# EDGAR Filing Document

**Accession Number:** 0001993402
**File Stem:** 0000950170-25-108177
**Filing Date:** 2025-8
**Character Count:** 538885
**Document Hash:** b22e15872ca32b25de48db125acb0d84
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-108177.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0000950170-25-108177

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 68

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Antares Strategic Credit Fund
- **CENTRAL INDEX KEY:** 0001993402

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01700
- **FILM NUMBER:** 251213159

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ANTARES CAPITAL CREDIT ADVISERS LLC
- **STREET 2:** 500 WEST MONROE STREET, SUITE 1700
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60661
- **BUSINESS PHONE:** 312-638-4000

**MAIL ADDRESS:**
- **STREET 1:** C/O ANTARES CAPITAL CREDIT ADVISERS LLC
- **STREET 2:** 500 WEST MONROE STREET, SUITE 1700
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60661

?xml version='1.0' encoding='ASCII'? 10-Q

[**<u>**Table of Contents**</u>**](#toc_page)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________________________________________________

**FORM** 10-Q

_______________________________________________________________________

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 814-01700

_______________________________________________________________________

ANTARES STRATEGIC CREDIT FUND

(Exact name of Registrant as specified in its Charter)

_______________________________________________________________________

---

| | |
|:---|:---|
| Delaware | 93-3416650 |
| (State or other jurisdiction of<br>incorporation or organization) | (I.R.S. Employer<br>Identification No.) |
| 320 South Canal Street**,** Suite 4200<br>Chicago**,** IL | <br>60606 |
| (Address of principal executive offices) | (Zip Code) |

---

312-638-4117

Registrant's telephone number, including area code

_______________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading<br>Symbol(s) | Name of each exchange<br>on which registered |

---

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ NO ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ NO ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definition of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act:

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
| Emerging growth company | ☒ |  |  |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act). YES ☐ NO ☒

The number of shares of Registrant's common shares of beneficial interest ("Common Shares"), $0.001 par value per share, outstanding as of August 13, 2025 was 74,543,881.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | Page |
| PART I | FINANCIAL INFORMATION |  |
| Item 1. | Consolidated Financial Statements |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Assets and Liabilities as of June 30, 2025 (Unaudited) and December 31, 2024</u>](#consolidated_sal) | 4 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (Unaudited)</u>](#consolidated_sop) | 5 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2025 and 2024 (Unaudited)</u>](#consolidated_scna) | 6 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 (Unaudited)</u>](#consolidated_cf) | 8 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Schedules of Investments as of June 30, 2025 (Unaudited) and December 31, 2024</u>](#consolidated_soi) | 9 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Notes to Consolidated Financial Statements (Unaudited)</u>](#consolidated_notes) | 81 |
| Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item2_managements_discussion) | 105 |
| Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item3_market_risk_disclosures) | 118 |
| Item 4. | [<u>Controls and Procedures</u>](#item_4_controls_and_proc) | 119 |
| PART II | OTHER INFORMATION |  |
| Item 1. | [<u>Legal Proceedings</u>](#item_1_legal) | 120 |
| Item 1A. | [<u>Risk Factors</u>](#item_1a_risk) | 120 |
| Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#item_2_unregistered) | 120 |
| Item 3. | [<u>Defaults Upon Senior Securities</u>](#item_3_defaults) | 120 |
| Item 4. | [<u>Mine Safety Disclosures</u>](#item_4_mine_safety) | 120 |
| Item 5. | [<u>Other Information</u>](#item_5_other) | 120 |
| Item 6. | [<u>Exhibits</u>](#item6_exhibits) | 121 |
|  | [<u>Signatures</u>](#signatures) | 122 |

---

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[**<u>**Table of Contents**</u>**](#toc_page)

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

The information contained in this section should be read in conjunction with our consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report. In addition, some of the statements in this Quarterly Report (including in the following discussion) constitute forward-looking statements, which relate to future events or the future performance or financial condition of Antares Strategic Credit Fund (the "Company," "we," "us," or "our"). The Company is externally managed by Antares Capital Credit Advisers LLC (the "Adviser"). The forward-looking statements contained in this report involve a number of risks and uncertainties, including statements concerning:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we have a limited operating history;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our, or our portfolio companies', future business, operations, operating results or prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the return or impact of current and future investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the general economy, including those caused by tariffs and trade disputes with other countries, changes in inflation and risk of recession;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of changes in laws or regulations (including the interpretation thereof), including tax laws, governing our operations or the operations of our portfolio companies or the operations of our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the valuation of our investments in portfolio companies, particularly those having no liquid trading market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•market conditions and our ability to access different debt markets and additional debt and equity capital and our ability to manage our capital resources effectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the state of the general economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of supply chain constraints on our portfolio companies and the global economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•uncertainty surrounding global financial stability, including the liquidity of certain banks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the financial condition of our current and prospective portfolio companies and their ability to achieve their objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to raise capital in the private and public debt and equity markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to anticipate and identify evolving market expectations with respect to environmental, social and governance matters, including the environmental impacts of our portfolio companies' supply chain and operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the outcome and impact of any litigation or regulatory proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the adequacy of our cash resources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing, form and amount of any dividend distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing of cash flows, if any, from the operations of our portfolio companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of our adviser to locate suitable investments for us and to monitor and administer our investments.

We use words such as "anticipates," "believes," "expects," "intends," "project," "estimates," "will," "should," "could," "would," "may" and similar expressions to identify forward-looking statements, although not all forward-looking statements include these words. Our actual results and condition could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in "Risk Factors" on Form 10 registration statement, Annual Report on Form 10-K and this Quarterly Report.

We have based the forward-looking statements included in this Quarterly Report on information available to us on the filing date of this Quarterly Report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the Securities and Exchange Commission (the "SEC"), including annual reports on Form 10-K, registration statement on Form 10, quarterly reports on Form 10-Q and current reports on Form 8-K.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**PART I - FINANCIAL INFORMATION**

**Item 1. Consolidated Financial Statements**

**ANTARES STRATEGIC CREDIT FUND** 

**CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES**

*(in thousands, except share and per share amounts)*

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
|  | **(Unaudited)** |  |
| **ASSETS** |  |  |
| &nbsp;&nbsp;Investments at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments, at fair value (amortized cost — $3,100,963 and $2,132,063 as of June 30, 2025 and December 31, 2024, respectively) | $3101926 | $2131829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments (amortized cost — $58,644 and $0 as of June 30, 2025 and December 31, 2024, respectively) <sup>(1)</sup> | 58644 |  |
| &nbsp;&nbsp;Total investments at fair value | 3160570 | 2131829 |
| &nbsp;&nbsp;Cash and cash equivalents <sup>(1)</sup> | 51487 | 79193 |
| &nbsp;&nbsp;Foreign currencies (cost — $8,625 and $2,623 as of June 30, 2025 and December 31, 2024, respectively) | 8795 | 2567 |
| &nbsp;&nbsp;Interest receivable from non-controlled/non-affiliated investments | 12618 | 10481 |
| &nbsp;&nbsp;Dividend receivable from non-controlled/non-affiliated investments | 183 |  |
| &nbsp;&nbsp;Deferred offering costs | 40 | 91 |
| &nbsp;&nbsp;Receivable for investments sold / repaid | 6571 | 6776 |
| &nbsp;&nbsp;Prepaid expenses and other assets | 198 | 16 |
| **Total assets** | $3240462 | $2230953 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;Debt outstanding | $1444857 | $918277 |
| &nbsp;&nbsp;Less: Deferred financing costs | (10533) | (10538) |
| &nbsp;&nbsp;Total debt, net of deferred financing costs | 1434324 | 907739 |
| &nbsp;&nbsp;Payable for investments purchased | 43136 | 33781 |
| &nbsp;&nbsp;Interest payable | 5970 | 3754 |
| &nbsp;&nbsp;Distributions payable | 40069 | 32223 |
| &nbsp;&nbsp;Administrative service fee payable | 442 | 377 |
| &nbsp;&nbsp;Accrued expenses and other liabilities | 3486 | 1920 |
| &nbsp;&nbsp;Management fees payable | 8976 | 1769 |
| &nbsp;&nbsp;Income based incentive fee payable | 10338 | 2155 |
| &nbsp;&nbsp;Excise tax payable |  | 266 |
| &nbsp;&nbsp;Capital gains incentive fee payable |  | 165 |
| &nbsp;&nbsp;Due to affiliates | 786 | 143 |
| **Total liabilities** | 1547527 | 984292 |
| Commitments and contingencies (Note 7) |  |  |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;Common Shares, par value $0.001 (66,537,877 and 48,823,039 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively) | 67 | 49 |
| &nbsp;&nbsp;Paid-in capital in excess of par value | 1685632 | 1234192 |
| &nbsp;&nbsp;Accumulated net distributable earnings | 7236 | 12420 |
| **Total net assets** | 1692935 | 1246661 |
| **Total liabilities and net assets** | $3240462 | $2230953 |
| **Net asset value per share** | $25.44 | $25.53 |

---

(1)The Company has made a prospective presentation change to reclassify money market fund investments as short-term investments, resulting in their exclusion from cash and cash equivalents as of June 30, 2025. See Note 2 for additional detail.

*See accompanying notes to the consolidated financial statements.*

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[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND** 

**CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)**

*(in thousands, except share and per share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Investment income:** |  |  |  |  |
| **From total investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $66947 | $18998 | $121360 | $29796 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest income | 773 | 85 | 1238 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 1053 | 102 | 1063 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 3157 | 3613 | 5423 | 3696 |
| **Total investment income** | 71930 | 22798 | 129084 | 33730 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and debt expenses | 19952 | 3381 | 34918 | 6332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees (Note 3) | 4855 | 843 | 8976 | 843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income based incentive fee (Note 3) | 5706 | 2330 | 10338 | 3248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains incentive fee (Note 3) |  | 107 | (330) | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative service fee | 146 | 192 | 301 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Board of Trustees' fee | 70 | 59 | 147 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative expenses | 1271 | 457 | 2075 | 876 |
| &nbsp;&nbsp;&nbsp;&nbsp;Organization and offering costs | 23 | 70 | 106 | 121 |
| **Total expenses** | 32023 | 7439 | 56531 | 12013 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees waiver (Note 3) |  | (843) |  | (843) |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fees waiver (Note 3) |  | (2437) | 165 | (3422) |
| **Net expenses, net of fee waivers** | 32023 | 4159 | 56696 | 7748 |
| **Net investment income (loss)** | 39907 | 18639 | 72388 | 25982 |
| **Net realized and change in unrealized gain (loss):** |  |  |  |  |
| Net realized gains (losses): |  |  |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliated investments | (118) | 147 | (861) | 141 |
| &nbsp;&nbsp;Foreign currency transactions | (186) | (179) | (204) | (179) |
| Total net realized gain (loss) | (304) | (32) | (1065) | (38) |
| Net change in unrealized appreciation (depreciation): |  |  |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliated investments | 4861 | 793 | 1197 | 1335 |
| &nbsp;&nbsp;Translation of assets and liabilities in foreign currencies | (3015) | 84 | (3237) | 84 |
| Total net change in unrealized appreciation (depreciation) | 1846 | 877 | (2040) | 1419 |
| Total net realized and change in unrealized gain (loss) | 1542 | 845 | (3105) | 1381 |
| **Net increase (decrease) in net assets resulting from operations** | $41449 | $19484 | $69283 | $27363 |
| **Per share information** |  |  |  |  |
| Net investment income (loss) per share (basic and diluted) | $0.60 | $0.86 | $1.17 | $1.50 |
| Earnings per share (basic and diluted) | $0.62 | $0.90 | $1.12 | $1.58 |
| Distributions declared per share | $0.60 | $0.63 | $1.20 | $1.16 |
| Weighted average shares outstanding (basic and diluted) | 66322910 | 21596404 | 61826775 | 17325279 |

---

*See accompanying notes to the consolidated financial statements.*

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[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND** 

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)**

*(in thousands, except shares)*

**Three Months Ended June 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Accumulated Net** |  |
|  | **Common Shares** | **Common Shares** | **Paid-in-Capital in** | **Distributable Earnings** | **Total** |
|  | **Shares** | **Par Value** | **Excess of Par Value** | **(Losses)** | **Net Assets** |
| **Net assets at beginning of period** | **57501883** | $**58** | $**1455867** | $**5856** | $**1461781** |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income (loss) |  |  |  | 39907 | 39907 |
| &nbsp;&nbsp;Net realized gain (loss) |  |  |  | (304) | (304) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) |  |  |  | 1846 | 1846 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations |  |  |  | 41449 | 41449 |
| **Capital Transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;Issuance of shares | 8311477 | 8 | 211269 |  | 211277 |
| &nbsp;&nbsp;Common Shares issued from reinvestment of distributions | 724517 | 1 | 18496 |  | 18497 |
| &nbsp;&nbsp;Distributions to shareholders |  |  |  | (40069) | (40069) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from capital transactions | 9035994 | 9 | 229765 | (40069) | 189705 |
| Total net increase (decrease) | 9035994 | 9 | 229765 | 1380 | 231154 |
| **Net assets at end of period** | **66537877** | $**67** | $**1685632** | $**7236** | $**1692935** |

---

**Six Months Ended June 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Accumulated Net** |  |
|  | **Common Shares** | **Common Shares** | **Paid-in-Capital in** | **Distributable Earnings** | **Total** |
|  | **Shares** | **Par Value** | **Excess of Par Value** | **(Losses)** | **Net Assets** |
| **Net assets at beginning of period** | **48823039** | $**49** | $**1234192** | $**12420** | $**1246661** |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income (loss) |  |  |  | 72388 | 72388 |
| &nbsp;&nbsp;Net realized gain (loss) |  |  |  | (1065) | (1065) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) |  |  |  | (2040) | (2040) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations |  |  |  | 69283 | 69283 |
| **Capital Transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;Issuance of shares | 16326718 | 17 | 415889 |  | 415906 |
| &nbsp;&nbsp;Common Shares issued from reinvestment of distributions | 1388120 | 1 | 35551 |  | 35552 |
| &nbsp;&nbsp;Distributions to shareholders |  |  |  | (74467) | (74467) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from capital transactions | 17714838 | 18 | 451440 | (74467) | 376991 |
| Total net increase (decrease) | 17714838 | 18 | 451440 | (5184) | 446274 |
| **Net assets at end of period** | **66537877** | $**67** | $**1685632** | $**7236** | $**1692935** |

---

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**Three Months Ended June 30, 2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Accumulated Net** |  |
|  | **Common Shares** | **Common Shares** | **Paid-in-Capital in** | **Distributable Earnings** | **Total** |
|  | **Shares** | **Par Value** | **Excess of Par Value** | **(Losses)** | **Net Assets** |
| **Net assets at beginning of period** | **12001000** | $**12** | $**300013** | $**1518** | $**301543** |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income (loss) |  |  |  | 18639 | 18639 |
| &nbsp;&nbsp;Net realized gain (loss) |  |  |  | (32) | (32) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) |  |  |  | 877 | 877 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations |  |  |  | 19484 | 19484 |
| **Capital Transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;Issuance of shares | 9595404 | 10 | 241123 |  | 241133 |
| &nbsp;&nbsp;Distributions to shareholders |  |  |  | (13606) | (13606) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from capital transactions | 9595404 | 10 | 241123 | (13606) | 227527 |
| Total net increase (decrease) | 9595404 | 10 | 241123 | 5878 | 247011 |
| **Net assets at end of period** | **21596404** | $**22** | $**541136** | $**7396** | $**548554** |

---

**Six Months Ended June 30, 2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Accumulated Net** |  |
|  | **Common Shares** | **Common Shares** | **Paid-in-Capital in** | **Distributable Earnings** | **Total** |
|  | **Shares** | **Par Value** | **Excess of Par Value** | **(Losses)** | **Net Assets** |
| **Net assets at beginning of period** | **1000** | $**—** | $**25** | $**—** | $**25** |
| **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income (loss) |  |  |  | 25982 | 25982 |
| &nbsp;&nbsp;Net realized gain (loss) |  |  |  | (38) | (38) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) |  |  |  | 1419 | 1419 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations |  |  |  | 27363 | 27363 |
| **Capital Transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;Issuance of shares | 21595404 | 22 | 541111 |  | 541133 |
| &nbsp;&nbsp;Distributions to shareholders |  |  |  | (19967) | (19967) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from capital transactions | 21595404 | 22 | 541111 | (19967) | 521166 |
| Total net increase (decrease) | 21595404 | 22 | 541111 | 7396 | 548529 |
| **Net assets at end of period** | **21596404** | $**22** | $**541136** | $**7396** | $**548554** |

---

*See accompanying notes to the consolidated financial statements.*

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[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND** 

**CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)**

*(in thousands)*

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2025** | **2024** |
| **Cash flow from operating activities** |  |  |
| Net increase (decrease) in net assets resulting from operations | $69283 | $27363 |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;Accrued interest and dividends received in-kind | (2109) | (158) |
| &nbsp;&nbsp;Net accretion of discount and amortization of premium | (2563) | (1012) |
| &nbsp;&nbsp;Proceeds from sale of investments and principal repayments | 182808 | 50223 |
| &nbsp;&nbsp;Purchases of investments | (1147897) | (779490) |
| &nbsp;&nbsp;Purchase/sale of short-term investments, net <sup>(1)</sup> | 4271 |  |
| &nbsp;&nbsp;Net realized (gains) losses on investments | 861 | (141) |
| &nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | (1197) | (1335) |
| &nbsp;&nbsp;Amortization of deferred financing costs | 1262 | 325 |
| &nbsp;&nbsp;Amortization of deferred offering costs | 106 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in operating assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable from non-controlled/non-affiliated investments | (2137) | (6206) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend receivable from non-controlled/non-affiliated investments | (183) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold / repaid | 205 | (2525) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (182) | (168) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in operating liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to affiliates | 643 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | 9355 | 149084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees payable | 7207 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income based incentive fee payable | 8183 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains incentive fee payable | (165) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 2216 | 2597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative service fee payable | 65 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excise tax payable | (266) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 1566 | 848 |
| **Net cash provided by (used in) operating activities** | (868668) | (559389) |
| **Cash flow from financing activities** |  |  |
| &nbsp;&nbsp;Proceeds from issuance of shares, net of subscription receivable | 415906 | 241158 |
| &nbsp;&nbsp;Debt borrowings | 974133 | 602274 |
| &nbsp;&nbsp;Debt repayments | (447553) | (215000) |
| &nbsp;&nbsp;Distributions paid | (31069) | (6361) |
| &nbsp;&nbsp;Deferred offering costs paid | (55) | (164) |
| &nbsp;&nbsp;Deferred financing costs paid | (1257) | (3610) |
| **Net cash provided by (used in) financing activities** | 910105 | 618297 |
| **Net increase (decrease) in cash and cash equivalents** | 41437 | 58908 |
| **Cash, cash equivalents and foreign currencies at the beginning of period** <sup>(1)</sup> | 18845 |  |
| **Cash, cash equivalents and foreign currencies at the end of period** <sup>(1)</sup> | $60282 | $58908 |
| **Supplemental disclosure of cash flow information and non-cash financing activities** |  |  |
| &nbsp;&nbsp;Cash paid for interest | $31440 | $3411 |
| &nbsp;&nbsp;Cash paid for taxes | 284 |  |
| &nbsp;&nbsp;Equity issued in kind (Note 8) |  | 300000 |
| &nbsp;&nbsp;Investments purchased in kind (Note 8) |  | 300000 |
| &nbsp;&nbsp;Distributions payable | 40069 | 13606 |

---

(1)The Company has made a prospective presentation change to reclassify money market fund investments as short-term investments, resulting in their exclusion from cash and cash equivalents as of June 30, 2025. As a result, cash and cash equivalents at the beginning of this period exclude $62,915 of money market fund investments. See Note 2 for additional detail.

*See accompanying notes to the consolidated financial statements.*

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

*(in thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| **Investments - non-controlled/non-affiliated** |  |  |  |  |  |  |  |  |  |
| **Secured Debt** |  |  |  |  |  |  |  |  |  |
| Aerospace and Defense |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bleriot US Bidco Inc. | (5)(15)(19) | First Lien Term Loan | S + 2.75% | 7.04% | 10/31/2030 | $4130 | $4129 | $4144 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Peraton Corp. | (5)(8)(15)(17) | First Lien Term Loan | S + 3.75% | 8.17% | 2/1/2028 | 4934 | 4939 | 4370 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;TransDigm Inc. | (5)(6)(15)(19) | First Lien Term Loan | S + 2.75% | 7.04% | 3/22/2030 | 3687 | 3702 | 3705 | 0.22 |
|  |  |  |  |  |  |  | 12770 | 12219 | 0.72 |
| Air Freight and Logistics |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American Trailer Rental Group, LLC | (13)(15)(16) | First Lien Term Loan | S + 5.50% | 9.90% | 6/1/2027 | 40 | 40 | 36 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American Trailer Rental Group, LLC | (13)(15)(16) | First Lien Term Loan | S + 5.69% | 10.13% | 6/1/2027 | 130 | 130 | 117 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;American Trailer Rental Group, LLC | (13)(15)(16) | First Lien Delayed Draw Term Loan | S + 5.50% | 10.04% | 6/1/2027 | 35 | 34 | 31 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American Trailer Rental Group, LLC | (13)(15)(16) | First Lien Delayed Draw Term Loan | S + 5.69% | 10.23% | 6/1/2027 | 33 | 33 | 30 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American Trailer Rental Group, LLC | (13)(15)(16) | First Lien Delayed Draw Term Loan | S + 5.75% | 10.15% | 6/1/2027 | 9 | 9 | 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Kenco PPC Buyer LLC | (13)(15)(16) | First Lien Term Loan | S + 4.75% | 8.90% | 11/15/2029 | 12528 | 12468 | 12466 | 0.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kenco PPC Buyer LLC | (7)(13)(15)(16) | First Lien Revolver | P + 3.75% | 11.25% | 11/15/2029 | 837 | 80 | 79 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lightbeam Bidco Inc. | (8)(17) | First Lien Term Loan | S + 5.00% | 9.32% | 5/4/2030 | 3879 | 3879 | 3879 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lightbeam Bidco Inc. | (8)(17) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.32% | 5/4/2030 | 588 | 588 | 588 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lightbeam Bidco Inc. | (7)(15)(19) | First Lien Revolver | S + 5.00% | 9.32% | 5/4/2029 | 476 | 214 | 214 | 0.01 |
|  |  |  |  |  |  |  | 17475 | 17448 | 1.03 |
| Automobile Components |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Enthusiast Auto Holdings, LLC | (8)(16) | First Lien Term Loan | S + 4.75% | 9.07% | 12/21/2026 | 1477 | 1464 | 1477 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Enthusiast Auto Holdings, LLC | (8)(16) | First Lien Term Loan | S + 4.75% | 9.07% | 12/21/2026 | 1477 | 1474 | 1477 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Brands Group, LLC | (5)(6)(8)(16) | First Lien Term Loan | S + 5.00% | 9.55% | 3/30/2027 | 3949 | 3948 | 3740 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;JHCC Holdings LLC | (8)(16) | First Lien Term Loan | S + 5.25% | 9.54% | 9/9/2027 | 3110 | 3106 | 3089 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;JHCC Holdings LLC | (8)(15)(16) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.54% | 9/9/2027 | 11194 | 11178 | 11116 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;JHCC Holdings LLC | (7)(15)(16) | First Lien Revolver | P + 4.25% | 11.75% | 9/9/2027 | 249 | 74 | 73 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Majco LLC | (8)(16) | First Lien Term Loan | S + 4.50% | 8.94% | 12/4/2028 | 246 | 243 | 246 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;OAC Holdings I Corp. | (8)(16) | First Lien Term Loan | S + 4.75% | 9.19% | 3/30/2029 | 2772 | 2688 | 2772 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Quality Automotive Services, LLC | (8)(16) | First Lien Term Loan | S + 5.00% | 9.29% | 7/16/2027 | 2368 | 2362 | 2354 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Quality Automotive Services, LLC | (13)(15)(16) | First Lien Term Loan | S + 5.00% | 9.29% | 7/16/2027 | 6193 | 6171 | 6156 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Quality Automotive Services, LLC | (8)(15)(16) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 7/16/2027 | 466 | 464 | 463 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Quality Automotive Services, LLC | (7)(13)(15)(19) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 7/16/2027 | 3615 | 1663 | 1655 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Quality Automotive Services, LLC | (7)(15)(16) | First Lien Revolver | S + 6.00% | 10.29% | 7/16/2027 | 130 |  | (1) |  |
|  |  |  |  |  |  |  | 34835 | 34617 | 2.04 |
| Beverages |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pegasus BidCo B.V. | (5)(6)(15)(19) | First Lien Term Loan | S + 3.25% | 7.54% | 7/12/2029 | 6199 | 6187 | 6245 | 0.37 |
|  |  |  |  |  |  |  | 6187 | 6245 | 0.37 |
| Broadline Retail |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Peer Holding III B.V. | (5)(6)(15)(19) | First Lien Term Loan | S + 2.50% | 6.79% | 7/1/2031 | 4728 | 4731 | 4759 | 0.28 |
|  |  |  |  |  |  |  | 4731 | 4759 | 0.28 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Building Products |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;80/20, LLC | (8)(16) | First Lien Term Loan | S + 5.00% | 9.44% | 3/1/2027 | $247 | $245 | $246 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;MDC Interior Acquisition Inc | (8)(13)(16) | First Lien Term Loan | S + 5.00% | 9.29% | 4/26/2030 | 14589 | 14408 | 14553 | 0.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;MDC Interior Acquisition Inc | (7)(13)(15)(16) | First Lien Revolver | S + 5.25% | 9.54% | 4/26/2030 | 2084 | (31) | (5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SureWerx Purchaser III Inc. | (8)(17) | First Lien Term Loan | S + 5.25% | 9.54% | 12/28/2029 | 246 | 246 | 246 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;SureWerx Purchaser III Inc. | (8)(13)(17) | First Lien Term Loan | C + 5.25% | 8.00% | 12/28/2029 | CAD 16,989 | 12410 | 12001 | 0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;SureWerx Purchaser III Inc. | (7)(13)(15)(17) | First Lien Revolver | S + 5.25% | 9.54% | 12/28/2028 | 1730 | 658 | 662 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;SureWerx Purchaser III Inc. | (3)(13)(15)(19) | First Lien Revolver | C + 5.25% | 8.00% | 12/28/2028 | CAD — |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;WST USA Holdco, Inc. | (6)(8)(16) | First Lien Term Loan | S + 4.75% | 9.14% | 3/31/2027 | 2463 | 2463 | 2444 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;WST USA Holdco, Inc. | (6)(7)(15)(16) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.14% | 3/31/2027 | 2489 | 895 | 887 | 0.05 |
|  |  |  |  |  |  |  | 31294 | 31034 | 1.83 |
| Capital Markets |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allworth Financial Group, L.P. | (8)(16) | First Lien Term Loan | S + 4.75% | 9.07% | 12/23/2027 | 2518 | 2518 | 2518 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allworth Financial Group, L.P. | (8)(16) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.07% | 12/23/2027 | 2405 | 2405 | 2405 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arax MidCo, LLC | (8)(13)(15)(16) | First Lien Term Loan | S + 5.00% | 9.29% | 4/11/2029 | 17468 | 17366 | 17383 | 1.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arax MidCo, LLC | (7)(13)(15)(19) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 4/11/2029 | 9091 | (22) | (45) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Arax MidCo, LLC | (7)(13)(15)(16) | First Lien Delayed Draw Term Loan | S + 5.75% | 10.07% | 4/11/2029 | 1395 | (16) | (7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Arax MidCo, LLC | (7)(13)(15)(16) | First Lien Revolver | S + 5.00% | 9.29% | 4/11/2029 | 1293 | 98 | 107 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;AQ Sage Buyer, LLC | (8)(16) | First Lien Term Loan | S + 6.00% | 10.44% | 1/25/2027 | 184 | 181 | 175 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;AQ Sage Buyer, LLC | (8)(16) | First Lien Delayed Draw Term Loan | S + 6.00% | 10.44% | 1/25/2027 | 62 | 61 | 59 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cub Financing Intermediate, LLC | (8)(13)(18) | First Lien Term Loan | S + 4.75% | 9.04% | 6/28/2030 | 10729 | 10684 | 10729 | 0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cub Financing Intermediate, LLC | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 6/28/2030 | 4967 | (10) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Edgeco Buyer, Inc. | (8)(13)(16) | First Lien Term Loan | S + 4.50% | 8.82% | 6/1/2028 | 2192 | 2185 | 2181 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Edgeco Buyer, Inc. | (8)(15)(16) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.82% | 6/1/2028 | 343 | 342 | 341 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Edgeco Buyer, Inc. | (7)(13)(15)(16) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.82% | 6/1/2028 | 3383 | 405 | 395 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Edgeco Buyer, Inc. | (7)(13)(15)(16) | First Lien Revolver | S + 4.50% | 8.82% | 6/1/2028 | 338 | (2) | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lido Advisors, LLC | (7)(13)(15)(16) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.57% | 5/9/2032 | 10640 | (26) | (36) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lido Advisors, LLC | (13)(15)(16) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.07% | 5/9/2032 | 1596 | 1584 | 1590 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lido Advisors, LLC | (8)(16) | First Lien Delayed Draw Term Loan | S + 5.50% | 9.79% | 5/9/2032 | 3452 | 3452 | 3440 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lido Advisors, LLC | (7)(13)(15)(16) | First Lien Revolver | S + 5.50% | 9.82% | 5/9/2032 | 1862 | 612 | 614 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;R&T Acquisitions, LLC | (8)(15)(16) | First Lien Term Loan | S + 5.25% | 9.54% | 8/31/2030 | 2077 | 2062 | 2032 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;R&T Acquisitions, LLC | (7)(15)(16) | First Lien Delayed Draw Term Loan | S + 5.75% | 10.04% | 8/31/2030 | 463 | (4) | (10) |  |
|  |  |  |  |  |  |  | 43875 | 43869 | 2.60 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Chemicals |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Americhem, Inc. | (8)(13)(17) | First Lien Term Loan | S + 4.75% | 9.07% | 3/1/2032 | $24501 | $24381 | $24256 | 1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Americhem, Inc. | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.07% | 3/1/2032 | 6278 | (15) | (63) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Americhem, Inc. | (7)(13)(15)(17) | First Lien Revolver | S + 4.75% | 9.07% | 3/1/2032 | 4447 | (22) | (44) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aurora Plastics, LLC | (8)(17) | First Lien Term Loan | S + 4.75% | 9.17% | 8/12/2030 | 35520 | 35359 | 35353 | 2.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aurora Plastics, LLC | (8)(17) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.17% | 8/12/2030 | 50 | 41 | 50 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aurora Plastics, LLC | (7)(13)(15)(19) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.17% | 8/12/2030 | 2850 |  | (13) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DCG Acquisition Corp. | (8)(13)(17) | First Lien Term Loan | S + 4.50% | 8.79% | 6/13/2031 | 26360 | 26312 | 26096 | 1.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;DCG Acquisition Corp. | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.79% | 6/13/2031 | 4408 | 2627 | 2601 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;DCG Acquisition Corp. | (7)(13)(15)(17) | First Lien Revolver | S + 4.50% | 8.79% | 6/13/2031 | 4408 | (11) | (44) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;LTI Holdings, Inc. | (5)(15)(19) | First Lien Term Loan | S + 4.25% | 8.57% | 7/29/2029 | 3796 | 3758 | 3800 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lubricant Engineers | (8)(16) | First Lien Term Loan | S + 5.25% | 9.54% | 9/1/2029 | 246 | 240 | 245 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lubricant Engineers | (8)(13)(15)(16) | First Lien Term Loan | S + 5.25% | 9.54% | 9/1/2029 | 19317 | 19265 | 19221 | 1.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lubricant Engineers | (7)(13)(15)(19) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.54% | 9/1/2029 | 3429 | (13) | (17) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lubricant Engineers | (7)(13)(15)(16) | First Lien Revolver | S + 5.25% | 9.54% | 9/1/2029 | 2212 | (11) | (11) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lummus Technology Holdings V LLC | (5)(8)(19) | First Lien Term Loan | S + 3.00% | 7.32% | 12/31/2029 | 4938 | 4964 | 4959 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plaskolite PPC Intermediate II LLC | (5)(15)(16) | First Lien Term Loan | S + 4.00% | 11.33% (Incl. 3.00% PIK) | 5/9/2030 | 3238 | 3206 | 3131 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plaskolite PPC Intermediate II LLC | (5)(7)(15)(17) | First Lien Revolver | S + 7.00% | 11.32% | 2/7/2030 | 236 | 11 | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangent Technologies Acquisition, LLC | (8)(16) | First Lien Term Loan | S + 4.75% | 9.19% | 11/30/2027 | 246 | 244 | 245 | 0.01 |
|  |  |  |  |  |  |  | 120336 | 119770 | 7.07 |
| Commercial Services and Supplies |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acuren Delaware Holdco, Inc. | (5)(6)(15)(19) | First Lien Term Loan | S + 2.75% | 7.07% | 7/31/2031 | 2736 | 2736 | 2743 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Anticimex Global AB | (5)(6)(15)(18) | First Lien Term Loan | S + 3.40% | 7.69% | 11/16/2028 | 1608 | 1608 | 1617 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ares Holdings, LLC | (8)(16) | First Lien Term Loan | S + 5.00% | 9.29% | 11/18/2027 | 985 | 974 | 980 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ares Holdings, LLC | (8)(16) | First Lien Term Loan | S + 5.00% | 9.32% | 11/18/2027 | 3842 | 3812 | 3825 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ares Holdings, LLC | (8)(13)(15)(16) | First Lien Term Loan | S + 5.00% | 9.32% | 11/18/2027 | 7327 | 7301 | 7295 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ares Holdings, LLC | (7)(15)(19) | First Lien Revolver | P + 5.00% | 12.50% | 11/18/2027 | 747 | 130 | 130 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;AWP Group Holdings, Inc. | (8)(15)(16) | First Lien Term Loan | S + 4.75% | 9.07% | 12/23/2030 | 6003 | 5989 | 5942 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;AWP Group Holdings, Inc. | (7)(15)(16) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.07% | 12/23/2030 | 12938 | 4628 | 4547 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;AWP Group Holdings, Inc. | (7)(15)(16) | First Lien Revolver | S + 4.75% | 9.07% | 12/23/2030 | 47 | 18 | 17 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BCPE Empire Holdings, Inc. | (5)(8)(15)(18) | First Lien Term Loan | S + 3.25% | 7.57% | 12/11/2030 | 5583 | 5592 | 5558 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;BIFM CA Buyer Inc. | (5)(6)(15)(18) | First Lien Term Loan | S + 3.75% | 8.07% | 5/31/2028 | 4842 | 4839 | 4868 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;CoolSys, Inc. | (5)(8)(17) | First Lien Term Loan | S + 4.75% | 9.30% | 8/11/2028 | 246 | 235 | 208 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Discovery Purchaser Corporation | (5)(6)(15)(18) | First Lien Term Loan | S + 3.75% | 8.04% | 10/4/2029 | 3824 | 3830 | 3823 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;EXT Acquisitions, Inc. | (8)(16) | First Lien Term Loan | S + 5.00% | 9.44% | 6/26/2026 | 230 | 230 | 229 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;EXT Acquisitions, Inc. | (8)(16) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.44% | 6/26/2026 | 15 | 15 | 15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;FL Hawk Intermediate Holdings, Inc. | (8)(13)(16) | First Lien Term Loan | S + 4.50% | 8.79% | 2/22/2030 | 6059 | 6036 | 6059 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;FL Hawk Intermediate Holdings, Inc. | (7)(13)(15)(16) | First Lien Revolver | S + 4.50% | 8.79% | 2/22/2029 | 1190 |  |  |  |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Commercial Services and Supplies (continued) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fresh Holdco, Inc. | (8)(16) | First Lien Term Loan | S + 5.00% | 9.54% | 1/24/2026 | $246 | $246 | $246 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;HeartLand PPC Buyer, LLC | (8)(17) | First Lien Term Loan | S + 5.25% | 9.54% | 12/12/2029 | 2963 | 2933 | 2963 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hercules Borrower LLC | (8)(16) | First Lien Term Loan | S + 5.50% | 9.79% | 12/14/2026 | 2327 | 2327 | 2316 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hercules Borrower LLC | (8)(16) | First Lien Delayed Draw Term Loan | S + 5.50% | 9.89% | 12/14/2026 | 302 | 302 | 301 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hercules Borrower LLC | (7)(15)(16) | First Lien Revolver | S + 6.25% | 10.54% | 12/14/2026 | 960 |  | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;High Bar Brands Operating, LLC | (6)(8)(16) | First Lien Term Loan | S + 5.25% | 9.54% | 12/19/2029 | 246 | 243 | 244 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;HP RSS Buyer, Inc. | (8)(17) | First Lien Term Loan | S + 5.00% | 9.29% | 12/11/2029 | 4938 | 4889 | 4900 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Low Voltage Holdings INC. | (13)(15)(17) | First Lien Term Loan | S + 4.75% | 9.04% | 4/28/2032 | 24915 | 24824 | 24915 | 1.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Low Voltage Holdings INC. | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 4/28/2032 | 7253 | (13) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Low Voltage Holdings INC. | (7)(13)(15)(17) | First Lien Revolver | S + 4.75% | 9.04% | 4/28/2032 | 3197 | (12) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Low Voltage Holdings INC. | (7)(13)(15)(17) | First Lien Revolver | C + 4.75% | 7.50% | 4/28/2032 | CAD 400 | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Monarch Landscape Holdings, LLC | (8)(17) | First Lien Term Loan | S + 5.00% | 9.29% | 10/2/2028 | 1786 | 1784 | 1786 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Monarch Landscape Holdings, LLC | (8)(15)(17) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 10/2/2028 | 1172 | 1163 | 1172 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Onyx-Fire Protection Services Inc. | (6)(13)(15)(17) | First Lien Term Loan | C + 4.50% | 7.25% | 7/31/2031 | CAD 17,894 | 12877 | 13084 | 0.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Onyx-Fire Protection Services Inc. | (6)(7)(13)(15)(17) | First Lien Delayed Draw Term Loan | C + 4.50% | 7.25% | 7/31/2031 | CAD 2,403 | (5) | (9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Onyx-Fire Protection Services Inc. | (6)(7)(13)(15)(17) | First Lien Revolver | C + 4.50% | 7.25% | 7/31/2031 | CAD 4,378 | 200 | 198 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Palmetto Acquisitionco Inc. | (8)(16) | First Lien Term Loan | S + 5.75% | 10.04% | 9/18/2029 | 246 | 244 | 244 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Project Boost Purchaser, LLC | (5)(15)(19) | First Lien Term Loan | S + 3.00% | 7.29% | 7/16/2031 | 6463 | 6460 | 6482 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Hiller Companies, LLC | (13)(15)(17) | First Lien Term Loan | S + 5.00% | 9.29% | 6/20/2030 | 15580 | 15517 | 15464 | 0.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Hiller Companies, LLC | (7)(13)(15)(19) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 6/20/2030 | 4308 | 3693 | 3685 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Hiller Companies, LLC | (7)(13)(15)(17) | First Lien Revolver | S + 5.00% | 9.29% | 6/20/2030 | 2730 | (14) | (20) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Thermostat Purchaser III, Inc. | (5)(8)(15)(17) | First Lien Term Loan | S + 4.25% | 8.54% | 8/31/2028 | 5197 | 5194 | 5214 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Soliant Lower Intermediate, LLC | (5)(15)(19) | First Lien Term Loan | S + 3.75% | 7.90% | 7/18/2031 | 2771 | 2746 | 2755 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valet Waste Holdings, Inc. | (13)(15)(16) | First Lien Term Loan | S + 6.00% | 10.32% | 5/1/2029 | 31403 | 31335 | 31403 | 1.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valet Waste Holdings, Inc. | (7)(13)(15)(16) | First Lien Revolver | S + 6.00% | 10.32% | 5/1/2029 | 1429 | 755 | 758 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;WRE Holding Corp. | (13)(15)(19) | First Lien Term Loan | S + 5.00% | 9.29% | 7/2/2031 | 846 | 846 | 840 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;WRE Holding Corp. | (13)(15)(17) | First Lien Term Loan | S + 5.00% | 9.29% | 7/2/2031 | 510 | 510 | 506 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;WRE Holding Corp. | (13)(15)(19) | First Lien Term Loan | S + 5.00% | 9.29% | 7/2/2031 | 397 | 396 | 394 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;WRE Holding Corp. | (13)(15)(17) | First Lien Term Loan | S + 5.00% | 9.15% | 7/2/2031 | 8243 | 8207 | 8181 | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;WRE Holding Corp. | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.15% | 7/2/2031 | 368 | 137 | 136 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;WRE Holding Corp. | (7)(13)(15)(17) | First Lien Revolver | S + 5.00% | 9.15% | 7/2/2030 | 1133 | (5) | (8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;YLG Holdings, Inc. | (8)(13)(15)(17) | First Lien Term Loan | S + 4.75% | 9.04% | 12/23/2030 | 26955 | 26900 | 26821 | 1.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;YLG Holdings, Inc. | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 12/23/2030 | 5509 | 2686 | 2670 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;YLG Holdings, Inc. | (7)(15)(17) | First Lien Revolver | S + 5.00% | 9.29% | 12/23/2030 | 3270 | 365 | 354 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zinc Buyer Corporation | (8)(13)(15)(17) | First Lien Term Loan | S + 4.75% | 9.04% | 7/24/2031 | 18353 | 18325 | 18215 | 1.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zinc Buyer Corporation | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 7/24/2031 | 2133 | (9) | (16) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Zinc Buyer Corporation | (7)(13)(15)(17) | First Lien Revolver | P + 3.75% | 11.25% | 7/24/2031 | 2028 | 401 | 390 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zone Climate Services, Inc. | (8)(16) | First Lien Term Loan | S + 5.50% | 9.94% | 3/9/2028 | 2954 | 2914 | 2895 | 0.17 |
|  |  |  |  |  |  |  | 227333 | 227333 | 13.44 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Construction & Engineering |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hydraulic Technologies USA LLC | (8)(13)(16) | First Lien Term Loan | S + 5.50% | 9.79% | 6/3/2031 | $17372 | $17059 | $17112 | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hydraulic Technologies USA LLC | (7)(13)(15)(16) | First Lien Revolver | S + 5.50% | 9.79% | 6/3/2030 | 2384 | 763 | 775 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kleinfelder Intermediate LLC | (8)(17) | First Lien Term Loan | S + 5.00% | 9.29% | 9/18/2030 | 246 | 246 | 244 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC | (8)(16) | First Lien Term Loan | S + 5.00% | 9.32% | 6/29/2029 | 4254 | 4232 | 4254 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC | (15)(16) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.32% | 6/29/2029 | 676 | 663 | 676 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC | (8)(13)(15)(16) | First Lien Term Loan | S + 4.75% | 9.04% | 5/27/2029 | 3009 | 2989 | 2979 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC | (8)(13)(16) | First Lien Term Loan | S + 4.75% | 9.04% | 5/27/2029 | 3010 | 2987 | 2980 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC | (8)(13)(16) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 5/27/2029 | 113 | 112 | 112 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC | (7)(13)(15)(19) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 5/27/2029 | 3009 |  | (30) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC | (8)(13)(15)(16) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 5/27/2029 | 4277 | 4224 | 4235 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC | (7)(13)(15)(16) | First Lien Revolver | S + 4.75% | 9.04% | 5/27/2029 | 1218 | 532 | 532 | 0.03 |
|  |  |  |  |  |  |  | 33807 | 33869 | 2.01 |
| Construction Materials |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Arrow Tru-Line Holding, LLC | (8)(16) | First Lien Term Loan | S + 5.63% | 10.21% | 9/20/2027 | 238 | 235 | 238 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pearlman Enterprises Inc. | (8)(16) | First Lien Term Loan | S + 4.75% | 9.17% | 5/5/2027 | 2962 | 2949 | 2858 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Profile Products LLC | (8)(17) | First Lien Term Loan | S + 5.50% | 9.89% | 11/12/2027 | 246 | 243 | 243 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Red Fox CD Acquisition Corporation | (7)(13)(15)(19) | First Lien Delayed Draw Term Loan | S + 6.00% | 10.29% | 3/4/2030 | 26978 | 22177 | 22147 | 1.31 |
|  |  |  |  |  |  |  | 25604 | 25486 | 1.50 |
| Containers and Packaging |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Berlin Packaging L.L.C. | (5)(6)(8)(19) | First Lien Term Loan | S + 3.50% | 7.82% | 6/7/2031 | 4963 | 4959 | 4986 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;CFs Brands, LLC | (8)(16) | First Lien Term Loan | S + 5.00% | 9.32% | 10/2/2030 | 246 | 244 | 246 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Charter Next Generation, Inc. | (5)(15)(17) | First Lien Term Loan | S + 2.75% | 7.07% | 12/2/2030 | 3095 | 3095 | 3109 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cold Chain Technologies, LLC | (13)(15)(16) | First Lien Term Loan | S + 5.75% | 10.04% | 7/2/2026 | 18146 | 18125 | 18110 | 1.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cold Chain Technologies, LLC | (7)(15)(16) | First Lien Revolver | S + 5.75% | 10.04% | 7/2/2026 | 197 | 103 | 103 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc. | (5)(15)(18) | First Lien Term Loan | S + 3.25% | 7.57% | 4/1/2032 | 4423 | 4392 | 4410 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc. | (5)(7)(15)(18) | First Lien Delayed Draw Term Loan | S + 3.25% | 7.57% | 4/1/2032 | 77 | 2 | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging Coordinators Midco, Inc. | (13)(15)(17) | First Lien Term Loan | S + 4.75% | 9.04% | 1/21/2032 | 24512 | 24490 | 24512 | 1.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging Coordinators Midco, Inc. | (7)(13)(15)(19) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 1/21/2032 | 13019 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging Coordinators Midco, Inc. | (7)(13)(15)(17) | First Lien Revolver | S + 4.75% | 9.04% | 1/21/2032 | 2469 | (3) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pregis TopCo LLC | (5)(15)(19) | First Lien Term Loan | S + 4.00% | 8.32% | 2/1/2029 | 4489 | 4504 | 4507 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pro Mach Group, Inc. | (5)(15)(16) | First Lien Term Loan | S + 2.75% | 7.07% | 8/31/2028 | 2993 | 2967 | 3002 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rohrer Corp. | (8)(16) | First Lien Term Loan | S + 5.00% | 9.40% | 3/15/2027 | 247 | 245 | 247 | 0.01 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Containers and Packaging (continued) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;St Athena Global LLC | (6)(8)(13)(15)(17) | First Lien Term Loan | S + 5.25% | 9.54% | 6/26/2030 | $2824 | $2807 | $2788 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;St Athena Global LLC | (6)(8)(13)(17) | First Lien Term Loan | SON + 5.25% | 9.47% | 6/26/2030 | GBP 1,278 | 1603 | 1729 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;St Athena Global LLC | (6)(7)(13)(15)(19) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.54% | 6/26/2030 | 119 | (1) | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;St Athena Global LLC | (6)(7)(13)(15)(17) | First Lien Revolver | S + 5.25% | 9.54% | 6/26/2029 | 390 | 130 | 128 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tank Holding Corp. | (8)(17) | First Lien Term Loan | S + 5.75% | 10.17% | 3/31/2028 | 246 | 239 | 233 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trident TPI Holdings, Inc. | (5)(15)(18) | First Lien Term Loan | S + 3.75% | 7.90% | 9/15/2028 | 3638 | 3639 | 3579 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Verde Purchaser, LLC | (5)(15)(19) | First Lien Term Loan | S + 4.00% | 8.29% | 11/30/2030 | 4796 | 4802 | 4819 | 0.29 |
|  |  |  |  |  |  |  | 76342 | 76508 | 4.52 |
| Distributors |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aurora Parts & Accessories LLC | (8)(16) | First Lien Term Loan | S + 5.50% | 9.94% | 1/13/2029 | 246 | 246 | 245 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;BC Group Holdings, Inc. | (8)(17) | First Lien Term Loan | S + 4.75% | 9.04% | 12/21/2026 | 238 | 237 | 236 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;BC Group Holdings, Inc. | (8)(13)(17) | First Lien Term Loan | S + 4.75% | 9.04% | 12/21/2026 | 2412 | 2408 | 2394 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;BC Group Holdings, Inc. | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 12/21/2026 | 8015 | 5890 | 5840 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Blackbird Purchaser, Inc. | (8)(17) | First Lien Term Loan | S + 5.50% | 9.79% | 12/19/2030 | 4632 | 4594 | 4632 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Blackbird Purchaser, Inc. | (7)(15)(17) | First Lien Delayed Draw Term Loan | S + 5.50% | 9.79% | 12/19/2030 | 923 | 505 | 513 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Blackbird Purchaser, Inc. | (7)(15)(17) | First Lien Revolver | S + 5.50% | 9.79% | 12/19/2029 | 619 | 305 | 309 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Blackhawk Industrial Distribution, Inc. | (8)(15)(16) | First Lien Term Loan | S + 5.25% | 9.69% | 9/17/2026 | 7040 | 7040 | 7000 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Blackhawk Industrial Distribution, Inc. | (8)(13)(15)(16) | First Lien Term Loan | S + 5.25% | 9.69% | 9/17/2026 | 3101 | 3093 | 3083 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Blackhawk Industrial Distribution, Inc. | (7)(15)(16) | First Lien Revolver | S + 5.25% | 9.69% | 9/17/2026 | 3503 | 1915 | 1907 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;BradyPlus Holdings, LLC | (8)(13)(16) | First Lien Term Loan | S + 5.00% | 9.29% | 10/31/2029 | 246 | 245 | 246 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dealer Tire Financial, LLC | (5)(15)(18) | First Lien Term Loan | S + 3.00% | 7.32% | 7/2/2031 | 2530 | 2519 | 2520 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnstone Supply, LLC | (5)(8)(15)(19) | First Lien Term Loan | S + 2.50% | 6.82% | 6/9/2031 | 4915 | 4917 | 4930 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Motion & Control Enterprises LLC | (8)(13)(16) | First Lien Term Loan | S + 6.00% | 10.29% | 6/1/2028 | 3223 | 3206 | 3175 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Motion & Control Enterprises LLC | (7)(8)(15)(16) | First Lien Delayed Draw Term Loan | S + 6.00% | 10.29% | 6/1/2028 | 2068 | 607 | 584 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vessco Midco Holdings, LLC | (8)(13)(17) | First Lien Term Loan | S + 4.75% | 9.07% | 7/24/2031 | 24519 | 24408 | 24397 | 1.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vessco Midco Holdings, LLC | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.57% | 7/24/2031 | 8173 | 3155 | 3147 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vessco Midco Holdings, LLC | (7)(13)(15)(17) | First Lien Revolver | S + 4.25% | 8.57% | 7/24/2031 | 2724 | (12) | (14) |  |
|  |  |  |  |  |  |  | 65278 | 65144 | 3.84 |

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------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Diversified Consumer Services |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AAH Topco., LLC | (7)(13)(15)(19) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.32% | 3/31/2031 | $5941 | $(14) | $(77) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Residential Services, LLC | (7)(13)(15)(19) | First Lien Revolver | S + 3.00% | 7.32% | 1/31/2030 | 1739 |  | (9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC | (8)(16) | First Lien Term Loan | S + 5.00% | 9.29% | 10/24/2030 | 4768 | 4711 | 4747 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC | (13)(15)(16) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 10/24/2030 | 15102 | 14997 | 15034 | 0.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC | (7)(15)(16) | First Lien Revolver | S + 4.00% | 8.29% | 10/24/2029 | 378 |  | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AVE Holdings III, Corp. | (8)(15)(17) | First Lien Term Loan | S + 5.50% | 9.90% | 2/25/2028 | 246 | 244 | 242 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ascend Learning, LLC | (5)(15)(19) | First Lien Term Loan | S + 3.00% | 7.32% | 12/11/2028 | 6484 | 6427 | 6490 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;AVG Intermediate Holdings LLC | (8)(16) | First Lien Term Loan | S + 6.00% | 10.39% | 3/16/2027 | 825 | 825 | 809 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;AVG Intermediate Holdings LLC | (8)(16) | First Lien Delayed Draw Term Loan | S + 6.00% | 10.39% | 3/16/2027 | 3040 | 3040 | 2979 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;AVG Intermediate Holdings LLC | (7)(15)(16) | First Lien Revolver | S + 6.00% | 10.39% | 3/16/2027 | 166 |  | (3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;COP Hometown Acquisitions, Inc. | (8)(16) | First Lien Term Loan | S + 5.25% | 9.57% | 7/16/2027 | 4937 | 4869 | 4893 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;COP Hometown Acquisistions, Inc. | (8)(13)(15)(16) | First Lien Term Loan | S + 5.25% | 9.54% | 7/16/2027 | 1280 | 1274 | 1269 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;CVP Holdco, Inc. | (13)(15)(17) | First Lien Term Loan | S + 4.75% | 9.07% | 6/30/2031 | 22159 | 22123 | 22108 | 1.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;CVP Holdco, Inc. | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.07% | 6/30/2031 | 5883 | 1194 | 1193 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;CVP Holdco, Inc. | (7)(13)(15)(17) | First Lien Revolver | S + 5.00% | 9.32% | 6/28/2030 | 2353 | (6) | (5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;EOS Fitness Opco Holdings, LLC | (8)(17) | First Lien Term Loan | S + 5.25% | 9.54% | 1/5/2028 | 1802 | 1778 | 1802 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;EOS Fitness Opco Holdings, LLC | (8)(13)(17) | First Lien Term Loan | S + 5.25% | 9.54% | 1/5/2028 | 915 | 913 | 915 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;EOS Fitness Opco Holdings, LLC | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.54% | 1/5/2028 | 1815 | 453 | 463 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;EOS Fitness Opco Holdings, LLC | (13)(15)(19) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.54% | 1/5/2028 | 2037 | 2037 | 2037 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;EOS Fitness Opco Holdings, LLC | (8)(17) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.54% | 1/5/2028 | 169 | 167 | 169 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Essential Services Holding Corporation | (13)(15)(17) | First Lien Term Loan | S + 5.00% | 9.29% | 6/17/2031 | 10617 | 10596 | 10594 | 0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Essential Services Holding Corporation | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 6/17/2031 | 2082 | (2) | (5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Essential Services Holding Corporation | (7)(13)(15)(17) | First Lien Revolver | S + 5.00% | 9.29% | 6/17/2030 | 1301 | 153 | 153 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flint Opco, LLC | (8)(16) | First Lien Term Loan | S + 4.75% | 9.04% | 8/15/2030 | 246 | 244 | 245 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flint Opco, LLC | (7)(13)(15)(19) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.07% | 8/15/2030 | 7470 | (19) | (37) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Flint Opco, LLC | (7)(13)(15)(16) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 8/15/2030 | 4059 | 2042 | 2034 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;FSHS I, LLC | (8)(17) | First Lien Term Loan | S + 5.50% | 9.82% | 11/18/2028 | 3965 | 3965 | 3929 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;GS Seer Group Borrower LLC | (8)(16) | First Lien Term Loan | S + 6.75% | 11.04% | 4/29/2030 | 4925 | 4844 | 4789 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;GSV Holding, LLC | (13)(15)(16) | First Lien Term Loan | S + 5.75% | 10.05% (Incl. 3.13% PIK) | 10/18/2030 | 37547 | 37389 | 37265 | 2.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;GSV Holding, LLC | (7)(13)(15)(16) | First Lien Revolver | S + 4.25% | 8.54% | 10/18/2030 | 1651 | (8) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Buyer LLC | (8)(17) | First Lien Term Loan | S + 5.50% | 9.79% | 4/29/2029 | 2977 | 2955 | 2949 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Buyer LLC | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 5.50% | 9.79% | 4/29/2029 | 12552 | 2461 | 2448 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Service TopCo IV, Inc. | (8)(16) | First Lien Term Loan | S + 4.50% | 8.89% | 12/31/2027 | 4924 | 4924 | 4900 | 0.29 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Diversified Consumer Services (continued) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Innovetive Petcare, LLC | (8)(16) | First Lien Term Loan | S + 5.00% | 9.42% | 6/30/2028 | $193 | $188 | $191 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Innovetive Petcare, LLC | (8)(15)(16) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.44% | 6/30/2028 | 46 | 45 | 46 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Innovetive Petcare, LLC | (7)(13)(15)(16) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.47% | 6/30/2028 | 18783 | 13312 | 13159 | 0.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Learning Care Group (US) No. 2 Inc. | (5)(15)(18) | First Lien Term Loan | S + 4.00% | 8.29% | 8/11/2028 | 4182 | 4175 | 4184 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;PPV Intermediate Holdings, LLC | (8)(17) | First Lien Term Loan | S + 5.75% | 10.04% | 8/31/2029 | 241 | 239 | 241 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;PPV Intermediate Holdings, LLC | (3)(8)(19) | First Lien Delayed Draw Term Loan | N/A | 13.75% PIK | 8/31/2030 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;PPV Intermediate Holdings, LLC | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.54% | 8/31/2029 | 15023 | 5862 | 5914 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Seahawk Bidco, LLC | (13)(15)(16) | First Lien Term Loan | S + 4.75% | 9.04% | 12/19/2031 | 13542 | 13497 | 13508 | 0.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Seahawk Bidco, LLC | (7)(13)(15)(19) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 12/19/2031 | 4238 | 1753 | 1756 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Seahawk Bidco, LLC | (7)(13)(15)(19) | First Lien Revolver | S + 5.75% | 10.04% | 12/19/2030 | 1273 | (5) | (3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Southern Veterinary Partners, LLC | (5)(15)(19) | First Lien Term Loan | S + 3.25% | 7.54% | 12/4/2031 | 6484 | 6465 | 6499 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taymax Group Acquisition, LLC | (8)(16) | First Lien Term Loan | S + 6.00% | 10.42% | 7/31/2026 | 1477 | 1477 | 1477 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;US Fitness Holdings, LLC | (8)(13)(17) | First Lien Term Loan | S + 5.50% | 9.79% | 9/4/2031 | 27431 | 27305 | 27294 | 1.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;US Fitness Holdings, LLC | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 5.50% | 9.79% | 9/4/2031 | 6892 | (28) | (34) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;US Fitness Holdings, LLC | (7)(13)(15)(17) | First Lien Revolver | S + 5.50% | 9.79% | 9/4/2030 | 2651 | (13) | (13) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertex Service Partners, LLC | (8)(17) | First Lien Term Loan | S + 6.00% | 10.29% | 11/8/2030 | 247 | 244 | 246 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertex Service Partners, LLC | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.54% | 11/8/2030 | 1501 | 291 | 279 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;VPP Intermediate Holdings, LLC | (8)(16) | First Lien Term Loan | S + 5.75% | 10.17% | 12/1/2027 | 1809 | 1809 | 1804 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;VPP Intermediate Holdings, LLC | (15)(19) | First Lien Delayed Draw Term Loan | S + 5.75% | 10.07% | 12/1/2027 | 2207 | 2198 | 2196 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;VPP Intermediate Holdings, LLC | (8)(15)(16) | First Lien Delayed Draw Term Loan | S + 5.75% | 10.17% | 12/1/2027 | 2180 | 2180 | 2175 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;VPP Intermediate Holdings, LLC | (7)(13)(15)(16) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.67% | 12/1/2027 | 12953 | 1621 | 1552 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;VPP Intermediate Holdings, LLC | (7)(15)(16) | First Lien Revolver | S + 5.25% | 9.57% | 12/1/2027 | 223 |  | (1) |  |
|  |  |  |  |  |  |  | 217191 | 216789 | 12.80 |
| Diversified Telecommunication Services |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Coral-US Co-Borrower LLC | (5)(6)(15)(19) | First Lien Term Loan | S + 3.25% | 7.54% | 1/28/2032 | 2500 | 2478 | 2477 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardian US Holdco LLC | (5)(8)(15)(18) | First Lien Term Loan | S + 3.50% | 7.79% | 1/31/2030 | 4939 | 4947 | 4925 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Virgin Media Bristol LLC | (5)(6)(8)(19) | First Lien Term Loan | S + 3.18% | 7.42% | 3/31/2031 | 2877 | 2846 | 2844 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zacapa S.a r.l. | (5)(6)(8)(15)(18) | First Lien Term Loan | S + 3.75% | 8.04% | 3/22/2029 | 6857 | 6861 | 6887 | 0.41 |
|  |  |  |  |  |  |  | 17132 | 17133 | 1.02 |
| Electrical Equipment |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Infinite Bidco LLC | (8)(16) | First Lien Term Loan | S + 6.25% | 10.54% | 3/2/2028 | 246 | 244 | 246 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Power Grid Holdings, Inc. | (8)(15)(17) | First Lien Term Loan | S + 4.75% | 9.04% | 12/2/2030 | 10746 | 10699 | 10719 | 0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;TPC Engineering Holdings, Inc. | (8)(13)(19) | First Lien Term Loan | S + 5.50% | 9.92% | 2/16/2027 | 142 | 142 | 141 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;TPC Engineering Holdings, Inc. | (8)(15)(19) | First Lien Term Loan | S + 5.50% | 9.92% | 2/16/2027 | 1599 | 1597 | 1591 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;TPC Engineering Holdings, Inc. | (8)(19) | First Lien Delayed Draw Term Loan | S + 5.50% | 9.92% | 2/16/2027 | 64 | 64 | 64 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;TPC Engineering Holdings, Inc. | (7)(15)(19) | First Lien Revolver | S + 5.50% | 9.82% | 2/16/2027 | 1565 | 774 | 767 | 0.06 |
|  |  |  |  |  |  |  | 13520 | 13528 | 0.80 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Electronic Equipment, Instruments and Components |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AdvancedPCB Intermediate Holdings, Inc.(f/k/a AEP Passion Intermediate Holdings, Inc.) | (13)(15)(16) | First Lien Term Loan | S + 4.60% | 10.94% (Incl. 1.90% PIK) | 10/5/2027 | $250 | $250 | $234 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dwyer Instruments, LLC | (13)(15)(17) | First Lien Term Loan | S + 4.75% | 9.04% | 7/20/2029 | 231 | 228 | 228 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dwyer Instruments, LLC | (13)(15)(17) | First Lien Term Loan | S + 4.75% | 9.04% | 7/20/2029 | 21669 | 21485 | 21452 | 1.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dwyer Instruments, LLC | (13)(15)(17) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 7/20/2029 | 16 | 15 | 16 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dwyer Instruments, LLC | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 7/20/2029 | 2828 | (12) | (28) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dwyer Instruments, LLC | (7)(13)(15)(17) | First Lien Revolver | S + 4.75% | 9.04% | 7/20/2029 | 3394 | 440 | 435 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Excelitas Technologies Corp. | (5)(8)(17) | First Lien Term Loan | S + 5.25% | 9.57% | 8/12/2029 | 193 | 191 | 192 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Excelitas Technologies Corp. | (5)(7)(15)(17) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.57% | 8/12/2029 | 5044 | (10) | (32) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Phoenix 1 Buyer Corp. | (8)(17) | First Lien Term Loan | S + 4.75% | 9.04% | 11/20/2030 | 247 | 245 | 247 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wildcat Topco, Inc. | (13)(15)(17) | First Lien Term Loan | S + 4.75% | 9.04% | 11/17/2031 | 18070 | 17996 | 17980 | 1.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wildcat Topco, Inc. | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 11/17/2031 | 3243 | 259 | 243 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wildcat Topco, Inc. | (7)(13)(15)(17) | First Lien Revolver | P + 3.75% | 11.25% | 11/17/2031 | 3243 | (44) | (16) |  |
|  |  |  |  |  |  |  | 41043 | 40951 | 2.42 |
| Energy Equipment and Services |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AMSPEC Parent, LLC | (5)(15)(19) | First Lien Term Loan | S + 3.50% | 7.82% | 12/22/2031 | 520 | 522 | 523 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;AMSPEC Parent, LLC | (5)(7)(15)(19) | First Lien Delayed Draw Term Loan | S + 3.50% | 7.82% | 12/22/2031 | 80 |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CRCI Longhorn Holdings, Inc. | (13)(15)(17) | First Lien Term Loan | S + 5.00% | 9.32% | 8/27/2031 | 18086 | 18010 | 17996 | 1.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;CRCI Longhorn Holdings, Inc. | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.32% | 8/27/2031 | 4544 | (10) | (23) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CRCI Longhorn Holdings, Inc. | (7)(13)(15)(17) | First Lien Revolver | S + 5.00% | 9.32% | 8/27/2031 | 3030 | (13) | (15) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DMC Holdco, LLC | (8)(16) | First Lien Term Loan | S + 4.75% | 9.07% | 7/13/2029 | 246 | 245 | 244 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Integrated Power Services<br> Holdings, Inc. | (8)(13)(15)(17) | First Lien Term Loan | S + 4.50% | 8.94% | 11/22/2028 | 25215 | 25155 | 25170 | 1.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Integrated Power Services<br> Holdings, Inc. | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.82% | 11/22/2028 | 8063 | (19) | (16) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Integrated Power Services Holdings, Inc. | (7)(15)(17) | First Lien Revolver | S + 4.50% | 8.94% | 11/22/2027 | 544 | 14 | 20 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Phillips & Temro Industries Inc. | (8)(16) | First Lien Term Loan | S + 5.00% | 9.44% | 3/12/2027 | 235 | 234 | 233 | 0.01 |
|  |  |  |  |  |  |  | 44138 | 44133 | 2.60 |
| Financial Services |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aprio Advisory Group, LLC | (8)(13)(17) | First Lien Term Loan | S + 4.75% | 8.90% | 8/1/2031 | 1667 | 1658 | 1659 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aprio Advisory Group, LLC | (8)(13)(17) | First Lien Term Loan | S + 4.75% | 9.04% | 8/1/2031 | 18392 | 18346 | 18304 | 1.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aprio Advisory Group, LLC | (7)(13)(15)(19) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 8/1/2031 | 8333 | 1708 | 1693 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aprio Advisory Group, LLC | (13)(15)(17) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 8/1/2031 | 8009 | 7990 | 7971 | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aprio Advisory Group, LLC | (7)(13)(15)(17) | First Lien Revolver | S + 4.75% | 9.04% | 8/1/2031 | 4018 | (9) | (19) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aretec Group, Inc. | (5)(6)(15)(19) | First Lien Term Loan | S + 3.50% | 7.82% | 8/9/2030 | 6970 | 6960 | 6990 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ascensus Group Holdings, Inc. | (5)(8)(15)(18) | First Lien Term Loan | S + 3.00% | 7.32% | 8/2/2028 | 3830 | 3837 | 3842 | 0.23 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Financial Services (continued) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cerity Partners Equity Holding LLC | (8)(17) | First Lien Term Loan | S + 5.25% | 9.54% | 7/28/2029 | $5613 | $5595 | $5599 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cerity Partners Equity Holding LLC | (7)(8)(15)(17) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.54% | 7/28/2029 | 27208 | 19445 | 19428 | 1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cerity Partners Equity Holding LLC | (7)(13)(15)(19) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.54% | 7/28/2029 | 5000 | (23) | (13) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cerity Partners Equity Holding LLC | (7)(15)(17) | First Lien Revolver | S + 5.25% | 9.54% | 7/28/2028 | 3266 | 1625 | 1625 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;CFGI Holdings, LLC | (8)(17) | First Lien Term Loan | S + 4.50% | 8.82% | 11/2/2027 | 4729 | 4677 | 4699 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;CFGI Holdings, LLC | (7)(15)(17) | First Lien Revolver | S + 4.50% | 8.82% | 11/2/2027 | 191 | (2) | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cherry Bekaert Advisory LLC | (8)(17) | First Lien Term Loan | S + 5.25% | 9.57% | 6/30/2028 | 1935 | 1893 | 1935 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cherry Bekaert Advisory LLC | (8)(17) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.57% | 6/30/2028 | 797 | 780 | 797 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cherry Bekaert Advisory LLC | (7)(15)(17) | First Lien Revolver | S + 5.25% | 9.57% | 6/30/2028 | 226 | 35 | 39 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contractual Buyer, LLC | (8)(17) | First Lien Term Loan | S + 5.75% | 10.04% | 10/10/2030 | 247 | 243 | 247 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Focus Financial Partners, LLC | (5)(6)(15)(19) | First Lien Term Loan | S + 2.75% | 7.07% | 9/15/2031 | 5986 | 5968 | 5980 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreside Financial Group, LLC | (8)(16) | First Lien Term Loan | S + 5.25% | 9.67% | 9/30/2027 | 5700 | 5640 | 5700 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreside Financial Group, LLC | (7)(15)(16) | First Lien Revolver | S + 5.25% | 9.69% | 9/30/2027 | 712 | 178 | 185 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Frazier & Deeter Advisory, LLC | (8)(13)(17) | First Lien Term Loan | S + 4.50% | 8.79% | 5/3/2032 | 5522 | 5495 | 5496 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Frazier & Deeter Advisory, LLC | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.79% | 5/3/2032 | 3898 | (10) | (19) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Frazier & Deeter Advisory, LLC | (7)(13)(15)(17) | First Lien Revolver | S + 4.50% | 8.79% | 5/2/2031 | 974 | (5) | (5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GTCR Everest Borrower, LLC | (5)(6)(8)(19) | First Lien Term Loan | S + 2.75% | 7.04% | 9/5/2031 | 4975 | 4965 | 4988 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Heights Buyer, LLC | (8)(16) | First Lien Term Loan | S + 5.75% | 10.14% | 8/25/2028 | 3779 | 3779 | 3779 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Heights Buyer, LLC | (8)(13)(19) | First Lien Term Loan | S + 5.00% | 9.42% | 8/25/2028 | 968 | 963 | 963 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Heights Buyer, LLC | (7)(13)(15)(19) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.32% | 8/25/2028 | 1311 | (3) | (7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Heights Buyer, LLC | (15)(16) | First Lien Delayed Draw Term Loan | S + 5.75% | 10.14% | 8/25/2028 | 619 | 619 | 619 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Heights Buyer, LLC | (7)(15)(19) | First Lien Revolver | S + 5.75% | 10.04% | 8/25/2028 | 543 | 47 | 47 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Kestra Advisor Services Holdings A, Inc. | (5)(6)(15)(19) | First Lien Term Loan | S + 3.00% | 7.32% | 3/22/2031 | 3491 | 3455 | 3494 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kriv Acquisition Inc. | (8)(16) | First Lien Term Loan | S + 5.75% | 10.04% | 7/6/2029 | 2248 | 2236 | 2242 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kriv Acquisition Inc. | (7)(13)(15)(16) | First Lien Delayed Draw Term Loan | S + 6.50% | 10.82% | 7/6/2029 | 8343 | (18) | (21) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Kriv Acquisition Inc. | (15)(16) | First Lien Delayed Draw Term Loan | S + 5.75% | 10.04% | 7/6/2029 | 337 | 333 | 336 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kriv Acquisition Inc. | (7)(15)(16) | First Lien Revolver | S + 5.75% | 10.04% | 7/6/2029 | 377 | 92 | 93 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Minotaur Acquisition, Inc. | (8)(13)(16) | First Lien Term Loan | S + 5.00% | 9.32% | 6/3/2030 | 24171 | 23970 | 23958 | 1.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Minotaur Acquisition, Inc. | (7)(13)(15)(16) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.32% | 6/3/2030 | 8048 | 3927 | 3907 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Minotaur Acquisition, Inc. | (7)(13)(15)(16) | First Lien Revolver | S + 5.00% | 9.32% | 6/3/2030 | 2442 | (24) | (21) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NAB Holdings, LLC | (5)(15)(18) | First Lien Term Loan | S + 2.50% | 6.79% | 11/23/2028 | 4489 | 4435 | 4443 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Neon Maple Purchaser Inc. | (5)(6)(15)(19) | First Lien Term Loan | S + 3.00% | 7.32% | 11/17/2031 | 6983 | 6963 | 7002 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Osttra Group Ltd. | (5)(6)(15)(19) | First Lien Term Loan | S + 3.50% | 7.82% | 5/20/2032 | 3196 | 3193 | 3209 | 0.19 |

---

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[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Financial Services (continued) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pathstone Family Office LLC | (8)(15)(16) | First Lien Term Loan | S + 5.00% | 9.42% | 5/15/2029 | $3114 | $3085 | $3090 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pathstone Family Office LLC | (8)(13)(16) | First Lien Term Loan | S + 5.00% | 9.42% | 5/15/2029 | 23427 | 23329 | 23251 | 1.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pathstone Family Office LLC | (7)(13)(15)(19) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.32% | 5/15/2029 | 5317 | 259 | 242 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pathstone Family Office LLC | (7)(15)(16) | First Lien Revolver | S + 5.00% | 9.32% | 5/15/2028 | 2502 | (13) | (19) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;The Chartis Group, LLC | (13)(15)(17) | First Lien Term Loan | S + 4.50% | 8.79% | 9/17/2031 | 12596 | 12545 | 12533 | 0.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Chartis Group, LLC | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.79% | 9/17/2031 | 3875 | (9) | (19) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;The Chartis Group, LLC | (7)(13)(15)(17) | First Lien Revolver | S + 4.50% | 8.79% | 9/17/2031 | 1938 | (9) | (10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wealth Enhancement Group, LLC | (7)(8)(15)(16) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 10/2/2028 | 31891 | 5921 | 6018 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wealth Enhancement Group, LLC | (7)(15)(16) | First Lien Revolver | S + 5.00% | 9.29% | 10/2/2028 | 1073 | (2) |  |  |
|  |  |  |  |  |  |  | 196062 | 196249 | 11.59 |
| Food Products |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiesta Purchaser, Inc. | (5)(15)(19) | First Lien Term Loan | S + 3.25% | 7.57% | 2/12/2031 | 6221 | 6238 | 6244 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Primary Products Finance LLC | (5)(15)(18) | First Lien Term Loan | S + 3.25% | 7.57% | 4/1/2029 | 6435 | 6424 | 6412 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;RB Holdings Interco, LLC | (8)(16) | First Lien Term Loan | S + 5.00% | 9.44% | 5/4/2028 | 246 | 244 | 246 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sigma Holdco B.V. | (5)(6)(15)(19) | First Lien Term Loan | S + 3.75% | 8.03% | 1/3/2028 | 6546 | 6524 | 6560 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sugar PPC Buyer LLC | (8)(16) | First Lien Term Loan | S + 5.25% | 9.40% | 10/2/2030 | 247 | 243 | 247 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sugar PPC Buyer LLC | (7)(13)(15)(19) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.57% | 10/2/2030 | 6800 | 2026 | 2040 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;WPP Bullet Buyer, LLC | (8)(16) | First Lien Term Loan | S + 5.25% | 9.54% | 12/7/2030 | 10272 | 10185 | 10195 | 0.60 |
|  |  |  |  |  |  |  | 31884 | 31944 | 1.88 |
| Ground Transportation |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AMS Parent, LLC | (5)(8)(17) | First Lien Term Loan | S + 4.75% | 9.19% | 10/25/2028 | 246 | 243 | 231 | 0.01 |
|  |  |  |  |  |  |  | 243 | 231 | 0.01 |
| Health Care Technology |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acentra Holdings, LLC | (8)(18) | First Lien Term Loan | S + 5.50% | 9.79% | 12/17/2029 | 1878 | 1878 | 1878 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acentra Holdings, LLC | (7)(15)(18) | First Lien Revolver | S + 5.50% | 9.79% | 12/17/2029 | 94 | 26 | 26 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Athenahealth Group Inc. | (5)(15)(18) | First Lien Term Loan | S + 2.75% | 7.07% | 2/15/2029 | 4829 | 4806 | 4829 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Caerus US 1 Inc. | (6)(8)(17) | First Lien Term Loan | S + 5.00% | 9.29% | 5/25/2029 | 2580 | 2580 | 2580 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cotiviti, Inc. | (5)(15)(19) | First Lien Term Loan | S + 2.75% | 7.07% | 5/1/2031 | 2712 | 2717 | 2703 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cotiviti, Inc. | (5)(15)(19) | First Lien Term Loan | S + 2.75% | 7.07% | 3/28/2032 | 3710 | 3679 | 3697 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;DeLorean Purchaser, Inc. | (13)(15)(17) | First Lien Term Loan | S + 4.75% | 9.04% | 12/16/2031 | 30417 | 30209 | 30189 | 1.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;DeLorean Purchaser, Inc. | (7)(13)(15)(17) | First Lien Revolver | S + 4.75% | 9.04% | 12/16/2031 | 4574 | (34) | (34) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;F&M Buyer LLC | (13)(15)(17) | First Lien Term Loan | S + 4.75% | 9.04% | 3/18/2032 | 11940 | 11882 | 11881 | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;F&M Buyer LLC | (7)(13)(15)(19) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 3/18/2032 | 3980 | (10) | (20) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;F&M Buyer LLC | (7)(13)(15)(19) | First Lien Revolver | S + 4.75% | 9.04% | 3/18/2032 | 1741 | (9) | (9) |  |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Health Care Technology (continued) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gainwell Acquisition Corp. | (5)(8)(17) | First Lien Term Loan | S + 4.00% | 8.39% | 10/1/2027 | $1974 | $1911 | $1906 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldeneye Parent, LLC | (13)(15)(17) | First Lien Term Loan | S + 5.00% | 9.29% | 3/31/2032 | 32130 | 32053 | 32056 | 1.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldeneye Parent, LLC | (7)(13)(15)(19) | First Lien Revolver | S + 5.00% | 9.29% | 3/31/2032 | 4652 | (12) | (11) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;HT Intermediary III, Inc. | (13)(15)(17) | First Lien Term Loan | S + 4.50% | 8.82% | 11/12/2030 | 14627 | 14566 | 14480 | 0.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;HT Intermediary III, Inc. | (7)(13)(15)(17) | First Lien Revolver | S + 4.50% | 8.82% | 11/12/2030 | 1336 | 82 | 76 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;HT Intermediary III, Inc. | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.82% | 11/12/2030 | 3564 | (8) | (36) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;IMO Investor Holdings, Inc. | (8)(15)(17) | First Lien Term Loan | S + 5.00% | 9.15% | 5/11/2029 | 12280 | 12277 | 12280 | 0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;IMO Investor Holdings, Inc. | (15)(17) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.15% | 5/11/2029 | 1569 | 1569 | 1569 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;IMO Investor Holdings, Inc. | (7)(13)(15)(17) | First Lien Revolver | S + 5.00% | 9.15% | 5/11/2028 | 1479 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Health Acquisition Corp. | (13)(15)(17) | First Lien Term Loan | S + 4.75% | 9.07% | 7/5/2031 | 30452 | 30326 | 30452 | 1.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Health Acquisition Corp. | (13)(15)(17) | First Lien Revolver | S + 4.75% | 9.07% | 7/5/2031 | 3924 | 3907 | 3924 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;PointClickCare Technologies Inc. | (5)(15)(19) | First Lien Term Loan | S + 3.25% | 7.40% | 11/3/2031 | 3370 | 3363 | 3389 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swoop Intermediate III, Inc. | (13)(15)(18) | First Lien Term Loan | S + 4.50% | 8.82% | 4/12/2032 | 12904 | 12873 | 12873 | 0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swoop Intermediate III, Inc. | (7)(13)(15)(18) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.82% | 4/12/2032 | 9108 | (11) | (22) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Swoop Intermediate III, Inc. | (7)(13)(15)(18) | First Lien Revolver | S + 4.50% | 8.82% | 4/12/2032 | 3036 | (8) | (7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unlimited Technology Holdings, LLC | (13)(15)(17) | First Lien Term Loan | S + 4.75% | 9.04% | 3/12/2032 | 16799 | 16757 | 16757 | 0.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unlimited Technology Holdings, LLC | (7)(13)(15)(17) | First Lien Revolver | S + 4.50% | 8.79% | 3/12/2032 | 2240 | (6) | (6) |  |
|  |  |  |  |  |  |  | 187363 | 187400 | 11.07 |
| Healthcare Equipment and Supplies |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agiliti Health, Inc. | (5)(8)(15)(19) | First Lien Term Loan | S + 3.00% | 7.29% | 5/1/2030 | 3950 | 3935 | 3833 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alcor Scientific LLC | (8)(16) | First Lien Term Loan | S + 4.50% | 8.92% | 1/31/2028 | 215 | 213 | 215 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aspen Medical Products, LLC | (8)(16) | First Lien Term Loan | S + 4.75% | 9.07% | 6/10/2028 | 3897 | 3890 | 3877 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Belmont Instrument, LLC | (8)(16) | First Lien Term Loan | S + 5.25% | 9.54% | 8/19/2028 | 2954 | 2928 | 2954 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Blades Buyer, Inc. | (8)(16) | First Lien Term Loan | S + 5.00% | 9.39% | 3/28/2028 | 3065 | 3065 | 3058 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Blades Buyer, Inc. | (8)(13)(16) | First Lien Term Loan | S + 5.00% | 9.29% | 3/28/2028 | 220 | 219 | 220 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Blades Buyer, Inc. | (7)(13)(15)(19) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 3/28/2028 | 882 | 288 | 289 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Blades Buyer, Inc. | (8)(16) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.39% | 3/28/2028 | 1718 | 1718 | 1714 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Blades Buyer, Inc. | (7)(15)(16) | First Lien Revolver | S + 4.50% | 8.82% | 3/28/2028 | 155 |  | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CDL Parent, Inc. | (8)(16) | First Lien Term Loan | S + 5.00% | 9.44% | 12/7/2027 | 247 | 244 | 246 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;CDL Parent, Inc. | (8)(13)(16) | First Lien Term Loan | S + 5.00% | 9.29% | 12/7/2027 | 23613 | 23484 | 23502 | 1.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;CDL Parent, Inc. | (7)(13)(15)(19) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 12/7/2027 | 2129 | (5) | (10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CDL Parent, Inc. | (7)(13)(15)(16) | First Lien Revolver | S + 5.00% | 9.44% | 12/7/2027 | 867 | 410 | 412 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;CPC/Cirtec Holdings, Inc | (8)(15)(17) | First Lien Term Loan | S + 4.75% | 9.07% | 1/30/2029 | 6915 | 6908 | 6863 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;CPC/Cirtec Holdings, Inc | (7)(13)(15)(17) | First Lien Revolver | S + 4.75% | 9.07% | 10/31/2028 | 670 | 64 | 62 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CVET Midco 2, L.P. | (5)(8)(18) | First Lien Term Loan | S + 5.00% | 9.29% | 10/15/2029 | 3015 | 3021 | 2721 | 0.16 |
|  |  |  |  |  |  |  | 50382 | 49955 | 2.95 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Healthcare Providers and Services |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AB Centers Acquisition Corporation | (8)(13)(15)(17) | First Lien Term Loan | S + 5.00% | 9.32% | 7/2/2031 | $11471 | $11412 | $11391 | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;AB Centers Acquisition Corporation | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.32% | 7/2/2031 | 1500 | 534 | 529 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;AB Centers Acquisition Corporation | (7)(13)(15)(17) | First Lien Revolver | S + 5.00% | 9.32% | 7/2/2031 | 751 | (5) | (5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ACI Group Holdings, Inc. | (8)(17) | First Lien Term Loan | S + 2.75% | 10.42% (Incl. 3.25% PIK) | 8/2/2028 | 3477 | 3477 | 3360 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;ACI Group Holdings, Inc. | (7)(8)(15)(17) | First Lien Delayed Draw Term Loan | S + 2.75% | 10.42% (Incl. 3.25% PIK) | 8/2/2028 | 1263 | 1258 | 1220 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;ACI Group Holdings, Inc. | (7)(15)(17) | First Lien Revolver | S + 5.50% | 9.92% | 8/2/2027 | 298 | 66 | 59 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Arrow Management Acquisition, LLC | (8)(16) | First Lien Term Loan | S + 4.75% | 9.04% | 10/14/2027 | 457 | 451 | 457 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arrow Management Acquisition, LLC | (7)(8)(15)(16) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.90% | 10/14/2027 | 2510 | 2470 | 2509 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Azalea TopCo, Inc. | (5)(8)(15)(19) | First Lien Term Loan | S + 3.25% | 7.57% | 4/30/2031 | 5022 | 5002 | 5037 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cardiology Management Holdings, LLC | (8)(16) | First Lien Term Loan | S + 5.75% | 10.19% | 1/31/2029 | 103 | 103 | 101 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cardiology Management Holdings, LLC | (8)(15)(16) | First Lien Delayed Draw Term Loan | S + 5.75% | 10.19% | 1/31/2029 | 144 | 144 | 141 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Charlotte Buyer, Inc. | (3)(5)(15)(18) | First Lien Term Loan | S + 4.25% | 8.57% | 2/11/2028 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Community Medical Acquisition Corp. | (8)(16) | First Lien Term Loan | S + 4.50% | 8.90% | 12/15/2028 | 246 | 239 | 246 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Laundry, LLC | (13)(15)(17) | First Lien Term Loan | S + 4.75% | 9.07% | 5/28/2031 | 8043 | 8003 | 8004 | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Laundry, LLC | (7)(13)(15)(19) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.07% | 5/28/2031 | 1304 | (3) | (6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Laundry, LLC | (7)(13)(15)(19) | First Lien Revolver | S + 4.75% | 9.07% | 5/28/2031 | 1522 | (8) | (7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DCA Investment Holding LLC | (8)(17) | First Lien Term Loan | S + 6.41% | 10.70% | 4/3/2028 | 2628 | 2558 | 2431 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;DCA Investment Holding LLC | (8)(17) | First Lien Delayed Draw Term Loan | S + 6.41% | 10.70% | 4/3/2028 | 324 | 316 | 300 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;DOCS, MSO, LLC | (8)(17) | First Lien Term Loan | S + 5.75% | 10.17% | 6/1/2028 | 246 | 241 | 244 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;ENT MSO, LLC | (8)(16) | First Lien Term Loan | S + 6.50% | 10.79% | 12/31/2025 | 136 | 136 | 135 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;ENT MSO, LLC | (8)(15)(16) | First Lien Delayed Draw Term Loan | S + 7.00% | 11.29% | 12/31/2025 | 84 | 84 | 84 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ENT MSO, LLC | (8)(16) | First Lien Delayed Draw Term Loan | S + 6.50% | 10.79% | 12/31/2025 | 27 | 27 | 27 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Golden State Buyer, Inc. | (5)(8)(17) | First Lien Term Loan | S + 4.75% | 9.17% | 3/22/2027 | 241 | 241 | 241 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;ImageFirst Holdings, LLC | (7)(13)(15)(19) | First Lien Revolver | S + 3.25% | 7.57% | 3/12/2030 | 5000 |  | 21 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;IvyRehab Intermediate II, LLC | (8)(17) | First Lien Term Loan | S + 5.00% | 9.39% | 4/23/2029 | 199 | 197 | 196 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;IvyRehab Intermediate II, LLC | (8)(17) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.39% | 4/23/2029 | 12 | 12 | 11 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;JKC Parent, Inc. | (13)(15)(17) | First Lien Term Loan | S + 5.00% | 9.29% | 2/13/2032 | 5293 | 5274 | 5266 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;JKC Parent, Inc. | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 2/13/2032 | 5797 | 1809 | 1803 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;JKC Parent, Inc. | (7)(13)(15)(17) | First Lien Revolver | S + 5.00% | 9.29% | 2/13/2032 | 1221 | 197 | 197 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;MRO Corporation | (13)(15)(19) | First Lien Term Loan | S + 4.75% | 9.04% | 6/9/2032 | 27414 | 27209 | 27209 | 1.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;MRO Corporation | (7)(13)(15)(19) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 6/9/2032 | 2384 | (9) | (18) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MRO Corporation | (7)(13)(15)(19) | First Lien Revolver | S + 4.75% | 9.04% | 6/9/2032 | 2384 | (18) | (18) |  |

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------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Healthcare Providers and Services (continued) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OB Hospitalist Group, Inc. | (8)(17) | First Lien Term Loan | S + 5.25% | 9.67% | 9/27/2027 | $228 | $227 | $228 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;OIS Management Services, LLC | (8)(17) | First Lien Term Loan | S + 4.75% | 9.04% | 11/16/2028 | 1714 | 1714 | 1684 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;OIS Management Services, LLC | (8)(17) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 11/16/2028 | 1240 | 1240 | 1219 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;ONS MSO, LLC | (8)(16) | First Lien Term Loan | S + 6.25% | 10.64% | 7/10/2028 | 247 | 246 | 245 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Orsini Pharmaceutical Services, LLC | (8)(13)(17) | First Lien Term Loan | S + 4.75% | 9.07% | 5/22/2031 | 16572 | 16469 | 16491 | 0.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Orsini Pharmaceutical Services, LLC | (7)(15)(17) | First Lien Revolver | S + 4.25% | 8.57% | 5/22/2030 | 1152 | (7) | (6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Phantom Purchaser, Inc. | (13)(15)(17) | First Lien Term Loan | S + 5.00% | 9.29% | 9/19/2031 | 20642 | 20604 | 20642 | 1.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Phantom Purchaser, Inc. | (7)(13)(15)(17) | First Lien Revolver | S + 5.00% | 9.29% | 9/19/2031 | 4494 | (15) | (22) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Phynet Dermatology LLC | (8)(16) | First Lien Term Loan | S + 6.50% | 10.79% | 10/20/2029 | 246 | 244 | 240 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Raven Acquisition Holdings, LLC | (5)(15)(19) | First Lien Term Loan | S + 3.25% | 7.57% | 11/19/2031 | 6052 | 6023 | 6054 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Raven Acquisition Holdings, LLC | (5)(7)(15)(19) | First Lien Delayed Draw Term Loan | S + 3.25% | 7.57% | 11/19/2031 | 433 | (2) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;RxSense Holdings LLC | (8)(16) | First Lien Term Loan | S + 5.00% | 9.29% | 3/12/2027 | 14655 | 14652 | 14655 | 0.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;RxSense Holdings LLC | (13)(15)(16) | First Lien Revolver | S + 5.25% | 9.54% | 3/12/2027 | 1856 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SCP Eye Care Holdco, LLC | (15)(16) | First Lien Delayed Draw Term Loan | S + 5.50% | 9.92% | 10/7/2029 | 247 | 246 | 244 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Smile Doctors LLC | (8)(17) | First Lien Term Loan | S + 5.90% | 10.29% | 12/23/2028 | 2459 | 2459 | 2446 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Smile Doctors LLC | (8)(15)(17) | First Lien Delayed Draw Term Loan | S + 5.90% | 10.29% | 12/23/2028 | 498 | 495 | 495 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Soleo Holdings, Inc. | (13)(15)(17) | First Lien Term Loan | S + 4.50% | 8.79% | 2/2/2032 | 14882 | 14856 | 14882 | 0.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Soleo Holdings, Inc. | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 2/2/2032 | 2111 | (2) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Soleo Holdings, Inc. | (7)(13)(15)(17) | First Lien Revolver | S + 4.75% | 9.04% | 2/2/2032 | 2111 | (5) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialized Dental Holdings II, LLC | (8)(13)(16) | First Lien Term Loan | S + 4.75% | 9.07% | 11/1/2027 | 271 | 269 | 271 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialized Dental Holdings II, LLC | (7)(13)(15)(16) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.07% | 11/1/2027 | 8987 | 4031 | 4070 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialized Dental Holdings II, LLC | (7)(13)(15)(16) | First Lien Revolver | S + 5.00% | 9.32% | 11/1/2027 | 266 | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SpecialtyCare, Inc. | (8)(16) | First Lien Term Loan | S + 5.50% | 10.05% | 6/18/2028 | 2941 | 2742 | 2905 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;SpecialtyCare, Inc. | (8)(16) | First Lien Delayed Draw Term Loan | S + 5.50% | 10.05% | 6/18/2028 | 20 | 19 | 20 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;STCH Acquisition Inc. | (8)(16) | First Lien Term Loan | S + 5.25% | 9.64% | 10/30/2026 | 2435 | 2435 | 2435 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;STCH Acquisition Inc. | (8)(13)(16) | First Lien Term Loan | S + 5.25% | 9.64% | 10/30/2026 | 15139 | 15127 | 15139 | 0.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;STCH Acquisition Inc. | (8)(16) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.64% | 10/30/2026 | 272 | 272 | 272 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;STCH Acquisition Inc. | (7)(15)(16) | First Lien Revolver | S + 6.25% | 10.54% | 10/30/2026 | 1547 | (4) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Summit Behavioral Healthcare, LLC | (5)(8)(17) | First Lien Term Loan | S + 4.25% | 8.54% | 11/24/2028 | 3018 | 3018 | 2305 | 0.14 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Healthcare Providers and Services (continued) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;TST Intermediate Holdings, LLC | (8)(13)(16) | First Lien Term Loan | S + 5.50% | 9.89% | 12/31/2028 | $123 | $122 | $119 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Turningpoint Healthcare Solutions, LLC | (8)(16) | First Lien Term Loan | S + 4.75% | 9.17% | 7/14/2027 | 1716 | 1716 | 1716 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Turningpoint Healthcare Solutions, LLC | (7)(15)(16) | First Lien Revolver | S + 3.75% | 8.07% | 7/14/2027 | 257 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Endodontics Partners Holdings, LLC | (8)(16) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.07% | 11/1/2027 | 2962 | 2929 | 2962 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Digestive MSO Parent, LLC | (8)(16) | First Lien Term Loan | S + 5.75% | 10.04% | 3/30/2029 | 246 | 246 | 245 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Urology Management Holdings, Inc. | (8)(16) | First Lien Term Loan | S + 5.50% | 9.94% | 6/15/2027 | 142 | 139 | 141 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Urology Management Holdings, Inc. | (8)(16) | First Lien Delayed Draw Term Loan | S + 5.50% | 9.94% | 6/15/2027 | 104 | 102 | 104 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;USHV Management, LLC | (8)(16) | First Lien Term Loan | S + 6.50% | 10.89% | 12/23/2027 | 1966 | 1957 | 1938 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;USHV Management, LLC | (8)(16) | First Lien Delayed Draw Term Loan | S + 6.38% | 10.77% | 12/23/2027 | 972 | 968 | 958 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valeris, Inc. | (8)(13)(17) | First Lien Term Loan | S + 4.75% | 9.04% | 9/19/2031 | 15121 | 15046 | 15047 | 0.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vital Care Buyer, LLC | (8)(13)(17) | First Lien Term Loan | S + 4.50% | 8.79% | 7/30/2031 | 21190 | 21097 | 21092 | 1.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vital Care Buyer, LLC | (7)(13)(15)(17) | First Lien Revolver | S + 5.25% | 9.57% | 7/30/2031 | 2789 | (12) | (13) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;WCG Intermediate Corp. | (5)(15)(16) | First Lien Term Loan | S + 3.00% | 7.32% | 2/25/2032 | 5794 | 5739 | 5740 | 0.34 |
|  |  |  |  |  |  |  | 228817 | 228128 | 13.48 |
| Hotels, Restaurants and Leisure |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dave & Buster's, Inc. | (5)(6)(8)(15)(18) | First Lien Term Loan | S + 3.25% | 7.54% | 6/29/2029 | 2187 | 2193 | 2125 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Movati Athletic (Group) Inc. | (6)(8)(13)(16) | First Lien Term Loan | C + 4.75% | 7.82% | 5/29/2030 | CAD 28,586 | 20574 | 20849 | 1.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Movati Athletic (Group) Inc. | (6)(7)(13)(15)(16) | First Lien Delayed Draw Term Loan | C + 5.25% | 8.00% | 5/29/2030 | CAD 3,500 | (31) | (19) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Movati Athletic (Group) Inc. | (6)(7)(13)(15)(16) | First Lien Revolver | C + 5.25% | 8.00% | 5/29/2030 | CAD 2,625 | (29) | (14) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Southpaw AP Buyer, LLC | (8)(16) | First Lien Term Loan | S + 5.50% | 9.94% | 3/2/2028 | 23081 | 22951 | 23023 | 1.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southpaw AP Buyer, LLC | (7)(13)(15)(16) | First Lien Delayed Draw Term Loan | S + 5.50% | 9.94% | 3/2/2028 | 4200 | 3221 | 3227 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southpaw AP Buyer, LLC | (7)(15)(19) | First Lien Revolver | S + 5.50% | 9.94% | 3/2/2028 | 2178 | 942 | 953 | 0.06 |
|  |  |  |  |  |  |  | 49821 | 50144 | 2.97 |
| Household Products |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;TPC US Parent, LLC | (8)(16) | First Lien Term Loan | S + 5.75% | 10.19% | 2/23/2026 | 178 | 178 | 177 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;TPC US Parent, LLC | (8)(16) | First Lien Delayed Draw Term Loan | S + 5.75% | 10.19% | 2/23/2026 | 68 | 68 | 68 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wu Holdco, Inc. | (8)(13)(17) | First Lien Term Loan | S + 4.75% | 9.04% | 4/19/2032 | 23950 | 23892 | 23893 | 1.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wu Holdco, Inc. | (7)(13)(15)(19) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 4/19/2032 | 5826 | (7) | (14) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wu Holdco, Inc. | (7)(13)(15)(19) | First Lien Revolver | S + 4.75% | 9.04% | 4/19/2032 | 1812 | (5) | (4) |  |
|  |  |  |  |  |  |  | 24126 | 24120 | 1.42 |
| Industrial Conglomerates |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;FCG Acquisitions, Inc. | (5)(8)(15)(18) | First Lien Term Loan | S + 3.25% | 7.54% | 3/31/2028 | 7259 | 7255 | 7273 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Harvey Tool Company, LLC | (8)(17) | First Lien Term Loan | S + 5.25% | 9.57% | 10/26/2027 | 3606 | 3510 | 3600 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Harvey Tool Company, LLC | (8)(13)(17) | First Lien Term Loan | S + 5.25% | 9.57% | 10/26/2027 | 16537 | 16479 | 16505 | 0.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Harvey Tool Company, LLC | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 5.50% | 9.82% | 10/26/2027 | 7472 | 908 | 931 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Harvey Tool Company, LLC | (7)(15)(17) | First Lien Revolver | S + 5.50% | 9.82% | 10/26/2027 | 2372 | (20) | (5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Indicor, LLC | (5)(6)(15)(18) | First Lien Term Loan | S + 2.75% | 7.04% | 11/22/2029 | 2498 | 2507 | 2497 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Madison Safety & Flow LLC | (5)(15)(19) | First Lien Term Loan | S + 2.75% | 7.07% | 9/26/2031 | 4723 | 4725 | 4737 | 0.28 |
|  |  |  |  |  |  |  | 35364 | 35538 | 2.10 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Independent Power and Renewable Electricity Producers |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alpha Generation, LLC | (5)(15)(19) | First Lien Term Loan | S + 2.00% | 6.32% | 9/30/2031 | $1990 | $1990 | $1990 | 0.12% |
|  |  |  |  |  |  |  | 1990 | 1990 | 0.12 |
| Insurance |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accession Risk Management, Inc. | (8)(15)(17) | First Lien Term Loan | S + 4.75% | 9.04% | 11/1/2029 | 2849 | 2848 | 2849 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accession Risk Management, Inc. | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 11/1/2029 | 3628 | 362 | 370 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accession Risk Management, Inc. | (7)(13)(15)(17) | First Lien Revolver | S + 5.50% | 9.79% | 11/1/2029 | 694 | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acrisure, LLC | (5)(8)(15)(19) | First Lien Term Loan | S + 3.00% | 7.32% | 11/6/2030 | 6146 | 6145 | 6139 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acrisure, LLC | (5)(15)(19) | First Lien Term Loan | S + 3.25% | 7.57% | 6/20/2032 | 1336 | 1336 | 1336 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;AMBA Buyer, Inc. | (13)(15)(17) | First Lien Term Loan | S + 5.25% | 9.67% | 7/30/2027 | 2615 | 2603 | 2601 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;AMBA Buyer, Inc. | (8)(17) | First Lien Term Loan | S + 5.25% | 9.64% | 7/30/2027 | 3584 | 3563 | 3564 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;AMBA Buyer, Inc. | (8)(17) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.64% | 7/30/2027 | 1067 | 1061 | 1061 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;AMBA Buyer, Inc. | (7)(15)(17) | First Lien Revolver | S + 5.50% | 9.79% | 7/30/2027 | 276 | (2) | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amerilife Holdings LLC | (13)(15)(17) | First Lien Term Loan | S + 4.75% | 9.04% | 8/31/2029 | 15767 | 15698 | 15730 | 0.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amerilife Holdings LLC | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 8/31/2029 | 14732 | 12358 | 12359 | 0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amerlife Holdings LLC | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.32% | 8/31/2029 | 3333 | (4) | (8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amerilife Holdings LLC | (7)(15)(17) | First Lien Revolver | S + 4.75% | 9.04% | 8/31/2028 | 2261 | 180 | 183 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amynta Agency Borrower Inc. (Amynta Warranty Borrower Inc.) | (5)(15)(19) | First Lien Term Loan | S + 3.00% | 7.32% | 12/27/2031 | 6021 | 5993 | 6027 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ardonagh Midco 3 Limited | (5)(6)(15)(19) | First Lien Term Loan | S + 2.75% | 7.04% | 2/17/2031 | 4987 | 4966 | 4962 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;AssuredPartners, Inc | (5)(8)(15)(18) | First Lien Term Loan | S + 3.50% | 7.82% | 2/14/2031 | 6860 | 6862 | 6885 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asurion, LLC | (5)(15)(19) | First Lien Term Loan | S + 3.25% | 7.69% | 7/30/2027 | 4670 | 4664 | 4672 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Baldwin Insurance Group Holdings, LLC, The | (5)(6)(8)(19) | First Lien Term Loan | S + 3.00% | 7.32% | 5/26/2031 | 1670 | 1671 | 1673 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bellwether Buyer, L.L.C. | (13)(15)(17) | First Lien Term Loan | S + 4.50% | 8.82% | 4/15/2032 | 14638 | 14604 | 14603 | 0.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bellwether Buyer, L.L.C. | (7)(13)(15)(19) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.82% | 4/15/2032 | 7624 | (9) | (18) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bellwether Buyer, L.L.C. | (7)(13)(15)(19) | First Lien Revolver | S + 4.50% | 8.82% | 4/15/2032 | 3050 | (8) | (7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beyond Risk Parent Holdings, Inc. | (15)(17) | First Lien Term Loan | S + 4.50% | 8.89% | 10/8/2027 | 81 | 81 | 81 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beyond Risk Parent Holdings, Inc. | (15)(17) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.89% | 10/8/2027 | 165 | 164 | 165 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadstreet Partners, Inc. | (5)(6)(8)(15)(19) | First Lien Term Loan | S + 3.00% | 7.32% | 6/13/2031 | 3852 | 3850 | 3861 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foundation Risk Partners, Corp. | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 4.00% | 8.32% | 10/29/2030 | 10736 | (25) | (41) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Galway Borrower LLC | (8)(17) | First Lien Term Loan | S + 4.50% | 8.79% | 9/29/2028 | 2632 | 2554 | 2610 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Imagine 360 LLC | (8)(13)(17) | First Lien Term Loan | S + 5.00% | 9.29% | 9/30/2028 | 20336 | 20268 | 20235 | 1.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Imagine 360 LLC | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 9/30/2028 | 10122 | (20) | (51) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Imagine 360 LLC | (7)(15)(19) | First Lien Revolver | S + 5.00% | 9.29% | 9/30/2028 | 4326 | (22) | (22) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Acquisition, LLC | (8)(13)(17) | First Lien Term Loan | S + 5.00% | 9.29% | 8/25/2028 | 4595 | 4575 | 4561 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Acquisition, LLC | (7)(15)(19) | First Lien Revolver | S + 5.00% | 9.29% | 8/25/2028 | 122 | (1) | (1) |  |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Insurance (continued) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;KWOR Acquisition, Inc. | (13)(15)(16) | First Lien Term Loan | S + 6.25% | 10.54% (Incl. 5.25% PIK) | 2/28/2030 | 1981 | 1981 | 1981 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;KWOR Acquisition, Inc. | (3)(13)(15)(19) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.57% | 2/28/2030 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;KWOR Acquisition, Inc. | (7)(13)(15)(16) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.54% | 2/28/2030 | 462 | 27 | 27 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;KWOR Acquisition, Inc. | (3)(13)(15)(19) | First Lien Revolver | S + 5.25% | 9.57% | 2/28/2030 | $— | $— | $— | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;KWOR Acquisition, Inc. | (7)(13)(15)(16) | First Lien Revolver | S + 5.25% | 9.54% | 2/28/2030 | 326 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;McLarens Midco Inc. | (8)(17) | First Lien Term Loan | S + 4.75% | 9.19% | 12/19/2025 | 10076 | 10061 | 10076 | 0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;McLarens Midco Inc. | (8)(17) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.19% | 12/19/2025 | 4783 | 4772 | 4783 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mclarens Midco Inc. | (7)(13)(15)(19) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.17% | 12/19/2027 | 9481 | (23) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mclarens Midco Inc. | (7)(13)(15)(19) | First Lien Revolver | S + 4.75% | 9.07% | 12/19/2027 | 1896 | (9) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mclarens Midco Inc. | (3)(13)(15)(19) | First Lien Revolver | SON + 6.00% | 10.22% | 12/19/2027 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Oakbridge Insurance Agency, LLC | (8)(17) | First Lien Term Loan | S + 5.75% | 10.07% | 11/1/2029 | 247 | 245 | 247 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oakbridge Insurance Agency LLC | (7)(13)(15)(19) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.07% | 11/1/2029 | 5166 | (13) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OneDigital Borrower LLC | (5)(15)(18) | First Lien Term Loan | S + 3.00% | 7.32% | 7/2/2031 | 3252 | 3239 | 3251 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pareto Health Intermediate Holdings, Inc. | (13)(15)(16) | First Lien Term Loan | S + 4.75% | 8.90% | 5/31/2030 | 8303 | 8275 | 8262 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pareto Health Intermediate Holdings, Inc. | (7)(13)(15)(16) | First Lien Delayed Draw Term Loan | S + 4.00% | 8.15% | 5/31/2030 | 1668 | (4) | (8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pareto Health Intermediate Holdings, Inc. | (7)(15)(16) | First Lien Revolver | S + 4.00% | 8.15% | 6/1/2029 | 163 |  | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Patriot Growth Insurance Services, LLC | (8)(17) | First Lien Term Loan | S + 5.00% | 9.44% | 10/16/2028 | 20197 | 20099 | 20096 | 1.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Patriot Growth Insurance Services, LLC | (8)(17) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.44% | 10/16/2028 | 54 | 52 | 53 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Riser Interco, LLC | (8)(13)(17) | First Lien Term Loan | S + 4.75% | 9.04% | 10/31/2029 | 1803 | 1803 | 1795 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Riser Interco, LLC | (13)(15)(19) | First Lien Term Loan | SON + 4.75% | 8.97% | 10/31/2029 | GBP 3,032 | 4018 | 4143 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Riser Interco, LLC | (7)(13)(15)(19) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 10/31/2029 | 2984 | (4) | (14) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Riser Interco, LLC | (7)(13)(15)(19) | First Lien Revolver | S + 4.75% | 9.04% | 10/31/2029 | 1200 | 400 | 394 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Simplicity Financial Marketing Group Holdings, Inc. | (8)(13)(17) | First Lien Term Loan | S + 5.00% | 9.15% | 12/31/2031 | 27008 | 26891 | 26873 | 1.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Simplicity Financial Marketing Group Holdings, Inc. | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.15% | 12/31/2031 | 7216 | 1578 | 1566 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Simplicity Financial Marketing Group Holdings, Inc. | (7)(13)(15)(17) | First Lien Revolver | S + 5.00% | 9.15% | 12/31/2031 | 3610 | (18) | (18) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;THG Acquisition, LLC | (8)(13)(17) | First Lien Term Loan | S + 4.50% | 8.82% | 10/31/2031 | 14769 | 14708 | 14696 | 0.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;THG Acquisition, LLC | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.82% | 10/31/2031 | 3301 | 98 | 89 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;THG Acquisition, LLC | (7)(13)(15)(17) | First Lien Revolver | S + 4.75% | 9.07% | 10/31/2031 | 1650 | 115 | 114 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trucordia Insurance Holdings, LLC | (5)(15)(19) | First Lien Term Loan | S + 3.25% | 7.57% | 6/14/2032 | 1015 | 1012 | 1018 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unison Risk Advisors Inc. | (8)(13)(15)(17) | First Lien Term Loan | S + 4.50% | 8.82% | 10/17/2031 | 27143 | 27009 | 27007 | 1.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unison Risk Advisors Inc. | (8)(13)(19) | First Lien Term Loan | S + 4.50% | 8.82% | 10/17/2031 | 1875 | 1866 | 1866 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unison Risk Advisors Inc. | (7)(13)(15)(19) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.82% | 10/17/2031 | 13125 | (33) | (66) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unison Risk Advisors Inc. | (7)(13)(15)(19) | First Lien Revolver | S + 4.50% | 8.82% | 10/17/2030 | 2857 | 502 | 500 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;World Insurance Associates, LLC | (8)(13)(15)(16) | First Lien Term Loan | S + 5.00% | 9.29% | 4/3/2030 | 9841 | 9841 | 9792 | 0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;World Insurance Associates, LLC | (7)(13)(15)(16) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 4/3/2030 | 6690 | (8) | (33) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;World Insurance Associates, LLC | (7)(13)(15)(16) | First Lien Revolver | S + 5.00% | 9.29% | 4/3/2030 | 700 | (1) | (4) |  |
|  |  |  |  |  |  |  | 254793 | 254862 | 15.07 |

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[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| IT Services |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AVSC Holding Corp. | (8)(13)(17) | First Lien Term Loan | S + 5.00% | 9.32% | 12/5/2031 | $27741 | $27490 | $27672 | 1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;AVSC Holding Corp. | (7)(13)(15)(19) | First Lien Revolver | S + 4.00% | 8.32% | 12/5/2029 | 2959 | (30) | (7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cardinal Parent, Inc. | (5)(8)(17) | First Lien Term Loan | S + 4.50% | 8.94% | 11/12/2027 | 246 | 233 | 240 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;DT1 Midco Corp | (13)(15)(17) | First Lien Term Loan | S + 5.00% | 9.32% | 12/30/2031 | 16156 | 16084 | 16075 | 0.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;DT1 Midco Corp | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.32% | 12/30/2031 | 6228 | 29 | 13 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DT1 Midco Corp | (13)(15)(17) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.32% | 12/30/2031 | 5014 | 4977 | 4988 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;DT1 Midco Corp | (7)(13)(15)(17) | First Lien Revolver | S + 5.00% | 9.32% | 12/30/2030 | 2940 | (14) | (15) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Marco Technologies, LLC | (8)(16) | First Lien Term Loan | S + 5.25% | 9.57% | 11/24/2026 | 250 | 248 | 250 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;NTI Connect, LLC | (8)(16) | First Lien Term Loan | S + 4.75% | 9.19% | 7/31/2027 | 144 | 143 | 143 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;NTI Connect, LLC | (8)(16) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.19% | 7/31/2027 | 27 | 27 | 27 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OEConnection LLC | (5)(15)(17) | First Lien Term Loan | S + 5.25% | 9.57% | 4/22/2031 | 25481 | 25439 | 25513 | 1.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;OEConnection LLC | (5)(7)(15)(17) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.57% | 4/22/2031 | 8972 | 4411 | 4457 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;OEConnection LLC | (7)(13)(15)(17) | First Lien Revolver | S + 4.00% | 8.32% | 4/22/2031 | 2793 | (7) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ridge Trail US Bidco, Inc. | (8)(13)(15)(17) | First Lien Term Loan | S + 4.50% | 8.79% | 9/30/2031 | 19889 | 19757 | 19740 | 1.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ridge Trail US Bidco, Inc. | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 9/30/2031 | 6893 | (15) | (52) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ridge Trail US Bidco, Inc. | (7)(13)(15)(19) | First Lien Revolver | S + 4.50% | 8.79% | 3/31/2031 | 2298 | 595 | 603 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Safety Borrower Holdings LLC | (8)(16) | First Lien Term Loan | S + 4.75% | 9.19% | 9/1/2027 | 246 | 244 | 244 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saturn Borrower Inc | (13)(15)(16) | First Lien Term Loan | S + 6.00% | 10.29% | 11/10/2028 | 7801 | 7754 | 7762 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saturn Borrower Inc | (7)(13)(15)(16) | First Lien Delayed Draw Term Loan | S + 6.00% | 10.29% | 11/10/2028 | 2844 | (9) | (14) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Saturn Borrower Inc | (7)(13)(15)(16) | First Lien Revolver | S + 6.00% | 10.29% | 11/10/2028 | 1280 | 127 | 130 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spirit RR Holdings, Inc. | (8)(17) | First Lien Term Loan | S + 4.50% | 8.89% | 9/13/2028 | 5912 | 5912 | 5882 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spirit RR Holdings, Inc. | (13)(15)(16) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.89% | 9/13/2028 | 73 | 73 | 73 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Spirit RR Holdings, Inc. | (7)(15)(17) | First Lien Revolver | S + 4.50% | 8.79% | 9/13/2028 | 497 |  | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trunk Acquisition, Inc. | (13)(15)(16) | First Lien Term Loan | S + 6.00% | 10.44% | 2/19/2030 | 3840 | 3830 | 3840 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trunk Acquisition, Inc. | (7)(13)(15)(16) | First Lien Delayed Draw Term Loan | S + 6.00% | 10.29% | 2/19/2030 | 3696 | 3124 | 3146 | 0.19 |
|  |  |  |  |  |  |  | 120422 | 120708 | 7.15 |

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[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Life Sciences Tools & Services |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Emmes Blocker, Inc. | (8)(17) | First Lien Term Loan | S + 6.25% | 10.54% | 7/7/2028 | $148 | $148 | $147 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Emmes Blocker, Inc. | (15)(17) | First Lien Delayed Draw Term Loan | S + 6.25% | 10.54% | 7/7/2028 | 99 | 99 | 98 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;KWOL Acquisition, Inc. | (8)(17) | First Lien Term Loan | S + 4.75% | 9.04% | 12/12/2029 | 247 | 244 | 246 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;LSCS Holdings, Inc. | (5)(15)(19) | First Lien Term Loan | S + 4.50% | 8.79% | 3/4/2032 | 1496 | 1489 | 1471 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Parexel International, Inc. | (5)(8)(15)(18) | First Lien Term Loan | S + 2.50% | 6.82% | 11/15/2028 | 4830 | 4843 | 4837 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sotera Health Holdings, LLC | (5)(8)(15)(19) | First Lien Term Loan | S + 3.25% | 7.57% | 5/30/2031 | 4142 | 4133 | 4165 | 0.25 |
|  |  |  |  |  |  |  | 10956 | 10964 | 0.66 |
| Machinery |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Arch Cutting Tools Corp. | (8)(19) | First Lien Term Loan | S + 4.75% | 9.14% | 4/1/2026 | 246 | 244 | 245 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;CD&R Hydra Buyer, Inc. | (5)(8)(15)(19) | First Lien Term Loan | S + 4.00% | 8.42% | 3/25/2031 | 4962 | 4981 | 4895 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clyde Industries US Holdco, Inc. | (8)(16) | First Lien Term Loan | S + 5.00% | 9.44% | 12/18/2026 | 194 | 193 | 193 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dynatect Group Holdings, Inc. | (8)(16) | First Lien Term Loan | S + 4.50% | 8.89% | 9/30/2026 | 1676 | 1676 | 1676 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dynatect Group Holdings, Inc. | (7)(15)(16) | First Lien Revolver | SON + 4.50% | 8.82% | 6/30/2026 | GBP 1,735 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Flow Control Solutions, Inc. | (8)(17) | First Lien Term Loan | S + 5.00% | 9.29% | 3/30/2029 | 180 | 179 | 177 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flow Control Solutions, Inc. | (8)(17) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 3/30/2029 | 67 | 67 | 66 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Flow Control Solutions, Inc. | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 3/30/2029 | 7900 | 1477 | 1389 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flow Control Solutions, Inc. | (7)(13)(15)(17) | First Lien Revolver | S + 5.00% | 9.29% | 3/30/2029 | 1411 | 151 | 141 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Madison IAQ LLC | (5)(15)(18) | First Lien Term Loan | S + 3.25% | 7.54% | 5/6/2032 | 5301 | 5244 | 5322 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merlin Buyer, Inc. | (8)(18) | First Lien Term Loan | S + 4.75% | 9.04% | 12/14/2028 | 2366 | 2308 | 2366 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merlin Buyer, Inc. | (7)(15)(19) | First Lien Revolver | S + 3.75% | 8.04% | 12/14/2026 | 598 | (7) | (4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Process Insights Acquisition, Inc. | (8)(16) | First Lien Term Loan | S + 6.25% | 10.54% | 7/18/2029 | 246 | 245 | 232 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Flow, Inc. | (5)(15)(18) | First Lien Term Loan | S + 3.00% | 7.32% | 4/5/2029 | 4628 | 4637 | 4650 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;WCI-Cedar Purchaser, LLC | (8)(16) | First Lien Term Loan | S + 4.50% | 9.05% | 12/31/2027 | 247 | 247 | 245 | 0.01 |
|  |  |  |  |  |  |  | 21642 | 21593 | 1.25 |
| Media |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Arches Buyer Inc. | (5)(8)(15)(18) | First Lien Term Loan | S + 3.25% | 7.67% | 12/6/2027 | 2961 | 2906 | 2928 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Creative Artists Agency, LLC | (5)(15)(19) | First Lien Term Loan | S + 2.75% | 7.07% | 10/1/2031 | 3487 | 3484 | 3502 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Imagine Learning LLC | (5)(15)(18) | First Lien Term Loan | S + 3.50% | 7.82% | 12/21/2029 | 1287 | 1274 | 1258 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Klick, Inc. | (6)(8)(15)(16) | First Lien Term Loan | S + 4.50% | 8.82% | 3/31/2028 | 2351 | 2351 | 2351 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Klick, Inc. | (6)(7)(15)(16) | First Lien Revolver | S + 4.50% | 8.82% | 3/31/2028 | 813 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MH SUB I, LLC | (5)(8)(15)(18) | First Lien Term Loan | S + 4.25% | 8.57% | 5/3/2028 | 2947 | 2944 | 2771 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;MH SUB I, LLC | (5)(8)(15)(18) | First Lien Term Loan | S + 4.25% | 8.57% | 12/31/2031 | 1995 | 1965 | 1739 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Planet US Buyer LLC | (5)(15)(19) | First Lien Term Loan | S + 3.00% | 7.29% | 2/7/2031 | 6172 | 6173 | 6206 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Red Ventures, LLC (New Imagitas, Inc.) | (5)(8)(19) | First Lien Term Loan | S + 2.75% | 7.07% | 3/3/2030 | 1657 | 1659 | 1412 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Renaissance Holding Corp | (5)(15)(18) | First Lien Term Loan | S + 4.00% | 8.29% | 4/5/2030 | 4962 | 4953 | 4520 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Talent Agency, LLC | (5)(15)(19) | First Lien Term Loan | S + 3.50% | 7.82% | 6/10/2032 | 3000 | 3013 | 3011 | 0.18 |
|  |  |  |  |  |  |  | 30722 | 29698 | 1.75 |

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[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Oil, Gas and Consumable Fuels |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazos Delaware II, LLC | (5)(8)(18) | First Lien Term Loan | S + 3.00% | 7.32% | 2/11/2030 | $1980 | $1983 | $1986 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;EDPO, LLC | (8)(15)(17) | First Lien Term Loan | S + 4.50% | 8.82% | 12/8/2027 | 4796 | 4796 | 4772 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;EDPO, LLC | (7)(15)(17) | First Lien Revolver | S + 4.50% | 8.82% | 12/8/2026 | 57 | 14 | 14 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Epic Crude Services, LP | (5)(15)(19) | First Lien Term Loan | S + 3.00% | 7.29% | 10/15/2031 | 2475 | 2466 | 2487 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valicor PPC Intermediate II LLC | (8)(13)(16) | First Lien Term Loan | S + 5.00% | 9.32% | 7/24/2028 | 1779 | 1774 | 1774 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valicor PPC Intermediate II LLC | (8)(15)(16) | First Lien Term Loan | S + 5.00% | 9.32% | 7/24/2028 | 5878 | 5876 | 5867 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valicor PPC Intermediate II LLC | (8)(16) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.32% | 7/24/2028 | 42 | 42 | 42 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Valicor PPC Intermediate II LLC | (7)(13)(15)(16) | First Lien Revolver | P + 4.00% | 11.50% | 1/24/2028 | 1128 | 111 | 111 | 0.01 |
|  |  |  |  |  |  |  | 17062 | 17053 | 1.01 |
| Pharmaceuticals |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bridges Consumer Healthcare Intermediate LLC | (13)(15)(16) | First Lien Term Loan | S + 5.25% | 9.54% | 12/20/2031 | 14053 | 13991 | 13983 | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bridges Consumer Healthcare Intermediate LLC | (7)(13)(15)(16) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.54% | 12/20/2031 | 11691 | 5323 | 5292 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bridges Consumer Healthcare Intermediate LLC | (7)(13)(15)(16) | First Lien Revolver | S + 5.25% | 9.54% | 12/20/2031 | 2682 | (13) | (13) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exactcare Parent Inc. | (8)(16) | First Lien Term Loan | S + 5.50% | 9.79% | 11/5/2029 | 247 | 243 | 247 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Creek Parent, Inc. | (13)(15)(19) | First Lien Term Loan | S + 5.25% | 9.57% | 12/18/2031 | 873 | 867 | 873 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Creek Parent, Inc. | (7)(13)(15)(17) | First Lien Revolver | S + 5.25% | 9.57% | 12/18/2031 | 125 | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Curium BidCo S.a r.l. | (5)(6)(15)(19) | First Lien Term Loan | S + 3.50% | 7.79% | 7/31/2029 | 3990 | 3963 | 4006 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Puma Buyer, LLC | (8)(13)(18) | First Lien Term Loan | S + 4.25% | 8.54% | 3/29/2032 | 18991 | 18920 | 18944 | 1.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Puma Buyer, LLC | (7)(13)(15)(18) | First Lien Revolver | S + 4.25% | 8.54% | 3/29/2032 | 3063 | (11) | (8) |  |
|  |  |  |  |  |  |  | 43282 | 43324 | 2.56 |
| Personal Care Products |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Opal Bidco SAS | (5)(6)(15)(19) | First Lien Term Loan | S + 3.25% | 7.40% | 4/23/2032 | 3500 | 3507 | 3519 | 0.21 |
|  |  |  |  |  |  |  | 3507 | 3519 | 0.21 |
| Professional Services |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Access CIG, LLC | (5)(15)(18) | First Lien Term Loan | S + 4.25% | 8.40% | 8/18/2028 | 6234 | 6223 | 6271 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Analytic Partners, LP | (8)(17) | First Lien Term Loan | S + 4.75% | 9.07% | 4/4/2030 | 246 | 243 | 246 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Analytic Partners, LP | (8)(13)(17) | First Lien Term Loan | S + 4.75% | 9.07% | 4/4/2030 | 7376 | 7365 | 7358 | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Analytic Partners, LP | (7)(13)(15)(19) | First Lien Revolver | S + 5.00% | 9.32% | 4/4/2030 | 1002 | (4) | (3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Technical Services, LLC | (8)(13)(17) | First Lien Term Loan | S + 5.25% | 9.54% | 4/8/2031 | 22372 | 22272 | 22276 | 1.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Technical Services, LLC | (7)(13)(15)(19) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.54% | 4/8/2031 | 2259 | 509 | 510 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Technical Services, LLC | (7)(13)(15)(19) | First Lien Revolver | P + 4.25% | 11.75% | 4/8/2031 | 2259 | 215 | 216 | 0.01 |

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[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Professional Services (continued) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Carr, Riggs & Ingram Capital, L.L.C. | (8)(13)(15)(18) | First Lien Term Loan | S + 4.75% | 9.07% | 11/18/2031 | $17207 | $17127 | $17164 | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carr, Riggs & Ingram Capital, L.L.C. | (7)(13)(15)(18) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.07% | 11/18/2031 | 8745 | 1829 | 1828 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carr, Riggs & Ingram Capital, L.L.C. | (7)(13)(15)(18) | First Lien Revolver | S + 3.75% | 8.07% | 11/18/2031 | 4000 | (20) | (10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Clinical Education Alliance, LLC | (8)(16) | First Lien Term Loan | S + 5.50% | 9.94% | 12/21/2026 | 45 | 44 | 45 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Clinical Education Alliance, LLC | (8)(16) | First Lien Term Loan | S + 5.00% | 9.44% | 12/21/2026 | 202 | 198 | 200 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;DISA Holdings Corp. | (8)(17) | First Lien Term Loan | S + 5.00% | 9.29% | 9/9/2028 | 195 | 195 | 192 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;DISA Holdings Corp. | (15)(17) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 9/9/2028 | 52 | 52 | 52 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreigner Bidco Inc. | (8)(16) | First Lien Term Loan | S + 5.50% | 9.92% | 4/19/2028 | 225 | 225 | 225 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreigner Bidco Inc. | (8)(16) | First Lien Delayed Draw Term Loan | S + 5.50% | 9.92% | 4/19/2028 | 25 | 25 | 25 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Garda World Security Corp | (5)(6)(15)(19) | First Lien Term Loan | S + 3.00% | 7.32% | 2/1/2029 | 5478 | 5481 | 5494 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grant Thornton Advisors LLC | (5)(6)(8)(15)(19) | First Lien Term Loan | S + 2.75% | 7.07% | 6/2/2031 | 4517 | 4524 | 4519 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grant Thornton Advisors LLC | (5)(6)(15)(19) | First Lien Term Loan | S + 3.00% | 7.32% | 6/2/2031 | 2412 | 2382 | 2419 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;HSI Halo Acquisition, Inc. | (13)(15)(17) | First Lien Term Loan | S + 5.00% | 9.29% | 6/30/2031 | 8176 | 8159 | 8155 | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;HSI Halo Acquisition, Inc. | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 6/30/2031 | 1466 | 252 | 249 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;HSI Halo Acquisition, Inc. | (7)(13)(15)(17) | First Lien Revolver | S + 5.00% | 9.29% | 6/28/2030 | 978 | (2) | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;IG Investments Holdings, LLC | (13)(15)(17) | First Lien Term Loan | S + 5.00% | 9.29% | 9/22/2028 | 10381 | 10339 | 10329 | 0.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;IG Investments Holdings, LLC | (7)(13)(15)(17) | First Lien Revolver | S + 4.00% | 8.29% | 9/22/2028 | 1172 | (10) | (6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Iris Buyer LLC | (8)(16) | First Lien Term Loan | S + 5.25% | 9.54% | 10/2/2030 | 246 | 243 | 245 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marina Acquisition, Inc. | (8)(13)(16) | First Lien Term Loan | S + 5.00% | 9.29% | 7/1/2030 | 9966 | 9880 | 9841 | 0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marina Acquisition, Inc. | (7)(13)(15)(16) | First Lien Revolver | P + 4.00% | 11.50% | 7/1/2030 | 1434 | 218 | 212 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;MHE Intermediate Holdings, LLC | (8)(16) | First Lien Term Loan | S + 6.00% | 10.44% | 7/21/2027 | 407 | 405 | 403 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;MHE Intermediate Holdings, LLC | (8)(16) | First Lien Term Loan | S + 6.25% | 10.69% | 7/21/2027 | 33 | 33 | 32 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MHE Intermediate Holdings, LLC | (8)(16) | First Lien Term Loan | S + 6.50% | 10.94% | 7/21/2027 | 29 | 29 | 29 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MHE Intermediate Holdings, LLC | (8)(16) | First Lien Delayed Draw Term Loan | S + 6.00% | 10.44% | 7/21/2027 | 171 | 170 | 170 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;MHE Intermediate Holdings, LLC | (7)(15)(19) | First Lien Revolver | S + 6.00% | 10.44% | 7/21/2027 | 60 | 24 | 23 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Monarch Buyer, Inc. | (13)(15)(18) | First Lien Term Loan | S + 4.75% | 9.04% | 6/2/2032 | 9845 | 9795 | 9795 | 0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Monarch Buyer, Inc. | (7)(13)(15)(19) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 6/2/2032 | 4102 | (10) | (21) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Monarch Buyer, Inc. | (7)(13)(15)(19) | First Lien Revolver | S + 4.75% | 9.04% | 6/2/2032 | 1846 | (9) | (9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OMNIA Partners, LLC | (5)(8)(15)(19) | First Lien Term Loan | S + 2.50% | 6.79% | 7/25/2030 | 4466 | 4486 | 4480 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Propio LS, LLC | (8)(13)(17) | First Lien Term Loan | S + 4.75% | 9.04% | 5/10/2030 | 14435 | 14295 | 14366 | 0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Propio LS, LLC | (7)(13)(15)(19) | First Lien Revolver | S + 4.75% | 9.04% | 5/10/2030 | 533 | (3) | (3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ruppert Landscape, LLC | (8)(17) | First Lien Term Loan | S + 5.00% | 9.29% | 12/3/2029 | 11781 | 11770 | 11724 | 0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ruppert Landscape, LLC | (8)(13)(17) | First Lien Term Loan | S + 5.00% | 9.29% | 12/3/2029 | 7105 | 7071 | 7071 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ruppert Landscape, LLC | (7)(13)(15)(19) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 12/3/2029 | 2707 | (7) | (13) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ruppert Landscape, LLC | (8)(17) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 12/3/2029 | 4811 | 4768 | 4788 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ruppert Landscape, LLC | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 12/3/2029 | 15613 | 6385 | 6371 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ruppert Landscape, LLC | (7)(13)(15)(17) | First Lien Revolver | S + 5.00% | 9.44% | 12/3/2029 | 2961 | 581 | 578 | 0.03 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Professional Services (continued) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.) | (5)(15)(19) | First Lien Term Loan | S + 3.00% | 7.32% | 7/31/2031 | $5974 | $5958 | $6002 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Skopima Consilio Parent LLC | (5)(8)(15)(18) | First Lien Term Loan | S + 3.75% | 8.07% | 5/12/2028 | 4949 | 4944 | 4892 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;TRC Companies LLC | (5)(8)(15)(19) | First Lien Term Loan | S + 3.00% | 7.32% | 12/8/2028 | 5611 | 5608 | 5606 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;USRP Holdings, Inc. | (8)(17) | First Lien Term Loan | S + 5.00% | 9.32% | 12/31/2029 | 4326 | 4326 | 4326 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;USRP Holdings, Inc. | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.32% | 12/31/2029 | 17870 | 294 | 330 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;USRP Holdings, Inc. | (7)(15)(17) | First Lien Revolver | S + 5.50% | 9.82% | 12/31/2029 | 2290 | (9) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vensure Employer Services, Inc. | (8)(13)(15)(18) | First Lien Term Loan | S + 4.75% | 9.04% | 9/27/2031 | 10175 | 10138 | 10128 | 0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vensure Employer Services, Inc. | (7)(13)(15)(18) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 9/27/2031 | 1026 | (6) | (5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;VT Topco, Inc. | (5)(15)(18) | First Lien Term Loan | S + 3.00% | 7.32% | 8/9/2030 | 7162 | 7156 | 7186 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;YA Intermediate Holdings II, LLC | (8)(13)(17) | First Lien Term Loan | S + 4.75% | 8.90% | 10/1/2031 | 10783 | 10737 | 10783 | 0.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;YA Intermediate Holdings II, LLC | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 4.75% | 8.90% | 10/1/2031 | 4513 | 468 | 478 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;YA Intermediate Holdings II, LLC | (7)(13)(15)(17) | First Lien Revolver | S + 4.75% | 9.07% | 10/1/2031 | 2168 | 424 | 434 | 0.03 |
|  |  |  |  |  |  |  | 207785 | 207994 | 12.29 |
| Real Estate Management and Development |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sako and Partners Lower Holdings LLC | (8)(15)(16) | First Lien Term Loan | S + 4.50% | 8.79% | 9/15/2028 | 5818 | 5810 | 5788 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sako and Partners Lower Holdings LLC | (8)(16) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.79% | 9/15/2028 | 889 | 889 | 885 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sako and Partners Lower Holdings LLC | (7)(15)(16) | First Lien Revolver | S + 6.00% | 10.29% | 9/15/2028 | 746 | (2) | (4) |  |
|  |  |  |  |  |  |  | 6697 | 6669 | 0.39 |
| Software |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;365 Retail Markets, LLC | (8)(16) | First Lien Term Loan | S + 4.50% | 8.79% | 12/22/2028 | 137 | 137 | 137 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;365 Retail Markets, LLC | (8)(16) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.79% | 12/22/2028 | 109 | 109 | 109 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adelaide Borrower, LLC | (13)(15)(17) | First Lien Term Loan | S + 6.25% | 10.54% | 5/8/2030 | 7389 | 7265 | 7315 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adelaide Borrower, LLC | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 6.25% | 10.57% | 5/8/2030 | 1670 | (14) | (17) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adelaide Borrower, LLC | (7)(13)(15)(17) | First Lien Revolver | S + 3.38% | 7.70% | 5/8/2030 | 1040 | (18) | (10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ahead DB Holdings, LLC | (5)(15)(17) | First Lien Term Loan | S + 3.00% | 7.29% | 2/3/2031 | 5536 | 5507 | 5548 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Artifact Bidco, Inc. | (8)(13)(18) | First Lien Term Loan | S + 4.25% | 8.54% | 7/25/2031 | 6709 | 6651 | 6709 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Artifact Bidco, Inc. | (7)(13)(15)(18) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.79% | 7/25/2031 | 1642 | (7) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Artifact Bidco, Inc. | (7)(13)(15)(18) | First Lien Revolver | S + 4.50% | 8.79% | 7/26/2030 | 1173 | (10) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Atlas US Finco, Inc. | (6)(13)(15)(19) | First Lien Term Loan | S + 5.00% | 9.32% | 12/10/2029 | 19043 | 19028 | 18996 | 1.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Atlas US Finco, Inc. | (6)(7)(13)(15)(19) | First Lien Revolver | S + 5.00% | 9.32% | 12/9/2028 | 1995 | (5) | (5) |  |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Software (continued) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banker's Toolbox, Inc. | (8)(17) | First Lien Term Loan | S + 4.50% | 8.79% | 7/27/2027 | $16139 | $16032 | $16139 | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banker's Toolbox, Inc. | (7)(15)(17) | First Lien Revolver | S + 5.50% | 9.79% | 7/27/2027 | 637 | (4) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bluecat Networks (USA) Inc. | (6)(8)(17) | First Lien Term Loan | S + 5.00% | 10.29% (Incl. 1.00% PIK) | 8/8/2028 | 183 | 183 | 181 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bluecat Networks (USA) Inc. | (6)(8)(13)(17) | First Lien Term Loan | S + 5.00% | 10.30% (Incl. 1.00% PIK) | 8/8/2028 | 5166 | 5135 | 5101 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bluecat Networks (USA) Inc. | (6)(15)(17) | First Lien Delayed Draw Term Loan | S + 5.00% | 10.29% (Incl. 1.00% PIK) | 8/8/2028 | 24 | 24 | 23 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bluecat Networks (USA) Inc. | (6)(8)(17) | First Lien Delayed Draw Term Loan | S + 5.00% | 10.29% (Incl. 1.00% PIK) | 8/8/2028 | 34 | 34 | 34 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Boxer Parent Company Inc. | (5)(15)(19) | First Lien Term Loan | S + 3.00% | 7.29% | 7/30/2031 | 5985 | 5970 | 5955 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camelot U.S. Acquisition LLC | (5)(6)(15)(19) | First Lien Term Loan | S + 2.75% | 7.07% | 1/31/2031 | 5260 | 5261 | 5213 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Central Parent LLC | (5)(8)(15)(19) | First Lien Term Loan | S + 3.25% | 7.54% | 7/6/2029 | 4963 | 4954 | 4156 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Concord Global Acquisition, LLC | (13)(15)(19) | First Lien Term Loan | S + 4.50% | 8.79% | 12/29/2031 | 10522 | 10475 | 10469 | 0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Concord Global Acquisition, LLC, | (7)(13)(15)(16) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.79% | 12/29/2031 | 4575 | 1082 | 1075 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Concord Global Acquisition, LLC, | (7)(13)(15)(17) | First Lien Revolver | S + 4.75% | 9.04% | 12/29/2031 | 1830 | (9) | (9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ConnectWise, LLC | (5)(6)(15)(18) | First Lien Term Loan | S + 3.50% | 8.05% | 9/29/2028 | 6944 | 6934 | 6988 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;DT Intermediate Holdco, Inc. | (13)(15)(17) | First Lien Term Loan | S + 2.75% | 10.29% (Incl. 3.25% PIK) | 2/24/2028 | 3994 | 3988 | 3984 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;DT Intermediate Holdco, Inc. | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 5.50% | 9.79% | 2/24/2028 | 14790 | (28) | (37) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;e-Discovery AcquireCo, LLC | (8)(16) | First Lien Term Loan | S + 5.75% | 10.04% | 8/29/2029 | 250 | 249 | 249 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;e-Discovery AcquireCo, LLC | (8)(13)(16) | First Lien Term Loan | S + 5.25% | 9.54% | 8/29/2029 | 1533 | 1530 | 1494 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eclipse Buyer, Inc. | (13)(15)(18) | First Lien Term Loan | S + 4.75% | 9.07% | 9/8/2031 | 15724 | 15663 | 15646 | 0.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eclipse Buyer, Inc. | (7)(13)(15)(18) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.07% | 9/8/2031 | 2665 | (6) | (13) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Eclipse Buyer, Inc. | (7)(13)(15)(18) | First Lien Revolver | S + 4.75% | 9.07% | 9/8/2031 | 1352 | (6) | (7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Emburse, Inc. | (13)(15)(17) | First Lien Term Loan | S + 4.25% | 8.54% | 5/28/2032 | 25421 | 25358 | 25360 | 1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Emburse, Inc. | (7)(13)(15)(19) | First Lien Delayed Draw Term Loan | S + 4.25% | 8.54% | 5/28/2032 | 4539 | (6) | (11) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Emburse, Inc. | (7)(13)(15)(19) | First Lien Revolver | S + 4.25% | 8.54% | 5/28/2032 | 4539 | (11) | (11) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Empyrean Solutions, LLC | (13)(15)(17) | First Lien Term Loan | S + 4.50% | 8.79% | 11/26/2031 | 2765 | 2753 | 2758 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Empyrean Solutions, LLC | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 11/26/2031 | 1106 | (2) | (3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Empyrean Solutions, LLC | (7)(13)(15)(17) | First Lien Revolver | S + 4.75% | 9.04% | 11/26/2031 | 415 | (2) | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Enverus Holdings, Inc. | (8)(15)(17) | First Lien Term Loan | S + 5.50% | 9.82% | 12/24/2029 | 2358 | 2331 | 2358 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Enverus Holdings, Inc. | (7)(15)(17) | First Lien Delayed Draw Term Loan | S + 5.50% | 9.82% | 12/24/2029 | 44 | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Enverus Holdings, Inc. | (7)(15)(17) | First Lien Revolver | S + 5.50% | 9.82% | 12/24/2029 | 174 | 11 | 13 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ESG Investments, Inc. | (8)(13)(16) | First Lien Term Loan | S + 4.50% | 8.79% | 3/11/2028 | 1898 | 1898 | 1898 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;ESG Investments, Inc. | (8)(16) | First Lien Term Loan | S + 4.50% | 8.94% | 3/11/2028 | 139 | 138 | 139 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;ESG Investments, Inc. | (15)(19) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.94% | 3/11/2028 | 17 | 17 | 17 |  |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Software (continued) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Genesys Cloud Services Holdings I, LLC | (5)(15)(19) | First Lien Term Loan | S + 2.50% | 6.82% | 1/30/2032 | $1634 | $1631 | $1636 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fourth Enterprises, LLC | (13)(15)(17) | First Lien Term Loan | S + 4.50% | 8.82% | 3/21/2031 | 25074 | 24953 | 24949 | 1.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fourth Enterprises, LLC | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.82% | 3/21/2031 | 4851 | (23) | (24) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fourth Enterprises, LLC | (7)(13)(15)(17) | First Lien Revolver | S + 4.50% | 8.82% | 3/21/2031 | 2238 | 213 | 213 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Higher Logic, LLC | (8)(13)(17) | First Lien Term Loan | S + 5.25% | 9.54% | 1/10/2029 | 9089 | 9052 | 9044 | 0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Higher Logic, LLC | (7)(13)(15)(17) | First Lien Revolver | S + 5.25% | 9.54% | 1/10/2029 | 759 | (4) | (4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inhabitiq Inc. | (13)(15)(17) | First Lien Term Loan | S + 4.50% | 8.82% | 1/12/2032 | 17574 | 17540 | 17530 | 1.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inhabitiq Inc. | (7)(13)(15)(19) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.82% | 1/12/2032 | 4882 | (6) | (12) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inhabitiq Inc. | (7)(13)(15)(19) | First Lien Revolver | S + 4.50% | 8.82% | 1/12/2032 | 3051 | (8) | (8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Javelin Buyer, Inc. | (7)(13)(15)(16) | First Lien Revolver | S + 6.00% | 10.32% | 12/6/2029 | 1304 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Kaseya Inc. | (5)(7)(15)(19) | First Lien Revolver | S + 3.25% | 7.57% | 3/20/2030 | 1522 | (8) | 7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Kipu Buyer, LLC | (8)(16) | First Lien Term Loan | S + 4.25% | 8.54% | 1/27/2027 | 2240 | 2220 | 2240 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kipu Buyer, LLC | (7)(15)(19) | First Lien Revolver | S + 4.75% | 9.04% | 1/27/2026 | 365 | (2) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;KPA Parent Holdings, Inc. | (13)(15)(17) | First Lien Term Loan | S + 4.75% | 9.07% | 3/12/2032 | 16595 | 16513 | 16512 | 0.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;KPA Parent Holdings, Inc. | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.07% | 3/12/2032 | 2371 | (6) | (12) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;KPA Parent Holdings, Inc. | (7)(13)(15)(17) | First Lien Revolver | S + 4.75% | 9.07% | 3/12/2032 | 1660 | (8) | (8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Litera Bidco LLC | (8)(16) | First Lien Term Loan | S + 5.00% | 9.32% | 5/1/2028 | 5175 | 5171 | 5136 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Litera Bidco LLC | (7)(13)(15)(16) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.32% | 5/1/2028 | 2835 | 1868 | 1851 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Litera Bidco LLC | (7)(15)(16) | First Lien Revolver | S + 4.75% | 9.07% | 5/1/2028 | 434 |  | (3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;McAfee Corp. | (5)(8)(18) | First Lien Term Loan | S + 3.00% | 7.32% | 3/1/2029 | 4737 | 4740 | 4610 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Montana Buyer Inc. | (8)(17) | First Lien Term Loan | S + 4.75% | 9.07% | 7/22/2029 | 25233 | 25233 | 25233 | 1.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Montana Buyer Inc. | (7)(13)(15)(19) | First Lien Revolver | S + 5.75% | 10.07% | 7/21/2028 | 2352 | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MRI Software LLC | (5)(8)(15)(16) | First Lien Term Loan | S + 4.75% | 9.04% | 2/10/2027 | 667 | 664 | 664 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;MRI Software LLC | (5)(7)(15)(16) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 2/10/2027 | 1299 | 1049 | 1049 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasuni Corporation | (13)(15)(17) | First Lien Term Loan | S + 5.00% | 9.29% | 9/10/2030 | 6250 | 6210 | 6208 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasuni Corporation | (7)(13)(15)(17) | First Lien Revolver | S + 5.75% | 10.07% | 9/10/2030 | 1302 | (8) | (9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Navex TopCo, Inc. | (8)(17) | First Lien Term Loan | S + 5.25% | 9.57% | 11/8/2030 | 7406 | 7335 | 7388 | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;North Star Acquisitionco, LLC | (8)(16) | First Lien Term Loan | S + 4.50% | 8.79% | 5/3/2029 | 4064 | 4064 | 4064 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;North Star Acquisitionco, LLC | (8)(13)(16) | First Lien Term Loan | S + 4.50% | 8.79% | 5/3/2029 | 2367 | 2358 | 2367 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;North Star Acquisitionco, LLC | (8)(13)(19) | First Lien Term Loan | C + 4.50% | 7.25% | 5/3/2029 | CAD 9,064 | 6552 | 6661 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;North Star Acquisitionco, LLC | (7)(15)(16) | First Lien Delayed Draw Term Loan | S + 4.50% | 8.79% | 5/3/2029 | 2084 | 2012 | 2014 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;North Star Acquisitionco, LLC | (7)(15)(16) | First Lien Revolver | S + 4.50% | 8.79% | 5/3/2029 | 2275 | 2050 | 2059 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Onit, Inc. | (8)(13)(15)(17) | First Lien Term Loan | S + 4.75% | 9.04% | 1/27/2032 | 18947 | 18865 | 18947 | 1.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Onit, Inc. | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 3.75% | 8.04% | 1/27/2032 | 8359 | (19) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Onit, Inc. | (7)(13)(15)(17) | First Lien Revolver | S + 3.75% | 8.04% | 1/27/2032 | 2786 | (14) |  |  |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Software (continued) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pegasus Transtech Holding, LLC | (13)(15)(16) | First Lien Term Loan | S + 6.00% | 10.32% | 11/17/2026 | $10 | $10 | $10 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pegasus Transtech Holding, LLC | (8)(16) | First Lien Term Loan | S + 6.00% | 10.32% | 11/17/2026 | 245 | 245 | 245 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Perforce Software, Inc. | (5)(8)(18) | First Lien Term Loan | S + 4.75% | 9.07% | 6/29/2029 | 2962 | 2906 | 2862 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prism Parent Co. Inc. | (8)(17) | First Lien Term Loan | S + 5.00% | 9.32% | 9/19/2028 | 3931 | 3931 | 3892 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prism Parent Co. Inc. | (7)(15)(17) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.32% | 9/19/2028 | 402 | 160 | 157 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proofpoint, Inc. | (5)(15)(18) | First Lien Term Loan | S + 3.00% | 7.32% | 8/31/2028 | 2047 | 2046 | 2051 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;QBS Parent, Inc. | (8)(13)(15)(17) | First Lien Term Loan | S + 4.50% | 8.79% | 6/3/2032 | 4750 | 4739 | 4738 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;QBS Parent, Inc. | (7)(13)(15)(19) | First Lien Revolver | S + 4.50% | 8.79% | 6/3/2032 | 450 | (3) | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rally Buyer, Inc. | (13)(15)(17) | First Lien Term Loan | S + 5.75% | 10.04% | 7/19/2028 | 177 | 177 | 160 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rally Buyer, Inc. | (15)(17) | First Lien Delayed Draw Term Loan | S + 5.75% | 10.04% | 7/19/2028 | 15 | 15 | 14 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Routeware, Inc. | (13)(15)(16) | First Lien Term Loan | S + 5.25% | 9.54% | 9/18/2031 | 6364 | 6337 | 6348 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Routeware, Inc. | (7)(13)(15)(16) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.54% | 9/18/2031 | 2955 | 175 | 174 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Routeware, Inc. | (7)(13)(15)(16) | First Lien Revolver | S + 5.25% | 9.54% | 9/18/2031 | 682 | 133 | 135 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spartan Bidco PTY LTD | (6)(8)(17) | First Lien Term Loan | S + 6.50% | 10.94% | 1/24/2028 | 270 | 264 | 269 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spartan Bidco PTY LTD | (6)(13)(15)(17) | First Lien Term Loan | S + 6.50% | 10.94% | 1/24/2028 | 9280 | 9235 | 9228 | 0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spartan Bidco PTY LTD | (6)(7)(13)(15)(17) | First Lien Revolver | S + 6.50% | 10.79% | 1/24/2028 | 769 | (7) | (4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Thunder Purchaser, Inc. | (8)(16) | First Lien Term Loan | S + 5.50% | 9.94% | 6/30/2028 | 247 | 246 | 247 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thunder Purchaser, Inc. | (8)(13)(16) | First Lien Term Loan | S + 5.25% | 9.69% | 6/30/2028 | 4149 | 4133 | 4139 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thunder Purchaser, Inc. | (7)(13)(15)(16) | First Lien Delayed Draw Term Loan | S + 5.25% | 9.69% | 6/30/2028 | 9892 | 7390 | 7385 | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trimech Acquisition Corp. | (8)(13)(16) | First Lien Term Loan | S + 4.75% | 9.04% | 3/10/2028 | 2157 | 2147 | 2146 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trimech Acquisition Corp. | (8)(15)(16) | First Lien Term Loan | S + 4.75% | 9.04% | 3/10/2028 | 5879 | 5879 | 5849 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trimech Acquisition Corp. | (13)(15)(16) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 3/10/2028 | 10925 | 10881 | 10870 | 0.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trimech Acquisition Corp. | (7)(13)(15)(16) | First Lien Delayed Draw Term Loan | SON + 4.75% | 8.97% | 3/10/2028 | GBP 2,351 | 1226 | 1234 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trimech Acquisition Corp. | (7)(15)(19) | First Lien Revolver | P + 3.75% | 11.25% | 3/10/2028 | 7004 | 1095 | 1086 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;UKG Inc. | (5)(15)(19) | First Lien Term Loan | S + 3.00% | 7.32% | 2/10/2031 | 4750 | 4741 | 4773 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Validity, Inc. | (13)(15)(19) | First Lien Term Loan | S + 5.25% | 9.57% | 4/12/2032 | 4414 | 4325 | 4325 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Validity, Inc. | (7)(13)(15)(19) | First Lien Revolver | S + 4.75% | 9.04% | 4/10/2030 | 783 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vamos Bidco, Inc | (13)(15)(18) | First Lien Term Loan | S + 4.75% | 9.04% | 1/30/2032 | 8842 | 8802 | 8776 | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vamos Bidco, Inc | (7)(13)(15)(18) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 1/30/2032 | 3684 | (9) | (28) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vamos Bidco, Inc | (7)(13)(15)(18) | First Lien Revolver | S + 4.75% | 9.04% | 1/30/2032 | 1105 | (6) | (8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;WatchGuard Technologies, Inc. | (5)(8)(17) | First Lien Term Loan | S + 5.25% | 9.57% | 7/2/2029 | 246 | 239 | 245 | 0.01 |
|  |  |  |  |  |  |  | 390226 | 389559 | 23.00 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Specialty Retail |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;LS Group Opco Acquisition LLC (LS Group PropCo Acquisition LLC) | (5)(8)(15)(19) | First Lien Term Loan | S + 2.50% | 6.79% | 4/23/2031 | $4130 | $4136 | $4132 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mavis Tire Express Services Topco, Corp. | (5)(8)(15)(17) | First Lien Term Loan | S + 3.00% | 7.29% | 5/4/2028 | 4094 | 4090 | 4097 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Monahan Products, LLC | (8)(16) | First Lien Term Loan | S + 5.50% | 9.79% | 8/27/2027 | 246 | 244 | 246 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;PetSmart LLC | (5)(8)(17) | First Lien Term Loan | S + 3.75% | 8.17% | 2/11/2028 | 3212 | 3200 | 3185 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;SCW Holdings III Corp. | (8)(13)(15)(17) | First Lien Term Loan | S + 5.00% | 9.29% | 3/17/2032 | 10961 | 10922 | 10933 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;SCW Holdings III Corp. | (7)(13)(15)(17) | First Lien Delayed Draw Term Loan | S + 5.00% | 9.29% | 3/17/2032 | 3459 | (9) | (9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SCW Holdings III Corp. | (7)(13)(15)(17) | First Lien Revolver | S + 5.00% | 9.29% | 3/17/2031 | 2035 | (8) | (5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shock Doctor Intermediate, LLC | (8)(16) | First Lien Term Loan | S + 5.50% | 9.79% | 11/20/2029 | 246 | 244 | 245 | 0.01 |
|  |  |  |  |  |  |  | 22819 | 22824 | 1.35 |
| Technology Hardware, Storage and Peripherals |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;TA TT Buyer, LLC | (5)(8)(18) | First Lien Term Loan | S + 4.75% | 9.04% | 4/2/2029 | 2962 | 2953 | 2869 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;UBEO, LLC | (8)(16) | First Lien Term Loan | S + 5.25% | 9.54% | 7/3/2028 | 808 | 807 | 808 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Victors Purchaser, LLC | (13)(15)(18) | First Lien Term Loan | S + 4.75% | 9.04% | 8/15/2031 | 9171 | 9153 | 9148 | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Victors Purchaser, LLC | (7)(13)(15)(18) | First Lien Delayed Draw Term Loan | S + 4.75% | 9.04% | 8/15/2031 | 2192 | 470 | 469 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Victors Purchaser, LLC | (7)(13)(15)(18) | First Lien Revolver | S + 4.75% | 9.04% | 8/15/2031 | 1254 | (3) | (3) |  |
|  |  |  |  |  |  |  | 13380 | 13291 | 0.79 |
| Textiles, Apparel and Luxury Goods |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hanesbrands Inc. | (5)(15)(19) | First Lien Term Loan | S + 2.75% | 7.07% | 3/7/2032 | 1995 | 1985 | 2003 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gloves Buyer, Inc. | (5)(15)(19) | First Lien Revolver | S + 4.00% | 8.29% | 5/22/2030 | 6000 | 5971 | 5895 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Varsity Brands, Inc. | (5)(15)(19) | First Lien Term Loan | S + 3.50% | 7.79% | 8/26/2031 | 5321 | 5300 | 5327 | 0.31 |
|  |  |  |  |  |  |  | 13256 | 13225 | 0.78 |
| Trading Companies and Distributors |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Graffiti Buyer, Inc. | (8)(13)(16) | First Lien Term Loan | S + 5.50% | 9.89% | 8/10/2027 | 5821 | 5778 | 5572 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Graffiti Buyer, Inc. | (7)(8)(15)(16) | First Lien Delayed Draw Term Loan | S + 5.50% | 9.89% | 8/10/2027 | 3773 | 2028 | 1889 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kele Holdco, Inc. | (8)(16) | First Lien Term Loan | S + 4.50% | 8.82% | 2/21/2028 | 2622 | 2622 | 2609 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kele Holdco, Inc. | (15)(16) | First Lien Revolver | S + 4.50% | 8.82% | 2/21/2028 | 342 | 342 | 340 | 0.02 |
|  |  |  |  |  |  |  | 10770 | 10410 | 0.61 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Wireless Telecommunication Services |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alert Media, Inc. | (8)(13)(16) | First Lien Term Loan | S + 6.25% | 10.55% (Incl. 9.55% PIK) | 4/12/2027 | $449 | $448 | $449 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alert Media, Inc. | (8)(16) | First Lien Term Loan | S + 6.25% | 10.55% (Incl. 9.55% PIK) | 4/12/2027 | 136 | 136 | 136 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alert Media, Inc. | (8)(16) | First Lien Term Loan | S + 5.25% | 9.54% | 4/12/2027 | 131 | 131 | 131 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alert Media, Inc. | (7)(13)(15)(16) | First Lien Revolver | S + 5.75% | 10.07% | 4/12/2027 | 211 | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CCI Buyer, Inc. | (13)(15)(17) | First Lien Term Loan | S + 5.00% | 9.29% | 5/13/2032 | 34741 | 34567 | 34574 | 2.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;CCI Buyer, Inc. | (7)(13)(15)(19) | First Lien Revolver | S + 5.00% | 9.29% | 5/13/2032 | 2029 | (10) | (10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DAS Purchaser 2 Corp. | (13)(15)(17) | First Lien Term Loan | S + 6.25% | 16.14% (Incl. 5.50% PIK) | 4/30/2027 | 86 | 85 | 76 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DAS Purchaser 2 Corp. | (13)(15)(17) | First Lien Delayed Draw Term Loan | S + 6.25% | 16.14% (Incl. 5.50% PIK) | 4/30/2027 | 175 | 173 | 154 | 0.01 |
|  |  |  |  |  |  |  | 35529 | 35510 | 2.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Secured Debt Investments** |  |  |  |  |  |  | 3041791 | 3037737 | 179.45 |
| &nbsp;&nbsp;&nbsp;**Unsecured Debt Investments** |  |  |  |  |  |  |  |  |  |
| Diversified Consumer Services |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AVG Intermediate Holdings LLC | (15)(19) | Subordinated Unsecured Term Loan | N/A | 13.75% PIK | 3/16/2028 | 805 | 805 | 763 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;AVG Intermediate Holdings LLC | (15)(19) | Subordinated Unsecured Delayed Draw Term Loan | N/A | 13.75% PIK | 3/16/2028 | 308 | 308 | 292 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;VetCor Group Holdings LLC | (15)(19) | Subordinated Unsecured Term Loan | N/A | 13.75% PIK | 8/31/2030 | 6 | 6 | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;VetCor Group Holdings LLC | (15)(19) | Subordinated Unsecured Term Loan | N/A | 14.75% PIK | 8/31/2030 | 2 | 2 | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;VetCor Group Holdings LLC | (3)(15)(19) | Subordinated Unsecured Delayed Draw Term Loan | N/A | 13.75% PIK | 8/31/2030 |  |  |  |  |
|  |  |  |  |  |  |  | 1121 | 1063 | 0.07 |
| Health Care Technology |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee Health Co. | (15)(19) | Unsecured Term Loan | N/A | 13.75% PIK | 11/10/2031 | 295 | 290 | 286 | 0.02 |
|  |  |  |  |  |  |  | 290 | 286 | 0.02 |
| Insurance |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;KWOR Acquisition, Inc. | (13)(15)(19) | Subordinated Unsecured HoldCo Debt | S + 3.25% | 15.54% (Incl. 8.00% PIK) | 2/28/2030 | 672 | 672 | 672 | 0.04 |
|  |  |  |  |  |  |  | 672 | 672 | 0.04 |
| Healthcare Providers and Services |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OB Hospitalist Group, Inc. | (15)(19) | Subordinated Unsecured Term Loan | S + 9.75% | 14.18% (Incl. 9.75% PIK) | 9/27/2028 | 23 | 23 | 23 |  |
|  |  |  |  |  |  |  | 23 | 23 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Unsecured Debt Investments** |  |  |  |  |  |  | 2106 | 2044 | 0.13 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Equity Investments** |  |  |  |  |  |  |  |  |  |
| Automobile Components |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;EAH Holdco, LLC | (3)(11)(15) | Common |  |  |  | $— | $136 | $184 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;QAS Parent, LLC | (11)(15) | Common |  |  |  | 237 | 366 | 532 | 0.03 |
|  |  |  |  |  |  |  | 502 | 716 | 0.04 |
| Building Products |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MDC Interior Acquisition Inc | (11)(15) | Common |  |  |  | 1 | 894 | 1255 | 0.07 |
|  |  |  |  |  |  |  | 894 | 1255 | 0.07 |
| Capital Markets |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Arax MidCo, LLC | (7)(12)(13)(15) | Common |  |  |  | 1154 | 731 | 787 | 0.05 |
|  |  |  |  |  |  |  | 731 | 787 | 0.05 |
| Chemicals |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Americhem, Inc. | (12)(13)(15) | Common |  |  |  | 6 | 571 | 571 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bulab Holdings, Inc | (12)(13)(15) | Common |  |  |  | 870 | 870 | 870 | 0.05 |
|  |  |  |  |  |  |  | 1441 | 1441 | 0.08 |
| Commercial Services and Supplies |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hercules Blocker LLC | (9)(11)(15) | Common |  |  |  | 140 | 251 | 256 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;KAWP Holdings, L.P. | (3)(11)(15) | Common |  |  |  |  | 309 | 310 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Low Voltage Holdings INC. | (12)(13)(15) | Common |  |  |  | 2 | 2363 | 2363 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zinc Buyer Corporation | (12)(13)(15) | LP Units |  |  |  | 242 | 242 | 297 | 0.02 |
|  |  |  |  |  |  |  | 3165 | 3226 | 0.19 |
| Construction & Engineering |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hydraulic Technologies USA LLC | (12)(13)(15) | Common |  |  |  | 8 | 8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hydraulic Technologies USA LLC | (12)(13)(15) | Preferred |  |  |  | 743 | 743 | 408 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;MEI Co-Investor Aggregator LLC | (11)(15) | Common |  |  |  | 1 | 796 | 1568 | 0.09 |
|  |  |  |  |  |  |  | 1547 | 1976 | 0.11 |
| Diversified Consumer Services |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American Veterinary Group Holdings, LLC | (11)(15) | Common |  |  |  | 243 | 387 | 142 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Four Seasons Blocker Aggregator, LP | (3)(11)(15) | Common |  |  |  |  | 203 | 194 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;GS Seer Group Holdings, LLC | (3)(11)(15) | Common |  |  |  |  | 110 | 108 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Aggregator LLC | (3)(11)(15) | Common |  |  |  |  | 159 | 154 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Service HoldCo, Inc. | (11)(15) | Common |  |  |  | 2 | 264 | 322 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Seahawk Bidco, LLC | (12)(13)(15) | LP Units |  |  |  | 3 | 3035 | 3317 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;US Fitness Holdings, LLC | (12)(13)(15) | Common |  |  |  | 3 | 3182 | 4151 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;VPP Group Holdings, L.P. | (3)(11)(15) | Common |  |  |  |  | 265 | 284 | 0.02 |
|  |  |  |  |  |  |  | 7605 | 8672 | 0.53 |

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**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Electronic Equipment, Instruments and Components |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wildcat Topco, Inc. | (12)(13)(15) | LP Units |  |  |  | $628 | $628 | $666 | 0.04% |
|  |  |  |  |  |  |  | 628 | 666 | 0.04 |
| Energy Equipment and Services |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CRCI Longhorn Holdings, Inc. | (12)(13)(15) | LP Units |  |  |  | 1 | 1154 | 1381 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tiger Parent Holdco L.P. | (3)(11)(15) | Common |  |  |  |  | 895 | 1368 | 0.08 |
|  |  |  |  |  |  |  | 2049 | 2749 | 0.16 |
| Financial Services |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cerity Partners Equity Holding LLC | (7)(12)(13)(15) | Preferred | N/A | 13.75% PIK |  | 2325 | 1408 | 1408 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;GC Mountaintop Intermediate II Inc | (11)(15) | Preferred | N/A | 11.00% PIK |  | 659 | 913 | 906 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;GC Mountaintop Holdings, LLC | (11)(15) | Common |  |  |  | 507 | 648 | 800 | 0.05 |
|  |  |  |  |  |  |  | 2969 | 3114 | 0.18 |
| Healthcare Providers and Services |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AB Centers Acquisition Corporation | (10)(11)(15) | Preferred | N/A | 8.00% PIK |  | 136 | 346 | 664 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;MRO Corporation | (12)(13)(15) | Common |  |  |  | 1 | 716 | 716 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oral Surgery Holdings, LLC | (11)(15) | Preferred |  |  |  | 42 | 554 | 1033 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;REP Coinvest III AGP Blocker, L.P. | (11)(15) | Common |  |  |  | 155 | 409 | 698 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;REP Coinvest III AGP, L.P. | (11)(15) | Common |  |  |  | 67 | 175 | 299 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;RxSense Group LLC | (11)(15) | Common |  |  |  | 14 | 284 | 759 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;US Heart And Vascular Holdings LLC | (11)(15) | Common |  |  |  | 100 | 106 | 64 |  |
|  |  |  |  |  |  |  | 2590 | 4233 | 0.25 |
| Health Care Technology |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DeLorean Purchaser, Inc. | (12)(13)(15) | Common |  |  |  | 3043 | 3043 | 3043 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;F&M Buyer LLC | (12)(13)(15) | Common |  |  |  | 1217 | 1217 | 1217 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldeneye Parent, LLC | (12)(13)(15) | Preferred |  |  |  | 55 | 1111 | 1111 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unlimited Technology Holdings, LLC | (12)(13)(15) | Common |  |  |  | 1655 | 1655 | 1655 | 0.10 |
|  |  |  |  |  |  |  | 7026 | 7026 | 0.42 |
| Insurance |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accelerate Topco Holdings LLC | (11)(15) | Common |  |  |  | 6 | 222 | 418 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;IMG Blocker Buyer Parent, LLC | (11)(15) | Preferred | N/A | 10.50% PIK |  | 48 | 571 | 476 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;IMG Blocker Buyer Parent, LLC | (3)(11)(15) | Common |  |  |  |  | 6 | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Group, LLC | (11)(15) | Preferred | N/A | 10.50% PIK |  | 147 | 210 | 324 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;KWOR Acquisition, Inc. | (3)(12)(13)(15) | Common |  |  |  |  | 330 | 301 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;KWOR Acquisition, Inc. | (3)(12)(13)(15) | Preferred | N/A | 12.40% PIK |  |  | 453 | 453 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;LEP McLarens Co-Invest, L.P. | (11)(15) | LP Units |  |  |  | 40 | 132 | 124 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;OHCP V GA COI, L.P. | (11)(15) | Preferred |  |  |  | 11 | 13 | 13 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OHCP V GA COI, L.P. | (11)(15) | Common |  |  |  | 98 | 119 | 113 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unison Risk Advisors Inc. | (12)(13)(15) | Common |  |  |  | 1820 | 2857 | 2808 | 0.16 |
|  |  |  |  |  |  |  | 4913 | 5036 | 0.30 |

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[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| IT Services |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DT1 Midco Corp | (12)(13)(15) | Common |  |  |  | $3422 | $3422 | $3351 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;OEConnection LLC | (3)(11)(15) | Common |  |  |  |  | 321 | 446 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ridge Trail US Bidco, Inc. | (12)(13)(15) | Preferred | N/A | 11.00% PIK |  | 1418 | 1456 | 1456 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ridge Trail US Bidco, Inc. | (12)(13)(15) | Common |  |  |  | 34 | 34 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Winterfell Co-Invest SCSp | (11)(15) | Common |  |  |  | 445 | 673 | 1027 | 0.06 |
|  |  |  |  |  |  |  | 5906 | 6280 | 0.37 |
| Pharmaceuticals |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Creek Parent, Inc. | (12)(13)(15) | Common |  |  |  | 150 | 150 | 176 | 0.01 |
|  |  |  |  |  |  |  | 150 | 176 | 0.01 |
| Professional Services |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Elevator Holdco, Inc. Common Stock | (3)(11)(15) | Common |  |  |  |  | 453 | 382 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marina Acquisition, Inc. | (3)(12)(13)(15) | Common |  |  |  |  | 231 | 190 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Monarch Buyer, Inc. | (12)(13)(15) | Common |  |  |  | 2753 | 2753 | 2753 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;TVG-KUSRP Holdings, LP | (11)(15) | Preferred |  |  |  | 233 | 285 | 232 | 0.01 |
|  |  |  |  |  |  |  | 3722 | 3557 | 0.20 |
| Software |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Concord Global Acquisition, LLC, | (12)(13)(15) | Common | N/A | 8.00% PIK |  | 3 | 2874 | 2874 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eclipse Buyer, Inc. | (12)(13)(15) | Preferred | N/A | 12.50% PIK |  | 1 | 5540 | 5490 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;North Star Acquisition Aggregator, L.P. | (11)(15) | Common |  |  |  | 336 | 362 | 558 | 0.03 |
|  |  |  |  |  |  |  | 8776 | 8922 | 0.52 |

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[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate** | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Specialty Retail |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SCW Holdings III Corp. | (12)(13)(15) | LP Units |  |  |  | $1 | $1167 | $1276 | 0.08% |
|  |  |  |  |  |  |  | 1167 | 1276 | 0.08 |
| Technology Hardware, Storage and Peripherals |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Victors Purchaser, LLC | (12)(13)(15) | LP Units |  |  |  | 333 | 333 | 370 | 0.02 |
|  |  |  |  |  |  |  | 333 | 370 | 0.02 |
| Textiles, Apparel and Luxury Goods |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gloves Buyer, Inc. | (12)(13)(15) | Common |  |  |  | 2 | 243 | 243 | 0.01 |
|  |  |  |  |  |  |  | 243 | 243 | 0.01 |
| Trading Companies and Distributors |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Graffiti Parent, LP | (11)(15) | Common |  |  |  | 2 | 522 | 179 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kele Holdings, Inc. | (3)(11)(15) | Common |  |  |  |  | 187 | 245 | 0.01 |
|  |  |  |  |  |  |  | 709 | 424 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Equity Investments** |  |  |  |  |  |  | 57066 | 62145 | 3.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments - non-controlled/non-affiliated** |  |  |  |  |  |  | **3100963** | **3101926** | **183.23** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Short-Term Investments** |  |  |  |  |  |  |  |  |  |
| BlackRock Liquidity T-Fund - Institutional Shares | (14) |  |  |  |  |  | 58644 | 58644 | 3.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |  |  |  |  | **58644** | **58644** | **3.46** |
| **Total Investments at fair value** |  |  |  |  |  |  | $**3159607** | $**3160570** | **186.69**% |

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[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term "Company" shall include the Company's consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount is presented for debt investments and the number of shares or units owned is presented for equity investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The majority of the investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR" or "S"), Prime Rate ("Prime" or "P"), Canadian Overnight Repo Rate Average ("CORRA" or "C"), Sterling Overnight Index Average ("SONIA" or "SON") or other relevant benchmark, which reset daily, monthly, quarterly, semiannually or annually. For each such investment, the Company has provided the spread over reference rates and the current contractual interest rate in effect on June 30, 2025. Certain investments are subject to an interest rate floor, or rate cap. Certain investments contain a Payment-in-Kind ("PIK") provision. SOFR based contracts may include a credit spread adjustment, which is included within the stated all-in interest rate, if applicable, that is charged in addition to the base rate and the stated spread.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Investments with par value / shares less than 500 shown as zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.These investments were not valued using unobservable inputs and are not considered Level 3 investments. Fair value was determined in good faith by the Adviser as the Company's valuation designee, subject to the oversight of the Board of Trustees (the "Board") (see Note 2 and Note 5), pursuant to the Company's valuation policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.The investment is not a qualifying asset, in whole or in part, under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company's total assets. As of June 30, 2025, non-qualifying assets represented 6.64% of total assets as calculated in accordance with regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See below and Note 7 to the Consolidated Financial Statements for more information on the Company's unfunded commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Position or portion thereof is pledged as collateral under the SG Facility (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.The Company invests in this portfolio company through underlying blocker entities Hercules Blocker 1 LLC, Hercules Blocker 2 LLC, Hercules Blocker 3 LLC, Hercules Blocker 4 LLC, and Hercules Blocker 5 LLC in the form of shareholder notes and common units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.The Company invests in this portfolio company through underlying blocker entities Holocene Topco LP and Holocene Topco II LP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.Security exempt from registration under the Securities Act of 1933 (the "Securities Act"), and may be deemed to be "restricted securities" under the Securities Act. As of June 30, 2025, the aggregate fair value of these securities is $16,443 or 0.97% of the Company's net assets. The acquisition date of these restricted securities was January 19, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.Security exempt from registration under the Securities Act, and may be deemed to be "restricted securities" under the Securities Act. As of June 30, 2025, the aggregate fair value of these securities is $45,702 or 2.70% of the Company's net assets. The acquisition dates of these restricted securities are as follows:

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**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **Investment** | **Acquisition Date** |
| Arax MidCo, LLC | Common | April 11, 2024 |
| Americhem, Inc. | Common | February 28, 2025 |
| Zinc Buyer Corporation | LP Units | July 29, 2024 |
| Hydraulic Technologies USA LLC | Common | June 3, 2024 |
| Hydraulic Technologies USA LLC | Preferred | June 3, 2024 |
| Seahawk Bidco, LLC | LP Units | December 19, 2024 |
| US Fitness Holdings, LLC | Common | September 4, 2024 |
| Wildcat Topco, Inc. | LP Units | December 23, 2024 |
| CRCI Longhorn Holdings, Inc. | LP Units | August 27, 2024 |
| Cerity Partners Equity Holding LLC | Preferred | August 12, 2024 |
| DeLorean Purchaser, Inc. | Common | December 16, 2024 |
| F&M Buyer LLC | Common | March 18, 2025 |
| Goldeneye Parent, LLC | Preferred | March 31, 2025 |
| Unlimited Technology Holdings, LLC | Common | March 12, 2025 |
| KWOR Acquisition, Inc. | Common | February 28, 2025 |
| KWOR Acquisition, Inc. | Preferred | February 28, 2025 |
| Unison Risk Advisors Inc. | Common | October 30, 2024 |
| DT1 Midco Corp | Common | December 30, 2024 |
| Ridge Trail US Bidco, Inc. | Preferred | September 30, 2024 |
| Ridge Trail US Bidco, Inc. | Common | September 30, 2024 |
| Creek Parent, Inc. | Common | December 18, 2024 |
| Marina Acquisition, Inc. | Common | July 1, 2024 |
| Concord Global Acquisition, LLC, | Common | December 27, 2024 |
| Eclipse Buyer, Inc. | Preferred | September 6, 2024 |
| SCW Holdings III Corp. | LP Units | March 17, 2025 |
| Victors Purchaser, LLC | LP Units | August 15, 2024 |
| Bulab Holdings, Inc | Common | June 1, 3025 |
| Gloves Buyer, Inc. | Common | June 6, 2025 |
| Low Voltage Holdings INC. | Common | April 28, 2025 |
| Monarch Buyer, Inc. | Common | June 2, 2025 |
| MRO Corporation | Common | June 9, 2025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.These are co-investments made with the Company's affiliates in accordance with the terms of the exemptive order the Company received from the Securities and Exchange Commission (the "SEC") permitting the Company to do so (see Note 3 to the consolidated financial statements for discussion of the exemptive order from the SEC).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.Short-term investments amounting to $58,644 are invested in money market funds (BlackRock Liquidity T-Fund - Institutional Shares) and would be categorized as Level 1 under the ASC 820 fair value level hierarchy as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.Position or portion thereof is or can be pledged as collateral under the Revolving Credit Facility (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.Loan includes interest floor of 1.00%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.Loan includes interest floor of 0.75%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.Loan includes interest floor of 0.50%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.Loan includes interest floor of 0.00%.

*See accompanying notes to the consolidated financial statements*

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**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

As of June 30, 2025, the Company had the following commitments to fund various revolving and delayed draw loans. Such commitments, also included in the Consolidated Schedule of Investments above, are subject to the satisfaction of certain conditions set forth in the documents governing these loans. See Note 7 to the Consolidated Financial Statements for more information on the Company's unfunded commitments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** <sup>(1)</sup> | **Fair<br>Value** <sup>(1)</sup> |
| AAH Topco., LLC | Delayed Draw Term Loan | 4/15/2032 | $5941 | $(77) |
| AB Centers Acquisition Corporation | Delayed Draw Term Loan | 7/2/2031 | 960 | (7) |
| AB Centers Acquisition Corporation | Revolver | 7/2/2026 | 751 | (5) |
| Accession Risk Management, Inc. | Delayed Draw Term Loan | 9/6/2031 | 3258 |  |
| Accession Risk Management, Inc. | Revolver | 11/1/2029 | 694 |  |
| Acentra Holdings, LLC | Revolver | 12/17/2029 | 67 |  |
| ACI Group Holdings, Inc. | Revolver | 8/2/2027 | 233 | (5) |
| Adelaide Borrower, LLC | Delayed Draw Term Loan | 5/8/2030 | 1670 | (17) |
| Adelaide Borrower, LLC | Revolver | 5/15/2026 | 1040 | (10) |
| Alert Media, Inc. | Revolver | 4/12/2027 | 211 |  |
| AMBA Buyer, Inc. | Revolver | 7/30/2027 | 276 | (2) |
| American Residential Services, LLC | Revolver | 1/21/2027 | 1739 | (9) |
| Americhem, Inc. | Delayed Draw Term Loan | 3/1/2032 | 6278 | (63) |
| Americhem, Inc. | Revolver | 3/17/2032 | 4447 | (44) |
| Amerilife Holdings LLC | Delayed Draw Term Loan | 8/31/2029 | 2335 | (6) |
| Amerlife Holdings LLC | Delayed Draw Term Loan | 3/20/2030 | 3333 | (8) |
| Amerilife Holdings LLC | Revolver | 7/1/2030 | 2073 | (5) |
| AMSPEC Parent, LLC | Term Loan | 12/22/2031 | 80 | 1 |
| Analytic Partners, LP | Revolver | 4/4/2030 | 1002 | (3) |
| Apex Service Partners, LLC | Revolver | 9/26/2026 | 378 | (1) |
| Applied Technical Services, LLC | Delayed Draw Term Loan | 4/8/2027 | 1739 | (7) |
| Applied Technical Services, LLC | Revolver | 4/8/2026 | 2033 | (9) |
| Aprio Advisory Group, LLC | Delayed Draw Term Loan | 3/28/2028 | 6600 | (32) |
| Aprio Advisory Group, LLC | Revolver | 8/16/2026 | 4018 | (19) |
| Arax MidCo, LLC | Delayed Draw Term Loan | 6/2/2032 | 9091 | (45) |
| Arax MidCo, LLC | Equity | 4/11/2029 | 423 |  |
| Arax MidCo, LLC | Revolver | 4/22/2031 | 1179 | (6) |
| Arax MidCo, LLC | Delayed Draw Term Loan | 4/11/2029 | 1395 | (7) |
| Ares Holdings, LLC | Revolver | 11/18/2027 | 614 | (3) |
| Arrow Management Acquisition, LLC | Delayed Draw Term Loan | 11/28/2025 | 1 |  |
| Artifact Bidco, Inc. | Delayed Draw Term Loan | 5/1/2026 | 1642 |  |
| Artifact Bidco, Inc. | Revolver | 5/14/2026 | 1173 |  |
| Atlas US Finco, Inc. | Revolver | 12/9/2028 | 1995 | (5) |
| Aurora Plastics, LLC | Delayed Draw Term Loan | 12/19/2031 | 2850 | (13) |
| AVG Intermediate Holdings LLC | Revolver | 3/16/2027 | 166 | (3) |
| AVSC Holding Corp. | Revolver | 2/13/2032 | 2959 | (7) |
| AWP Group Holdings, Inc. | Delayed Draw Term Loan | 12/23/2030 | 8262 | (83) |
| AWP Group Holdings, Inc. | Revolver | 8/27/2026 | 30 |  |

---

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[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** <sup>(1)</sup> | **Fair<br>Value** <sup>(1)</sup> |
| Banker's Toolbox, Inc. | Revolver | 7/27/2027 | $637 | $— |
| BC Group Holdings, Inc. | Delayed Draw Term Loan | 8/29/2029 | 2114 | (16) |
| Bellwether Buyer, L.L.C. | Delayed Draw Term Loan | 4/15/2032 | 7624 | (18) |
| Bellwether Buyer, L.L.C. | Revolver | 3/21/2031 | 3050 | (7) |
| Blackbird Purchaser, Inc. | Delayed Draw Term Loan | 12/19/2029 | 410 |  |
| Blackbird Purchaser, Inc. | Revolver | 12/12/2029 | 309 |  |
| Blackhawk Industrial Distribution, Inc. | Revolver | 9/17/2026 | 1577 | (9) |
| Blades Buyer, Inc. | Delayed Draw Term Loan | 7/2/2031 | 591 | (1) |
| Blades Buyer, Inc. | Revolver | 3/28/2028 | 155 | (1) |
| Bridges Consumer Healthcare Intermediate LLC | Delayed Draw Term Loan | 12/22/2031 | 6341 | (32) |
| Bridges Consumer Healthcare Intermediate LLC | Revolver | 12/30/2026 | 2682 | (13) |
| Carr, Riggs & Ingram Capital, L.L.C. | Delayed Draw Term Loan | 4/12/2027 | 6895 | (17) |
| Carr, Riggs & Ingram Capital, L.L.C. | Revolver | 11/18/2026 | 4000 | (10) |
| CCI Buyer, Inc. | Revolver | 5/10/2027 | 2029 | (10) |
| CDL Parent, Inc. | Delayed Draw Term Loan | 5/28/2032 | 2129 | (10) |
| CDL Parent, Inc. | Revolver | 12/7/2027 | 451 | (2) |
| Cerity Partners Equity Holding LLC | Delayed Draw Term Loan | 1/10/2029 | 5000 | (12) |
| Cerity Partners Equity Holding LLC | Delayed Draw Term Loan | 7/21/2027 | 7712 | (19) |
| Cerity Partners Equity Holding LLC | Equity | 1/1/2026 | 917 |  |
| Cerity Partners Equity Holding LLC | Revolver | 7/28/2028 | 1633 | (4) |
| CFGI Holdings, LLC | Revolver | 11/2/2027 | 191 | (1) |
| Cherry Bekaert Advisory LLC | Revolver | 6/30/2028 | 187 |  |
| Clydesdale Acquisition Holdings, Inc. | Term Loan | 3/26/2032 | 75 |  |
| Cold Chain Technologies, LLC | Revolver | 7/2/2026 | 94 |  |
| Concord Global Acquisition, LLC, | Delayed Draw Term Loan | 12/26/2031 | 3477 | (17) |
| Concord Global Acquisition, LLC, | Revolver | 1/19/2027 | 1830 | (9) |
| CPC/Cirtec Holdings, Inc | Revolver | 7/24/2028 | 603 | (5) |
| CRCI Longhorn Holdings, Inc. | Delayed Draw Term Loan | 8/27/2031 | 4544 | (23) |
| CRCI Longhorn Holdings, Inc. | Revolver | 11/18/2027 | 3030 | (15) |
| Creek Parent, Inc. | Revolver | 5/15/2029 | 125 |  |
| Crown Laundry, LLC | Delayed Draw Term Loan | 5/28/2031 | 1304 | (6) |
| Crown Laundry, LLC | Revolver | 6/9/2032 | 1522 | (7) |
| Cub Financing Intermediate, LLC | Delayed Draw Term Loan | 12/14/2026 | 4967 |  |
| CVP Holdco, Inc. | Delayed Draw Term Loan | 6/28/2030 | 4677 | (11) |
| CVP Holdco, Inc. | Revolver | 6/26/2029 | 2353 | (5) |
| DCG Acquisition Corp. | Delayed Draw Term Loan | 6/13/2031 | 1763 | (18) |
| DCG Acquisition Corp. | Revolver | 6/20/2030 | 4408 | (44) |
| DeLorean Purchaser, Inc. | Revolver | 5/21/2032 | 4574 | (34) |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** <sup>(1)</sup> | **Fair<br>Value** <sup>(1)</sup> |
| DT Intermediate Holdco, Inc. | Delayed Draw Term Loan | 9/18/2031 | $14790 | $(37) |
| DT1 Midco Corp | Delayed Draw Term Loan | 6/2/2027 | 6183 | (31) |
| DT1 Midco Corp | Revolver | 12/31/2031 | 2940 | (15) |
| Dwyer Instruments, LLC | Delayed Draw Term Loan | 11/19/2026 | 2828 | (28) |
| Dwyer Instruments, LLC | Revolver | 7/20/2029 | 2925 | (29) |
| Dynatect Group Holdings, Inc. | Revolver | 6/30/2026 | 1921 |  |
| Eclipse Buyer, Inc. | Delayed Draw Term Loan | 9/29/2028 | 2665 | (13) |
| Edgeco Buyer, Inc. | Delayed Draw Term Loan | 5/22/2030 | 2971 | (15) |
| Edgeco Buyer, Inc. | Revolver | 6/1/2028 | 338 | (2) |
| Eclipse Buyer, Inc. | Revolver | 9/7/2026 | 1352 | (7) |
| EDPO, LLC | Revolver | 12/8/2026 | 43 |  |
| Emburse, Inc. | Delayed Draw Term Loan | 5/28/2032 | 4539 | (11) |
| Emburse, Inc. | Revolver | 5/13/2032 | 4539 | (11) |
| Empyrean Solutions, LLC | Delayed Draw Term Loan | 11/26/2026 | 1106 | (3) |
| Empyrean Solutions, LLC | Revolver | 11/25/2026 | 415 | (1) |
| Enverus Holdings, Inc. | Delayed Draw Term Loan | 12/24/2029 | 44 |  |
| Enverus Holdings, Inc. | Revolver | 7/3/2028 | 161 |  |
| EOS Fitness Opco Holdings, LLC | Delayed Draw Term Loan | 10/31/2029 | 1352 |  |
| Essential Services Holding Corporation | Delayed Draw Term Loan | 6/13/2031 | 2082 | (5) |
| Essential Services Holding Corporation | Revolver | 6/17/2031 | 1145 | (3) |
| Excelitas Technologies Corp. | Delayed Draw Term Loan | 4/30/2026 | 5044 | (32) |
| F&M Buyer LLC | Delayed Draw Term Loan | 3/18/2032 | 3980 | (20) |
| F&M Buyer LLC | Revolver | 3/12/2032 | 1741 | (9) |
| FL Hawk Intermediate Holdings, Inc. | Revolver | 10/2/2026 | 1190 |  |
| Flint Opco, LLC | Delayed Draw Term Loan | 6/30/2027 | 7470 | (37) |
| Flint Opco, LLC | Delayed Draw Term Loan | 4/1/2029 | 2005 | (10) |
| Flow Control Solutions, Inc. | Delayed Draw Term Loan | 7/10/2026 | 6400 | (90) |
| Flow Control Solutions, Inc. | Revolver | 3/31/2029 | 1250 | (18) |
| Foreside Financial Group, LLC | Revolver | 9/30/2027 | 527 |  |
| Foundation Risk Partners, Corp. | Delayed Draw Term Loan | 2/28/2030 | 10736 | (41) |
| Fourth Enterprises, LLC | Delayed Draw Term Loan | 3/21/2031 | 4851 | (24) |
| Fourth Enterprises, LLC | Revolver | 10/31/2029 | 2014 | (10) |
| Frazier & Deeter Advisory, LLC | Delayed Draw Term Loan | 5/2/2031 | 3898 | (19) |
| Frazier & Deeter Advisory, LLC | Revolver | 8/1/2031 | 974 | (5) |
| Goldeneye Parent, LLC | Revolver | 3/1/2032 | 4652 | (11) |
| Graffiti Buyer, Inc. | Delayed Draw Term Loan | 4/29/2026 | 1724 | (74) |
| GSV Holding, LLC | Revolver | 10/31/2031 | 1651 |  |
| Harvey Tool Company, LLC | Revolver | 10/26/2027 | 2372 | (5) |
| Harvey Tool Company, LLC | Delayed Draw Term Loan | 10/16/2025 | 6527 | (12) |

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[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** <sup>(1)</sup> | **Fair<br>Value** <sup>(1)</sup> |
| Health Buyer LLC | Delayed Draw Term Loan | 6/3/2030 | $10052 | $(42) |
| Heights Buyer, LLC | Delayed Draw Term Loan | 8/25/2028 | 1311 | (7) |
| Heights Buyer, LLC | Revolver | 8/25/2028 | 496 |  |
| Hercules Borrower LLC | Revolver | 12/15/2026 | 960 | (5) |
| Higher Logic, LLC | Revolver | 11/10/2028 | 759 | (4) |
| HSI Halo Acquisition, Inc. | Delayed Draw Term Loan | 6/28/2030 | 1213 | (3) |
| HSI Halo Acquisition, Inc. | Revolver | 6/28/2026 | 978 | (2) |
| HT Intermediary III, Inc. | Delayed Draw Term Loan | 11/17/2031 | 3564 | (36) |
| HT Intermediary III, Inc. | Revolver | 11/13/2026 | 1247 | (12) |
| Hydraulic Technologies USA LLC | Revolver | 8/31/2028 | 1574 | (24) |
| IG Investments Holdings, LLC | Revolver | 12/7/2027 | 1172 | (6) |
| ImageFirst Holdings, LLC | Revolver | 3/10/2028 | 5000 | 21 |
| Imagine 360 LLC | Delayed Draw Term Loan | 9/30/2028 | 10122 | (51) |
| Imagine 360 LLC | Revolver | 9/20/2026 | 4326 | (22) |
| IMO Investor Holdings, Inc. | Revolver | 5/11/2028 | 1479 |  |
| Inhabitiq Inc. | Delayed Draw Term Loan | 1/12/2032 | 4882 | (12) |
| Inhabitiq Inc. | Revolver | 6/1/2028 | 3051 | (8) |
| Innovetive Petcare, LLC | Delayed Draw Term Loan | 11/26/2031 | 5437 | (54) |
| Integrated Power Services Holdings, Inc. | Revolver | 11/22/2027 | 523 |  |
| Integrated Power Services<br> Holdings, Inc. | Delayed Draw Term Loan | 11/22/2028 | 8063 | (16) |
| Integrity Marketing Acquisition, LLC | Revolver | 7/16/2027 | 122 | (1) |
| Javelin Buyer, Inc. | Revolver | 6/1/2028 | 1304 |  |
| JHCC Holdings LLC | Revolver | 9/9/2027 | 174 | (1) |
| JKC Parent, Inc. | Delayed Draw Term Loan | 2/13/2032 | 3965 | (28) |
| JKC Parent, Inc. | Revolver | 6/29/2029 | 1018 | (5) |
| Kaseya Inc. | Revolver | 2/28/2030 | 1522 | 8 |
| Kenco PPC Buyer LLC | Revolver | 11/15/2029 | 754 | (4) |
| Kipu Buyer, LLC | Revolver | 1/27/2026 | 365 |  |
| Klick, Inc. | Revolver | 3/31/2028 | 813 |  |
| KPA Parent Holdings, Inc. | Delayed Draw Term Loan | 3/12/2032 | 2371 | (12) |
| Kriv Acquisition Inc. | Delayed Draw Term Loan | 9/19/2031 | 8343 | (21) |
| KPA Parent Holdings, Inc. | Revolver | 3/31/2032 | 1659 | (8) |
| Kriv Acquisition Inc. | Revolver | 12/21/2026 | 283 | (1) |
| KWOR Acquisition, Inc. | Delayed Draw Term Loan | 2/28/2030 | 434 |  |
| KWOR Acquisition, Inc. | Revolver | 12/29/2031 | 2182 |  |
| Lido Advisors, LLC | Delayed Draw Term Loan | 11/10/2025 | 10640 | (36) |
| Lido Advisors, LLC | Revolver | 5/10/2032 | 1241 | (4) |
| Lightbeam Bidco Inc. | Revolver | 5/3/2029 | 262 |  |

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[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** <sup>(1)</sup> | **Fair<br>Value** <sup>(1)</sup> |
| Litera Bidco LLC | Delayed Draw Term Loan | 5/1/2028 | $963 | $(7) |
| Litera Bidco LLC | Revolver | 6/1/2026 | 434 | (3) |
| Low Voltage Holdings INC. | Delayed Draw Term Loan | 4/28/2032 | 7253 |  |
| Low Voltage Holdings INC. | Revolver | 4/28/2032 | 3197 |  |
| Low Voltage Holdings INC. | Revolver | 5/2/2032 | 294 |  |
| Lubricant Engineers | Delayed Draw Term Loan | 4/8/2031 | 3429 | (17) |
| Lubricant Engineers | Revolver | 10/2/2028 | 2212 | (11) |
| Marina Acquisition, Inc. | Revolver | 2/16/2027 | 1205 | (15) |
| Mclarens Midco Inc. | Delayed Draw Term Loan | 6/20/2027 | 9481 |  |
| Mclarens Midco Inc. | Revolver | 12/19/2027 | 1896 |  |
| MDC Interior Acquisition Inc | Revolver | 5/1/2026 | 2084 | (5) |
| Merlin Buyer, Inc. | Revolver | 7/2/2031 | 598 | (4) |
| MHE Intermediate Holdings, LLC | Revolver | 7/21/2027 | 36 |  |
| Minotaur Acquisition, Inc. | Delayed Draw Term Loan | 6/3/2030 | 4071 | (35) |
| Minotaur Acquisition, Inc. | Revolver | 12/21/2026 | 2442 | (21) |
| Monarch Buyer, Inc. | Delayed Draw Term Loan | 6/2/2032 | 4102 | (21) |
| Monarch Buyer, Inc. | Revolver | 7/30/2027 | 1846 | (9) |
| Montana Buyer Inc. | Revolver | 7/22/2028 | 2352 |  |
| Motion & Control Enterprises LLC | Delayed Draw Term Loan | 10/1/2026 | 1453 | (22) |
| Movati Athletic (Group) Inc. | Delayed Draw Term Loan | 5/29/2029 | 2572 | (19) |
| Movati Athletic (Group) Inc. | Revolver | 9/19/2028 | 1929 | (14) |
| MRI Software LLC | Delayed Draw Term Loan | 9/4/2031 | 245 | (1) |
| MRO Corporation | Delayed Draw Term Loan | 6/21/2027 | 2384 | (18) |
| MRO Corporation | Revolver | 6/9/2027 | 2384 | (18) |
| Nasuni Corporation | Revolver | 9/17/2031 | 1302 | (9) |
| North Star Acquisitionco, LLC | Delayed Draw Term Loan | 5/3/2029 | 70 |  |
| North Star Acquisitionco, LLC | Revolver | 5/3/2029 | 216 |  |
| Oakbridge Insurance Agency LLC | Delayed Draw Term Loan | 6/27/2027 | 5166 |  |
| OEConnection LLC | Delayed Draw Term Loan | 4/22/2031 | 4526 |  |
| OEConnection LLC | Revolver | 5/25/2029 | 2793 |  |
| Onit, Inc. | Delayed Draw Term Loan | 1/27/2032 | 8359 |  |
| Onit, Inc. | Revolver | 1/30/2027 | 2786 |  |
| Onyx-Fire Protection Services Inc. | Delayed Draw Term Loan | 8/7/2026 | 1766 | (9) |
| Onyx-Fire Protection Services Inc. | Revolver | 7/31/2026 | 3003 | (15) |
| Orsini Pharmaceutical Services, LLC | Revolver | 5/22/2030 | 1152 | (6) |
| Packaging Coordinators Midco, Inc. | Delayed Draw Term Loan | 1/22/2032 | 13019 |  |
| Packaging Coordinators Midco, Inc. | Revolver | 3/1/2027 | 2469 |  |
| Pareto Health Intermediate Holdings, Inc. | Delayed Draw Term Loan | 11/18/2027 | 1668 | (8) |
| Pareto Health Intermediate Holdings, Inc. | Revolver | 9/9/2027 | 163 | (1) |

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[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** <sup>(1)</sup> | **Fair<br>Value** <sup>(1)</sup> |
| Pathstone Family Office LLC | Delayed Draw Term Loan | 6/30/2031 | $5035 | $(38) |
| Pathstone Family Office LLC | Revolver | 5/15/2028 | 2502 | (19) |
| Phantom Purchaser, Inc. | Revolver | 9/27/2031 | 4494 | (22) |
| Plaskolite PPC Intermediate II LLC | Revolver | 5/9/2030 | 222 | (7) |
| PPV Intermediate Holdings, LLC | Delayed Draw Term Loan | 8/1/2031 | 9109 |  |
| Prism Parent Co. Inc. | Delayed Draw Term Loan | 6/3/2031 | 241 | (2) |
| Propio LS, LLC | Revolver | 9/19/2031 | 533 | (3) |
| Puma Buyer, LLC | Revolver | 4/10/2030 | 3063 | (8) |
| QBS Parent, Inc. | Revolver | 3/11/2028 | 450 | (1) |
| Quality Automotive Services, LLC | Delayed Draw Term Loan | 4/3/2030 | 1939 | (12) |
| Quality Automotive Services, LLC | Revolver | 7/16/2027 | 130 | (1) |
| R&T Acquisitions, LLC | Delayed Draw Term Loan | 6/1/2028 | 463 | (10) |
| Raven Acquisition Holdings, LLC | Delayed Draw Term Loan | 11/19/2031 | 433 |  |
| Red Fox CD Acquisition Corporation | Delayed Draw Term Loan | 5/29/2030 | 4569 | (44) |
| Ridge Trail US Bidco, Inc. | Delayed Draw Term Loan | 3/31/2031 | 6893 | (52) |
| Ridge Trail US Bidco, Inc. | Revolver | 2/22/2030 | 1677 | (13) |
| Riser Interco, LLC | Delayed Draw Term Loan | 10/31/2029 | 2984 | (14) |
| Riser Interco, LLC | Revolver | 10/31/2029 | 800 | (4) |
| Routeware, Inc. | Delayed Draw Term Loan | 9/18/2031 | 2773 | (7) |
| Routeware, Inc. | Revolver | 10/2/2026 | 545 | (1) |
| Ruppert Landscape, LLC | Delayed Draw Term Loan | 12/30/2031 | 2707 | (13) |
| Ruppert Landscape, LLC | Delayed Draw Term Loan | 1/5/2028 | 9167 | (44) |
| Ruppert Landscape, LLC | Revolver | 12/3/2029 | 2369 | (11) |
| Sako and Partners Lower Holdings LLC | Revolver | 9/15/2028 | 746 | (4) |
| Saturn Borrower Inc | Delayed Draw Term Loan | 7/2/2026 | 2844 | (14) |
| Saturn Borrower Inc | Revolver | 1/24/2027 | 1143 | (6) |
| SCW Holdings III Corp. | Delayed Draw Term Loan | 3/17/2031 | 3459 | (9) |
| SCW Holdings III Corp. | Revolver | 3/18/2032 | 2035 | (5) |
| Seahawk Bidco, LLC | Delayed Draw Term Loan | 12/19/2030 | 2471 | (6) |
| Seahawk Bidco, LLC | Revolver | 9/25/2026 | 1273 | (3) |
| Simplicity Financial Marketing Group Holdings, Inc. | Delayed Draw Term Loan | 12/31/2031 | 5614 | (28) |
| Simplicity Financial Marketing Group Holdings, Inc. | Revolver | 6/20/2026 | 3610 | (18) |
| Soleo Holdings, Inc. | Delayed Draw Term Loan | 2/2/2032 | 2111 |  |
| Soleo Holdings, Inc. | Revolver | 1/30/2032 | 2111 |  |
| Southpaw AP Buyer, LLC | Delayed Draw Term Loan | 7/26/2030 | 962 | (2) |
| Southpaw AP Buyer, LLC | Revolver | 3/2/2028 | 1220 | (3) |
| Spartan Bidco PTY LTD | Revolver | 1/24/2028 | 769 | (4) |

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[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** <sup>(1)</sup> | **Fair<br>Value** <sup>(1)</sup> |
| Specialized Dental Holdings II, LLC | Delayed Draw Term Loan | 6/7/2026 | $4917 | $— |
| Specialized Dental Holdings II, LLC | Revolver | 11/1/2027 | 266 |  |
| Spirit RR Holdings, Inc. | Revolver | 9/13/2028 | 497 | (2) |
| St Athena Global LLC | Delayed Draw Term Loan | 6/26/2030 | 119 | (2) |
| St Athena Global LLC | Revolver | 6/26/2030 | 256 | (3) |
| STCH Acquisition Inc. | Revolver | 10/30/2026 | 1547 |  |
| Sugar PPC Buyer LLC | Delayed Draw Term Loan | 7/3/2031 | 4760 |  |
| SureWerx Purchaser III Inc. | Revolver | 12/28/2028 | 1067 | (1) |
| Swoop Intermediate III, Inc. | Delayed Draw Term Loan | 2/16/2027 | 9108 | (22) |
| Swoop Intermediate III, Inc. | Revolver | 10/12/2027 | 3036 | (7) |
| The Chartis Group, LLC | Delayed Draw Term Loan | 9/17/2031 | 3875 | (19) |
| The Chartis Group, LLC | Revolver | 9/14/2026 | 1938 | (10) |
| The Hiller Companies, LLC | Delayed Draw Term Loan | 5/15/2029 | 591 | (4) |
| The Hiller Companies, LLC | Revolver | 6/20/2030 | 2730 | (20) |
| THG Acquisition, LLC | Delayed Draw Term Loan | 10/5/2027 | 3195 | (16) |
| THG Acquisition, LLC | Revolver | 10/30/2026 | 1528 | (8) |
| Thunder Purchaser, Inc. | Delayed Draw Term Loan | 7/2/2031 | 2482 | (6) |
| TPC Engineering Holdings, Inc. | Revolver | 2/16/2027 | 790 | (4) |
| Trilon Group, LLC | Delayed Draw Term Loan | 7/16/2027 | 3009 | (30) |
| Trilon Group, LLC | Revolver | 5/25/2029 | 673 | (7) |
| Trimech Acquisition Corp. | Delayed Draw Term Loan | 7/24/2028 | 1979 | (10) |
| Trimech Acquisition Corp. | Revolver | 3/10/2028 | 5884 | (29) |
| Trunk Acquisition, Inc. | Delayed Draw Term Loan | 4/4/2030 | 550 |  |
| Turningpoint Healthcare Solutions, LLC | Revolver | 7/14/2027 | 257 |  |
| Unison Risk Advisors Inc. | Delayed Draw Term Loan | 11/17/2026 | 13125 | (66) |
| Unison Risk Advisors Inc. | Revolver | 12/2/2030 | 2343 | (12) |
| Unlimited Technology Holdings, LLC | Revolver | 2/28/2030 | 2240 | (6) |
| US Fitness Holdings, LLC | Delayed Draw Term Loan | 8/25/2028 | 6892 | (34) |
| US Fitness Holdings, LLC | Revolver | 7/2/2026 | 2651 | (13) |
| USRP Holdings, Inc. | Delayed Draw Term Loan | 8/23/2026 | 17540 |  |
| USRP Holdings, Inc. | Revolver | 12/31/2029 | 2290 |  |
| Valet Waste Holdings, Inc. | Revolver | 5/1/2029 | 670 |  |
| Valicor PPC Intermediate II LLC | Revolver | 1/24/2028 | 1016 | (2) |
| Validity, Inc. | Revolver | 3/31/2027 | 783 |  |
| Vamos Bidco, Inc | Delayed Draw Term Loan | 1/30/2032 | 3684 | (28) |
| Vamos Bidco, Inc | Revolver | 1/31/2030 | 1105 | (8) |
| Vensure Employer Services, Inc. | Delayed Draw Term Loan | 9/30/2028 | 1026 | (5) |
| Vertex Service Partners, LLC | Delayed Draw Term Loan | 10/24/2025 | 1206 | (12) |
| Vessco Midco Holdings, LLC | Delayed Draw Term Loan | 7/24/2031 | 4986 | (25) |
| Vessco Midco Holdings, LLC | Revolver | 7/24/2031 | 2724 | (14) |

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[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)**

**June 30, 2025**

*(in thousands)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** <sup>(1)</sup> | **Fair<br>Value** <sup>(1)</sup> |
| Victors Purchaser, LLC | Delayed Draw Term Loan | 8/15/2031 | $1718 | $(4) |
| Victors Purchaser, LLC | Revolver | 9/17/2026 | 1254 | (3) |
| Vital Care Buyer, LLC | Revolver | 7/31/2031 | 2789 | (13) |
| VPP Intermediate Holdings, LLC | Delayed Draw Term Loan | 11/15/2029 | 11304 | (85) |
| VPP Intermediate Holdings, LLC | Revolver | 12/1/2027 | 223 | (1) |
| Wealth Enhancement Group, LLC | Delayed Draw Term Loan | 10/4/2027 | 25872 |  |
| Wealth Enhancement Group, LLC | Revolver | 10/2/2028 | 1073 |  |
| Wildcat Topco, Inc. | Revolver | 11/16/2026 | 3243 | (16) |
| Wildcat Topco, Inc. | Delayed Draw Term Loan | 12/18/2031 | 2984 | (15) |
| World Insurance Associates, LLC | Delayed Draw Term Loan | 1/27/2032 | 6690 | (33) |
| World Insurance Associates, LLC | Revolver | 4/3/2030 | 700 | (4) |
| WRE Holding Corp. | Delayed Draw Term Loan | 7/2/2030 | 229 | (2) |
| WRE Holding Corp. | Revolver | 1/30/2029 | 1133 | (8) |
| WST USA Holdco, Inc. | Delayed Draw Term Loan | 4/30/2027 | 1583 | (12) |
| Wu Holdco, Inc. | Delayed Draw Term Loan | 9/1/2029 | 5826 | (14) |
| Wu Holdco, Inc. | Revolver | 4/16/2032 | 1812 | (4) |
| YA Intermediate Holdings II, LLC | Delayed Draw Term Loan | 11/22/2028 | 4035 |  |
| YA Intermediate Holdings II, LLC | Revolver | 2/22/2029 | 1734 |  |
| YLG Holdings, Inc. | Delayed Draw Term Loan | 12/23/2030 | 2811 | (14) |
| YLG Holdings, Inc. | Revolver | 12/23/2030 | 2899 | (14) |
| Zinc Buyer Corporation | Delayed Draw Term Loan | 7/24/2031 | 2133 | (16) |
| Zinc Buyer Corporation | Revolver | 8/15/2031 | 1623 | (12) |
| Total Unfunded Commitments |  |  | $809711 | $(3311) |

---

(1)Foreign domiciled investments have been converted to U.S. Dollars based on prevailing rates at period-end.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

*(in thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| **Investments - non-controlled/non-affiliated** |  |  |  |  |  |  |  |  |  |  |
| **Secured Debt** |  |  |  |  |  |  |  |  |  |  |
| Aerospace and Defense |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bleriot US Bidco Inc. | (5)(15) | First Lien Term Loan | S + 2.75% | 0.00% | 7.06% | 10/31/2030 | $3351 | $3351 | $3373 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Peraton Corp. | (5) | First Lien Term Loan | S + 3.75% | 0.75% | 8.18% | 2/1/2028 | 4960 | 4967 | 4628 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;TransDigm Inc. | (5)(6)(15) | First Lien Term Loan | S + 2.75% | 0.00% | 7.06% | 3/22/2030 | 1516 | 1524 | 1523 | 0.12 |
|  |  |  |  |  |  |  |  | 9842 | 9524 | 0.76 |
| Air Freight and Logistics |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American Trailer Rental Group, LLC | (13)(15) | First Lien Term Loan | S + 5.50% | 1.00% | 10.00% | 6/1/2027 | 41 | 40 | 37 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American Trailer Rental Group, LLC | (13)(15) | First Lien Term Loan | S + 5.69% | 1.00% | 10.25% | 6/1/2027 | 131 | 130 | 119 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;American Trailer Rental Group, LLC | (13)(15) | First Lien Delayed Draw Term Loan | S + 5.50% | 1.00% | 10.00% | 6/1/2027 | 35 | 34 | 31 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American Trailer Rental Group, LLC | (8) | First Lien Delayed Draw Term Loan | S + 5.69% | 1.00% | 10.25% | 6/1/2027 | 33 | 33 | 30 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American Trailer Rental Group, LLC | (13)(15) | First Lien Delayed Draw Term Loan | S + 5.75% | 1.00% | 10.31% | 6/1/2027 | 9 | 9 | 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lightbeam Bidco Inc. | (8) | First Lien Term Loan | S + 5.00% | 0.75% | 9.31% | 5/4/2030 | 3899 | 3899 | 3899 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lightbeam Bidco Inc. | (8) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.75% | 9.31% | 5/4/2030 | 591 | 591 | 591 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lightbeam Bidco Inc. | (7)(15) | First Lien Revolver | S + 5.25% | 0.75% | 9.56% | 5/4/2029 | 476 |  |  |  |
|  |  |  |  |  |  |  |  | 4736 | 4715 | 0.37 |
| Automobile Components |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Enthusiast Auto Holdings, LLC | (8) | First Lien Term Loan | S + 4.75% | 1.00% | 9.08% | 12/21/2026 | 1485 | 1471 | 1485 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Enthusiast Auto Holdings, LLC | (8) | First Lien Term Loan | S + 4.75% | 1.00% | 9.08% | 12/21/2026 | 1485 | 1481 | 1485 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Brands Group, LLC | (5) | First Lien Term Loan | S + 5.00% | 1.00% | 9.59% | 3/30/2027 | 3970 | 3969 | 3736 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;JHCC Holdings LLC | (8) | First Lien Term Loan | S + 5.25% | 1.00% | 9.56% | 9/9/2027 | 3126 | 3120 | 3114 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;JHCC Holdings LLC | (7)(8)(15) | First Lien Delayed Draw Term Loan | S + 5.25% | 1.00% | 9.56% | 9/9/2027 | 11248 | 10430 | 10407 | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;JHCC Holdings LLC | (7)(15) | First Lien Revolver | P + 5.50% | 1.00% | 13.00% | 9/9/2027 | 249 | 124 | 124 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Majco LLC | (8) | First Lien Term Loan | S + 4.50% | 1.00% | 8.96% | 12/4/2028 | 247 | 244 | 247 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;OAC Holdings I Corp. | (8) | First Lien Term Loan | S + 5.00% | 1.00% | 9.43% | 3/30/2029 | 2970 | 2868 | 2970 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Quality Automotive Services, LLC | (8) | First Lien Term Loan | S + 5.25% | 1.00% | 9.56% | 7/16/2027 | 2380 | 2372 | 2368 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Quality Automotive Services, LLC | (13)(15) | First Lien Term Loan | S + 5.25% | 0.00% | 9.56% | 7/16/2027 | 6224 | 6195 | 6193 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Quality Automotive Services, LLC | (8) | First Lien Delayed Draw Term Loan | S + 5.25% | 1.00% | 9.71% | 7/16/2027 | 468 | 466 | 466 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Quality Automotive Services, LLC | (7)(15) | First Lien Revolver | S + 6.00% | 1.00% | 10.31% | 7/16/2027 | 130 |  | (1) |  |
|  |  |  |  |  |  |  |  | 32740 | 32594 | 2.62 |
| Beverages |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Triton Water Holdings, Inc. | (5) | First Lien Term Loan | S + 3.25% | 0.50% | 7.84% | 3/31/2028 | 4465 | 4459 | 4506 | 0.36 |
|  |  |  |  |  |  |  |  | 4459 | 4506 | 0.36 |
| Broadline Retail |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Peer Holding III B.V. | (5)(6)(15) | First Lien Term Loan | S + 3.00% | 0.00% | 7.33% | 7/1/2031 | 4751 | 4755 | 4784 | 0.38 |
|  |  |  |  |  |  |  |  | 4755 | 4784 | 0.38 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2024**

*(in thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Building Products |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;80/20, LLC | (8) | First Lien Term Loan | S + 5.25% | 1.00% | 9.71% | 3/1/2027 | $248 | $245 | $247 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;MDC Interior Acquisition Inc | (8)(13) | First Lien Term Loan | S + 5.00% | 1.00% | 9.33% | 4/26/2030 | 14589 | 14388 | 14516 | 1.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;MDC Interior Acquisition Inc | (7)(13)(15) | First Lien Revolver | S + 5.25% | 1.00% | 9.58% | 4/26/2030 | 2084 | (31) | (10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SureWerx Purchaser III Inc. | (6)(8) | First Lien Term Loan | S + 5.25% | 0.75% | 9.56% | 12/28/2029 | 247 | 247 | 247 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;SureWerx Purchaser III Inc. | (6)(8)(13) | First Lien Term Loan | C + 5.25% | 0.75% | 8.50% | 12/28/2029 | CAD 17,074 | 12470 | 11870 | 0.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;SureWerx Purchaser III Inc. | (6)(7)(13)(15) | First Lien Revolver | S + 5.25% | 0.75% | 9.56% | 12/28/2028 | 1670 | 1138 | 1142 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;SureWerx Purchaser III Inc. | (6)(13)(15) | First Lien Revolver | C + 6.75% | 0.75% | 10.00% | 12/28/2028 | CAD 86 | 60 | 60 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;WST USA Holdco, Inc. | (6)(8) | First Lien Term Loan | S + 5.25% | 1.00% | 9.66% | 3/31/2027 | 2475 | 2475 | 2475 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;WST USA Holdco, Inc. | (6)(7)(15) | First Lien Delayed Draw Term Loan | S + 5.25% | 1.00% | 9.56% | 3/31/2027 | 2493 | 896 | 910 | 0.07 |
|  |  |  |  |  |  |  |  | 31888 | 31457 | 2.51 |
| Capital Markets |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allworth Financial Group, L.P. | (8) | First Lien Term Loan | S + 5.00% | 1.00% | 9.33% | 12/23/2027 | 2531 | 2531 | 2519 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allworth Financial Group, L.P. | (8) | First Lien Delayed Draw Term Loan | S + 5.00% | 1.00% | 9.33% | 12/23/2027 | 2418 | 2418 | 2406 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arax MidCo, LLC | (6)(8)(13) | First Lien Term Loan | S + 5.00% | 1.00% | 9.33% | 4/11/2029 | 11503 | 11417 | 11366 | 0.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arax MidCo, LLC | (6)(7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.75% | 1.00% | 10.08% | 4/11/2029 | 2131 | (23) | (25) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Arax MidCo, LLC | (6)(7)(13)(15) | First Lien Revolver | S + 5.75% | 0.00% | 10.08% | 4/11/2029 | 1293 | (16) | (15) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AQ Sage Buyer, LLC | (8) | First Lien Term Loan | S + 6.00% | 1.00% | 10.46% | 1/25/2027 | 185 | 180 | 175 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;AQ Sage Buyer, LLC | (8) | First Lien Delayed Draw Term Loan | S + 6.00% | 1.00% | 10.25% | 1/25/2027 | 63 | 61 | 59 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cub Financing Intermediate, LLC | (13)(15) | First Lien Term Loan | S + 4.75% | 0.50% | 9.08% | 6/28/2030 | 10783 | 10732 | 10732 | 0.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cub Financing Intermediate, LLC | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 4.75% | 0.75% | 9.08% | 6/28/2030 | 4967 | (11) | (23) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Edgeco Buyer, Inc. | (8)(13) | First Lien Term Loan | S + 4.50% | 0.00% | 8.81% | 6/1/2028 | 2206 | 2193 | 2195 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Edgeco Buyer, Inc. | (8)(15) | First Lien Delayed Draw Term Loan | S + 4.50% | 1.00% | 8.81% | 6/1/2028 | 345 | 344 | 343 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Edgeco Buyer, Inc. | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 4.50% | 0.00% | 8.81% | 6/1/2028 | 3384 | (8) | (17) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Edgeco Buyer, Inc. | (7)(13)(15) | First Lien Revolver | S + 4.50% | 0.00% | 8.81% | 6/1/2028 | 338 | (2) | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lido Advisors, LLC | (8) | First Lien Delayed Draw Term Loan | S + 5.00% | 1.00% | 9.31% | 6/15/2029 | 3463 | 3463 | 3446 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;R&T Acquisitions, LLC | (8) | First Lien Term Loan | S + 5.75% | 1.00% | 10.06% | 8/31/2030 | 2036 | 2019 | 2010 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;R&T Acquisitions, LLC | (7)(15) | First Lien Delayed Draw Term Loan | S + 5.75% | 1.00% | 10.06% | 8/31/2030 | 771 | (7) | (10) |  |
|  |  |  |  |  |  |  |  | 35291 | 35159 | 2.82 |
| Chemicals |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aurora Plastics, LLC | (8) | First Lien Term Loan | S + 4.75% | 0.75% | 9.18% | 8/10/2028 | 23518 | 23395 | 23403 | 1.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aurora Plastics, LLC | (8) | First Lien Delayed Draw Term Loan | S + 4.75% | 0.75% | 9.18% | 8/10/2028 | 50 | 48 | 50 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DCG Acquisition Corp. | (8)(13) | First Lien Term Loan | S + 4.50% | 0.75% | 8.83% | 6/13/2031 | 26360 | 26299 | 26360 | 2.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;DCG Acquisition Corp. | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 4.75% | 0.75% | 9.08% | 6/13/2031 | 4408 | (5) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DCG Acquisition Corp. | (7)(13)(15) | First Lien Revolver | S + 4.75% | 0.75% | 9.08% | 6/13/2031 | 4408 | (11) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Formulations Parent Corp. | (8) | First Lien Term Loan | S + 5.75% | 0.75% | 10.06% | 11/15/2030 | 248 | 246 | 248 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;LTI Holdings, Inc. | (5)(15) | First Lien Term Loan | S + 4.75% | 0.00% | 9.08% | 7/29/2029 | 3335 | 3293 | 3345 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lubricant Engineers | (8) | First Lien Term Loan | S + 5.75% | 1.00% | 10.06% | 9/1/2029 | 247 | 241 | 244 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lummus Technology Holdings V LLC | (5) | First Lien Term Loan | S + 3.00% | 0.00% | 7.33% | 12/31/2029 | 4963 | 4992 | 5007 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangent Technologies Acquisition, LLC | (8) | First Lien Term Loan | S + 4.75% | 1.00% | 9.15% | 11/30/2027 | 247 | 245 | 247 | 0.02 |
|  |  |  |  |  |  |  |  | 58743 | 58904 | 4.72 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2024**

*(in thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Commercial Services and Supplies |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ares Holdings, LLC | (8) | First Lien Term Loan | S + 5.00% | 1.00% | 9.31% | 11/18/2027 | $990 | $977 | $985 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ares Holdings, LLC | (8) | First Lien Term Loan | S + 5.00% | 1.00% | 9.31% | 11/18/2027 | 3862 | 3825 | 3845 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ares Holdings, LLC | (8)(13)(15) | First Lien Term Loan | S + 5.00% | 0.00% | 9.31% | 11/18/2027 | 7364 | 7330 | 7330 | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ares Holdings, LLC | (7)(15) | First Lien Revolver | S + 5.50% | 1.00% | 9.83% | 11/18/2027 | 747 | (4) | (3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AWP Group Holdings, Inc. | (8) | First Lien Term Loan | S + 4.75% | 0.00% | 9.08% | 12/23/2030 | 6033 | 6017 | 6018 | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;AWP Group Holdings, Inc. | (7)(15) | First Lien Delayed Draw Term Loan | S + 4.75% | 1.00% | 9.08% | 12/22/2030 | 12961 | 4646 | 4667 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;AWP Group Holdings, Inc. | (7)(15) | First Lien Revolver | S + 4.75% | 1.00% | 9.08% | 12/23/2030 | 47 | 2 | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CoolSys, Inc. | (8) | First Lien Term Loan | S + 4.75% | 0.75% | 9.32% | 8/11/2028 | 247 | 234 | 242 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;EXT Acquisitions, Inc. | (8) | First Lien Term Loan | S + 5.00% | 1.00% | 9.46% | 6/26/2026 | 232 | 231 | 232 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;EXT Acquisitions, Inc. | (8) | First Lien Delayed Draw Term Loan | S + 5.00% | 1.00% | 9.46% | 6/26/2026 | 16 | 15 | 16 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;FL Hawk Intermediate Holdings, Inc. | (8)(13) | First Lien Term Loan | S + 4.50% | 1.00% | 8.81% | 2/22/2030 | 6089 | 6062 | 6061 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;FL Hawk Intermediate Holdings, Inc. | (7)(13)(15) | First Lien Revolver | S + 4.75% | 0.00% | 9.06% | 2/22/2029 | 1190 |  | (6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fresh Holdco, Inc. | (8) | First Lien Term Loan | S + 5.25% | 1.00% | 9.75% | 1/24/2026 | 247 | 246 | 247 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;HeartLand PPC Buyer, LLC | (8) | First Lien Term Loan | S + 5.25% | 0.75% | 9.56% | 12/12/2029 | 2978 | 2945 | 2970 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hercules Borrower LLC | (8) | First Lien Term Loan | S + 5.50% | 1.00% | 9.91% | 12/14/2026 | 2339 | 2339 | 2339 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hercules Borrower LLC | (8) | First Lien Delayed Draw Term Loan | S + 5.50% | 1.00% | 9.91% | 12/14/2026 | 304 | 304 | 304 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hercules Borrower LLC | (7)(15) | First Lien Revolver | S + 6.25% | 1.00% | 10.66% | 12/14/2026 | 329 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;High Bar Brands Operating, LLC | (6)(8) | First Lien Term Loan | S + 5.25% | 1.00% | 9.56% | 12/19/2029 | 248 | 244 | 248 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;HP RSS Buyer, Inc. | (8) | First Lien Term Loan | S + 5.00% | 0.75% | 9.31% | 12/11/2029 | 4963 | 4908 | 4925 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Monarch Landscape Holdings, LLC | (8) | First Lien Term Loan | S + 5.00% | 0.75% | 9.31% | 10/2/2028 | 1795 | 1792 | 1783 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Monarch Landscape Holdings, LLC | (8)(15) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.75% | 9.31% | 10/2/2028 | 1178 | 1167 | 1170 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Onyx-Fire Protection Services Inc. | (6)(13)(15) | First Lien Term Loan | C + 4.50% | 0.00% | 7.75% | 7/31/2031 | CAD 17,615 | 12680 | 12185 | 0.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Onyx-Fire Protection Services Inc. | (6)(7)(13)(15) | First Lien Delayed Draw Term Loan | C + 4.50% | 0.00% | 7.75% | 7/31/2031 | CAD 2,773 | (5) | (10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Onyx-Fire Protection Services Inc. | (6)(7)(13)(15) | First Lien Revolver | C + 4.50% | 0.75% | 7.75% | 7/31/2031 | CAD 4,378 | (15) | (15) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Palmetto Acquisitionco Inc. | (8) | First Lien Term Loan | S + 5.75% | 1.00% | 10.06% | 9/18/2029 | 248 | 245 | 248 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Project Boost Purchaser, LLC | (5)(15) | First Lien Term Loan | S + 3.50% | 0.00% | 7.81% | 7/16/2031 | 4992 | 5000 | 5034 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Hiller Companies, LLC | (13)(15) | First Lien Term Loan | S + 5.00% | 0.75% | 9.33% | 6/20/2030 | 15659 | 15586 | 15620 | 1.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Hiller Companies, LLC | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.75% | 9.31% | 6/20/2030 | 4320 | 1072 | 1076 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Hiller Companies, LLC | (7)(13)(15) | First Lien Revolver | S + 5.00% | 0.75% | 9.31% | 6/20/2030 | 2730 | (14) | (7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Thermostat Purchaser III, Inc. | (8) | First Lien Term Loan | S + 4.25% | 0.75% | 8.58% | 8/31/2028 | 5223 | 5220 | 5223 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Soliant Lower Intermediate, LLC | (5)(15) | First Lien Term Loan | S + 3.75% | 0.00% | 8.08% | 7/18/2031 | 2821 | 2794 | 2807 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valet Waste Holdings, Inc. | (13)(15) | First Lien Term Loan | S + 5.75% | 1.00% | 10.08% | 5/1/2029 | 31561 | 31488 | 31561 | 2.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valet Waste Holdings, Inc. | (7)(13)(15) | First Lien Revolver | S + 5.75% | 1.00% | 10.08% | 5/1/2029 | 1429 | 734 | 738 | 0.06 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2024**

*(in thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Commercial Services and Supplies (continued) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;WRE Holding Corp. | (13)(15) | First Lien Term Loan | S + 5.00% | 0.75% | 9.25% | 7/2/2031 | $8285 | $8243 | $8243 | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;WRE Holding Corp. | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.00% | 9.25% | 7/2/2031 | 2124 | 629 | 626 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;WRE Holding Corp. | (7)(13)(15) | First Lien Revolver | S + 5.00% | 0.00% | 9.25% | 7/2/2030 | 1133 | (5) | (6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;YLG Holdings, Inc. | (8)(13) | First Lien Term Loan | S + 4.75% | 1.00% | 9.06% | 12/23/2030 | 27023 | 26955 | 26893 | 2.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;YLG Holdings, Inc. | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 4.75% | 0.00% | 9.06% | 10/30/2026 | 5515 | 2413 | 2400 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;YLG Holdings, Inc. | (7)(15) | First Lien Revolver | S + 5.00% | 0.00% | 9.41% | 10/30/2026 | 3270 | (6) | (16) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Zinc Buyer Corporation | (13)(15) | First Lien Term Loan | S + 4.75% | 0.75% | 9.08% | 7/24/2031 | 16429 | 16396 | 16306 | 1.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zinc Buyer Corporation | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 4.75% | 0.75% | 9.08% | 7/24/2031 | 4143 | (12) | (31) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Zinc Buyer Corporation | (7)(13)(15) | First Lien Revolver | S + 4.75% | 0.75% | 9.08% | 7/24/2031 | 2028 | (5) | (15) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Zone Climate Services, Inc. | (8) | First Lien Term Loan | S + 5.50% | 1.00% | 9.96% | 3/9/2028 | 2969 | 2922 | 2894 | 0.23 |
|  |  |  |  |  |  |  |  | 175595 | 175129 | 14.05 |
| Construction & Engineering |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hydraulic Technologies USA LLC | (13)(15) | First Lien Term Loan | S + 5.50% | 1.00% | 9.81% | 6/3/2031 | 17460 | 17129 | 17242 | 1.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hydraulic Technologies USA LLC | (7)(13)(15) | First Lien Revolver | S + 5.50% | 0.75% | 9.81% | 6/3/2030 | 2384 | 286 | 304 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kleinfelder Intermediate LLC | (8) | First Lien Term Loan | S + 5.00% | 0.75% | 9.33% | 9/18/2030 | 247 | 247 | 247 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC | (8) | First Lien Term Loan | S + 5.00% | 1.00% | 9.33% | 6/29/2029 | 4276 | 4250 | 4276 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC | (15) | First Lien Delayed Draw Term Loan | S + 5.00% | 1.00% | 9.33% | 6/29/2029 | 679 | 665 | 679 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC | (8)(13) | First Lien Term Loan | S + 5.50% | 1.00% | 9.98% | 5/25/2029 | 1456 | 1446 | 1447 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.50% | 1.00% | 9.98% | 5/25/2029 | 4060 | 851 | 852 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC | (7)(13)(15) | First Lien Revolver | S + 5.50% | 1.00% | 9.98% | 5/25/2029 | 1218 | 140 | 145 | 0.01 |
|  |  |  |  |  |  |  |  | 25014 | 25192 | 2.01 |
| Construction Materials |  |  |  |  |  |  |  |  | . |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Arrow Tru-Line Holding, LLC | (8) | First Lien Term Loan | S + 5.63% | 1.00% | 10.08% | 9/20/2027 | 244 | 240 | 243 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pearlman Enterprises Inc. | (8) | First Lien Term Loan | S + 4.50% | 1.00% | 8.93% | 5/5/2027 | 2977 | 2960 | 2940 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Profile Products LLC | (8) | First Lien Term Loan | S + 5.75% | 0.75% | 10.10% | 11/12/2027 | 247 | 244 | 243 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Red Fox CD Acquisition Corporation | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 6.00% | 1.00% | 10.33% | 3/4/2030 | 21221 | 13195 | 13228 | 1.06 |
|  |  |  |  |  |  |  |  | 16639 | 16654 | 1.34 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2024**

*(in thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Containers and Packaging |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Berlin Packaging L.L.C. | (5)(6) | First Lien Term Loan | S + 3.50% | 0.00% | 7.81% | 6/7/2031 | $4988 | $4983 | $5022 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;CFs Brands, LLC | (8) | First Lien Term Loan | S + 5.00% | 1.00% | 9.33% | 10/2/2030 | 248 | 245 | 245 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Charter Next Generation, Inc. | (5)(15) | First Lien Term Loan | S + 3.00% | 0.75% | 7.33% | 12/2/2030 | 3111 | 3111 | 3132 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cold Chain Technologies, LLC | (8)(13) | First Lien Term Loan | S + 5.75% | 1.00% | 10.06% | 7/2/2026 | 14775 | 14746 | 14742 | 1.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cold Chain Technologies, LLC | (7)(15) | First Lien Revolver | S + 5.00% | 1.00% | 9.31% | 7/2/2026 | 197 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Graham Packaging Company Inc. | (3)(5) | First Lien Term Loan | S + 2.50% | 0.75% | 6.83% | 8/4/2027 |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rohrer Corp. | (8) | First Lien Term Loan | S + 5.00% | 1.00% | 9.50% | 3/15/2027 | 248 | 245 | 248 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;St Athena Global LLC | (6)(8)(13) | First Lien Term Loan | S + 5.25% | 0.75% | 9.56% | 6/26/2030 | 2803 | 2785 | 2768 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;St Athena Global LLC | (6)(8)(13) | First Lien Term Loan | SON + 5.25% | 0.00% | 9.95% | 6/26/2030 | GBP 1,288 | 1614 | 1591 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;St Athena Global LLC | (6)(7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.25% | 0.00% | 9.56% | 6/26/2030 | 154 | 33 | 33 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;St Athena Global LLC | (6)(7)(13)(15) | First Lien Revolver | S + 5.25% | 0.75% | 9.56% | 6/26/2029 | 390 | 91 | 89 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tank Holding Corp. | (8) | First Lien Term Loan | S + 5.75% | 0.75% | 10.25% | 3/31/2028 | 247 | 239 | 243 | 0.02 |
|  |  |  |  |  |  |  |  | 28091 | 28113 | 2.25 |
| Distributors |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aurora Parts & Accessories LLC | (8) | First Lien Term Loan | S + 5.50% | 1.00% | 9.96% | 1/13/2029 | 247 | 247 | 246 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;BC Group Holdings, Inc. | (8) | First Lien Term Loan | S + 5.00% | 0.75% | 9.41% | 12/21/2026 | 239 | 239 | 237 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;BC Group Holdings, Inc. | (8)(13) | First Lien Term Loan | S + 5.00% | 0.75% | 9.31% | 12/21/2026 | 2424 | 2419 | 2406 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;BC Group Holdings, Inc. | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.25% | 0.75% | 9.56% | 12/21/2026 | 8033 | 1004 | 956 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Blackbird Purchaser, Inc. | (8) | First Lien Term Loan | S + 5.50% | 0.75% | 9.81% | 12/19/2030 | 4656 | 4614 | 4656 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Blackbird Purchaser, Inc. | (7)(15) | First Lien Delayed Draw Term Loan | S + 5.50% | 0.75% | 9.81% | 12/19/2030 | 926 | 320 | 329 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Blackbird Purchaser, Inc. | (7)(15) | First Lien Revolver | S + 5.50% | 0.75% | 9.81% | 12/19/2029 | 619 | 150 | 155 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Blackhawk Industrial Distribution, Inc. | (8) | First Lien Term Loan | S + 5.25% | 1.00% | 9.71% | 9/17/2026 | 7078 | 7078 | 7049 | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Blackhawk Industrial Distribution, Inc. | (13)(15) | First Lien Term Loan | S + 5.25% | 1.00% | 9.71% | 9/17/2026 | 2880 | 2869 | 2868 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Blackhawk Industrial Distribution, Inc. | (8)(13) | First Lien Term Loan | S + 5.25% | 1.00% | 9.71% | 9/17/2026 | 236 | 236 | 235 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Blackhawk Industrial Distribution, Inc. | (7)(15) | First Lien Revolver | S + 5.25% | 1.00% | 9.71% | 9/17/2026 | 3503 | 596 | 599 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;BradyPlus Holdings, LLC | (8)(13) | First Lien Term Loan | S + 5.00% | 1.00% | 9.31% | 10/31/2029 | 248 | 245 | 245 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dealer Tire Financial, LLC | (5)(15) | First Lien Term Loan | S + 3.50% | 0.50% | 7.83% | 7/2/2031 | 4547 | 4541 | 4563 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnstone Supply, LLC | (5) | First Lien Term Loan | S + 2.50% | 0.00% | 6.83% | 6/9/2031 | 4940 | 4942 | 4962 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Motion & Control Enterprises LLC | (8)(13) | First Lien Term Loan | S + 6.00% | 1.00% | 10.31% | 6/1/2028 | 3239 | 3219 | 3179 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Motion & Control Enterprises LLC | (7)(8)(15) | First Lien Delayed Draw Term Loan | S + 6.00% | 1.00% | 10.31% | 6/1/2028 | 2071 | 608 | 580 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vessco Midco Holdings, LLC | (13)(15) | First Lien Term Loan | S + 4.75% | 1.00% | 9.06% | 7/24/2031 | 24520 | 24399 | 24397 | 1.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vessco Midco Holdings, LLC | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 4.75% | 0.75% | 9.00% | 7/24/2031 | 8173 | 2122 | 2111 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vessco Midco Holdings, LLC | (7)(13)(15) | First Lien Revolver | S + 4.25% | 0.75% | 8.56% | 7/24/2031 | 2724 | (13) | (14) |  |
|  |  |  |  |  |  |  |  | 59835 | 59759 | 4.82 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2024**

*(in thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Diversified Consumer Services |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC | (8) | First Lien Term Loan | 11.59% (Incl. 2.00% PIK) | 1.00% | 11.59% (Incl. 2.00% PIK) | 10/24/2030 | $4792 | $4729 | $4770 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.00% | 1.00% | 9.31% | 9/24/2031 | 14000 | 4008 | 3986 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC | (15) | First Lien Delayed Draw Term Loan | S + 5.00% | 1.00% | 9.31% | 10/24/2030 | 1141 | 1117 | 1135 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC | (7)(15) | First Lien Revolver | S + 5.00% | 1.00% | 9.31% | 10/24/2029 | 378 | 257 | 255 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;AVE Holdings III, Corp. | (8)(15) | First Lien Term Loan | S + 5.25% | 0.75% | 9.81% | 2/25/2028 | 247 | 245 | 244 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;AVG Intermediate Holdings LLC | (8) | First Lien Term Loan | S + 6.00% | 1.00% | 10.41% | 3/16/2027 | 829 | 829 | 809 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;AVG Intermediate Holdings LLC | (8) | First Lien Delayed Draw Term Loan | S + 6.00% | 1.00% | 10.41% | 3/16/2027 | 3056 | 3056 | 2979 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;AVG Intermediate Holdings LLC | (7)(15) | First Lien Revolver | S + 6.00% | 1.00% | 10.41% | 3/16/2027 | 166 |  | (4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;COP Hometown Acquisitions, Inc. | (8) | First Lien Term Loan | S + 5.25% | 1.00% | 9.71% | 7/16/2027 | 4962 | 4877 | 4927 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;CVP Holdco, Inc. | (13)(15) | First Lien Term Loan | S + 4.75% | 0.75% | 9.08% | 6/30/2031 | 22159 | 22107 | 22106 | 1.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;CVP Holdco, Inc. | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.75% | 9.33% | 6/28/2031 | 5883 | (7) | (14) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CVP Holdco, Inc. | (7)(13)(15) | First Lien Revolver | S + 5.00% | 0.75% | 9.33% | 6/28/2030 | 2353 | (6) | (6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;EOS Fitness Opco Holdings, LLC | (8) | First Lien Term Loan | S + 5.25% | 0.75% | 9.56% | 1/5/2028 | 1810 | 1784 | 1806 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;EOS Fitness Opco Holdings, LLC | (8)(13) | First Lien Term Loan | S + 5.25% | 0.75% | 9.56% | 1/5/2028 | 149 | 147 | 149 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;EOS Fitness Opco Holdings, LLC | (8)(13) | First Lien Term Loan | S + 5.25% | 0.00% | 9.56% | 1/5/2028 | 770 | 770 | 769 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;EOS Fitness Opco Holdings, LLC | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.25% | 0.00% | 9.56% | 1/5/2028 | 3862 | 1170 | 1188 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;EOS Fitness Opco Holdings, LLC | (8) | First Lien Delayed Draw Term Loan | S + 5.25% | 0.75% | 9.56% | 1/5/2028 | 170 | 167 | 169 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Essential Services Holding Corporation | (13)(15) | First Lien Term Loan | S + 5.00% | 0.75% | 9.31% | 6/17/2031 | 10617 | 10593 | 10592 | 0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Essential Services Holding Corporation | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.75% | 9.31% | 6/17/2031 | 2082 | (2) | (5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Essential Services Holding Corporation | (7)(13)(15) | First Lien Revolver | S + 5.00% | 0.75% | 9.31% | 6/17/2030 | 1301 | (3) | (3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Flint Opco, LLC | (8) | First Lien Term Loan | S + 4.75% | 1.00% | 9.06% | 8/15/2030 | 247 | 245 | 247 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flint Opco, LLC | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 4.75% | 1.00% | 9.06% | 8/15/2030 | 4063 | 1261 | 1273 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;FSHS I, LLC | (8) | First Lien Term Loan | S + 5.75% | 0.75% | 10.08% | 11/18/2028 | 3986 | 3986 | 3918 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;GS Seer Group Borrower LLC | (8) | First Lien Term Loan | S + 6.75% | 1.00% | 11.06% | 4/29/2030 | 4950 | 4861 | 4851 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;GSV Holding, LLC | (8)(13) | First Lien Term Loan | S + 2.63% | 1.00% | 10.06% (Incl. 3.13% PIK) | 10/18/2030 | 36905 | 36721 | 36731 | 2.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;GSV Holding, LLC | (7)(13)(15) | First Lien Revolver | S + 4.25% | 1.00% | 8.56% | 10/18/2030 | 1651 | (8) | (8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Buyer LLC | (8) | First Lien Term Loan | S + 5.50% | 0.75% | 9.81% | 4/29/2029 | 2992 | 2967 | 2962 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Buyer LLC | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.50% | 0.75% | 9.81% | 4/27/2029 | 12565 | 2486 | 2456 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Service TopCo IV, Inc. | (8) | First Lien Term Loan | S + 6.00% | 1.00% | 10.41% | 12/31/2027 | 4950 | 4950 | 4950 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Innovetive Petcare, LLC | (8) | First Lien Term Loan | S + 5.00% | 1.00% | 9.46% | 6/30/2028 | 194 | 188 | 191 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Innovetive Petcare, LLC | (8) | First Lien Delayed Draw Term Loan | S + 5.00% | 1.00% | 9.46% | 6/30/2028 | 47 | 46 | 46 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Innovetive Petcare, LLC | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.00% | 1.00% | 9.46% | 6/30/2028 | 18850 | 13170 | 12980 | 1.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;PPV Intermediate Holdings, LLC | (8) | First Lien Term Loan | S + 5.75% | 0.75% | 10.06% | 8/31/2029 | 242 | 240 | 242 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;PPV Intermediate Holdings, LLC | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.25% | 0.75% | 9.56% | 8/31/2029 | 15038 | (34) | (150) | (0.01) |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2024**

*(in thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Diversified Consumer Services (continued) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Seahawk Bidco, LLC | (8)(13) | First Lien Term Loan | S + 4.75% | 0.00% | 9.06% | 12/19/2031 | $13576 | $13526 | $13526 | 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Seahawk Bidco, LLC | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 4.75% | 0.00% | 9.06% | 12/19/2031 | 4242 | (8) | (16) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Seahawk Bidco, LLC | (7)(13)(15) | First Lien Revolver | S + 4.75% | 0.00% | 9.06% | 12/19/2030 | 1273 | (5) | (5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Southern Veterinary Partners, LLC | (5)(15) | First Lien Term Loan | S + 3.25% | 0.00% | 7.56% | 12/4/2031 | 4000 | 3980 | 4033 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taymax Group Acquisition, LLC | (8) | First Lien Term Loan | S + 6.00% | 1.00% | 10.43% | 7/31/2026 | 1485 | 1485 | 1481 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;US Fitness Holdings, LLC | (8)(13) | First Lien Term Loan | S + 5.50% | 0.75% | 9.81% | 9/4/2031 | 27569 | 27431 | 27440 | 2.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;US Fitness Holdings, LLC | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.50% | 0.75% | 9.81% | 9/4/2031 | 6892 | (31) | (32) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;US Fitness Holdings, LLC | (7)(13)(15) | First Lien Revolver | S + 5.50% | 0.75% | 9.81% | 9/4/2030 | 2651 | 517 | 518 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertex Service Partners, LLC | (8) | First Lien Term Loan | S + 5.75% | 0.75% | 10.08% | 11/8/2030 | 248 | 244 | 248 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertex Service Partners, LLC | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.50% | 0.00% | 9.81% | 11/8/2030 | 1501 | 28 | 28 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;VPP Intermediate Holdings, LLC | (8) | First Lien Term Loan | S + 5.75% | 1.00% | 10.18% | 12/1/2027 | 1818 | 1818 | 1814 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;VPP Intermediate Holdings, LLC | (8)(15) | First Lien Delayed Draw Term Loan | S + 5.75% | 1.00% | 10.18% | 12/1/2027 | 4409 | 4398 | 4393 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;VPP Intermediate Holdings, LLC | (7)(15) | First Lien Revolver | S + 5.25% | 1.00% | 9.68% | 12/1/2027 | 223 |  | (1) |  |
|  |  |  |  |  |  |  |  | 180300 | 179968 | 14.43 |
| Diversified Telecommunication Services |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardian US Holdco LLC | (5) | First Lien Term Loan | S + 3.50% | 0.50% | 7.83% | 1/31/2030 | 4964 | 4972 | 4981 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Virgin Media Bristol LLC | (5)(6) | First Lien Term Loan | S + 3.18% | 0.00% | 7.61% | 3/31/2031 | 2877 | 2844 | 2854 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zacapa S.a r.l. | (5)(6) | First Lien Term Loan | S + 3.75% | 0.50% | 8.06% | 3/22/2029 | 4888 | 4897 | 4922 | 0.39 |
|  |  |  |  |  |  |  |  | 12713 | 12757 | 1.02 |
| Electrical Equipment |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Infinite Bidco LLC | (8) | First Lien Term Loan | S + 6.25% | 1.00% | 10.56% | 3/2/2028 | 247 | 245 | 247 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Power Grid Holdings, Inc. | (8) | First Lien Term Loan | S + 4.75% | 0.75% | 9.06% | 12/2/2030 | 6200 | 6149 | 6200 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;TPC Engineering Holdings, Inc. | (8)(15) | First Lien Term Loan | S + 5.50% | 0.00% | 9.93% | 2/16/2027 | 1600 | 1598 | 1584 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;TPC Engineering Holdings, Inc. | (8) | First Lien Delayed Draw Term Loan | S + 5.50% | 0.00% | 9.93% | 2/16/2027 | 64 | 64 | 64 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;TPC Engineering Holdings, Inc. | (7)(15) | First Lien Revolver | S + 4.50% | 0.00% | 8.83% | 2/16/2027 | 1565 | 1040 | 1021 | 0.08 |
|  |  |  |  |  |  |  |  | 9096 | 9116 | 0.74 |
| Electronic Equipment, Instruments and Components |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AdvancedPCB Intermediate Holdings, Inc.(f/k/a AEP Passion Intermediate Holdings, Inc.) | (13)(15) | First Lien Term Loan | S + 6.50% | 1.00% | 10.96% | 10/5/2027 | 249 | 249 | 236 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dwyer Instruments, LLC | (8) | First Lien Term Loan | S + 4.75% | 0.75% | 9.06% | 7/20/2029 | 232 | 229 | 230 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dwyer Instruments, LLC | (8)(13) | First Lien Term Loan | S + 4.75% | 0.75% | 9.06% | 7/23/2029 | 21778 | 21564 | 21567 | 1.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dwyer Instruments, LLC | (8) | First Lien Delayed Draw Term Loan | S + 4.75% | 0.75% | 9.06% | 7/20/2029 | 16 | 16 | 16 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dwyer Instruments, LLC | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 4.75% | 0.75% | 9.06% | 7/23/2029 | 2828 | (14) | (27) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dwyer Instruments, LLC | (7)(13)(15) | First Lien Revolver | S + 7.75% | 0.00% | 12.06% | 7/23/2029 | 3394 | (33) | (33) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Excelitas Technologies Corp. | (8) | First Lien Term Loan | S + 5.25% | 0.75% | 9.58% | 8/12/2029 | 193 | 191 | 193 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Excelitas Technologies Corp. | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.25% | 0.75% | 9.56% | 8/12/2029 | 5044 | (11) | (13) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Phoenix 1 Buyer Corp. | (8) | First Lien Term Loan | S + 4.75% | 0.75% | 9.08% | 11/20/2030 | 249 | 246 | 249 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wildcat Topco, Inc. | (8)(13) | First Lien Term Loan | S + 5.00% | 0.75% | 9.33% | 11/17/2031 | 18161 | 18072 | 18074 | 1.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wildcat Topco, Inc. | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.75% | 9.33% | 11/17/2031 | 3243 |  | (16) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wildcat Topco, Inc. | (7)(13)(15) | First Lien Revolver | S + 5.00% | 0.75% | 9.33% | 11/17/2031 | 3243 | (48) | (16) |  |
|  |  |  |  |  |  |  |  | 40461 | 40460 | 3.26 |

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[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2024**

*(in thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Energy Equipment and Services |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CRCI Longhorn Holdings, Inc. | (13)(15) | First Lien Term Loan | S + 5.00% | 0.75% | 9.33% | 8/27/2031 | $18177 | $18089 | $18155 | 1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;CRCI Longhorn Holdings, Inc. | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.75% | 9.33% | 8/27/2031 | 4544 | (11) | (5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CRCI Longhorn Holdings, Inc. | (7)(13)(15) | First Lien Revolver | S + 5.00% | 0.75% | 9.33% | 8/27/2031 | 3030 | 1349 | 1360 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;DMC Holdco, LLC | (8) | First Lien Term Loan | S + 4.75% | 1.00% | 9.08% | 7/13/2029 | 248 | 246 | 247 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Integrated Power Services Holdings, Inc. | (8)(13) | First Lien Term Loan | S + 4.50% | 0.75% | 8.95% | 11/22/2028 | 21822 | 21749 | 21779 | 1.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Integrated Power Services Holdings, Inc. | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 4.50% | 0.75% | 8.83% | 11/22/2028 | 11579 | (27) | (23) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Integrated Power Services Holdings, Inc. | (7)(15) | First Lien Revolver | P + 4.50% | 0.00% | 12.00% | 11/22/2027 | 544 | 73 | 81 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Phillips & Temro Industries Inc. | (8) | First Lien Term Loan | S + 5.00% | 1.00% | 9.46% | 9/8/2025 | 241 | 241 | 241 | 0.02 |
|  |  |  |  |  |  |  |  | 41709 | 41835 | 3.37 |
| Financial Services |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aretec Group, Inc. | (5)(15) | First Lien Term Loan | S + 3.50% | 0.00% | 7.83% | 8/9/2030 | 5000 | 5000 | 5017 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ascensus Group Holdings, Inc. | (5) | First Lien Term Loan | S + 3.00% | 0.00% | 7.33% | 8/2/2028 | 3686 | 3694 | 3722 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cerity Partners Equity Holding LLC | (8) | First Lien Term Loan | S + 5.25% | 0.75% | 9.56% | 7/28/2029 | 5642 | 5620 | 5642 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cerity Partners Equity Holding LLC | (7)(8)(15) | First Lien Delayed Draw Term Loan | S + 5.25% | 0.75% | 9.56% | 7/30/2029 | 27288 | 12321 | 12382 | 0.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cerity Partners Equity Holding LLC | (7)(15) | First Lien Revolver | S + 5.75% | 0.75% | 10.06% | 7/28/2028 | 3266 | (8) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CFGI Holdings, LLC | (8) | First Lien Term Loan | S + 4.50% | 0.75% | 8.83% | 11/2/2027 | 4756 | 4691 | 4720 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;CFGI Holdings, LLC | (7)(15) | First Lien Revolver | S + 4.50% | 0.75% | 8.83% | 11/2/2027 | 191 | (3) | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cherry Bekaert Advisory LLC | (8) | First Lien Term Loan | S + 5.25% | 0.75% | 9.58% | 6/30/2028 | 1945 | 1896 | 1945 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cherry Bekaert Advisory LLC | (8) | First Lien Delayed Draw Term Loan | S + 5.25% | 0.75% | 9.58% | 6/30/2028 | 801 | 781 | 801 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cherry Bekaert Advisory LLC | (7)(15) | First Lien Revolver | S + 5.50% | 0.75% | 9.83% | 6/30/2028 | 226 | (5) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Citrin Cooperman Advisors, LLC | (8) | First Lien Term Loan | S + 5.00% | 0.75% | 9.25% | 10/1/2027 | 830 | 830 | 830 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Citrin Cooperman Advisors, LLC | (8) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.75% | 9.25% | 10/1/2027 | 2138 | 2138 | 2138 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contractual Buyer, LLC | (8) | First Lien Term Loan | S + 6.00% | 0.75% | 10.33% | 10/10/2030 | 248 | 244 | 248 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Focus Financial Partners, LLC | (5)(15) | First Lien Term Loan | S + 3.25% | 0.00% | 7.58% | 9/15/2031 | 3912 | 3902 | 3952 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Focus Financial Partners, LLC | (5)(7)(15) | First Lien Delayed Draw Term Loan | S + 3.25% | 0.00% | 7.58% | 9/15/2031 | 420 |  | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreside Financial Group, LLC | (8) | First Lien Term Loan | S + 5.25% | 1.00% | 9.68% | 9/30/2027 | 5729 | 5653 | 5729 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreside Financial Group, LLC | (7)(15) | First Lien Revolver | S + 5.50% | 1.00% | 9.98% | 9/30/2027 | 712 | (9) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GTCR Everest Borrower, LLC | (5) | First Lien Term Loan | S + 2.75% | 0.00% | 7.06% | 9/5/2031 | 5000 | 4989 | 5027 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Heights Buyer, LLC | (8) | First Lien Term Loan | S + 5.75% | 1.00% | 10.16% | 8/25/2028 | 3798 | 3798 | 3798 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Heights Buyer, LLC | (7)(15) | First Lien Delayed Draw Term Loan | S + 5.75% | 1.00% | 10.16% | 8/25/2028 | 620 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Heights Buyer, LLC | (7)(15) | First Lien Revolver | S + 5.75% | 1.00% | 10.16% | 8/25/2028 | 543 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Kriv Acquisition Inc. | (8) | First Lien Term Loan | S + 5.75% | 1.00% | 10.06% | 7/6/2029 | 2259 | 2244 | 2248 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kriv Acquisition Inc. | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 6.50% | 1.00% | 10.81% | 7/6/2029 | 8343 | (20) | (42) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Kriv Acquisition Inc. | (15) | First Lien Delayed Draw Term Loan | S + 5.75% | 1.00% | 10.06% | 7/6/2029 | 339 | 334 | 337 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kriv Acquisition Inc. | (7)(15) | First Lien Revolver | S + 6.50% | 1.00% | 10.81% | 7/6/2029 | 377 | (2) | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Minotaur Acquisition, Inc. | (8)(13) | First Lien Term Loan | S + 5.00% | 1.00% | 9.33% | 6/3/2030 | 24363 | 24135 | 24192 | 1.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Minotaur Acquisition, Inc. | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.00% | 1.00% | 9.33% | 6/3/2030 | 8141 | 4013 | 4014 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Minotaur Acquisition, Inc. | (7)(13)(15) | First Lien Revolver | S + 5.00% | 1.00% | 9.33% | 6/3/2030 | 2442 | (24) | (17) |  |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2024**

*(in thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Financial Services (continued) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Neon Maple Purchaser Inc. | (5)(6)(15) | First Lien Term Loan | S + 3.00% | 0.00% | 7.33% | 11/15/2031 | $5000 | $4988 | $5016 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pathstone Family Office LLC | (8)(15) | First Lien Term Loan | S + 5.00% | 1.00% | 9.43% | 5/15/2029 | 3130 | 3097 | 3114 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pathstone Family Office LLC | (8)(13) | First Lien Term Loan | S + 5.00% | 1.00% | 9.33% | 5/15/2029 | 23545 | 23427 | 23427 | 1.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pathstone Family Office LLC | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.00% | 9.43% | 5/15/2029 | 5318 | 258 | 257 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pathstone Family Office LLC | (7)(15) | First Lien Revolver | S + 5.00% | 1.00% | 9.43% | 5/15/2028 | 2502 | (13) | (13) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;The Chartis Group, LLC | (8)(13) | First Lien Term Loan | S + 4.50% | 0.75% | 8.81% | 9/17/2031 | 12660 | 12603 | 12596 | 1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Chartis Group, LLC | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 4.50% | 0.75% | 8.81% | 9/17/2031 | 3875 | (9) | (19) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;The Chartis Group, LLC | (7)(13)(15) | First Lien Revolver | S + 4.50% | 0.75% | 8.81% | 9/17/2031 | 1938 | (9) | (10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wealth Enhancement Group, LLC | (7)(8)(15) | First Lien Delayed Draw Term Loan | S + 5.00% | 1.00% | 9.31% | 10/2/2028 | 31905 | 2760 | 2647 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wealth Enhancement Group, LLC | (7)(15) | First Lien Revolver | S + 5.25% | 1.00% | 9.56% | 10/2/2028 | 1073 | (3) | (8) |  |
|  |  |  |  |  |  |  |  | 133311 | 133691 | 10.72 |
| Food Products |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiesta Purchaser, Inc. | (5)(15) | First Lien Term Loan | S + 3.25% | 0.00% | 7.58% | 2/12/2031 | 2244 | 2251 | 2249 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Primary Products Finance LLC | (5)(15) | First Lien Term Loan | S + 3.25% | 0.00% | 7.58% | 4/1/2029 | 3839 | 3852 | 3855 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;RB Holdings Interco, LLC | (8) | First Lien Term Loan | S + 5.00% | 1.00% | 9.43% | 5/4/2028 | 247 | 245 | 247 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sigma Holdco B.V. | (5)(6)(15) | First Lien Term Loan | S + 4.25% | 0.00% | 8.72% | 1/3/2028 | 4989 | 4969 | 5013 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sugar PPC Buyer LLC | (8) | First Lien Term Loan | S + 5.25% | 1.00% | 9.58% | 10/2/2030 | 248 | 244 | 247 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sugar PPC Buyer LLC | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.25% | 0.00% | 9.58% | 10/2/2030 | 6800 | (16) | (34) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;WPP Bullet Buyer, LLC | (8) | First Lien Term Loan | S + 5.25% | 1.00% | 9.56% | 12/7/2030 | 7444 | 7364 | 7355 | 0.59 |
|  |  |  |  |  |  |  |  | 18909 | 18932 | 1.52 |
| Ground Transportation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AMS Parent, LLC | (8) | First Lien Term Loan | S + 5.00% | 0.75% | 9.45% | 10/25/2028 | 247 | 244 | 244 | 0.02 |
|  |  |  |  |  |  |  |  | 244 | 244 | 0.02 |
| Health Care Technology |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acentra Holdings, LLC | (8) | First Lien Term Loan | S + 5.50% | 0.50% | 9.81% | 12/17/2029 | 1887 | 1887 | 1879 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acentra Holdings, LLC | (7)(15) | First Lien Revolver | S + 6.50% | 0.50% | 10.81% | 12/17/2029 | 94 | 10 | 10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ATHENAHEALTH GROUP INC. | (5)(15) | First Lien Term Loan | S + 3.25% | 0.50% | 7.58% | 2/15/2029 | 4841 | 4814 | 4863 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Caerus US 1 Inc. | (6)(8) | First Lien Term Loan | S + 5.00% | 0.75% | 9.31% | 5/25/2029 | 2593 | 2593 | 2587 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cotiviti, Inc. | (5)(15) | First Lien Term Loan | S + 2.75% | 0.00% | 7.08% | 5/1/2031 | 2726 | 2732 | 2744 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;DeLorean Purchaser, Inc. | (13)(15) | First Lien Term Loan | S + 4.75% | 0.75% | 9.06% | 12/16/2031 | 30494 | 30266 | 30265 | 2.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;DeLorean Purchaser, Inc. | (7)(13)(15) | First Lien Revolver | S + 4.75% | 0.75% | 9.06% | 12/16/2031 | 4574 | (34) | (34) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gainwell Acquisition Corp. | (5) | First Lien Term Loan | S + 4.00% | 0.75% | 8.43% | 10/1/2027 | 1984 | 1907 | 1927 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;HT Intermediary III, Inc. | (8)(13) | First Lien Term Loan | S + 4.75% | 0.75% | 9.08% | 11/12/2030 | 14700 | 14628 | 14629 | 1.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;HT Intermediary III, Inc. | (7)(13)(15) | First Lien Revolver | S + 4.75% | 1.00% | 9.08% | 11/12/2030 | 1336 | 171 | 172 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;HT Intermediary III, Inc. | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 4.75% | 1.00% | 9.08% | 11/12/2030 | 3564 | (9) | (17) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;IMO Investor Holdings, Inc. | (8) | First Lien Term Loan | S + 5.00% | 0.75% | 9.31% | 5/11/2029 | 12343 | 12340 | 12343 | 0.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;IMO Investor Holdings, Inc. | (15) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.75% | 9.31% | 5/11/2029 | 1577 | 1577 | 1577 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;IMO Investor Holdings, Inc. | (7)(13)(15) | First Lien Revolver | S + 5.00% | 0.00% | 9.25% | 5/11/2028 | 1479 | 44 | 44 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Health Acquisition Corp. | (13)(15) | First Lien Term Loan | S + 4.75% | 0.75% | 9.08% | 7/5/2031 | 30605 | 30457 | 30605 | 2.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Health Acquisition Corp. | (7)(13)(15) | First Lien Revolver | S + 4.75% | 0.75% | 9.08% | 7/3/2031 | 3924 | 610 | 628 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;PointClickCare Technologies Inc. | (5)(6)(15) | First Lien Term Loan | S + 3.25% | 0.00% | 7.56% | 11/3/2031 | 3387 | 3379 | 3413 | 0.27 |
|  |  |  |  |  |  |  |  | 107372 | 107635 | 8.62 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2024**

*(in thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Healthcare Equipment and Supplies |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agiliti Health, Inc. | (5) | First Lien Term Loan | S + 3.00% | 0.00% | 7.25% | 5/1/2030 | $3970 | $3953 | $3905 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alcor Scientific LLC | (8) | First Lien Term Loan | S + 4.50% | 1.00% | 8.93% | 1/31/2028 | 215 | 213 | 215 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aspen Medical Products, LLC | (8) | First Lien Term Loan | S + 4.75% | 1.00% | 9.08% | 6/10/2028 | 3917 | 3911 | 3908 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Belmont Instrument, LLC | (8) | First Lien Term Loan | S + 6.25% | 1.00% | 10.56% | 8/19/2028 | 2970 | 2938 | 2970 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Blades Buyer, Inc. | (8) | First Lien Term Loan | S + 5.00% | 1.00% | 9.41% | 3/28/2028 | 3081 | 3081 | 3073 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Blades Buyer, Inc. | (8) | First Lien Delayed Draw Term Loan | S + 5.00% | 1.00% | 9.41% | 3/28/2028 | 1727 | 1727 | 1722 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Blades Buyer, Inc. | (7)(15) | First Lien Revolver | S + 4.50% | 1.00% | 8.81% | 3/28/2028 | 155 | 35 | 34 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CDL Parent, Inc. | (8) | First Lien Term Loan | S + 5.00% | 1.00% | 9.46% | 12/7/2027 | 249 | 245 | 247 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;CDL Parent, Inc. | (8)(13) | First Lien Term Loan | S + 5.00% | 1.00% | 9.31% | 12/7/2027 | 15171 | 15064 | 15063 | 1.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;CDL Parent, Inc. | (7)(13)(15) | First Lien Revolver | S + 5.00% | 1.00% | 9.46% | 12/7/2027 | 867 | 132 | 133 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;CPC/Cirtec Holdings, Inc | (8)(15) | First Lien Term Loan | S + 4.75% | 0.75% | 9.08% | 1/30/2029 | 6951 | 6941 | 6933 | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;CPC/Cirtec Holdings, Inc | (7)(13)(15) | First Lien Revolver | S + 5.00% | 0.75% | 9.33% | 10/31/2028 | 670 | (3) | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CVET Midco 2, L.P. | (5) | First Lien Term Loan | S + 5.00% | 0.50% | 9.33% | 10/15/2029 | 3030 | 3036 | 2923 | 0.23 |
|  |  |  |  |  |  |  |  | 41273 | 41124 | 3.30 |
| Healthcare Providers and Services |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AB Centers Acquisition Corporation | (8)(13)(15) | First Lien Term Loan | S + 5.25% | 0.75% | 9.56% | 7/2/2031 | 11520 | 11451 | 11438 | 0.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;AB Centers Acquisition Corporation | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.25% | 0.75% | 9.56% | 7/2/2031 | 1502 | 97 | 92 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;AB Centers Acquisition Corporation | (7)(13)(15) | First Lien Revolver | S + 5.25% | 0.75% | 9.56% | 7/2/2031 | 751 | (5) | (5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ACI Group Holdings, Inc. | (8) | First Lien Term Loan | S + 2.75% | 0.75% | 10.43% (Incl. 3.25% PIK) | 8/2/2028 | 3421 | 3421 | 3319 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;ACI Group Holdings, Inc. | (8)(15) | First Lien Delayed Draw Term Loan | S + 5.50% | 0.75% | 10.43% (Incl. 3.25% PIK) | 8/2/2028 | 1243 | 1238 | 1205 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;ACI Group Holdings, Inc. | (7)(15) | First Lien Revolver | S + 5.50% | 0.75% | 9.83% | 8/2/2027 | 298 | 30 | 24 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Arrow Management Acquisition, LLC | (8) | First Lien Term Loan | S + 4.75% | 1.00% | 9.06% | 10/14/2027 | 460 | 451 | 454 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arrow Management Acquisition, LLC | (7)(8)(15) | First Lien Delayed Draw Term Loan | S + 4.75% | 1.00% | 9.00% | 10/14/2027 | 2523 | 2475 | 2502 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Azalea TopCo, Inc. | (5) | First Lien Term Loan | S + 3.25% | 0.00% | 7.58% | 4/30/2031 | 4540 | 4520 | 4559 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cardiology Management Holdings, LLC | (8) | First Lien Term Loan | S + 6.25% | 1.00% | 10.56% | 1/31/2029 | 104 | 104 | 104 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cardiology Management Holdings, LLC | (7)(8)(15) | First Lien Delayed Draw Term Loan | S + 5.25% | 1.00% | 9.56% | 1/31/2029 | 144 | 76 | 76 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Charlotte Buyer, Inc. | (5)(15) | First Lien Term Loan | S + 4.75% | 0.50% | 9.08% | 2/11/2028 | 4438 | 4451 | 4471 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Community Medical Acquisition Corp. | (8) | First Lien Term Loan | S + 4.75% | 1.00% | 9.25% | 12/15/2028 | 247 | 239 | 243 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;DCA Investment Holding LLC | (8) | First Lien Term Loan | S + 6.41% | 0.75% | 10.71% | 4/3/2028 | 2642 | 2560 | 2556 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;DCA Investment Holding LLC | (8) | First Lien Delayed Draw Term Loan | S + 6.41% | 0.75% | 10.71% | 4/3/2028 | 326 | 316 | 315 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;DOCS, MSO, LLC | (8) | First Lien Term Loan | S + 5.75% | 0.75% | 10.18% | 6/1/2028 | 247 | 241 | 245 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;ENT MSO, LLC | (8) | First Lien Term Loan | S + 6.50% | 1.00% | 10.81% | 12/31/2025 | 136 | 136 | 136 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;ENT MSO, LLC | (8)(15) | First Lien Delayed Draw Term Loan | S + 7.00% | 1.00% | 11.31% | 12/31/2025 | 84 | 84 | 84 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;ENT MSO, LLC | (8) | First Lien Delayed Draw Term Loan | S + 6.50% | 1.00% | 10.81% | 12/31/2025 | 27 | 27 | 27 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Golden State Buyer, Inc. | (8) | First Lien Term Loan | S + 4.75% | 0.75% | 9.18% | 6/22/2026 | 242 | 242 | 242 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;ImageFirst Holdings, LLC | (7)(15) | First Lien Revolver | S + 4.00% | 0.75% | 8.33% | 4/27/2028 | 2094 | 386 | 419 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;IvyRehab Intermediate II, LLC | (8) | First Lien Term Loan | S + 5.00% | 0.75% | 9.41% | 4/23/2029 | 200 | 198 | 200 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;IvyRehab Intermediate II, LLC | (8) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.75% | 9.41% | 4/21/2029 | 12 | 12 | 12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NJEye LLC | (8) | First Lien Term Loan | S + 4.75% | 1.00% | 9.31% | 3/14/2025 | 1057 | 1057 | 1057 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;NJEye LLC | (8) | First Lien Delayed Draw Term Loan | S + 4.75% | 1.00% | 9.15% | 3/14/2025 | 748 | 748 | 748 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;NJEye LLC | (7)(15) | First Lien Revolver | S + 5.25% | 1.00% | 9.81% | 3/14/2025 | 184 |  |  |  |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2024**

*(in thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Healthcare Providers and Services (continued) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OB Hospitalist Group, Inc. | (8) | First Lien Term Loan | S + 5.25% | 0.75% | 9.68% | 9/27/2027 | $229 | $228 | $228 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;OIS Management Services, LLC | (8) | First Lien Term Loan | S + 4.75% | 0.75% | 9.06% | 11/16/2028 | 1723 | 1723 | 1706 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;OIS Management Services, LLC | (8) | First Lien Delayed Draw Term Loan | S + 4.75% | 0.75% | 9.06% | 11/16/2028 | 1247 | 1247 | 1234 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;ONS MSO, LLC | (8) | First Lien Term Loan | S + 6.25% | 1.00% | 10.66% | 7/8/2026 | 248 | 247 | 248 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Orsini Pharmaceutical Services, LLC | (8) | First Lien Term Loan | S + 5.25% | 0.75% | 9.68% | 5/2/2029 | 4656 | 4606 | 4656 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Orsini Pharmaceutical Services, LLC | (7)(15) | First Lien Revolver | S + 4.25% | 0.75% | 8.68% | 5/2/2028 | 297 | (3) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Phantom Purchaser, Inc. | (8)(13) | First Lien Term Loan | S + 5.00% | 0.75% | 9.31% | 9/19/2031 | 20746 | 20699 | 20696 | 1.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Phantom Purchaser, Inc. | (7)(13)(15) | First Lien Revolver | S + 5.00% | 0.75% | 9.31% | 9/19/2031 | 2654 | (6) | (6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Phynet Dermatology LLC | (8) | First Lien Term Loan | S + 6.50% | 1.00% | 10.81% | 10/20/2029 | 248 | 245 | 246 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Raven Acquisition Holdings, LLC | (5)(15) | First Lien Term Loan | S + 3.25% | 0.00% | 7.58% | 11/19/2031 | 4667 | 4644 | 4683 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Raven Acquisition Holdings, LLC | (5)(7)(15) | First Lien Delayed Draw Term Loan | S + 3.25% | 0.00% | 7.58% | 11/19/2031 | 333 | (2) | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;RxSense Holdings LLC | (8) | First Lien Term Loan | S + 5.00% | 1.00% | 9.41% | 3/13/2026 | 2969 | 2965 | 2969 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;SCP Eye Care Holdco, LLC | (15) | First Lien Delayed Draw Term Loan | S + 5.50% | 1.00% | 9.93% | 10/7/2029 | 248 | 247 | 246 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Select Medical Corporation | (3)(5)(6)(15) | First Lien Term Loan | S + 2.00% | 0.00% | 6.33% | 12/3/2031 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SM Wellness Holdings, Inc. | (8) | First Lien Term Loan | S + 4.50% | 0.75% | 9.07% | 4/17/2028 | 222 | 222 | 222 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Smile Doctors LLC | (8) | First Lien Term Loan | S + 5.90% | 0.75% | 10.31% | 12/23/2028 | 2471 | 2471 | 2459 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Smile Doctors LLC | (7)(15) | First Lien Delayed Draw Term Loan | S + 5.90% | 0.75% | 10.15% | 12/23/2028 | 222 | 132 | 132 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Smile Doctors LLC | (8) | First Lien Delayed Draw Term Loan | S + 5.90% | 0.75% | 10.25% | 12/23/2028 | 278 | 278 | 277 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialized Dental Holdings II, LLC | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 4.75% | 1.00% | 9.08% | 11/1/2027 | 9002 | 2905 | 2951 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;SpecialtyCare, Inc. | (8) | First Lien Term Loan | S + 5.75% | 1.00% | 10.32% | 6/18/2028 | 2957 | 2729 | 2846 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;SpecialtyCare, Inc. | (8) | First Lien Delayed Draw Term Loan | S + 5.75% | 1.00% | 10.32% | 6/19/2028 | 20 | 19 | 20 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;STCH Acquisition Inc. | (8) | First Lien Term Loan | S + 5.25% | 1.00% | 9.66% | 10/30/2026 | 2448 | 2448 | 2435 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;STCH Acquisition Inc. | (8)(13) | First Lien Term Loan | S + 5.25% | 0.00% | 9.68% | 10/30/2026 | 15216 | 15191 | 15140 | 1.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;STCH Acquisition Inc. | (8) | First Lien Delayed Draw Term Loan | S + 5.25% | 1.00% | 9.66% | 10/30/2026 | 273 | 273 | 272 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;STCH Acquisition Inc. | (7)(15) | First Lien Revolver | S + 6.25% | 0.00% | 10.66% | 10/30/2026 | 1547 | (6) | (8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Summit Behavioral Healthcare, LLC | (5) | First Lien Term Loan | S + 4.25% | 0.75% | 8.58% | 11/24/2028 | 3033 | 3033 | 2472 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;The GI Alliance Management, LLC | (8) | First Lien Term Loan | S + 5.50% | 1.00% | 10.00% | 9/15/2028 | 2450 | 2450 | 2450 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;The GI Alliance Management, LLC | (8) | First Lien Delayed Draw Term Loan | S + 5.50% | 1.00% | 9.96% | 9/15/2028 | 519 | 519 | 519 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;TST Intermediate Holdings, LLC | (8)(13) | First Lien Term Loan | S + 5.50% | 0.00% | 9.91% | 12/31/2028 | 123 | 122 | 122 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Turningpoint Healthcare Solutions, LLC | (8) | First Lien Term Loan | S + 4.75% | 1.00% | 9.18% | 7/14/2027 | 1725 | 1725 | 1712 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Turningpoint Healthcare Solutions, LLC | (7)(15) | First Lien Revolver | S + 3.75% | 1.00% | 8.08% | 7/14/2027 | 257 |  | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Endodontics Partners Holdings, LLC | (8) | First Lien Delayed Draw Term Loan | S + 4.75% | 1.00% | 9.08% | 11/1/2027 | 2977 | 2936 | 2977 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Digestive MSO Parent, LLC | (8) | First Lien Term Loan | S + 5.75% | 1.00% | 10.06% | 3/30/2029 | 247 | 247 | 246 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Urology Management Holdings, Inc. | (8) | First Lien Term Loan | S + 5.50% | 1.00% | 9.75% | 6/15/2027 | 143 | 140 | 141 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Urology Management Holdings, Inc. | (8) | First Lien Delayed Draw Term Loan | S + 5.50% | 1.00% | 9.81% | 6/15/2027 | 105 | 103 | 104 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;USHV Management, LLC | (8) | First Lien Term Loan | S + 6.50% | 1.00% | 10.91% | 12/23/2027 | 1976 | 1965 | 1944 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;USHV Management, LLC | (8) | First Lien Delayed Draw Term Loan | S + 6.38% | 1.00% | 10.78% | 12/23/2027 | 977 | 972 | 961 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vital Care Buyer, LLC | (13)(15) | First Lien Term Loan | S + 4.50% | 0.75% | 8.81% | 7/30/2031 | 21190 | 21084 | 21088 | 1.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vital Care Buyer, LLC | (7)(13)(15) | First Lien Revolver | S + 4.75% | 0.75% | 9.06% | 7/30/2031 | 2789 | (13) | (13) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;WCG Intermediate Corp. | (5) | First Lien Term Loan | S + 3.50% | 1.00% | 7.83% | 1/8/2027 | 4470 | 4480 | 4494 | 0.36 |
|  |  |  |  |  |  |  |  | 137820 | 137391 | 11.08 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2024**

*(in thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Hotels, Restaurants and Leisure |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dave & Buster's, Inc. | (5)(6) | First Lien Term Loan | S + 3.25% | 0.50% | 7.58% | 6/29/2029 | $3858 | $3870 | $3800 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Movati Athletic (Group) Inc. | (6)(8)(13) | First Lien Term Loan | C + 4.75% | 0.00% | 8.32% | 5/29/2030 | CAD 28,731 | 20649 | 19824 | 1.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Movati Athletic (Group) Inc. | (6)(7)(13)(15) | First Lien Delayed Draw Term Loan | C + 5.25% | 1.00% | 8.82% | 5/29/2030 | CAD 3,500 | (35) | (18) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Movati Athletic (Group) Inc. | (6)(7)(13)(15) | First Lien Revolver | C + 5.25% | 0.00% | 8.82% | 5/29/2029 | CAD 2,625 | (29) | (14) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Southpaw AP Buyer, LLC | (13)(15) | First Lien Term Loan | S + 5.25% | 1.00% | 9.71% | 3/2/2028 | 23203 | 23047 | 23203 | 1.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southpaw AP Buyer, LLC | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.25% | 0.00% | 9.71% | 3/2/2028 | 4216 | 2932 | 2950 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southpaw AP Buyer, LLC | (7)(15) | First Lien Revolver | S + 6.00% | 0.00% | 10.33% | 3/2/2028 | 2178 | (17) |  |  |
|  |  |  |  |  |  |  |  | 50417 | 49745 | 3.99 |
| Household Products |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;TPC US Parent, LLC | (8) | First Lien Term Loan | S + 5.75% | 1.00% | 10.21% | 11/24/2025 | 179 | 179 | 178 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;TPC US Parent, LLC | (8) | First Lien Delayed Draw Term Loan | S + 5.75% | 1.00% | 10.21% | 11/24/2025 | 69 | 68 | 68 | 0.01 |
|  |  |  |  |  |  |  |  | 247 | 246 | 0.02 |
| Industrial Conglomerates |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;FCG Acquisitions, Inc. | (5) | First Lien Term Loan | S + 3.75% | 0.50% | 8.20% | 3/31/2028 | 4961 | 4950 | 5002 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Harvey Tool Company, LLC | (8) | First Lien Term Loan | S + 5.25% | 0.75% | 9.58% | 10/26/2027 | 3616 | 3500 | 3608 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Harvey Tool Company, LLC | (8)(13) | First Lien Term Loan | S + 5.25% | 0.75% | 9.58% | 10/26/2027 | 16578 | 16505 | 16542 | 1.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Harvey Tool Company, LLC | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.50% | 0.75% | 9.83% | 10/26/2027 | 7472 | 901 | 928 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Harvey Tool Company, LLC | (7)(15) | First Lien Revolver | S + 5.50% | 0.75% | 9.83% | 10/26/2027 | 2372 | (22) | (5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Madison Safety & Flow LLC | (5)(15) | First Lien Term Loan | S + 3.25% | 0.00% | 7.58% | 9/26/2031 | 4747 | 4748 | 4787 | 0.38 |
|  |  |  |  |  |  |  |  | 30582 | 30862 | 2.47 |
| Insurance |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accession Risk Management, Inc. | (8)(15) | First Lien Term Loan | S + 4.75% | 0.75% | 9.06% | 11/1/2029 | 1191 | 1189 | 1192 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accession Risk Management, Inc. | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 4.75% | 0.00% | 9.06% | 11/1/2029 | 5300 | (12) | 7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accession Risk Management, Inc. | (7)(13)(15) | First Lien Revolver | S + 5.50% | 0.75% | 9.81% | 11/1/2029 | 694 | (2) | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acrisure, LLC | (5) | First Lien Term Loan | S + 3.00% | 0.00% | 7.33% | 11/6/2030 | 4172 | 4176 | 4184 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alera Group, Inc. | (8) | First Lien Term Loan | S + 5.25% | 0.75% | 9.58% | 10/2/2028 | 2312 | 2292 | 2290 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alera Group, Inc. | (8) | First Lien Delayed Draw Term Loan | S + 5.25% | 0.75% | 9.58% | 10/2/2028 | 657 | 651 | 651 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;AMBA Buyer, Inc. | (8) | First Lien Term Loan | S + 5.25% | 0.75% | 9.66% | 7/30/2027 | 3603 | 3576 | 3578 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;AMBA Buyer, Inc. | (8) | First Lien Delayed Draw Term Loan | S + 5.25% | 0.75% | 9.66% | 7/30/2027 | 1073 | 1065 | 1066 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;AMBA Buyer, Inc. | (7)(15) | First Lien Revolver | S + 5.50% | 0.75% | 9.91% | 7/30/2027 | 276 | (2) | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amerilife Holdings LLC | (8) | First Lien Term Loan | S + 5.00% | 0.75% | 9.25% | 8/31/2029 | 5846 | 5797 | 5846 | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amerilife Holdings LLC | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.75% | 9.33% | 8/31/2029 | 14781 | 7137 | 7169 | 0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amerilife Holdings LLC | (7)(15) | First Lien Revolver | S + 5.75% | 0.75% | 10.00% | 8/31/2028 | 595 | (5) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ardonagh Midco 3 Limited | (5)(6)(15) | First Lien Term Loan | S + 3.75% | 0.00% | 8.00% | 2/17/2031 | 5000 | 4975 | 5037 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;AssuredPartners, Inc | (5) | First Lien Term Loan | S + 3.50% | 0.50% | 7.83% | 2/14/2031 | 4890 | 4891 | 4906 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asurion, LLC | (5) | First Lien Term Loan | S + 3.25% | 0.00% | 7.70% | 12/23/2026 | 4352 | 4298 | 4354 | 0.35 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2024**

*(in thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Insurance (continued) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Baldwin Insurance Group Holdings, LLC, The | (5)(6) | First Lien Term Loan | S + 3.25% | 1.00% | 7.58% | 5/26/2031 | $1678 | $1680 | $1692 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Beyond Risk Parent Holdings, Inc. | (15) | First Lien Term Loan | S + 4.50% | 0.75% | 8.91% | 10/8/2027 | 82 | 82 | 81 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beyond Risk Parent Holdings, Inc. | (15) | First Lien Delayed Draw Term Loan | S + 4.50% | 0.75% | 8.91% | 10/8/2027 | 166 | 165 | 165 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadstreet Partners, Inc. | (5)(6) | First Lien Term Loan | S + 3.00% | 0.00% | 7.33% | 6/13/2031 | 3872 | 3867 | 3890 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Galway Borrower LLC | (8) | First Lien Term Loan | S + 4.50% | 0.75% | 8.81% | 9/29/2028 | 2647 | 2558 | 2623 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Imagine 360 LLC | (8)(13) | First Lien Term Loan | S + 4.75% | 0.00% | 9.06% | 9/30/2028 | 20439 | 20352 | 20337 | 1.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Imagine 360 LLC | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.00% | 9.31% | 9/30/2028 | 10122 | (24) | (51) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Imagine 360 LLC | (7)(15) | First Lien Revolver | S + 5.00% | 0.00% | 9.31% | 9/30/2028 | 4326 | (22) | (22) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Acquisition, LLC | (8)(13) | First Lien Term Loan | S + 5.00% | 0.75% | 9.31% | 8/25/2028 | 4618 | 4593 | 4572 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Acquisition, LLC | (7)(15) | First Lien Revolver | S + 5.00% | 1.00% | 9.33% | 8/25/2028 | 122 | (1) | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;KWOR Acquisition, Inc. | (13)(15) | First Lien Term Loan | P + 4.25% | 1.00% | 11.75% | 12/22/2028 | 3868 | 3800 | 3046 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;KWOR Acquisition, Inc. | (13)(15) | First Lien Term Loan | S + 4.25% | 0.00% | 8.58% | 12/22/2028 | 260 | 256 | 205 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;KWOR Acquisition, Inc. | (15) | First Lien Revolver | P + 4.25% | 0.00% | 11.75% | 12/22/2027 | 157 | 154 | 124 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;McLarens Midco Inc. | (8) | First Lien Term Loan | S + 5.50% | 0.75% | 9.96% | 12/19/2025 | 2727 | 2713 | 2727 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;McLarens Midco Inc. | (8) | First Lien Delayed Draw Term Loan | S + 5.50% | 0.75% | 9.96% | 12/19/2025 | 2222 | 2210 | 2222 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oakbridge Insurance Agency, LLC | (8) | First Lien Term Loan | S + 5.75% | 0.75% | 10.08% | 11/1/2029 | 248 | 246 | 248 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;OneDigital Borrower LLC | (5)(15) | First Lien Term Loan | S + 3.25% | 0.00% | 7.58% | 7/2/2031 | 3268 | 3253 | 3280 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pareto Health Intermediate Holdings, Inc. | (8) | First Lien Term Loan | S + 5.00% | 1.00% | 9.25% | 5/31/2030 | 8345 | 8313 | 8303 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pareto Health Intermediate Holdings, Inc. | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.00% | 9.25% | 6/1/2030 | 1668 | (4) | (8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pareto Health Intermediate Holdings, Inc. | (7)(15) | First Lien Revolver | S + 0.50% | 1.00% | 4.75% | 6/1/2029 | 163 |  | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Patriot Growth Insurance Services, LLC | (8) | First Lien Term Loan | S + 5.00% | 0.75% | 9.46% | 10/16/2028 | 193 | 187 | 193 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Patriot Growth Insurance Services, LLC | (8) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.75% | 9.46% | 10/16/2028 | 54 | 52 | 54 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Riser Interco LLC | (8) | First Lien Term Loan | S + 6.00% | 0.75% | 10.31% | 10/31/2029 | 2970 | 2945 | 2955 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Riser Interco LLC | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.75% | 9.33% | 10/31/2029 | 31569 | 26635 | 26299 | 2.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Simplicity Financial Marketing Group Holdings, Inc. | (8)(13) | First Lien Term Loan | S + 5.00% | 0.75% | 9.25% | 12/31/2031 | 27076 | 26940 | 26940 | 2.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Simplicity Financial Marketing Group Holdings, Inc. | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.00% | 9.25% | 12/31/2031 | 7220 | (18) | (36) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Simplicity Financial Marketing Group Holdings, Inc. | (7)(13)(15) | First Lien Revolver | S + 5.00% | 0.00% | 9.25% | 12/31/2031 | 3610 | (18) | (18) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;THG Acquisition, LLC | (8)(13) | First Lien Term Loan | S + 4.75% | 0.75% | 9.08% | 10/31/2031 | 14806 | 14733 | 14735 | 1.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;THG Acquisition, LLC | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 4.75% | 0.75% | 9.08% | 10/31/2031 | 3301 | (8) | (16) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;THG Acquisition, LLC | (7)(13)(15) | First Lien Revolver | S + 4.75% | 0.75% | 9.08% | 10/31/2031 | 1650 | 115 | 115 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unison Risk Advisors Inc. | (8)(13) | First Lien Term Loan | S + 4.75% | 0.00% | 9.08% | 10/17/2031 | 17331 | 17247 | 17250 | 1.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unison Risk Advisors Inc. | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 4.50% | 0.00% | 8.83% | 10/17/2031 | 9811 | (27) | (46) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unison Risk Advisors Inc. | (7)(13)(15) | First Lien Revolver | S + 4.50% | 0.00% | 8.83% | 10/17/2030 | 2857 | (14) | (13) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;World Insurance Associates, LLC | (8) | First Lien Term Loan | S + 6.75% | 1.00% | 11.06% | 4/3/2028 | 780 | 780 | 780 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;World Insurance Associates, LLC | (7)(15) | First Lien Revolver | S + 5.75% | 1.00% | 10.06% | 4/3/2028 | 212 | (1) | (2) |  |
|  |  |  |  |  |  |  |  | 183765 | 182901 | 14.67 |

---

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[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2024**

*(in thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| IT Services |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AVSC Holding Corp. | (8)(13) | First Lien Term Loan | S + 5.00% | 0.00% | 9.33% | 12/5/2031 | $27811 | $27533 | $27533 | 2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;AVSC Holding Corp. | (7)(13)(15) | First Lien Revolver | S + 5.00% | 0.00% | 9.33% | 12/5/2029 | 2959 | (30) | (30) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cardinal Parent, Inc. | (8) | First Lien Term Loan | S + 4.50% | 0.75% | 8.96% | 11/12/2027 | 247 | 232 | 237 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;DT1 Midco Corp | (8)(13) | First Lien Term Loan | S + 5.00% | 0.00% | 9.31% | 12/30/2031 | 14372 | 14301 | 14300 | 1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;DT1 Midco Corp | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.00% | 9.31% | 12/30/2031 | 5014 | (13) | (25) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DT1 Midco Corp | (7)(13)(15) | First Lien Revolver | S + 5.00% | 0.00% | 9.31% | 12/30/2030 | 2005 | (10) | (10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Marco Technologies, LLC | (8) | First Lien Term Loan | S + 5.25% | 1.00% | 9.56% | 11/24/2026 | 250 | 247 | 249 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;NTI Connect, LLC | (8) | First Lien Term Loan | S + 5.00% | 1.00% | 9.46% | 7/31/2027 | 144 | 143 | 142 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;NTI Connect, LLC | (8) | First Lien Delayed Draw Term Loan | S + 5.00% | 1.00% | 9.46% | 7/31/2027 | 27 | 27 | 26 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OEConnection LLC | (13)(15) | First Lien Term Loan | S + 5.00% | 0.75% | 9.33% | 4/22/2031 | 25610 | 25553 | 25561 | 2.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;OEConnection LLC | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 4.00% | 0.00% | 8.33% | 4/22/2031 | 4469 | (16) | (8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OEConnection LLC | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.25% | 0.00% | 9.58% | 4/22/2031 | 4526 |  | (9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OEConnection LLC | (7)(13)(15) | First Lien Revolver | S + 4.00% | 0.75% | 8.33% | 4/22/2031 | 2793 | (7) | (5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ridge Trail US Bidco, Inc. | (7)(8)(13) | First Lien Term Loan | S + 4.50% | 0.75% | 8.83% | 9/30/2031 | 6893 | (17) | (52) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ridge Trail US Bidco, Inc. | (13)(15) | First Lien Delayed Draw Term Loan | S + 4.75% | 0.75% | 9.08% | 9/30/2031 | 19989 | 19841 | 19839 | 1.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ridge Trail US Bidco, Inc. | (7)(13)(15) | First Lien Revolver | S + 4.50% | 0.00% | 8.83% | 3/31/2031 | 2298 | 595 | 603 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Safety Borrower Holdings LLC | (8) | First Lien Term Loan | S + 5.25% | 1.00% | 9.70% | 9/1/2027 | 247 | 245 | 246 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;SailPoint Technologies Holdings, Inc. | (6)(8) | First Lien Term Loan | S + 6.00% | 0.75% | 10.31% | 8/16/2029 | 164 | 164 | 164 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spirit RR Holdings, Inc. | (8) | First Lien Term Loan | S + 4.75% | 0.75% | 9.16% | 9/13/2028 | 5942 | 5942 | 5898 | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spirit RR Holdings, Inc. | (7)(15) | First Lien Revolver | S + 4.00% | 0.75% | 8.31% | 9/13/2028 | 497 |  | (4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trunk Acquisition, Inc. | (8) | First Lien Term Loan | S + 6.00% | 1.00% | 10.46% | 2/19/2030 | 231 | 231 | 230 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trunk Acquisition, Inc. | (8)(13) | First Lien Term Loan | S + 6.00% | 0.00% | 10.46% | 2/19/2030 | 3628 | 3614 | 3610 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trunk Acquisition, Inc. | (8) | First Lien Delayed Draw Term Loan | S + 6.00% | 1.00% | 10.46% | 2/19/2030 | 16 | 16 | 16 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trunk Acquisition, Inc. | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 6.00% | 0.00% | 10.46% | 2/19/2030 | 3690 | (9) | (18) |  |
|  |  |  |  |  |  |  |  | 98582 | 98493 | 7.91 |
| Leisure Products |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp. | (5)(6)(15) | First Lien Term Loan | S + 3.00% | 0.00% | 7.33% | 3/18/2030 | 2300 | 2309 | 2293 | 0.18 |
|  |  |  |  |  |  |  |  | 2309 | 2293 | 0.18 |
| Life Sciences Tools & Services |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Emmes Blocker, Inc. | (8) | First Lien Term Loan | S + 5.75% | 0.75% | 10.00% | 7/7/2028 | 148 | 148 | 148 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Emmes Blocker, Inc. | (15) | First Lien Delayed Draw Term Loan | S + 5.75% | 0.75% | 10.00% | 7/7/2028 | 99 | 99 | 99 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;KWOL Acquisition, Inc. | (8) | First Lien Term Loan | S + 4.75% | 0.75% | 9.00% | 12/12/2029 | 248 | 245 | 244 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Parexel International Inc. | (5) | First Lien Term Loan | S + 3.00% | 0.50% | 7.33% | 11/15/2028 | 4854 | 4869 | 4894 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sotera Health Holdings, LLC | (5)(6) | First Lien Term Loan | S + 3.25% | 0.00% | 7.56% | 5/30/2031 | 4163 | 4152 | 4179 | 0.34 |
|  |  |  |  |  |  |  |  | 9513 | 9564 | 0.77 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2024**

*(in thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Machinery |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Arch Cutting Tools Corp. | (8) | First Lien Term Loan | S + 4.75% | 0.00% | 9.16% | 4/1/2026 | $247 | $244 | $246 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;CD&R Hydra Buyer, Inc. | (5) | First Lien Term Loan | S + 4.00% | 0.00% | 8.43% | 3/25/2031 | 4988 | 5008 | 5009 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clyde Industries US Holdco, Inc. | (8) | First Lien Term Loan | S + 5.00% | 1.00% | 9.46% | 12/18/2025 | 224 | 223 | 224 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dynatect Group Holdings, Inc. | (8) | First Lien Term Loan | S + 4.50% | 1.00% | 8.91% | 9/30/2026 | 1746 | 1746 | 1746 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dynatect Group Holdings, Inc. | (7)(15) | First Lien Revolver | P + 4.50% | 1.00% | 12.10% | 6/30/2026 | 1236 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Flow Control Solutions, Inc. | (8) | First Lien Term Loan | S + 5.00% | 0.75% | 9.31% | 3/30/2029 | 180 | 180 | 179 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flow Control Solutions, Inc. | (8) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.75% | 9.31% | 3/31/2029 | 68 | 67 | 67 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flow Control Solutions, Inc. | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.75% | 9.31% | 3/30/2029 | 7901 | 143 | 114 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flow Control Solutions, Inc. | (7)(13)(15) | First Lien Revolver | S + 6.00% | 0.75% | 10.31% | 3/31/2029 | 1411 | (11) | (10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Merlin Buyer, Inc. | (8) | First Lien Term Loan | S + 4.75% | 0.50% | 9.06% | 12/14/2028 | 2378 | 2313 | 2378 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merlin Buyer, Inc. | (7)(15) | First Lien Revolver | S + 0.50% | 0.00% | 4.81% | 12/14/2026 | 598 | (6) | (6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Process Insights Acquisition, Inc. | (8) | First Lien Term Loan | S + 6.25% | 1.00% | 10.56% | 7/18/2029 | 247 | 246 | 246 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Flow, Inc. | (5)(15) | First Lien Term Loan | S + 3.00% | 0.50% | 7.33% | 4/5/2029 | 4628 | 4639 | 4672 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;WCI-Cedar Purchaser, LLC | (8) | First Lien Term Loan | S + 4.75% | 1.00% | 9.32% | 12/31/2027 | 248 | 248 | 244 | 0.02 |
|  |  |  |  |  |  |  |  | 15040 | 15109 | 1.21 |
| Media |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Arches Buyer Inc. | (5) | First Lien Term Loan | S + 3.25% | 0.00% | 7.68% | 12/6/2027 | 2977 | 2910 | 2914 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Getty Images, Inc. | (5)(6) | First Lien Term Loan | S + 4.50% | 0.00% | 8.93% | 2/19/2026 | 4656 | 4667 | 4650 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Klick, Inc. | (6)(8)(15) | First Lien Term Loan | S + 4.50% | 1.00% | 8.83% | 3/31/2028 | 2363 | 2363 | 2339 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Klick, Inc. | (6)(7)(15) | First Lien Revolver | S + 4.50% | 1.00% | 8.81% | 3/31/2028 | 813 |  | (8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MH SUB I, LLC | (5) | First Lien Term Loan | S + 4.25% | 0.00% | 8.58% | 5/3/2028 | 4969 | 4960 | 4977 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Planet US Buyer LLC | (5)(15) | First Lien Term Loan | S + 3.00% | 0.00% | 7.31% | 2/7/2031 | 1990 | 1997 | 2010 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Red Ventures, LLC (New Imagitas, Inc.) | (5) | First Lien Term Loan | S + 2.75% | 0.00% | 7.08% | 3/3/2030 | 1930 | 1933 | 1941 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;W2O Holdings, Inc. | (8) | First Lien Term Loan | S + 4.75% | 1.00% | 9.00% | 6/12/2028 | 4948 | 4932 | 4936 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;W2O Holdings, INC. | (13)(15) | First Lien Delayed Draw Term Loan | S + 4.75% | 1.00% | 9.06% | 6/12/2028 | 17862 | 17735 | 17817 | 1.43 |
|  |  |  |  |  |  |  |  | 41497 | 41576 | 3.34 |
| Oil, Gas and Consumable Fuels |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazos Delaware II, LLC | (5) | First Lien Term Loan | S + 3.50% | 0.50% | 7.75% | 2/11/2030 | 1985 | 1988 | 2001 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;EDPO, LLC | (8) | First Lien Term Loan | S + 4.50% | 0.75% | 8.83% | 12/8/2027 | 4821 | 4821 | 4809 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;EDPO, LLC | (7)(15) | First Lien Delayed Draw Term Loan | S + 4.75% | 0.75% | 9.08% | 12/8/2027 | 72 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;EDPO, LLC | (7)(15) | First Lien Revolver | S + 4.50% | 1.00% | 8.83% | 12/8/2026 | 57 | 20 | 20 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Epic Crude Services, LP | (5)(15) | First Lien Term Loan | S + 3.00% | 0.00% | 7.31% | 10/15/2031 | 829 | 825 | 838 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valicor PPC Intermediate II LLC | (8)(15) | First Lien Term Loan | S + 5.00% | 1.00% | 9.33% | 7/24/2028 | 5908 | 5902 | 5894 | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valicor PPC Intermediate II LLC | (8) | First Lien Delayed Draw Term Loan | S + 5.00% | 1.00% | 9.33% | 7/24/2028 | 42 | 42 | 42 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Valicor PPC Intermediate II LLC | (7)(13)(15) | First Lien Revolver | S + 4.00% | 1.00% | 8.33% | 1/24/2028 | 1128 | 119 | 120 | 0.01 |
|  |  |  |  |  |  |  |  | 13717 | 13724 | 1.10 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2024**

*(in thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Pharmaceuticals |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bridges Consumer Healthcare Intermediate LLC | (8)(13) | First Lien Term Loan | S + 5.25% | 1.00% | 9.56% | 12/20/2031 | $14124 | $14054 | $14053 | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bridges Consumer Healthcare Intermediate LLC | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.25% | 1.00% | 9.56% | 12/20/2031 | 6704 | (17) | (34) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bridges Consumer Healthcare Intermediate LLC | (7)(13)(15) | First Lien Revolver | S + 5.25% | 0.00% | 9.56% | 12/20/2031 | 2682 | (13) | (13) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exactcare Parent Inc. | (8) | First Lien Term Loan | S + 5.50% | 1.00% | 9.81% | 11/5/2029 | 248 | 244 | 248 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Creek Parent, Inc. | (6)(13)(15) | First Lien Term Loan | S + 5.25% | 0.00% | 9.58% | 12/18/2031 | 875 | 868 | 868 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Creek Parent, Inc. | (6)(7)(13)(15) | First Lien Revolver | S + 5.25% | 0.00% | 9.58% | 12/18/2031 | 125 | (1) | (1) |  |
|  |  |  |  |  |  |  |  | 15135 | 15121 | 1.22 |
| Professional Services |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Analytic Partners, LP | (8) | First Lien Term Loan | S + 4.75% | 0.75% | 9.08% | 4/4/2030 | 248 | 244 | 247 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Analytic Partners, LP | (8)(13) | First Lien Term Loan | S + 4.75% | 0.75% | 9.08% | 4/4/2030 | 7413 | 7392 | 7386 | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Analytic Partners, LP | (7)(13)(15) | First Lien Revolver | S + 4.75% | 0.00% | 9.08% | 4/4/2030 | 1002 | (4) | (4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Technical Services, LLC | (8) | First Lien Term Loan | S + 5.75% | 1.00% | 10.21% | 12/29/2026 | 115 | 114 | 113 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Technical Services, LLC | (8) | First Lien Term Loan | S + 6.00% | 1.00% | 10.46% | 12/29/2026 | 24 | 24 | 24 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Technical Services, LLC | (8) | First Lien Delayed Draw Term Loan | S + 5.75% | 1.00% | 10.21% | 12/29/2026 | 108 | 106 | 106 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aprio Advisory Group, LLC | (13)(15) | First Lien Term Loan | S + 4.75% | 0.75% | 9.06% | 8/1/2031 | 18485 | 18438 | 18440 | 1.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aprio Advisory Group, LLC | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 4.75% | 0.75% | 9.06% | 8/1/2031 | 8037 | 3697 | 3690 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aprio Advisory Group, LLC | (7)(13)(15) | First Lien Revolver | S + 4.75% | 0.75% | 9.06% | 8/1/2031 | 4018 | 1276 | 1276 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carr, Riggs & Ingram Capital, L.L.C. | (8)(13) | First Lien Term Loan | S + 4.75% | 0.50% | 9.06% | 11/18/2031 | 17250 | 17164 | 17165 | 1.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carr, Riggs & Ingram Capital, L.L.C. | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 4.75% | 0.50% | 9.06% | 11/18/2031 | 8750 | (21) | (43) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Carr, Riggs & Ingram Capital, L.L.C. | (7)(13)(15) | First Lien Revolver | S + 3.75% | 0.50% | 8.06% | 11/18/2031 | 4000 | 480 | 480 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clinical Education Alliance, LLC | (8) | First Lien Term Loan | S + 5.50% | 1.00% | 9.96% | 12/21/2026 | 45 | 44 | 44 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Clinical Education Alliance, LLC | (8) | First Lien Term Loan | S + 5.00% | 1.00% | 9.46% | 12/21/2026 | 203 | 198 | 198 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;DISA Holdings Corp. | (8) | First Lien Term Loan | S + 5.00% | 0.75% | 9.31% | 9/9/2028 | 196 | 196 | 193 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;DISA Holdings Corp. | (15) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.75% | 9.31% | 9/9/2028 | 53 | 53 | 52 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DTI Holdco, Inc. | (8) | First Lien Term Loan | S + 4.75% | 0.75% | 9.08% | 4/26/2029 | 247 | 228 | 250 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreigner Bidco Inc. | (8) | First Lien Term Loan | S + 5.50% | 1.00% | 9.93% | 4/19/2028 | 225 | 225 | 224 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreigner Bidco Inc. | (8) | First Lien Delayed Draw Term Loan | S + 5.50% | 1.00% | 9.93% | 4/19/2028 | 25 | 25 | 25 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Garda World Security Corporation | (5)(6)(15) | First Lien Term Loan | S + 3.50% | 0.00% | 7.83% | 2/1/2029 | 2993 | 3000 | 3009 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grant Thornton Advisors LLC | (5)(6) | First Lien Term Loan | S + 3.25% | 0.00% | 7.58% | 5/30/2031 | 4540 | 4547 | 4546 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;HSI Halo Acquisition, Inc. | (13)(15) | First Lien Term Loan | S + 5.00% | 0.75% | 9.33% | 6/30/2031 | 8217 | 8197 | 8196 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;HSI Halo Acquisition, Inc. | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.00% | 9.31% | 6/28/2031 | 1467 | 253 | 251 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;HSI Halo Acquisition, Inc. | (7)(13)(15) | First Lien Revolver | S + 5.00% | 0.00% | 9.31% | 6/28/2030 | 978 | (2) | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;IG Investments Holdings, LLC | (8)(13) | First Lien Term Loan | S + 5.00% | 0.75% | 9.31% | 9/22/2028 | 10433 | 10384 | 10383 | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;IG Investments Holdings, LLC | (7)(13)(15) | First Lien Revolver | S + 4.00% | 0.75% | 8.31% | 9/22/2028 | 1172 | (11) | (6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Iris Buyer LLC | (8) | First Lien Term Loan | S + 6.25% | 1.00% | 10.56% | 10/2/2030 | 248 | 244 | 248 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marina Acquisition, Inc. | (13)(15) | First Lien Term Loan | S + 5.00% | 1.00% | 9.31% | 7/1/2030 | 10016 | 9920 | 9916 | 0.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marina Acquisition, Inc. | (7)(13)(15) | First Lien Revolver | S + 4.00% | 0.00% | 8.31% | 7/1/2030 | 1434 | (13) | (14) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MHE Intermediate Holdings, LLC | (8) | First Lien Term Loan | S + 6.00% | 1.00% | 10.46% | 7/21/2027 | 407 | 404 | 407 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;MHE Intermediate Holdings, LLC | (8) | First Lien Term Loan | S + 6.25% | 1.00% | 10.71% | 7/21/2027 | 33 | 32 | 33 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MHE Intermediate Holdings, LLC | (8) | First Lien Term Loan | S + 6.50% | 1.00% | 10.96% | 7/21/2027 | 29 | 29 | 29 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MHE Intermediate Holdings, LLC | (8) | First Lien Delayed Draw Term Loan | S + 6.00% | 1.00% | 10.46% | 7/21/2027 | 172 | 171 | 172 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;MHE Intermediate Holdings, LLC | (7)(15) | First Lien Revolver | S + 6.00% | 1.00% | 10.46% | 7/21/2027 | 60 | 12 | 12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OMNIA Partners, LLC | (5) | First Lien Term Loan | S + 2.75% | 0.00% | 7.08% | 7/25/2030 | 4489 | 4509 | 4516 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Propio LS, LLC | (8) | First Lien Term Loan | S + 4.50% | 0.75% | 8.75% | 7/17/2030 | 14327 | 14252 | 14292 | 1.14 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2024**

*(in thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Professional Services (continued) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Propio LS, LLC | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 4.50% | 0.00% | 8.83% | 7/17/2030 | $11074 | $(26) | $(28) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;Propio LS, LLC | (7)(13)(15) | First Lien Revolver | S + 6.00% | 0.75% | 10.33% | 7/17/2029 | 5537 | (25) | (14) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ruppert Landscape, LLC | (8) | First Lien Term Loan | S + 5.00% | 0.75% | 9.31% | 12/1/2028 | 575 | 564 | 567 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ruppert Landscape, LLC | (8) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.75% | 9.50% | 12/1/2028 | 2395 | 2350 | 2363 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ruppert Landscape, LLC | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.75% | 0.75% | 10.06% | 12/1/2028 | 11899 | 1902 | 1804 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ruppert Landscape, LLC | (7)(13)(15) | First Lien Revolver | S + 5.75% | 0.75% | 10.06% | 12/1/2028 | 793 | (8) | (11) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.) | (5)(15) | First Lien Term Loan | S + 3.00% | 0.00% | 7.33% | 7/31/2031 | 4497 | 4489 | 4530 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Skopima Consilio Parent LLC | (5) | First Lien Term Loan | S + 3.75% | 0.50% | 8.08% | 5/12/2028 | 4974 | 4967 | 4999 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tempo Buyer Corp. | (8) | First Lien Term Loan | S + 4.75% | 0.75% | 9.06% | 8/26/2028 | 247 | 246 | 247 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;TRC Companies LLC | (5) | First Lien Term Loan | S + 3.50% | 0.50% | 7.95% | 12/8/2028 | 4636 | 4637 | 4683 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;USRP Holdings, Inc. | (8) | First Lien Term Loan | S + 5.00% | 0.75% | 9.33% | 12/31/2029 | 4349 | 4349 | 4349 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;USRP Holdings, Inc. | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.75% | 9.33% | 12/31/2029 | 17872 | (37) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;USRP Holdings, Inc. | (7)(15) | First Lien Revolver | S + 5.50% | 0.00% | 9.83% | 12/31/2029 | 2290 | (10) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vensure Employer Services, Inc. | (8)(13) | First Lien Term Loan | S + 5.00% | 0.50% | 9.31% | 9/27/2031 | 9316 | 9274 | 9272 | 0.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vensure Employer Services, Inc. | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.00% | 9.31% | 9/27/2031 | 1934 | (6) | (9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;YA Intermediate Holdings II, LLC | (13)(15) | First Lien Term Loan | S + 5.00% | 0.75% | 9.31% | 10/1/2031 | 10838 | 10784 | 10783 | 0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;YA Intermediate Holdings II, LLC | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.75% | 9.31% | 10/1/2031 | 4516 | (11) | (23) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;YA Intermediate Holdings II, LLC | (7)(13)(15) | First Lien Revolver | S + 4.00% | 0.75% | 8.31% | 10/1/2031 | 2168 | 98 | 98 | 0.01 |
|  |  |  |  |  |  |  |  | 149344 | 149464 | 11.97 |
| Real Estate Management and Development |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sako and Partners Lower Holdings LLC | (8) | First Lien Term Loan | S + 4.50% | 1.00% | 8.81% | 9/15/2028 | 5847 | 5838 | 5833 | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sako and Partners Lower Holdings LLC | (8) | First Lien Delayed Draw Term Loan | S + 4.50% | 1.00% | 8.81% | 9/15/2028 | 894 | 894 | 892 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sako and Partners Lower Holdings LLC | (7)(15) | First Lien Revolver | S + 6.00% | 1.00% | 10.31% | 9/15/2028 | 746 | (2) | (2) |  |
|  |  |  |  |  |  |  |  | 6730 | 6723 | 0.54 |
| Software |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;365 Retail Markets, LLC | (8) | First Lien Term Loan | S + 4.50% | 1.00% | 8.81% | 12/22/2028 | 138 | 138 | 137 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;365 Retail Markets, LLC | (8) | First Lien Delayed Draw Term Loan | S + 4.50% | 1.00% | 8.81% | 12/22/2028 | 48 | 48 | 48 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;365 Retail Markets, LLC | (8) | First Lien Delayed Draw Term Loan | S + 4.50% | 1.00% | 8.81% | 12/22/2028 | 62 | 62 | 62 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adelaide Borrower, LLC | (8)(13) | First Lien Term Loan | S + 6.25% | 0.75% | 10.58% | 5/8/2030 | 7389 | 7252 | 7315 | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adelaide Borrower, LLC | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 6.25% | 0.00% | 10.58% | 5/8/2030 | 1670 | (15) | (17) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adelaide Borrower, LLC | (7)(13)(15) | First Lien Revolver | S + 3.38% | 0.75% | 7.71% | 5/8/2030 | 1040 | (19) | (10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Artifact Bidco, Inc. | (8)(13) | First Lien Term Loan | S + 4.50% | 0.50% | 8.81% | 7/28/2031 | 6709 | 6645 | 6659 | 0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Artifact Bidco, Inc. | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 4.50% | 0.50% | 8.81% | 7/25/2031 | 1642 | (8) | (12) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Artifact Bidco, Inc. | (7)(13)(15) | First Lien Revolver | S + 4.50% | 0.50% | 8.81% | 7/26/2030 | 1173 | (11) | (9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banker's Toolbox, Inc. | (8) | First Lien Term Loan | S + 4.50% | 0.75% | 8.81% | 7/27/2027 | 16223 | 16086 | 16223 | 1.30 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2024**

*(in thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Software (continued) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banker's Toolbox, Inc. | (7)(15) | First Lien Revolver | S + 5.50% | 0.75% | 9.81% | 7/27/2027 | $637 | $(5) | $- | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bluecat Networks (USA) Inc. | (6)(8) | First Lien Term Loan | S + 6.00% | 0.75% | 10.34% | 8/8/2028 | 183 | 183 | 182 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bluecat Networks (USA) Inc. | (6)(8)(13) | First Lien Term Loan | S + 5.00% | 0.00% | 9.31% | 8/8/2028 | 5166 | 5129 | 5129 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bluecat Networks (USA) Inc. | (6)(15) | First Lien Delayed Draw Term Loan | S + 6.00% | 0.75% | 10.34% | 8/8/2028 | 24 | 24 | 24 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bluecat Networks (USA) Inc. | (6)(8) | First Lien Delayed Draw Term Loan | S + 6.00% | 0.75% | 10.34% | 8/8/2028 | 34 | 34 | 34 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Boxer Parent Company Inc. | (5)(15) | First Lien Term Loan | S + 3.75% | 0.00% | 8.06% | 7/30/2031 | 5000 | 4988 | 5047 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camelot U.S. Acquisition LLC | (5)(6)(15) | First Lien Term Loan | S + 2.75% | 0.00% | 7.08% | 1/31/2031 | 2454 | 2460 | 2455 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Central Parent LLC | (5) | First Lien Term Loan | S + 3.25% | 0.00% | 7.58% | 7/6/2029 | 4988 | 4977 | 4928 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Concord Global Acquisition, LLC | (8)(13) | First Lien Term Loan | S + 4.75% | 0.00% | 9.06% | 12/29/2031 | 10522 | 10469 | 10469 | 0.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Concord Global Acquisition, LLC, | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 4.75% | 0.00% | 9.06% | 12/29/2031 | 4575 | (11) | (23) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Concord Global Acquisition, LLC, | (7)(13)(15) | First Lien Revolver | S + 4.75% | 0.00% | 9.06% | 12/29/2031 | 1830 | (9) | (9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ConnectWise, LLC | (5)(15) | First Lien Term Loan | S + 3.50% | 0.50% | 8.07% | 9/29/2028 | 4974 | 4962 | 5013 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;DT Intermediate Holdco, Inc. | (8) | First Lien Term Loan | 10.59% (Incl. 3.25% PIK) | 0.75% | 10.59% (Incl. 3.25% PIK) | 2/24/2028 | 3930 | 3922 | 3900 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;DT Intermediate Holdco, Inc. | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.50% | 0.75% | 9.83% | 2/24/2028 | 14790 | (34) | (111) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;e-Discovery AcquireCo, LLC | (8) | First Lien Term Loan | S + 6.25% | 1.00% | 10.56% | 8/29/2029 | 250 | 249 | 249 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;e-Discovery AcquireCo, LLC | (8)(13) | First Lien Term Loan | S + 5.50% | 1.00% | 9.83% | 8/29/2029 | 1533 | 1529 | 1487 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eclipse Buyer, Inc. | (13)(15) | First Lien Term Loan | S + 4.75% | 0.50% | 9.08% | 9/8/2031 | 15724 | 15649 | 15646 | 1.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eclipse Buyer, Inc. | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 4.75% | 0.50% | 9.08% | 9/5/2031 | 2665 | (6) | (13) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Eclipse Buyer, Inc. | (7)(13)(15) | First Lien Revolver | S + 4.75% | 0.50% | 9.08% | 9/5/2031 | 1352 | (6) | (7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Empyrean Solutions, LLC | (8)(13) | First Lien Term Loan | S + 4.75% | 0.00% | 9.06% | 11/26/2031 | 2765 | 2751 | 2751 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Empyrean Solutions, LLC | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 4.75% | 0.00% | 9.06% | 11/26/2031 | 1106 | (3) | (5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Empyrean Solutions, LLC | (7)(13)(15) | First Lien Revolver | S + 4.75% | 0.00% | 9.06% | 11/26/2031 | 415 | (2) | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Enverus Holdings, Inc. | (8) | First Lien Term Loan | S + 5.50% | 0.75% | 9.83% | 12/24/2029 | 2298 | 2268 | 2298 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Enverus Holdings, Inc. | (7)(15) | First Lien Delayed Draw Term Loan | S + 5.50% | 0.75% | 9.83% | 12/22/2029 | 116 | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Enverus Holdings, Inc. | (7)(15) | First Lien Revolver | S + 5.50% | 0.75% | 9.83% | 12/22/2029 | 174 | 3 | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ESG Investments, Inc. | (8) | First Lien Term Loan | S + 4.50% | 1.00% | 8.96% | 3/11/2028 | 140 | 138 | 140 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;ESG Investments, Inc. | (15) | First Lien Delayed Draw Term Loan | S + 4.50% | 1.00% | 8.96% | 3/11/2028 | 17 | 17 | 17 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Javelin Buyer, Inc. | (13)(15) | First Lien Term Loan | S + 3.25% | 0.00% | 7.56% | 12/5/2031 | 3000 | 2993 | 3027 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Javelin Buyer, Inc. | (7)(13)(15) | First Lien Revolver | S + 3.25% | 0.00% | 7.58% | 12/8/2031 | 1304 |  | 12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Kipu Buyer, LLC | (8) | First Lien Term Loan | S + 4.25% | 1.00% | 8.56% | 1/27/2027 | 2252 | 2224 | 2247 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kipu Buyer, LLC | (7)(15) | First Lien Revolver | S + 4.75% | 0.00% | 9.06% | 1/27/2026 | 365 | (3) | (1) |  |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2024**

*(in thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Software (continued) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;KPA Parent Holdings, Inc. | (8) | First Lien Term Loan | S + 5.75% | 1.00% | 10.18% | 7/19/2026 | $3528 | $3499 | $3528 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;KPA Parent Holdings, Inc. | (8) | First Lien Delayed Draw Term Loan | S + 5.75% | 1.00% | 10.18% | 7/19/2026 | 1021 | 1013 | 1021 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;KPA Parent Holdings, Inc. | (7)(15) | First Lien Revolver | S + 5.50% | 1.00% | 9.93% | 7/17/2026 | 403 | (3) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Litera Bidco LLC | (8) | First Lien Term Loan | S + 5.00% | 1.00% | 9.33% | 5/1/2028 | 5201 | 5193 | 5175 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Litera Bidco LLC | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 4.75% | 1.00% | 9.08% | 5/1/2028 | 2844 | 956 | 946 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Litera Bidco LLC | (7)(15) | First Lien Revolver | S + 4.75% | 1.00% | 9.08% | 5/1/2028 | 434 |  | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;McAfee Corp. | (5) | First Lien Term Loan | S + 3.00% | 0.50% | 7.33% | 3/1/2029 | 4761 | 4765 | 4771 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Montana Buyer Inc. | (8) | First Lien Term Loan | S + 5.00% | 0.75% | 9.33% | 7/22/2029 | 25362 | 25356 | 25362 | 2.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Montana Buyer Inc. | (7)(13)(15) | First Lien Revolver | P + 5.75% | 0.00% | 13.25% | 7/21/2028 | 2352 | 402 | 403 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;MRI Software LLC | (8) | First Lien Term Loan | S + 4.75% | 1.00% | 9.06% | 2/10/2027 | 670 | 667 | 672 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;MRI Software LLC | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 4.75% | 1.00% | 9.06% | 2/10/2027 | 1300 | 121 | 127 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasuni Corporation | (13)(15) | First Lien Term Loan | S + 5.75% | 0.75% | 10.06% | 9/10/2030 | 6250 | 6206 | 6206 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasuni Corporation | (7)(13)(15) | First Lien Revolver | S + 5.75% | 0.75% | 10.06% | 9/10/2030 | 1302 | (9) | (9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Navex TopCo, Inc. | (8) | First Lien Term Loan | S + 5.50% | 0.75% | 9.83% | 11/8/2030 | 7444 | 7365 | 7444 | 0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;North Star Acquisitionco, LLC | (6)(8) | First Lien Term Loan | S + 4.75% | 1.00% | 9.06% | 5/3/2029 | 4074 | 4074 | 4074 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;North Star Acquisitionco, LLC | (6)(8)(13) | First Lien Term Loan | S + 4.75% | 1.00% | 9.00% | 5/3/2029 | 2373 | 2362 | 2373 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;North Star Acquisitionco, LLC | (6)(8)(13) | First Lien Term Loan | C + 4.75% | 1.00% | 8.00% | 5/3/2029 | CAD 9,087 | 6563 | 6317 | 0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;North Star Acquisitionco, LLC | (6)(7)(15) | First Lien Delayed Draw Term Loan | S + 4.75% | 1.00% | 9.00% | 5/3/2029 | 2089 | 2016 | 2020 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;North Star Acquisitionco, LLC | (6)(7)(15) | First Lien Revolver | S + 6.00% | 1.00% | 10.31% | 5/3/2029 | 2275 | (9) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pegasus Transtech Holding, LLC | (8) | First Lien Term Loan | S + 6.00% | 1.00% | 10.33% | 11/17/2026 | 247 | 246 | 247 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pegasus Transtech Holding, LLC | (13)(15) | First Lien Term Loan | S + 6.00% | 0.00% | 10.33% | 11/17/2026 | 10 | 10 | 10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Perforce Software, Inc. | (8) | First Lien Term Loan | S + 4.75% | 0.50% | 9.08% | 6/29/2029 | 2970 | 2906 | 2937 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prism Parent Co. Inc. | (8) | First Lien Term Loan | S + 5.00% | 0.75% | 9.33% | 9/19/2028 | 3952 | 3952 | 3872 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prism Parent Co. Inc. | (7)(15) | First Lien Delayed Draw Term Loan | S + 5.00% | 0.75% | 9.33% | 9/19/2028 | 403 | 161 | 154 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proofpoint, Inc. | (5)(6)(15) | First Lien Term Loan | S + 3.00% | 0.50% | 7.33% | 8/31/2028 | 2057 | 2062 | 2070 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;QBS Parent, Inc. | (8)(13) | First Lien Term Loan | S + 4.75% | 0.75% | 9.08% | 11/7/2031 | 4260 | 4250 | 4255 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;QBS Parent, Inc. | (7)(13)(15) | First Lien Revolver | S + 4.75% | 0.75% | 9.08% | 11/7/2031 | 450 | (1) | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rally Buyer, Inc. | (13)(15) | First Lien Term Loan | S + 5.75% | 0.75% | 10.06% | 7/19/2028 | 177 | 177 | 160 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rally Buyer, Inc. | (15) | First Lien Delayed Draw Term Loan | S + 5.75% | 0.75% | 10.06% | 7/19/2028 | 15 | 15 | 14 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Renaissance Holding Corp | (5)(15) | First Lien Term Loan | S + 4.00% | 0.50% | 8.33% | 4/5/2030 | 4987 | 4975 | 4982 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Routeware, Inc. | (8)(13) | First Lien Term Loan | S + 5.25% | 0.00% | 9.56% | 9/18/2031 | 6364 | 6334 | 6348 | 0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Routeware, Inc. | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 8.00% | 1.00% | 12.31% | 9/18/2031 | 2955 | (7) | (7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Routeware, Inc. | (7)(13)(15) | First Lien Revolver | S + 8.00% | 1.00% | 12.31% | 9/18/2031 | 682 | (3) | (2) |  |

---

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[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2024**

*(in thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Software (continued) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Spartan Bidco PTY LTD | (6)(8) | First Lien Term Loan | 11.21% (Incl. 6.00% PIK) | 0.75% | 11.21% (Incl. 6.00% PIK) | 1/24/2028 | $266 | $259 | $264 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spartan Bidco PTY LTD | (6)(13)(15) | First Lien Term Loan | S + 0.75% | 0.00% | 11.21% (Incl. 6.00% PIK) | 1/24/2028 | 9231 | 9154 | 9146 | 0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spartan Bidco PTY LTD | (6)(7)(13)(15) | First Lien Revolver | S + 6.75% | 0.00% | 11.06% | 1/24/2028 | 769 | (7) | (7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Thunder Purchaser, Inc. | (8) | First Lien Term Loan | S + 5.50% | 0.00% | 9.96% | 6/30/2028 | 248 | 246 | 248 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thunder Purchaser, Inc. | (8)(13) | First Lien Term Loan | S + 5.25% | 1.00% | 9.71% | 6/30/2028 | 4170 | 4149 | 4170 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thunder Purchaser, Inc. | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 5.50% | 0.00% | 9.81% | 6/30/2028 | 9929 | (24) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trimech Acquisition Corp. | (8)(15) | First Lien Term Loan | S + 4.75% | 1.00% | 9.06% | 3/10/2028 | 5909 | 5909 | 5849 | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trimech Acquisition Corp. | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 4.75% | 1.00% | 9.06% | 3/10/2028 | 10952 | (24) | (110) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Trimech Acquisition Corp. | (7)(13)(15) | First Lien Delayed Draw Term Loan | SON + 4.75% | 1.00% | 9.45% | 3/10/2028 | GBP 2,351 | (7) | (29) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trimech Acquisition Corp. | (7)(15) | First Lien Revolver | S + 4.75% | 0.00% | 9.06% | 3/10/2028 | 7004 | 390 | 350 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;WatchGuard Technologies, Inc. | (8) | First Lien Term Loan | S + 5.25% | 0.75% | 9.58% | 7/2/2029 | 248 | 239 | 246 | 0.02 |
|  |  |  |  |  |  |  |  | 210965 | 210879 | 16.88 |
| Specialty Retail |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;LS Group Opco Acquisition LLC (LS Group PropCo Acquisition LLC) | (5) | First Lien Term Loan | S + 3.00% | 0.00% | 7.33% | 4/23/2031 | 4141 | 4147 | 4167 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mavis Tire Express Services Topco, Corp. | (5) | First Lien Term Loan | S + 3.50% | 0.75% | 7.83% | 5/4/2028 | 3479 | 3483 | 3506 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Monahan Products, LLC | (8) | First Lien Term Loan | S + 5.50% | 1.00% | 9.83% | 8/27/2027 | 247 | 245 | 247 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;PetSmart LLC | (5) | First Lien Term Loan | S + 3.75% | 0.75% | 8.18% | 2/11/2028 | 3228 | 3213 | 3221 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shock Doctor Intermediate, LLC | (8) | First Lien Term Loan | S + 5.75% | 1.00% | 10.06% | 11/20/2029 | 248 | 245 | 248 | 0.02 |
|  |  |  |  |  |  |  |  | 11333 | 11389 | 0.91 |
| Technology Hardware, Storage and Peripherals |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;TA TT Buyer, LLC | (8) | First Lien Term Loan | S + 4.75% | 0.50% | 9.06% | 4/2/2029 | 2977 | 2966 | 2990 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;UBEO, LLC | (8) | First Lien Term Loan | S + 5.25% | 1.00% | 9.71% | 4/3/2026 | 812 | 811 | 812 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Victors Purchaser, LLC | (13)(15) | First Lien Term Loan | S + 4.75% | 0.50% | 9.06% | 8/15/2031 | 9217 | 9194 | 9194 | 0.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Victors Purchaser, LLC | (7)(13)(15) | First Lien Delayed Draw Term Loan | S + 4.75% | 0.50% | 9.06% | 8/15/2031 | 2194 | (3) | (5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Victors Purchaser, LLC | (7)(13)(15) | First Lien Revolver | S + 4.75% | 0.00% | 9.06% | 8/15/2031 | 1254 | 184 | 180 | 0.01 |
|  |  |  |  |  |  |  |  | 13152 | 13171 | 1.06 |
| Textiles, Apparel and Luxury Goods |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Varsity Brands, Inc. | (5)(15) | First Lien Term Loan | S + 3.75% | 0.00% | 8.06% | 8/26/2031 | 4468 | 4447 | 4478 | 0.36 |
|  |  |  |  |  |  |  |  | 4447 | 4478 | 0.36 |
| Trading Companies and Distributors |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BCPE Empire Holdings, Inc. | (5) | First Lien Term Loan | S + 3.50% | 0.50% | 7.83% | 12/11/2028 | 4975 | 4990 | 5009 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Graffiti Buyer, Inc. | (8)(13) | First Lien Term Loan | S + 5.50% | 1.00% | 9.91% | 8/10/2027 | 5850 | 5795 | 5679 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Graffiti Buyer, Inc. | (7)(8)(15) | First Lien Delayed Draw Term Loan | S + 5.50% | 1.00% | 9.91% | 8/10/2027 | 3784 | 2032 | 1950 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kele Holdco, Inc. | (8) | First Lien Term Loan | S + 4.50% | 1.00% | 8.83% | 2/21/2028 | 2636 | 2636 | 2636 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kele Holdco, Inc. | (7)(15) | First Lien Revolver | S + 5.75% | 1.00% | 10.08% | 2/21/2028 | 342 |  |  |  |
|  |  |  |  |  |  |  |  | 15453 | 15274 | 1.22 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2024**

*(in thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Wireless Telecommunication Services |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alert Media, Inc. | (8) | First Lien Term Loan | S + 6.50% | 1.00% | 11.06% (Incl. 10.06% PIK) | 4/12/2027 | $129 | $129 | $129 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alert Media, Inc. | (8) | First Lien Term Loan | S + 5.75% | 1.00% | 10.06% | 4/12/2027 | 131 | 131 | 131 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alert Media, Inc. | (8)(13) | First Lien Term Loan | S + 6.75% | 0.00% | 11.34% (Incl. 10.41% PIK) | 4/12/2027 | 422 | 421 | 422 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alert Media, Inc. | (7)(13)(15) | First Lien Revolver | S + 5.00% | 1.00% | 9.31% | 4/12/2027 | 211 | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CCI Buyer, Inc. | (5) | First Lien Term Loan | S + 4.00% | 0.75% | 8.33% | 12/17/2027 | 4607 | 4602 | 4617 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;DAS Purchaser 2 Corp. | (13)(15) | First Lien Term Loan | S + 5.50% | 0.75% | 9.91% | 4/30/2027 | 83 | 82 | 74 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;DAS Purchaser 2 Corp. | (13)(15) | First Lien Delayed Draw Term Loan | S + 5.50% | 0.75% | 9.91% | 4/30/2027 | 165 | 164 | 147 | 0.01 |
|  |  |  |  |  |  |  |  | 5528 | 5520 | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Secured Debt Investments** |  |  |  |  |  |  |  | 2088592 | 2086175 | 167.35 |
| &nbsp;&nbsp;&nbsp;**Unsecured Debt Investments** |  |  |  |  |  |  |  |  |  |  |
| Diversified Consumer Services |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AVG Intermediate Holdings LLC | (15) | Subordinated Unsecured Term Loan | 13.75% PIK | 0.00% | 13.75% PIK | 3/16/2028 | 753 | 753 | 697 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;AVG Intermediate Holdings LLC | (15) | Subordinated Unsecured Delayed Draw Term Loan | 13.75% PIK | 0.00% | 13.75% PIK | 3/16/2028 | 288 | 288 | 266 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;PPV Intermediate Holdings, LLC | (3)(8) | Subordinated Unsecured Delayed Draw Term Loan | 13.75% | 0.00% | 13.75% | 8/31/2030 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;VetCor Group Holdings LLC | (15) | Subordinated Unsecured Term Loan | 13.75% | 0.00% | 13.75% | 8/31/2030 | 6 | 5 | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;VetCor Group Holdings LLC | (15) | Subordinated Unsecured Term Loan | 13.75% | 0.00% | 13.75% | 8/31/2030 | 2 | 2 | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;VetCor Group Holdings LLC | (3)(15) | Subordinated Unsecured Delayed Draw Term Loan | 13.75% | 0.00% | 13.75% | 8/31/2030 |  |  |  |  |
|  |  |  |  |  |  |  |  | 1048 | 970 | 0.08 |
| Health Care Technology |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee Health Co. | (15) | Unsecured Term Loan | 13.75% | 0.00% | 13.75% | 11/10/2031 | 275 | 270 | 270 | 0.02 |
|  |  |  |  |  |  |  |  | 270 | 270 | 0.02 |
| Healthcare Providers and Services |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OB Hospitalist Group, Inc. | (15) | Subordinated Unsecured Term Loan | S + 9.75% | 1.00% | 14.21% | 9/27/2028 | 21 | 21 | 21 |  |
|  |  |  |  |  |  |  |  | 21 | 21 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Unsecured Debt Investments** |  |  |  |  |  |  |  | 1339 | 1261 | 0.10 |

---

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[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2024**

*(in thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Equity Investments** |  |  |  |  |  |  |  |  |  |  |
| Automobile Components |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;EAH Holdco, LLC | (3)(11)(15) | Common |  |  |  |  | $- | $136 | $170 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;QAS Parent, LLC | (11)(15) | Common |  |  |  |  | 237 | 366 | 449 | 0.04 |
|  |  |  |  |  |  |  |  | 502 | 619 | 0.05 |
| Building Products |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MDC Interior Acquisition Inc | (11)(15) | Common |  |  |  |  | 1 | 894 | 1185 | 0.10 |
|  |  |  |  |  |  |  |  | 894 | 1185 | 0.10 |
| Capital Markets |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Arax MidCo, LLC | (6)(7)(12)(13)(15) | Common |  |  |  |  | 1154 | 721 | 702 | 0.06 |
|  |  |  |  |  |  |  |  | 721 | 702 | 0.06 |
| Commercial Services and Supplies |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hercules Blocker LLC | (9)(11)(15) | Common |  |  |  |  | 140 | 251 | 250 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;KAWP Holdings, L.P. | (3)(11)(15) | Common |  |  |  |  |  | 309 | 310 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zinc Buyer Corporation | (12)(13)(15) | LP Units |  |  |  |  | 242 | 242 | 259 | 0.02 |
|  |  |  |  |  |  |  |  | 802 | 819 | 0.06 |
| Construction & Engineering |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hydraulic Technologies USA LLC | (12)(13)(15) | Common |  |  |  |  | 8 | 8 | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hydraulic Technologies USA LLC | (12)(13)(15) | Preferred |  |  |  |  | 743 | 743 | 594 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;MEI Co-Investor Aggregator LLC | (11)(15) | Common |  |  |  |  | 1 | 796 | 1185 | 0.10 |
|  |  |  |  |  |  |  |  | 1547 | 1785 | 0.15 |
| Diversified Consumer Services |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American Veterinary Group Holdings, LLC | (11)(15) | Common |  |  |  |  | 243 | 387 | 156 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Four Seasons Blocker Aggregator, LP | (3)(11)(15) | Common |  |  |  |  |  | 203 | 185 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;GS Seer Group Holdings, LLC | (3)(11)(15) | Common |  |  |  |  |  | 110 | 116 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Aggregator LLC | (3)(11)(15) | Common |  |  |  |  |  | 159 | 147 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Service HoldCo, Inc. | (11)(15) | Common |  |  |  |  | 2 | 264 | 273 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Seahawk Bidco, LLC | (12)(13)(15) | LP Units |  |  |  |  | 3 | 3035 | 3035 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;US Fitness Holdings, LLC | (12)(13)(15) | Common |  |  |  |  | 3 | 3182 | 3288 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;VPP Group Holdings, L.P. | (3)(11)(15) | Common |  |  |  |  |  | 265 | 260 | 0.02 |
|  |  |  |  |  |  |  |  | 7605 | 7460 | 0.58 |
| Electronic Equipment, Instruments and Components |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wildcat Topco, Inc. | (12)(13)(15) | LP Units |  |  |  |  | 628 | 628 | 628 | 0.05 |
|  |  |  |  |  |  |  |  | 628 | 628 | 0.05 |
| Energy Equipment and Services |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CRCI Longhorn Holdings, Inc. | (12)(13)(15) | LP Units |  |  |  |  | 1 | 1154 | 1185 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tiger Parent Holdco L.P. | (3)(11)(15) | Common |  |  |  |  |  | 895 | 1013 | 0.08 |
|  |  |  |  |  |  |  |  | 2049 | 2198 | 0.18 |
| Financial Services |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cerity Partners Equity Holding LLC | (7)(12)(13)(15) | Preferred |  |  |  |  | 2 | 1408 | 1362 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;GC Mountaintop Intermediate II Inc | (3)(11)(15) | Preferred |  |  |  |  |  | 782 | 861 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;GC Mountaintop Holdings, LLC | (11)(15) | Common |  |  |  |  | 507 | 648 | 857 | 0.07 |
|  |  |  |  |  |  |  |  | 2838 | 3080 | 0.25 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2024**

*(in thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Healthcare Providers and Services |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AB Centers Acquisition Corporation | (10)(11)(15) | Preferred |  |  |  |  | $136 | $322 | $454 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oral Surgery Holdings, LLC | (11)(15) | Preferred |  |  |  |  | 42 | 554 | 1021 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;REP Coinvest III AGP Blocker, L.P. | (11)(15) | Common |  |  |  |  | 155 | 409 | 563 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;REP Coinvest III AGP, L.P. | (11)(15) | Common |  |  |  |  | 66 | 175 | 241 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;RxSense Group LLC | (11)(15) | Common |  |  |  |  | 14 | 284 | 665 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;US Heart And Vascular Holdings LLC | (11)(15) | Common |  |  |  |  | 100 | 106 | 63 | 0.01 |
|  |  |  |  |  |  |  |  | 1850 | 3007 | 0.25 |
| Health Care Technology |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DeLorean Purchaser, Inc. | (12)(13)(15) | Common |  |  |  |  | 3043 | 3043 | 3043 | 0.24 |
|  |  |  |  |  |  |  |  | 3043 | 3043 | 0.24 |
| Insurance |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accelerate Topco Holdings LLC | (11)(15) | Common |  |  |  |  | 6 | 222 | 368 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;IMG Blocker Buyer Parent, LLC | (11)(15) | Preferred |  |  |  |  | 48 | 571 | 646 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;IMG Blocker Buyer Parent, LLC | (3)(11)(15) | Common |  |  |  |  |  | 6 | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Group, LLC | (11)(15) | Preferred |  |  |  |  | 147 | 181 | 196 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;LEP McLarens Co-Invest, L.P. | (11)(15) | LP Units |  |  |  |  | 40 | 132 | 122 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;LEP Pequod Holdings LP | (3)(11)(15) | Common |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OHCP V GA COI, L.P. | (11)(15) | Preferred |  |  |  |  | 11 | 13 | 15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OHCP V GA COI, L.P. | (11)(15) | Common |  |  |  |  | 98 | 119 | 133 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unison Risk Advisors Inc. | (12)(13)(15) | Common |  |  |  |  | 1820 | 2857 | 2857 | 0.23 |
|  |  |  |  |  |  |  |  | 4101 | 4343 | 0.35 |
| IT Services |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DT1 Midco Corp | (12)(13)(15) | Common |  |  |  |  | 2896 | 2896 | 2897 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;OEConnection LLC | (3)(11)(15) | Common |  |  |  |  |  | 321 | 417 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ridge Trail US Bidco, Inc. | (12)(13)(15) | Preferred |  |  |  |  | 1418 | 1418 | 1418 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ridge Trail US Bidco, Inc. | (12)(13)(15) | Common |  |  |  |  | 34 | 34 | 34 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Winterfell Co-Invest SCSp | (11)(15) | Common |  |  |  |  | 445 | 673 | 805 | 0.06 |
|  |  |  |  |  |  |  |  | 5342 | 5571 | 0.43 |
| Pharmaceuticals |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Creek Parent, Inc. | (6)(12)(13)(15) | Common |  |  |  |  | 150 | 150 | 150 | 0.01 |
|  |  |  |  |  |  |  |  | 150 | 150 | 0.01 |
| Professional Services |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Elevator Holdco, Inc. Common Stock | (3)(11)(15) | Common |  |  |  |  |  | 453 | 382 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marina Acquisition, Inc. | (3)(12)(13)(15) | Common |  |  |  |  |  | 231 | 226 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;TVG-KUSRP Holdings, LP | (11)(15) | Preferred |  |  |  |  | 232 | 285 | 257 | 0.02 |
|  |  |  |  |  |  |  |  | 969 | 865 | 0.07 |

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[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2024**

*(in thousands)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)</sup> | **Footnotes** | **Asset Type** | **Reference Rate and Spread** <sup>(2)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Shares** | **Amortized Cost** <sup>(4)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Software |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Concord Global Acquisition, LLC, | (12)(13)(15) | Common |  |  |  |  | $3 | $2667 | $2667 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eclipse Buyer, Inc. | (12)(13)(15) | Preferred |  |  |  |  | 1 | 5020 | 4959 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;North Star Acquisition Aggregator, L.P. | (6)(11)(15) | Common |  |  |  |  | 336 | 362 | 475 | 0.04 |
|  |  |  |  |  |  |  |  | 8049 | 8101 | 0.65 |
| Technology Hardware, Storage and Peripherals |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Victors Purchaser, LLC | (12)(13)(15) | LP Units |  |  |  |  | 333 | 333 | 333 | 0.03 |
|  |  |  |  |  |  |  |  | 333 | 333 | 0.03 |
| Trading Companies and Distributors |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Graffiti Parent, LP | (11)(15) | Common |  |  |  |  | 2 | 522 | 275 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kele Holdings, Inc. | (3)(11)(15) | Common |  |  |  |  |  | 187 | 229 | 0.02 |
|  |  |  |  |  |  |  |  | 709 | 504 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Equity Investments** |  |  |  |  |  |  |  | 42132 | 44393 | 3.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments - non-controlled/non-affiliated** |  |  |  |  |  |  |  | **2132063** | **2131829** | **171.00**% |
| **Cash Equivalents** |  |  |  |  |  |  |  |  |  |  |
| BlackRock Liquidity T-Fund - Institutional Shares | (14) |  |  |  |  |  |  | 62915 | 62915 | 5.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Cash Equivalents** |  |  |  |  |  |  |  | **62915** | **62915** | **5.05** |
| **Total Investments and Cash Equivalents** |  |  |  |  |  |  |  | $**2194978** | $**2194744** | **176.05**% |

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[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2024**

*(in thousands)*

1. Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term "Company" shall include the Company's consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount is presented for debt investments and the number of shares or units owned is presented for equity investments.

2. The majority of the investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR" or "S"), Prime Rate ("Prime" or "P"), Canadian Dollar Offered Rate ("CDOR" or "C"), Sterling Overnight Index Average ("SONIA" or "SON") or other relevant benchmark, which reset daily, monthly, quarterly, semiannually or annually. For each such investment, the Company has provided the spread over reference rates and the current contractual interest rate in effect on December 31, 2024. Certain investments are subject to an interest rate floor, or rate cap. Certain investments contain a Payment-in-Kind ("PIK") provision. SOFR based contracts may include a credit spread adjustment, which is included within the stated all-in interest rate, if applicable, that is charged in addition to the base rate and the stated spread.

3. Investments with par value / shares less than 500 shown as zero.

4. The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

5. These investments were not valued using unobservable inputs and are not considered Level 3 investments. Fair value was determined in good faith by the Adviser as the Company's valuation designee, subject to the oversight of the Board of Trustees (the "Board") (see Note 2 and Note 5), pursuant to the Company's valuation policy.

6. The investment is not a qualifying asset, in whole or in part, under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2024, non-qualifying assets represented 7.70% of total assets as calculated in accordance with regulatory requirements.

7. Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See the following page for more information on the Company's unfunded commitments.

8. Position or portion thereof is pledged as collateral under the SG Facility.

9. The Company invests in this portfolio company through underlying blocker entities Hercules Blocker 1 LLC, Hercules Blocker 2 LLC, Hercules Blocker 3 LLC, Hercules Blocker 4 LLC, and Hercules Blocker 5 LLC in the form of shareholder notes and common units.

10. The Company invests in this portfolio company through underlying blocker entities Holocene Topco LP and Holocene Topco II LP.

11. Security exempt from registration under the Securities Act of 1933 (the "Securities Act"), and may be deemed to be "restricted securities" under the Securities Act. As of December 31, 2024, the aggregate fair value of these securities is $14,750 or 1.18% of the Company's net assets. The acquisition date of these restricted securities was January 19, 2024.

12. Security exempt from registration under the Securities Act of 1933 (the "Securities Act"), and may be deemed to be "restricted securities" under the Securities Act. As of December 31, 2024, the aggregate fair value of these securities is $29,643 or 2.38% of the Company's net assets. The acquisition date of Arax MidCo, LLC and Cerity Partners Equity Holding LLC was May 30, 2024. The acquisition date of Hydraulic Technologies USA LLC was June 3, 2024. The acquisition date of Marina Acquisition, Inc. was July 1, 2024. The acquisition date of Zinc Buyer Corporation was July 29, 2024. The acquisition date of CRCI Longhorn Holdings, Inc. was August 27, 2024. The acquisition date of Victors Purchaser, LLC was August 15, 2024. The acquisition date of Eclipse, Inc. was September 6, 2024. The acquisition date of US Fitness Holdings, LLC was September 4, 2024. The acquisition date of Ridge Trail US Bidco, Inc. was September 30, 2024. The acquisition date of Concord Global Acquisition, LLC was December 27, 2024. The acquisition date of Creek Parent, Inc. was December 18, 2024. The acquisition date of DeLorean Purchaser, Inc. was December 16, 2024. The acquisition date of DT1 Midco Corp was December 30, 2024. The acquisition date of Seahawk Bidco, LLC was December 19, 2024. The acquisition date of Unison Risk Advisors Inc. was October 30, 2024. The acquisition date of Wildcat Topco, Inc. was December 23, 2024.

13. These are co-investments made with the Company's affiliates in accordance with the terms of the exemptive order the Company received from the Securities and Exchange Commission (the "SEC") permitting us to do so (see Note 3 to the consolidated financial statements for discussion of the exemptive order from the SEC).

14. Cash equivalents amounting to $62,915 are invested in money market funds (BlackRock Liquidity T-Fund - Institutional Shares) and would be categorized as Level 1 under the ASC 820 fair value level hierarchy as of December 31, 2024.

15. Position or portion thereof is or can be pledged as collateral under the Revolving Credit Facility.

*See accompanying notes to the consolidated financial statements*

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**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2024**

*(in thousands)*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** <sup>(1)</sup> | **Fair<br>Value** <sup>(1)</sup> |
| AB Centers Acquisition Corporation | Revolver | 7/2/2031 | $751 | $(5) |
| AB Centers Acquisition Corporation | Delayed Draw Term Loan | 7/2/2026 | 1399 | (10) |
| Accession Risk Management, Inc. | Revolver | 11/1/2029 | 694 | 1 |
| Accession Risk Management, Inc. | Delayed Draw Term Loan | 8/16/2026 | 5300 | 7 |
| Acentra Holdings, LLC | Revolver | 12/17/2029 | 84 |  |
| ACI Group Holdings, Inc. | Revolver | 8/2/2027 | 269 | (6) |
| Adelaide Borrower, LLC | Revolver | 5/8/2030 | 1040 | (10) |
| Adelaide Borrower, LLC | Delayed Draw Term Loan | 5/8/2026 | 1670 | (17) |
| Alert Media, Inc. | Revolver | 4/12/2027 | 211 |  |
| AMBA Buyer, Inc. | Revolver | 7/30/2027 | 276 | (2) |
| Amerilife Holdings LLC | Revolver | 8/31/2028 | 595 |  |
| Amerilife Holdings LLC | Delayed Draw Term Loan | 6/18/2026 | 7613 |  |
| Analytic Partners, LP | Revolver | 4/4/2030 | 1002 | (4) |
| Apex Service Partners, LLC | Delayed Draw Term Loan | 9/24/2026 | 9948 | (47) |
| Apex Service Partners, LLC | Revolver | 10/24/2029 | 121 | (1) |
| Aprio Advisory Group, LLC | Delayed Draw Term Loan | 8/2/2026 | 4328 | (10) |
| Aprio Advisory Group, LLC | Revolver | 8/1/2031 | 2733 | (7) |
| Arax MidCo, LLC | Equity | 4/11/2029 | 432 | (7) |
| Arax MidCo, LLC | Revolver | 4/11/2029 | 1293 | (15) |
| Arax MidCo, LLC | Delayed Draw Term Loan | 10/14/2025 | 2131 | (25) |
| Ares Holdings, LLC | Revolver | 11/18/2027 | 747 | (3) |
| Arrow Management Acquisition, LLC | Delayed Draw Term Loan | 11/1/2024 | 1 |  |
| Artifact Bidco, Inc. | Delayed Draw Term Loan | 7/27/2027 | 1642 | (12) |
| Artifact Bidco, Inc. | Revolver | 7/26/2030 | 1173 | (9) |
| AVG Intermediate Holdings LLC | Revolver | 3/16/2027 | 166 | (4) |
| AVSC Holding Corp. | Revolver | 12/5/2029 | 2959 | (30) |
| AWP Group Holdings, Inc. | Delayed Draw Term Loan | 8/23/2026 | 8262 | (21) |
| AWP Group Holdings, Inc. | Revolver | 12/23/2030 | 45 |  |
| Banker's Toolbox, Inc. | Revolver | 7/27/2027 | 637 |  |
| BC Group Holdings, Inc. | Delayed Draw Term Loan | 12/21/2026 | 7018 | (53) |
| Blackbird Purchaser, Inc. | Delayed Draw Term Loan | 12/19/2025 | 597 |  |
| Blackbird Purchaser, Inc. | Revolver | 12/19/2029 | 464 |  |

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**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2024**

*(in thousands)*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** <sup>(1)</sup> | **Fair<br>Value** <sup>(1)</sup> |
| Blackhawk Industrial Distribution, Inc. | Revolver | 9/17/2026 | $2890 | $(12) |
| Blades Buyer, Inc. | Revolver | 3/28/2028 | 120 | (1) |
| Bridges Consumer Healthcare Intermediate LLC | Delayed Draw Term Loan | 12/21/2026 | 6704 | (34) |
| Bridges Consumer Healthcare Intermediate LLC | Revolver | 12/22/2031 | 2682 | (13) |
| Cardiology Management Holdings, LLC | Delayed Draw Term Loan | 1/31/2029 | 69 |  |
| Carr, Riggs & Ingram Capital, L.L.C. | Revolver | 11/18/2031 | 3500 | (17) |
| Carr, Riggs & Ingram Capital, L.L.C. | Delayed Draw Term Loan | 11/18/2026 | 8750 | (43) |
| CDL Parent, Inc. | Revolver | 12/7/2027 | 728 | (5) |
| Cerity Partners Equity Holding LLC | Equity | 7/28/2029 | 917 | (18) |
| Cerity Partners Equity Holding LLC | Delayed Draw Term Loan | 7/28/2029 | 14906 |  |
| Cerity Partners Equity Holding LLC | Revolver | 7/28/2028 | 3266 |  |
| CFGI Holdings, LLC | Revolver | 11/2/2027 | 191 | (1) |
| Cherry Bekaert Advisory LLC | Revolver | 6/30/2028 | 226 |  |
| Cold Chain Technologies, LLC | Revolver | 7/2/2026 | 197 |  |
| Concord Global Acquisition, LLC, | Delayed Draw Term Loan | 12/28/2026 | 4575 | (23) |
| Concord Global Acquisition, LLC, | Revolver | 12/26/2031 | 1830 | (9) |
| CPC/Cirtec Holdings, Inc | Revolver | 10/31/2028 | 670 | (2) |
| CRCI Longhorn Holdings, Inc. | Delayed Draw Term Loan | 8/28/2026 | 4544 | (5) |
| CRCI Longhorn Holdings, Inc. | Revolver | 8/27/2031 | 1666 | (2) |
| Creek Parent, Inc. | Revolver | 12/18/2031 | 125 | (1) |
| Cub Financing Intermediate, LLC | Delayed Draw Term Loan | 6/28/2026 | 4967 | (23) |
| CVP Holdco, Inc. | Revolver | 6/28/2030 | 2353 | (6) |
| CVP Holdco, Inc. | Delayed Draw Term Loan | 6/29/2026 | 5883 | (14) |
| DCG Acquisition Corp. | Revolver | 6/13/2031 | 4408 |  |
| DCG Acquisition Corp. | Delayed Draw Term Loan | 6/13/2026 | 4408 |  |
| DeLorean Purchaser, Inc. | Revolver | 12/16/2031 | 4574 | (34) |
| DT Intermediate Holdco, Inc. | Delayed Draw Term Loan | 9/14/2026 | 14790 | (111) |
| DT1 Midco Corp | Delayed Draw Term Loan | 12/30/2026 | 5014 | (25) |
| DT1 Midco Corp | Revolver | 12/30/2030 | 2005 | (10) |
| Dwyer Instruments, LLC | Revolver | 7/20/2029 | 3394 | (33) |
| Dwyer Instruments, LLC | Delayed Draw Term Loan | 11/21/2026 | 2828 | (27) |
| Dynatect Group Holdings, Inc. | Revolver | 6/30/2026 | 1236 |  |
| Eclipse Buyer, Inc. | Revolver | 9/6/2031 | 1352 | (7) |
| Eclipse Buyer, Inc. | Delayed Draw Term Loan | 9/7/2026 | 2665 | (13) |
| Edgeco Buyer, Inc. | Delayed Draw Term Loan | 12/20/2026 | 3384 | (17) |
| Edgeco Buyer, Inc. | Revolver | 6/1/2028 | 338 | (2) |
| EDPO, LLC | Delayed Draw Term Loan | 5/2/2025 | 72 |  |
| EDPO, LLC | Revolver | 12/8/2026 | 37 |  |
| Empyrean Solutions, LLC | Revolver | 11/26/2031 | 415 | (2) |
| Empyrean Solutions, LLC | Delayed Draw Term Loan | 11/25/2026 | 1106 | (5) |
| Enverus Holdings, Inc. | Delayed Draw Term Loan | 12/22/2025 | 116 |  |
| Enverus Holdings, Inc. | Revolver | 12/24/2029 | 168 |  |

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[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2024**

*(in thousands)*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** <sup>(1)</sup> | **Fair<br>Value** <sup>(1)</sup> |
| EOS Fitness Opco Holdings, LLC | Delayed Draw Term Loan | 9/25/2026 | $2665 | $(7) |
| Essential Services Holding Corporation | Revolver | 6/17/2030 | 1301 | (3) |
| Essential Services Holding Corporation | Delayed Draw Term Loan | 6/17/2026 | 2082 | (5) |
| Excelitas Technologies Corp. | Delayed Draw Term Loan | 5/1/2026 | 5044 | (13) |
| FL Hawk Intermediate Holdings, Inc. | Revolver | 2/22/2029 | 1190 | (6) |
| Flint Opco, LLC | Delayed Draw Term Loan | 6/1/2026 | 2790 |  |
| Flow Control Solutions, Inc. | Revolver | 3/31/2029 | 1411 | (10) |
| Flow Control Solutions, Inc. | Delayed Draw Term Loan | 6/28/2026 | 7732 | (53) |
| Focus Financial Partners, LLC | Delayed Draw Term Loan | 9/15/2031 | 420 | 4 |
| Foreside Financial Group, LLC | Revolver | 9/30/2027 | 712 |  |
| Graffiti Buyer, Inc. | Delayed Draw Term Loan | 4/29/2026 | 1724 | (51) |
| GSV Holding, LLC | Revolver | 10/18/2030 | 1651 | (8) |
| Harvey Tool Company, LLC | Revolver | 10/26/2027 | 2372 | (5) |
| Harvey Tool Company, LLC | Delayed Draw Term Loan | 6/28/2026 | 6527 | (14) |
| Health Buyer LLC | Delayed Draw Term Loan | 5/15/2026 | 10052 | (45) |
| Heights Buyer, LLC | Delayed Draw Term Loan | 8/26/2025 | 620 |  |
| Heights Buyer, LLC | Revolver | 8/25/2028 | 543 |  |
| Hercules Borrower LLC | Revolver | 12/15/2026 | 329 |  |
| HSI Halo Acquisition, Inc. | Delayed Draw Term Loan | 6/28/2026 | 1213 | (3) |
| HSI Halo Acquisition, Inc. | Revolver | 6/28/2030 | 978 | (2) |
| HT Intermediary III, Inc. | Revolver | 11/12/2030 | 1158 | (6) |
| HT Intermediary III, Inc. | Delayed Draw Term Loan | 11/13/2026 | 3564 | (17) |
| Hydraulic Technologies USA LLC | Revolver | 6/3/2030 | 2050 | (26) |
| IG Investments Holdings, LLC | Revolver | 9/22/2028 | 1172 | (6) |
| ImageFirst Holdings, LLC | Revolver | 4/27/2028 | 1675 |  |
| Imagine 360 LLC | Revolver | 9/30/2028 | 4326 | (22) |
| Imagine 360 LLC | Delayed Draw Term Loan | 9/20/2026 | 10122 | (51) |
| IMO Investor Holdings, Inc. | Revolver | 5/11/2028 | 1435 |  |
| Innovetive Petcare, LLC | Delayed Draw Term Loan | 11/19/2026 | 5634 | (70) |
| Integrated Power Services Holdings, Inc. | Revolver | 11/22/2027 | 463 |  |
| Integrated Power Services Holdings, Inc. | Delayed Draw Term Loan | 5/7/2026 | 11579 | (23) |
| Integrity Marketing Acquisition, LLC | Revolver | 8/25/2028 | 122 | (1) |
| Javelin Buyer, Inc. | Revolver | 12/6/2029 | 1304 | 12 |
| JHCC Holdings LLC | Delayed Draw Term Loan | 9/9/2026 | 797 | (3) |
| JHCC Holdings LLC | Revolver | 9/9/2027 | 125 | (1) |
| Kele Holdco, Inc. | Revolver | 2/20/2028 | 342 |  |
| Kipu Buyer, LLC | Revolver | 1/27/2026 | 365 | (1) |
| Klick, Inc. | Revolver | 3/31/2028 | 813 | (8) |

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[**<u>**Table of Contents**</u>**](#toc_page)

**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2024**

*(in thousands)*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** <sup>(1)</sup> | **Fair<br>Value** <sup>(1)</sup> |
| KPA Parent Holdings, Inc. | Revolver | 7/17/2026 | $403 | $— |
| Kriv Acquisition Inc. | Revolver | 7/6/2029 | 377 | (2) |
| Kriv Acquisition Inc. | Delayed Draw Term Loan | 9/26/2026 | 8343 | (42) |
| Lightbeam Bidco Inc. | Revolver | 5/4/2029 | 476 |  |
| Litera Bidco LLC | Revolver | 5/1/2028 | 434 | (2) |
| Litera Bidco LLC | Delayed Draw Term Loan | 5/17/2027 | 1884 | (9) |
| Marina Acquisition, Inc. | Revolver | 7/1/2030 | 1434 | (14) |
| MDC Interior Acquisition Inc | Revolver | 4/26/2030 | 2084 | (10) |
| Merlin Buyer, Inc. | Revolver | 12/14/2026 | 598 | (6) |
| MHE Intermediate Holdings, LLC | Revolver | 7/21/2027 | 48 |  |
| Minotaur Acquisition, Inc. | Revolver | 6/3/2030 | 2442 | (17) |
| Minotaur Acquisition, Inc. | Delayed Draw Term Loan | 6/4/2025 | 4071 | (28) |
| Montana Buyer Inc. | Revolver | 7/22/2028 | 1949 |  |
| Motion & Control Enterprises LLC | Delayed Draw Term Loan | 2/1/2025 | 1453 | (27) |
| Movati Athletic (Group) Inc. | Delayed Draw Term Loan | 5/30/2026 | 2433 | (18) |
| Movati Athletic (Group) Inc. | Revolver | 5/29/2029 | 1825 | (14) |
| MRI Software LLC | Delayed Draw Term Loan | 8/27/2026 | 1176 | 3 |
| Nasuni Corporation | Revolver | 9/10/2030 | 1302 | (9) |
| Net Health Acquisition Corp. | Revolver | 7/3/2031 | 3296 |  |
| NJEye LLC | Revolver | 3/14/2025 | 184 |  |
| North Star Acquisitionco, LLC | Delayed Draw Term Loan | 5/4/2025 | 70 |  |
| North Star Acquisitionco, LLC | Revolver | 5/3/2029 | 2275 |  |
| OEConnection LLC | Delayed Draw Term Loan | 12/30/2026 | 4526 | (9) |
| OEConnection LLC | Delayed Draw Term Loan | 4/22/2026 | 4469 | (8) |
| OEConnection LLC | Revolver | 4/22/2031 | 2793 | (5) |
| Onyx-Fire Protection Services Inc. | Revolver | 7/31/2031 | 3044 | (15) |
| Onyx-Fire Protection Services Inc. | Delayed Draw Term Loan | 7/31/2026 | 1928 | (10) |
| Orsini Pharmaceutical Services, LLC | Revolver | 5/2/2028 | 297 |  |
| Pareto Health Intermediate Holdings, Inc. | Delayed Draw Term Loan | 6/20/2026 | 1668 | (8) |
| Pareto Health Intermediate Holdings, Inc. | Revolver | 6/1/2029 | 163 | (1) |
| Pathstone Family Office LLC | Revolver | 5/15/2028 | 2502 | (13) |
| Pathstone Family Office LLC | Delayed Draw Term Loan | 6/22/2026 | 5035 | (25) |
| Phantom Purchaser, Inc. | Revolver | 9/19/2031 | 2654 | (6) |
| PPV Intermediate Holdings, LLC | Delayed Draw Term Loan | 8/7/2026 | 15038 | (150) |
| Prism Parent Co. Inc. | Delayed Draw Term Loan | 9/19/2025 | 241 | (5) |
| Propio LS, LLC | Revolver | 7/17/2029 | 5537 | (14) |
| Propio LS, LLC | Delayed Draw Term Loan | 7/25/2026 | 11074 | (28) |
| QBS Parent, Inc. | Revolver | 11/7/2031 | 450 | (1) |
| Quality Automotive Services, LLC | Revolver | 7/16/2027 | 130 | (1) |
| R&T Acquisitions, LLC | Delayed Draw Term Loan | 9/1/2025 | 771 | (10) |
| Raven Acquisition Holdings, LLC | Delayed Draw Term Loan | 11/19/2031 | 333 | 1 |
| Red Fox CD Acquisition Corporation | Delayed Draw Term Loan | 12/1/2025 | 7834 | (59) |

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**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2024**

*(in thousands)*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** <sup>(1)</sup> | **Fair<br>Value** <sup>(1)</sup> |
| Ridge Trail US Bidco, Inc. | Term Loan | 9/30/2031 | $6893 | $(52) |
| Ridge Trail US Bidco, Inc. | Revolver | 3/31/2031 | 1677 | (13) |
| Riser Interco LLC | Delayed Draw Term Loan | 6/5/2026 | 4778 | (48) |
| Routeware, Inc. | Delayed Draw Term Loan | 9/19/2026 | 2955 | (7) |
| Routeware, Inc. | Revolver | 9/18/2031 | 682 | (2) |
| Ruppert Landscape, LLC | Delayed Draw Term Loan | 4/30/2026 | 9931 | (136) |
| Ruppert Landscape, LLC | Revolver | 12/1/2028 | 793 | (11) |
| Sako and Partners Lower Holdings LLC | Revolver | 9/15/2028 | 746 | (2) |
| Seahawk Bidco, LLC | Delayed Draw Term Loan | 12/19/2026 | 4242 | (16) |
| Seahawk Bidco, LLC | Revolver | 12/19/2030 | 1273 | (5) |
| Simplicity Financial Marketing Group Holdings, Inc. | Delayed Draw Term Loan | 12/31/2026 | 7220 | (36) |
| Simplicity Financial Marketing Group Holdings, Inc. | Revolver | 12/31/2031 | 3610 | (18) |
| Smile Doctors LLC | Delayed Draw Term Loan | 3/9/2025 | 89 |  |
| Southpaw AP Buyer, LLC | Delayed Draw Term Loan | 5/1/2026 | 1266 |  |
| Southpaw AP Buyer, LLC | Revolver | 3/2/2028 | 2178 |  |
| Spartan Bidco PTY LTD | Revolver | 1/24/2028 | 769 | (7) |
| Specialized Dental Holdings II, LLC | Delayed Draw Term Loan | 6/5/2026 | 6051 |  |
| Spirit RR Holdings, Inc. | Revolver | 9/13/2028 | 497 | (4) |
| St Athena Global LLC | Revolver | 6/26/2029 | 295 | (4) |
| St Athena Global LLC | Delayed Draw Term Loan | 6/26/2026 | 119 | (1) |
| STCH Acquisition Inc. | Revolver | 10/30/2026 | 1547 | (8) |
| Sugar PPC Buyer LLC | Delayed Draw Term Loan | 7/10/2026 | 6800 | (34) |
| SureWerx Purchaser III Inc. | Revolver | 12/28/2028 | 528 |  |
| The Chartis Group, LLC | Delayed Draw Term Loan | 9/17/2026 | 3875 | (19) |
| The Chartis Group, LLC | Revolver | 9/17/2031 | 1938 | (10) |
| The Hiller Companies, LLC | Revolver | 6/20/2030 | 2730 | (7) |
| The Hiller Companies, LLC | Delayed Draw Term Loan | 6/22/2026 | 3233 | (8) |
| THG Acquisition, LLC | Revolver | 10/31/2031 | 1528 | (7) |
| THG Acquisition, LLC | Delayed Draw Term Loan | 10/30/2026 | 3301 | (16) |
| Thunder Purchaser, Inc. | Delayed Draw Term Loan | 10/31/2026 | 9929 |  |
| TPC Engineering Holdings, Inc. | Revolver | 2/16/2027 | 524 | (7) |
| Trilon Group, LLC | Delayed Draw Term Loan | 10/16/2025 | 3183 | (20) |
| Trilon Group, LLC | Revolver | 5/25/2029 | 1066 | (7) |
| Trimech Acquisition Corp. | Delayed Draw Term Loan | 8/15/2026 | 2943 | (29) |
| Trimech Acquisition Corp. | Delayed Draw Term Loan | 8/15/2026 | 10952 | (110) |
| Trimech Acquisition Corp. | Revolver | 3/10/2028 | 6584 | (66) |

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**ANTARES STRATEGIC CREDIT FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2024**

*(in thousands)*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments—non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** <sup>(1)</sup> | **Fair<br>Value** <sup>(1)</sup> |
| Trunk Acquisition, Inc. | Delayed Draw Term Loan | 12/20/2026 | $3690 | $(18) |
| Turningpoint Healthcare Solutions, LLC | Revolver | 7/14/2027 | 257 | (2) |
| Unison Risk Advisors Inc. | Delayed Draw Term Loan | 10/17/2026 | 9811 | (46) |
| Unison Risk Advisors Inc. | Revolver | 10/17/2030 | 2857 | (13) |
| US Fitness Holdings, LLC | Delayed Draw Term Loan | 9/4/2026 | 6892 | (32) |
| US Fitness Holdings, LLC | Revolver | 9/4/2030 | 2121 | (10) |
| USRP Holdings, Inc. | Delayed Draw Term Loan | 8/28/2026 | 17872 |  |
| USRP Holdings, Inc. | Revolver | 12/31/2029 | 2290 |  |
| Valet Waste Holdings, Inc. | Revolver | 5/1/2029 | 691 |  |
| Valicor PPC Intermediate II LLC | Revolver | 1/24/2028 | 1006 | (2) |
| Vensure Employer Services, Inc. | Delayed Draw Term Loan | 9/27/2026 | 1934 | (9) |
| Vertex Service Partners, LLC | Delayed Draw Term Loan | 10/2/2026 | 1469 | (4) |
| Vessco Midco Holdings, LLC | Delayed Draw Term Loan | 7/24/2026 | 6021 | (30) |
| Vessco Midco Holdings, LLC | Revolver | 7/24/2031 | 2724 | (14) |
| Victors Purchaser, LLC | Delayed Draw Term Loan | 8/15/2026 | 2194 | (5) |
| Victors Purchaser, LLC | Revolver | 8/15/2031 | 1065 | (3) |
| Vital Care Buyer, LLC | Revolver | 7/30/2031 | 2789 | (13) |
| VPP Intermediate Holdings, LLC | Revolver | 12/1/2027 | 223 | (1) |
| Wealth Enhancement Group, LLC | Delayed Draw Term Loan | 10/4/2027 | 29032 | (206) |
| Wealth Enhancement Group, LLC | Revolver | 10/2/2028 | 1073 | (8) |
| Wildcat Topco, Inc. | Revolver | 11/17/2031 | 3243 | (16) |
| Wildcat Topco, Inc. | Delayed Draw Term Loan | 11/16/2026 | 3243 | (16) |
| World Insurance Associates, LLC | Revolver | 4/3/2028 | 212 | (2) |
| WRE Holding Corp. | Delayed Draw Term Loan | 7/2/2026 | 1487 | (7) |
| WRE Holding Corp. | Revolver | 7/2/2030 | 1133 | (6) |
| WST USA Holdco, Inc. | Delayed Draw Term Loan | 12/30/2025 | 1583 |  |
| YA Intermediate Holdings II, LLC | Revolver | 10/1/2031 | 2059 | (10) |
| YA Intermediate Holdings II, LLC | Delayed Draw Term Loan | 10/2/2026 | 4516 | (23) |
| YLG Holdings, Inc. | Delayed Draw Term Loan | 12/23/2030 | 3088 | (15) |
| YLG Holdings, Inc. | Revolver | 12/23/2030 | 3270 | (16) |
| Zinc Buyer Corporation | Delayed Draw Term Loan | 7/24/2026 | 4143 | (31) |
| Zinc Buyer Corporation | Revolver | 7/24/2031 | 2028 | (15) |
| Total Unfunded Commitments |  |  | $639857 | $(3094) |

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(1)Foreign domiciled investments have been converted to U.S. Dollars based on prevailing rates at period-end.

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**ANTARES STRATEGIC CREDIT FUND**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

*(in thousands, except share/per share data, percentages and as otherwise noted)*

**Note 1. Business and Organization**

Antares Strategic Credit Fund (the "Company") is a Delaware statutory trust formed on August 31, 2023 which commenced investment operations on January 19, 2024. The Company was organized to provide risk-adjusted returns and current income to shareholders by investing primarily in loans to borrowers in the United States and Canada. The Company's investment strategy focuses primarily on private credit investments structured as portfolio loans to U.S. borrowers. A "portfolio loan" is a senior secured loan, which may be first lien, second lien or unitranche loans, consisting of term loans, related delayed draw term loans and/or revolving loans. Each tranche of a senior secured loan acquired by the Company is referred to as a portfolio loan. The Company is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, the Company intends to elect to be treated and intends to comply with the requirements to qualify annually, as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"). The Company is externally managed by Antares Capital Credit Advisers LLC (the "Adviser"). The Adviser is a registered investment adviser with the U.S. Securities and Exchange Commission (the "SEC").

The Company is a private, perpetual-life BDC, whose common shares of beneficial interest ("Common Shares") are not listed for trading on a stock exchange or other securities market and is an investment vehicle with indefinite duration.

While the Company's investment strategy primarily focuses on companies in the U.S., the Company intends to also invest in companies in Canada, Europe and other locations outside the U.S, subject to compliance with BDC requirements to invest at least 70% of assets in "eligible portfolio companies". The Company may also invest in preferred equity or debt investments that may be accompanied by equity-related securities (such as options or warrants) and/or select common equity investments.

The Company's investment strategy also includes a smaller allocation to more liquid credit investments such as broadly syndicated loans and corporate bonds, which may be used primarily to maintain liquidity for the Company's share repurchase program and manage cash before investing subscription proceeds into originated loans, while also seeking attractive investment returns. The Company may also invest in publicly traded securities of larger corporate issuers on an opportunistic basis when market conditions create compelling potential return opportunities subject to compliance with BDC requirements.

The Company offers its Common Shares on a continuous basis via a private placement. Within the United States, the Common Shares are being offered solely to investors that are "accredited investors" as defined in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended (the "1933 Act"). Outside of the United States, the Common Shares are being sold in accordance with Regulation S of the Securities Act.

The Company may enter into interest rate, foreign exchange, and/or other derivative arrangements to hedge against interest rate, currency, and/or other credit related risks through the use of futures, swaps, options and forward contracts. These hedging activities will be subject to the applicable legal and regulatory compliance requirements; however, there can be no assurance any hedging strategy employed will be successful. The Company may also seek to borrow capital in local currencies as a means of hedging non-U.S. dollar denominated investments.

Engaging in commodity interest transactions such as swap transactions or futures contracts for the Company may cause the Adviser to fall within the definition of "commodity pool operator" under the Commodity Exchange Act (the "CEA") and related Commodity Futures Trading Commission (the "CFTC") regulations. The Adviser has claimed an exclusion from the definition of the term "commodity pool operator" under the CEA and the CFTC regulations in connection with its management of the Company and, therefore, is not subject to CFTC registration or regulation under the CEA as a commodity pool operator with respect to its management of the Company.

The Company has formed wholly owned subsidiaries for the purpose of holding certain investments in portfolio companies. As of June 30, 2025, the Company's wholly owned subsidiaries were formed as Delaware limited liability companies and include: Antares Strategic Credit SPV LLC ("A-Star SPV") and A-Star Equity Holdings LLC ("A-Star Equity", and collectively with A-Star SPV, the "Subsidiaries"). The Company consolidates its wholly owned subsidiaries in these consolidated financial statements from the date of the respective subsidiary's formation.

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**Note 2. Significant Accounting Policies**

*Basis of Presentation* 

Interim consolidated financial statements and related financial information have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the requirements for reporting on Form 10-Q and Articles 6 - 10 of Regulation S-X. The Company is considered an Investment Company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 946, *Financial Services – Investment Companies* ("ASC 946")*,* and pursuant to Regulation S-X. The current period's results of operations will not necessarily be indicative of results that ultimately be achieved for the year ended December 31, 2025. In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair statement of the consolidated financial statements for the periods presented, have been included.

*Consolidation* 

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the wholly owned subsidiaries in the consolidated financial statements. All intercompany balances have been eliminated.

*Segment Reporting*

In accordance with ASC Topic 280, *Segment Reporting* ("ASC 280"), the Company has determined that it has a single operating and reporting segment. As a result, the Company's segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.

*Use of Estimates* 

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future economic and market conditions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Although the Company's estimates contemplate current conditions and how they expect them to change in the future, it is reasonably possible that actual results could differ from those estimates and such difference could be material.

*Cash and Cash Equivalents*

Cash and cash equivalents consist of demand deposits and are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.

The Company has made a prospective presentation change to reclassify money market fund investments as short-term investments, resulting in their exclusion from cash and cash equivalents beginning in the three and six months June 30, 2025 in this Quarterly Report.

*Organization and Offering Expenses*

Organization costs include costs relating to the formation and organization of the Company, and are expensed as incurred. For both the three and six months ended June 30, 2025, the Company did not incur any organization costs. For the three and six months ended June 30, 2024 the company incurred $0 and $51 in organization costs, respectively. These amounts are included in due to affiliates on the Consolidated Statements of Assets and Liabilities as of June 30, 2025 and December 31, 2024.

Costs associated with the Company's offering of Common Shares are capitalized and included as deferred offering costs on the Consolidated Statements of Assets and Liabilities and will be amortized over a twelve-month period beginning on the date which the Company first accepted capital contribution from unaffiliated shareholders in the Private Offering. For the three and six months ended June 30, 2025, the Company incurred $25 and $55 of offering costs and amortized $23 and $106 during the periods, respectively. For the three and six months ended June 30, 2024, the Company incurred $73 and $164 of offering costs and amortized $71 and $71 during the periods, respectively.

As of June 30, 2025, and December 31, 2024, $40 and $91, respectively, in deferred offering costs were included on the Consolidated Statements of Assets and Liabilities.

*Investments*

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

*Short-term investments*

Short-term investments consist of highly liquid investments, such as money market funds, with original maturities of three months or less. This presentation change was adopted beginning in the three and six months ended June 30, 2025 in this Quarterly Report.

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*Valuation of Investments*

The Company is required to report its investments for which current market values are not readily available at fair value. The Company values its investments in accordance with ASC Topic 820, *Fair Value Measurement* ("ASC 820"), which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date. ASC 820 prioritizes the use of observable market prices derived from such prices over entity-specific inputs. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material.

Investments for which market quotations are readily available are typically valued using mid-market pricing (i.e., mid-point of average bid and ask prices). The Adviser obtains these market quotations from independent pricing services, if available; otherwise from at least two principal market makers or primary market dealers. To assess the continuing appropriateness of pricing sources and methodologies, the Adviser performs, from time to time, price verification procedures and issues challenges as necessary to independent pricing services or brokers, and any differences are reviewed in accordance with the valuation procedures. The Adviser does not adjust the prices unless it has a reason to believe market quotations are not reflective of the fair value of an investment.

Where prices or inputs are not available, or, in the judgment of the Adviser, not reliable, valuation approaches based on the facts and circumstances of the particular investment are utilized. Securities that are not publicly traded or for which market prices are not readily available, as the case for a substantial portion of the Company's investments, are valued at fair value as determined in good faith by the Adviser as the Company's valuation designee under Rule 2a-5 under the 1940 Act, pursuant to the Company's valuation policy, and under the oversight of the Board of Trustees (the "Board"), based on, among other things, the input of the Company's management and the audit committee. In addition, the Adviser has retained independent valuation firms to review valuations on a rotational basis. These valuation approaches involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments' complexity.

With respect to investments for which market quotations are not readily available, the Adviser undertakes a multi-step valuation process each quarter, among other procedures, as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The valuation process begins with each investment being preliminarily reviewed by the Adviser's valuation team in consultation with the Adviser's investment professionals responsible for each portfolio investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•At least once annually the valuation for each investment (subject to a de minimis threshold) is reviewed by an independent valuation firm. The independent valuation firms provide a final range of values on such investments to the Adviser. The independent valuation firms also provide analyses to support their valuation methodology and calculations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Adviser's valuation committee with respect to the Company (the "Valuation Committee") reviews each valuation recommendation to confirm they have been calculated in accordance with the valuation policy and confirms the independent valuation firms' valuation ranges when utilized are reasonable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Adviser's Valuation Committee then determines fair value marks for each of the Company's portfolio investments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Board and audit committee of the Company periodically review the valuation process and provide oversight in accordance with the requirements of Rule 2a-5 under the 1940 Act.

As part of the valuation process, the Company takes into account relevant factors in determining the fair value of the Company's investments for which reliable market quotations are not readily available, many of which are loans, including and in combination, as relevant, any of: (i) the estimated enterprise value of a Portfolio Company, generally based on an analysis of discounted cash flows, publicly traded comparable companies and comparable transactions, (ii) the nature and realizable value of any collateral, (iii) the Portfolio Company's ability to make payments based on its earnings and cash flow, (iv) the markets in which the Portfolio Company does business, and (v) overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity or debt sale occurs, the Adviser considers whether the pricing indicated by the external event corroborates its valuation.

The Company's accounting policy on the fair value of the investments is critical because the determination of fair value involves subjective judgments and estimates. Accordingly, the Company's consolidated financial statements express the uncertainty with respect to the possible effect of these valuations, and any change in these valuations, on the consolidated financial statements.

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*Revenue Recognition*

The Company generates revenue in the form of interest and fee income on debt investments, capital gains, and dividend income from equity investments in portfolio companies. The senior and subordinated debt investments bear interest at a fixed or floating rate, and is generally payable quarterly or semiannually. In some cases, some of the Company's investments provide for deferred interest payments or payment-in-kind ("PIK") interest. The principal amount of the debt investments and any accrued but unpaid PIK interest generally become due at the maturity date. Original issue discounts and market discounts or premiums are capitalized, and the Company accretes or amortizes such amounts as interest income. In addition, the Company generates revenue from various fees in the ordinary course of business such as in the form of structuring, consent, waiver, amendment, syndication and other miscellaneous fees.

*Interest Income*

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortization of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the debt investments using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt investment, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income, in the current period.

*Dividend Income*

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

*PIK Income*

The Company may have loans in its portfolio that contain PIK provisions. PIK represents interest that is accrued and recorded at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in payment-in-kind interest income on the Consolidated Statements of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through payment-in-kind interest income. To maintain the Company's status as a RIC, this non-cash source of income must be paid out to shareholders in the form of distributions, even though the Company has not yet collected cash.

*Fee Income*

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered.

*Non-Accrual Income*

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management's judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management's judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection*.*

*Deferred Financing Costs*

Deferred financing costs represent fees and other direct incremental costs incurred in connection with the Company's borrowings. These expenses are deferred and amortized into interest expense over the life of the related debt instrument using the straight-line method. Deferred financing costs related to the Company's borrowings are presented as an offset against the debt outstanding on the Consolidated Statements of Assets and Liabilities.

*Foreign Currency Translations*

The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the foreign exchange rate on the date of valuation. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. The Company's investments in foreign securities may involve certain risks, including without limitation: foreign exchange restrictions, expropriation, taxation or other political, social or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments and therefore the earnings of the Company.

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*Income Taxes* 

The Company intends to elect to be treated, and intends to qualify each taxable year thereafter, as a RIC under the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company's shareholders and would not be reflected in the consolidated financial statements of the Company.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to meet the "more- likely-than-not" threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of the sum of (i) its "investment company taxable income" for that year (without regard to the deduction for dividends paid), which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income.

In addition, pursuant to the excise tax distribution requirements, the Company will be subject to a 4% non-deductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed.

*Distributions*

To the extent that the Company has taxable income available, the Company intends to make quarterly distributions to its shareholders. Distributions to shareholders are recorded on the record date. All distributions will be paid at the discretion of the Board and will depend on the Company's earnings, financial condition, maintenance of the Company's tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time.

Distributions to shareholders by the Company of ordinary income (including "market discount" realized by the Company on the sale of debt securities), and of net short-term capital gains, if any, realized by the Company are generally taxable to U.S. shareholders as ordinary income to the extent such distributions are paid out of the Company's current or accumulated earnings and profits. Distributions, if any, of net capital gains properly reported as "capital gain dividends" will be taxable as long-term capital gains, regardless of the length of time the shareholder has owned the Company's shares. A distribution of an amount in excess of the Company's current and accumulated earnings and profits (as determined for U.S. federal income tax purposes) will be treated by a shareholder as a return of capital which will be applied against and reduce the shareholder's basis in his or her shares. To the extent that the amount of any such distribution exceeds the shareholder's basis in his or her shares, the excess will be treated by the shareholder as gain from a sale or exchange of the shares. Distributions paid by the Company generally will not be eligible for the dividends received deduction allowed to corporations or for the reduced rates applicable to certain qualified dividend income received by non-corporate shareholders.

Distributions will be treated in the manner described above regardless of whether such distributions are paid in cash or invested in additional shares pursuant to the distribution reinvestment plan. Shareholders receiving distributions in the form of additional shares will generally be treated as receiving a distribution in the amount of the fair market value of the distributed shares. The additional shares received by a shareholder pursuant to the distribution reinvestment plan will have a new holding period commencing on the day following the day on which the shares were credited to the shareholder's account.

The Company may elect to retain its net capital gain or a portion thereof for investment and be taxed at corporate rates on the amount retained. In such case, it may designate the retained amount as undistributed capital gains in a notice to its shareholders, who will be treated as if each received a distribution of its pro rata share of such gain, with the result that each shareholder will (i) be required to report its pro rata share of such gain on its tax return as long-term capital gain, (ii) receive a refundable tax credit for its pro rata share of tax paid by the Company on the gain and (iii) increase the tax basis for its shares by an amount equal to the deemed distribution less the tax credit.

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*Recent Accounting Pronouncements*

The Company considers the applicability and impact of all accounting standard updates ("ASU") issued by the Financial Accounting Standards Board (the "FASB").

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the "CODM"). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by ASC 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for the fiscal years beginning after December 15, 2023, and interim periods beginning with the first quarter ended March 31, 2025. Early adoption is permitted and retrospective adoption is required for all prior periods presented. The Company has adopted ASU 2023-07 effective December 31, 2024 and concluded that the application of this guidance did not have any material impact on its consolidated financial statements. See Note 10 for more information on the effects of the adoption of ASU 2023-07.

In November 2024, the FASB issued ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 2200-40)," which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, in each relevant expense caption. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

Other than the aforementioned guidance, the Company's management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying consolidated financial statements.

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**Note 3. Agreements and Related Party Transactions** 

*Investment Advisory Agreement*

On December 18, 2023, the Board approved an investment advisory agreement with the Adviser ("Investment Advisory Agreement"), pursuant to which the Adviser manages the Company on a day-to-day basis. Under the terms of the Investment Advisory Agreement, the Adviser is responsible for determining the composition of the Company's portfolio, identifying investment opportunities and making investment decisions, monitoring investments, performing due diligence on prospective portfolio companies, and negotiating, obtaining and managing financing facilities and other forms of leverage.

The Company pays the Adviser fees for its services under the Investment Advisory Agreement. The fees consist of two components: a management fee and an incentive fee. The cost of both the management fee and the incentive fee are ultimately borne by the Company's shareholders.

The Adviser agreed to waive all management fees and incentive fees through September 30, 2024, and 50% of all management fees and incentive fees for the period from October 1, 2024 through December 31, 2024.

*Management fees*

The base management fee is payable quarterly in arrears at an annual rate of 1.25% of the average of the Company's net asset value as of the beginning of the prior quarter and the beginning of the then current quarter.

For the three and six months ended June 30, 2025, the Company recognized $4,855 and $8,976, respectively, of management fees, before impact of waived fees. For the three and six months ended June 30, 2024, the Company recognized $843 and $843, respectively, of management fees, before impact of waived fees. For the three and six months ended June 30, 2025, no management fees were waived, and for the three and six months ended June 30, 2024, the Adviser elected to waive all management fees. As of June 30, 2025 and December 31, 2024, management fees payable balances were $8,976 and $1,769, respectively.

*Incentive fee*

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of income and a portion is based on a percentage of capital gains, each described below.

*Investment income incentive fee* 

The investment income based incentive fee is based on "Pre-Incentive Fee Net Investment Income Returns" meaning dividends, cash interest or other distributions or other cash income and any third-party fees received from portfolio companies (such as upfront fees, commitment fees, origination fees, amendment fees, ticking fees and break-up fees, as well as prepayments premiums, but excluding fees for providing managerial assistance and fees earned by the Adviser or an affiliate in its capacity as an administrative agent, syndication agent, collateral agent, loan servicer or other similar capacity) accrued during the month, minus operating expenses for the month (including the Management Fee, taxes, any expenses payable under the Investment Advisory Agreement and Administration Agreement (as defined below), any expense of securitizations, and interest expense or other financing fees and any dividends paid on preferred shares, but excluding the Incentive Fee and shareholder servicing and /or distribution fees). Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero-coupon securities), accrued income that has not yet been received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns.

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of net assets at the end of the preceding quarter, is compared to a "hurdle rate" of return of 1.25% per quarter (5.0% annualized). The Company pays an incentive fee quarterly as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No Investment Income Incentive Fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which the Pre-Incentive Fee Net Investment Income Returns does not exceed the hurdle rate of 1.25% per quarter (5.0% annualized).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•100% of the dollar amount of the Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•12.5% of the dollar amount of the Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% (5.72% annualized).

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*Capital gains incentive fee* 

The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears. The amount payable is equal to 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gains incentive fee as calculated in accordance with U.S. GAAP. U.S. GAAP requires that the capital gains incentive fee accrual consider the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the investment advisory agreement. Such accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital depreciation included in the calculation of the capital gains incentive fee plus the aggregate cumulative unrealized capital appreciation, net of any expense associated with cumulative unrealized capital depreciation or appreciation. If such amount is positive at the end of a period, then U.S. GAAP requires the Company to record a capital gains incentive fee equal to 12.5% of such cumulative amount, less the aggregate amount of actual capital gains incentive fees paid or capital gains incentive fees accrued under U.S. GAAP in all prior periods. Gross capital gains incentive fee is net of reversal on accrued capital gains incentive fees.

For purposes of computing the Company's investment income incentive fee and capital gains incentive fee, the calculation methodology looks through derivative financial instruments or swaps as if the Company owned the reference assets directly. The fees that are payable under the Investment Advisory Agreement for any partial period are appropriately prorated.

For the three and six months ended June 30, 2025, the Company incurred income based incentive fees of $5,706 and $10,338, and capital gains incentive fees of $0 and ($330), respectively, before impact of waived fees.

For the three and six months ended June 30, 2024, the Company incurred income based incentive fees of $2,330 and $3,248 and capital gains incentive fees of $107 and $174, respectively, before impact of waived fees. For the three and six months ended June 30, 2024, the Adviser agreed to waive $2,437 and $3,422 in total incentive fees, respectively, resulting in zero incentive fees payable.

For the three and six months ended June 30, 2025, the Company reversed $0 and $165 of previously accrued incentive fee waiver.

As of June 30, 2025 and December 31, 2024, total incentive fees payable balances were $10,338 and $2,320.

*Licensing Agreement*

As part of the Investment Advisory Agreement, the Adviser, on behalf of Antares Holdings LLC, agreed to grant the Company a fully paid- up, royalty-free, non-exclusive, non-transferable license to use "Antares" for specified purposes in the Company's business, during the term of the Investment Advisory Agreement. Other than with respect to this limited license, the Company will have no legal right to the "Antares" name.

*Administration Agreement* 

On December 18, 2023, the Board approved the administration agreement (the "Administration Agreement") with Antares Capital Credit Advisers LLC (in such role, the "Administrator"). Under the terms of the Administration Agreement, the Administrator provides, or oversees the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of net asset value, compliance monitoring (including diligence and oversight of the Company's other service providers), preparing reports to shareholders and reports filed with the SEC, preparing materials and coordinating meetings of the Company's Board, managing the payment of expenses and the performance of administrative and professional services rendered by others and providing office space, equipment and office services.

The Company reimburses the Administrator for its costs, expenses and allocable portion of overhead (including compensation of personnel performing administrative duties) in connection with the services performed for the Company pursuant to the terms of the Administration Agreement. For the three and six months ended June 30, 2025, the Company incurred administrative service fees of $146 and $301, respectively. For the three and six months ended June 30, 2024, the company incurred administrative fees of $192 and $300, respectively.

*Sub-administration Agreement*

In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company reimburses the Administrator for any services performed for the Company by such affiliate or third party.

The Administrator hired U.S. Bancorp Fund Services, LLC to assist with sub-administration and fund accounting services.

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*Expense Support Agreement* 

On December 18, 2023, the Board approved an expense support and conditional reimbursement agreement (the "Expense Support Agreement"). Under the terms of the Expense Support Agreement, the Adviser is obligated to pay the Company's total organization and offering expenses, professional fees, trustee fees, administration fees, and other general and administrative expenses of the Company on the Company's behalf such that these operating expenses of the Company do not exceed 1.00% (on annualized basis) of the Company's net asset value. Additionally, the Adviser may elect to pay certain additional expenses of the Company on the Company's behalf. To the extent the Company's net asset value increases, the Adviser or its affiliates may be reimbursed for past payments of excess organization and offering costs made on the Company's behalf provided that the total organization and offering costs borne by the Company do not exceed 1.00% of the Company's net asset value and provided further that the Adviser or its affiliates may not be reimbursed for payment of excess organization and offering expenses that were incurred more than three years prior to the proposed reimbursement.

For the three and six months ended June 30, 2025 and 2024, the Adviser provided no expense support pursuant to the Expense Support Agreement. The Company's obligation to make a reimbursement payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month. For the three and six months ended June 30, 2025 and 2024, no Reimbursement Payments were made by the Company to the Adviser.

*Co-Investment Activity*

The Company, the Adviser and certain of its affiliates received an exemptive order from the SEC on April 2, 2024 (the "Current Order") that permits, among other things, the Company to co-invest with certain other persons, including certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates, subject to certain terms and conditions. Certain types of negotiated co-investments may be made only in accordance with the Current Order from the SEC permitting the Company to do so. Under the terms of the Current Order, a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Company's independent trustees must be able to reach certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction are reasonable and fair to the Company and its shareholders and do not involve overreaching of the Company or its shareholders on the part of any person concerned, and (2) the transaction is consistent with the interests of the Company's shareholders and is consistent with the Company's Board of Trustees' approved criteria. In certain situations where co-investment with one or more funds managed by the Adviser or its affiliates is not covered by the Current Order, the personnel of the Adviser or its affiliates will need to decide which fund will proceed with the investment. Such personnel will make these determinations based on allocation policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations. The Current Order is subject to certain terms and conditions so there can be no assurance that the Company will be permitted to co-invest with certain of the Company's affiliates other than in the circumstances currently permitted by regulatory guidance and the Current Order. The Company and the Adviser have filed an application seeking, but have not yet received, a new SEC exemptive order for simplified co-investment relief (the "New Order") that would supersede the Current Order. There is no assurance that the New Order will be granted by the SEC. In the event that the SEC grants us the New Order, we shall be required to comply with all terms and conditions required therein.

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**Note 4. Investments**

The composition of the Company's investment portfolio at amortized cost and fair value was as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** |
| Secured Debt | $3041791 | $3037737 | 96.11% | $2088592 | $2086175 | 97.86% |
| Unsecured Debt | 2106 | 2044 | 0.06 | 1339 | 1261 | 0.06 |
| Equity Investments | 57066 | 62145 | 1.97 | 42132 | 44393 | 2.08 |
| Short-Term Investments <sup>(1)</sup> | 58644 | 58644 | 1.86 |  |  |  |
| Total Investments at fair value | $3159607 | $3160570 | 100.00% | $2132063 | $2131829 | 100.00% |

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(1)As of June 30, 2025, the Company has made a prospective presentation change to reclassify money market fund investments as short-term investments. As of December 31, 2024, the amortized cost and fair value of money market investments held by the Company was $62,915.

As of June 30, 2025 and December 31, 2024 there were no portfolio companies and one portfolio company with loans on non-accrual status (fair value of $3,375), respectively.

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The industry composition of the Company's non-controlled, non-affiliated investments (at fair value) was as follows:

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| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| Aerospace and Defense | 0.39% | 0.45% |
| Air Freight and Logistics | 0.56 | 0.22 |
| Automobile Components | 1.14 | 1.56 |
| Beverages | 0.20 | 0.21 |
| Broadline Retail | 0.15 | 0.22 |
| Building Products | 1.04 | 1.53 |
| Capital Markets | 1.44 | 1.68 |
| Chemicals | 3.91 | 2.76 |
| Commercial Services and Supplies | 7.43 | 8.25 |
| Construction & Engineering | 1.16 | 1.27 |
| Construction Materials | 0.82 | 0.78 |
| Containers and Packaging | 2.47 | 1.32 |
| Distributors | 2.10 | 2.80 |
| Diversified Consumer Services | 7.30 | 8.84 |
| Diversified Telecommunication Services | 0.55 | 0.60 |
| Electrical Equipment | 0.44 | 0.43 |
| Electronic Equipment, Instruments and Components | 1.34 | 1.93 |
| Energy Equipment and Services | 1.51 | 2.07 |
| Financial Services | 6.43 | 6.42 |
| Food Products | 1.03 | 0.89 |
| Ground Transportation | 0.01 | 0.01 |
| Health Care Technology | 6.28 | 5.20 |
| Healthcare Equipment and Supplies | 1.61 | 1.93 |
| Healthcare Providers and Services | 7.49 | 6.59 |
| Hotels, Restaurants and Leisure | 1.62 | 2.33 |
| Household Products | 0.78 | 0.01 |
| Independent Power and Renewable Electricity Producers | 0.06 |  |
| Industrial Conglomerates | 1.15 | 1.45 |
| Insurance | 8.40 | 8.78 |
| IT Services | 4.09 | 4.88 |
| Life Sciences Tools & Services | 0.35 | 0.11 |
| Machinery | 0.70 | 0.45 |
| Media | 0.96 | 0.71 |
| Oil, Gas and Consumable Fuels | 0.55 | 1.95 |
| Personal Care Products | 0.11 | 0.64 |
| Pharmaceuticals | 1.40 | 0.72 |
| Professional Services | 6.82 | 7.05 |
| Real Estate Management and Development | 0.22 | 0.32 |
| Software | 12.85 | 10.27 |
| Specialty Retail | 0.78 | 0.53 |
| Technology Hardware, Storage and Peripherals | 0.44 | 0.63 |
| Textiles, Apparel and Luxury Goods | 0.43 | 0.21 |
| Trading Companies and Distributors | 0.35 | 0.74 |
| Wireless Telecommunication Services | 1.14 | 0.26 |
|  | 100.00% | 100.00% |

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The geographic composition of the Company's non-controlled, non-affiliated investments (at amortized cost and fair value) was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Fair Value as % of Net Assets** |
| United States | $3031788 | $3032331 | 97.76% | 179.12% |
| Canada | 50152 | 50604 | 1.63 | 2.99 |
| Australia | 19023 | 18991 | 0.61 | 1.12 |
| Total | $3100963 | $3101926 | 100.00% | 183.23% |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Fair Value as % of Net Assets** |
| United States | $2084714 | $2085783 | 97.84% | 167.31% |
| Canada | 47349 | 46046 | 2.16 | 3.69 |
| Total | $2132063 | $2131829 | 100.00% | 171.00% |

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**Note 5. Fair Value Measurements**

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the overall fair value measurement. The Adviser's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.

In addition to using the above inputs in investment valuations, the Adviser applies the valuation policy approved by its Board that is consistent with ASC 820. Consistent with the valuation policy, the Adviser evaluates the source of the inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value.

Investments whose values are based on the listed closing price quoted on the securities' principal exchange are classified within Level 1 and include active listed equities. The Adviser does not adjust the quoted price for such instruments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below:

Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities that the Adviser has the ability to access at the measurement date.

Level 2 – inputs other than quoted prices included in Level 1 that are observable for the assets or liabilities, either directly or indirectly. Level 2 inputs include: quoted market prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 – unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The following tables present the fair value hierarchy of financial instruments according to the fair value hierarchy as described in Note 2. Significant Accounting Policies of these consolidated financial statements:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Secured Debt | $— | $518305 | $2519432 | $3037737 |
| Unsecured Debt |  |  | 2044 | 2044 |
| Equity Investments |  |  | 62145 | 62145 |
| &nbsp;&nbsp;**Total non-controlled/non-affiliated investments** |  | 518305 | 2583621 | 3101926 |
| Short-Term Investments | 58644 |  |  | 58644 |
| &nbsp;&nbsp;**Total Investments at fair value** | $58644 | $518305 | $2583621 | $3160570 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Secured Debt | $— | $309379 | $1776796 | $2086175 |
| Unsecured Debt |  |  | 1261 | 1261 |
| Equity Investments |  |  | 44393 | 44393 |
| &nbsp;&nbsp;**Total Investments before Cash Equivalents** |  | 309379 | 1822450 | 2131829 |
| Money Market Fund | 62915 |  |  | 62915 |
| &nbsp;&nbsp;**Total Investments including Cash Equivalents** | $62915 | $309379 | $1822450 | $2194744 |

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The following tables present changes in the fair value of financial instruments for which Level 3 inputs were used to determine fair value for the three and six months ended June 30, 2025, and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
|  | **Secured Debt** | **Unsecured Debt** | **Equity Investments** | **Total Investments** |
| Fair value, beginning of period | $2182123 | $1967 | $52150 | $2236240 |
| Purchase of investments (including received in-kind) | 470370 | 78 | 8439 | 478887 |
| Proceeds from sale of investments and principal repayments | (92242) |  |  | (92242) |
| Net accretion of discount and amortization of premium | 1352 |  |  | 1352 |
| Net realized (gains) losses on investments | 16 |  |  | 16 |
| Net change in unrealized appreciation (depreciation) on investments | 1134 | (1) | 1556 | 2689 |
| Transfers out of Level 3 | (43321) |  |  | (43321) |
| Fair value, end of period | $2519432 | $2044 | $62145 | $2583621 |
| Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at June 30, 2025 | $1499 | $(1) | $1556 | $3054 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
|  | **Secured Debt** | **Unsecured Debt** | **Equity Investments** | **Total Investments** |
| Fair value, beginning of period | $1776796 | $1261 | $44393 | $1822450 |
| Purchase of investments (including received in-kind) | 917487 | 767 | 14933 | 933187 |
| Proceeds from sale of investments and principal repayments | (139459) |  |  | (139459) |
| Net accretion of discount and amortization of premium | 2516 |  |  | 2516 |
| Net realized (gains) losses on investments | (721) |  |  | (721) |
| Net change in unrealized appreciation (depreciation) on investments | 1698 | 16 | 2819 | 4533 |
| Transfers out of Level 3 | (38885) |  |  | (38885) |
| Fair value, end of period | $2519432 | $2044 | $62145 | $2583621 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at June 30, 2025 | $809 | $16 | $2819 | $3644 |

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For the three and six months June 30, 2025, investments totaling $43,321 and $38,385, respectively, have been transferred out of Level 3 due to a refinement of our fair value level hierarchy policy.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
|  | **Secured Debt** | **Unsecured Debt** | **Equity Investments** | **Total Investments** |
| Fair value, beginning of period | $465115 | $1158 | $13581 | $479854 |
| Purchase of investments (including received in-kind) | 346115 | 40 | 3691 | 349846 |
| Proceeds from sale of investments and principal repayments | (27455) |  | (2053) | (29508) |
| Net accretion of discount and amortization of premium | 571 |  | 1 | 572 |
| Net realized (gains) losses on investments |  |  | 144 | 144 |
| Net change in unrealized appreciation (depreciation) on investments | 444 | (10) | 456 | 890 |
| Fair value, end of period | $784790 | $1188 | $15820 | $801798 |
| Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at June 30, 2024 | $444 | $(10) | $456 | $890 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
|  | **Secured Debt** | **Unsecured Debt** | **Equity Investments** | **Total Investments** |
| Fair value, beginning of period | $— | $— | $— | $— |
| Purchase of investments (including received in-kind) | 827892 | 1248 | 17294 | 846434 |
| Proceeds from sale of investments and principal repayments | (45163) |  | (2052) | (47215) |
| Net accretion of discount and amortization of premium | 1009 | 1 | 1 | 1011 |
| Net realized (gains) losses on investments | (6) |  | 143 | 137 |
| Net change in unrealized appreciation (depreciation) on investments | 1058 | (61) | 434 | 1431 |
| Fair value, end of period | $784790 | $1188 | $15820 | $801798 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at June 30, 2024 | $1058 | $(61) | $434 | $1431 |

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The following tables present quantitative information about the significant unobservable inputs of the Company's Level 3 financial instruments. The tables are not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company's determination of fair value.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  |  |  |  | **Range** | **Range** |  |
|  | **Fair Value** <sup>(1)</sup> | **Valuation Technique** | **Unobservable Input** | **Low** | **High** | **Weighted Average** <sup>(2)</sup> |
| Secured Debt | $1919425 | Market yield analysis | Market yield discount rates | 4.00% | 21.72% | 9.00% |
|  | 597999 | Recent transaction | Transaction price | 94.63 | 100.42 | 99.59 |
|  | 2008 | Comparable company analysis | EBITDA multiples | 8.3x | 9.3x | 8.8x |
| Total Secured Debt | 2519432 |  |  |  |  |  |
| Unsecured Debt | 1372 | Market yield analysis | Market yield discount rates | 14.75% | 16.98% | 16.57% |
|  | 672 | Comparable company analysis | EBITDA multiples | 8.3x | 9.3x | 8.8x |
|  | 2044 |  |  |  |  |  |
| Equity Investments | 47191 | Comparable company analysis | EBITDA multiples | 0.9x | 30.0x | 13.8x |
|  | 6898 | Market yield analysis | Market yield discount rates | 12.39% | 14.70% | 13.08% |
|  | 8056 | Recent Transaction | Transaction Price | 100.00% | 100.00% | 100.00% |
| Total Equity Investments | 62145 |  |  |  |  |  |
| Total | $2583621 |  |  |  |  |  |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  |  |  | **Range** | **Range** |  |
|  | **Fair Value** <sup>(1)</sup> | **Valuation Technique** | **Unobservable Input** | **Low** | **High** | **Weighted Average** <sup>(2)</sup> |
| Secured Debt | $1217098 | Market yield analysis | Market yield discount rates | 7.67% | 22.48% | 9.35% |
|  | 61667 | Market quotation | Quote | 95.94 | 100.94 | 99.86 |
|  | 498031 | Recent transaction | Transaction price | 97.03 | 100.00 | 99.41 |
| Total Secured Debt | 1776796 |  |  |  |  |  |
| Unsecured Debt | 1261 | Market yield analysis | Market yield discount rates | 14.62% | 17.48% | 16.89% |
| Equity Investments | 29116 | Comparable company analysis | EBITDA multiples | 1.2x | 31.5x | 14.9x |
|  | 15277 | Recent Transaction | Transaction Price | 100.00% | 100.00% | 100.00% |
| Total Equity Investments | 44393 |  |  |  |  |  |
| Total | $1822450 |  |  |  |  |  |

---

(1)As of June 30, 2025, included within the fair value of Level 3 assets of $2,583,621 is an amount of $606,055 for which the Adviser did not develop the unobservable inputs (examples include third-party pricing and transaction prices). As of December 31, 2024, included within the fair value of Level 3 assets of $1,822,450 is an amount of $574,975 for which the Adviser did not develop the unobservable inputs (examples include third-party pricing and transaction prices).

(2)Weighted averages are calculated based on fair value of investments.

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The significant unobservable input used in the yield analysis is the discount rate based on comparable market yields. The significant unobservable inputs used in the income approach are the discount rate used to discount the estimated future cash flows expected to be received from the underlying investment. The Company uses market discount rates for debt securities to determine if the effective yield on a debt security is commensurate with the market yields for that type of debt security. If a debt security's effective yield is significantly less than the market yield for a similar debt security with a similar credit profile, the resulting fair value of the debt security may be lower. Significant increases in the discount rate would significantly lower the fair value of an investment; conversely significant decreases in the discount rate would significantly increase the fair value of an investment. The significant unobservable inputs used in the market approach are based on market comparable transactions and market multiples of publicly traded comparable companies. Increases or decreases in market comparable transactions or market multiples would result in an increase or decrease in the fair value.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company's investments may fluctuate from period to period. Additionally, the fair value of the Company's investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. As of June 30, 2025 and December 31, 2024, the carrying amounts of the Company's assets and liabilities, other than investments at fair value, approximate fair value due to their short maturities. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company's marketplace credit ratings, if applicable, or market quotes, if available.

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**Note 6. Borrowings**

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of June 30, 2025 and December 31, 2024, the Company's asset coverage was 217.17% and 235.76%, respectively.

*Debt outstanding*

The Company's outstanding debt obligations were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Aggregate<br>Principal<br>Committed** | **Outstanding<br>Principal** | **Carrying<br>Value** <sup>(1)</sup> | **Unused<br>Portion** <sup>(2)</sup> | **Amount Available** <sup>(3)</sup> |
| SG Facility | $1400000 | $884513 | $884513 | $515487 | $110552 |
| Revolving Credit Facility | 725000 | 560344 | 560344 | 164656 | 164656 |
| Total | $2125000 | $1444857 | $1444857 | $680143 | $275208 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Aggregate<br>Principal<br>Committed** | **Outstanding<br>Principal** | **Carrying<br>Value** <sup>(1)</sup> | **Unused<br>Portion** <sup>(2)</sup> | **Amount Available** <sup>(3)</sup> |
| SG Facility | $1000000 | $666393 | $666393 | $333607 | $86473 |
| Revolving Credit Facility | 725000 | 251884 | 251884 | 473116 | 473116 |
| Total | $1725000 | $918277 | $918277 | $806723 | $559589 |

---

(1)The carrying value of the Company's debt obligations is used as an approximate to fair value. The fair value of these debt obligations would be categorized as Level 3 under the ASC 820 fair value level hierarchy as of June 30, 2025 and December 31, 2024. Carrying values do not include impact of deferred financing costs.

(2)The unused portion is the amount upon which commitment fees, if any, are based.

(3)The amount available reflects any limitations related to the respective facility's borrowing base.

*SG Facility*

On January 19, 2024, A-Star SPV and the Company, as equity holder and servicer, entered into a loan facility for revolving and term loans pursuant to a Loan and Servicing Agreement (the "SG Facility"), with the lenders from time to time party thereto, Société Générale, as agent (the "Agent"), U.S. Bank Trust Company, National Association, as collateral agent ("Collateral Agent") and collateral administrator, and U.S. Bank National Association, as document custodian.

Loans under the SG Facility initially bear interest at (i) a per annum rate equal to Term SOFR plus an additional margin calculated as a percentage of the aggregate principal balance of the underlying collateral obligations (the "Margin") for Loans denominated in U.S. Dollars, (ii) EURIBOR plus the Margin for loans denominated in Euros, (iii) Daily Compounded Canadian Overnight Repo Rate Average plus the Margin for loans denominated in Canadian Dollars, and (iv) Daily Simple SONIA plus the Margin for loans denominated in Great British Pounds. From January 19, 2024 to September 12, 2024, the Margin was equal to 1.90% with respect to the portion of the SG Facility used to finance acquisitions of broadly-syndicated loans (subject to a maximum of 20%) and 2.40% with respect to the portion of the SG Facility used to finance acquisitions of middle-market loans, subject to a step-up of 2.00% following the occurrence of an event of default.

The initial maximum principal amount under the SG Facility was $450 million and the SG Facility included an accordion provision to permit increases to the total facility amount up to a maximum of $1 billion, subject in each case to the satisfaction of certain conditions, and, for any increases above $750 million, consent of the Agent and the lenders. Proceeds from loans made under the SG Facility may be used for A-Star SPV's general corporate purposes, to fund collateral obligations acquired by A-Star SPV, to pay certain fees and expenses and to make distributions to the Company, subject to certain conditions set forth in the SG Facility. Revolving loans borrowed under the SG Facility may be repaid and reborrowed until the end of the Revolving Period, which can occur no later than January 19, 2027 (unless extended), and all amounts outstanding under the SG Facility must be repaid by January 19, 2029.

On September 12, 2024, the Company entered into Amendment No. 1 to the SG Facility, among the Company and parties listed above, which provides for an increase in the aggregate commitments of the lenders under the SG Facility from $450 million to $750 million effective September 12, 2024, and to $1 billion through a $250 million term loan commitment effective October 19, 2024. The amendment also provides for, among other things, an increase the accordion feature from $1 billion to $1.75 billion, and revises the margin applicable to borrowings under the facility from 1.90% with respect to the portion of the SG Facility used to finance acquisitions of broadly-syndicated loans (subject to a maximum of 20%) and 2.40% with respect to the portion of the SG Facility used to finance acquisitions of middle-market loans, subject to a step-up of 2.00% following the occurrence of an event of default, to 1.85%, subject to a step-up of 2.00% following the occurrence of an event of default.

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On May 15, 2025, the Company entered into Amendment No. 2 to the SG Facility, among the Company and parties listed above, which provides for, among other things, an increase in the aggregate commitments of the lenders under the SG Facility from $1.0 billion to $1.4 billion.

As of June 30, 2025 and December 31, 2024, the Company was in compliance with all covenants associated with the SG Facility.

*Revolving Credit Facility*

On July 31, 2024, the Company, as Borrower, entered into a senior secured revolving credit facility (the "Revolving Credit Facility") pursuant to a Senior Secured Revolving Credit Agreement (the "Agreement"), with JPMorgan Chase Bank, N.A., as administrative agent and as collateral agent, the lenders party thereto, and JPMorgan Chase Bank, N.A. and Manufacturers & Traders Trust Company, Royal Bank of Canada, Société Générale and Wells Fargo Securities, LLC, as bookrunners and lead arrangers.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies under the Revolving Credit Facility. Advances under the Revolving Credit Facility drawn in U.S. dollars will initially bear interest at a per annum rate equal to 0.75% or 0.875% plus an "alternate base rate" (as described in the Agreement) in the case of any ABR Loan (as defined therein) and 1.75% or 1.875% plus the relevant benchmark rate in the case of any other Loan, in each case, depending on the Company's rate option election and borrowing base (as of the most recently delivered borrowing base certificate delivered under the Agreement). Advances under the Revolving Credit Facility drawn in currencies other than U.S. dollars will bear interest at certain local rates consistent with market standards. The Company will also pay a fee of 0.375% on average daily undrawn amounts under the Revolving Credit Facility. The initial principal amount of the Revolving Credit Facility is $675.0 million. The availability period under the Facility will terminate on July 31, 2028 and the Facility will mature on July 31, 2029.

On August 9, 2024, the Company entered into a Commitment Increase Agreement (the "Commitment Increase Agreement") among the Company, Deutsche Bank AG New York Branch, as the increasing lender (the "Increasing Lender") and JPMorgan Chase Bank, N.A., as administrative agent, pursuant to the Revolving Credit Facility.

The Commitment Increase Agreement provides for an increase in the Revolving Credit Facility from the Increasing Lender's commitment, thereby bringing aggregate commitments of the lenders under the Revolving Credit Facility from $675.0 million to $725.0 million through the accordion feature in the Revolving Credit Facility. The accordion feature in the Revolving Credit Facility allows the Company, under certain circumstances, to increase the total size of the facility to a maximum aggregate commitment of $1.025 billion.

*Foreign Currency Transactions and Translations*

The Company's outstanding foreign-denominated debt obligations were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Original Principal Amount (Local)** | **Original Principal Amount (USD)** | **Outstanding Principal** | **Unrealized Gain (Loss)** |
| Canadian Dollar | 74100 | $54091 | $54453 | $(362) |
| Great British Pound | 6200 | 8198 | 8514 | (316) |
| European Euro | 3300 | 3867 | 3890 | (23) |
| Total |  | $66156 | $66857 | $(701) |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Original Principal Amount (Local)** | **Original Principal Amount (USD)** | **Outstanding Principal** | **Unrealized Gain (Loss)** |
| Canadian Dollar | 74100 | $54091 | $51490 | $2601 |
| Great British Pound | 7000 | 8959 | 8786 | 173 |
| Total |  | $63050 | $60276 | $2774 |

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*Interest and Debt Expenses*

The components of interest and debt expenses were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Stated interest expense | $18271 | $2814 | $32068 | $5328 |
| Facility unused fees | 1024 | 387 | 1588 | 680 |
| Amortization of deferred financing costs | 657 | 181 | 1262 | 325 |
| Total interest and debt expense | $19952 | $3382 | $34918 | $6333 |
| Cash paid for interest expense | $18070 | $3411 | $31440 | $3411 |
| SG Facility weighted average interest rate | 6.05% | 7.60% | 6.05% | 7.65% |
| SG Facility average debt outstanding | $812260 | $147388 | $747469 | $153459 |
| Revolving Credit Facility weighted average interest rate | 6.32% | N/A | 6.32% | N/A |
| Revolving Credit Facility average debt outstanding | $356224 | N/A | $286968 | N/A |

---

Interest expense for the three and six months ended June 30, 2025 was driven by approximately $1,168,484 and $1,034,436, respectively, of average borrowings outstanding (at an average effective interest rate, of 6.18% and 6.16%) related to borrowings for investments and expenses. Weighted average interest rates do not include impact of unused commitment fees or deferred financing costs.

Interest expense for the three and six months ended June 30, 2024 was driven by approximately $147,388 and $153,459, respectively, of average borrowings outstanding (at an average effective interest rate, of 7.60% and 7.65%, respectively) related to borrowings for investments and expenses.

As of June 30, 2025 and December 31, 2024, $5,508 and $3,108 of interest expense and $462 and $646 of unused commitment fees, respectively, were included in interest payable on the Consolidated Statements of Assets and Liabilities.

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**Note 7. Commitments and Contingencies**

In the normal course of business, the Company may enter into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications.

*Unfunded commitments*

The Company's investment portfolio contains revolving line of credit or delayed draw commitments, which require the Company to fund when requested by the portfolio companies. As of June 30, 2025 and December 31, 2024, the Company had unfunded investment commitments in the aggregate par amount of $809,711 and $639,857, respectively. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied.

*Off balance sheet risk*

Off-balance sheet risk refers to an unrecorded potential liability that may result in a future obligation or loss, even though it does not appear on the Consolidated Statements of Assets and Liabilities. The Company may enter into derivative instruments that contain elements of off-balance sheet market and credit risk. As of June 30, 2025 and December 31, 2024, there were no commitments outstanding for derivative contracts.

*Legal proceedings*

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of June 30, 2025 and December 31, 2024, management is not aware of any material pending legal proceedings.

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**Note 8. Net Assets**

In connection with its formation, the Company has the authority to issue an unlimited number of common shares of beneficial interest at $0.001 per share par value. On September 7, 2023, an affiliate of the Adviser subscribed for 1,000 shares of the Company's Common Shares of beneficial interest at $25.00 per share. The Company issues Common Shares in the Private Offering on a quarterly basis at an offering price generally equal to the net asset value per Common Share.

On January 19, 2024, the Company issued approximately 12 million shares of the Company's Common Shares of beneficial interest, par value $0.001 per share, for an aggregate offering price of approximately $300.0 million, at $25 per Common Share. Concurrently, Antares Holdings (or an affiliate thereof) contributed approximately $300.0 million of assets in exchange for the 12 million Common Shares issued at $25 per Common Share, and additionally sold approximately $241.6 million of investment commitments to the Company. All of the contributed and purchased assets were originated by affiliates of the Adviser within the past 5 years from the transaction date. On April 1, 2024, Antares Holdings (or an affiliate thereof) sold 12,001,000 Common Shares for an aggregate consideration of approximately $301.6 million at a price of $25.13 per Common Share. As of June 30, 2025 and December 31, 2024, no Antares Parties own Common Shares of the Company.

The Company determines NAV for common shares as of the last day of each calendar quarter. Share issuances related to quarterly subscriptions are effective the first calendar day of each quarter. Shares are issued at an offering price equivalent to the most recent NAV per share available, which will be the prior calendar day NAV per share (i.e. the prior quarter-end NAV).

The issuance of Common Shares is exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), pursuant to Section 4(a)(2) thereof and Regulation D thereunder. The Company relies, in part, upon representations from the relevant investor in the Subscription Agreement that the investor is an "accredited investor" as defined in Regulation D under the Securities Act. The sale of Common Shares is made pursuant to the subscription agreement (the "Subscription Agreement") enters into with the relevant investor(s).

The following table summarizes transactions in Common Shares during the three and six months ended June 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Subscriptions | 8311477 | $211277 | 9595404 | $241133 |
| Distributions Reinvested | 724517 | 18497 |  |  |
| Net increase (decrease) | 9035994 | $229774 | 9595404 | $241133 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Subscriptions | 16326718 | $415906 | 21595404 | $541133 |
| Distributions Reinvested | 1388120 | 35552 |  |  |
| Net increase (decrease) | 17714838 | $451458 | 21595404 | $541133 |

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**Share Repurchase Program**

The Company commenced a share repurchase program as of June 30, 2025, and intends to continue such program as of each June 30 and December 31 thereafter, in which the Company intends to repurchase, semi-annually, up to 7.5% of the Common Shares outstanding (either by number of Common Shares or aggregate net asset value) as of the close of the previous semi-annual period. The Company's Board of Trustees may amend, suspend or terminate the share repurchase program if it deems such action to be in the best interest of the Company and the best interest of the Company's shareholders. As a result, share repurchases may not be available each semi-annual period. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the Company's share repurchase program, to the extent the Company offers to repurchase shares in any particular period, the Company expects to repurchase shares pursuant to tender offers using a purchase price equal to the net asset value per share as of the last calendar day of the applicable semi-annual period.

*Distributions*

The Company authorizes and declares distribution amounts per share of common shares of beneficial interest payable quarterly in arrears. The following tables present distributions that were declared during the six months ended June 30, 2025 and 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Declaration Date** | **Payment Date** | **Base Distribution Per Share** | **Special Distribution Per Share** | **Total Distribution Per Share** | **Total Distribution Amount** |
| March 31, 2025 | April 30, 2025 | $0.5667 | $0.0315 | $0.5982 | $34398 |
| June 25, 2025 | July 31, 2025 | 0.5705 | 0.0317 | 0.6022 | 40069 |
| Total |  | $1.1372 | $0.0632 | $1.2004 | $74467 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Declaration Date** | **Payment Date** | **Base Distribution Per Share** | **Special Distribution Per Share** | **Total Distribution Per Share** | **Total Distribution Amount** |
| March 29, 2024 | April 30, 2024 | $0.5300 | $— | $0.5300 | $6361 |
| June 28, 2024 | July 25, 2024 | 0.6300 |  | 0.6300 | 13606 |
| Total |  | $1.1600 | $— | $1.1600 | $19967 |

---

*Distribution Reinvestment Plan*

The Company has adopted a distribution reinvestment plan, pursuant to which the Company reinvests all cash distributions declared on behalf of the Company's shareholders who do not elect to receive their distributions in cash. As a result, if the Board authorizes and declares a cash distribution, then the shareholders who have enrolled in the distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares of the Company's Common Shares, rather than receiving the cash distribution. The Company expects to use newly issued shares to implement the distribution reinvestment plan. Distributions on fractional shares are credited to each participating shareholder's account to three decimal places.

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**Note 9. Financial Highlights**

The following are the financial highlights for the six months ended June 30, 2025 and 2024:

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| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** <sup>(1)</sup> |
| **Per Share Data:** <sup>(2) (3)</sup> |  |  |
| Net assets, beginning of period | $25.53 | $25.00 |
| Net investment income | 1.17 | 1.50 |
| Net realized and change in unrealized appreciation (depreciation) | (0.06) | 0.06 |
| Net increase in net assets resulting from operations | 1.11 | 1.56 |
| Distributions declared | (1.20) | (1.16) |
| Total increase (decrease) in net assets | (0.09) | 0.40 |
| Net assets, end of period | $25.44 | $25.40 |
| Shares outstanding, end of period | 66537877 | 21596404 |
| Total return based on net asset value <sup>(4)</sup> | 4.37% | 6.32% |
| **Ratios:** <sup>(5)</sup> |  |  |
| Expenses to average net assets gross of fee waivers | 7.68% | 6.78% |
| Net expenses to average net assets net of fee waivers | 7.70% | 4.36% |
| Net investment income to average net assets | 9.43% | 13.78% |
| Portfolio turnover rate <sup>(6)</sup> | 7.01% | 9.97% |
| **Supplemental Data:** |  |  |
| Net assets, end of period | $1692935 | $548554 |
| Asset coverage ratio <sup>(7)</sup> | 217.17% | 241.64% |

---

(1)The Company commenced operations on January 19, 2024. Metrics are based on the period of January 19, 2024 through June 30, 2024.

(2)The per share data was derived by using the weighted average shares outstanding during the period.

(3)The per share data was derived using the actual shares outstanding at the date of the relevant transaction (See Note 8).

(4)Total return (not annualized) is calculated as the change in net assets per share during the period, plus distributions per share (assuming distributions are reinvested in accordance with the Company's distribution reinvestment plan), divided by the net assets per share at the beginning of the period.

(5)Amounts are annualized except for non-recurring income and expenses (other income, organization and offering expenses and incentive fees on capital gains).

(6)Portfolio turnover rate is calculated using the lesser of the year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the period reported. Ratio does not include impact of short-term investments.

(7)In accordance with the 1940 Act, with certain, limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing.

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**Note 10. Segment Reporting**

The Company operates through a single operating and reporting segment with the investment objective to provide risk-adjusted returns and current income to shareholders by investing primarily in loans to U.S. borrowers. The CODM function is comprised of the Company's chief executive officer, chief financial officer and chief compliance officer, which evaluates the performance of the Company on a consolidated basis, and which operates under the specific regulatory requirements of the Investment Company Act of 1940. The CODM function utilizes key metrics including, but not limited to, net increase (decrease) in net assets resulting from operations (as reported on the Consolidated Statements of Operations) for determining the Company's investment strategy, capital allocation, expense structure, and potential significant transactions. As the Company's operations comprise of a single reporting segment, the segment assets are reflected on the accompanying Consolidated Statements of Assets and Liabilities as "total assets" and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations. The Company's adoption of this guidance did not have a material impact on the Company's financial position, results of operations or cash flows.

**Note 11. Subsequent Events**

*Equity Issuances*

On July 1, 2025, the Company sold and issued 7,194,373 Common Shares for an aggregate consideration of approximately $183.0 million at a price

of $25.44 per Common Share.

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**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.**

**Overview**

The Company is a non-diversified closed-end management investment company that has elected to be treated as a BDC under the 1940 Act as of January 19, 2024. We also intend to elect to be treated, and intend to comply with the requirements to qualify annually, as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"). We are a private, perpetual-life BDC, which is a BDC whose common shares are not listed for trading on a stock exchange or other securities market. The Company uses the term "perpetual-life BDC" to describe an investment vehicle of indefinite duration whose common shares of beneficial interest ("Common Shares") are intended to be sold by the Company quarterly on a continuous basis at a price generally equal to the Company's net asset value ("NAV") per Common Share. Formed as a Delaware statutory trust on August 31, 2023, we are externally managed by Antares Capital Credit Advisers LLC (the "Adviser"), which is responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments and monitoring our portfolio on an ongoing basis. Our Adviser is registered as an investment adviser with the SEC.

Our investment objective is to provide risk-adjusted returns and current income to shareholders by investing primarily in loans to U.S. borrowers.

Our investment strategy focuses primarily on private credit investments structured as Portfolio Loans to U.S. borrowers. A "Portfolio Loan" is a senior secured loan, which may be first lien, second lien or unitranche loan, consisting of term loans and/or related delayed draw term loans and/or revolving loans, and each tranche of a senior secured loan acquired by the Company is referred to as a Portfolio Loan. The Company is expected to acquire Portfolio Loans that have been sourced and underwritten (*i.e.,* evaluated for associated potential risks) by Antares Capital LP, its consolidated subsidiaries or joint ventures whose equity securities or whose subordinated notes or other interests that constitute the economic equity therein, as applicable, are directly or indirectly majority-owned by Antares Holdings, and any entity with an advisory relationship with Antares or its affiliates, including the Company, as appropriate given the context of the disclosure (including the Adviser) (the"Antares Parties") or by other loan originators that can include, among others, joint ventures in which one or more Antares Parties have interests. A Portfolio Loan is one that the Company may generally hold on its own or in a group with other Antares Parties advised funds and accounts and/or third-party investors. Portfolio Loans are generally expected to have an average contractual term of five to seven years, with an expected life typically between three to four years. Unitranche loans represent a hybrid loan structure that combines senior debt and subordinated debt into one loan.

While our investment strategy primarily focuses on companies in the U.S., we also intend to leverage the Antares Platform's global presence to invest in companies in Canada, Europe and other locations outside the U.S., subject to compliance with BDC requirements to invest at least 70% of assets in "eligible portfolio companies." The Company's subsidiaries' (including entities that engage in investment activities in securities or other assets that are primarily controlled by the Company) principal investment strategies and associated principal risks will be consistent with the Company's principal investment strategies and associated principal risks. We may also invest in preferred equity, or our debt investments may be accompanied by equity-related securities (such as options or warrants) and/or select common equity investments.

Our investment strategy also includes a smaller allocation to more liquid credit investments such as broadly syndicated loans and corporate bonds. We may use these investments to maintain liquidity for our share repurchase program and manage cash before investing subscription proceeds into originated loans, while also seeking attractive investment returns. We may also invest in publicly traded securities of larger corporate issuers on an opportunistic basis when market conditions create compelling potential return opportunities, subject to compliance with BDC requirements.

To seek to enhance our returns, we intend to employ leverage as market conditions permit and at the discretion of the Adviser, but in no event will leverage employed exceed the limitations set forth in the 1940 Act, which currently allows us to borrow up to a 2:1 debt to equity ratio. We intend to use leverage in the form of borrowings, including loans from certain financial institutions and the issuance of debt securities. We may also use leverage in the form of the issuance of preferred shares, but do not currently intend to do so. In determining whether to borrow money, we will analyze the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to our investment outlook. Any such leverage, if incurred, would be expected to increase the total capital available for investment by the Company.

**Revenues** 

We generate revenue in the form of interest and fee income on debt investments, capital gains, and dividend income from our equity investments in our portfolio companies. Our senior and subordinated debt investments bear interest at a fixed or floating rate. Interest on debt securities is generally payable quarterly or semiannually. In some cases, some of our investments may provide for deferred interest payments or payment-in-kind ("PIK") interest. The principal amount of the debt securities and any accrued but unpaid PIK interest generally become due at the maturity date. In addition, we may generate revenue from various fees in the ordinary course of business such as in the form of structuring, consent, waiver, amendment, syndication and other miscellaneous fees. Original issue discounts and market discounts or premiums are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums on loans and debt securities as interest income. Dividend income, if any, is recognized on an accrual basis to the extent that we expect to collect such amounts.

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**Expenses** 

Except as specifically provided below, all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Adviser. We bear all other costs and expenses of our operations, administration and transactions, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•investment advisory fees, including management fees and incentive fees, paid to the Adviser pursuant to the Investment Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's allocable portion of compensation, overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) the Company's chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for the Company; and (iii) any internal audit group personnel of the Adviser or any of its affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all other expenses of the Company's operations, administration and transactions (which may be directly incurred by the Company or allocated among the Company and the Adviser's other clients).

From time to time, the Adviser or its affiliates may pay third-party providers of goods or services. We reimburse the Adviser such affiliates thereof for any such amounts paid on our behalf. From time to time, the Adviser may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses are ultimately borne by our shareholders, unless waived.

**Portfolio and Investment Activity**

As of June 30, 2025, we had investments in 399 portfolio companies across 44 industries. Based on fair value as of June 30, 2025, approximately 99.96% of our debt portfolio was invested in debt bearing a floating interest rate (e.g. the Secured Overnight Financing Rate, "SOFR"), which primarily is subject to interest rate floors. As of June 30, 2025, our weighted average total yield of debt securities at amortized cost was 8.99%. Weighted average yields excludes the effect of accretion of discounts and amortization of premiums and are based on interest rates as of June 30, 2025.

As of December 31, 2024, we had investments in 346 portfolio companies across 43 industries. Based on fair value as of December 31, 2024, approximately 99.94% of our debt portfolio was invested in debt bearing a floating interest rate, which primarily is subject to interest rate floors. As of December 31, 2024, our weighted average total yield of debt securities at amortized cost was 9.12%. Weighted average yields excludes the effect of accretion of discounts and amortization of premiums and are based on interest rates as of December 31, 2024.

Investment disclosures in this section are related to non-controlled/non-affiliated investments unless otherwise indicated.

Our investment activity is presented below (information presented herein is at amortized cost unless otherwise indicated, table below in thousands):

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| | | |
|:---|:---|:---|
|  | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2024** |
| Total investments, beginning of period | $2590218 | $479312 |
| Purchases of Investments | 625343 | 583058 |
| Net accretion of discount on investments and amortization of premium | 1340 | 574 |
| Net realized (gains) losses on investments | (118) | 147 |
| Proceeds from sale of investments and principal repayments | (115820) | (32513) |
| **Total investments, end of period** | $3100963 | $1030578 |

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The following table presents certain selected information regarding our investment portfolio:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| Weighted average yield on debt and income producing investments, at amortized cost <sup>(1)</sup> | 8.99% | 9.12% |
| Weighted average yield on debt and income producing investments, at fair value <sup>(1)</sup> | 8.99% | 9.12% |
| Number of portfolio companies | 399 | 346 |
| Median LTM EBITDA <sup>(2)(3)</sup> | $82.9M | $78.9M |
| Weighted average net senior leverage <sup>(2)(4)</sup> | 5.2x | 5.2x |
| Weighted average loan-to-value ("LTV") <sup>(2)(5)</sup> | 36% | 36% |
| Percentage of debt investments bearing a floating rate, at fair value | 99.96% | 99.94% |
| Percentage of debt investments bearing a fixed rate, at fair value | 0.04% | 0.06% |

---

(1)Computed based on the stated interest rate or yield as of June 30, 2025 and December 31, 2024, and weighted based on the total debt and income producing investments (at fair value or amortized cost, as applicable). Actual yields earned over the life of each investment could differ materially from the yields presented above. Weighted average yield excludes the effect of accretion of discounts and amortization of premiums.

(2)Includes all private loan investments for which fair value is determined by the Adviser at least quarterly (with assistance, as applicable, from a third-party valuation firm, and subject to oversight by the Board). Figures are derived from the financial statements most recently obtained by the Adviser.

(3)LTM EBITDA refers to adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA") in accordance with the underlying governing documents, over the last twelve months as reported by respective borrowers. Excludes investments with no reported EBITDA or where EBITDA, in the Adviser's judgment, was not a material component of the investment thesis, such as annual recurring revenue loans, or investments with negative EBITDA.

(4)Net senior leverage is the ratio of total debt minus unrestricted cash divided by LTM EBITDA and taking into account leverage through the tranche in which the Company holds an investment, excluding recurring revenue loans. Weighted average net senior leverage is weighted based on the funded commitment of total applicable private loans.

(5)LTV is calculated as net debt through each respective investment tranche in which the Company holds an investment divided by estimated enterprise value or value of the underlying collateral of the portfolio company. Weighted average LTV is weighted based on the funded commitment of the total applicable private loans.

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As part of the monitoring process, our Adviser has developed risk policies pursuant to which it regularly assesses the risk profile of each of our debt investments. Our Adviser has developed a classification system to group investments into five categories. The investments are evaluated regularly and assigned a category based on certain credit metrics. Our Adviser's ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments. Please see below for a description of the five categories of the Adviser's Internal Risk Rating system:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Internal Performance Rating A: Portfolio Companies performing generally as expected or above expectations and the trends and risk factors are generally neutral to favorable since origination. No concern about repayment of both interest and principal. All investments or acquired investments in new portfolio companies are initially assessed this level.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Internal Performance Rating B: Portfolio Companies performing generally as expected but the trends require increased monitoring. Portfolio companies are current on both interest and principal payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Internal Performance Rating C: Portfolio Companies performing below expectations and level of risk has increased since the time of origination. Portfolio companies are generally current on both interest and principal payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Internal Performance Rating D: Portfolio Companies performing materially below expectations and the level of risk has increased materially since origination. In addition to the borrower being generally out of compliance with original debt covenants, loan payments may be past due, but generally not by more than 120 days. There is a higher risk of both payment default and repayment of interest and principal in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Internal Performance Rating E: Portfolio Companies are non-earning and performing substantially below expectations. The level of risk has increased substantially since origination. Most or all of the original debt covenants are out of compliance and payments are substantially delinquent. There is a high risk that all principal and interest will not be recovered in full.

The following tables show the distribution of our investments on the A to E internal performance rating scale at fair value:

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| | | | |
|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Internal Performance Rating** | **Investments at Fair Value (in thousands)** | **% of Total Investments at Fair Value** | **Number of Portfolio Companies** |
| A | $3007466 | 96.96% | 355 |
| B | 60263 | 1.94 | 30 |
| C | 33911 | 1.09 | 13 |
| D | 286 | 0.01 | 1 |
| E |  |  |  |
|  | $3101926 | 100.00% | 399 |

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| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Internal Performance Rating** | **Investments at Fair Value (in thousands)** | **% of Total Investments at Fair Value** | **Number of Portfolio Companies** |
| A | $2074518 | 97.31% | 314 |
| B | 46371 | 2.18 | 24 |
| C | 7565 | 0.35 | 7 |
| D |  | 0.00 |  |
| E | 3375 | 0.16 | 1 |
|  | $2131829 | 100.00% | 346 |

---

As of June 30, 2025, and December 31, 2024 there were no portfolio companies and one portfolio company with loans on non-accrual status (fair value of $3,375), respectively. Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management's judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection*.*

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The composition of our investment portfolio at amortized cost and fair value is as follows (dollar amounts in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** |
| Secured Debt | $3041791 | $3037737 | 96.11% | $2088592 | $2086175 | 97.86% |
| Unsecured Debt | 2106 | 2044 | 0.06 | 1339 | 1261 | 0.06 |
| Equity Investments | 57066 | 62145 | 1.97 | 42132 | 44393 | 2.08 |
| Short-Term Investments <sup>(1)</sup> | 58644 | 58644 | 1.86 |  |  |  |
| Total Investments at fair value | $3159607 | $3160570 | 100.00% | $2132063 | $2131829 | 100.00% |

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(1)As of June 30, 2025, the Company has made a prospective presentation change to reclassify money market fund investments as short-term investments. As of December 31, 2024, the amortized cost and fair value of money market investments held by the Company was $62.9 million.

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The industry composition of the Company's non-controlled, non-affiliated investments (at fair value) was as follows:

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| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| Aerospace and Defense | 0.39% | 0.45% |
| Air Freight and Logistics | 0.56 | 0.22 |
| Automobile Components | 1.14 | 1.56 |
| Beverages | 0.20 | 0.21 |
| Broadline Retail | 0.15 | 0.22 |
| Building Products | 1.04 | 1.53 |
| Capital Markets | 1.44 | 1.68 |
| Chemicals | 3.91 | 2.76 |
| Commercial Services and Supplies | 7.43 | 8.25 |
| Construction & Engineering | 1.16 | 1.27 |
| Construction Materials | 0.82 | 0.78 |
| Containers and Packaging | 2.47 | 1.32 |
| Distributors | 2.10 | 2.80 |
| Diversified Consumer Services | 7.30 | 8.84 |
| Diversified Telecommunication Services | 0.55 | 0.60 |
| Electrical Equipment | 0.44 | 0.43 |
| Electronic Equipment, Instruments and Components | 1.34 | 1.93 |
| Energy Equipment and Services | 1.51 | 2.07 |
| Financial Services | 6.43 | 6.42 |
| Food Products | 1.03 | 0.89 |
| Ground Transportation | 0.01 | 0.01 |
| Health Care Technology | 6.28 | 5.20 |
| Healthcare Equipment and Supplies | 1.61 | 1.93 |
| Healthcare Providers and Services | 7.49 | 6.59 |
| Hotels, Restaurants and Leisure | 1.62 | 2.33 |
| Household Products | 0.78 | 0.01 |
| Independent Power and Renewable Electricity Producers | 0.06 |  |
| Industrial Conglomerates | 1.15 | 1.45 |
| Insurance | 8.40 | 8.78 |
| IT Services | 4.09 | 4.88 |
| Life Sciences Tools & Services | 0.35 | 0.11 |
| Machinery | 0.70 | 0.45 |
| Media | 0.96 | 0.71 |
| Oil, Gas and Consumable Fuels | 0.55 | 1.95 |
| Personal Care Products | 0.11 | 0.64 |
| Pharmaceuticals | 1.40 | 0.72 |
| Professional Services | 6.82 | 7.05 |
| Real Estate Management and Development | 0.22 | 0.32 |
| Software | 12.85 | 10.27 |
| Specialty Retail | 0.78 | 0.53 |
| Technology Hardware, Storage and Peripherals | 0.44 | 0.63 |
| Textiles, Apparel and Luxury Goods | 0.43 | 0.21 |
| Trading Companies and Distributors | 0.35 | 0.74 |
| Wireless Telecommunication Services | 1.14 | 0.26 |
|  | 100.00% | 100.00% |

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The geographic composition of the Company's non-controlled, non-affiliated investments (at amortized cost and fair value) was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Fair Value as % of Net Assets** |
| United States | $3031788 | $3032331 | 97.76% | 179.12% |
| Canada | 50152 | 50604 | 1.63 | 2.99 |
| Australia | 19023 | 18991 | 0.61 | 1.12 |
| Total | $3100963 | $3101926 | 100.00% | 183.23% |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Fair Value as % of Net Assets** |
| United States | $2084714 | $2085783 | 97.84% | 167.31% |
| Canada | 47349 | 46046 | 2.16 | 3.69 |
| Total | $2132063 | $2131829 | 100.00% | 171.00% |

---

**Results of Operations**

Operating results for the three and six months ended June 30, 2025 and 2024 were as follows (table below in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Total investment income | $71930 | $22798 | $129084 | $33730 |
| Total expenses | 32023 | 7439 | 56531 | 12013 |
| Management fee waiver |  | (843) |  | (843) |
| Incentive fee waiver |  | (2437) | 165 | (3422) |
| Net expenses, net of fee waivers | 32023 | 4159 | 56696 | 7748 |
| Net investment income (loss) | 39907 | 18639 | 72388 | 25982 |
| Net realized gain (loss) | (304) | (32) | (1065) | (38) |
| Net change in unrealized appreciation (depreciation) | 1846 | 877 | (2040) | 1419 |
| **Net increase (decrease) in net assets resulting from operations** | $41449 | $19484 | $69283 | $27363 |

---

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including deployment, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. As a result, comparisons may not be meaningful.

**Investment Income**

Investment income, was as follows for the three and six months ended June 30, 2025 and 2024 (table below in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Interest income | $66947 | $18998 | $121360 | $29796 |
| Payment-in-kind interest income | 773 | 85 | 1238 | 136 |
| Dividend income | 1053 | 102 | 1063 | 102 |
| Other income | 3157 | 3613 | 5423 | 3696 |
| **Total investment income** | $71930 | $22798 | $129084 | $33730 |

---

Total investment income for the three and six months ended June 30, 2025 increased for the same period in the prior year primarily driven by our deployment of capital, changes in index rates and loan margins, and increase in invested balance of investments. The size of the investment portfolio increased to $3.1 billion as of June 30, 2025, from $1.0 billion as of June 30, 2024. Included in interest income are other fees such as prepayment fees and accelerated amortization of upfront fees from unscheduled paydowns which are non-recurring in nature.

Other income includes fees that are generally available to us as a result of investment originations by Antares Parties, and generally paid at the time of closing or as a result of episodic amendments made to the terms of our existing debt investments. Included in investment income is dividend income which includes income earned from non-controlled, non-affiliated preferred equity investments. Interest income on our debt investments is dependent on interest rates and volume of loans outstanding, as well as the composition and credit quality of the portfolio. Generally, we expect the portfolio to generate predictable quarterly interest income based on the terms stated in each loan's respective credit agreement.

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**Expenses**

Expenses were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and debt expense | $19952 | $3381 | $34918 | $6332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | 4855 | 843 | 8976 | 843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income based incentive fee | 5706 | 2330 | 10338 | 3248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains incentive fee |  | 107 | (330) | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative service expense | 146 | 192 | 301 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Board of Trustees' fees | 70 | 59 | 147 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative expenses | 1271 | 457 | 2075 | 876 |
| &nbsp;&nbsp;&nbsp;&nbsp;Organization and offering costs | 23 | 70 | 106 | 121 |
| **Total expenses** | 32023 | 7439 | 56531 | 12013 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees waiver |  | (843) |  | (843) |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fees waiver |  | (2437) | 165 | (3422) |
| **Net expenses, net of fee waivers** | $32023 | $4159 | $56696 | $7748 |

---

Other general and administrative expenses include professional fees related to legal, audit, tax, valuation services, insurance, filing, research, subscriptions and other costs. Administrative service expenses represent fees paid to the Administrator for our allocable portion of the cost of certain of our executive officers that perform duties for us. Organization costs and offering costs include expenses incurred in our initial formation and our offering of Common Shares. See "Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 3. Agreements and Related Party Transactions". The increase in management fees was driven by growth in the net asset value of the fund. The increase in incentive fees was due to higher pre-incentive fee net investment income earned during the three months ended June 30, 2025 compared to the three months ended June 30, 2024.

*Interest and Debt Expenses*

The components of interest and debt expenses, cash paid for interest, annualized average interest rates and average outstanding balances were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Stated interest expense | $18271 | $2814 | $32068 | $5328 |
| Facility unused fees | 1024 | 387 | 1588 | 680 |
| Amortization of deferred financing costs | 657 | 181 | 1262 | 325 |
| Total interest and debt expense | $19952 | $3382 | $34918 | $6333 |
| Cash paid for interest expense | $18070 | $3411 | $31440 | $3411 |
| SG Facility weighted average interest rate | 6.05% | 7.60% | 6.05% | 7.65% |
| SG Facility average debt outstanding | $812260 | $147388 | $747469 | $153459 |
| Revolving Credit Facility weighted average interest rate | 6.32% | N/A | 6.32% | N/A |
| Revolving Credit Facility average debt outstanding | $356224 | N/A | $286968 | N/A |

---

Interest and other debt expenses increased from $3.4 million and $6.3 million for the three and six months ended June 30, 2024 to $20.0 million and $34.9 million for the three and six months ended June 30, 2025, respectively, primarily driven by increased borrowing expenses, due to increasing leverage quarter-over-quarter, on our SG Facility and Revolving Credit Facility. The average borrowings outstanding of the Company increased to $1,168.5 million and $1,034.4 million for the three and six months ended June 30, 2025 from $147.4 million and $153.5 million for the three and six months ended June 30, 2024, respectively. The average effective interest rate on borrowings outstanding decreased to 6.18% and 6.16% for the three and six months ended June 30, 2025 from 7.60% and 7.65% for the three and six months ended June 30, 2024, respectively.

**Net Realized and Change in Unrealized Gains and Losses**

The following table summarizes our net realized and unrealized gains (losses) (table below in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net realized gain (loss) on investments | $(118) | $147 | $(861) | $141 |
| Unrealized appreciation on investments | 11714 | 3293 | 11693 | 4593 |
| Unrealized (depreciation) on investments | (6853) | (2500) | (10496) | (3258) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | $4861 | $793 | $1197 | $1335 |

---

For the three months ended June 30, 2025, net unrealized appreciation was primarily driven by increases in the fair value of private credit loans and certain equity investments, as well as the partial recovery of mark-to-market losses on liquid credit loans from the previous quarter. As of both

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June 30, 2025 and December 31, 2024, the fair value of our debt investments as a percentage of principal was 99.5%. The valuations of our debt investments generally increase or decrease as a result of various factors, including tightening and widening credit spreads of public and private markets, changes in the credit quality of borrowers, as well as changes in transaction prices during the period.

**Management fee**

The base management fee is payable quarterly in arrears at an annual rate of 1.25% of the average of the Company's net asset value as of the beginning of the prior quarter and the beginning of the then current quarter.

For the three and six months ended June 30, 2025, gross management fees increased to $4.9 million and $9.0 million from $0.8 million and $0.8 million, respectively, for the same periods in the prior year, primarily due to an increase in average net assets, which increased to $1.4 billion for the six months ended June 30, 2025 from $0.4 million for the six months ended June 30, 2024. No management fees have been waived for the three and six months ended June 30, 2025 and 100% of management fees were waived for the three and six months ended June 30, 2024.

**Incentive fee**

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of income and a portion is based on a percentage of capital gains, each described below.

**Income based incentive fee** 

The income based incentive fee is based on "Pre-Incentive Fee Net Investment Income Returns" meaning dividends, cash interest or other distributions or other cash income and any third-party fees received from portfolio companies (such as upfront fees, commitment fees, origination fees, amendment fees, ticking fees and break-up fees, as well as prepayments premiums, but excluding fees for providing managerial assistance and fees earned by the Adviser or an affiliate in its capacity as an administrative agent, syndication agent, collateral agent, loan servicer or other similar capacity) accrued during the month, minus operating expenses for the month (including the Management Fee, taxes, any expenses payable under the Investment Advisory Agreement and Administration Agreement (as defined below), any expense of securitizations, and interest expense or other financing fees and any dividends paid on preferred shares, but excluding the Incentive Fee and shareholder servicing and /or distribution fees). Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero-coupon securities), accrued income that has not yet been received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns.

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of net assets at the end of the preceding quarter, is compared to a "hurdle rate" of return of 1.25% per quarter (5.0% annualized). The Company pays an incentive fee quarterly as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No Investment Income Incentive Fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which the Pre-Incentive Fee Net Investment Income Returns does not exceed the hurdle rate of 1.25% per quarter (5.0% annualized).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•100% of the dollar amount of the Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•12.5% of the dollar amount of the Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% (5.72% annualized).

**Capital gains incentive fee** 

The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears. The amount payable is equal to 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gains incentive fee as calculated in accordance with U.S. GAAP. U.S. GAAP requires that the capital gains incentive fee accrual consider the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the investment advisory agreement. This U.S. GAAP accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital depreciation included in the calculation of the capital gains incentive fee plus the aggregate cumulative unrealized capital appreciation, net of any expense associated with cumulative unrealized capital depreciation or appreciation. If such amount is positive at the end of a period, then U.S. GAAP requires the Company to record a capital gains incentive fee equal to 12.5% of such cumulative amount, less the aggregate amount of actual capital gains incentive fees paid or capital gains incentive fees accrued under U.S. GAAP in all prior periods. Gross capital gains incentive fee is net of reversal on accrued capital gains incentive fees.

For purposes of computing the Company's investment income incentive fee and capital gains incentive fee, the calculation methodology looks through derivative financial instruments or swaps as if the Company owned the reference assets directly. The fees that are payable under the Investment Advisory Agreement for any partial period are appropriately prorated.

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The Adviser agreed to waive its management fee and incentive fee for the first six months following the date on which unaffiliated investors first purchased the Common Shares. Effective as of October 29, 2024, the Company and the Adviser entered into a waiver letter agreement (the "Waiver Letter Agreement"), pursuant to which the Adviser agreed to waive (i) fifty percent (50%) of any base management fee due from the Company to the Adviser under Section 5(a) of the Investment Advisory Agreement and (ii) fifty percent (50%) of any incentive fee due from the Company to the Adviser under Section 5(b) of the Investment Advisory Agreement, for the period from October 1, 2024 through December 31, 2024.

For the three and six months ended June 30, 2025, gross income based incentive fees increased to $4.6 million from $0.9 million for the same period in the prior year primarily due to our deployment of capital and increase in net investment income. The Company reversed $165 of previously accrued incentive fee waiver for the three and six months ended June 30, 2025, and 100% of incentive fees were waived for the three and six months ended June 30, 2024. Gross capital gains incentive fee is net of reversal on accrued capital gains incentive fees.

**Expense Support Agreement**

On December 18, 2023, the Board approved an expense support and conditional reimbursement agreement (the "Expense Support Agreement"). Under the terms of the Expense Support Agreement, the Adviser is obligated to pay the Company's total organization and offering expenses, professional fees, trustee fees, administration fees, and other general and administrative expenses of the Company on the Company's behalf such that these operating expenses of the Company do not exceed 1.00% (on annualized basis) of the Company's net asset value. Additionally, the Adviser may elect to pay certain additional expenses of the Company on the Company's behalf. To the extent the Company's net asset value increases, the Adviser or its affiliates may be reimbursed for past payments of excess organization and offering costs made on the Company's behalf provided that the total organization and offering costs borne by the Company do not exceed 1.00% of the Company's net asset value and provided further that the Adviser or its affiliates may not be reimbursed for payment of excess organization and offering expenses that were incurred more than three years prior to the proposed reimbursement.

For three and six months ended June 30, 2025, the Adviser provided no expense support pursuant to the Expense Support Agreement. For the three and six months ended June 30, 2024, the Adviser provided expense support in the amount of $0.8 million and $0.8 million for base management fees and $2.4 million and $3.4 million for incentive fees, respectively, pursuant to the Expense Support Agreement. The Company's obligation to make a reimbursement payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month, except to the extent the Adviser has waived its right to receive such payment for the applicable month.

**Operating Expenses** 

Total operating expenses were $1.5 million and $2.6 million for the three and six months ended June 30, 2025, respectively, primarily comprised of $1.3 million and $2.1 million of other general and administrative expenses (including legal, rating agencies, audit, tax, valuation, technology, insurance, filing, research, and fees paid to our sub-administrator, custodian and transfer agent, and other professional fees related to management of the Company), $0.1 million and $0.3 million of administrative service expenses, $0.1 million and $0.1 million of expenses paid to independent trustees of the Company, and $0.0 million and $0.1 million in organization and offering costs, respectively.

Total operating expenses were $0.9 million and $1.4 million for three and six months ended June 30, 2024, primarily comprised of $0.4 million and $0.9 million of general and administrative, $0.2 million and $0.3 million of administrative service expenses, $0.2 million and $0.1 million of expenses paid to independent trustees of the Company, and $0.1 million and $0.1 million in organization and offering costs, respectively.

The increase compared to the prior year was primarily driven by the increased costs attributable to servicing a growing investment portfolio including those calculated using net asset value as a benchmark.

Administrative service expenses represent fees paid to the Administrator for our allocable portion of the cost of certain of our executive officers that perform duties for us. Organization costs and offering costs include expenses incurred in our initial formation and our offering of Common Shares. See "Item 8. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 3. Agreements and Related Party Transactions"

**Financial Condition, Liquidity and Capital Resources** 

We expect to generate cash primarily from (i) the net proceeds of the Private Offering, (ii) cash flows from our operations, (iii) any financing arrangements we may enter into in the future and (iv) any future offerings of our equity or debt securities. We intend to sell our Common Shares on a continuous quarterly basis at a per share price equal to the then-current NAV per share. Our primary uses of cash will be for (i) investments in Portfolio Companies and other investments, (ii) the cost of operations (including paying Antares Capital Credit Advisers LLC (in its capacity as the Adviser and/or the Administrator)), (iii) cost of any borrowings or other financing arrangements and (iv) cash distributions to the holders of our shares.

As of June 30, 2025 we had two credit facilities outstanding. From time to time, we may enter into additional credit facilities, increase the size of our existing credit facilities, enter additional short-term lending arrangements, and/or issue debt securities, including additional unsecured notes. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of June 30, 2025 we had an aggregate amount of $1,444.9 million of debt outstanding and our asset coverage ratio was 217.17%. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage. We believe that our current cash and cash equivalents on hand, our short-term investments, our available borrowing capacity under our Revolving Credit Facility and our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations in the near term.

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*Equity*

The following tables summarize transactions in Common Shares of beneficial interest:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Subscriptions | 8311477 | $211277 | 9595404 | $241133 |
| Distributions Reinvested | 724517 | 18497 |  |  |
| Net increase (decrease) | 9035994 | $229774 | 9595404 | $241133 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Subscriptions | 16326718 | $415906 | 21595404 | $541133 |
| Distributions Reinvested | 1388120 | 35552 |  |  |
| Net increase (decrease) | 17714838 | $451458 | 21595404 | $541133 |

---

*Share Repurchase Program*

We commenced a share repurchase program as of June 30, 2025, and intends to continue such program as of each June 30 and December 31 thereafter, in which we intend to repurchase, semi-annually, up to 7.5% of the Common Shares outstanding (either by number of Common Shares or aggregate net asset value) as of the close of the previous semi-annual period. Our Board of Trustees may amend, suspend or terminate the share repurchase program if it deems such action to be in the best interest of us and the best interest of our shareholders. As a result, share repurchases may not be available each semi-annual period. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under our share repurchase program, to the extent we offer to repurchase shares in any particular period, we expect to repurchase shares pursuant to tender offers using a purchase price equal to the net asset value per share as of the last calendar day of the applicable semi-annual period.

*Distributions*

We authorize and declare distribution amounts per share of common shares of beneficial interest payable quarterly in arrears.

The following tables present distributions that were declared during the six months ended June 30, 2025 and 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Declaration Date** | **Payment Date** | **Base Distribution Per Share** | **Special Distribution Per Share** | **Total Distribution Per Share** | **Total Distribution Amount** |
| March 31, 2025 | April 30, 2025 | $0.5667 | $0.0315 | $0.5982 | $34398 |
| June 25, 2025 | July 31, 2025 | 0.5705 | 0.0317 | 0.6022 | 40069 |
| Total |  | $1.1372 | $0.0632 | $1.2004 | $74467 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Declaration Date** | **Payment Date** | **Base Distribution Per Share** | **Special Distribution Per Share** | **Total Distribution Per Share** | **Total Distribution Amount** |
| March 29, 2024 | April 30, 2024 | $0.5300 | $— | $0.5300 | $6361 |
| June 28, 2024 | July 25, 2024 | 0.6300 |  | 0.6300 | 13606 |
| Total |  | $1.1600 | $— | $1.1600 | $19967 |

---

Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following table reflects the sources of cash distributions on a U.S. GAAP basis that we declared on our Common Shares during the six months ended June 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** |
| **Source of Distribution** | **Per Share** | **Amount** | **Per Share** | **Amount** |
| Net investment income (loss) | $1.17 | $72388 | $1.50 | $25982 |
| Net realized gains (losses) | (0.01) | (861) |  | 141 |
| Total | $1.16 | $71527 | $1.50 | $26123 |

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*Distribution Reinvestment Plan*

We have adopted a distribution reinvestment plan, pursuant to which we will reinvest all cash distributions declared on behalf of our shareholders who do not elect to receive their distributions in cash as provided below. As a result, if we declare a cash distribution, then shareholders who have not opted out of our distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares as described below, rather than receiving the cash distribution. Distributions on fractional shares will be credited to each participating shareholder's account to three decimal places.

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**Related-Party Transactions** 

We have entered into a number of business relationships with affiliated or related parties, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Investment Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Administration Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Expense Support and Conditional Reimbursement Agreement;

In addition to the aforementioned agreements, we, our Adviser and certain of our Adviser's affiliates have been granted exemptive relief by the SEC to co-invest with other funds and accounts sponsored or managed by our Adviser or its affiliates in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. For additional information, see "Note 3. Agreements and Related Party Transactions" to the consolidated financial statements.

**Recent Developments**

On July 1, 2025, the Company received approximately $183.0 million of subscriptions for Shares from unaffiliated investors. The Company intends to continue selling Shares in the Private Offering on a quarterly basis at an offering price generally equal to the net asset value per share.

**Critical Accounting Estimates**

The preparation of the consolidated financial statements will require our management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ. In addition, our critical accounting estimates related to investments, fair value measurement, interest and dividends income recognition and income taxes are included in the notes to our consolidated financial statements.

**Contractual Obligations** 

The Company is required to report its investments for which current market values are not readily available at fair value. The Company values its investments in accordance with ASC 820, Fair Value Measurement, which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date. ASC 820 prioritizes the use of observable market prices derived from such prices over entity-specific inputs. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material.

We entered into the Investment Advisory Agreement with the Adviser to provide us with investment advisory services and the Administration Agreement with Antares Capital Credit Advisers LLC (in its capacity as the Administrator) to provide us with administrative services. Payments for investment advisory services under the Investment Advisory Agreements and reimbursements under the Administration Agreement are described in "*Item 1. Business.*"

We have established one or more credit facilities and may in the future establish additional credit facilities or enter into other financing arrangements to facilitate investments and the timely payment of our expenses. It is anticipated that any such credit facilities will bear interest at floating rates at to-be-determined spreads over SOFR (or other applicable reference rate). We cannot assure shareholders that we will be able to enter into a credit facility on favorable terms or at all. In connection with a credit facility or other borrowings, lenders may require us to pledge assets, commitments and/or drawdowns (and the ability to enforce the payment thereof and may ask to comply with positive or negative covenants that could have an effect on our operations).

**Off-Balance Sheet Arrangements** 

Other than contractual commitments and other legal contingencies incurred in the normal course of our business, we do not have any off-balance sheet financings or liabilities.

**Unfunded Commitments**

The Company's investment portfolio may contain revolving line of credit or delayed draw commitments, which require the Company to fund when requested by portfolio companies. As of June 30, 2025 and December 31, 2024, the Company had unfunded investment commitment in the aggregate par amount of $809.7 million and $639.9 million, respectively. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied.

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**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

We are subject to financial market risks, including changes in interest rates and foreign exchange rates. A rise in the general level of interest rates can be expected to lead to higher interest rates applicable to the variable rate investments we may hold and to declines in the value of any fixed rate investments we may hold. A rise in interest rates would also be expected to lead to higher cost on our floating rate borrowings. If deemed prudent, we may use interest rate risk management techniques in an effort to minimize our exposure to interest rate fluctuations. The Company seeks to mitigate interest rate risk and foreign currency risk by generally employing a funding strategy of matching the duration and interest rate indices of our floating rate assets with floating rate liabilities, as well as matching currencies between our borrowing and lending, to the extent possible.

***Valuation Risk***

We plan to invest primarily in illiquid debt securities of private companies. Most of our investments do not have a readily available market price, and we value these investments at fair value as determined in good faith pursuant to procedures adopted by, and under the oversight of, the Board in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make.

***Interest Rate Risk***

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We intend to fund portions of our investments with borrowings, and at such time, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure shareholders that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of June 30, 2025, 99.96% of our performing debt investments at fair value were at floating rates, which are generally SOFR based and typically have durations of one to three months after which they reset to current interest rates, and many of which are subject to certain floors. Our credit facilities (including the SG Facility and Revolving Credit Facility) bear interest at floating rates with no interest rate floor. Based on our Consolidated Statements of Assets and Liabilities as of June 30, 2025, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates (considering base rate floors and ceilings for floating rate instruments) and assuming no changes in our investment and borrowing structure (table below in thousands):

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| | | | |
|:---|:---|:---|:---|
| **Change in Interest Rates** | **Interest<br>Income** | **Interest<br>Expense** | **Net Interest Income** |
| Up 300 basis points | $92226 | $(27548) | $64678 |
| Up 200 basis points | 61484 | (18366) | 43118 |
| Up 100 basis points | 30742 | (9183) | 21559 |
| Down 100 basis points | (30742) | 9183 | (21559) |
| Down 200 basis points | (61412) | 18366 | (43046) |
| Down 300 basis points | (91494) | 27548 | (63946) |

---

We may in the future hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of changes in interest rates with respect to our portfolio investments.

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**Item 4. Controls and Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) Evaluation of Disclosure Controls and Procedures*

In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended, we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) Changes in Internal Controls Over Financial Reporting*

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**PART II - OTHER INFORMATION**

**Item 1. Legal Proceedings.**

We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, we do not expect that any such future proceedings will have a material effect upon our financial condition or results of operations.

**Item 1A. Risk Factors.** 

In addition to the risk factor included below and other information set forth in this report, you should carefully consider the risk factors disclosed in "Item 1A. Risk Factors" of our Annual Report on Form 10-K, filed with the SEC on March 18, 2025 and in "Item 1A. Risk Factors" of our Quarterly Report on Form 10-Q, filed with the SEC on May 14, 2025. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially affect our business, financial condition and/or operating results. Except as set forth below, there have been no material changes during the three months ended June 30, 2025 to the risk factors set forth in "Item 1A. Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2024 and in "Item 1A. Risk Factors" of our Quarterly Report on Form 10-Q for the quarter ended March 30, 2025.

***Legislative or Regulatory Tax Changes Could Adversely Affect Investors***

At any time, the federal income tax laws governing RICs or the administrative interpretations of those laws or regulations may be amended. Any new laws, regulations or interpretations may take effect retroactively and could adversely affect the taxation of us or our shareholders. Therefore, changes in tax laws, regulations or administrative interpretations or any amendments thereto could diminish the value of an investment in our Common Shares or the value or the resale potential of our investments. Recently enacted tax legislation, commonly known as the "One Big Beautiful Bill Act," extended many of the tax law provisions that were set to expire in 2025 and included certain new provisions (and other amendments) to the Code. Investors are urged to consult with their own tax advisors with respect to the impact of the legislative changes on an investment in our Common Shares.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.**

Refer to *"Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 8. Net Assets"* in this report and our Current Report on Form 8-K filed on April 4, 2025 for the issuance of Common Shares for the three months ended June 30, 2025.

The issuance of Common Shares is exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), pursuant to Section 4(a)(2) thereof and Regulation D thereunder. The Company relies, in part, upon representations from the relevant investor in the Subscription Agreement that the investor is an "accredited investor" as defined in Regulation D under the Securities Act.

**Item 3. Defaults Upon Senior Securities.**

None.

**Item 4. Mine Safety Disclosures.**

None.

**Item 5. Other Information.**

None.

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**Item 6. Exhibits**

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| | |
|:---|:---|
| Exhibit<br>Number | Description of Exhibits |
| [<u>10.1</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001993402/000095017025075862/ck0001993402-20250515.htm) | [<u>Amendment No. 2 to Loan and Servicing Agreement dated May 15, 2025 by and among Antares Strategic Credit SPV LLC, as borrower, Antares Strategic Credit Fund, as equity holder and servicer, the lenders from time to time party thereto, Société Générale, as agent, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, and U.S. Bank National Association, as document custodian (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 814-01700), filed on May 21, 2025).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001993402/000095017025075862/ck0001993402-20250515.htm) |
| [<u>31.1</u>](ck0001993402-ex31_1.htm) | [<u>Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](ck0001993402-ex31_1.htm)\* |
| [<u>31.2</u>](ck0001993402-ex31_2.htm) | [<u>Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](ck0001993402-ex31_2.htm)\* |
| [<u>32.1</u>](ck0001993402-ex32_1.htm) | [<u>Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](ck0001993402-ex32_1.htm)\* |
| [<u>32.2</u>](ck0001993402-ex32_2.htm) | [<u>Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](ck0001993402-ex32_2.htm)\* |
| 101.INS | Inline XBRL Instance Document |
| 101.PRE | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents |
| 104 | Cover Page formatted as Inline XBRL and contained in Exhibit 101 |

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\* Filed herewith.

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[**<u>**Table of Contents**</u>**](#toc_page)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

**Antares Strategic Credit Fund**

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| | | |
|:---|:---|:---|
| Date: | August 13, 2025 | /s/ Vivek Mathew |
|  |  | Vivek Mathew |
|  |  | Chief Executive Officer |
| Date: | August 13, 2025 | /s/ Monica Kelsey |
|  |  | Monica Kelsey |
|  |  | Chief Financial Officer |

---

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## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Vivek Mathew, Chief Executive Officer of Antares Strategic Credit Fund, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Antares Strategic Credit Fund (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent function):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: August 13, 2025 | By: | /s/ Vivek Mathew |
|  |  | Vivek Mathew |
|  |  | Chief Executive Officer |

---

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## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Monica Kelsey, Chief Financial Officer of Antares Strategic Credit Fund, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Antares Strategic Credit Fund (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent function):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: August 13, 2025 | By: | /s/ Monica Kelsey |
|  |  | Monica Kelsey |
|  |  | Chief Financial Officer |

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## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Executive Officer of Antares Strategic Credit Fund (the "Company"), does hereby certify that to the undersigned's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Company's Form 10-Q for the quarter ended June 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Company's Form 10-Q for the quarter ended June 30, 2025 fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: August 13, 2025 | By: | /s/ Vivek Mathew |
|  |  | Vivek Mathew |
|  |  | Chief Executive Officer |

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## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Financial Officer of Antares Strategic Credit Fund (the "Company"), does hereby certify that to the undersigned's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Company's Form 10-Q for the quarter ended June 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Company's Form 10-Q for the quarter ended June 30, 2025 fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: August 13, 2025 | By: | /s/ Monica Kelsey |
|  |  | Monica Kelsey |
|  |  | Chief Financial Officer |

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