# EDGAR Filing Document

**Accession Number:** 0001794776
**File Stem:** 0001213900-25-084034
**Filing Date:** 2025-9
**Character Count:** 33909
**Document Hash:** 0bc025ab9655d08b9ef7281f7fd155e4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-084034.hdr.sgml**: 20250903

**ACCESSION NUMBER**: 0001213900-25-084034

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 42

**CONFORMED PERIOD OF REPORT**: 20250903

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250903

**DATE AS OF CHANGE**: 20250903

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Palmer Square Capital BDC Inc.
- **CENTRAL INDEX KEY:** 0001794776

**ORGANIZATION NAME:**
- **EIN:** 843665200
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01334
- **FILM NUMBER:** 251289738

**BUSINESS ADDRESS:**
- **STREET 1:** 1900 SHAWNEE MISSION PARKWAY
- **STREET 2:** SUITE 315
- **CITY:** MISSION WOODS
- **STATE:** KS
- **ZIP:** 66205
- **BUSINESS PHONE:** 816-994-3200

**MAIL ADDRESS:**
- **STREET 1:** 1900 SHAWNEE MISSION PARKWAY
- **STREET 2:** SUITE 315
- **CITY:** MISSION WOODS
- **STATE:** KS
- **ZIP:** 66205

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): September 03, 2025**

**<u>Palmer Square Capital BDC Inc.</u>**

**(Exact name of Registrant as Specified in Its Charter)**

---

| | | |
|:---|:---|:---|
| **Maryland** | **814-01334** | **84-3665200** |
| **(State or Other Jurisdiction<br> of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br> Identification No.)** |

---

---

| | |
|:---|:---|
| **1900 Shawnee Mission Parkway, Suite 315 <br> Mission Woods, Kansas** | **66205** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code: 816 994-3200**

**(Former Name or Former Address, if Changed Since Last Report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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. ☐

**Item 7.01 Regulation FD Disclosure.**

On September 04, 2025, the Company will give a presentation to investors at the Company's investor forum. A copy of the presentation is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The information furnished in this Item 7.01 shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act or the Exchange Act.

 **Item 9.01 Financial Statements and Exhibits.**

*(d) Exhibits*.

99.1 [Investor Forum Presentation, dated September 04, 2025](ea025580601ex99-1_palmer.htm) <br> 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, Palmer Square Capital BDC Inc. has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **PALMER SQUARE CAPITAL BDC INC.** | **PALMER SQUARE CAPITAL BDC INC.** |
| Date: September 03, 2025 | By: | /s/ Jeffrey D. Fox |
|  | Name: | Jeffrey D. Fox |
|  | Title: | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](ex99-1_001.jpg)

Palmer Square Investor Forum Palmer Square Capital BDC Inc. (NYSE: PSBD) September 2025

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Forward - looking Statements© Palmer Square Capital Management LLC 2 This presentation and any information communicated during any delivery of the presentation and any question and answer session and any document or material distributed at or in connection with the presentation (collectively, the "Presentation") may contain forward - looking statements relating to the business, operations and financial conditions of Palmer Square Capital BDC Inc. ("we", "us", "our", or the "Company"), including but not limited to current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, and other future conditions. Words such as, but not limited to, "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "objective", "outlook", "plan", "potential", "predict", "project", "should", "will", "would" or the negative of those terms, and similar expressions that convey uncertainty of future events or outcomes, identify forward - looking statements. These forward - looking statements reflect management's beliefs and views with respect to future events and are based on estimates and assumptions as of the date of this Presentation and are subject to risks and uncertainties. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the Company's ability to identify attractive investment opportunities; changes in interest rates; regulations governing the Company's operation as a business development company; the operating results and financial condition of the Company's portfolio companies; the adequacy of the Company's protections with respect to its loan portfolio; changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including the liquidity of certain banks; uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union and China, the conflict in the Red Sea and the conflicts between Russia and Ukraine, and between Israel and Hamas; disruptions related to tariffs and other trade or sanctions issues; the impact of fluctuations in interest rates and foreign exchange rates on the Company's business and its portfolio companies; rising levels of inflation, and its impact on the Company, its portfolio companies and on the industry in which the Company invests; and risks relating to economic recessions or downturns. Moreover, new risks emerge from time to time, and it is not possible for management to predict all risks, nor can the Company assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward - looking statements we may make. More information on these risks and other potential factors that could affect the Company's financial results, including important factors that could cause actual results to differ materially from plans, estimates or expectations included herein, is included in the Company's filings with the Securities and Exchange Commission, including the factors set forth as "Risk Factors" in the Company's annual reports on Form 10 - K and quarterly reports on Form 10 - Ǫ. Given these uncertainties, you should not place undue reliance on these forward - looking statements. The Company qualifies all of the forward - looking statements in this Presentation by these cautionary statements. Except as required by law, the Company undertakes no obligation to publicly update any forward - looking statements, whether as a result of new information, future events or otherwise. This Presentation contains statistics and other data that has been obtained from or compiled from information made available by third - party service providers. We have not independently verified such statistics or data. This Presentation is neither an offer to sell, or a solicitation of an offer to purchase, an interest in the Company. The information presented in this Presentation is as of June 30, 2025, unless indicated otherwise. FORWARD - LOOKING STATEMENTS

![](ex99-1_003.jpg)

Investor Forum Schedule Stadium Tour 11:00am Lunch 11:30am Program Begins 12:00pm Palmer Square's Differentiated Platform Chris Long, CEO & Chairman 12:30pm PSBD Portfolio G Investment Strategy Angie Long, CIO 1:00pm Investment Process G Case Study Matt Bloomfield, President 1:30pm Management Fireside Chat Moderated by Ken Lee, RBC Senior Equity Analyst 2:00pm Cocktail Reception 2:30pm© Palmer Square Capital Management LLC 3

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Palmer Square's Differentiated Platform Chris Long CEO & Chairman SESSION 1

![](ex99-1_005.jpg)

$3CB Assets Under Management 200G Founded by Chris Long Chairman and Chief Executive Officer of PSBD Top 2 Globally for total U.S. based CLO issuance 2022 – 2024 1 $C0B+ Capital Invested Since Inception 100% Management owned 74 Professionals, including 31 investment professionals G5% Client retention rate HǪ Kansas City, MO Note: Data as of 06/30/2025. 1 Source: Leveraged Commentary & Data (LCD) and Palmer Square. The data includes all deals and managers in the CLO market except for Middle Market deals. DIFFERENTIATED PLATFORM Opportunistic Strategies Income / Short Duration Strategies Private Credit / Structured Credit Issuance Strategies 1 2 3 Investment Focus Focus on corporate and structured credit across three major strategy segments Palmer Square Capital Management Overview© Palmer Square Capital Management LLC 5© Palmer Square Capital Management LLC 5

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DIFFERENTIATED PLATFORM $33 $184 $335 $CC1 $2,00G $3,240 $3,7G8 $3,G11 $4,C72 $8,484 $10,341 $13,G71 $20,55G $25,41C $2G,485 $33,20G $35,8C1 80 70 60 50 40 30 20 10 0 200G 2010 2011 2012 2013 2014 2015 2016 2017 2018 201G 2020 2021 2022 2023 2024 2025 AUM (millions) Employees© Palmer Square Capital Management LLC 6 Chris Long founded Palmer Square Angie Long named CIO & launched Mutual Fund Platform Launched Opportunistic Credit Platform Closed 1 st managed CLO & launched Income/Short Duration Platform Launched Interval Fund Launched PSTAT CLO platform & 1 st broadly distributed CLO debt indices Launched BDC Platform Launched Strategic Debt fund, TALF Opportunity Fund & the European Credit Platform Issued two $1B Static CLOs Launched dedicated Private Credit Fund IPO of Palmer Square Capital BDC, Inc., Launched ETF Platform Launch of Palmer Square UCITs Platform Employees Firm Milestones G Growth Note: Palmer Square Capital Management LLC's AUM is unaudited. The AUM provided is an estimate as of 07/31/2025.

![](ex99-1_007.jpg)

▪ Our extensive track record demonstrates the ability to find the best relative value opportunities across corporate and structured credit. ▪ Our exceptionally low loss rates across strategies reflect a high - quality bias and emphasis on risk management. ▪ Size and scale to look at a wide range of deals. ▪ Nimble enough to take advantage of market dislocations across corporate and structured credit. ▪ Experienced credit investment team of ~30 professionals organized by structure and sector. ▪ Senior team has worked together for over a decade. ▪ Leadership averages over 20 years of investment experience. ▪ Solutions focused on addressing client - specific needs and alignment of fund terms. ▪ Investment team compensation based on individual + overall firm performance to incentivize finding the best relative value and effectively managing risk. DIFFERENTIATED PLATFORM Capability© Palmer Square Capital Management LLC 7 Agility Team Alignment Why Palmer Square?

![](ex99-1_008.jpg)

Palmer Square believes active management in fixed income is paramount, and with effective execution should capture total return in excess of yield. Our depth of experience, quality of research, and commitment to process position us for this type of performance. DIFFERENTIATED PLATFORM 3 Maintain Liquidity Where Possible 2 Minimize Interest Rate Duration 1 Focus on Higher Ǫuality Assets Palmer Square's investment philosophy has been consistent throughout multiple credit environments and has always been underpinned by our core competencies of locating relative value across corporate and structured credit, and granular, bottom - up fundamental credit analysis. In everything we do, we subscribe to three key pillars© Palmer Square Capital Management LLC 8 Investment Philosophy

![](ex99-1_009.jpg)© Palmer Square Capital Management LLC G DIFFERENTIATED PLATFORM Income / Short IG Duration Private Credit / Structured Credit $2.G $8.4 $15.7 $2.3 $1.5 $4.1 $0.G Palmer Square's Comprehensive Credit Platform Income Plus Strategy $27.0 $3.8 $5.1 $36B Opportunistic Credit Strategy Multi - Asset Credit Strategy Ultra - Short Duration Strategy Guilford Capital© Credit Strategy / Senior Loan $0.1 Private Credit Strategy Static CLO Issuance Managed CLO Issuance Opportunistic 3 AUM 2 Products BDC Private Funds Interval Fund SMAs ETFs Mutual Funds CIT Co - Investments UCITs Note: Palmer Square Capital Management LLC's AUM is unaudited. 2 The AUM provided is an estimate as of 07/31/2025 and is inclusive of Palmer Square Capital Management LLC and its affiliates. 3 PSBD AUM is included in Opportunistic Credit.

![](ex99-1_010.jpg)

U.S. Deals # of Deals Size 2022 - 2024 30 $15.7B 24 $13.GB 22 $11.2B 20 $10.6B As of 06/30/2025. Source: S&P LCD and Palmer Square. The data includes all deals and managers in the CLO market except for Middle Market deals. 4 Palmer Square 6/30/25. 5 Source: CreditFlux. DIFFERENTIATED PLATFORM CLO Volume Beats Most Large Alternative Asset Managers We believe the platform's depth of expertise in bank loans via the CLO market gives PSBD a major advantage in sourcing and selecting investments 18.1% Average Equity IRR 5 on Called Deals #1 EUR Issuer of CLOs from 2022 - 2024 5 #2 Global & US Issuer of CLOs from 2022 - 2024 5 $2CB CLO AUM Outstanding Across 55 Active Deals 4 Deep Credit Expertise $4CB CLOs Issued Across G0 Deals Since 2013 4 European Deals # of Deals Size 2022 - 2024 14 $6.0B 11 $4.8B 11 $4.5B 11 $4.4B Global Deals # of Deals Size 2022 - 2024 41 $20.1B 38 $1G.GB 25 $12.8B 25 $11.6B Punching Above Our Weight© Palmer Square Capital Management LLC 10© Palmer Square Capital Management LLC 10

![](ex99-1_011.jpg)

Source: Kanerai, Intex and Barclays Research. Palmer Square did not compensate Barclays directly or indirectly for the ranking above. These ratings are an averaged sample of Palmer Square's CLO purchasing activity and are not representative of any one client's experience. Past performance does not guarantee future results. 6 Per Barclays, Clawing Away at Mezz Returns and Ratings and additional distributed information (as of 04/03/2020), ("the Barclays Report"). Score of G5.G% is highest of top 100 managers. 7 Average Rank is the average of a manager's percentile positioning in "Risk" Exposure % and Minimum Overcollateralization Test Cushion rankings. 8 The Manager Percentile Ranking is based on an initial sample of 110 managers from 2012 through 201G based on deal closing date. Only managers with 2 or more deals were included in the ranking, resulting in a final sample size of 100. G "Risk" Exposure % refers to a CLO's exposure to at - risk industries and low - rated issues. In their analysis, Barclays uses the most common Moody's industry name for an issuer to calculate a combined exposure level to the most at - risk industries (Automotive, Consumer Goods: Durable, Consumer Goods: Non - Durable, Energy: Oil & Gas, Hotels, Gaming & Leisure, Retail, Transportation: Cargo, Transportation: Consumer). Thus, for their analysis, US BSL CLO managers have exposures of roughly 20%. To avoid over - penalizing potentially stronger issuers from these more at - risk industries and highlight the potential downgrade and default risk of weaker issuers, Barclays removes the assets with a rating of B1 or higher in the portfolios (as of the last trustee reported data) to calculate a final "at - risk industry/lower - rated" exposure value for each deal (percentage of total asset portfolio). Low - rated issues are assets rated CCC or lower. 10 Minimum Overcollateralization Test Cushion refers to a CLO's ratio of assets to debt, and the level that that ratio exceeds the minimum required ratio. All else equal, the higher the minimum overcollateralization test cushion, the more protected the CLO's debt investors are from potential defaults in the asset pool.© Palmer Square Capital Management LLC 11 In a Challenging Market During COVID, Palmer Square Ranked #1 CLO Manager Able to Weather the Storm (Based on Risk and Other Metrics) 6,7,8 Barclays put together a downgrade scoring system based on risk G and minimum overcollateralization "OC" test cushion 10 to determine which managers would weather a potential bank loan credit downgrade storm the best. Palmer Square ranked #1 (See Chart) out of 100 managers as far as who was positioned to weather the storm best 6,7,8 . We believe our approach will not only allow us to weather downgrade possibilities but will also allow us to prosper. Top Five Manager Percentile Rankings (Lower = Relatively Worse) Avg. Rank Min OC Cushion 10 Risk Exposure % G Manager G5.G% G2.G% G8.G% Palmer Square Capital Management G5.5% G0.G% 100.0% Manager 2 G2.G% G4.G% G0.G% Manager 3 87.G% G1.G% 83.8% Manager 4 85.3% 77.7% G2.G% Manager 5 DIFFERENTIATED PLATFORM Palmer Square Named a Top Manager Amid Severe Market Stress

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PSCM's Expertise Puts PSBD in a Position to Succeed Launched in 201G and publicly listed in 2024, Palmer Square Capital BDC Inc. (PSBD) offers a: Liquid investment strategy ▪ Broadly Syndicated Loans (BSLs) represent a sizable primary market and deeply liquid secondary market ▪ Tactical adjustments can be made to the portfolio during times when credit markets are under pressure ▪ The BDC holds the optionality to enter private credit deals when returns are very attractive Differentiated BDC profile ▪ Only publicly traded BDC with BSL investment as its primary strategy ▪ As BSL & private credit grow to co - exist, it is critical to have exposure to both ▪ Weighted average EBITDA of PSBD portfolio companies (~$400M) significantly exceeds that of peers Strong alignment with shareholders ▪ Shareholder friendly management / incentive fee structure ▪ Monthly disclosure of NAV ▪ Liquid investments enable objective fair value marks© Palmer Square Capital Management LLC 12 11.8% Dividend Yield on Stock Price 12 GC% Senior Secured Investments 13 G8% Floating Rate Debt Investments 13 0.1G% Non - Accrual Rate 13 Key Statistics 10.5% Dividend Yield on NAV 11 2C3 Total Investments 11 NAV as of 7/31/2025. Dividend yield calculated by dividing the annualized quarterly dividend by the most recent NAV/share. 12 Dividend yield calculated by dividing the annualized quarterly dividend by the market price as of 8/31/2025. 13 Calculated as a percentage of long - term investments as of 6/30/2025. Past performance is not indicative of future results.© Palmer Square Capital Management LLC 12 DIFFERENTIATED PLATFORM

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PSBD Portfolio G Investment Strategy Angie Long CIO SESSION 2

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Note: All figures as of 6/30/2025. 14 Includes fair value of short - term investments. 15 Attributes of first lien borrowers. 16 Represents a weighted average yield to maturity at fair value for all debt and income producing securities. 17 Average hold size of first and second lien investments at fair value. PORTFOLIO & INVESTMENT STRATEGY $412M Weighted Average LTM EBITDA 15 $1.3B Fair Value Investment Portfolio 14 $3.3B Invested Capital Since Inception ~$5.1M Average Hold 17 3G Portfolio Industries 20C Portfolio Companies 10.1% W.A. Yield on Investments 16 10.8% Net Investment Income Yield 2.2x Weighted Average Interest Coverage 0.1G% Non - Accrual rate 5.1x Median Net Leverage (First Lien) 54% Median LTV Decades of experience in bank loans, corporate debt, and structured credit Established manager Liquid bank loan investment strategy well - positioned to deliver attractive risk - adjusted returns Differentiated BDC Meaningful deal flow & ability to be selective Large addressable market Downside protection & superior credit performance Rigorous investment process Senior secured loans across several industries Highly diversified portfolio Strong shareholder alignment Compelling fee structure & heightened transparency PSBD Investment Highlights© Palmer Square Capital Management LLC 14© Palmer Square Capital Management LLC 14

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PORTFOLIO & INVESTMENT STRATEGY Consistent investment philosophy throughout multiple credit environments underpinned by core competencies: locating relative value and granular, bottom - up fundamental credit analysis Attractive risk adjusted returns through a highly liquid strategy Investment Criteria x Loans with an average overall deal size greater than $1 billion x Priority position in the capital structure x Small to large private U.S. companies with higher recurring revenue and high customer retention rates Liquid, Leveraged Loan Market & Large Cap Direct Lending Market Market Segment Senior Secured, Floating Rate Asset Focus Companies with strong structural protections, limited downside, and low long - term beta Borrower Focus PSBD Investment Strategy© Palmer Square Capital Management LLC 15

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SGP/LSTA Leveraged Loan Index A nearly $2T market accessed via primary and secondary market offers significant opportunity for active management U.S. Leveraged Loan Volume An unprecedented rate hiking cycle temporarily slowed down issuance in the syndicated loan market but since normalized Note: Data as of 06/30/2025. Source: LCD, LSTA Leveraged Loan Index. PORTFOLIO & INVESTMENT STRATEGY Large G Liquid Addressable Market $1,600 $1,500 $1,400 $1,300 $1,200 $1,100 $1,000 2Ǫ20 3Ǫ20 4Ǫ20 1Ǫ21 2Ǫ21 3Ǫ21 4Ǫ21 1Ǫ22 2Ǫ22 3Ǫ22 4Ǫ22 1Ǫ23 2Ǫ23 3Ǫ23 4Ǫ23 1Ǫ24 2Ǫ24 3Ǫ24 4Ǫ24 1Ǫ25 2Ǫ25 Billions $0 $50 $100 $150 $200 $250 2Ǫ20 3Ǫ20 4Ǫ20 1Ǫ21 2Ǫ21 3Ǫ21 4Ǫ21 1Ǫ22 2Ǫ22 3Ǫ22 4Ǫ22 1Ǫ23 2Ǫ23 3Ǫ23 4Ǫ23 1Ǫ24 2Ǫ24 3Ǫ24 4Ǫ24 1Ǫ25 2Ǫ25 Billions Pro Rata Institutional© Palmer Square Capital Management LLC 16

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▪ Compared to other liquid fixed income options, bank loans offer a leading yield profile and low default rate ▪ Private credit's illiquidity premium to bank loan yields has compressed considerably Source: Bloomberg, Palmer Square. PSBD dividend yield and YTW yields for all others. YTW Yields as of 08/31/2025. Dividend yield is based on the annualized rate of the second quarter dividend of $0.42 per share, and the $14.20 share price as of 8/31/2025.. PORTFOLIO & INVESTMENT STRATEGY Asset Class Yields Compelling Yield Pickup Relative to Fixed Income Universe… 11.8% C.8% C.7% C.C% 5.7% 5.C% 5.3% 5.1% 4.8% 4.8% 4.4% 4.4% 4.G% 4.3% 4.2% 3.C% 3.1%© Palmer Square Capital Management LLC 17© Palmer Square Capital Management LLC 17

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Source: JP Morgan Research, S&P LCD, Palmer Square from 12/31/2013 - 6/30/2025. 18 Palmer Square average annual loss ratio calculated by dividing total par losses for previous 12 - month period by Total CLO AUM at the end of the period. 1G Industry average loss ratio calculated by dividing total par losses for previous 12 - month period by total par outstanding US leverage loans at the end of the period. PORTFOLIO & INVESTMENT STRATEGY Palmer Square's superior CLO loan default rates over the last 10+ years demonstrate its expertise in the corporate bank loan market and an ability to generate consistent alpha Loss Rates Palmer Square vs. Industry 0.10% Palmer Square average annual loss ratio 18 0.C8% Industry average loss ratio 12/31/2013 – LTM 6/30/2025 1G …Coupled With the Platform's Historically Low Loss Rates 1.7% Palmer Square CLO Loan Defaults vs. Industry 4.3% 1.7% 1.5% 1.8% 1.7% 1.C% 4.0% 1.0% 2.1% 1.5% 1.4% 0.0% 0.0% 0.0% 0.4% 1.4% 0.0% 0.4% 0.3% 0.1% 0.5% 0.4% 0.2% 2013 2014 2015 2016 2017 2018 201G 2020 0.5% 0.0% 2021 2022 2023 2024 LTM 6/25 Annual Loan Industry Defaults by Par Amount Palmer Square CLO Annual Loan Defaults by Par Amount© Palmer Square Capital Management LLC 18

![](ex99-1_019.jpg)© Palmer Square Capital Management LLC 1G Note: Data as of 06/30/2025. 20 As a percentage of total income producing securities at fair value. PORTFOLIO & INVESTMENT STRATEGY Highly diversified portfolio by industry and borrower, oriented towards first lien senior secured loans. Portfolio at Fair Value : ~$1.3B 206 Portfolio Companies G6% Senior Secured 3G Industries Top 10 10.7% Other Borrowers 8G.3% Short Term Investments and First - Lien Senior Secured Debt G0% Other \| 4% Second - Lien Senior Secured Debt \| C% Professional Services 8% IT Services C% Chemicals 5% Other C0% Top 5 Industry Mix 20 Focus on Defensive Industries Software 11% Healthcare Providers and Services \| 10% Borrower Concentration 20 Low Borrower Concentration Portfolio Mix 20 Senior Secured Focused Well Diversified Portfolio Across Metrics

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Non - Accrual % 0.7% 1.2% 3.0% 0.1% 0.3% 0.2% 0.3% 1.2% 0.C% 1.8% 2.0% 5.3% BXSL PSBD GBDC OBDC ARCC FSK at Fair Value at Cost Note: Data as of 06/30/2025. 21 Comparable companies include top five publicly traded BDCs by assets. 22 Money market balance removed from total investments for purpose of comparison. 23 Payment - in - Kind as a percentage of total investment income. PORTFOLIO & INVESTMENT STRATEGY Focus on the top of the capital stack and disciplined portfolio management have driven a strong credit profile. Furthermore, at $400M+ EBITDA our average borrower is meaningfully larger than the sector norm. First Lien Exposure 22 Top 10 Holdings PIK Income % 23 PSBD's Portfolio Stacks up Well Against Competition 21 G8% G2% G0% 7C% 5G% 5G% BXSL GBDC OBDC ARCC FSK 11% 12% 1G% 20% 21% 22% PSBD GBDC FSK ARCC BXSL OBDC PSBD 16 2.5%© Palmer Square Capital Management LLC 20 C.2% C.4% 7.7% G.1% 14.4% PSBD GBDC BXSL ARCC OBDC FSK

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PORTFOLIO & INVESTMENT STRATEGY Strong Value Creation Through Bouts of Uncertainty PSBD has offered meaningful economic benefit combined with transparency since inception 10.8% 10.C% 10.4% 10.4% G.7% BXSL PSBD FSK OBDC GBDC ARCC NAV Dividend Yield 24 11.3% $20.0 $20.2 $20.1 $15.0 $1.0 $2.4 $4.3 $20.0 $21.1 $22.4 $1G.2 $25.5 $24.8 $23.5 $G.6 $8.3 $6.4 $15.G $16.5 $17.0 NAV / Share Cumulative Dividends / Share 24 As of 6/30/25 for purposes of comparing similar timeframes across peer group. Please include the footnote : Dividend yield calculated by dividing the latest annualized quarterly dividend by the respective NAV per share at quarter end. Net Asset Value + Cumulative Dividends The current dividend yield to NAV is very attractive relative to the largest publicly traded BDCs© Palmer Square Capital Management LLC 21 27% economic return (unannualized)

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0.7% 1.0% 1.0% 1.4% 1.4% 1.5% PSBD GBDC BXSL OBDC FSK ARCC ▪ Income incentive fee of 12.5% compares to 15% - 20% across peers & incorporates lookback on net realized losses on a trailing 1 - year and 3 - year basis ▪ Clearly communicated dividend policy designed to offer a predictable distribution ▪ Disclosure of monthly NAV to provide greater transparency on intra - quarter portfolio performance ▪ Share repurchase authorization in place Note: Data as of 6/30/25. 25 Management fee rate calculated as an effective fee rate based on 6/30/25 regulatory disclosures; PSBD stated management fee policy based on NAV but converted to a % of gross assets excluding cash for comparability. Strong Shareholder Alignment PORTFOLIO & INVESTMENT STRATEGY ▪ Compelling management fee compared to BDC peers Fee % of Gross Assets 25© Palmer Square Capital Management LLC 22

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Investment Process G Case Study Matt Bloomfield President SESSION 3

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Consistent Investment Process Focused on Principal Preservation INVESTMENT PROCESS Palmer Square Portfolio Management Principles Investment Selection Process 1 Cross - asset relative value, macro, and top - down industry analysis serve as a key tool which then directs the firm's granular, bottom - up research process 2 Focus on risk - adjusted return and yield throughout a credit cycle 3 Scenario analysis to balance upside and downside potential 4 Best - in - class risk management systems and reporting Comprehensive Top - Down Analysis ▪ Macro Analysis ▪ Cross Asset Relative Value Analysis ▪ Industry Analysis ▪ Market Trends Fundamental Credit Analysis ▪ Borrower ▪ Assets ▪ Structure ▪ Evaluation Portfolio Construction ▪ Relative Value ▪ Balance Sheet/Financials ▪ Asymmetry/Optionality Risk Management ▪ Monitoring Risk Metrics ▪ Scenario Analysis ▪ Hedging Program© Palmer Square Capital Management LLC 24

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Credit Selection Combines Top - Down and Bottom - Up Analysis INVESTMENT PROCESS Comprehensive Top - Down Analysis Fundamental Credit Analysis – Corporate Credit Global credit outlook, phase of the business cycle, financial market indicators, M&A/LBO environment Macro Analysis Analyze across loans, bonds, CDS, converts, CLOs and mortgage credit to identify optimal risk/reward opportunities Cross Asset Relative Value Analyze valuation metrics and themes across sectors Industry Analysis Upcoming new issuance, discussions with Wall Street, buyer dynamics across hedge funds, insurance companies, etc., determine and identify key long - term investment themes Market Trends© Palmer Square Capital Management LLC 25 ▪ Identify ▪ Uncover ▪ Evaluate liquidity ▪ Evaluate Borrower Analyze ability and willingness to pay ▪ Focus ▪ Evaluate Assets Measure recovery potential in the event of default ▪ Analyze ▪ Model ▪ Review mandatory Structure Assess capital structure and payment mechanics ▪ Assess Evaluation Determine actionable outcome

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Background Palmer Square has been a long - time lender to Aptean in the BSL market and PSBD participated in a private credit transaction in early 2024 as part of a private loan financing to (i) refinance the existing BSL structure and (ii) provide incremental debt to support an ongoing tuck - in acquisition strategy. Thesis ▪ Palmer Square can take advantage of its extensive investment experience in the enterprise software space ▪ Aptean demonstrates the strong fundamentals we look for in a software business: ▪ High net / gross retention, demonstrating a deeply embedded product offering ▪ Strong leadership with a proven track record of execution ▪ Consistent recurring revenue growth, strong margins, and robust free cash flow ▪ Incumbency advantage: Deep understanding of core value proposition, competitive positioning, and management's growth strategy CASE STUDY 1 A leading provider of vertically integrated ERP software tailored to manufacturing companies in North America and Europe Borrower Overview TA Associates Sponsor© Palmer Square Capital Management LLC 26© Palmer Square Capital Management LLC 26 Revolver size $125M Term loan size $1.CB DD term loan size Spread: S+525 with a 0.75% floor OID: GG.00 $300M Source: Palmer Square. The above case study is an example of Palmer Square's analysis for investments.

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Background Palmer Square's broader lending platform initially became a lender to Lightstone in 2016 as part of the leveraged buyout by Blackstone and ArcLight. PSBD utilized the platform's familiarity with Lightstone and became a lender via secondary market acquisition at a discount to par. Over time, as we believed in the strength of the asset pool and the positive outlook for power generation prices in PJM, PSBD built a larger position with an amortized cost of approximately G7.3 cents as of 6/30/25.© Palmer Square Capital Management LLC 27 Square's analysis for investments.© Palmer Square Capital Management LLC 27 Thesis ▪ Over 10 years of expertise in the power generation sector. ▪ Financed several hundred million dollars into multiple power generation portfolios. ▪ Increasingly bullish over the past two years due to: ▪ Capacity constraints in the sector ▪ Limited new facility construction ▪ Cash flow clarity from forward power price auctions (PJM zone) ▪ Downside protection for creditors from the hard asset value of generation facilities. Source: Palmer Square. The above case study is an example of Palmer CASE STUDY 2 Lightstone Generation A portfolio of four power generation facilities with a combined generating capacity of 5.2 GW. Each facility provides power into the PJM interconnection, a regional transmission organization in the United States. Borrower Overview Blackstone and ArcLight Capital Partners Sponsors Term loan size $1.5B Spread L+575 PSBD Amortized Cost ~G7.3

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Management Fireside Chat MODERATED BY Ken Lee RBC Senior Equity Analyst SESSION 4

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Christopher D. Long Chairman & Chief Executive Officer Angie K. Long Chief Investment Officer Matthew Bloomfield President