PIMCO Asset-Based Lending Co LLC Updates Operating Agreement

This summary was generated by AI from the company's SEC filing and may contain errors — always verify against the primary source on SEC.gov.

The short version

PIMCO Asset-Based Lending Company LLC filed an 8-K on June 17, 2026, disclosing that it signed a Third Amended and Restated Operating Agreement with its manager, Pacific Investment Management Company LLC (PIMCO), effective June 15, 2026. The new agreement replaces the prior version dated March 4, 2026, and updates the terms governing how the company is managed, how fees are calculated, and how the agreement can be terminated. The filing also covers a potential amendment to the company's governing documents under SEC Item 5.03.

PIMCO Asset-Based Lending Company LLC entered into a Third Amended and Restated Operating Agreement with its manager, Pacific Investment Management Company LLC (commonly known as PIMCO), according to an 8-K filing submitted to the SEC on June 17, 2026. The agreement was signed on June 15, 2026.

What Changed

This is the fourth version of the company's operating agreement since it was first formed. The original agreement was signed on June 12, 2025, followed by updates on October 1, 2025, and March 4, 2026. This latest version replaces the March 2026 agreement in its entirety, the filing said.

What the Agreement Covers

Under the agreement, PIMCO serves as the manager of PIMCO Asset-Based Lending Company LLC and provides a wide range of services, including buying and selling assets, portfolio oversight, and arranging financing. PIMCO is also given legal authority (called a "power of attorney") to sign certain financial contracts on the company's behalf.

The agreement sets out how PIMCO gets paid for its services. A "performance fee" — a bonus paid to the manager when investment returns exceed a set target — is structured differently depending on the class of shares involved. For example, the fee is 12.5% of profits above the target for Standard A and Standard B shares, 7.5% for Anchor II and Anchor II-B shares, and 5.0% for Anchor I, Anchor I-B, and Anchor III shares.

A named group called the Acquisition Committee, made up of several PIMCO professionals, assists in overseeing investment decisions. Members listed in the filing include Dan Ivascyn, Harin de Silva, Kristofer Kraus, Jason Steiner, Giang Bui, Ben Ensminger-Law, Craig Wunderlich, Michael Chiao (all voting members), and Nick Mosich (non-voting member).

Termination Rules

Either party can end the agreement with at least 180 days' written notice. The company's independent directors can also end it sooner — with 30 days' notice — if the manager commits serious misconduct such as fraud, gross negligence, or bankruptcy. If the company ends the agreement, it must remove "PIMCO" from its name before the termination takes effect, according to the filing.

Company Structure

PIMCO Asset-Based Lending Company LLC is structured as a Delaware series limited liability company (a type of business entity that can have separate sub-units, each with its own assets and liabilities). It raises money through a private offering — meaning shares are sold to select investors rather than on a public stock exchange — and operates outside the rules that normally apply to registered investment funds.

Key facts

PIMCO Asset-Based Lending Company LLC signed a Third Amended and Restated Operating Agreement effective June 15, 2026

Manager is Pacific Investment Management Company LLC (PIMCO)

This is the fourth version of the operating agreement; prior versions dated June 12, 2025, October 1, 2025, and March 4, 2026

8-K filed with the SEC on June 17, 2026

Performance fee is 12.5% of excess profits for Standard A/B shares, 7.5% for Anchor II/II-B shares, and 5.0% for Anchor I/I-B/III shares

Either party may terminate the agreement with at least 180 days' written notice

Acquisition Committee voting members: Dan Ivascyn, Harin de Silva, Kristofer Kraus, Jason Steiner, Giang Bui, Ben Ensminger-Law, Craig Wunderlich, Michael Chiao; non-voting member: Nick Mosich

Upon termination by the company, the 'PIMCO' name must be removed from the company's name

Why it matters

This filing is mainly administrative — it refreshes the legal framework that governs how PIMCO manages the fund and how it gets paid. However, investors in the fund's various share classes should note that the performance fee structure differs meaningfully by class, with Standard A and B shareholders subject to a higher performance fee (12.5%) than Anchor-class investors (5%–7.5%). The termination and name-change provisions also define the conditions under which PIMCO could be replaced as manager, which sets the boundaries of governance for this non-publicly traded vehicle.

Frequently asked

What is the Third Amended and Restated Operating Agreement?

It is the updated legal contract between PIMCO Asset-Based Lending Company LLC and its manager, PIMCO, that sets out how the company is run, how the manager is paid, and how either side can end the relationship. It replaces the previous version from March 4, 2026.

How is PIMCO paid as the manager?

PIMCO earns a performance fee when investment returns exceed a set target. The fee is 12.5% of profits above that target for Standard A and B shares, 7.5% for Anchor II and Anchor II-B shares, and 5.0% for Anchor I, Anchor I-B, and Anchor III shares, according to the filing.

Can the management agreement be ended, and by whom?

Yes. Either the company or PIMCO can end the agreement with at least 180 days' written notice. The company's independent directors can also terminate it with 30 days' notice in cases of serious misconduct by the manager, such as fraud, gross negligence, or bankruptcy.

Is PIMCO Asset-Based Lending Company LLC a publicly traded company?

No. According to the filing, the company raises money through a private offering — shares are sold to select investors rather than on a public stock exchange — and it is structured to remain outside the rules that normally apply to registered investment funds.

What the filing reported

1.01 Entry into a Material Agreement

5.03 Amendments to Articles / Bylaws (incl. name change)

8.01 Other Events

9.01 Financial Statements & Exhibits