August 5, 2026 - 10-Q: Quarterly report [Sections 13 or 15(d)]

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 June 30, 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 August 4, 2026, the registrant had 30,651,221 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 June 30, 2026 (Unaudited) and December 31, 2025	1
	Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2026 and June 30, 2025 (Unaudited)	2
	Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June 30, 2026 and June 30, 2025 (Unaudited)	3
	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and June 30, 2025 (Unaudited)	4
	Consolidated Schedules of Investments as of June 30, 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	59
Item 4.	Controls and Procedures	60

PART II	OTHER INFORMATION	61
Item 1.	Legal Proceedings	61
Item 1A.	Risk Factors	61
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	61
Item 3.	Defaults Upon Senior Securities	62
Item 4.	Mine Safety Disclosures	62
Item 5.	Other Information	62
Item 6.	Exhibits	63

SIGNATURES		64

PART I—FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements.

Palmer Square Capital BDC Inc.

Consolidated Statements of Assets and Liabilities


	June 30, 2026			December 31, 2025
Assets:	(Unaudited)
Non-controlled, non-affiliated investments, at fair value (amortized cost of $1,242,154,553 and $1,294,556,070, respectively)	$	1,113,377,240		$	1,203,640,318
Cash and cash equivalents		2,448,931			3,217,449
Receivables:
Receivable for sales of investments		3,427,539			2,821,628
Receivable for paydowns of investments		4,175,599			233,930
Due from investment adviser		616,715			616,715
Dividend receivable		127,702			195,710
Interest receivable		8,072,629			8,608,563
Prepaid expenses and other assets		333,323			41,446
Total Assets	$	1,132,579,678		$	1,219,375,759

Liabilities:
Credit facilities (net of deferred financing costs of $4,214,139 and $5,030,068, respectively) (Note 6)	$	394,543,192		$	414,438,758
Notes (net of deferred financing costs of $1,540,292 and $1,609,420, respectively) (Note 6)		301,949,233			302,075,353
Payables:
Payable for investments purchased		12,972,955			20,366,967
Distributions payable		11,994,008			13,442,214
Management fee payable		1,826,659			2,129,141
Incentive fee payable		1,719,824			1,866,531
Accrued other general and administrative expenses		1,420,277			933,623
Total Liabilities	$	726,426,148		$	755,252,587

Commitments and contingencies (Note 9)

Net Assets:
Common Shares, $0.001 par value; 450,000,000 shares authorized; 30,743,081 and 31,260,963 as of June 30, 2026 and December 31, 2025, respectively issued and outstanding	$	30,743		$	31,261
Additional paid-in capital		587,969,410			593,643,044
Total distributable earnings (accumulated deficit)		(181,846,623	)		(129,551,133	)
Total Net Assets	$	406,153,530		$	464,123,172
Total Liabilities and Net Assets	$	1,132,579,678		$	1,219,375,759
Net Asset Value Per Common Share	$	13.21		$	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 June 30,						For the Six Months Ended June 30,
	2026			2025			2026			2025
Income:
Investment income from non-controlled, non-affiliated investments:
Interest income	$	25,816,102		$	30,023,842		$	50,915,028		$	59,843,505
Dividend income		358,221			481,501			779,355			1,055,837
Payment-in-kind interest income		373,693			801,918			804,654			1,309,768
Other income		748,261			369,659			1,013,954			682,089
Total investment income from non-controlled, non-affiliated investments		27,296,277			31,676,920			53,512,991			62,891,199
Total Investment Income		27,296,277			31,676,920			53,512,991			62,891,199

Expenses:
Incentive fees		1,719,824			1,940,079			3,295,972			3,782,785
Interest expense		10,643,607			12,576,374			21,226,424			25,546,131
Management fees		1,826,658			2,233,077			3,759,546			4,566,752
Professional fees		283,305			251,376			596,908			564,108
Directors fees		37,397			37,397			74,383			74,384
Other general and administrative expenses		744,236			797,088			1,481,858			1,602,359
Total Expenses		15,255,027			17,835,391			30,435,091			36,136,519
Less: Management fee waiver (Note 3)		—			—			—			—
Net expenses		15,255,027			17,835,391			30,435,091			36,136,519
Net Investment Income (Loss)		12,041,250			13,841,529			23,077,900			26,754,680

Realized and unrealized gains (losses) on investments and foreign currency transactions
Net realized gains (losses):
Non-controlled, non-affiliated investments		(3,328,686	)		(5,745,139	)		(14,003,112	)		(11,639,632	)
Total net realized gains (losses)		(3,328,686	)		(5,745,139	)		(14,003,112	)		(11,639,632	)
Net change in unrealized gains (losses):
Non-controlled, non-affiliated investments		(262,380	)		(926,414	)		(37,861,570	)		(16,334,283	)
Total net change in unrealized gains (losses)		(262,380	)		(926,414	)		(37,861,570	)		(16,334,283	)
Total realized and unrealized gains (losses)		(3,591,066	)		(6,671,553	)		(51,864,682	)		(27,973,915	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	8,450,184		$	7,169,976		$	(28,786,782	)	$	(1,219,235	)

Per Common Share Data:
Basic and diluted net increase (decrease) in net assets resulting from operations	$	0.27		$	0.22		$	(0.93	)	$	(0.04	)
Weighted Average Common Shares Outstanding - Basic and Diluted		31,001,278			32,349,999			31,093,997			32,475,330

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 June 30,						For the Six Months Ended June 30,
	2026			2025			2026			2025
Increase (Decrease) in Net Assets Resulting from Operations:
Net investment income (loss)	$	12,041,250		$	13,841,529		$	23,077,900		$	26,754,680
Net realized gains (losses) on investments and foreign currency transactions		(3,328,686	)		(5,745,139	)		(14,003,112	)		(11,639,632	)
Net change in unrealized gains (losses) on investments, foreign currency translations, and foreign currency exchange contracts		(262,380	)		(926,414	)		(37,861,570	)		(16,334,283	)
Net Increase (Decrease) in Net Assets Resulting from Operations		8,450,184			7,169,976			(28,786,782	)		(1,219,235	)

Decrease in Net Assets Resulting from Stockholder Distributions
Dividends and distributions to stockholders		(11,994,007	)		(13,533,770	)		(23,508,708	)		(26,224,859	)
Net Decrease in Net Assets Resulting from Stockholder Distributions		(11,994,007	)		(13,533,770	)		(23,508,708	)		(26,224,859	)

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		(4,085,405	)		(4,230,020	)		(5,674,152	)		(5,702,084	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		(4,085,405	)		(4,230,020	)		(5,674,152	)		(5,187,435	)
Total Increase (Decrease) in Net Assets		(7,629,228	)		(10,593,814	)		(57,969,642	)		(32,631,529	)
Net Assets, Beginning of Period		413,782,758			515,807,254			464,123,172			537,844,969
Net Assets, End of Period	$	406,153,530		$	505,213,440		$	406,153,530		$	505,213,440

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 Six Months Ended June 30,
	2026			2025
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	(28,786,782	)	$	(1,219,235	)
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		14,003,112			11,639,632
Net change in unrealized (gains)/losses on investments		37,861,570			16,334,283
Net accretion of discount on investments		(1,240,521	)		(948,788	)
Payment-in-kind interest and other income		(1,245,008	)		(1,309,768	)
Purchases of short-term investments		(257,352,472	)		(261,034,788	)
Purchases of portfolio investments		(181,731,937	)		(196,684,831	)
Proceeds from sale of short-term investments		290,192,262			281,691,311
Proceeds from sale of portfolio investments		189,776,072			277,651,090
Amortization of deferred financing cost		885,057			854,144
Increase/(decrease) in operating assets and liabilities:
(Increase)/decrease in receivable for sales of investments		(605,911	)		(177,309	)
(Increase)/decrease in interest and dividends receivable		603,942			1,972,065
(Increase)/decrease in due from investment adviser		—			(364,725	)
(Increase)/decrease in receivable for paydowns of investments		(3,941,669	)		1,136,903
(Increase)/decrease in prepaid expenses and other assets		(291,877	)		(6,827	)
Increase/(decrease) in interest payable on credit facilities		(456,744	)		(1,592,376	)
Increase/(decrease) in payable for investments purchased		(7,394,012	)		(40,026,606	)
Increase/(decrease) in management fees payable		(302,482	)		(180,721	)
Increase/(decrease) in incentive fee payable		(146,707	)		(209,053	)
Increase/(decrease) in accrued other general and administrative expenses		486,654			(125,937	)
Net cash provided by (used in) operating activities		50,312,547			87,398,464

Cash Flows from Financing Activities:
Borrowings on the credit facilities		7,800,000			37,100,000
Payments on the credit facilities		(28,249,999	)		(77,300,000	)
Distributions paid in cash		(24,956,914	)		(28,341,014	)
Purchase of common shares for dividend reinvestment plan		—			514,649
Repurchase of common shares		(5,674,152	)		(5,702,084	)
Net cash provided by (used in) financing activities		(51,081,065	)		(73,728,449	)
Net increase/(decrease) in cash and cash equivalents		(768,518	)		13,670,015
Cash and cash equivalents, beginning of period		3,217,449			2,766,409
Cash and cash equivalents, end of period	$	2,448,931		$	16,436,424

Supplemental and Non-Cash Information:
Interest paid during the period	$	21,683,168		$	27,138,507
Distributions declared during the period	$	23,508,708		$	26,224,859
Reinvestment of distributions during the period	$	—		$	—
Distributions payable	$	11,994,008		$	13,533,770

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

Palmer Square Capital BDC Inc.

Consolidated Schedules of Investments

As of June 30, 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	6.60% (S + 2.75%)	6/24/2030	$	2,970,056	$	2,964,359	$	2,983,674
Galileo Parent, Inc. (6)(8)	First Lien Senior Secured Loan	8.21% (S + 4.50%)	3/3/2033		4,300,000		4,236,495		4,316,125
Peraton Corp. (7)(8)	First Lien Senior Secured Loan	7.51% (S +CSA + 3.75%)	2/1/2028		8,547,784		8,550,055		7,735,745
Peraton Corp.	Second Lien Senior Secured Loan	11.52% (S +CSA + 7.75%)	2/1/2029		2,898,876		2,929,547		1,971,236
							18,680,456		17,006,780		4.2	%
Auto Components
Autokiniton US Holdings, Inc. (6)(7)(8)	First Lien Senior Secured Loan	7.76% (S +CSA + 4.00%)	4/6/2028		9,815,135		9,814,868		9,798,253
First Brands Group, LLC (6)(8)(9)	First Lien Senior Secured Loan	10.67% (S + 7.00%)	6/29/2026		6,921,361		6,472,339		692
First Brands Group, LLC (6)(8)(9)	First Lien Senior Secured Loan	10.78% (S +CSA + 7.11%)	3/30/2027		2,478,558		2,113,428		248
First Brands Group, LLC (9)	Second Lien Senior Secured Loan	14.26% (S + 10.61%)	3/24/2028		3,379,515		2,994,948		338
Realtruck Group Inc (6)	First Lien Senior Secured Loan	8.65% (S +CSA + 4.75%)	1/31/2031		6,749,762		6,749,762		4,211,851
Realtruck Group Inc	First Lien Senior Secured Loan	9.39% (S + 5.75%)	1/31/2031		1,568,991		1,568,991		1,608,490
Realtruck Group Inc	First Lien Senior Secured Loan	9.90% (S +CSA + 6.00%)	1/31/2031		1,960,000		1,960,000		1,236,035
							31,674,336		16,855,907		4.2	%
Automotive
Highline Aftermarket Acquisition, LLC (8)	First Lien Senior Secured Loan	7.23% (S + 3.50%)	2/13/2030		3,940,000		3,933,162		3,967,088
							3,933,162		3,967,088		1.0	%
Building Products
LBM Acquisition, LLC (6)(7)(8)	First Lien Senior Secured Loan	7.50% (S +CSA + 3.75%)	6/6/2031		10,328,892		10,253,364		8,691,039
Park River Holdings, Inc. (8)	First Lien Senior Secured Loan	8.19% (S + 4.50%)	3/17/2031		2,992,500		2,952,936		2,992,365
Specialty Building Products Holdings, LLC (6)(7)(8)	First Lien Senior Secured Loan	7.49% (S +CSA + 3.75%)	10/5/2028		9,575,000		9,571,040		8,687,350
							22,777,340		20,370,754		5.0	%
Chemicals
ARC Falcon I Inc. (8)	Second Lien Senior Secured Loan	10.74% (S +CSA + 7.00%)	9/24/2029		2,427,315		2,365,214		2,199,754
Aruba Investments, Inc. (6)(8)	First Lien Senior Secured Loan	7.77% (S +CSA + 4.00%)	11/24/2027		7,810,388		7,796,465		7,185,557
Aruba Investments, Inc. (6)(8)	Second Lien Senior Secured Loan	11.52% (S +CSA + 7.75%)	11/24/2028		3,350,000		3,331,700		2,596,250
B'laster Holdings, LLC (7)	First Lien Senior Secured Loan	8.42% (S + 4.75%)	10/25/2029		4,322,500		4,269,244		4,279,275
B'laster Holdings, LLC (7)	First Lien Senior Secured Loan	8.42% (S + 4.75%)	10/25/2029		1,608,834		1,597,794		1,592,745
B'laster Holdings, LLC (7)	First Lien Senior Secured Loan	8.43% (S + 4.75%)	10/25/2029		471,217		466,812		466,505
Fortis 333 Inc (8)	First Lien Senior Secured Loan	6.98% (S + 3.25%)	3/29/2032		2,773,922		2,768,834		2,769,150
Ineos Quattro Holdings UK Limited (4)(8)	First Lien Senior Secured Loan	7.89% (S + 4.25%)	10/7/2031		3,950,000		3,961,394		3,335,301
Ineos Quattro Holdings UK Limited (4)(6)	First Lien Senior Secured Loan	7.99% (S +CSA + 4.25%)	4/2/2029		2,947,236		2,953,605		2,607,390
Ineos US Finance LLC (4)(8)	First Lien Senior Secured Loan	6.64% (S + 3.00%)	2/7/2031		3,920,175		3,893,279		3,491,896
KOBE US Midco 2 Inc (22)	Corporate Bond	9.25% Cash/10.00% PIK	11/1/2026		2,546,182		2,544,589		2,036,945
Natgasoline LLC (7)(8)	First Lien Senior Secured Loan	9.14% (S + 5.50%)	3/25/2030		6,749,693		6,670,960		6,766,567
Rohm Holding GmbH (4)(6)(7)(8)	First Lien Senior Secured Loan	9.13% (S + 5.50% incl. 0.25% PIK)	1/31/2029		10,543,357		10,456,289		10,298,646
SCIL IV LLC (4)(7)(8)	First Lien Senior Secured Loan	7.65% (S + 4.00%)	11/8/2032		6,965,000		6,941,410		6,965,000
Sparta US HoldCo LLC (8)	First Lien Senior Secured Loan	6.66% (S + 3.00%)	8/2/2030		994,792		994,792		991,613
Tronox Finance LLC (4)(8)	First Lien Senior Secured Loan	6.19% (S + 2.50%)	9/30/2031		2,992,405		2,485,346		2,455,912
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		1,926,384
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		875,224
							72,681,273		62,840,114		15.5	%

Palmer Square Capital BDC Inc.

Consolidated Schedules of Investments

As of June 30, 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	6.89% (S + 3.25%)	8/20/2032	$	9,925,000	$	9,915,502	$	9,941,327
Anticimex Global AB (4)(8)	First Lien Senior Secured Loan	6.52% (S + 2.90%)	11/17/2031		2,886,168		2,886,168		2,894,927
Apex Service Partners, LLC (7)	First Lien Senior Secured Loan	8.73% (S + 5.00%)	10/24/2030		713,059		711,276		711,276
Apex Service Partners, LLC (7)	First Lien Senior Secured Delayed Draw Loan	8.73% (S + 5.00%)	10/24/2030		2,187,000		2,181,533		2,181,533
Apex Service Partners, LLC (7)	First Lien Senior Secured Delayed Draw Loan	8.73% (S + 5.00%)	10/24/2030		2,087,292		2,082,074		2,082,074
Azuria Water Solutions, Inc. (8)	First Lien Senior Secured Loan	6.42% (S + 2.75%)	4/25/2033		2,717,647		2,711,359		2,715,517
Gategroup Fin Luxembourg SA (4)(8)	First Lien Senior Secured Loan	7.19% (S + 3.50%)	6/10/2032		2,977,538		2,965,872		2,994,286
Lido Purchaser Inc (7)	First Lien Senior Secured Loan	8.40% (S + 4.75% cash)/S + 5.25% incl. 2.875% PIK)	4/4/2033		7,777,778		7,772,424		7,740,278
Verifone Systems Inc (6)(8)	First Lien Senior Secured Loan	9.18% (S +CSA + 5.25%)	8/18/2028		9,169,267		9,087,024		8,697,095
							40,313,232		39,958,313		9.8	%
Construction and Engineering
Congruex Group LLC (7)	First Lien Senior Secured Loan	9.60% (S +CSA + 5.75%)	5/3/2029		6,657,064		6,584,953		4,114,365
Crown Subsea Communications Holding, Inc. (6)(8)	First Lien Senior Secured Loan	6.64% (S + 3.00%)	1/30/2031		9,375,425		9,349,411		9,416,067
Holding Socotec (4)(6)	First Lien Senior Secured Loan	6.37% (S + 2.75%)	6/2/2031		3,920,400		3,913,529		3,932,651
LSF12 Crown US Commercial Bidco LLC (6)(8)	First Lien Senior Secured Loan	6.62% (S + 3.00%)	12/2/2031		9,056,353		9,047,083		9,089,545
Michael Baker International, LLC (7)(8)	First Lien Senior Secured Loan	7.66% (S + 4.00%)	12/1/2028		8,935,240		8,912,384		8,943,639
Northstar Group Services, Inc. (7)(8)	First Lien Senior Secured Loan	8.41% (S + 4.75%)	5/31/2030		11,132,825		11,137,828		11,181,586
Resilience Parent LLC	Second Lien Senior Secured Loan	8.98% (S + 5.25%)	2/27/2034		1,785,714		1,785,714		1,781,250
TMC Buyer, Inc. (6)(8)	First Lien Senior Secured Loan	8.42% (S + 4.75%)	10/25/2030		6,512,487		6,482,693		6,549,803
Trilon Group LLC (8)	First Lien Senior Secured Loan	7.12% (S + 3.50%)	6/10/2033		2,755,102		2,740,123		2,758,852
USIC Holdings, Inc. (7)	First Lien Senior Secured Loan	9.17% (S + 5.50%)	9/10/2031		2,491,064		2,472,630		2,406,990
USIC Holdings, Inc. (7)(20)	First Lien Senior Secured Delayed Draw Loan	9.17% (S + 5.50%)	9/10/2031		119,201		119,201		114,207
USIC Holdings, Inc. (7)(21)	First Lien Senior Secured Revolving Loan	8.92% (S + 5.25%)	9/10/2031		288,766		288,766		277,902
							62,834,315		60,566,857		14.9	%
Construction Materials
Smyrna Ready Mix Concrete (8)(22)	Corporate Bond	6.00%	11/1/2028		3,000,000		3,000,000		3,004,494
							3,000,000		3,004,494		0.7	%
Containers and Packaging
Ahlstrom Holding 3 OY (4)(6)(8)	First Lien Senior Secured Loan	8.24% (S +CSA + 4.25%)	5/23/2030		6,930,262		6,843,681		6,910,060
Kleopatra Finco S.a.r.l (4)(8)	First Lien Senior Secured Loan	10.66% (S + 6.00% cash)/S + 7% incl. 5.00% PIK)	1/30/2031		1,319,023		1,319,023		1,253,777
Pretium PKG Holdings, Inc.	First Lien Senior Secured Loan	8.87% (S + 5.25%)	3/3/2031		2,528,666		2,528,666		2,504,176
Pretium PKG Holdings, Inc. (6)(7)	First Lien Senior Secured Loan	9.37% (S + 5.75% cash)/S + 6% incl. 1.20% PIK)	3/1/2032		2,274,312		2,274,312		1,904,270
Tank Holding Corp. (7)	First Lien Senior Secured Loan	9.49% (S +CSA + 5.75%)	3/31/2028		2,424,242		2,402,281		2,240,000
Tank Holding Corp. (7)	First Lien Senior Secured Loan	9.74% (S +CSA + 6.00%)	3/31/2028		2,031,750		2,014,208		1,881,908
Tank Holding Corp. (7)	First Lien Senior Secured Delayed Draw Loan	9.74% (S +CSA + 6.00%)	3/31/2028		880,793		873,489		815,834
Tosca Services, LLC (6)	First Lien Senior Secured Loan	8.05% (S +CSA + 4.25%)	11/30/2028		8,156,078		8,090,393		7,675,440
Tosca Services, LLC (8)	First Lien Senior Secured Loan	9.20% (S + 5.50%)	11/30/2028		1,372,991		1,372,991		1,384,154
							27,719,044		26,569,619		6.5	%

Palmer Square Capital BDC Inc.

Consolidated Schedules of Investments

As of June 30, 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	6.64% (S + 3.00%)	3/24/2031	$	5,895,524	$	5,864,972	$	5,842,288
Radar Bidco SARL (4)(8)	First Lien Senior Secured Loan	6.43% (S + 2.75%)	4/4/2031		1,990,013		1,990,012		1,990,013
							7,854,984		7,832,301		1.9	%
Diversified Financial Services
Deerfield Dakota Holding, LLC (7)	First Lien Senior Secured Loan	9.48% (S + 5.75% incl. 2.75% PIK)	9/13/2032		9,298,902		9,298,906		9,136,171
Deerfield Dakota Holding, LLC (7)(14)	First Lien Senior Secured Revolving Loan	8.89% (S + 5.25%)	9/13/2032		314,286		314,286		305,586
Edelman Financial Engines Center LLC (6)(8)	First Lien Senior Secured Loan	7.64% (S + 4.00%)	12/1/2031		8,000,000		7,921,994		8,031,880
GC Ferry Acquisition Inc (6)(8)	First Lien Senior Secured Loan	7.23% (S + 3.50%)	8/16/2032		7,649,063		7,549,293		7,653,006
IMC Financing LLC (8)	First Lien Senior Secured Loan	6.65% (S + 3.00%)	6/2/2032		1,980,000		1,971,937		1,984,128
Minotaur Acquisition, Inc. (7)	First Lien Senior Secured Loan	8.64% (S + 5.00%)	5/10/2030		6,834,661		6,834,661		6,749,923
Minotaur Acquisition, Inc. (7)	First Lien Senior Secured Delayed Draw Loan	8.64% (S + 5.00%)	5/10/2030		1,159,884		1,159,884		1,146,835
Minotaur Acquisition, Inc. (7)	First Lien Senior Secured Delayed Draw Loan	8.64% (S + 5.00%)	5/10/2030		1,089,708		1,089,708		1,077,449
Nexus Buyer LLC (6)(8)	First Lien Senior Secured Loan	7.14% (S + 3.50%)	7/31/2031		9,825,687		9,652,628		9,494,070
Nexus Buyer LLC	Second Lien Senior Secured Loan	9.39% (S + 5.75%)	1/30/2032		6,000,000		5,945,926		5,849,070
Osaic Holdings, Inc (8)	First Lien Senior Secured Loan	6.23% (S + 2.50%)	7/30/2032		2,992,500		2,986,358		2,957,712
Plano Holdco, Inc. (8)	First Lien Senior Secured Loan	7.23% (S + 3.50%)	10/2/2031		4,937,500		4,918,967		3,900,625
Tegra118 Wealth Solutions Inc (6)(8)	First Lien Senior Secured Loan	7.67% (S + 4.00%)	1/27/2033		3,400,000		3,368,489		3,414,875
Transnetwork LLC (7)	First Lien Senior Secured Loan	8.48% (S + 4.75%)	12/29/2030		5,070,000		5,010,228		4,467,938
							68,023,265		66,169,268		16.3	%
Diversified Telecommunication Services
Altice Financing S.A. (4)(22)	Corporate Bond	5.00%	1/15/2028		3,000,000		2,833,844		2,126,250
Zayo Group Holdings, Inc. (6)(8)	First Lien Senior Secured Loan	7.26% (S + CSA + 3.50% incl. 0.50% PIK)	3/11/2030		5,212,815		5,152,705		5,218,028
							7,986,549		7,344,278		1.8	%
Electronic Equipment, Instruments and Components
Creation Technologies Inc. (4)(7)(8)	First Lien Senior Secured Loan	9.44% (S +CSA + 5.50%)	10/5/2028		8,718,367		8,606,688		8,691,166
Dwyer Instruments, LLC (7)	First Lien Senior Secured Loan	8.48% (S + 4.75%)	7/21/2029		8,185,208		8,185,208		8,164,090
Dwyer Instruments, LLC (7)	First Lien Senior Secured Delayed Draw Loan	8.48% (S + 4.75%)	7/23/2029		488,519		488,519		487,258
Dwyer Instruments, LLC (7)(15)	First Lien Senior Secured Revolving Loan	8.48% (S + 4.75%)	6/20/2029		1,015,760		1,007,851		1,006,775
Idemia Group S.A.S. (4)(6)(8)	First Lien Senior Secured Loan	7.98% (S + 4.25%)	9/30/2028		6,842,500		6,855,545		6,833,947
Infinite Bidco, LLC (6)(8)	First Lien Senior Secured Loan	7.68% (S +CSA + 3.75%)	3/2/2028		6,185,577		6,171,419		6,157,216
Infinite Bidco, LLC	First Lien Senior Secured Loan	9.89% (S + 6.25%)	3/2/2028		2,895,000		2,893,961		2,909,475
Infinite Bidco, LLC (6)(8)	Second Lien Senior Secured Loan	10.93% (S +CSA + 7.00%)	2/24/2029		2,729,999		2,727,420		2,699,300
PVKG Investment Holdings Inc. (6)(7)	First Lien Senior Secured Loan	9.41% (S + 5.75%)	6/4/2030		1,737,165		1,710,326		419,812
TCP Sunbelt Acquisition Co. (6)(8)	First Lien Senior Secured Loan	7.92% (S + 4.25%)	10/16/2031		9,850,000		9,826,540		9,854,088
							48,473,477		47,223,127		11.6	%

Palmer Square Capital BDC Inc.

Consolidated Schedules of Investments

As of June 30, 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
Star Holding LLC (6)(8)	First Lien Senior Secured Loan	8.14% (S + 4.50%)	7/31/2031		6,899,773		6,879,382		6,909,812
							6,879,382		6,909,812		1.7	%
Entertainment
International Entertainment JJCo 3 Limited (4)(8)	First Lien Senior Secured Loan	6.66% (S + 3.00%)	4/30/2032		2,970,112		2,958,122		2,978,770
OakEagle AcquireCo Inc (6)(8)	First Lien Senior Secured Loan	7.21% (S + 3.50%)	3/24/2033		5,000,000		4,925,000		5,017,950
							7,883,122		7,996,720		2.0	%
Food Products
Aspire Bakeries Holdings LLC (6)(8)	First Lien Senior Secured Loan	6.64% (S + 3.00%)	12/23/2030		10,477,640		10,475,128		10,547,526
B&G Foods Inc (4)(6)	First Lien Senior Secured Loan	7.14% (S + 3.50%)	10/10/2029		2,462,406		2,306,399		2,430,604
Frozen Bakery Acquisition LLC (7)	First Lien Senior Secured Loan	8.42% (S + 4.75%)	7/9/2029		6,402,500		6,364,401		6,338,475
Solina Group Services SAS (4)(8)	First Lien Senior Secured Loan	6.91% (S + 3.25%)	9/30/2032		1,980,000		1,980,000		1,989,078
							21,125,928		21,305,683		5.2	%
Ground Transportation
Pods, LLC (6)(8)	First Lien Senior Secured Loan	8.13% (S + 4.50%)	5/14/2031		5,000,000		4,926,245		4,879,800
							4,926,245		4,879,800		1.2	%
Healthcare Equipment and Supplies
Hologic Inc (8)	Second Lien Senior Secured Loan	8.74% (S + 5.00%)	4/7/2034		6,000,000		6,000,000		5,951,280
NSM Top Holdings Corp (6)(8)	First Lien Senior Secured Loan	8.08% (S +CSA + 4.25%)	5/14/2029		6,740,685		6,727,395		6,774,422
							12,727,395		12,725,702		3.1	%
Healthcare Providers and Services
AccentCare, Inc. (6)(8)	First Lien Senior Secured Loan	7.65% (S + 4.00%)	9/20/2028		5,761,791		5,762,566		5,418,359
Athletico Management, LLC (6)(9)	First Lien Senior Secured Loan	8.06% (S +CSA + 4.25%)	2/2/2029		6,954,063		6,942,415		3,190,176
Aveanna Healthcare LLC (4)(8)	First Lien Senior Secured Loan	6.64% (S + 3.00%)	9/17/2032		3,741,200		3,737,392		3,761,384
Gainwell Acquisition Corp. (6)(8)	First Lien Senior Secured Loan	7.83% (S +CSA + 4.00%)	10/1/2027		8,561,308		8,515,658		8,447,185
Gainwell Acquisition Corp.	Second Lien Senior Secured Loan	11.77% (S +CSA + 8.00%)	10/2/2028		3,000,000		2,978,976		2,820,000
Gainwell Acquisition Corp.	Second Lien Senior Secured Loan	11.77% (S +CSA + 8.00%)	10/2/2028		2,400,000		2,320,573		2,256,000
Global Medical Response, Inc. (6)	First Lien Senior Secured Loan	6.89% (S + 3.25%)	10/1/2032		7,309,879		7,309,879		7,337,291
HAH Group Holding Company LLC (6)(8)	First Lien Senior Secured Loan	8.64% (S + 5.00%)	9/24/2031		10,059,420		9,962,451		8,931,156
Medical Solutions Holdings, Inc. (6)(7)(8)	First Lien Senior Secured Loan	8.95% (S +CSA + 5.25%)	11/1/2030		5,188,756		5,188,756		3,956,427
Medical Solutions Holdings, Inc.	First Lien Senior Secured Loan	8.90% (S + 5.25%)	11/1/2030		2,078,207		2,078,207		1,584,633
Medical Solutions Holdings, Inc. (6)(7)(8)	First Lien Senior Secured Loan	7.20% (S +CSA + 3.50%)	11/1/2030		4,141,025		4,141,025		1,055,961
NAPA Management Services Corporation (6)(8)	First Lien Senior Secured Loan	8.99% (S +CSA + 5.25%)	2/23/2029		9,611,596		9,526,852		6,770,168
National Mentor Holdings, Inc. (6)(8)	First Lien Senior Secured Loan	9.64% (S + 6.00%)	12/5/2030		10,972,500		10,792,060		11,071,966
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		883,878		883,878		878,906
Outcomes Group Holdings, Inc. (8)	First Lien Senior Secured Loan	6.64% (S + 3.00%)	5/6/2031		2,940,356		2,931,707		2,952,455
Radiology Partners Inc (6)(8)	First Lien Senior Secured Loan	8.23% (S + 4.50%)	6/25/2032		7,940,000		7,870,882		7,948,258
Recovery Solutions Parent, LLC	First Lien Senior Secured Loan	11.23% (S + 7.50/S + 8.50% incl. 5.00% PIK)	1/28/2030		2,354,712		2,354,712		2,324,289
U.S. Renal Care, Inc. (6)(7)(8)	First Lien Senior Secured Loan	8.76% (S +CSA + 5.00%)	6/20/2028		7,640,039		7,597,304		7,532,391
US Fertility Enterprises, LLC (6)(8)	First Lien Senior Secured Loan	6.87% (S + 3.25%)	12/10/2032		4,746,000		4,726,578		4,767,823
							105,621,871		93,004,828		22.9	%

Palmer Square Capital BDC Inc.

Consolidated Schedules of Investments

As of June 30, 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%	5/1/2031	$	5,000,000	$	4,933,452	$	4,684,375
Ensemble RCM LLC (6)(8)	First Lien Senior Secured Loan	6.66% (S + 3.00%)	1/28/2033		7,000,000		6,994,118		6,980,750
Raven Acquisition Holdings LLC (8)	First Lien Senior Secured Loan	6.64% (S + 3.00%)	11/19/2031		2,771,467		2,777,509		2,735,922
Zelis Payments Buyer Inc (8)	First Lien Senior Secured Loan	6.89% (S + 3.25%)	11/26/2031		1,989,899		1,978,568		1,945,753
							16,683,647		16,346,800		4.0	%
Hotels, Restaurants and Leisure
888 Holdings PLC (4)	First Lien Senior Secured Loan	9.02% (S +CSA + 5.25%)	7/8/2028		5,851,322		5,777,244		5,844,007
Bulldog Purchaser Inc (6)	First Lien Senior Secured Loan	6.91% (S + 3.25%)	2/7/2033		1,995,000		1,985,927		1,999,788
Jack Ohio Finance LLC (7)	First Lien Senior Secured Loan	7.64% (S + 4.00%)	1/28/2032		6,912,500		6,902,220		6,838,191
Ontario Gaming GTA Limited Partnership (4)(6)(8)	First Lien Senior Secured Loan	7.98% (S + 4.25%)	8/1/2030		8,216,024		8,216,683		7,844,701
							22,882,074		22,526,687		5.5	%
Household Durables
HP PHRG BORROWER, LLC (6)(8)	First Lien Senior Secured Loan	7.73% (S + 4.00%)	2/20/2032		9,900,000		9,816,173		9,850,500
Hunter Douglas Inc (8)	First Lien Senior Secured Loan	6.73% (S + 3.00%)	1/16/2032		3,949,899		3,948,642		3,954,442
							13,764,815		13,804,942		3.4	%
Household Products
Lavender Dutch BorrowerCo BV (4)(6)(8)	First Lien Senior Secured Loan	6.94% (S + 3.25%)	12/2/2032		2,985,000		2,979,278		2,969,150
							2,979,278		2,969,150		0.7	%
Industrial Conglomerates
Gloves Buyer Inc (6)(8)	First Lien Senior Secured Loan	7.64% (S + 4.00%)	5/21/2032		7,960,000		7,925,750		7,992,357
							7,925,750		7,992,357		2.0	%
Insurance
Acrisure, LLC (6)	First Lien Senior Secured Loan	6.89% (S + 3.25%)	6/21/2032		4,962,406		4,979,179		4,499,662
Acrisure, LLC (8)	First Lien Senior Secured Loan	6.64% (S + 3.00%)	11/6/2030		3,930,150		3,924,257		3,564,980
Asurion, LLC (6)(8)	Second Lien Senior Secured Loan	9.02% (S +CSA + 5.25%)	1/19/2029		3,532,710		3,496,678		3,500,916
Galway Borrower LLC (7)	First Lien Senior Secured Delayed Draw Loan	8.20% (S + 4.50%)	9/29/2028		1,104,493		1,098,958		1,065,726
Galway Borrower LLC (7)(16)	First Lien Senior Secured Revolving Loan	8.23% (S + 4.50%)	9/29/2028		177,636		175,453		168,152
Hyperion Refinance S.a.r.l. (4)(8)	First Lien Senior Secured Loan	6.39% (S + 2.75%)	4/18/2030		1,974,809		1,974,809		1,866,688
IMA Financial Group, Inc. (7)	First Lien Senior Secured Loan	6.64% (S + 3.00%)	11/1/2028		4,790,269		4,785,094		4,782,940
Jones DesLauriers Insurance Management Inc (4)(8)	First Lien Senior Secured Loan	6.66% (S + 3.00%)	2/2/2033		2,000,000		1,996,155		1,919,500
OneDigital Borrower LLC (8)	Second Lien Senior Secured Loan	8.89% (S + 5.25%)	7/2/2032		5,000,000		4,982,500		4,850,000
Patriot Growth Insurance Services, LLC (7)	First Lien Senior Secured Loan	8.73% (S + 5.00%)	10/16/2028		4,936,032		4,897,153		4,905,182
Patriot Growth Insurance Services, LLC (7)	First Lien Senior Secured Loan	8.88% (S +CSA + 5.00%)	10/16/2028		1,974,373		1,967,777		1,962,724
							34,278,013		33,086,470		8.1	%

Palmer Square Capital BDC Inc.

Consolidated Schedules of Investments

As of June 30, 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	9.49% (S + 5.88%)	3/7/2031	$	4,606,613		$	4,529,730	$	4,546,727
Bending Spoons Operations Spa (4)(8)	First Lien Senior Secured Loan	9.49% (S + 5.88%)	3/7/2031		1,975,000			1,902,508		1,955,250
Stepstone Group MidCo 2 GmbH, The (4)(6)(8)	First Lien Senior Secured Loan	8.18% (S + 4.50%)	12/4/2031		9,900,000			9,829,576		8,025,187
						-		16,261,814		14,527,164		3.6	%
IT Services
Connectwise LLC (6)	First Lien Senior Secured Loan	7.49% (S +CSA + 3.50%)	9/29/2028		5,678,559			5,675,928		5,244,689
Delta Topco, Inc. (6)	First Lien Senior Secured Loan	6.42% (S + 2.75%)	11/30/2029		4,826,003			4,820,981		4,577,922
Delta Topco, Inc. (6)	Second Lien Senior Secured Loan	8.92% (S + 5.25%)	12/24/2030		4,500,000			4,484,464		4,145,625
Everest SubBidCo (4)(7)(8)	First Lien Senior Secured Loan	8.18% (S + 4.50%)	12/8/2031		5,260,399			5,217,854		5,115,738
Everest SubBidCo (4)(7)(8)	First Lien Senior Secured Loan	8.18% (S + 4.50%)	12/8/2031		2,620,349			2,599,298		2,548,289
Flash Charm, Inc. (6)(8)	First Lien Senior Secured Loan	7.16% (S + 3.50%)	3/2/2028		9,480,522			9,471,741		7,401,159
Flash Charm, Inc.	Second Lien Senior Secured Loan	10.56% (S +CSA + 6.75%)	3/2/2029		3,353,659			3,362,196		2,054,401
LogMeIn, Inc. (6)	First Lien Senior Secured Loan	8.58% (S +CSA + 4.75%)	4/28/2028		4,048,040			4,033,164		3,383,474
LogMeIn, Inc. (6)	First Lien Senior Secured Loan	8.58% (S +CSA + 4.75%)	4/28/2028		4,048,040			4,031,881		914,857
Logrhythm, Inc. (7)	First Lien Senior Secured Loan	11.16% (S + 7.50%)	7/2/2029		6,416,933			6,416,933		5,023,907
Precisely Software Incorporated (6)(8)	First Lien Senior Secured Loan	7.93% (S +CSA + 4.00%)	4/24/2028		10,499,425			10,490,977		8,067,023
Redstone Holdco 2 LP (6)(7)	First Lien Senior Secured Loan	9.16% (S + 5.50%)	12/31/2030		2,446,129			2,446,129		751,170
Redstone Holdco 2 LP (6)(7)	First Lien Senior Secured Loan	8.41% (S + 4.75%)	12/31/2030		635,994			635,994		505,615
Rithum Holdings Inc (6)(8)	First Lien Senior Secured Loan	8.48% (S + 4.75%)	7/21/2032		4,962,500			4,873,062		4,698,867
Sitel Group (4)	First Lien Senior Secured Loan	7.74% (S +CSA + 3.75%)	8/28/2028		2,938,303			2,506,037		1,527,918
Vision Solutions, Inc. (8)	Second Lien Senior Secured Loan	11.18% (S +CSA + 7.25%)	4/23/2029		5,500,000			5,458,982		3,572,718
								76,525,621		59,533,372		14.7	%
Machinery
PT Intermediate Holdings III, LLC (7)	First Lien Senior Secured Loan	8.45% (S + 4.75%)	4/9/2030		10,114,373			10,075,852		9,962,657
								10,075,852		9,962,657		2.5	%

Palmer Square Capital BDC Inc.

Consolidated Schedules of Investments

As of June 30, 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	6.66% (S + 3.00%)	10/30/2030	$	1,965,200	$	1,952,997	$	1,958,714
Directv Financing LLC (8)	First Lien Senior Secured Loan	9.18% (S +CSA + 5.25%)	8/2/2029		2,687,861		2,683,076		2,706,354
London Buyer LLC (7)	First Lien Senior Secured Loan	8.73% (S + 5.00%)	6/24/2033		3,913,043		3,913,043		3,910,870
Micro Holding Corp. (6)(8)	First Lien Senior Secured Loan	7.89% (S + 4.25%)	5/3/2028		5,695,804		5,611,502		5,551,016
Micro Holding Corp. (6)(8)	First Lien Senior Secured Loan	7.89% (S + 4.25%)	12/31/2031		3,855,615		3,791,225		3,351,493
Red Planet Borrower LLC (4)(6)(8)	First Lien Senior Secured Loan	7.39% (S + 3.75%)	9/8/2032		10,067,554		9,976,602		10,082,253
Summer BC Holdco B LLC (4)(6)(7)(8)	First Lien Senior Secured Loan	8.99% (S +CSA + 5.00%)	2/12/2029		11,615,746		11,570,163		10,010,508
The E.W. Scripps Company (4)(6)	First Lien Senior Secured Loan	9.50% (S +CSA + 5.75%)	6/30/2028		2,669,137		2,547,302		2,674,141
							42,045,910		40,245,349		9.9	%
Metals and Mining
American Rock Salt Company LLC (6)	First Lien Senior Secured Loan	10.99% (S +CSA + 7.00%)	6/9/2028		1,142,896		1,103,184		1,157,182
American Rock Salt Company LLC (6)	First Lien Senior Secured Loan	7.99% (S +CSA + 4.00%)	6/9/2028		5,704,774		5,704,774		5,246,495
American Rock Salt Company LLC	Second Lien Senior Secured Loan	11.24% (S +CSA + 7.25%)	6/4/2029		2,750,000		2,763,214		2,131,250
Tega MC Australia Holdings Pty Ltd (4)(7)(8)	First Lien Senior Secured Loan	7.16% (S + 3.50%)	6/1/2033		4,000,000		3,960,434		4,027,520
Worthington Steel Inc (8)	First Lien Senior Secured Loan	7.62% (S + 4.00%)	6/1/2033		2,500,000		2,462,726		2,497,275
							15,994,332		15,059,722		3.7	%
Oil, Gas & Consumable Fuels
Crescent Midstream Operating LLC (8)	First Lien Senior Secured Loan	7.40% (S + 3.75%)	2/14/2033		1,000,000		995,552		1,007,810
							995,552		1,007,810		0.2	%

Pharmaceuticals
Curium BidCo S.a.r.l (4)(8)	First Lien Senior Secured Loan	6.73% (S + 3.00%)	8/6/2031		1,989,975		1,989,975		1,991,219
Padagis, LLC (6)(8)	First Lien Senior Secured Loan	8.69% (S +CSA + 4.75%)	7/6/2028		8,890,339		8,849,965		8,445,822
							10,839,940		10,437,041		2.6	%
Professional Services
Ankura Consulting Group, LLC (6)	First Lien Senior Secured Loan	7.17% (S + 3.50%)	12/17/2031		7,275,151		7,265,859		6,911,394
BarBri Holdings, Inc (7)	First Lien Senior Secured Loan	8.45% (S + 4.75%)	4/30/2030		7,141,250		7,141,250		7,096,617
Calabrio, Inc. (8)	First Lien Senior Secured Loan	7.67% (S + 4.00%)	11/26/2032		2,425,000		2,312,369		1,889,924
Castle US Holding Corporation (7)	First Lien Senior Secured Loan	9.62% (S + 6.00% incl. 1.00% PIK)	4/29/2030		1,069,792		1,028,918		1,074,692
Castle US Holding Corporation (7)	First Lien Senior Secured Loan	8.01% (S +CSA + 4.25%)	5/31/2030		1,740,495		1,740,495		841,964
Castle US Holding Corporation (6)(7)	First Lien Senior Secured Loan	8.43% (S +CSA + 4.50%)	5/31/2030		5,321,980		5,321,980		2,506,387
Corelogic, Inc. (6)(8)	First Lien Senior Secured Loan	7.26% (S +CSA + 3.50%)	6/2/2028		9,568,849		9,538,190		9,473,161
Edition Holdings Inc (7)	First Lien Senior Secured Loan	8.14% (S + 4.50%)	12/20/2032		8,383,626		8,358,943		8,208,713
EP Purchaser, LLC (6)(8)	First Lien Senior Secured Loan	8.28% (S +CSA + 4.50%)	11/6/2028		8,659,194		8,631,947		5,637,135
Genuine Financial Holdings LLC (6)(8)	First Lien Senior Secured Loan	6.89% (S + 3.25%)	9/27/2030		10,229,064		10,191,410		9,930,734
Inmar, Inc. (6)(7)(8)	First Lien Senior Secured Loan	8.20% (S + 4.50%)	10/30/2031		9,559,265		9,497,682		8,418,128
IVC Acquisition, Ltd. (4)(6)(8)	First Lien Senior Secured Loan	7.48% (S + 3.75%)	12/12/2028		7,445,600		7,396,215		7,402,155
Mermaid Bidco Inc (6)(8)	First Lien Senior Secured Loan	6.91% (S + 3.25%)	7/3/2031		4,454,660		4,445,523		4,322,891
NewFold Digital Holdings Gr (6)(8)	First Lien Senior Secured Loan	7.21% (S +CSA + 3.50%)	4/30/2029		2,909,841		2,909,841		2,356,971
NewFold Digital Holdings Gr (6)(8)	First Lien Senior Secured Loan	7.21% (S +CSA + 3.60%)	4/30/2029		599,712		599,712		259,624
Ryan, LLC (7)(8)	First Lien Senior Secured Loan	7.14% (S + 3.50%)	11/5/2032		8,300,742		8,210,935		8,248,862
Thryv, Inc. (6)	First Lien Senior Secured Loan	10.39% (S + 6.75%)	5/1/2029		5,400,000		5,365,323		5,329,125
Xplor T1, LLC (7)	First Lien Senior Secured Loan	6.91% (S + 3.25%)	12/1/2032		7,123,669		7,098,100		6,553,775
							107,054,692		96,462,252		23.8	%

Palmer Square Capital BDC Inc.

Consolidated Schedules of Investments

As of June 30, 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	7.48% (S + 3.75%)	4/24/2028	$	5,925,000	$	5,909,615	$	5,586,416
Vacation Rental Brands, LLC (7)	First Lien Senior Secured Loan	8.98% (S + 5.25%)	5/6/2032		2,062,595		2,062,595		2,026,543
Vacation Rental Brands, LLC (7)	First Lien Senior Secured Loan	8.99% (S + 5.25%)	5/6/2032		1,378,472		1,378,472		1,364,688
							9,350,682		8,977,647		2.2	%
Restaurants
Cooper's Hawk Intermediate Holding LLC (7)	First Lien Senior Secured Loan	9.17% (S + 5.50%)	7/29/2031		4,241,842		4,241,842		4,240,413
Cooper's Hawk Intermediate Holding LLC (7)(12)	First Lien Senior Secured Revolving Loan	9.08% (S + 5.50%)	7/29/2031		105,263		105,263		102,961
							4,347,105		4,343,374		1.1	%
Road and Rail
Carriage Purchaser, Inc. (7)(8)	First Lien Senior Secured Loan	7.14% (S + 3.50%)	9/25/2028		8,662,059		8,665,540		8,709,873
							8,665,540		8,709,873		2.1	%
Semiconductors and Semiconductor Equipment
CoreWeave Financing DDTL V LLC (4)(6)(8)(13)	First Lien Senior Secured Delayed Draw Loan	8.12% (S + 4.50%)	11/15/2031		1,775,806		1,775,806		1,883,231
							1,775,806		1,883,231		0.5	%

Software
Aptean Inc. (7)	First Lien Senior Secured Loan	8.42% (S + 4.75%)	1/30/2031		6,608,793		6,579,181		6,394,007
Aptean Inc. (7)(11)	First Lien Senior Secured Revolving Loan	8.42% (S + 3.75%)	1/30/2031		120,745		117,885		102,256
Auctane, Inc (7)	First Lien Senior Secured Loan	9.42% (S +CSA + 5.75%)	6/1/2033		7,500,000		7,500,000		7,500,000
Barracuda Networks, Inc. (6)(8)	First Lien Senior Secured Loan	8.16% (S + 4.50%)	8/15/2029		10,161,742		10,017,552		6,973,496
Barracuda Networks, Inc.	Second Lien Senior Secured Loan	10.66% (S + 7.00%)	8/15/2030		4,000,000		3,911,869		1,380,580
Boxer Parent Company Inc. (6)(8)	First Lien Senior Secured Loan	6.42% (S + 3.00%)	7/30/2031		9,825,625		9,793,511		8,880,940
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		4,848,286		4,848,286		3,696,818
Help/Systems Holdings, Inc.	Second Lien Senior Secured Loan	12.74% (S + 9% PIK)	5/21/2029		3,904,771		3,904,771		1,854,766
IGT Holding IV AB (4)(8)	First Lien Senior Secured Loan	6.73% (S + 3.00%)	9/2/2031		1,995,000		1,995,000		1,956,975
Ivanti Software, Inc. (6)(8)	First Lien Senior Secured Loan	9.41% (S + 5.75%)	6/1/2029		2,372,737		2,355,542		2,304,521
Ivanti Software, Inc. (6)(8)	First Lien Senior Secured Loan	8.41% (S + 4.75%)	6/1/2029		9,842,475		9,842,475		4,355,295
Ivanti Software, Inc.	Second Lien Senior Secured Loan	11.17% (S +CSA + 7.25%)	6/1/2029		3,030,000		3,030,000		544,143
Leia Finco US LLC (8)	First Lien Senior Secured Loan	6.93% (S + 3.25%)	10/9/2031		1,984,925		1,976,399		1,821,665
Magenta Security Holdings LLC (6)	First Lien Senior Secured Loan	10.67% (S +CSA + 6.75%)	7/27/2028		641,850		639,854		433,852
Magenta Security Holdings LLC (6)	First Lien Senior Secured Loan	10.93% (S +CSA + 7.00%)	7/27/2028		1,174,081		1,171,520		446,885
Magenta Security Holdings LLC (6)	First Lien Senior Secured Loan	10.17% (S + CSA + 7.00% incl. 0.75% PIK)	7/27/2028		6,355,448		6,345,478		1,094,059
Magenta Security Holdings LLC (6)	First Lien Senior Secured Loan	9.91% (S + 6.25%)	7/27/2028		949,963		943,198		935,951
Metropolis Technologies Inc (7)(8)	First Lien Senior Secured Loan	8.92% (S + 5.25%)	11/3/2032		7,462,500		7,420,610		7,359,891
Mitchell International, Inc. (6)(8)	Second Lien Senior Secured Loan	8.89% (S + 5.25%)	6/7/2032		7,500,000		7,473,044		6,926,250
MRI Software LLC (7)	First Lien Senior Secured Loan	8.48% (S + 4.75%)	2/10/2028		6,244,182		6,212,801		6,127,103
MRI Software LLC (7)(17)	First Lien Senior Secured Revolving Loan	8.48% (S + 4.75%)	2/10/2028		159,093		156,617		143,183
Optimizely North America Inc. (7)	First Lien Senior Secured Loan	9.12% (S + 5% cash)/S + 5.50% incl. 1.25% PIK)	10/30/2031		4,503,963		4,503,963		4,300,887
Orchid Merger Sub II, LLC (6)	First Lien Senior Secured Loan	8.63% (S +CSA + 4.75%)	7/27/2027		3,353,889		3,317,429		1,622,444
Project Alpha Intermediate Holding, Inc. (6)(8)	First Lien Senior Secured Loan	6.98% (S + 3.25%)	10/26/2030		7,805,950		7,733,345		5,702,247
Proofpoint Inc. (8)	First Lien Senior Secured Loan	6.73% (S + 3.00%)	8/31/2028		3,939,547		3,938,667		3,810,684
Renaissance Holding Corp. (6)(8)	First Lien Senior Secured Loan	7.66% (S + 4.00%)	4/5/2030		11,439,471		11,344,725		9,119,432
Rocket Software, Inc. (6)(8)	First Lien Senior Secured Loan	7.39% (S +CSA + 3.75%)	11/28/2028		12,046,290		11,940,276		11,475,235
Starlight Parent LLC (8)	First Lien Senior Secured Loan	7.67% (S + 4.00%)	4/16/2032		2,481,250		2,417,116		2,084,250
Tuple US Bidco LLC (4)(8)	First Lien Senior Secured Loan	7.38% (S + 3.75%)	1/14/2033		1,995,000		1,986,273		1,915,200
Veracode (6)(8)	First Lien Senior Secured Loan	8.51% (S +CSA + 4.75%)	5/2/2029		8,470,000		8,453,106		3,069,867
							158,661,634		120,954,245		29.8	%

Palmer Square Capital BDC Inc.

Consolidated Schedules of Investments

As of June 30, 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	6.89% (S + 3.25%)	1/23/2032	$	6,872,002	$	6,876,148	$	6,902,067
Petco Health and Wellness Company Inc (4)(8)	First Lien Senior Secured Loan	7.98% (S + 4.25%)	1/31/2031		1,995,000		1,936,727		1,974,013
							8,812,875		8,876,080		2.2	%
Technology Hardware, Storage & Peripherals
Clover Holdings 2 LLC (6)	First Lien Senior Secured Loan	7.75%	12/9/2031		748,111		731,481		716,002
Clover Holdings 2 LLC (8)	First Lien Senior Secured Loan	7.75% (S + 3.75%)	12/9/2031		386,524		370,190		367,681
							1,101,671		1,083,683		0.3	%
Textiles, Apparel & Luxury Goods
Tory Burch LLC (6)(8)	First Lien Senior Secured Loan	7.64% (S + 4.00%)	4/30/2031		6,000,000		5,882,881		5,984,370
							5,882,881		5,984,370		1.5	%
Trading Companies and Distributors
Albion Financing 3 S.a.r.l (4)(8)	First Lien Senior Secured Loan	6.63% (S + 3.00%)	5/21/2031		2,984,925		2,984,925		2,996,118
Radwell Parent, LLC (7)	First Lien Senior Secured Loan	8.48% (S + 4.75%)	4/1/2030		2,088,617		2,088,617		2,075,563
Radwell Parent, LLC (7)	First Lien Senior Secured Loan	8.45% (S + 4.75%)	4/1/2030		1,083,239		1,083,239		1,076,469
Radwell Parent, LLC (7)(18)	First Lien Senior Secured Delayed Draw Loan	8.48% (S + 4.75%)	4/1/2030		37,523		37,523		30,940
Radwell Parent, LLC (7)(18)	First Lien Senior Secured Revolving Loan	8.48% (S + 4.75%)	4/1/2030		66,412		66,412		65,790
Radwell Parent, LLC (7)	First Lien Senior Secured Delayed Draw Loan	8.48% (S + 4.75%)	4/1/2030		253,634		253,634		253,000
							6,514,350		6,497,880		1.6	%

Total debt investments						$	1,158,535,210	$	1,037,803,601		255.5	%

Palmer Square Capital BDC Inc.

Consolidated Schedules of Investments

As of June 30, 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)(22)

Collateralized Loan Obligation

11.57% (S + 7.25%)

10/17/2037

3,000,000

2,972,597

2,920,080

AIMCO 2015-AA FR4 (4)(22)

Collateralized Loan Obligation

11.41% (S + 7.18%)

10/17/2038

2,000,000

1,962,497

1,914,232

BABSN 2022-2A ER (4)(22)

Collateralized Loan Obligation

10.57% (S + 6.90%)

7/15/2039

3,000,000

3,053,386

2,786,488

CGMS 2020-2A ER (4)(22)

Collateralized Loan Obligation

12.46% (S +CSA + 8.53%)

1/25/2035

4,000,000

3,921,669

3,470,273

ELM20 2022-7A FR2 (4)(22)

Collateralized Loan Obligation

10.88% (S + 7.25%)

1/20/2039

1,450,000

1,407,842

1,434,415

ELMW2 2019-2A FRR (4)(22)

Collateralized Loan Obligation

11.70% (S + 7.82%)

10/20/2037

2,000,000

1,930,830

1,852,225

ELMW8 2021-1X ER (4)(22)

Collateralized Loan Obligation

9.93% (S + 6.25%)

4/20/2037

Form: 10-Q

Documents