{"url_path":"/sec/cik-0001948368/10-q/2026/item-1a","section_key":"item-1a","section_title":"Item 1A RISK FACTORS","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-12","source_url":"https://www.sec.gov/Archives/edgar/data/1948368/0001193125-26-219873-index.html","accession_number":"0001193125-26-219873","cik":"0001948368","ticker":null,"issuer_name":"Phillip Street BDC LLC","edgar_url":"https://www.sec.gov/Archives/edgar/data/1948368/0001193125-26-219873-index.html","primary_entity_key":"0001948368","primary_entity_name":"Phillip Street BDC LLC"},"word_count":83,"has_tables":true,"body_markdown":"ITEM 1A. RISK FACTORS\n\nAn investment in our securities involves a high degree of risk. There have been no material changes to the risk factors previously reported under Item 1A. “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on March 3, 2026. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may materially affect our business, financial condition and/or operating results."}