<SEC-DOCUMENT>0001013762-23-005778.txt : 20240214
<SEC-HEADER>0001013762-23-005778.hdr.sgml : 20240214
<ACCEPTANCE-DATETIME>20231023142530
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001013762-23-005778
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20231023

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Palmer Square Capital BDC Inc.
		CENTRAL INDEX KEY:			0001794776
		ORGANIZATION NAME:           	
		IRS NUMBER:				843665200
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%; font-size: 10pt"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 57px; width: 150px">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 30%"><P STYLE="margin-top: 0; margin-bottom: 0">1900 K Street, NW<BR> Washington, DC 20006-1110</P>
                                                           <P STYLE="margin-top: 0; margin-bottom: 0">+1 202 261 3300 Main</P>
                                                           <P STYLE="margin-top: 0; margin-bottom: 0">+1 202 261 3333 Fax</P>
                                                           <P STYLE="margin-top: 0; margin-bottom: 0">www.dechert.com</P>
                                                           <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD><B>HARRY S. PANGAS</B> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>harry.pangas@dechert.com</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>+1 202 261 3466 Direct</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>+1 202 261 3333 Fax</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">DRAFT&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">October [&#9679;], 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>VIA EDGAR</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Investment Management</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, NE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, DC 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.3in">Attn: Anu Dubey, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.4in; font-size: 10pt"><FONT STYLE="font-size: 10pt">Re:</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Palmer Square Capital BDC Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">Registration Statement on Form N-2</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">File Number: 333-274967</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On behalf of Palmer Square Capital BDC Inc. (the
&ldquo;<B><I>Company</I></B>&rdquo;), this letter responds to the comments provided telephonically by the staff (the &ldquo;<B><I>Staff</I></B>&rdquo;)
of the U.S. Securities and Exchange Commission (&ldquo;<B><I>SEC</I></B>&rdquo;) to Dechert LLP, counsel to the Company, on October 18,
2023 relating to the Company&rsquo;s registration statement on Form N-2 filed by the Company with the SEC on the October 13, 2023 (such
registration statement being referred to herein as the &ldquo;<B><I>Registration Statement</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For your convenience, the Staff&rsquo;s comments
are summarized in this letter, and each comment is followed by the response of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>General Comments</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: justify"><B>Comment</B>: With respect to the Resource Sharing Agreement
(the &ldquo;<B><I>RSA</I></B>&rdquo;) between Palmer Square BDC Advisor LLC (the &ldquo;<B><I>Investment Advisor</I></B>&rdquo;) and
Palmer Square Capital Management LLC (&ldquo;<B><I>PSCM</I></B>&rdquo;):</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify">Provide us with a detailed list of the services included within the defined term &ldquo;Services&rdquo;
in the RSA.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify">Describe in detail who qualifies as an &ldquo;investment professional&rdquo; (as such term is used in
Section 1 of the RSA) and disclose to us what roles/titles such investment professionals have at PSCM.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Response: </B>The term &ldquo;Services&rdquo;
in the RSA includes deal origination, credit underwriting, due diligence, investment structuring, execution and portfolio management and
monitoring.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The term &ldquo;investment professional&rdquo;
in the RSA includes individuals who work at PSCM who deliver the &ldquo;Services&rdquo; (as described above) to the Investment Advisor.
These &ldquo;investment professionals&rdquo; generally have the same or similar roles and titles at PSCM as they have at the Investment
Advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<!-- Field: Page; Sequence: 1; Options: NewSection -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">&nbsp;<IMG SRC="image_001.jpg" ALT="" STYLE="height: 57px; width: 150px"></TD>
  <TD STYLE="text-align: right; width: 50%">[&#9679;], 2023<BR>
Page 2</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Pursuant to the RSA, PSCM provides the
Services to the Investment Advisor only and does not provide services of any kind to the Company (including any advisory services) and
does not receive any compensation from the Company. In addition, all personnel of PSCM are subject to the supervision of and operate through
the Investment Advisor with respect to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify"><B>Comment</B>: With respect to the disclosure under the subheading &ldquo;Open Market Share Repurchase
Program&rdquo; on page 8 of the Registration Statement:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify">Please confirm the trigger for repurchases under the Rule 10b5-1 repurchase plan will not be tied to or
based on the price of the shares of the Company&rsquo;s common stock in the proposed initial public offering (the &ldquo;<B><I>IPO</I></B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify">Please confirm that repurchases under the Rule 10b5-1 repurchase plan or otherwise by the Company will
not occur prior to the elapse a sixty-day cooling off period following the earlier of (i) the end of the over-allotment option exercise
period and (ii) the closing of the full exercise of the over-allotment option by the IPO underwriters.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Response:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify">The Company confirms the trigger for repurchases under the Rule 10b5-1 repurchase plan will not be tied
to or based on the price of the shares of the Company&rsquo;s common stock in the proposed IPO.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify">Repurchases under the Company&rsquo;s Rule 10b5-1 repurchase plan will commence on the later of (i) 30
calendar days following the pricing of the IPO and (ii) four full calendar weeks following the completion of the IPO. The Company notes
that the above-described commencement date configuration is consistent with the commencement date configurations used in connection with
two other recent IPOs by business development companies. Please see the final prospectus filed in connection with the IPO for Blackstone
Secured Lending Fund (File No. 333-259990) at <A HREF="http://www.sec.gov/Archives/edgar/data/1736035/000119312521313514/d124735d424b1.htm">https://www.sec.gov/Archives/edgar/data/1736035/000119312521313514/d124735d424b1.htm</A> and
Bain Capital Specialty Finance Inc. (File No. 333-227743) at <A HREF="http://www.sec.gov/Archives/edgar/data/1655050/000104746918007272/a2237148z497.htm">https://www.sec.gov/Archives/edgar/data/1655050/000104746918007272/a2237148z497.htm</A>.
The Company has revised the disclosure accordingly. See page [9] of the amendment to the Registration Statement filed with the SEC on
the date hereof (the &ldquo;<B><I>Amended Registration Statement</I></B>&rdquo;) relating thereto, as well as with respect to a Rule 10b5-1
purchase plan to be concurrently implemented by the Company&rsquo;s investment adviser or an affiliate thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify"><B>Comment</B>: With respect to the disclosure under the subheading &ldquo;Custodian&rdquo; on page 13
of the Registration Statement, please identify the bank custodian for the Company&rsquo;s subsidiaries.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Response: </B>U.S.&nbsp;Bank National
Association serves as the bank custodian to both the Company and its subsidiaries. See page [13] of the Amended Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify"><B>Comment</B>: Please file execution versions of Exhibits (g)(2) and (k)(1) referenced in the Exhibits
list in the Registration Statement and remove any references to &ldquo;form of&rdquo; in the description of the agreements filed thereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Response:</B> The Company has complied
with this comment. See page C-[2] of the Amended Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Should you have any questions or comments, please contact the undersigned
at 202.261.3466.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">2</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: left; width: 50%">&nbsp;<IMG SRC="image_001.jpg" ALT="" STYLE="height: 57px; width: 150px"></TD>
  <TD STYLE="text-align: right; width: 50%">[&#9679;], 2023<BR>
Page 3</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[&#9679;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.4in; font-size: 10pt"><FONT STYLE="font-size: 10pt">cc:</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Christopher D. Long, Palmer Square Capital BDC Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">Jeffrey D. Fox, Palmer Square Capital BDC Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">Scott A. Betz, Palmer Square Capital BDC Inc.</TD></TR>
  </TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">3</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !3 -L# 2(  A$! Q$!_\0
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MI/\ QD588X^Y_*K_ .T!;O;W7A_557]W%-AV].0: )H_BIXSAA1$\$S!$4#
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+ **** "BBB@#_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
