11. SUBSEQUENT EVENTS

Subsequent events after the date of the Consolidated Statements of Financial Condition have been evaluated through the date the consolidated financial statements were issued. Other than the items discussed below, the Company has concluded that there is no impact requiring adjustment or disclosure in the consolidated financial statements.

The Company will pay a distribution equal to an amount up to the Company’s taxable earnings per Unit, including net investment income (if positive) for the period beginning January 1, 2026 through March 31, 2026, which will be payable on or about April 29, 2026 to Unitholders of record as of April 2, 2026.

Effective April 24, 2026, the Company changed its name from “Phillip Street Middle Market Lending Fund LLC” to “Phillip Street BDC LLC” (the “Name Change”) by filing a certificate of amendment to its Certificate of Formation with the Secretary of State of the State of Delaware. Additionally, on May 7, 2026, the Company entered into an amendment of its Second Amended and Restated Limited Liability Company Agreement (the “LLCA Amendment”). The LLCA Amendment (i) reflects the Name Change and (ii) amends the definition of “Total Commitments” to include any contractually-committed financing (whether funded or unfunded) under any financing arrangements of the Company or its subsidiaries.