---
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"
generated_at: "2026-05-16T12:02:04.169528+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Phillip Street Middle Market sells ~1.86M common units for $37.5M in private placement

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-337134
- form_type: 8-K
- cik: 0001948368
- company_name: Phillip Street BDC LLC
- filed_at: 2025-12-30T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 3.02
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-337134
- JSON: https://secwatch.observer/filing/0001193125-25-337134.json
- Plain text: https://secwatch.observer/filing/0001193125-25-337134.txt

## Key facts
- Equity Issuances
  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.
  - Security: unit
  - Shares: 1,860,119.048 common units
  - Purchaser: accredited investors or non-U.S. persons in accordance with Regulation S
  - Consideration: $37.5 million aggregate
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1948368/000119312525337134/0001193125-25-337134-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.