Phillip Street Middle Market Lending Fund LLC

CIK 0001948368

Phillip Street Middle Market Lending Fund LLC is a non-traded business development company. With $947 million in total assets, it is one of the smaller funds in the coverage universe. The portfolio is concentrated in direct lending, with 100% in first-lien senior secured loans and 100% floating-rate, at a weighted-average spread of 505 bps over the base rate. Its largest sector exposure is Industrials (29% of holdings).

NAV/Share

$19.83

AUM

$946.7M

Positions

280

Strategy

Private Credit

Wtd. Avg. Coupon

8.7%

Wtd. Avg. Spread

5 bps

Wtd. Avg. Maturity

4.8 yrs

100% coverage

Top 10 Concentration

18.8%

Instrument type

Share of portfolio fair value

First Lien

100%

of fair value

First Lien Senior Loans99.6%

Equity0.2%

Industry exposure

Share of holdings fair value

Top 5

76%

of holdings

Industrials28.7%

Information Technology16.8%

Consumer Discretionary10.7%

Financials9.3%

Health Care7.0%

Other6.4%

Consumer Staples4.4%

Communication Services2.9%

Materials2.6%

Utilities0.8%

Unknown10.5%

Unknown sector positions lack GICS classification in the source filing or could not be reconciled.

Maturity profile

Share of debt fair value by years to maturity.

Risk & Credit Indicators

PIK in Terms

8.3%