APS BDC, LLC

Item 1.01. Entry into a Material Definitive Agreement. On August 24, 2026, APS BDC, LLC (the “Company”) entered into the First Amendment (the “Amendment”) to the Amended and Restated Loan and Security Agreement, dated as of February 10, 2026 (as amended, restated, supplemented and/or otherwise modified from time to time, the “JPM Credit Agreement” or the “JPM Credit Facility”), by and among CHS BDC 2 LLC, a wholly owned subsidiary of the Company, as a borrower (“CHS BDC”); APS CW SPV LLC, a wholly owned subsidiary of the Company, as a borrower (“APS SPV” and together with CHS BDC, the “Borrowers” and each, a “Borrower”); CHS (US) Management LLC, as portfolio manager; the Company, as parent of the Borrowers; the Lenders party thereto; U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator; U.S. Bank National Association, as securities intermediary; and JPMorgan Chase Bank, National Association, as administrative agent for the Lenders. Capitalized terms used but not otherwise defined herein have the meanings ascribed to such terms in the JPM Credit Agreement. The Amendment, among other things: (i) increased the amount of borrowings available under the JPM Credit Facility from $1,000,000,000 to $1,500,000,000 (the difference between such amounts, the “Upsize Amount”); (ii) increased the interest rate on borrowings under the JPM Credit Facility from 3-month SOFR plus 1.75% per annum to 3-month SOFR plus 1.82% per annum; (iii) increased the upfront fees due and payable to the Lenders in respect of the Upsize Amount; and (iv) increased the margin threshold in respect of the Active Partial PIK Portfolio Investments concentration limitation from 2.50% to 2.75%, with the result that no more than 15% of the Collateral Principal Amount may consist of Active Partial PIK Portfolio Investments, unless such investments provide for payments of cash interest at least semi-annually at a rate greater than or equal to the benchmark thereunder plus 2.75%, in which case such investments shall not be regarded for purposes of the concentration limitation. The description above is only a summary of the material provisions of the Amendment and is qualified in its entirety by reference to the copy of the Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference thereto.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information provided in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.