Palmer Square Capital Management LLC (“Palmer Square,” “Adviser,” the “Firm,” “we,” or “us”) is an investment adviser registered with the SEC since January 2011. We are a limited liability company organized under the laws of Delaware and provide investment management services with a focus on corporate credit, structured credit, and alternative investments. Palmer Square’s equity is owned directly and indirectly by the principals and members of the senior management of Palmer Square, principally through Palmer Square Holdings, LLC, an entity exclusively owned and controlled by Christopher Long, Chief Executive Officer of Palmer Square, and Angie Long, Chief Investment Officer of Palmer Square. Palmer Square provides investment advisory services (including on a sub-advisory basis) to a broad range of client types, including institutions, high net worth individuals, investment companies and other pooled investment vehicles (each, a “client”). We serve as investment adviser, sub-adviser, managing member, investment manager, collateral manager, collateral servicer, or portfolio manager to several types of investment vehicles, including investment companies registered under the Investment Company Act of 1940, as amended (“Registered Funds”), collective investment trusts (“CITs”), U.S. and non-U.S. private investment funds structured as hedge funds, private funds and fund of hedge funds (“Private Funds”), investment entities structured as collateralized loan obligations (“CLOs”), investment entities structured as collateralized debt obligations (“CDOs”), and investment vehicles organized to hold loans on a short-term basis prior to the launch of a CLO or CDO (“Warehouses”) (together with the Registered Funds, CITs, Private Funds, the CLOs and the CDOs, the “Palmer Square Funds”, and each of the Palmer Square Funds a “Palmer Square Fund”). As of December 31, 2023, Palmer Square’s regulatory assets under management are approximately $22,544,205,893. The Firm does not currently manage any assets on a non- discretionary basis. Registered Funds Palmer Square provides investment advisory services to Palmer Square Funds that are registered investment companies under the Investment Company Act of 1940, as amended (the “Company Act”), including closed-end and open-end funds, on both direct and sub-advisory basis. Each Registered Fund pursues a distinct investment program that is set forth in its registration statement. Each Registered Fund has different investment features which may include varying levels of management fees, investment minimums, investor qualification standards, and liquidity terms. While the open-end funds generally provide for daily liquidity, the closed-end funds provide investors liquidity through a quarterly tender offer process. Collective Investment Trusts Palmer Square provides investment advice to collective investment trusts. The trusts are for the collective investment of assets of participating tax qualified pension and profit sharing plans and related trusts, and governmental plans as more fully described in the applicable declaration of trust. As bank collective trusts, the trusts are exempt from registration under the Company Act. The trusts are managed by a trustee and Palmer Square is delegated investment management authority by the trustee. If these trusts are held in a client account, the value of the investment in the trust is excluded from the billing value for the purpose of calculating the client’s periodic fee due to Palmer Square. Private Funds Palmer Square manages Private Funds. Each Private Fund is not required to register as an investment company under the Company Act in reliance upon an exemption(s) available to funds whose securities are not publicly offered. Palmer Square manages each Private Fund on a discretionary basis in accordance with the investment strategy description and the terms and conditions of the Private Fund’s offering and organizational documents and any relevant supplements to those documents. Each Private Fund has different investment features which may include varying levels of management and performance fees, investment objectives and guidelines, investment minimums, investor qualification standards and liquidity terms. The Private Funds may be organized in the U.S. or offshore. Palmer Square may organize similar Private Funds in the future. Also, Palmer Square advises hedge fund of funds that generally invest with unaffiliated managers. Each of the Private Funds employs investment strategies that are suitable only for sophisticated investors with substantial net worth and who are able to bear the risks of the strategies employed. Investors and/or prospective investors should also

be aware of additional risks associated with investing in the Private Funds, many of which are described in the governing documents of each respective Private Fund. Certain Private Funds may invest in other Palmer Square Funds, including other Private Funds, CLOs, CDOs and Warehouses, and other pooled investment vehicles or accounts managed by Palmer Square or its affiliates. For more information on these investments, please see the offering materials for the applicable Palmer Square Fund. CLOs, CDOs and Warehouses Palmer Square provides certain services to investment entities structured as CLOs, CDOs and Warehouses. Each such client pursues a distinct investment program that is set forth in its governing documents and has distinct investment features, which may include varying levels of fees, portfolio compositions, investment minimums, investor qualification standards, maturities and distribution terms. Managed Account Clients In addition to the Palmer Square Funds, Palmer Square also offers discretionary investment management services with a focus on corporate credit, structured credit, and alternatives directly to high net worth and institutional clients pursuant to an investment management agreement on an ongoing basis whereby the client can customize portfolios according to their unique risk/reward objectives (“Managed Account Clients”). Generally speaking, the clients’ customization of a portfolio centers around liquidity and strategy objectives. Certain securities held in a client’s portfolio may be illiquid and the Firm may be unable to liquidate such securities prior to the date of termination of the investment management agreement. Where appropriate and permitted by applicable law, Managed Account Clients invest in Palmer Square Funds and other pooled investment vehicles or accounts managed by Palmer Square or its affiliates. Legacy Clients The Firm also provides discretionary asset allocation services to a limited number of legacy clients pursuant to an investment management agreement (“Legacy Clients”). These services are generally limited to providing the Legacy Clients access to Palmer Square’s various investment strategies, including the Palmer Square Funds and other pooled investment vehicles or accounts managed by Palmer Square or its affiliates, and do not include comprehensive wealth management services. The Firm does not currently anticipate providing such services to additional clients. Certain securities held in a client’s portfolio may be illiquid and Palmer Square may be unable to liquidate such securities prior to the date of termination of the investment management agreement. Additional Information Palmer Square advises certain Private Funds and Managed Accounts Clients that make risk retention investments in the equity of affiliated CLOs, CDOs and Warehouses, either directly or indirectly through investments in investment advisers affiliated with Palmer Square, as applicable. Palmer Square and/or its affiliates may advise additional clients or investment vehicles without consulting its clients. In connection with the operation of such additional clients, Palmer Square and/or its affiliates employ substantially similar investment strategies and/or invest in substantially similar securities to the strategies employed or securities invested by other clients. Please refer to Item 10 for additional discussion regarding the affiliates of Palmer Square. Investors in the Palmer Square Funds may not impose restrictions on the Palmer Square Funds’ investment activities. Palmer Square has full discretion in trading on behalf of such clients. Palmer Square does not require, and does not seek approval from, the Palmer Square Funds or their underlying investors with respect to its trading. All of the discussions of the Palmer Square Funds in this Brochure, including but not limited to their investments, the strategies used in managing the Palmer Square Funds, associated fees and costs and conflicts of interest faced by Palmer Square and its affiliates in connection with managing the Palmer Square Funds, are qualified in their entirety by the respective governing documents of the relevant Palmer Square Fund. As noted above, Palmer Square causes certain clients to invest in other pooled investment vehicles or accounts which are advised or managed by Palmer Square or its affiliates, including, without limitation, investments in the equity and/or debt securities of CLOs, CDOs and/or Warehouses that are advised, sponsored and/or otherwise affiliated with Palmer Square or its affiliates. Please refer to your advisory agreement or the applicable Palmer Square Fund’s governing documents for more information.