	10.67% (S + 7.00%)	6/29/2026		6,730,297		6,472,339		25,642
First Brands Group, LLC (9)	Second Lien Senior Secured Loan	14.29% (S +CSA + 10.61%)	3/24/2028		3,260,445		2,994,948		3,635
RealTruck Group, Inc. (6)	First Lien Senior Secured Loan	7.68% (S +CSA + 3.75%)	1/31/2028		6,749,762		6,749,491		4,604,620
RealTruck Group, Inc.	First Lien Senior Secured Loan	8.93% (S +CSA + 5.00%)	1/31/2028		1,960,000		1,937,397		1,360,563
							30,107,131		15,740,943		3.8	%
Automotive
Highline Aftermarket Acquisition, LLC (8)	First Lien Senior Secured Loan	7.17% (S + 3.50%)	2/13/2030		3,950,000		3,942,514		3,950,000
							3,942,514		3,950,000		1.0	%
Building Products
LBM Acquisition, LLC (6)(7)(8)	First Lien Senior Secured Loan	7.52% (S +CSA + 3.75%)	6/6/2031		10,355,241		10,276,666		8,356,731
Park River Holdings, Inc. (8)	First Lien Senior Secured Loan	8.16% (S + 4.50%)	3/17/2031		3,000,000		2,958,946		2,939,265
Specialty Building Products Holdings, LLC (6)(7)(8)	First Lien Senior Secured Loan	7.52% (S +CSA + 3.75%)	10/5/2028		9,600,000		9,595,635		8,226,672
							22,831,247		19,522,668		4.7	%
Chemicals
ARC Falcon I Inc. (6)(8)	First Lien Senior Secured Loan	7.27% (S +CSA + 3.50%)	9/30/2028		4,030,887		4,024,014		4,008,838
ARC Falcon I Inc. (8)	Second Lien Senior Secured Loan	10.77% (S +CSA + 7.00%)	9/24/2029		2,427,315		2,361,430		2,285,718
Aruba Investments, Inc. (6)(8)	First Lien Senior Secured Loan	7.77% (S +CSA + 4.00%)	11/24/2027		7,830,887		7,811,594		7,522,546
Aruba Investments, Inc. (6)(8)	Second Lien Senior Secured Loan	11.52% (S + 7.75%)	11/24/2028		3,350,000		3,328,821		3,033,844
B'laster Holdings, LLC (7)	First Lien Senior Secured Loan	8.42% (S + 4.75%)	10/25/2029		4,333,584		4,276,174		4,290,248
B'laster Holdings, LLC (7)	First Lien Senior Secured Loan	8.42% (S + 4.75%)	10/25/2029		1,612,917		1,600,807		1,596,788
B'laster Holdings, LLC (7)	First Lien Senior Secured Loan	8.43% (S + 4.75%)	10/25/2029		472,398		467,717		467,674
Fortis 333 Inc (8)	First Lien Senior Secured Loan	7.17% (S + 3.50%)	3/29/2032		2,977,500		2,971,747		2,901,812
Ineos Quattro Holdings UK Limited (4)(6)	First Lien Senior Secured Loan	8.02% (S +CSA + 4.25%)	4/2/2029		2,954,774		2,961,528		2,326,884
Ineos Quattro Holdings UK Limited (4)(8)	First Lien Senior Secured Loan	7.92% (S + 4.25%)	10/7/2031		3,960,000		3,971,662		2,823,975
Ineos US Finance LLC (4)(8)	First Lien Senior Secured Loan	6.67% (S + 3.00%)	2/7/2031		3,930,150		3,901,755		3,400,975
KOBE US Midco 2 Inc (18)	Corporate Bond	9.25% Cash/10.00% PIK	11/1/2026		2,424,935		2,422,176		1,885,387
Natgasoline LLC (7)(8)	First Lien Senior Secured Loan	9.17% (S + 5.50%)	3/25/2030		6,793,239		6,709,852		6,856,926
Rohm Holding GmbH (4)(6)(7)(8)	First Lien Senior Secured Loan	9.13% (S + 5.50% incl. 0.25bp PIK)	1/31/2029		10,570,207		10,472,832		9,708,735
SCIL IV LLC (4)(7)(8)	First Lien Senior Secured Loan	7.79% (S + 4.00%)	11/8/2032		6,982,500		6,955,914		6,965,079
Sparta US HoldCo LLC (8)	First Lien Senior Secured Loan	6.67% (S + 3.00%)	8/2/2030		997,396		997,396		997,929
Vibrantz Technologies, Inc. (6)(8)	First Lien Senior Secured Loan	8.05% (S +CSA + 4.25%)	4/30/2030		5,739,176		5,739,176		1,159,314
Vibrantz Technologies, Inc. (6)(8)	First Lien Senior Secured Loan	8.05% (S +CSA + 4.25%)	4/30/2030		3,444,370		3,444,370		2,118,287
							74,418,965		64,350,959		15.6	%

Palmer Square Capital BDC Inc.

Consolidated Schedules of Investments

As of March 31, 2026

(Unaudited)


Portfolio Company(3)	Investment	Interest Rate	Maturity Date	Principal / Par		Amortized Cost(1)(5)		Fair Value		Percentage of Net Assets
Commercial Services and Supplies
Allied Universal Holdco LLC (6)(8)	First Lien Senior Secured Loan	6.92% (S + 3.25%)	8/20/2032	$	9,950,000	$	9,940,005	$	9,962,438
Anticimex Global AB (4)(8)	First Lien Senior Secured Loan	6.53% (S + 2.90%)	11/17/2031		2,893,438		2,893,438		2,901,583
Azuria Water Solutions, Inc. (8)	First Lien Senior Secured Loan	6.43% (S + 2.75%)	1/27/2033		2,647,059		2,639,559		2,624,559
Gategroup Fin Luxembourg SA (4)(8)	First Lien Senior Secured Loan	7.19% (S + 3.50%)	6/10/2032		2,985,000		2,972,584		2,992,463
Lido Purchaser, Inc. (7)	First Lien Senior Secured Loan	8.43% (S + 4.75% cash)/S + 5.25% incl.2.875 % PIK)	4/4/2033		7,777,778		7,772,222		7,772,222
Verifone Systems Inc (6)(8)	First Lien Senior Secured Loan	9.18% (S +CSA + 5.25%)	8/18/2028		9,192,421		9,101,492		8,679,944
							35,319,300		34,933,209		8.4	%
Construction and Engineering
Congruex Group LLC (7)	First Lien Senior Secured Loan	10.35% (S + CSA + 6.50% incl. 5.00% PIK)	4/28/2029		6,672,689		6,594,115		4,545,836
Crown Subsea Communications Holding, Inc. (6)(8)	First Lien Senior Secured Loan	6.67% (S + 3.00%)	1/30/2031		9,375,425		9,348,714		9,416,442
Holding Socotec (4)(6)	First Lien Senior Secured Loan	6.38% (S + 2.75%)	6/2/2031		3,960,000		3,952,907		3,967,445
LSF12 Crown US Commercial Bidco LLC (6)(8)	First Lien Senior Secured Loan	6.67% (S + 3.00%)	12/2/2031		9,690,970		9,680,187		9,712,775
Michael Baker International, LLC (7)(8)	First Lien Senior Secured Loan	7.67% (S + 4.00%)	12/1/2028		8,957,918		8,933,194		8,974,714
Northstar Group Services, Inc. (7)(8)	First Lien Senior Secured Loan	8.42% (S + 4.75%)	5/31/2030		11,161,225		11,167,028		11,258,885
Pioneer AcquisitionCo LLC (8)	First Lien Senior Secured Loan	6.96% (S + 3.25%)	10/27/2032		2,500,000		2,494,369		2,515,113
Resilience Parent LLC	Second Lien Senior Secured Loan	8.88% (S + 5.25%)	2/27/2034		2,500,000		2,500,000		2,500,000
TMC Buyer, Inc. (6)(8)	First Lien Senior Secured Loan	8.42% (S + 4.75%)	10/25/2030		6,527,334		6,495,157		6,553,443
USIC Holdings, Inc. (7)	First Lien Senior Secured Loan	9.17% (S + 5.50%)	9/10/2031		2,497,386		2,478,201		2,466,169
USIC Holdings, Inc. (7)(16)	First Lien Senior Secured Delayed Draw Loan	9.17% (S + 5.50%)	9/10/2031		102,126		102,126		100,273
USIC Holdings, Inc. (7)(17)	First Lien Senior Secured Revolving Loan	8.93% (S + 5.25%)	9/10/2031		279,569		279,569		275,546
							64,025,567		62,286,641		15.1	%
Construction Materials
Smyrna Ready Mix Concrete (8)(18)	Corporate Bond	6.00%	11/1/2028		3,000,000		3,000,000		2,988,750
							3,000,000		2,988,750		0.7	%
Containers and Packaging
Ahlstrom Holding 3 OY (4)(6)(8)	First Lien Senior Secured Loan	8.21% (S +CSA + 4.25%)	5/23/2030		6,947,631		6,855,062		6,894,065
Kleopatra Finco S.a.r.l (4)(8)	First Lien Senior Secured Loan	10.67% (S + 6.00% cash)/S + 7% incl. 5.00% PIK)	1/30/2031		1,302,739		1,302,739		1,064,585
Pretium PKG Holdings, Inc.	First Lien Senior Secured Loan	8.92% (S + 5.25%)	3/3/2031		2,528,666		2,528,666		2,525,101
Pretium PKG Holdings, Inc. (6)(7)	First Lien Senior Secured Loan	9.42% (S + 5.75% cash)/S + 6% incl. 120bp PIK)	3/1/2032		2,274,312		2,274,312		1,931,266
Tank Holding Corp.	First Lien Senior Secured Loan	9.52% (S +CSA + 5.75%)	3/31/2028		2,430,556		2,405,410		2,182,955
Tank Holding Corp.	First Lien Senior Secured Loan	9.77% (S +CSA + 6.00%)	3/31/2028		2,037,000		2,016,901		1,833,942
Tank Holding Corp.	First Lien Senior Secured Delayed Draw Loan	9.77% (S +CSA + 6.00%)	3/31/2028		883,043		874,671		795,016
Tosca Services, LLC (8)	First Lien Senior Secured Loan	9.17% (S + 5.50%)	11/30/2028		1,372,991		1,372,991		1,392,048
Tosca Services, LLC (6)	First Lien Senior Secured Loan	8.05% (S +CSA + 4.25%)	11/30/2028		8,156,078		8,084,889		7,605,543
							27,715,641		26,224,521		6.3	%

Palmer Square Capital BDC Inc.

Consolidated Schedules of Investments

As of March 31, 2026

(Unaudited)


Portfolio Company(3)	Investment	Interest Rate	Maturity Date	Principal / Par		Amortized Cost(1)(5)		Fair Value		Percentage of Net Assets
Diversified Consumer Services
Cengage Learning , Inc. (6)(8)	First Lien Senior Secured Loan	6.67% (S + 3.00%)	3/24/2031	$	5,910,300	$	5,878,330	$	5,801,935
Radar Bidco SARL (4)(8)	First Lien Senior Secured Loan	6.41% (S + 2.75%)	4/4/2031		1,995,000		1,995,000		1,990,013
							7,873,330		7,791,948		1.9	%
Diversified Financial Services
Deerfield Dakota Holding, LLC (7)	First Lien Senior Secured Loan	9.45% (S + 5.75% incl. 2.75% PIK)	9/13/2032		9,258,283		9,258,283		9,002,754
Deerfield Dakota Holding, LLC (7)(12)	First Lien Senior Secured Revolving Loan	8.93% (S + 5.25%)	9/13/2032		171,429		171,429		162,257
Edelman Financial Engines Center, LLC, The (8)	Second Lien Senior Secured Loan	8.92% (S + 5.25%)	10/20/2028		2,500,000		2,497,135		2,481,875
GC Ferry Acquisition Inc (6)(8)	First Lien Senior Secured Loan	7.20% (S + 3.50%)	8/16/2032		7,668,281		7,564,238		7,556,022
IMC Financing LLC (8)	First Lien Senior Secured Loan	6.67% (S + 3.50%)	6/2/2032		1,985,000		1,976,690		1,994,925
Kestra Advisor Services Holdings A Inc (8)	First Lien Senior Secured Loan	6.67% (S + 3.00%)	3/24/2031		1,268,577		1,268,577		1,261,270
Minotaur Acquisition, Inc. (7)	First Lien Senior Secured Loan	8.67% (S + 5.00%)	5/10/2030		6,852,103		6,852,103		6,748,294
Minotaur Acquisition, Inc.	First Lien Senior Secured Delayed Draw Loan	8.67% (S + 5.00%)	5/10/2030		1,101,336		1,101,336		1,086,193
Minotaur Acquisition, Inc.	First Lien Senior Secured Delayed Draw Loan	8.67% (S + 5.00%)	5/10/2030		1,162,791		1,162,791		1,146,802
Nexus Buyer LLC (6)(8)	First Lien Senior Secured Loan	7.17% (S + 3.50%)	7/31/2031		9,850,562		9,669,397		9,499,636
Nexus Buyer LLC	First Lien Senior Secured Loan	9.42% (S + 5.75%)	1/30/2032		6,000,000		5,943,875		5,835,000
Osaic Holdings, Inc (8)	First Lien Senior Secured Loan	6.20% (S + 2.50%)	7/30/2032		3,000,000		2,993,426		2,949,570
Plano Holdco, Inc. (8)	First Lien Senior Secured Loan	7.20% (S + 3.50%)	10/2/2031		4,950,000		4,930,511		4,009,500
Tegra118 Wealth Solutions Inc (6)(8)	First Lien Senior Secured Loan	7.67% (S + 4.00%)	1/27/2033		3,400,000		3,367,192		3,334,839
Transnetwork LLC (7)	First Lien Senior Secured Loan	8.45% (S + 4.75%)	12/29/2030		5,083,000		5,020,495		4,650,945
							63,777,478		61,719,882		14.9	%
Diversified Telecommunication Services
Altice Financing S.A. (4)(18)	Corporate Bond	5.00%	1/15/2028		3,000,000		2,808,934		2,103,750
Iridium Satellite LLC (4)(8)	First Lien Senior Secured Loan	5.92% (S + 2.25%)	9/20/2030		2,500,000		2,426,489		2,451,050
Zayo Group Holdings, Inc. (6)(8)	First Lien Senior Secured Loan	7.28% (S + CSA + 3.50% incl. 0.50% PIK)	3/11/2030		8,841,911		8,756,132		8,697,743
							13,991,555		13,252,543		3.2	%
Electrical Equipment
Nvent Electric Public Limited Company (8)	First Lien Senior Secured Loan	6.67% (S + 3.00%)	1/30/2032		1,990,000		1,982,075		1,991,244
Watlow Electric Manufacturing Company (8)	First Lien Senior Secured Loan	6.67% (S + 3.00%)	3/2/2028		3,716,566		3,716,665		3,724,706
							5,698,740		5,715,950		1.4	%
Electronic Equipment, Instruments and Components
Creation Technologies Inc. (4)(7)(8)	First Lien Senior Secured Loan	9.41% (S +CSA + 5.50%)	10/5/2028		8,741,071		8,617,344		8,620,882
Dwyer Instruments, LLC (7)	First Lien Senior Secured Loan	8.45% (S + 4.75%)	7/21/2029		8,205,983		8,205,983		8,113,665
Dwyer Instruments, LLC (7)	First Lien Senior Secured Delayed Draw Loan	8.43% (S + 4.75%)	7/23/2029		489,749		489,749		484,240
Dwyer Instruments, LLC (7)(13)	First Lien Senior Secured Revolving Loan	8.40% (S + 4.75%)	7/20/2029		532,722		524,162		519,245
Infinite Bidco, LLC (6)(8)	Second Lien Senior Secured Loan	10.93% (S +CSA + 7.00%)	2/24/2029		2,729,999		2,728,512		2,524,402
Infinite Bidco, LLC (6)(8)	First Lien Senior Secured Loan	7.68% (S +CSA + 3.75%)	3/2/2028		6,201,602		6,185,791		5,905,104
Infinite Bidco, LLC	First Lien Senior Secured Loan	9.91% (S + 6.25%)	3/2/2028		2,902,500		2,901,247		2,815,425
TCP Sunbelt Acquisition Co. (6)(8)	First Lien Senior Secured Loan	7.92% (S + 4.25%)	10/16/2031		9,875,000		9,849,645		9,893,516
							39,502,433		38,876,479		9.4	%

Palmer Square Capital BDC Inc.

Consolidated Schedules of Investments

As of March 31, 2026

(Unaudited)


Portfolio Company(3)	Investment	Interest Rate	Maturity Date	Principal / Par		Amortized Cost(1)(5)		Fair Value		Percentage of Net Assets
Energy Equipment and Services
Astro Acquisition, LLC (8)	First Lien Senior Secured Loan	6.95% (S + 3.25%)	8/16/2032	$	3,990,000	$	3,981,764	$	4,013,282
Star Holding LLC (6)(8)	First Lien Senior Secured Loan	8.17% (S + 4.50%)	7/31/2031		6,917,330		6,896,082		6,846,427
							10,877,846		10,859,709		2.6	%
Entertainment
International Entertainment JJCo 3 Limited (4)(8)	First Lien Senior Secured Loan	6.67% (S + 3.00%)	4/30/2032		2,977,556		2,964,874		2,979,417
OakEagle AcquireCo Inc (6)(8)	First Lien Senior Secured Loan	7.21% (S + 3.50%)	3/24/2033		5,000,000		4,925,000		4,975,000
							7,889,874		7,954,417		1.9	%
Food Products
Aspire Bakeries Holdings LLC (6)(8)	First Lien Senior Secured Loan	6.67% (S + 3.00%)	12/23/2030		10,503,900		10,501,565		10,530,160
B&G Foods Inc (4)(6)	First Lien Senior Secured Loan	7.17% (S + 3.50%)	10/10/2029		2,468,672		2,302,179		2,319,008
Frozen Bakery Acquisition LLC (7)	First Lien Senior Secured Loan	8.40% (S + 4.75%)	7/9/2029		6,418,750		6,375,593		6,338,516
Solina Group Services SAS (4)(8)	First Lien Senior Secured Loan	6.92% (S + 3.25%)	3/12/2029		1,980,000		1,980,000		1,993,207
							21,159,337		21,180,891		5.1	%
Ground Transportation
PODS, LLC (8)	First Lien Senior Secured Loan	6.78% (S + 3.00%)	3/31/2028		1,994,778		1,982,358		1,987,118
							1,982,358		1,987,118		0.5	%
Healthcare Equipment and Supplies
Hologic Inc (8)	First Lien Senior Secured Loan	8.68% (S + 5.00%)	1/14/2033		6,000,000		5,940,000		6,000,000
Lifescan Global Corporation (6)	First Lien Senior Secured Loan	9.17% (S + 5.50%)	12/8/2030		2,126,956		2,126,956		2,131,390
NSM Top Holdings Corp (6)(8)	First Lien Senior Secured Loan	8.05% (S +CSA + 4.25%)	5/14/2029		6,757,664		6,742,480		6,791,452
							14,809,436		14,922,842		3.6	%
Healthcare Providers and Services
AccentCare, Inc. (6)(8)	First Lien Senior Secured Loan	7.66% (S + 4.00%)	9/20/2028		5,776,565		5,777,517		5,068,936
Athletico Management, LLC (6)	First Lien Senior Secured Loan	8.07% (S +CSA + 4.25%)	2/2/2029		6,954,063		6,940,297		3,601,335
Aveanna Healthcare LLC (4)(6)(8)	First Lien Senior Secured Loan	7.42% (S + 3.75%)	9/10/2032		9,561,950		9,548,554		9,568,548
Gainwell Acquisition Corp. (6)(8)	First Lien Senior Secured Loan	7.80% (S +CSA + 4.00%)	10/1/2027		8,583,957		8,528,884		8,351,503
Gainwell Acquisition Corp.	Second Lien Senior Secured Loan	11.75% (S +CSA + 8.00%)	10/2/2028		3,000,000		2,976,601		2,820,000
Gainwell Acquisition Corp.	Second Lien Senior Secured Loan	11.75% (S +CSA + 8.00%)	10/2/2028		2,400,000		2,312,837		2,256,000
Global Medical Response, Inc. (6)	First Lien Senior Secured Loan	7.17% (S + 3.50%)	10/1/2032		9,014,347		9,014,347		8,997,445
HAH Group Holding Company LLC (6)(8)	First Lien Senior Secured Loan	8.67% (S + 5.00%)	9/24/2031		10,084,952		9,983,932		8,666,755
Inception Finco S.a r.l. (4)(7)	First Lien Senior Secured Loan	6.95% (S + 3.25%)	4/18/2031		3,940,200		3,924,639		3,971,387
Medical Solutions Holdings, Inc. (6)(7)(8)	First Lien Senior Secured Loan	7.27% (S +CSA + 3.50%)	11/1/2028		9,720,716		8,807,165		6,998,916
NAPA Management Services Corporation (6)(8)	First Lien Senior Secured Loan	9.02% (S +CSA + 5.25%)	2/23/2029		9,636,691		9,544,983		6,080,174
National Mentor Holdings, Inc. (6)(8)	First Lien Senior Secured Loan	9.67% (S + 6.00%)	12/5/2030		11,000,000		10,810,837		10,966,615
National Mentor Holdings, Inc. (8)(18)	Corporate Bond	10.50%	12/15/2030		700,000		687,399		719,250
New WPCC Parent, LLC (6)	First Lien Senior Secured Loan	13.17% (S + 9.50% cash)/S + 11.50% incl. 8.00% PIK)	5/9/2030		974,532		974,532		967,633
Outcomes Group Holdings, Inc. (8)	First Lien Senior Secured Loan	6.67% (S + 3.00%)	5/6/2031		2,947,781		2,938,158		2,951,937
Radiology Partners Inc (6)(8)	First Lien Senior Secured Loan	8.20% (S + 4.50%)	6/25/2032		7,960,000		7,888,140		7,856,241
Recovery Solutions Parent, LLC	First Lien Senior Secured Loan	11.20% (S + 7.50/S + 8.50% incl. 5.00% PIK)	1/28/2030		2,360,541		2,360,541		2,362,512
U.S. Renal Care, Inc. (6)(7)(8)	First Lien Senior Secured Loan	8.78% (S +CSA + 5.00%)	6/20/2028		7,659,730		7,612,119		7,234,461
US Fertility Enterprises, LLC (6)(8)	First Lien Senior Secured Loan	7.17% (S + 3.50%)	12/10/2032		4,342,105		4,321,613		4,340,555
							114,953,095		103,780,203		25.1	%

Palmer Square Capital BDC Inc.

Consolidated Schedules of Investments

As of March 31, 2026

(Unaudited)


Portfolio Company(3)	Investment	Interest Rate	Maturity Date	Principal / Par		Amortized Cost(1)(5)		Fair Value		Percentage of Net Assets
Healthcare Technology
Cotiviti, Inc. (6)(8)	First Lien Senior Secured Loan	7.63% (S + 7.63%)	5/1/2031	$	5,000,000	$	4,930,485	$	4,675,000
Ensemble RCM LLC (6)(8)	First Lien Senior Secured Loan	6.66% (S + 3.00%)	1/28/2033		7,000,000		6,993,038		6,932,905
Raven Acquisition Holdings LLC (8)	First Lien Senior Secured Loan	6.67% (S + 3.00%)	11/19/2031		2,778,483		2,784,781		2,725,547
Zelis Payments Buyer Inc (8)	First Lien Senior Secured Loan	6.92% (S + 3.25%)	11/26/2031		1,994,949		1,983,219		1,935,350
							16,691,523		16,268,802		3.9	%
Hotels, Restaurants and Leisure
888 Holdings PLC (4)	First Lien Senior Secured Loan	9.05% (S +CSA + 5.25%)	7/8/2028		5,866,520		5,783,102		5,488,335
Bulldog Purchaser Inc (6)	First Lien Senior Secured Loan	6.91% (S + 3.25%)	2/7/2033		2,000,000		1,990,411		1,999,250
Jack Ohio Finance LLC (7)	First Lien Senior Secured Loan	7.67% (S + 4.00%)	1/28/2032		6,930,000		6,919,022		6,860,700
Ontario Gaming GTA Limited Partnership (4)(6)(8)	First Lien Senior Secured Loan	7.95% (S + 4.25%)	8/1/2030		8,237,149		8,237,491		7,739,254
							22,930,026		22,087,539		5.3	%
Household Durables
HP PHRG BORROWER, LLC (6)(8)	First Lien Senior Secured Loan	7.70% (S + 4.00%)	2/20/2032		9,925,000		9,836,656		9,850,563
Hunter Douglas Inc (8)	First Lien Senior Secured Loan	6.70% (S + 3.00%)	1/16/2032		3,959,925		3,958,348		3,947,966
							13,795,004		13,798,529		3.3	%
Household Products
Lavender Dutch BorrowerCo BV (4)(6)(8)	First Lien Senior Secured Loan	6.95% (S + 3.25%)	12/2/2032		2,992,500		2,986,763		2,955,094
EFS Cogen Holdings I, LLC (6)(7)(8)	First Lien Senior Secured Loan	6.70% (S + 3.00%)	10/3/2031		6,205,971		6,210,840		6,225,861
Hunterstown Generation, LLC (8)	First Lien Senior Secured Loan	8.75% (S + 3.00%)	11/6/2031		2,749,863		2,741,639		2,755,596
							11,939,242		11,936,551		2.9	%
Industrial Conglomerates
Gloves Buyer Inc (6)(8)	First Lien Senior Secured Loan	7.67% (S + 4.00%)	5/21/2032		7,980,000		7,944,569		7,967,033
							7,944,569		7,967,033		1.9	%
Insurance
Acrisure, LLC (8)	First Lien Senior Secured Loan	6.67% (S + 3.00%)	11/6/2030		3,940,125		3,933,773		3,824,876
Acrisure, LLC (6)	First Lien Senior Secured Loan	6.92% (S + 3.25%)	6/21/2032		4,974,937		4,992,373		4,828,799
Asurion, LLC (6)(8)	Second Lien Senior Secured Loan	9.03% (S +CSA + 5.25%)	1/19/2029		3,532,710		3,493,443		3,515,365
Galway Borrower LLC (7)(14)	First Lien Senior Secured Revolving Loan	8.20% (S + 4.50%)	9/29/2028		212,738		210,312		205,352
Galway Borrower LLC (7)	First Lien Senior Secured Delayed Draw Loan	8.17% (S + 4.50%)	9/29/2028		1,107,268		1,101,277		1,072,629
Hyperion Refinance S.a.r.l. (4)(8)	First Lien Senior Secured Loan	6.42% (S + 2.75%)	4/18/2030		1,979,771		1,979,771		1,935,226
IMA Financial Group, Inc. (7)	First Lien Senior Secured Loan	6.67% (S + 3.00%)	11/1/2028		4,802,335		4,794,056		4,766,318
Jones DesLauriers Insurance Management Inc (4)(8)	First Lien Senior Secured Loan	6.66% (S + 3.00%)	2/2/2033		2,000,000		1,995,731		1,949,380
OneDigital Borrower LLC (8)	Second Lien Senior Secured Loan	8.92% (S + 5.25%)	7/2/2032		5,000,000		4,981,485		4,900,000
Patriot Growth Insurance Services, LLC (7)	First Lien Senior Secured Loan	8.85% (S +CSA + 5.00%)	10/16/2028		1,979,498		1,972,000		1,969,601
Patriot Growth Insurance Services, LLC (7)	First Lien Senior Secured Loan	8.85% (S +CSA + 5.00%)	10/16/2028		4,948,532		4,905,164		4,923,789
							34,359,385		33,891,335		8.2	%

Palmer Square Capital BDC Inc.

Consolidated Schedules of Investments

As of March 31, 2026

(Unaudited)


Portfolio Company(3)	Investment	Interest Rate	Maturity Date	Principal / Par			Amortized Cost(1)(5)		Fair Value		Percentage of Net Assets
Interactive Media Services
Bending Spoons Operations Spa (4)(7)	First Lien Senior Secured Loan	9.54% (S + 5.88%)	3/7/2031	$	4,750,000		$	4,667,361	$	4,364,063
Bending Spoons Operations Spa (4)(8)	First Lien Senior Secured Loan	9.54% (S + 5.88%)	3/7/2031		2,000,000			1,923,575		1,833,750
Stepstone Group MidCo 2 GmbH, The (4)(6)(8)	First Lien Senior Secured Loan	8.20% (S + 4.50%)	12/4/2031		9,925,000			9,850,891		8,734,000
						-		16,441,827		14,931,813		3.6	%
IT Services
Connectwise LLC (6)	First Lien Senior Secured Loan	7.46% (S +CSA + 3.50%)	9/29/2028		5,693,424			5,690,829		5,271,143
Corelogic, Inc. (6)(8)	First Lien Senior Secured Loan	7.28% (S +CSA + 3.50%)	6/2/2028		9,593,964			9,559,145		9,198,261
Delta Topco, Inc. (6)	Second Lien Senior Secured Loan	8.92% (S + 5.25%)	12/24/2030		4,500,000			4,484,296		3,974,985
Delta Topco, Inc. (6)	First Lien Senior Secured Loan	6.42% (S + 2.75%)	11/30/2029		4,838,251			4,832,055		4,691,217
Everest SubBidCo (4)(7)(8)	First Lien Senior Secured Loan	8.15% (S + 4.50%)	12/8/2031		2,626,916			2,605,211		2,482,435
Everest SubBidCo (4)(7)(8)	First Lien Senior Secured Loan	8.15% (S + 4.50%)	12/8/2031		5,273,583			5,229,713		4,983,536
Flash Charm, Inc.	Second Lien Senior Secured Loan	10.56% (S +CSA + 6.75%)	3/2/2029		3,353,659			3,363,037		2,345,465
Flash Charm, Inc. (6)(8)	First Lien Senior Secured Loan	7.16% (S + 3.50%)	3/2/2028		9,504,860			9,494,910		7,577,750
Idemia Group S.A.S. (4)(6)(8)	First Lien Senior Secured Loan	7.95% (S + 4.25%)	9/30/2028		6,860,000			6,873,838		6,817,125
LogMeIn, Inc. (6)	First Lien Senior Secured Loan	8.57% (S +CSA + 4.75%)	4/28/2028		4,058,393			4,041,081		3,346,916
LogMeIn, Inc. (6)	First Lien Senior Secured Loan	8.57% (S +CSA + 4.75%)	4/28/2028		4,058,393			4,039,543		1,240,894
Logrhythm, Inc. (7)	First Lien Senior Secured Loan	11.17% (S + 7.50%)	7/2/2029		6,363,636			6,363,636		5,016,136
Micro Holding Corp. (6)(8)	First Lien Senior Secured Loan	7.92% (S + 4.25%)	5/3/2028		5,710,484			5,615,154		4,925,292
Micro Holding Corp. (6)(8)	First Lien Senior Secured Loan	7.92% (S + 4.25%)	12/31/2031		3,865,400			3,798,194		2,594,650
Precisely Software Incorporated (6)(8)	First Lien Senior Secured Loan	7.93% (S + 4.00%)	4/24/2028		10,526,982			10,516,200		8,184,729
PVKG Investment Holdings Inc. (6)(7)	First Lien Senior Secured Loan	9.41% (S + 5.75%)	6/4/2030		1,737,165			1,709,284		868,582
Red Planet Borrower LLC (6)(8)	First Lien Senior Secured Loan	7.67% (S + 4.00%)	9/8/2032		12,967,500			12,845,930		12,711,392
Redstone Holdco 2 LP (6)(7)	First Lien Senior Secured Loan	9.17% (S + 5.50%)	12/31/2030		2,446,129			2,446,129		947,875
Redstone Holdco 2 LP (6)(7)	First Lien Senior Secured Loan	8.92% (S + 5.25%)	12/31/2030		635,994			635,994		503,494
Rithum Holdings Inc (6)(8)	First Lien Senior Secured Loan	8.45% (S + 4.75%)	7/21/2032		4,975,000			4,882,212		4,744,906
Sitel Group (4)	First Lien Senior Secured Loan	7.71% (S +CSA + 3.75%)	8/28/2028		2,946,015			2,475,975		1,333,072
Vision Solutions, Inc. (8)	Second Lien Senior Secured Loan	11.18% (S +CSA + 7.25%)	4/23/2029		5,500,000			5,455,570		3,942,813
								116,957,936		97,702,668		23.6	%
Machinery
Aramsco, Inc. (7)	First Lien Senior Secured Loan	8.45% (S + 4.75%)	10/10/2030		5,935,657			5,879,932		4,111,214
CPM Holdings, Inc. (6)(8)	First Lien Senior Secured Loan	8.17% (S + 4.50%)	9/27/2028		7,868,875			7,838,085		7,884,337
PT Intermediate Holdings III, LLC (7)	First Lien Senior Secured Loan	8.45% (S + 5.00% incl. 1.75% PIK)	4/9/2030		10,114,373			10,072,557		10,087,628
								23,790,574		22,083,179		5.3	%

Palmer Square Capital BDC Inc.

Consolidated Schedules of Investments

As of March 31, 2026

(Unaudited)


Portfolio Company(3)	Investment	Interest Rate	Maturity Date	Principal / Par		Amortized Cost(1)(5)		Fair Value		Percentage of Net Assets
Media
Century De Buyer LLC (8)	First Lien Senior Secured Loan	6.67% (S + 3.00%)	10/30/2030	$	1,970,150	$	1,957,050	$	1,921,310
Directv Financing LLC (8)	First Lien Senior Secured Loan	9.18% (S +CSA + 5.25%)	8/2/2029		2,765,896		2,760,215		2,777,208
Summer BC Holdco B LLC (4)(6)(7)(8)	First Lien Senior Secured Loan	8.96% (S +CSA + 5.00%)	2/12/2029		11,645,378		11,594,274		10,003,380
The E.W. Scripps Company (4)(6)	First Lien Senior Secured Loan	9.54% (S +CSA + 5.75%)	6/30/2028		3,001,441		2,849,918		3,028,334
							19,161,457		17,730,232		4.3	%
Metals and Mining
American Rock Salt Company LLC	Second Lien Senior Secured Loan	11.03% (S +CSA + 7.25%)	6/4/2029		2,750,000		2,764,040		2,131,250
American Rock Salt Company LLC (6)	First Lien Senior Secured Loan	7.78% (S +CSA + 4.00%)	6/9/2028		5,719,786		5,719,786		5,213,965
American Rock Salt Company LLC (6)	First Lien Senior Secured Loan	10.78% (S +CSA + 7.00%)	6/9/2028		1,145,799		1,101,510		1,152,605
Grinding Media Inc. (Molycop Ltd.) (7)(8)	First Lien Senior Secured Loan	7.17% (S + 3.50%)	10/12/2028		8,912,642		8,894,932		8,929,353
Tega MC Australia Holdings Pty Ltd (4)(7)(8)	First Lien Senior Secured Loan	7.22% (S + 3.50%)	3/25/2033		4,000,000		3,960,000		3,980,000
							22,440,268		21,407,173		5.2	%
Oil, Gas & Consumable Fuels
Crescent Midstream Operating LLC (8)	First Lien Senior Secured Loan	7.41% (S + 3.75%)	2/14/2033		1,000,000		995,197		1,004,580
							995,197		1,004,580		0.2	%

Pharmaceuticals
Curium BidCo S.a.r.l (4)(8)	First Lien Senior Secured Loan	6.70% (S + 3.00%)	8/6/2031		1,994,987		1,994,987		1,993,741
Padagis, LLC (6)(8)	First Lien Senior Secured Loan	8.66% (S +CSA + 4.75%)	7/6/2028		8,983,493		8,936,027		8,287,273
							10,931,014		10,281,014		2.5	%
Professional Services
Ankura Consulting Group, LLC (6)	First Lien Senior Secured Loan	7.17% (S + 3.50%)	12/17/2031		7,293,477		7,283,923		6,983,504
BarBri Holdings, Inc (7)	First Lien Senior Secured Loan	8.44% (S + 5.00%)	4/30/2030		7,159,375		7,159,375		7,123,578
Calabrio, Inc. (8)	First Lien Senior Secured Loan	7.67% (S + 4.00%)	11/26/2032		2,425,000		2,308,582		1,924,844
Castle US Holding Corporation (7)	First Lien Senior Secured Loan	9.67% (S + 6.00% incl. 1.00% PIK)	4/29/2030		1,067,983		1,024,870		1,067,716
Castle US Holding Corporation (7)	First Lien Senior Secured Loan	8.18% (S +CSA + 4.25%)	5/31/2030		1,744,901		1,744,901		783,024
Castle US Holding Corporation (6)(7)	First Lien Senior Secured Loan	8.43% (S +CSA + 4.50%)	5/31/2030		5,335,454		5,335,454		2,380,946
Edition Holdings Inc (7)	First Lien Senior Secured Loan	8.17% (S + 4.50%)	12/20/2032		7,718,626		7,693,099		7,706,964
EP Purchaser, LLC (6)(8)	First Lien Senior Secured Loan	8.29% (S +CSA + 4.50%)	11/6/2028		8,684,989		8,654,011		5,531,252
Genuine Financial Holdings LLC (6)(8)	First Lien Senior Secured Loan	6.92% (S + 3.25%)	9/27/2030		10,255,027		10,215,575		8,852,652
Inmar, Inc. (6)(7)(8)	First Lien Senior Secured Loan	8.18% (S + 4.50%)	10/30/2031		9,583,465		9,518,438		9,230,123
IVC Acquisition, Ltd. (4)(6)(8)	First Lien Senior Secured Loan	7.45% (S + 3.75%)	12/12/2028		7,464,642		7,411,294		7,437,583
Mermaid Bidco Inc (6)(8)	First Lien Senior Secured Loan	6.91% (S + 3.25%)	7/3/2031		4,465,995		4,456,232		4,382,258
NewFold Digital Holdings Gr (6)(8)	First Lien Senior Secured Loan	7.16% (S +CSA + 3.50%)	4/30/2029		2,917,152		2,917,152		2,150,350
NewFold Digital Holdings Gr (6)(8)	First Lien Senior Secured Loan	7.27% (S + 3.60%)	4/30/2029		599,712		599,712		197,905
Ryan, LLC (7)(8)	First Lien Senior Secured Loan	7.17% (S + 3.50%)	11/5/2032		8,321,546		8,228,234		8,082,301
Thryv, Inc. (6)	First Lien Senior Secured Loan	10.42% (S + 6.75%)	5/1/2029		5,400,000		5,362,267		5,329,800
Xplor T1, LLC (7)	First Lien Senior Secured Loan	7.17% (S + 3.50%)	12/1/2032		7,141,613		7,115,979		6,659,554
							97,029,098		85,824,354		20.7	%

Palmer Square Capital BDC Inc.

Consolidated Schedules of Investments

As of March 31, 2026

(Unaudited)


Portfolio Company(3)	Investment	Interest Rate	Maturity Date	Principal / Par		Amortized Cost(1)(5)		Fair Value		Percentage of Net Assets
Real Estate Management and Development
RealPage, Inc. (6)	First Lien Senior Secured Loan	7.45% (S + 3.75%)	4/24/2028	$	5,940,000	$	5,921,831	$	5,784,847
Vacation Rental Brands, LLC (7)	First Lien Senior Secured Loan	8.92% (S + 5.25%)	5/6/2032		661,008		661,008		654,398
Vacation Rental Brands, LLC (7)	First Lien Senior Secured Loan	8.95% (S + 5.25%)	5/6/2032		1,381,944		1,381,944		1,338,637
							7,964,783		7,777,882		1.9	%
Restaurants
Cooper's Hawk Intermediate Holding LLC (7)	First Lien Senior Secured Loan	9.17% (S + 5.50%)	7/29/2031		4,252,500		4,252,500		4,261,621
							4,252,500		4,261,621		1.0	%
Road and Rail
Carriage Purchaser, Inc. (7)(8)	First Lien Senior Secured Loan	7.17% (S + 3.50%)	9/25/2028		8,683,933		8,686,943		8,656,795
							8,686,943		8,656,795		2.1	%
Software
Aptean Inc. (7)	First Lien Senior Secured Loan	8.42% (S + 4.75%)	1/30/2031		6,625,350		6,593,321		6,426,589
Aptean Inc. (7)(11)	First Lien Senior Secured Revolving Loan	8.42% (S + 3.75%)	1/30/2031		120,745		117,730		104,898
Barracuda Networks, Inc. (6)(8)	First Lien Senior Secured Loan	8.17% (S + 4.50%)	8/15/2029		10,188,068		10,030,890		6,584,039
Barracuda Networks, Inc.	Second Lien Senior Secured Loan	10.67% (S + 7.00%)	8/15/2030		4,000,000		3,906,928		1,379,700
Boxer Parent Company Inc. (6)(8)	First Lien Senior Secured Loan	6.67% (S + 3.00%)	7/30/2031		9,850,500		9,816,393		9,159,931
Flexera Software LLC (7)	First Lien Senior Secured Loan	8.15% (S + 4.50%)	8/16/2032		6,791,141		6,791,141		6,621,363
Help/Systems Holdings, Inc. (6)(8)	First Lien Senior Secured Loan	9.76% (S +CSA + 6.00%)	5/21/2029		4,860,467		4,860,467		4,202,287
Help/Systems Holdings, Inc.	Second Lien Senior Secured Loan	12.76% (S in cash, 9% PIK)	5/21/2029		3,816,981		3,816,981		2,290,188
IGT Holding IV AB (4)(8)	First Lien Senior Secured Loan	6.70% (S + 3.00%)	9/2/2031		2,000,000		2,000,000		1,985,000
Ivanti Software, Inc. (6)(8)	First Lien Senior Secured Loan	9.41% (S + 5.75%)	6/1/2029		2,378,729		2,360,348		2,381,702
Ivanti Software, Inc. (6)(8)	First Lien Senior Secured Loan	8.41% (S + 4.75%)	6/1/2029		9,867,393		9,867,393		6,696,753
Ivanti Software, Inc.	Second Lien Senior Secured Loan	11.17% (S +CSA + 7.25%)	6/1/2029		3,030,000		3,030,000		1,068,075
Leia Finco US LLC (8)	First Lien Senior Secured Loan	6.90% (S + 3.25%)	10/9/2031		1,989,950		1,980,918		1,910,610
Magenta Security Holdings LLC (6)	First Lien Senior Secured Loan	10.68% (S +CSA + 6.75%)	7/27/2028		641,850		639,532		460,973
Magenta Security Holdings LLC (6)	First Lien Senior Secured Loan	10.93% (S +CSA + 7.00%)	7/27/2028		1,174,081		1,171,034		493,114
Magenta Security Holdings LLC (6)	First Lien Senior Secured Loan	10.18% (S + CSA + 7.00% incl. 5.50% PIK)	7/27/2028		6,355,448		6,343,529		1,414,087
Magenta Security Holdings LLC (6)	First Lien Senior Secured Loan	9.92% (S + 7.00%)	7/27/2028		949,963		942,321		944,264
Metropolis Technologies Inc (7)(8)	First Lien Senior Secured Loan	8.98% (S + 5.25%)	11/3/2032		7,481,250		7,437,226		7,411,113
Mitchell International, Inc. (6)(8)	Second Lien Senior Secured Loan	8.92% (S + 5.25%)	6/7/2032		7,500,000		7,471,636		6,794,550
MRI Software LLC (7)	First Lien Senior Secured Loan	8.45% (S + 4.75%)	2/10/2028		6,260,825		6,223,629		6,112,131
MRI Software LLC (7)(15)	First Lien Senior Secured Revolving Loan	8.42% (S + 4.75%)	2/10/2028		159,093		156,234		138,410
Optimizely North America Inc. (7)	First Lien Senior Secured Loan	8.67% (S + 5.00%)	10/30/2031		4,496,250		4,496,250		4,315,036
Orchid Merger Sub II, LLC (6)	First Lien Senior Secured Loan	8.60% (S +CSA + 4.75%)	7/27/2027		3,456,522		3,408,142		1,671,021
Project Alpha Intermediate Holding, Inc. (6)(8)	First Lien Senior Secured Loan	6.95% (S + 3.25%)	10/26/2030		7,825,813		7,748,846		5,965,421
Proofpoint Inc. (8)	First Lien Senior Secured Loan	6.70% (S + 3.00%)	8/31/2028		3,949,622		3,948,740		3,829,494
Renaissance Holding Corp. (6)(8)	First Lien Senior Secured Loan	7.67% (S + 4.00%)	4/5/2030		11,468,803		11,367,739		8,246,815
Rocket Software, Inc. (6)(8)	First Lien Senior Secured Loan	7.42% (S + 3.75%)	11/28/2028		12,076,710		11,931,940		11,611,273
Starlight Parent LLC (8)	First Lien Senior Secured Loan	7.67% (S + 4.00%)	4/16/2032		2,487,500		2,421,005		2,120,594
Tuple US Bidco LLC (4)(8)	First Lien Senior Secured Loan	7.38% (S + 3.75%)	1/14/2033		2,000,000		1,990,426		1,945,000
Veracode (6)(8)	First Lien Senior Secured Loan	8.52% (S +CSA + 4.75%)	5/2/2029		8,492,000		8,473,520		3,927,550
							151,344,259		118,211,981		28.7	%

Palmer Square Capital BDC Inc.

Consolidated Schedules of Investments

As of March 31, 2026

(Unaudited)


Portfolio Company(3)	Investment	Interest Rate	Maturity Date	Principal / Par		Amortized Cost(1)(5)		Fair Value		Percentage of Net Assets
Specialty Retail
Great Outdoors Group, LLC (6)(8)	First Lien Senior Secured Loan	6.92% (S + 3.25%)	1/23/2032	$	6,889,444	$	6,893,710	$	6,886,860
Petco Health and Wellness Company Inc (4)(8)	First Lien Senior Secured Loan	7.95% (S + 4.25%)	1/31/2031		2,000,000		1,940,000		1,959,320
							8,833,710		8,846,180		2.1	%
Textiles, Apparel & Luxury Goods
Canada Goose Inc (4)(6)(8)	First Lien Senior Secured Loan	7.16% (S + 3.50%)	8/23/2032		6,982,500		6,966,369		6,998,211
							6,966,369		6,998,211		1.7	%
Trading Companies and Distributors
Albion Financing 3 S.a.r.l (4)(8)	First Lien Senior Secured Loan	6.66% (S + 3.00%)	5/21/2031		2,992,462		2,992,462		2,999,016
Radwell Parent, LLC (7)	First Lien Senior Secured Loan	8.45% (S + 4.75%)	4/1/2030		2,094,045		2,081,605		2,094,045
Radwell Parent, LLC (7)	First Lien Senior Secured Loan	8.45% (S + 4.75%)	4/1/2030		1,086,045		1,083,330		1,086,045
Radwell Parent, LLC (7)	First Lien Senior Secured Delayed Draw Loan	8.45% (S + 4.75%)	4/1/2030		254,273		253,637		254,273
							6,411,034		6,433,379		1.6	%

Total debt investments						$	1,192,454,935	$	1,072,786,666		259.2	%

Palmer Square Capital BDC Inc.

Consolidated Schedules of Investments

As of March 31, 2026

(Unaudited)


Portfolio Company(3)	Investment	Interest Rate	Maturity Date	Principal / Par		Amortized Cost(1)(5)		Fair Value		Percentage of Net Assets
Structured Note
AIMCO 2018-AA FR (4)(18)	Collateralized Loan Obligation	11.57% (S + 7.25%)	10/17/2037	$	3,000,000	$	2,971,918	$	2,811,193
AIMCO 2015-AA FR4 (4)(18)	Collateralized Loan Obligation	11.41% (S + 7.18%)	10/17/2038		2,000,000		1,961,737		1,863,703
APID 2016-24A DR (4)(18)	Collateralized Loan Obligation	9.73% (S +CSA + 5.80%)	10/20/2030		2,200,000		2,154,645		2,178,424
BABSN 2022-2A ER (4)(18)	Collateralized Loan Obligation	10.57% (S + 6.90%)	7/15/2039		3,000,000		3,054,406		2,763,495
CBAMR 2018-8A E1R (4)(18)	Collateralized Loan Obligation	11.07% (S + 7.40%)	7/15/2037		1,000,000		1,020,075		997,607
CGMS 2020-2A ER (4)(18)	Collateralized Loan Obligation	12.46% (S +CSA + 8.53%)	1/25/2035		4,000,000		3,919,391		3,437,592
ELM14 2022-1A FR (4)(18)	Collateralized Loan Obligation	12.28% (S + 8.01%)	10/20/2038		1,500,000		1,457,141		1,401,465
ELM20 2022-7A FR2 (4)(18)	Collateralized Loan Obligation	10.88% (S + 7.25%)	1/20/2039		1,450,000		1,407,006		1,408,121
ELMW2 2019-2A FRR (4)(18)	Collateralized Loan Obligation	11.70% (S + 7.82%)	10/20/2037		2,000,000		1,929,305		1,783,959
ELMW8 2021-1X ER (4)(18)	Collateralized Loan Obligation	9.92% (S + 6.25%)	4/20/2037		2,250,000		2,292,553		2,072,769
GLM 2021-9A FR (4)(18)	Collateralized Loan Obligation	12.13% (S + 8.46%)	4/20/2037		3,000,000		2,923,445		2,760,436
MORGN 2020-6A F (4)(18)	Collateralized Loan Obligation	11.97% (S +CSA + 8.04%)	10/23/2034		2,800,000		2,744,886		1,710,939
POST 2018-1X FR (4)(18)	Collateralized Loan Obligation	13.67% (S + 10.00%)	10/16/2037		2,070,000		1,979,396		1,862,708
THAYR 2017-1A ER (4)(18)	Collateralized Loan Obligation	12.80% (S +CSA + 8.87%)	4/20/2034		1,300,000		1,273,278		953,879
Total CLO Mezzanine					31,570,000		31,089,182		28,006,290		6.8	%

Structured Subordinated Note
BABSN 2018-4A SUB (4)(18)	Collateralized Loan Obligation	NA	10/15/2030		4,000,000		-		400
DRSLF 2020-86A SUB (4)(18)	Collateralized Loan Obligation	NA	7/17/2034		6,000,000		2,479,816		1,219,478
HLM 12A-18 SUB (4)(18)	Collateralized Loan Obligation	NA	7/18/2031		7,500,000		28,943		25,500
LNGPT 2017-1A SUB (4)(18)	Collateralized Loan Obligation	NA	1/17/2030		6,358,000		418,909		544,245
REG12 2019-1A SUB (4)(18)	Collateralized Loan Obligation	NA	10/15/2032		6,000,000		3,159,484		2,360,530
SPEAK 2017-4A SUB (4)(18)	Collateralized Loan Obligation	NA	10/26/2034		5,000,000		1,757,871		229,575
Total CLO Equity					34,858,000		7,845,023		4,379,728		1.1	%

Palmer Square Capital BDC Inc.

Consolidated Schedules of Investments

As of March 31, 2026

(Unaudited)


Portfolio Company(3)	Investment	Number of Shares	Cost	Fair Value	Percentage of Net Assets
Equity Investments
Containers and Packaging
Kleopatra Finco S.a.r.l (4)(8)(18)	Class A Common Shares	19,577	$89,838	$28,554
Kleopatra Finco S.a.r.l (4)(8)(18)	Class B Common Shares	19,577	89,838	28,554
Kleopatra Finco S.a.r.l (4)(8)(18)	Class C Common Shares	19,577	89,838	28,554
Kleopatra Finco S.a.r.l (4)(8)(18)	Class D Common Shares	19,577	89,838	28,554
Kleopatra Finco S.a.r.l (4)(8)(18)	Class E Common Shares	19,577	89,838	28,554
Kleopatra Finco S.a.r.l (4)(8)(18)	Class F Common Shares	19,577	89,838	28,554

Form: 10-Q

Documents