Private company

T Series BDC LLC

American company, incorporated in Delaware1

In its 2026 annual report the company says: “We are a non-diversified, externally managed specialty finance company focused on lending to middle-market companies. We have elected to be regulated as a BDC under the Investment Company Act of 1940, as amended. We are classified as a non-diversified investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in securities of a single issuer.”10 It is headquartered in New York, New York.1

Last updated Oct 20, 2026.

Overview

  • HeadquartersNew York, New York1
  • Incorporated inDE2
  • Business address1585 Broadway, 23Rd Floor, New York, Ny2
  • Filer category, Emerging growth company2

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Financials

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

Financial statements

Net income45$78.9M in 2025+483% since 2022
0$50.0M$100.0M$150.0M2022: $13.5M$13.5M20222023: $109.6M$109.6M2023+710%2024: $107.8M$107.8M2024−2%2025: $78.9M$78.9M2025−27%
Fiscal year202120222023202420252026
Interest$21.8M9$64.3M9
Net income$13.5M4$109.6M5$107.8M5$78.9M5
Earnings per share$0.704$2.915$2.215$1.335
Earnings per share (diluted)$0.704$2.915$2.215$1.335
Shares (weighted, basic)19.4M shares537.7M shares548.8M shares559.2M shares5
Shares (weighted, diluted)19.4M shares537.7M shares548.8M shares559.2M shares5

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Corporate structure

T Series BDC LLC sits at the top of its group. 6 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

  • T Series BDC LLC New York, New York
    • T Series CA SPV LLC Subsidiary · Delaware, United States
    • T Series Equity Holdings LLC Subsidiary · Delaware, United States
    • T Series SPV II LLC Subsidiary · Delaware, United States
    • T Series SPV III LLC Subsidiary · Delaware, United States
    • T Series SPV LLC Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What T Series 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.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$47.2M5 Dec 31, 2025$40.6M5 Dec 31, 2024+16.2%

Properties, in its own words

Our headquarters are located at 1585 Broadway, New York, NY 10036. We do not own any real estate.

Item 2 of the 10-K filed Mar 2, 2026.10

Leadership

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

Chief executive

  1. Jeffrey Levin2021

President

  1. Jeffrey Levin2021
  2. Jeff M. Day2025–now

Chief financial officer

  1. Venugopal Rathi2021
  2. David Pessah2023

Chief operating officer

  1. Orit Mizrachi2021
2025
Board members and other officers (12)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • T Series CA SPV LLC Delaware3
  • T Series Equity Holdings LLC Delaware3
  • T Series SPV II LLC Delaware3
  • T Series SPV III LLC Delaware3
  • T Series SPV LLC Delaware3

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

Former names

  • T Series Middle Market Loan Fund LLCOct 19, 2021 to Mar 26, 20262

Timeline

  1. Sep 29, 20268-K Executive or director change27
  2. Jul 20, 20268-K Entered a material agreement; New debt or obligation28
  3. Mar 26, 20268-K Unregistered sale of shares29
  4. Dec 23, 20258-K Executive or director change30
  5. Dec 12, 20258-K Entered a material agreement; New debt or obligation31
  6. Jul 25, 20258-K Executive or director change32
  7. Jun 12, 20258-K Entered a material agreement; New debt or obligation33
  8. Dec 27, 20248-K Executive or director change34
  9. Oct 30, 20248-K Unregistered sale of shares35
  10. Oct 1, 20248-K Entered a material agreement36
  11. Aug 27, 20248-K Entered a material agreement; New debt or obligation37
  12. Aug 1, 20248-K Unregistered sale of shares38
  13. Dec 20, 2021New chief executive Jeffrey Levin becomes CEO11

Filings

78 filings to the SEC since October 2021: 5 annual reports, 14 quarterly reports, 32 major events, 16 insider forms, 11 other. The latest 20:

  1. Sep 29, 20268-K EDGAR
  2. Aug 11, 202610-Q EDGAR
  3. Jul 20, 20268-K EDGAR
  4. May 12, 202610-Q EDGAR
  5. Mar 26, 20268-K EDGAR
  6. Mar 2, 202610-K EDGAR
  7. Jan 2, 20263 EDGAR
  8. Dec 23, 20258-K EDGAR
  9. Dec 12, 20258-K EDGAR
  10. Nov 12, 202510-Q EDGAR
  11. Nov 6, 202540-17G EDGAR
  12. Aug 12, 202510-Q EDGAR
  13. Aug 12, 20253 EDGAR
  14. Aug 5, 20253 EDGAR
  15. Jul 25, 20258-K EDGAR
  16. Jun 12, 20258-K EDGAR
  17. May 14, 202510-Q EDGAR
  18. Mar 6, 202510-K EDGAR
  19. Dec 27, 20248-K EDGAR
  20. Nov 13, 202410-Q EDGAR

The 78 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 T Series 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 EDGART Series BDC LLC1
  • CIK0001885968
  • Employer ID (EIN)87-327129010
  • Filer statusNon-accelerated filer an emerging growth company; not a smaller reporting company; not a shell company10
  • Incorporated inDelaware10
  • Fiscal year endsDecember 311
  • Business address1585 Broadway, 23Rd Floor, New York, NY1
  • Phone(212) 761-40001
  • Shares outstanding68,360,100 as of Aug 11, 20268
  • Public float$0 as of Jun 30, 20255
  • AuditorDeloitte & Touche LLP, New York, New York PCAOB ID 3410
  • On EDGAR sinceOct 19, 20211
  • Filings87 in all: 8-K (32), 3 (16), 10-Q (14), 10-K (5), 40-17G (5), 40-APP/A (5), 40-APP (3), CORRESP (3)1
    All 12 form types

    10-12G (1), 10-12G/A (1), N-54A (1), UPLOAD (1)

  • Latest filingsAnnual report (10-K) Mar 2, 2026
    Quarterly report (10-Q) Aug 11, 2026
    Latest 8-K (8-K) Sep 29, 2026

Risk factors and legal proceedings

The risks T Series BDC LLC names in Item 1A of its 10-K filed Mar 2, 2026: 77 risks under these headings, as written.10

  • Risks Relating to Our Business and Structure
  • Operating 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 closed-end investment company, which would subject us to additional regulatory restrictions.
  • We are subject to risks associated with the current interest rate environment and to the extent we use debt to finance our investments, changes in interest rates will affect our cost of capital and net investment income.
  • We depend upon our Adviser and Administrator for our success and upon their access to the investment professionals and partners of Morgan Stanley and its affiliates.
  • Our business model depends to a significant extent upon strong referral relationships with private equity sponsors. Any inability of the Adviser to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.
  • The time and resources that individuals associated with our Adviser devote to us may be diverted, and we may face additional competition due to the fact that neither our Adviser nor its affiliates are prohibited from raising money for or managing another entity that makes the same types of investments that we target.
  • We may not replicate the historical results achieved by other entities advised or sponsored by members of the Investment Committee, or by the Adviser or its affiliates.
  • Our financial condition and results of operations depend on our ability to manage future growth effectively.
  • The Adviser may frequently be required to make investment analyses and decisions on an expedited basis in order to take advantage of investment opportunities, and our Adviser may not have knowledge of all circumstances that could impact our investments.
  • There are significant potential conflicts of interest that could affect our investment returns.
  • Conflicts related to obligations the Investment Committee, the Adviser or its affiliates have to other clients and conflicts related to fees and expenses of such other clients.
  • The Investment Committee, the Adviser or its affiliates may, from time to time, possess material non-public information, or may not have access to certain information held by Morgan Stanley, each of which would limit our investment discretion.
The other 66 risks
  • Our incentive fee structure may create incentives for the Adviser that are not fully aligned with the interests of our unitholders and may induce the Adviser to make speculative investments.
  • Conflicts related to other arrangements with the Adviser and its affiliates.
  • Our ability to enter into transactions with our affiliates is restricted.
  • The recommendations given to us by our Adviser may differ from those rendered to their other clients.
  • Our Units are illiquid investments for which there is not a secondary market.
  • We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses.
  • We will be subject to corporate-level income tax if we are unable to qualify as a RIC.
  • We may have difficulty paying our required distributions if we recognize income before, or without, receiving cash representing such income.
  • We will need to raise additional capital to grow because we must distribute most of our income.
  • If we are not treated as a “publicly offered regulated investment company,” as defined in the Code, U.S. unitholders that are individuals, trusts or estates will be taxed as though they received a distribution of some of our expenses.
  • Regulations governing our operation as a BDC affect our ability to, and the way in which we, raise additional capital. As a BDC, the necessity of raising additional capital exposes us to risks, including the typical risks associated with leverage.
  • We intend to finance our investments with borrowed money, which will magnify the potential for gain or loss on amounts invested and may increase the risk of investing in us.
  • We are subject to risks associated with our Credit Facilities.
  • Any inability to renew, extend or replace the Credit Facilities could adversely impact our liquidity and ability to find new investments or maintain distributions to our unitholders.
  • In addition to regulatory limitations on our ability to raise capital, our financing agreements contain various covenants, which, if not complied with, could accelerate our repayment obligations under such agreements, thereby materially and adversely affecting our liquidity, financial condition, results of operations and ability to pay distributions.
  • Our interests in any subsidiary that enters into a Credit Facility would be subordinated, and we may not receive cash on our equity interests from any such subsidiary.
  • Our ability to sell investments held by any subsidiary that enters into a Credit Facility would be limited.
  • We may enter into reverse repurchase agreements, which are another form of leverage.
  • We may be subject to risks associated with any collateralized loan obligations, or CLOs, we enter into to finance our investments.
  • Investors in our Common Units may fail to fund their capital commitments when due.
  • If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to qualify as a BDC or be precluded from investing according to our current business strategy.
  • Failure to qualify as a BDC would decrease our operating flexibility.
  • The majority of our portfolio investments are recorded at fair value as determined in good faith by our Valuation Designee, under the supervision of our Board of Directors and, as a result, there may be uncertainty as to the value of our portfolio investments.
  • Our Board of Directors may change our investment objective, operating policies and strategies without prior notice or stockholder approval, and we may temporarily deviate from our regular investment strategy.
  • The Adviser can resign on 90 days’ notice, and 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.
  • The Administrator can resign on 90 days’ notice, and we may not be able to find a suitable replacement, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.
  • We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we are not limited with respect to the proportion of our assets that may be invested in securities of a single issuer and our portfolio may be concentrated in a limited number of industries.
  • We may be subject to risks associated with our investments in the software industry.
  • Laws and regulations regulating insurance activities are complex and could negatively affect the business of our portfolio companies in the insurance services industry, which could reduce their profitability and potentially limit their growth.
  • The liability of each of the Adviser and the Administrator is limited, and we have agreed to indemnify each against certain liabilities, which may lead them to act in a riskier manner on our behalf than each would when acting for its own account.
  • We may invest in derivatives or other assets that expose us to certain risks, including market risk, liquidity risk and other risks similar to those associated with the use of leverage.
  • Risks Relating to Our Investments
  • Limitations of investment due diligence expose us to investment risk.
  • Our debt investments may be risky and we could lose all or part of our investments.
  • Defaults by our portfolio companies will harm our operating results.
  • We may experience fluctuations in our periodic operating results.
  • Economic recessions or downturns could impair our portfolio companies and defaults by our portfolio companies will harm our operating results.
  • Inflation could adversely impact our portfolio companies and our results of our operations.
  • We may hold the debt securities of distressed companies that may enter into bankruptcy proceedings.
  • Our investments in private, middle-market portfolio companies are risky, and you could lose all or part of your investment.
  • Subordinated liens on collateral securing debt investments that we will make to our portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us.
  • Covenant-lite loans may expose us to different risks, including with respect to liquidity, ability to restructure loans, credit risks and less protective loan documentation, than is the case with loans that contain financial maintenance covenants.
  • The lack of liquidity in our investments may adversely affect our business.
  • Price declines and illiquidity in the corporate debt markets may adversely affect the fair value of our portfolio investments, reducing our net asset value through increased net unrealized depreciation.
  • Our investments in OID and PIK instruments may expose us to investment risk.
  • Our portfolio companies may be unable to repay or refinance outstanding principal on their loans at or prior to maturity.
  • Our portfolio companies may prepay loans, which may reduce our yields if capital returned cannot be invested in transactions with equal or greater expected yields.
  • Our investments in portfolio companies may expose us to environmental risks.
  • We have not yet identified all of the portfolio company investments we will acquire and we may have difficulty sourcing investment opportunities.
  • Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio.
  • Because we generally do not hold controlling equity interests in our portfolio companies, we may not be able 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 can offer no assurance that portfolio company management will be able to operate their companies in accordance with our expectations.
  • Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies and such portfolio companies may not generate sufficient cash flow to service their debt obligations to us.
  • We may make unsecured loans to portfolio companies, meaning that such loans will not benefit from any interest in collateral of such companies.
  • We may suffer a loss if a portfolio company defaults on a loan and the underlying collateral is not sufficient.
  • We may be subject to risks under hedging transactions and may become subject to risks if we invest in foreign securities.
  • We may not realize gains from our equity investments.
  • We may be subject to risks to the extent we provide managerial assistance to our portfolio companies.
  • Risks Relating to an Investment in Our Common Units
  • Our Common Units are not listed, and we do not intend to list our Common Units, on an exchange, nor are our Common Units quoted through a quotation system. Therefore, our common unitholders will have limited liquidity and may not receive a full return of invested capital upon selling their Common Units or upon liquidation of the Company.
  • There are restrictions on the ability of holders of our Common Units to transfer Common Units in excess of the restrictions typically associated with a private offering of securities under Regulation D, Regulation S and other exemptions from registration under the Securities Act, and these restrictions could limit the liquidity of an investment in our Common Units and the price at which holders may be able to sell their Common Units.
  • There is a risk that you may not receive distributions or that our distributions may not grow over time and a portion of our distributions may be a return of capital.
  • We have not established any limit on the amount of funds we may use from available sources, such as borrowings, if any, or proceeds from any offering of securities, to fund dividends (which may reduce the amount of capital we ultimately invest in assets).
  • Our unitholders may experience dilution in their ownership percentage.
  • Our unitholders may receive shares of our Common Units as dividends, which could result in adverse tax consequences to them.
  • We may in the future determine to issue preferred units, which could adversely affect the value of our Common Units.
  • The net asset value of our Common Units may fluctuate significantly.
  • Holders of any preferred units that we may issue will have the right to elect certain members of our Board of Directors and have class voting rights on certain matters.

Legal proceedings

The Company, the Investment Adviser and the Administrator may become party to certain lawsuits in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Each of the Company, the Investment Adviser and the Administrator is not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against the Company.

The opening of Item 3, Legal Proceedings.10

Sources

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