Palmer Square Capital BDC (PSBD): Alaris discloses 8.0% ownership stake

Rhea-AI Filing Summary

Alaris Master Fund LP and Alaris Capital, LLC have filed an amended ownership report showing a significant passive stake in Palmer Square Capital BDC Inc.

The filing states that each Alaris entity is deemed to beneficially own 2,517,527 shares of Palmer Square Capital BDC common stock, representing 8.0% of the outstanding class as of the 12/31/2025 event date. Both entities report shared power to vote and dispose of all these shares, with no sole voting or dispositive power.

The certification clarifies that the securities were not acquired to change or influence control of Palmer Square Capital BDC and are held on a passive basis. The statement is signed by Hunter Armistead, Chief Investment Officer, on behalf of the reporting persons.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Palmer Square Capital BDC Inc.

(Name of Issuer)

Common stock

(Title of Class of Securities)

69702V107

(CUSIP Number)

12/31/2025

(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)

SCHEDULE 13G

CUSIP No. 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 2,517,527.00
7	Sole Dispositive Power
8	Shared Dispositive Power 2,517,527.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,517,527.00

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)

8.0 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 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 2,517,527.00
7	Sole Dispositive Power
8	Shared Dispositive Power 2,517,527.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,517,527.00

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)

8.0 %

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: 2,517,527 shares deemed beneficially owned by Alaris Master Fund LP 2,517,527 shares deemed beneficially owned by Alaris Capital, LLC
(b)	Percent of class: 8.0 % deemed beneficially owned by Alaris Master Fund LP 8.0 % 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: 2,517,527 shares deemed beneficially owned by Alaris Master Fund LP 2,517,527 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: 2,517,527 shares deemed beneficially owned by Alaris Master Fund LP 2,517,527 shares deemed beneficially owned by Alaris Capital, LLC
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
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.

Alaris Master Fund LP

Signature:	Hunter Armistead
Name/Title:	Chief Investment Officer
Date:	01/07/2026

Alaris Capital, LLC

Signature:	Hunter Armistead
Name/Title:	Chief Investment Officer
Date:	01/07/2026

FAQ

What ownership stake in PSBD is reported by Alaris Master Fund LP and Alaris Capital, LLC?

The filing shows that Alaris Master Fund LP and Alaris Capital, LLC each are deemed to beneficially own 2,517,527 shares of Palmer Square Capital BDC Inc. (PSBD) common stock, representing 8.0% of the outstanding class.

Is the Alaris position in Palmer Square Capital BDC (PSBD) passive or activist?

The certification states that the securities were not acquired and are not held for the purpose or with the effect of changing or influencing control of Palmer Square Capital BDC Inc., indicating a passive investment stance.

Who are the reporting persons in this Schedule 13G/A for PSBD?

The reporting persons are Alaris Master Fund LP and Alaris Capital, LLC, both organized in Missouri, reporting beneficial ownership of Palmer Square Capital BDC Inc. common stock.

How much voting and dispositive power do the Alaris entities report over PSBD shares?

The filing reports 0 shares with sole voting or sole dispositive power and 2,517,527 shares with shared voting and shared dispositive power for each of Alaris Master Fund LP and Alaris Capital, LLC.

What is the event date covered by this Palmer Square Capital BDC (PSBD) Schedule 13G/A?

The date of the event that triggered the filing is listed as 12/31/2025, which is the reference date for the 8.0% beneficial ownership in PSBD common stock.

Who signed the Schedule 13G/A related to PSBD on behalf of the Alaris entities?

The statement is signed by Hunter Armistead, identified as Chief Investment Officer, with signature dates of 01/07/2026 for each reporting person.