Form N-54A/A APS BDC, LLC

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-54A/A

NOTIFICATION OF ELECTION TO BE SUBJECT TO SECTIONS 55

THROUGH 65 OF THE INVESTMENT COMPANY ACT OF 1940 FILED

PURSUANT TO SECTION 54(a) OF THE ACT

The undersigned business development company hereby notifies the Securities and Exchange Commission that it elects, pursuant to the provisions of section 54(a) of the Investment Company Act of 1940 (the “Act”), to be subject to the provisions of sections 55 through 65 of the Act and, in connection with such notification of election, submits the following information:

Name: APS BDC, LLC

Address of Principal Business Office (No. & Street, City, State, Zip Code):

550 Madison Avenue, 34th Floor

New York, New York 10022

Telephone number (including area code): (929) 581-2783

Name and address of agent for service of process:

Maples Fiduciary Services (Delaware) Inc.

4001 Kennett Pike, Suite 302

Wilmington, Delaware 19807

Check one of the following:

The file number of the registration as an investment company pursuant to section 8(a) of the Act, if any, of the company: Not Applicable

The file number of the registration as an investment company pursuant to section 8(a) of the Act, if any, of any subsidiary of the company: Not Applicable

The undersigned company certifies that it is a closed-end company organized under the laws of the State of Delaware and with its principal place of business in the State of New York; that it will be operated for the purpose of making investments in securities described in section 55(a)(1) through (3) of the Investment Company Act of 1940; and that it will make available significant managerial assistance with respect to issuers of such securities to the extent required by the Act.

Explanatory Note

APS BDC, LLC (the “Company”), is filing this Second Amendment to Form N-54A in light of the fact that the Company’s First Amendment to Form N54A filed on January 2, 2026 advised the Securities and Exchange Commission to disregard the Company’s initial Form N-54A filing on January 2, 2026, with Accession Number 0001193125-26-000357. The Company’s election to be subject to the provisions of sections 55 through 65 of the Act is made with this Second Amendment to Form N-54A.

Pursuant to the requirements of the Act, the undersigned company has caused this notification of election to be subject to sections 55 through 65 of the Investment Company Act of 1940 to be duly signed on its behalf in the City of New York and State of New York on the 2nd day of January, 2026.