Private company

Phillip Street BDC LLC

In its 2026 annual report the company says: “We are a specialty finance company focused on lending to middle-market companies. We are a closed-end management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940 (as amended, the "Investment Company Act").”5 It is headquartered in New York, United States.2

Last updated Oct 20, 2026.

Overview

  • HeadquartersNew York, United States2
  • Incorporated inDE3
  • Business address200 West Street, New York, Ny 10282-21983
  • Filer categoryNon-accelerated filer, Emerging growth company3
  • Legal formLimited Liability Company2
  • LEI5493007BQHS3AS5RFG862
  • StatusActive2
  • LEI statusIssued and current2
  • Registered address251 LITTLE FALLS DRIVE, 19808 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 69100192

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We are a specialty finance company focused on lending to middle-market companies. We are a closed-end management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940 (as amended, the "Investment Company Act"). In addition, we have elected to be treated as a RIC (as defined below), and we expect to qualify annually for tax treatment as a RIC, commencing with our taxable year ended December 31, 2022. From our formation in 2022 through December 31, 2025, we have originated approximately $1,395.6 million in aggregate principal amount of debt investments prior to any subsequent exits and repayments. We seek to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien, unitranche debt, including last-out portions of such loans, and second lien debt, and unsec…5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income6$38.8M in 2025+666% since 2023
0$10.0M$20.0M$30.0M$40.0M2023: $5.1M$5.1M20232024: $24.7M$24.7M2024+387%2025: $38.8M$38.8M2025+57%
Fiscal year20222023202420252026
Operating expenses$7.3M6$17.7M6$34.6M6
Net income$5.1M6$24.7M6$38.8M6
Earnings per share$0.876$1.826$1.826
Earnings per share (diluted)$0.876$1.826$1.826
Shares (weighted, basic)5.8M shares613.6M shares621.4M shares6
Shares (weighted, diluted)5.8M shares613.6M shares621.4M shares6

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Corporate structure

Phillip Street BDC LLC sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

  • Phillip Street BDC LLC New York, New York, United States
    • Phillip Street Middle Market Lending Investments LLC Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC. Each entity in the chart links to its source.

What it owns

What Phillip Street BDC LLC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Properties, in its own words

We maintain our principal executive office at 200 West Street, New York, New York 10282. We do not own any real estate.

Item 2 of the 10-K filed Mar 3, 2026.5

Leadership

Who has led Phillip Street BDC LLC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Alex Chi2022

President

  1. Alex Chi2022

Chief operating officer

  1. Gabriella Skirnick2022–2023
2025
Board members and other officers (16)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Phillip Street Middle Market Lending Investments LLC Delaware4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Phillip Street Middle Market Lending Fund LLCOct 21, 2022 to Mar 31, 20263

Timeline

  1. Aug 6, 20268-K Executive or director change29
  2. Apr 30, 20268-K Bylaws or fiscal year changed30
  3. Mar 17, 20268-K Executive or director change31
  4. Mar 3, 20268-K Regulation FD disclosure32
  5. Jan 22, 20268-K Entered a material agreement; New debt or obligation33
  6. Jan 6, 20268-K Unregistered sale of shares34
  7. Dec 30, 20258-K Unregistered sale of shares35
  8. Dec 5, 20258-K Bylaws or fiscal year changed36
  9. Oct 29, 20258-K Entered a material agreement; New debt or obligation37
  10. Jul 21, 20258-K Executive or director change38
  11. May 30, 20258-K Executive or director change39
  12. Dec 23, 20248-K Entered a material agreement; New debt or obligation40
  13. Dec 20, 2022New chief executive Alex Chi becomes CEO11
  14. Jul 13, 2022Founded Phillip Street BDC LLC is founded2

Filings

72 filings to the SEC since October 2021: 4 annual reports, 11 quarterly reports, 24 major events, 24 insider forms, 9 other. The latest 20:

  1. Aug 11, 202610-Q EDGAR
  2. Aug 6, 20268-K EDGAR
  3. May 12, 202610-Q EDGAR
  4. Apr 30, 20268-K EDGAR
  5. Mar 31, 20264 EDGAR
  6. Mar 17, 20268-K EDGAR
  7. Mar 3, 20268-K EDGAR
  8. Mar 3, 202610-K EDGAR
  9. Jan 22, 20268-K EDGAR
  10. Jan 13, 202640-17G EDGAR
  11. Jan 7, 20263 EDGAR
  12. Jan 7, 20264 EDGAR
  13. Jan 6, 20268-K EDGAR
  14. Dec 30, 20258-K EDGAR
  15. Dec 5, 20258-K EDGAR
  16. Nov 21, 202540-17F2 PHILLIP STREET MIDDLE MARKET LENDING FUND LLC EDGAR
  17. Nov 12, 202510-Q EDGAR
  18. Oct 29, 20258-K EDGAR
  19. Aug 12, 202510-Q EDGAR
  20. Aug 11, 20254 EDGAR

The 72 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

SEC filer profile

How Phillip Street BDC LLC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARPhillip Street BDC LLC1
  • CIK0001948368
  • Employer ID (EIN)92-07586325
  • Filer statusNon-accelerated filer an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsDecember 311
  • Business address200 West Street, New York, NY 10282-21981
  • Phone212-902-10001
  • Shares outstanding28,435,537 as of Aug 11, 20268
  • Public float$0 as of Jun 30, 20256
  • AuditorPricewaterhouseCoopers LLP, Boston, Massachusetts PCAOB ID 238; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceOct 21, 20221
  • Filings80 in all: 8-K (24), 3 (19), 10-Q (11), 40-APP/A (6), 4 (5), 10-K (4), 40-17F2 (3), 40-17G (3)1
    All 12 form types

    40-APP (2), 10-12G (1), 10-12G/A (1), N-54A (1)

  • Latest filingsAnnual report (10-K) Mar 3, 2026
    Quarterly report (10-Q) Aug 11, 2026
    Latest 8-K (8-K) Aug 6, 2026

Risk factors and legal proceedings

The risks Phillip Street BDC LLC names in Item 1A of its 10-K filed Mar 3, 2026: 73 risks under these headings, as written.5

  • Risks Relating to Market Developments and General Business Environment
  • The capital markets may experience periods of disruption and instability. Such market conditions may have materially and adversely affected debt and equity capital markets, which may have a negative impact on our business and operations.
  • Political, social and economic uncertainties may create and exacerbate risks.
  • Risks Relating to Legal and Regulatory Matters
  • Our operation as a BDC imposes numerous constraints on us and significantly reduces our operating flexibility. In addition, if we fail to maintain our status as a BDC, we might be regulated as a registered closed-end investment company, which would subject us to additional regulatory restrictions.
  • We will be subject to U.S. federal income tax at corporate rates (and any applicable U.S. state and local taxes) on all of our income if we are unable to maintain our qualification for tax treatment as a RIC, which would have a material adverse effect on our financial performance.
  • Regulations governing our operations as a BDC affect our ability to, and the way in which we, raise additional capital. These constraints may hinder our Investment Adviser’s ability to take advantage of attractive investment opportunities and to achieve our investment objective.
  • We incur significant costs as a result of being subject to the reporting requirements under the Exchange Act.
  • Efforts to comply with Section 404 of the Sarbanes-Oxley Act involve significant expenditures, and noncompliance with Section 404 of the Sarbanes-Oxley Act may adversely affect us.
  • Changes in laws or regulations governing our operations or the operations of our portfolio companies, changes in the interpretation thereof or newly enacted laws or regulations, or any failure by us or our portfolio companies to comply with these laws or regulations, could require changes to certain of our or our portfolio companies’ business practices, negatively impact our or our portfolio companies’ operations, cash flows or financial condition, impose additional costs on us or our portfolio companies or otherwise adversely affect our business or the business of our portfolio companies.
  • The LLC Agreement includes exclusive forum and jury-trial-waiver provisions that could limit a Unitholder’s ability to bring a claim, make it more expensive or inconvenient for a Unitholder to bring a claim, or, if such provisions are deemed inapplicable or unenforceable by a court, cause us to incur additional costs associated with such action.
  • We cannot predict how new tax legislation will affect us, our investments, or our Unitholders, and any such legislation could adversely affect our business.
The other 63 risks
  • Our ability to enter into transactions with our affiliates is restricted.
  • Our activities may be limited as a result of potentially being deemed to be controlled by GS Group Inc., a bank holding company.
  • CFTC rules may have a negative impact on us and our Investment Adviser.
  • Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited.
  • Certain investors are limited in their ability to make significant investments in us.
  • Risks Relating to Competition
  • We depend upon management personnel of our Investment Adviser for our future success.
  • We operate in a highly competitive market for investment opportunities.
  • Risks Relating to Our Operations
  • We are dependent on information systems, and systems failures or cybersecurity incidents, as well as operating failures, could significantly disrupt our business, which may, in turn, negatively affect our liquidity, financial condition or results of operations.
  • Cybersecurity risks and cyber incidents may adversely affect our business or the business of our portfolio companies by causing a disruption to our operations or the operations of our portfolio companies, a compromise or corruption of our confidential information or the confidential information of our portfolio companies and/or damage to our business relationships or the business relationships of our portfolio companies, all of which could negatively impact the business, financial condition and operating results of us or our portfolio companies.
  • We are subject to risks associated with artificial intelligence and machine learning technology.
  • Risks Relating to Our Business and Structure
  • Our Investment Adviser, its principals, investment professionals and employees and the members of its Private Credit Investment Committee may have certain conflicts of interest.
  • Subject to applicable law, we may invest alongside Goldman Sachs and other Accounts.
  • Goldman Sachs’ financial and other interests may incentivize our Investment Adviser to favor other Accounts.
  • Our financial condition and results of operations depend on our Investment Adviser’s ability to manage our future growth effectively.
  • Our ability to grow depends on our access to adequate capital.
  • We borrow money, which may magnify the potential for gain or loss and may increase the risk of investing in us.
  • Our Investment Adviser will be paid the Management Fee even if the value of an investment in the Company declines and our Investment Adviser’s Incentive Fee may create incentives for it to make certain kinds of investments.
  • The Incentive Fee is based on pre-incentive fee net investment income.
  • Potential conflicts of interest with other businesses of Goldman Sachs could impact our investment returns.
  • Our Board of Directors may change our investment objective, operating policies and strategies without prior notice or Unitholder approval.
  • Our Investment Adviser can resign on 60 days’ notice. We may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.
  • Our Investment Adviser’s responsibilities and its liability to us are limited under the Investment Management Agreement, which may lead our Investment Adviser to act in a riskier manner on our behalf than it would when acting for its own account.
  • We may experience fluctuations in our quarterly results.
  • Beneficial owners of our equity securities may be subject to certain regulatory requirements based on their ownership percentages.
  • Investors may fail to pay their undrawn Commitments.
  • We are subject to risks related to corporate social responsibility.
  • The effect of global climate change may impact the operations of our portfolio companies.
  • Risks Relating to Our Investments
  • Our investments are very risky and highly speculative.
  • Unsecured Debt, Including Mezzanine Debt.
  • Investing in middle-market companies involves a number of significant risks.
  • We have exposure to credit risk and other risks related to credit investments.
  • Changes in inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.
  • We are exposed to risks associated with changes in interest rates.
  • Many of our portfolio securities do not have a readily available market price and we value these securities at fair value as determined in good faith in accordance with the Investment Company Act, which valuation is inherently subjective and may not reflect what we may actually realize for the sale of the investment.
  • The lack of liquidity in our investments may adversely affect our business.
  • Our portfolio may be focused in a limited number of portfolio companies, which will subject us to a risk of significant loss if any of these companies default on their obligations under any of their debt instruments or if there is a downturn in a particular industry.
  • We may not be in a position to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments.
  • We may be subject to risks associated with subordinated debt.
  • We may be subject to risks associated with unsecured debt.
  • We may be subject to risks arising from revolving credit facilities.
  • We may be subject to risks arising from assignments and participations.
  • We may have difficulty sourcing investment opportunities.
  • Our failure or inability to make follow-on investments in our portfolio companies could impair the value of our portfolio.
  • We may elect not to, or be unable to, make follow-on investments or may lack sufficient funds to make those investments.
  • Our portfolio companies may prepay loans, which may reduce stated yields in the future if the capital returned cannot be invested in transactions with equal or greater expected yields.
  • Investments in common and preferred equity securities, many of which are illiquid with no readily available market, involve a substantial degree of risk.
  • By originating loans to companies that are experiencing significant financial or business difficulties, we may be exposed to distressed lending risks.
  • We may be exposed to special risks associated with bankruptcy cases.
  • We may be subject to risks related to exit financings.
  • Declines in market prices and liquidity in the corporate debt markets can result in significant net unrealized depreciation of our portfolio, which in turn would affect our results of operations.
  • Economic recessions or downturns could impair our portfolio companies and harm our operating results.
  • Our portfolio companies may have incurred or issued, or may in the future incur or issue, debt or equity securities that rank equally with, or senior to, our investments in such companies, which could have an adverse effect on us in any liquidation of the portfolio company.
  • Our portfolio companies may be highly leveraged.
  • We will have broad discretion over the use of proceeds of the funds we raise from investors and will use proceeds in part to satisfy operating expenses.
  • We may form one or more CLOs, which may subject us to certain structured financing risks.
  • We may invest a significant portion of our assets in high-quality short-term investments, which will generate lower rates of return than those expected from the interest generated on our intended investment program.
  • Risks Relating to the Units
  • The Units are limited in their transferability; we may repurchase or force a sale of a Unitholder’s Units.
  • An investor may be subject to the short-swing profits rules under the Exchange Act as a result of its investment in the Units.
  • Investing in the Units involves an above-average degree of risk.
  • A Unitholder’s interest in us will be diluted if we issue additional Units, which could reduce the overall value of an investment in us.
  • We may in the future determine to issue Preferred Units, which could adversely affect the value of the Units.
  • We may not be able to pay investors distributions on Units, our distributions to investors may not grow over time and a portion of our distributions to investors may be a return of capital for U.S. federal income tax purposes.
  • Unitholders may be subject to filing requirements under the Exchange Act as a result of their investment in the Units.

Legal proceedings

We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings, including proceedings relating to the enforcement of our rights under loans to or other contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.

The opening of Item 3, Legal Proceedings.5

Sources

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