# Palmer Square BDC Advisor LLC

> Palmer Square BDC Advisor LLC is an SEC-registered investment advisory firm in Mission Woods, KS, registered since 2020, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 306742
- Filed as: PALMER SQUARE BDC ADVISOR LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Mission Woods, KS
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/306742
- AdvisorCensus page: https://advisorcensus.com/firm/palmer-square-bdc-advisor-llc-mission-woods-ks-306742

## Quick answers

**How is Palmer Square BDC Advisor LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Palmer Square BDC Advisor LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Palmer Square BDC Advisor LLC located?**
Palmer Square BDC Advisor LLC's principal office is in Mission Woods, KS, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Palmer Square BDC Advisor LLC registered with the SEC or a state?**
Palmer Square BDC Advisor LLC is an SEC-registered investment advisory firm, registered since 2020. Status as filed: Approved. CRD 306742.

**How much does Palmer Square BDC Advisor LLC manage?**
Palmer Square BDC Advisor LLC reports $1,217,683,795 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).

**How have Palmer Square BDC Advisor LLC's assets and staff changed since 2021?**
In the Form ADV data for Palmer Square BDC Advisor LLC: Regulatory assets under management: $651,936,651 in the October 2021 data and $1,217,683,795 in the October 2026 data, up 87%. Total employees: 33 in October 2021 and 76 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Palmer Square BDC Advisor LLC serve?**
By number of clients on Form ADV Item 5.D: business development companies (1).

**Does Palmer Square BDC Advisor LLC report any disciplinary disclosures?**
Reports 3 disclosure items on Form ADV Item 11: yes answers to 11.C(2) (SEC or CFTC finding of a violation), 11.C(4) (SEC or CFTC order), and 11.C(5) (SEC or CFTC civil money penalty or cease-and-desist order). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/306742

**What changed in Palmer Square BDC Advisor LLC's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $1,363,582,236 to $1,217,683,795 (-11%).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Regulatory assets under management (Item 5.F)
- Total: $1,217,683,795
- Discretionary: $1,217,683,795
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | Not reported |
| High net worth individuals | 0 | Not reported |
| Banking or thrift institutions | 0 | Not reported |
| Investment companies | 0 | Not reported |
| Business development companies | 1 | $1,217,683,795 |
| Pooled investment vehicles (other than investment companies and business development companies) | 0 | Not reported |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | Not reported |
| Charitable organizations | 0 | Not reported |
| State or municipal government entities (including government pension plans) | 0 | Not reported |
| Other investment advisers | 0 | Not reported |
| Insurance companies | 0 | Not reported |
| Sovereign wealth funds and foreign official institutions | 0 | Not reported |
| Corporations or other businesses not listed above | 0 | Not reported |
| Other | 0 | Not reported |

### Advisory services (Item 5.G)
- Portfolio management for investment companies (and business development companies)

### Firm details
- Registered since: 2020 (6 years)
- Employees: 76 total, 33 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports 3 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.C(2): Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?
- 11.C(4): Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 11.C(5): Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/306742

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- London

### Websites listed on Form ADV (Item 1.I)
- etf.palmersquarefunds.com
- palmersquarebdc.com
- palmersquarecap.com
- palmersquarefunds.com
- LinkedIn @palmer-square-capital
- X @palmer_square
- YouTube @palmersquarecapital

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $651,936,651 | 33 | April 1, 2021 |
| October 2022 | $1,113,007,191 | 40 | May 2, 2022 |
| October 2023 | $1,014,693,280 | 48 | March 31, 2023 |
| October 2024 | $1,107,104,194 | 56 | March 28, 2024 |
| October 2025 | $1,363,582,236 | 71 | March 28, 2025 |
| October 2026 | $1,217,683,795 | 76 | March 31, 2026 |

Regulatory assets under management: $651,936,651 in the October 2021 data and $1,217,683,795 in the October 2026 data, up 87%.
Total employees: 33 in October 2021 and 76 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $1,363,582,236 to $1,217,683,795 (-11%).

### December 2025
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Palmer Square BDC Advisor LLC (CRD 306742): Form ADV filing data as of October 2026.