Palmer Square Capital BDC Inc. Commitments Disclosure
Note 9. Commitments and Contingencies
As of December 31, 2025 and December 31, 2024, the Company had an aggregate of $21.5 million and $21.6 million, respectively, of unfunded commitments to provide debt financing to its portfolio companies. As of each of December 31, 2025 and December 31, 2024, there were no capital calls or draw requests made by the portfolio companies to fund these commitments. Such commitments are generally up to the Company’s discretion to approve or are subject to the satisfaction of certain financial and nonfinancial covenants and involve, to varying degrees, elements of credit risk in excess of the amount recognized in the Company’s consolidated statements of assets and liabilities and are not reflected in the Company’s consolidated statements of assets and liabilities.
A summary of the composition of the unfunded commitments as of December 31, 2025 is shown in the table below:
|
|
Expiration Date (1) |
|
As of |
|
|
American Rock Salt Company LLC |
|
9/19/2026 |
|
$ |
304,582 |
|
Aptean Inc |
|
1/30/2031 |
|
|
377,330 |
|
Cooper's Hawk Intermediate Holding LLC |
|
7/29/2027 |
|
|
578,947 |
|
Cooper's Hawk Intermediate Holding LLC |
|
7/29/2031 |
|
|
315,789 |
|
Deerfield Dakota Holding, LLC |
|
9/12/2032 |
|
|
857,143 |
|
Dwyer Instruments, LLC |
|
7/21/2029 |
|
|
768,720 |
|
Edition Holdings Inc |
|
12/20/2027 |
|
|
1,786,600 |
|
Edition Holdings Inc |
|
12/20/2027 |
|
|
953,466 |
|
Galway Borrower LLC |
|
9/30/2028 |
|
|
461,641 |
|
Galway Borrower LLC |
|
2/7/2026 |
|
|
3,530,286 |
|
GC Ferry Acquisition Inc |
|
8/16/2027 |
|
|
1,312,500 |
|
Logrhythm, Inc. |
|
7/2/2029 |
|
|
636,364 |
|
Minotaur Acquisition, Inc. |
|
5/10/2030 |
|
|
697,674 |
|
MRI Software LLC |
|
2/10/2027 |
|
|
509,096 |
|
National Mentor Holdings, Inc. |
|
12/14/2026 |
|
|
2,700,000 |
|
Optimizely North America Inc. |
|
10/30/2031 |
|
|
458,333 |
|
PT Intermediate Holdings III, LLC |
|
4/8/2026 |
|
|
583,313 |
|
Raven Acquisition Holdings LLC |
|
11/19/2026 |
|
|
200,468 |
|
US Fertility Enterprises, LLC |
|
12/30/2027 |
|
|
657,895 |
|
USIC Holdings, Inc. |
|
9/10/2026 |
|
|
63,572 |
|
USIC Holdings, Inc. |
|
9/10/2031 |
|
|
171,052 |
|
Vacation Rental Brands, LLC |
|
10/15/2027 |
|
|
3,611,111 |
|
Total unfunded commitments |
|
|
|
$ |
21,535,882 |
|
A summary of the composition of the unfunded commitments as of December 31, 2024 is shown in the table below:
|
|
Expiration Date (1) |
|
As of |
|
|
American Rock Salt Company LLC |
|
9/19/2026 |
|
$ |
571,091 |
|
Aptean Inc. |
|
1/30/2031 |
|
|
436,880 |
|
Aptean Inc. |
|
1/30/2026 |
|
|
238,414 |
|
Aramsco, Inc. |
|
10/10/2025 |
|
|
561,386 |
|
B'Laster Holdings, LLC |
|
10/25/2025 |
|
|
466,666 |
|
Dwyer Instruments, LLC |
|
11/20/2026 |
|
|
492,210 |
|
Dwyer Instruments, LLC |
|
7/21/2029 |
|
|
1,197,934 |
|
Enverus Holdings, Inc. |
|
12/22/2025 |
|
|
310,811 |
|
Enverus Holdings, Inc. |
|
12/24/2029 |
|
|
458,884 |
|
Everest SubBidCo |
|
9/24/2025 |
|
|
2,660,000 |
|
Galway Borrower LLC |
|
9/30/2028 |
|
|
512,698 |
|
Galway Borrower LLC |
|
2/7/2026 |
|
|
4,360,571 |
|
GS AcquisitionCo, Inc. |
|
3/26/2026 |
|
|
1,232,000 |
|
GS AcquisitionCo, Inc. |
|
5/25/2028 |
|
|
1,200,000 |
|
Logrhythm, Inc. |
|
7/2/2029 |
|
|
636,364 |
|
Minotaur Acquisition, Inc. |
|
5/10/2026 |
|
|
1,162,791 |
|
Minotaur Acquisition, Inc. |
|
5/10/2030 |
|
|
697,674 |
|
MRI Software LLC |
|
2/10/2027 |
|
|
601,016 |
|
Optimizely North America Inc. |
|
10/30/2031 |
|
|
458,333 |
|
Patriot Growth Insurance Services, LLC |
|
11/17/2025 |
|
|
1,480,000 |
|
PT Intermediate Holdings III, LLC |
|
4/8/2026 |
|
|
686,119 |
|
Tank Holding Corp. |
|
11/22/2025 |
|
|
135,000 |
|
TMC Buyer, Inc. |
|
11/1/2026 |
|
|
416,667 |
|
US Fertility Enterprises, LLC |
|
10/14/2026 |
|
|
217,391 |
|
USIC Holdings, Inc. |
|
9/10/2026 |
|
|
139,276 |
|
USIC Holdings, Inc. |
|
9/10/2031 |
|
|
248,302 |
|
Total unfunded commitments |
|
|
|
$ |
21,578,478 |
|
From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of December 31, 2025, management is not aware of any pending or threatened litigation.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Mar 10, 2023 | |
About Commitments Disclosures
Commitments and contingencies disclosures catalog a company's off-balance-sheet obligations and legal exposures — purchase commitments, guarantee arrangements, pending litigation, and regulatory proceedings. These items represent potential future cash outflows that may not appear as liabilities on the balance sheet until they become probable and estimable.
Key signals: litigation reserves and disclosed loss ranges quantify management's estimate of legal exposure, but unquantified "reasonably possible" losses often represent the larger risk. Watch for changes in language around pending cases — shifts from "remote" to "reasonably possible" or increases in estimated loss ranges signal deteriorating outcomes. Unconditional purchase obligations and take-or-pay contracts create fixed cost structures that reduce operational flexibility. Guarantee arrangements for subsidiaries or joint ventures can create cascading obligations. Compare the total commitment schedule against projected free cash flow to assess whether the company can meet its obligations without additional financing.