Vehicle file · Non-traded BDC

Phillip Street BDC LLC

What its SEC filings show.

SEC CIK 1948368·Inc. DE·Fiscal year end 12/31·Data as filed · pulled Oct 12, 2026

What this file is.Not a review. Every figure below is the issuer's own number as tagged in its filings to the SEC, unadjusted, with a link to the filing it came from. When a new filing lands, the table updates; when a filing changes something for the people who hold this vehicle, we write it up and link it under Our reads.

Phillip Street BDC LLC is a non-traded BDC registered with the SEC under CIK 1948368 (incorporated in DE). Its most recent filing is a 10-Q (quarterly report) dated Aug 11, 2026. As of Jun 30, 2026 it reported total assets of $1.03B (up 37.6% from $750.2M a year earlier) and stockholders' equity of $560.2M. It raised $52.5M from new shares in the six months to Jun 30, 2026. Reported NAV per share: $20.13 as of Jun 30, 2026.

What the figures say together

Our arithmetic on the issuer's own figures, only pairing numbers from the same period or date, and ranked against the 70 other vehicles of this type we track.

Liabilities were 46% of total assets at Jun 30, 2026. It ranks 32nd of the 69 vehicles of this type that report the same figures (1st = least leveraged).
The management fee ran at about 0.92% a year of stockholders' equity ($2.5M in the six months to Jun 30, 2026, annualised; our arithmetic). It ranks 7th of the 55 vehicles of this type that report the same figures (1st = lowest fee).
NAV per share moved down 0.6% in a year, from $20.25 to $20.13 (before distributions). It ranks 17th of the 58 vehicles of this type that report the same figures (1st = best NAV change).

Key figures, as filed.

Balance sheet

Figure	Latest	Period	A year earlier	Change	Source
Total assets	$1.03B	as of Jun 30, 2026	$750.2M	+37.6%	10-Q · Aug 11, 2026
Investments at fair value	$927.0M	as of Mar 31, 2026	$677.3M	+36.9%	10-Q · May 12, 2026
Total liabilities	$472.3M	as of Jun 30, 2026	$320.5M	+47.4%	10-Q · Aug 11, 2026
Long-term debt	$462.4M	as of Jun 30, 2026	$312.1M	+48.1%	10-Q · Aug 11, 2026
Stockholders' equity	$560.2M	as of Jun 30, 2026	$429.7M	+30.4%	10-Q · Aug 11, 2026
NAV per share	$20.13	as of Jun 30, 2026	$20.25	−0.6%	10-Q · Aug 11, 2026
Shares outstanding	27.8M shares	as of Jun 30, 2026	21.2M shares	+31.1%	10-Q · Aug 11, 2026
Shares outstanding (cover page)	28.4M shares	as of Aug 11, 2026	21.7M shares	+31.0%	10-Q · Aug 11, 2026

Results and cash flow

Figure	Latest	Period	A year earlier	Change	Source
Cash from operations	−$56.9M	six months to Jun 30, 2026	−$86.3M	+34.1%	10-Q · Aug 11, 2026
Management fees	$2.5M	six months to Jun 30, 2026	$2.7M	−6.7%	10-Q · Aug 11, 2026

Capital raised, distributions and repurchases

Figure	Latest	Period	A year earlier	Change	Source
Capital raised (common stock issued)	$52.5M	six months to Jun 30, 2026	$0	—	10-Q · Aug 11, 2026

Flows (revenues, income, cash, distributions, repurchases) are shown for the period the issuer reported them in, which may be a quarter, a year-to-date span or a full year; “a year earlier” compares only periods of the same length. A vehicle that does not tag a figure in XBRL will not show it here even if the PDF discloses it.

If you have real money in this, do not decide it alone.

We can tell you what the filings say. What we cannot tell you is what it means for your particular position, your tax situation and the rest of your portfolio, and anyone who does that from a web page without knowing your circumstances is guessing. With money in a non-traded BDC whose repurchases are capped each quarter, that is the part that actually matters.

Get matched with a screened adviser

Answer a few questions

A short questionnaire about your assets and goals, then introductions to advisers that WiserAdvisor says it screens for experience and SEC/FINRA registration record. Ask each one, in writing, whether they act as a fiduciary on everything they recommend. Free to you. No money moves and nothing is bought.

What we don't like: you are handing over your contact details and advisers will get in touch, so expect calls. We have not vetted any individual adviser and we are not endorsing one. Treat the introduction as a starting point, not a recommendation.

We are paid a referral fee if you complete the questionnaire, at no cost to you. A few lenders we review, such as Kiavi, also pay us for referrals; those links are marked. The advisers in this box have no connection to any fund reviewed on this site.

Filing timeline.

The last 25 documents this issuer filed with the SEC. Marked rows are the ones that tend to matter to holders.

Aug 11, 202610-Q · Quarterly reportEDGAR ↗
Aug 6, 20268-K · Current reportItems 5.02EDGAR ↗
May 12, 202610-Q · Quarterly reportEDGAR ↗
Apr 30, 20268-K · Current reportItems 5.03,9.01EDGAR ↗
Mar 31, 20264 · Insider transactionEDGAR ↗
Mar 17, 20268-K · Current reportItems 5.02EDGAR ↗
Mar 3, 20268-K · Current reportItems 7.01EDGAR ↗
Mar 3, 202610-K · Annual reportEDGAR ↗
Jan 22, 20268-K · Current reportItems 1.01,2.03,9.01EDGAR ↗
Jan 13, 202640-17G · FilingEDGAR ↗
Jan 7, 20263 · Insider holdingsEDGAR ↗
Jan 7, 20264 · Insider transactionEDGAR ↗
Jan 6, 20268-K · Current reportItems 3.02EDGAR ↗
Dec 30, 20258-K · Current reportItems 3.02EDGAR ↗
Dec 5, 20258-K · Current reportItems 5.03,9.01EDGAR ↗
Nov 21, 202540-17F2 · PHILLIP STREET MIDDLE MARKET LENDING FUND LLCEDGAR ↗
Nov 12, 202510-Q · Quarterly reportEDGAR ↗
Oct 29, 20258-K · Current reportItems 1.01,2.03,9.01EDGAR ↗
Aug 12, 202510-Q · Quarterly reportEDGAR ↗
Aug 11, 20254 · Insider transactionEDGAR ↗
Aug 11, 20253 · Insider holdingsEDGAR ↗
Jul 21, 20258-K · Current reportItems 5.02EDGAR ↗
May 30, 20258-K · Current reportItems 5.02EDGAR ↗
May 13, 202510-Q · Quarterly reportEDGAR ↗
Apr 25, 202540-APP/A · FilingEDGAR ↗

Our reads on Phillip Street BDC LLC.

No forensic read of this vehicle yet. When a filing changes something for holders — a tender offer, a repurchase cap, a NAV reset, a distribution cut — the read goes here.

Source: SEC EDGAR, XBRL company facts and filing index for CIK 1948368, retrieved Oct 12, 2026. Figures are reproduced as tagged by the issuer; errors in the source carry through, which is why every row links to the filing. Nothing here is investment advice.

More files.

All vehicle files →

The weekly read

Phillip Street BDC LLC

What the figures say together

Key figures, as filed.

Filing timeline.

Our reads on Phillip Street BDC LLC.

More files.

Andalusian Credit Company, LLC

Apollo Asset Backed Credit Co LLC

Apollo Debt Solutions BDC

ARES STRATEGIC INCOME FUND

Audax Credit BDC Inc.

Audax Private Credit Fund, LLC

One platform, dissected, every Tuesday.