{"url_path":"/sec/cik-0002083477/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/2083477/0002083477-26-000003-index.html","accession_number":"0002083477-26-000003","cik":"0002083477","ticker":null,"issuer_name":"APS BDC, LLC","edgar_url":"https://www.sec.gov/Archives/edgar/data/2083477/0002083477-26-000003-index.html","primary_entity_key":"0002083477","primary_entity_name":"APS BDC, LLC"},"word_count":2015,"has_tables":true,"body_markdown":"aps-20260331\n000208347712-312026Q1false11xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureaps:componentaps:segment00020834772026-01-012026-03-3100020834772026-05-1400020834772026-03-3100020834772026-01-022026-03-3100020834772026-01-010002083477Evergreen IX Borrower 2023, LLC | CHS BDC 2 LLC2026-03-310002083477Saturn Sound Bidco Limited | CHS BDC 2 LLC 12026-03-310002083477Saturn Sound Bidco 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of](#i594aa0e3aaf74be6ac877389b0c13ed4_7)[Contents](#i594aa0e3aaf74be6ac877389b0c13ed4_7)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-Q\n\n(Mark One)\n\nxQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the Quarterly Period ended March 31, 2026\n\noTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nCommission File Number: 814-01953\n\nAPS BDC, LLC\n\n(Exact name of registrant as specified in its charter)\n\nDelaware\n\n39-3786942\n\n(State or other jurisdiction of incorporation or organization)\n\n(I.R.S. Employer Identification No.)\n\n550 Madison Avenue, 34th Floor, New York, New York\n\n10022\n\n(Address of principal executive offices)\n\n(Zip Code)\n\n(929) 581-2783\n\n(Registrant’s telephone number, including area code)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each class\n\nTrading Symbol\n\nName of each exchange on which registered\n\nNone\n\nNone\n\nNone\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer\n\no\nAccelerated filer\no\n\nNon-accelerated filer\n\nx\nSmaller reporting company\no\n\nEmerging growth company\nx\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x\n\nThe issuer had 75,000,000 Units of Limited Liability Company Interests, $0.001 par value per unit, outstanding as of May 14, 2026.\n\n[Table of](#i594aa0e3aaf74be6ac877389b0c13ed4_7)[Contents](#i594aa0e3aaf74be6ac877389b0c13ed4_7)\n\nAPS BDC, LLC\n\nForm 10-Q for the Quarter Ended March 31, 2026\n\nTable of Contents\n\nPage\n\n[PART I.](#i594aa0e3aaf74be6ac877389b0c13ed4_10)\n\n[FINANCIAL INFORMATION](#i594aa0e3aaf74be6ac877389b0c13ed4_10)\n\n[3](#i594aa0e3aaf74be6ac877389b0c13ed4_10)\n\n[Item 1.](#i594aa0e3aaf74be6ac877389b0c13ed4_13)\n\n[Consolidated Financial Statements](#i594aa0e3aaf74be6ac877389b0c13ed4_13)\n\n[3](#i594aa0e3aaf74be6ac877389b0c13ed4_13)\n\n[Consolidated Statement](#i594aa0e3aaf74be6ac877389b0c13ed4_16)[of Assets and Liabilities as of](#i594aa0e3aaf74be6ac877389b0c13ed4_16)[March 31](#i594aa0e3aaf74be6ac877389b0c13ed4_16)[, 202](#i594aa0e3aaf74be6ac877389b0c13ed4_16)[6](#i594aa0e3aaf74be6ac877389b0c13ed4_16)[(](#i594aa0e3aaf74be6ac877389b0c13ed4_16)[U](#i594aa0e3aaf74be6ac877389b0c13ed4_16)[na](#i594aa0e3aaf74be6ac877389b0c13ed4_16)[udited](#i594aa0e3aaf74be6ac877389b0c13ed4_16)[)](#i594aa0e3aaf74be6ac877389b0c13ed4_16)\n\n[3](#i594aa0e3aaf74be6ac877389b0c13ed4_16)\n\n[Consolidated Statement](#i594aa0e3aaf74be6ac877389b0c13ed4_19)[of Operations for the](#i594aa0e3aaf74be6ac877389b0c13ed4_19)[P](#i594aa0e3aaf74be6ac877389b0c13ed4_19)[eriod from Januar](#i594aa0e3aaf74be6ac877389b0c13ed4_19)[y 2, 2026 (](#i594aa0e3aaf74be6ac877389b0c13ed4_19)[C](#i594aa0e3aaf74be6ac877389b0c13ed4_19)[ommencement of](#i594aa0e3aaf74be6ac877389b0c13ed4_19)[O](#i594aa0e3aaf74be6ac877389b0c13ed4_19)[perations) through](#i594aa0e3aaf74be6ac877389b0c13ed4_19)[March 31, 2026](#i594aa0e3aaf74be6ac877389b0c13ed4_19)[(](#i594aa0e3aaf74be6ac877389b0c13ed4_19)[U](#i594aa0e3aaf74be6ac877389b0c13ed4_19)[naudited)](#i594aa0e3aaf74be6ac877389b0c13ed4_19)\n\n[4](#i594aa0e3aaf74be6ac877389b0c13ed4_19)\n\n[Consolidated Statement](#i594aa0e3aaf74be6ac877389b0c13ed4_22)[of Changes in Net Assets](#i594aa0e3aaf74be6ac877389b0c13ed4_22)[for the](#i594aa0e3aaf74be6ac877389b0c13ed4_22)[P](#i594aa0e3aaf74be6ac877389b0c13ed4_22)[eriod from Ja](#i594aa0e3aaf74be6ac877389b0c13ed4_22)[n](#i594aa0e3aaf74be6ac877389b0c13ed4_22)[uar](#i594aa0e3aaf74be6ac877389b0c13ed4_22)[y 2, 2026](#i594aa0e3aaf74be6ac877389b0c13ed4_22)[(](#i594aa0e3aaf74be6ac877389b0c13ed4_22)[C](#i594aa0e3aaf74be6ac877389b0c13ed4_22)[o](#i594aa0e3aaf74be6ac877389b0c13ed4_22)[mmencement of](#i594aa0e3aaf74be6ac877389b0c13ed4_22)[O](#i594aa0e3aaf74be6ac877389b0c13ed4_22)[perations) through](#i594aa0e3aaf74be6ac877389b0c13ed4_22)[March 31, 2026](#i594aa0e3aaf74be6ac877389b0c13ed4_22)[(Unaudited)](#i594aa0e3aaf74be6ac877389b0c13ed4_22)\n\n[5](#i594aa0e3aaf74be6ac877389b0c13ed4_22)\n\n[Consolidated Statement](#i594aa0e3aaf74be6ac877389b0c13ed4_25)[of Cash Flows for the](#i594aa0e3aaf74be6ac877389b0c13ed4_25)[P](#i594aa0e3aaf74be6ac877389b0c13ed4_25)[eriod from January 2, 2026 (](#i594aa0e3aaf74be6ac877389b0c13ed4_25)[Commencement of Opera](#i594aa0e3aaf74be6ac877389b0c13ed4_25)[tions) through](#i594aa0e3aaf74be6ac877389b0c13ed4_25)[March 31, 2026](#i594aa0e3aaf74be6ac877389b0c13ed4_25)[(Unaudited)](#i594aa0e3aaf74be6ac877389b0c13ed4_25)\n\n[6](#i594aa0e3aaf74be6ac877389b0c13ed4_25)\n\n[Consolidated Schedule of Investments as of](#i594aa0e3aaf74be6ac877389b0c13ed4_28)[March 31, 2026](#i594aa0e3aaf74be6ac877389b0c13ed4_28)[(Unaudited)](#i594aa0e3aaf74be6ac877389b0c13ed4_28)\n\n[8](#i594aa0e3aaf74be6ac877389b0c13ed4_28)\n\n[Notes to Consolidated Financial Statements (Unaudited)](#i594aa0e3aaf74be6ac877389b0c13ed4_31)\n\n[16](#i594aa0e3aaf74be6ac877389b0c13ed4_31)\n\n[Item 2.](#i594aa0e3aaf74be6ac877389b0c13ed4_70)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#i594aa0e3aaf74be6ac877389b0c13ed4_70)\n\n[36](#i594aa0e3aaf74be6ac877389b0c13ed4_70)\n\n[Item 3.](#i594aa0e3aaf74be6ac877389b0c13ed4_112)\n\n[Quantitative and Qualitative Disclosures about Market Risk](#i594aa0e3aaf74be6ac877389b0c13ed4_112)\n\n[53](#i594aa0e3aaf74be6ac877389b0c13ed4_112)\n\n[Item 4.](#i594aa0e3aaf74be6ac877389b0c13ed4_115)\n\n[Controls and Procedures](#i594aa0e3aaf74be6ac877389b0c13ed4_115)\n\n[53](#i594aa0e3aaf74be6ac877389b0c13ed4_115)\n\n[PART II.](#i594aa0e3aaf74be6ac877389b0c13ed4_118)\n\n[OTHER INFORMATION](#i594aa0e3aaf74be6ac877389b0c13ed4_118)\n\n[54](#i594aa0e3aaf74be6ac877389b0c13ed4_118)\n\n[Item 1.](#i594aa0e3aaf74be6ac877389b0c13ed4_121)\n\n[Legal Proceedings](#i594aa0e3aaf74be6ac877389b0c13ed4_121)\n\n[54](#i594aa0e3aaf74be6ac877389b0c13ed4_121)\n\n[Item 1A.](#i594aa0e3aaf74be6ac877389b0c13ed4_124)\n\n[Risk Factors](#i594aa0e3aaf74be6ac877389b0c13ed4_124)\n\n[54](#i594aa0e3aaf74be6ac877389b0c13ed4_124)\n\n[Item 2.](#i594aa0e3aaf74be6ac877389b0c13ed4_127)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#i594aa0e3aaf74be6ac877389b0c13ed4_127)\n\n[54](#i594aa0e3aaf74be6ac877389b0c13ed4_127)\n\n[Item 3.](#i594aa0e3aaf74be6ac877389b0c13ed4_130)\n\n[Defaults Upon Senior Securities](#i594aa0e3aaf74be6ac877389b0c13ed4_130)\n\n[54](#i594aa0e3aaf74be6ac877389b0c13ed4_130)\n\n[Item 4.](#i594aa0e3aaf74be6ac877389b0c13ed4_133)\n\n[Mine Safety Disclosure](#i594aa0e3aaf74be6ac877389b0c13ed4_133)\n\n[54](#i594aa0e3aaf74be6ac877389b0c13ed4_133)\n\n[Item 5.](#i594aa0e3aaf74be6ac877389b0c13ed4_136)\n\n[Other Information](#i594aa0e3aaf74be6ac877389b0c13ed4_136)\n\n[55](#i594aa0e3aaf74be6ac877389b0c13ed4_136)\n\n[Item 6.](#i594aa0e3aaf74be6ac877389b0c13ed4_139)\n\n[Exhibits](#i594aa0e3aaf74be6ac877389b0c13ed4_139)\n\n[55](#i594aa0e3aaf74be6ac877389b0c13ed4_139)\n\n[SIGNATURES](#i594aa0e3aaf74be6ac877389b0c13ed4_142)\n\n[56](#i594aa0e3aaf74be6ac877389b0c13ed4_142)\n\n[Table of](#i594aa0e3aaf74be6ac877389b0c13ed4_7)[Contents](#i594aa0e3aaf74be6ac877389b0c13ed4_7)\n\nPART I.FINANCIAL INFORMATION"}