# EDGAR Filing Document

**Accession Number:** 0001800945
**File Stem:** 0001213900-25-058904
**Filing Date:** 2025-6
**Character Count:** 11176
**Document Hash:** b843dba21a35323c99da05de3d2ab555
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-058904.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001213900-25-058904

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Palmer Square Capital BDC Inc.
- **CENTRAL INDEX KEY:** 0001794776

**ORGANIZATION NAME:**
- **EIN:** 843665200
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-91472
- **FILM NUMBER:** 251085365

**BUSINESS ADDRESS:**
- **STREET 1:** 1900 SHAWNEE MISSION PARKWAY
- **STREET 2:** SUITE 315
- **CITY:** MISSION WOODS
- **STATE:** KS
- **ZIP:** 66205
- **BUSINESS PHONE:** 816-994-3200

**MAIL ADDRESS:**
- **STREET 1:** 1900 SHAWNEE MISSION PARKWAY
- **STREET 2:** SUITE 315
- **CITY:** MISSION WOODS
- **STATE:** KS
- **ZIP:** 66205
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Excelsior Holdings D2 LLC
- **CENTRAL INDEX KEY:** 0001800945

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 6600 FRANCE AVE. S.
- **STREET 2:** SUITE 550
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55435
- **BUSINESS PHONE:** 952-324-8900

**MAIL ADDRESS:**
- **STREET 1:** 6600 FRANCE AVE. S.
- **STREET 2:** SUITE 550
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55435

## Ex-2

**Exhibit 2**

**<u> </u>**

**<u>Schedule I</u>**

The following table sets forth certain information with respect to changes in the number of shares of Common Stock beneficially owned by the Reporting Persons, including beneficial ownership following each such change, since the date of the Original Statement. The securities outstanding and the Reporting Persons' beneficial ownership percentages are based on the number of shares outstanding reported in the Issuer's Annual Report on Form 10-K, Quarterly Report on Form 10-Q or other filing that the Issuer made with the Securities and Exchange Commission that was most recently filed prior to the applicable "Date of Transaction."

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Date of <br> Transaction** | **Number of <br> Shares** | **Price Per <br> Share** | **Amount of<br> Securities<br> Beneficially<br> Owned<br> Following<br> Transaction** | **Securities<br> Outstanding** | **Percent of<br> Class** |
| &nbsp;&nbsp;5/14/2020 | 6023 | $17.36 | 2619074 | 12215196 | 21.44% |
| &nbsp;&nbsp;8/18/2020 | 37574 | $18.82 | 2656648 | 12318372 | 21.57% |
| &nbsp;&nbsp;11/17/2020 | 48327 | $19.79 | 2704976 | 12423949 | 21.77% |
| &nbsp;&nbsp;1/19/2021 | 41615 | $20.15 | 2746591 | 12423949 | 22.11% |
| &nbsp;&nbsp;5/19/2021 | 41133 | $20.70 | 2787723 | 12984478 | 21.47% |
| &nbsp;&nbsp;8/18/2021 | 33832 | $20.60 | 2821555 | 14954828 | 18.87% |
| &nbsp;&nbsp;11/17/2021 | 23128 | $20.74 | 2844682 | 21844856 | 13.02% |
| &nbsp;&nbsp;12/31/2021 | 92542 | $20.06 | 2937224 | 21844856 | 13.45% |
| &nbsp;&nbsp;5/18/2022 | 54529 | $19.93 | 2991753 | 22810727 | 13.12% |
| &nbsp;&nbsp;8/17/2022 | 76223 | $17.27 | 3067976 | 23062349 | 13.30% |
| &nbsp;&nbsp;11/16/2022 | 85329 | $15.82 | 3153305 | 23062349 | 13.67% |
| &nbsp;&nbsp;12/30/2022 | 134833 | $14.96 | 3288139 | 23062349 | 14.26% |
| &nbsp;&nbsp;5/18/2023 | 103626 | $16.50 | 3391765 | 25043540 | 13.54% |
| &nbsp;&nbsp;8/16/2023 | 107360 | $17.06 | 3499125 | 25794111 | 13.57% |
| &nbsp;&nbsp;9/29/2023 | 116916 | $16.76 | 3616040 | 25794111 | 14.02% |
| &nbsp;&nbsp;12/22/2023 | 114023 | $16.98 | 3730065 | 26665813 | 13.99% |

---

## Exhibit 99.1

**Exhibit 99.1**

**JOINT FILING AGREEMENT**

The undersigned hereby agree that the statement on Schedule 13D, as amended, with respect to the Common Stock, par value $0.001 per share, of Palmer Square Capital BDC Inc., dated as of June 27, 2025 is, and any amendments thereto (including amendments on Schedule 13G) signed by each of the undersigned shall be, filed on behalf of each of us pursuant to and in accordance with the provisions of Rule 13d-1(k) under the Securities Exchange Act of 1934.

---

| | |
|:---|:---|
| **EXCELSIOR HOLDINGS D2 LLC** | **EXCELSIOR HOLDINGS D2 LLC** |
| <u>/s/ Michael J. Elliott</u> | <u>/s/ Michael J. Elliott</u> |
| Name: | Michael J. Elliott |
| Title: | Vice President |
| Date: | June 27, 2025 |
| **OV MANAGEMENT LLC** | **OV MANAGEMENT LLC** |
| <u>/s/ Michael J. Elliott</u> | <u>/s/ Michael J. Elliott</u> |
| Name: | Michael J. Elliott |
| Title: | President |
| Date: | June 27, 2025 |
| **RMS FAMILY TRUST COMPANY** | **RMS FAMILY TRUST COMPANY** |
| <u>/s/ Joseph S. Langel</u> | <u>/s/ Joseph S. Langel</u> |
| Name: | Joseph S. Langel |
| Title: | Vice President |
| Date: | June 27, 2025 |

---

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**Palmer Square Capital BDC Inc.**

*(Name of Issuer)*

**Common Stock, par value $0.001 per share**

*(Title of Class of Securities)*

**69702V107**

*(CUSIP Number)*

**Kevin Bergman**<br>6000 France Ave. S., Suite 550<br>Minneapolis MN 55435<br>(952) 324 - 8900

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**05/11/2020**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **69702V107** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Excelsior Holdings D2 LLC** | Name of reporting person<br>**Excelsior Holdings D2 LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**3730065.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**3730065.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**3730065.00** | Aggregate amount beneficially owned by each reporting person<br>**3730065.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**11.52%** | Percent of class represented by amount in Row (11)<br>**11.52%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Limited liability company

Note to Row 13: Calculated based on 32,373,245 shares of Common Stock, par value $0.001 per share, of Palmer Square Capital BDC Inc. outstanding as of May 6, 2025, as reported in Palmer Square Capital BDC Inc.'s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on May 7, 2025. See Item 5.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, par value $0.001 per share

**(b) Name of Issuer:**
Palmer Square Capital BDC Inc.

**(c) Address of Issuer's Principal Executive Offices:**
1900 Shawnee Mission Parkway, Suite 315, Mission Woods, KS, 66205

This Amendment No. 1 (this "Amendment") to Schedule 13D amends the original Schedule 13D filed by Excelsior Holdings D2 LLC ("Excelsior Holdings D2") filed with the Securities and Exchange Commission on March 27, 2020 (the "Original Statement" and together with the Amendment, the "Statement") and relates to the Common Stock, par value $0.001 per share (the "Common Stock") of Palmer Square Capital BDC Inc., a Maryland corporation (the "Issuer"). All capitalized terms used but not defined herein shall have the meanings ascribed to them in the Original Statement. Except as set forth herein, the Original Statement is unmodified.

**Item 5. Interest in Securities of the Issuer**

**(a)**
The information contained in Item 5 of the Original Statement is hereby amended and restated as follows:

As of the date of this Amendment, the Reporting Persons beneficially owned 3,730,065 shares of Common Stock. Based on 32,373,245 shares of Common Stock outstanding as of May 6, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on May 7, 2025, the Reporting Persons beneficially owned approximately 11.52% of the Common Stock outstanding.

**(b)**
Excelsior Holdings D2 holds the shares of Common Stock reported in this Statement. OV is the manager of Excelsior Holdings D2, and RMS is the manager of OV. As a result, all Reporting Persons share voting and dispositive power with respect to all the shares of Common Stock reported in this Statement.

**(c)**
In connection with the Private Placement, on January 23, 2020, Excelsior Holdings D2 purchased 1,250,000 shares of Common Stock at a price of $20.00 per share, and on March 17, 2020 Excelsior Holdings D2 purchased 1,363,051.4906 shares of Common Stock at a price of $18.3412 per share.

The Reporting Persons acquired additional shares in connection with dividend reinvestments pursuant to the Issuer's dividend reinvestment plan. The dividend reinvestments are detailed on Exhibit 2 attached hereto.

### 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.

**Reporting Person:** Excelsior Holdings D2 LLC

**Signature:** /s/ Michael J. Elliott

**Name/Title:** Michael J. Elliott, Vice President

**Date:** 06/27/2025

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.

**Reporting Person:** OV MANAGEMENT LLC

**Signature:** /s/ Michael J. Elliott

**Name/Title:** Michael J. Elliott, President

**Date:** 06/27/2025

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.

**Reporting Person:** RMS FAMILY TRUST COMPANY LLC

**Signature:** /s/ Joseph S. Langel

**Name/Title:** Joseph S. Langel, Vice President

**Date:** 06/27/2025