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

Rhea-AI Filing Summary

Palmer Square Capital BDC Inc. (PSBD) reported an insider transaction on a Form 4. A director and 10% owner recorded an open-market sale of common stock.

532,350 shares were sold on 10/22/2025 at $12.56 per share (Transaction Code: S). Following the sale, the filer reported 3,175,027 shares beneficially owned. The filing notes the shares are owned directly by Alaris Master Fund LP, and Alaris Capital, LLC, as 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)
10/22/2025

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	10/22/2025	10/22/2025	S		532,350	D	$12.56	3,175,027	D(1)

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:

1. These 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.

	Hunter Armistead	10/23/2025
	** 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?

An open-market sale of 532,350 common shares on 10/22/2025 at $12.56 per share (Code S).

How many PSBD shares does the filer report owning after the sale?

The filer reported 3,175,027 shares beneficially owned following the transaction.

Who is the reporting person or related holder in the PSBD Form 4?

The shares are owned directly by Alaris Master Fund LP; Alaris Capital, LLC may be deemed an indirect beneficial owner.

What does transaction code 'S' mean in the PSBD Form 4?

Code S indicates an open-market or private sale of non-derivative securities.

What roles did the filer indicate in relation to PSBD?

The filing indicates the filer is a Director and 10% Owner.

Was the ownership reported as direct or indirect?

Ownership was reported as Direct (D), with a footnote explaining the relationship to Alaris Master Fund LP.