{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-25-337134","form_type":"8-K","ticker":null,"cik":"0001948368","company_name":"Phillip Street BDC LLC","filed_at":"2025-12-30T23:59:59+00:00","discovered_at":"2026-05-14T18:02:41.131749+00:00","generated_at":"2026-05-16T12:02:04.169528+00:00","sec_items":["3.02"],"event_type":"other_material","sentiment":"neutral","materiality_score":0.5,"calibrated_materiality_score":0.5,"confidence":"high","headline":"Phillip Street Middle Market sells ~1.86M common units for $37.5M in private placement","bullets":["Sold 1,860,119.048 common units at aggregate offering price of $37.5 million; closed December 22, 2025.","Offering exempt under Section 4(a)(2) of Securities Act and Regulation D/S; purchasers were accredited investors or non-U.S. persons.","Investors funded drawdowns per subscription agreements with minimum ten business days' prior notice.","No general solicitation or advertising used; units acquired for investment, not resale."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-25-337134","json":"https://secwatch.observer/filing/0001193125-25-337134.json","markdown":"https://secwatch.observer/filing/0001193125-25-337134.md","text":"https://secwatch.observer/filing/0001193125-25-337134.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1948368/000119312525337134/0001193125-25-337134-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1948368/000119312525337134/d75114d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-16T12:02:04.169528+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"b1814065ce9339dfcf8b7ce1e37bcb4df01a57c3","claim":"Phillip Street BDC LLC issued 1,860,119.048 common units of unit to accredited investors or non-U.S. persons in accordance with Regulation S for $37.5 million aggregate.","evidence_excerpt":"On December 8, 2025, Phillip Street Middle Market Lending Fund LLC (the “Company”) delivered a capital drawdown notice to investors relating to the sale of 1,860,119.048 common units of the Company’s limited liability company interests (the “Common Units”) for an aggregate offering price of $37.5 million. The sale closed on December 22, 2025.","evidence_source":"SEC 8-K Item 3.02/3.03","evidence_url":"https://www.sec.gov/Archives/edgar/data/1948368/000119312525337134/0001193125-25-337134-index.htm","confidence":0.9,"family_label":"Equity Issuances","details":[{"label":"Security","value":"unit"},{"label":"Shares","value":"1,860,119.048 common units"},{"label":"Purchaser","value":"accredited investors or non-U.S. persons in accordance with Regulation S"},{"label":"Consideration","value":"$37.5 million aggregate"}],"fact_type":"equity_issuance"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}