[Form 4] Palmer Square Capital BDC Inc. Insider Trading Activity

Rhea-AI Filing Summary

Palmer Square Capital BDC (PSBD): A reporting person with a director relationship reported an open-market sale of common stock. On 11/06/2025, 30,000 shares were sold at $11.97 per share (Transaction Code S). Following the sale, 3,145,027 shares were beneficially owned with direct ownership.

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

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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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X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
11/06/2025

4. 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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/06/2025		S		30,000	D	$11.97	3,145,027	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	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 4 (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 insider transaction did PSBD report on Form 4?

A sale of 30,000 shares of common stock on 11/06/2025 at $11.97 per share (Code S).

How many PSBD shares were held after the transaction?

The filing shows 3,145,027 shares beneficially owned following the reported transaction, held as Direct (D) ownership.

Who are the reporting persons associated with this PSBD Form 4?

The remarks identify Alaris Master Fund LP as the direct owner and Alaris Capital, LLC as its general partner, which may be deemed an indirect beneficial owner.

What is the relationship of the reporting person(s) to PSBD?

The filing indicates a Director relationship.

Was this PSBD Form 4 filed by more than one reporting person?

Yes. The form indicates it was filed by more than one reporting person.

What transaction code was used in the PSBD Form 4?

Transaction Code S, indicating an open-market or private sale of non-derivative securities.

Were any derivative securities reported in this filing?

No derivative transactions are listed in the provided Table II excerpt.