Phillip Street Middle Market Lending Fund LLC 8-K

What Happened
Phillip Street Middle Market Lending Fund LLC reported that on January 16, 2026 its indirectly owned subsidiary, Phillip Street Middle Market Lending Investments LLC (the SPV), entered into a fifth amendment to its secured credit facility (the "Ally Credit Facility"). The amendment increases the total Facility Amount to $750,000,000 and revises certain components of the Borrowing Base, resulting in an increased Borrowing Base. Ally Bank serves as administrative agent, arranger and swingline lender; State Street Bank and Trust Company is collateral custodian. The amendment is filed as Exhibit 10.1 to the Form 8-K.

Key Details

• Amendment date: January 16, 2026; original facility dated February 10, 2023 (this is Amendment No. 5).
• Facility Amount increased to $750,000,000.
• The amendment changes certain Borrowing Base components, increasing the Borrowing Base available to the SPV.
• Parties: Phillip Street Middle Market Lending Investments LLC (borrower/SPV), Phillip Street Middle Market Lending Fund LLC (collateral manager/transferor), Ally Bank (administrative agent/arranger/swingline lender), State Street (collateral custodian).
• The filing also reports the creation/increase of a direct financial obligation under Item 2.03; full amendment text is included as Exhibit 10.1 (certain schedules/annexes omitted from the public filing).

Why It Matters
Raising the facility to $750M expands the SPV’s borrowing capacity and liquidity, which can support more lending or loan purchases in the fund’s middle‑market strategy. For investors, this change could affect the fund’s leverage, interest expense and capacity to grow assets under management, though the 8-K does not disclose specific pricing or other economic terms. Review the filed Amendment (Exhibit 10.1) or supplemental disclosures for detailed terms and potential impacts on cash flow and credit risk.