Palmer Square Capital BDC Inc. ownership disclosure: Alaris Master Fund LP and Alaris Capital, LLC each report beneficial ownership of 1,518,222 shares of common stock, representing 4.9% of the class. The filing is an Amendment No. 4 to a Schedule 13G/A and is signed by Hunter Armistead as Chief Investment Officer on 07/02/2026.
Positive
None.
Negative
None.
Insights
Large holder reports a 4.9% stake via affiliated entities.
This Schedule 13G/A amendment lists 1,518,222 shares held by each of Alaris Master Fund LP and Alaris Capital, LLC, with shared voting and dispositive power. The filing clarifies beneficial ownership under Schedule 13G mechanics rather than an active Schedule 13D takeover intent.
Filing shows ownership below the 5% threshold; subsequent filings will show increases if the position rises above 5% or if voting/control changes. Timing and cash‑flow treatment are not stated in the provided excerpt.
Shares beneficially owned1,518,222 sharesreported for each of Alaris Master Fund LP and Alaris Capital, LLC
Percent of class4.9%percent of common stock as stated in Item 4
Form typeSchedule 13G/A Amendment No. 4beneficial ownership disclosure filing
Key Terms
Schedule 13G/A, beneficially owned, shared dispositive power
3 terms
Schedule 13G/Aregulatory
"Amendment No. 4 ) Pal... Schedule 13G/A"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
The filing states 1,518,222 shares representing 4.9% of common stock. The disclosure lists identical holdings for Alaris Master Fund LP and Alaris Capital, LLC and shows shared voting and dispositive power for those shares.
Does this Schedule 13G/A indicate a change in control of PSBD?
No immediate control change is indicated; the filing reports beneficial ownership only. It records shared voting and dispositive power for 1,518,222 shares and classifies the position as 5 percent or less under Item 5.
Who signed the filing for Alaris with respect to PSBD?
The Schedule 13G/A is signed by Hunter Armistead, Chief Investment Officer. The signature date shown in the excerpt is 07/02/2026, attesting to the accuracy of the ownership disclosure.
Is the 4.9% ownership over or under the Schedule 13D reporting threshold?
It is under the Schedule 13D threshold. The filing classifies the position as ownership of 5 percent or less, consistent with Schedule 13G reporting rather than Schedule 13D activism disclosure.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 4)
Palmer Square Capital BDC Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
69702V107
(CUSIP Number)
06/30/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
69702V107
1
Names of Reporting Persons
Alaris Master Fund LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
MISSOURI
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
6
Shared Voting Power
1,518,222.00
7
Sole Dispositive Power
8
Shared Dispositive Power
1,518,222.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,518,222.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.9 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
69702V107
1
Names of Reporting Persons
Alaris Capital, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
MISSOURI
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
6
Shared Voting Power
1,518,222.00
7
Sole Dispositive Power
8
Shared Dispositive Power
1,518,222.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,518,222.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.9 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Palmer Square Capital BDC Inc.
(b)
Address of issuer's principal executive offices:
1900 SHAWNEE MISSION PARKWAY, SUITE 315, MISSION WOODS, KANSAS, 66205
Item 2.
(a)
Name of person filing:
Alaris Master Fund LP
Alaris Capital, LLC
(b)
Address or principal business office or, if none, residence:
4900 Main Street, Suite 600, Kansas City, Missouri 64112
(c)
Citizenship:
USA - Missouri
(d)
Title of class of securities:
Common Stock
(e)
CUSIP No.:
69702V107
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
1,518,222 shares deemed beneficially owned by Alaris Master Fund LP
1,518,222 shares deemed beneficially owned by Alaris Capital, LLC
(b)
Percent of class:
4.9 % deemed beneficially owned by Alaris Master Fund LP
4.9 % deemed beneficially owned by Alaris Capital, LLC
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
1,518,222 shares deemed beneficially owned by Alaris Master Fund LP
1,518,222 shares deemed beneficially owned by Alaris Capital, LLC
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
1,518,222 shares deemed beneficially owned by Alaris Master Fund LP
1,518,222 shares deemed beneficially owned by Alaris Capital, LLC
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
