[SCHEDULE 13G/A] Palmer Square Capital BDC Inc. SEC Filing

Rhea-AI Filing Summary

Palmer Square Capital BDC Inc. (PSBD): First Trust Capital Management L.P., together with First Trust Capital Solutions L.P. and FTCS Sub GP LLC, filed Amendment No. 2 to Schedule 13G reporting beneficial ownership of 1,288,338 shares of Common Stock, representing 4.04% of the class as of September 30, 2025.

The reporting persons disclose sole voting power over 1,288,338 shares and sole dispositive power over 1,288,338 shares, with no shared power. FTCS and FTCS Sub GP may be deemed to control FTCM but do not hold shares for their own accounts. The certification states the securities were not acquired to change or influence control of the issuer.

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, par value $0.001 per share (the "Common Stock")

(Title of Class of Securities)

69702V107

(CUSIP Number)

09/30/2025

(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

First Trust Capital Management L.P.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,288,338.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,288,338.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,288,338.00

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)

4.04 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 69702V107

1

Names of Reporting Persons

First Trust Capital Solutions L.P.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,288,338.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,288,338.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,288,338.00

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)

4.04 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 69702V107

1

Names of Reporting Persons

FTCS Sub GP 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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,288,338.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,288,338.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,288,338.00

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)

4.04 %

12

Type of Reporting Person (See Instructions)

HC

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, KS, 66205
Item 2.
(a)	Name of person filing: This Schedule 13G/A is being filed jointly by First Trust Capital Management L.P. ("FTCM"), First Trust Capital Solutions L.P. ("FTCS") and FTCS Sub GP LLC ("Sub GP"). (1) FTCM, an investment adviser registered with the SEC that provides investment advisory services to, among others, (i) First Trust Alternative Opportunities Fund, an investment company registered under the Investment Company Act of 1940, (ii) First Trust Private Credit Fund, an investment company registered under the Investment Company Act of 1940 and (iii) FT Private Investment Platform I LLC, a Delaware limited liability company (collectively, the "Client Accounts"). (2) FTCS, a Delaware limited partnership and control person of FTCM. (3) Sub GP, a Delaware limited liability company and control person of FTCM. Each of the persons identified herein is referred to as a "Reporting Person" and, collectively, as the "Reporting Persons." Each of the Reporting Persons is a party to that certain Joint Filing Statement attached hereto.
(b)	Address or principal business office or, if none, residence: The principal business address of FTCM, FTCS and Sub GP is 225 W. Wacker Drive, 21st Floor, Chicago, IL 60606.
(c)	Citizenship: United States
(d)	Title of class of securities: Common Stock, par value $0.001 per share (the "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: As investment adviser to the Client Accounts, FTCM has the authority to invest the funds of the Client Accounts in securities (including Common Stock of Palmer Square Capital BDC Inc (the "Issuer")) as well as the authority to purchase, vote and dispose of securities, and may thus be deemed the beneficial owner of any shares of the Issuer's Common Stock held in the Client Accounts. As of September 30, 2025 FTCM, FTCS and Sub GP collectively owned 1,288,338 shares of the outstanding Common Stock of the Issuer. FTCS and Sub GP may be deemed to control FTCM and therefore may be deemed to be beneficial owners of the Common Stock reported in this Schedule 13G/A. No one individual controls FTCS or Sub GP. FTCS and Sub GP do not own any Common Stock of the Issuer for their own accounts.
(b)	Percent of class: FTCM, FTCS and Sub GP: 4.04
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: FTCM, FTCS and Sub GP: 1,288,338
	(ii) Shared power to vote or to direct the vote: FTCM, FTCS and Sub GP: 0
	(iii) Sole power to dispose or to direct the disposition of: FTCM, FTCS and Sub GP: 1,288,338
	(iv) Shared power to dispose or to direct the disposition of: FTCM, FTCS and Sub GP: 0
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.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. See Item 4.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Item 2.
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.

First Trust Capital Management L.P.

Signature:	/s/ Chad Eisenberg
Name/Title:	Chief Operating Officer
Date:	11/14/2025

First Trust Capital Solutions L.P.

Signature:	/s/ Chad Eisenberg
Name/Title:	Chief Operating Officer
Date:	11/14/2025

FTCS Sub GP LLC

Signature:	/s/ Chad Eisenberg
Name/Title:	Chief Operating Officer
Date:	11/14/2025

Exhibit Information

Exhibit I: Joint Filing Statement

FAQ

What stake in PSBD did First Trust report?

They reported 1,288,338 shares of Common Stock, equal to 4.04% of the class.

As of what date is the PSBD ownership calculated?

The ownership is stated as of September 30, 2025.

Which entities are the reporting persons for PSBD (PSBD)?

First Trust Capital Management L.P., First Trust Capital Solutions L.P., and FTCS Sub GP LLC.

What voting and dispositive powers were disclosed?

Sole voting power: 1,288,338 shares; sole dispositive power: 1,288,338 shares; no shared power.

Was this a passive investment under Schedule 13G/A?

Yes. The certification states the securities were not acquired to change or influence control.

What amendment number is this Schedule 13G for PSBD?

This is Amendment No. 2 to Schedule 13G.

Do FTCS and FTCS Sub GP own PSBD shares for their own accounts?

They state they do not own PSBD shares for their own accounts and may be deemed control persons of FTCM.