[Form 3] Palmer Square Capital BDC Inc. Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

Palmer Square Capital BDC Inc. (PSBD) reported an initial statement of beneficial ownership on Form 3. The reporting persons disclosed 3,175,027 shares of Common Stock beneficially owned, shown as Direct (D). The filing indicates the relationship to the issuer as Director, with the date of event listed as 11/05/2025.

The remarks state the shares are owned directly by Alaris Master Fund LP, and that Alaris Capital, LLC, as its general partner, may be deemed an indirect beneficial owner. The Form was filed by more than one reporting person.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Alaris Master Fund LP

(Last) (First) (Middle)

4900 MAIN STREET, SUITE 600

(Street)

KANSAS CITY MO 64112

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
11/05/2025

3. Issuer Name and Ticker or Trading Symbol
Palmer Square Capital BDC Inc. [ PSBD ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	3,175,027	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Alaris Master Fund LP

(Last) (First) (Middle)

4900 MAIN STREET, SUITE 600

(Street)

KANSAS CITY MO 64112

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Alaris Capital, LLC

(Last) (First) (Middle)

4900 MAIN STREET SUITE 600

(Street)

KANSAS CITY MO 64112

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

Remarks:

Reported shares are owned directly by Alaris Master Fund LP. Alaris Capital, LLC is the general partner of Alaris Master Fund LP and may be deemed to be an indirect beneficial owner of the reported securities.

	/s/ Hunter Armistead, CIO	11/10/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did PSBD file?

A Form 3 initial statement of beneficial ownership of securities.

How many PSBD shares were reported on Form 3?

3,175,027 shares of Common Stock were reported as beneficially owned.

Is the ownership direct or indirect?

The shares are reported as Direct (D) ownership.

Who holds the reported shares?

The shares are owned directly by Alaris Master Fund LP.

Who may be deemed an indirect owner?

Alaris Capital, LLC, as general partner of Alaris Master Fund LP, may be deemed an indirect beneficial owner.

What is the reported relationship to PSBD?

The reporting relationship is marked as Director.

What is the date of the event on the Form 3?

The event date is 11/05/2025.