---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-004530"
form_type: "8-K"
ticker: null
cik: "0001948368"
company_name: "Phillip Street BDC LLC"
filed_at: "2026-01-06T23:59:59+00:00"
generated_at: "2026-05-16T11:34:23.465220+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 Lending Fund draws $52.5M via private placement of 2.6M common units

## Summary
- Delivered capital drawdown notice on Jan 2, 2026 for ~2.6M common units at aggregate $52.5M.
- Closing expected on or around Jan 16, 2026.
- Sale exempt under Section 4(a)(2) and Regulation D/S; investors are accredited or non-U.S. persons.
- Investors funded drawdowns per subscription agreements with 10 business days' notice.
- No general solicitation or public offering; units offered for investment only.

## SEC filing metadata
- accession: 0001193125-26-004530
- form_type: 8-K
- cik: 0001948368
- company_name: Phillip Street BDC LLC
- filed_at: 2026-01-06T23:59:59+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/1948368/000119312526004530/0001193125-26-004530-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1948368/000119312526004530/d46301d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-004530
- JSON: https://secwatch.observer/filing/0001193125-26-004530.json
- Plain text: https://secwatch.observer/filing/0001193125-26-004530.txt

## Key facts
- Equity Issuances
  Phillip Street BDC LLC issued approximately 2.6 million common units of common stock to investors for aggregate offering price of approximately $52.5 million.
  - Security: common stock
  - Shares: approximately 2.6 million common units
  - Purchaser: investors
  - Consideration: aggregate offering price of approximately $52.5 million
  source text: On January 2, 2026, Phillip Street Middle Market Lending Fund LLC (the “Company”) delivered a capital drawdown notice to investors relating to the sale of approximately 2.6 million common units of the Company’s limited liability company interests (the “Common Units”) for an aggregate offering price of approximately $52.5 million.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1948368/000119312526004530/0001193125-26-004530-index.htm

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