{"url_path":"/sec/cik-0002083477/10-q/2026/item-1a","section_key":"item-1a","section_title":"Item 1A Risk Factors","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-15","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":388,"has_tables":true,"body_markdown":"Item 1A.    Risk Factors\n\nYou should carefully consider the risks referenced below and all other information contained in this Quarterly Report on Form 10-Q, including our interim consolidated financial statements and the related notes thereto. For information regarding factors that could affect our results of operations, financial condition and liquidity, see the risk factors discussed in \"Item 1A. Risk Factors\" in our registration statement on Form 10 filed with the SEC on January 2, 2026, as amended on February 3, 2026, which is accessible on the SEC's website at www.sec.gov. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.\n\nWe are subject to risks associated with our investments in the software industry.\n\nAs of March 31, 2026, 19.9% of our investments as a percentage of fair value were invested in the software industry, and a downturn in that industry could significantly impact the aggregate returns we realize on such investments. Portfolio companies in the software industry are subject to a number of risks. The revenue, income (or losses) and valuations of software and other technology-related companies can and often do fluctuate suddenly and dramatically. In addition, because of rapid technological change, the average selling prices of software products have historically decreased over their productive lives. As a result, the average selling prices of software offered by our portfolio companies may decrease over time, which could adversely affect their operating results and, correspondingly, the value of any securities that we may hold. Additionally, companies operating in the software industry are subject to vigorous competition, changing technology, changing client and end-consumer needs, evolving industry standards and frequent introductions of new products and services. Our portfolio companies in the software industry could compete with companies that are larger and could be engaged in a greater range of businesses or have greater financial, technical, sales or other resources than our portfolio companies do. Our portfolio companies could lose market share if their competitors introduce or acquire new products that compete with their software and related services or add new features to existing products. Any deterioration in the results of our portfolio companies due to competition or otherwise could, in turn, materially adversely affect our business, financial condition and results of operations."}