# EDGAR Filing Document

**Accession Number:** 0001633858
**File Stem:** 0001193125-26-219725
**Filing Date:** 2026-5
**Character Count:** 368582
**Document Hash:** 4ba0d54e7cabffc2d13bf04ecec7ffc3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-219725.hdr.sgml**: 20260512

**ACCESSION NUMBER**: 0001193125-26-219725

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 71

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260512

**DATE AS OF CHANGE**: 20260512

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Audax Credit BDC Inc.
- **CENTRAL INDEX KEY:** 0001633858

**ORGANIZATION NAME:**
- **EIN:** 473039124
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01154
- **FILM NUMBER:** 26969565

**BUSINESS ADDRESS:**
- **STREET 1:** 101 HUNTINGTON AVENUE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199
- **BUSINESS PHONE:** (617) 859-1513

**MAIL ADDRESS:**
- **STREET 1:** 101 HUNTINGTON AVENUE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Audax Credit BDC, Inc.
- **DATE OF NAME CHANGE:** 20150415

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Audax Senior BDC Inc.
- **DATE OF NAME CHANGE:** 20150212

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

**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** **March 31,** 2026

**OR** 

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

**For the transition period from to** 

**Commission file number:** 814-01154

------

AUDAX CREDIT BDC INC.

**(Exact name of registrant as specified in its charter)** 

------

---

| | |
|:---|:---|
| DELAWARE  | 47-3039124  |
| **(State or other jurisdiction of** <br>**incorporation or organization)**  | **(I.R.S. Employer** <br>**Identification No.)**  |

---

---

| | |
|:---|:---|
| 320 PARK AVENUE  |  |
| NEW YORK**,** NEW YORK  | 10022  |
| **(Address of principal executive office)**  | **(Zip Code)**  |

---

**(**212**)** 703-2700

**(Registrant's telephone number, including area code)** 

**Not Applicable** 

**(Former name, former address and former fiscal year, if changed since last report)** 

------

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

None.

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 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, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12 b-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 Exchange Act). Yes ☐ No ☒

The registrant had 47,020,471 shares of common stock, par value $0.001 per share, outstanding as of May 12, 2026.

------

**AUDAX CREDIT BDC INC.** 

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
| PART I.  | FINANCIAL INFORMATION:  |  |
| [<u>Item 1.</u>](#statements_of_assets_and_liabilities) | [<u>Consolidated Financial Statements</u>](#statements_of_assets_and_liabilities) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Statements of Assets and Liabilities as of March 31, 2026 (unaudited) and December 31, 2025](#statements_of_assets_and_liabilities) | 2 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Statements of Operations for the three months ended March 31, 2026 (unaudited) and 2025 (unaudited)](#statements_of_operations) | 3 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2026 (unaudited) and 2025 (unaudited)](#statements_of_changes_in_net_assets) | 4 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Statements of Cash Flows for the three months ended March 31, 2026 (unaudited) and 2025 (unaudited)](#statements_of_cash_flows) | 5 |
|  | [Consolidated Schedules of Investments as of March 31, 2026 (unaudited) and December 31, 2025](#schedules_of_investments) | 6 |
|  | [Notes to Consolidated Financial Statements (unaudited)](#notes_to_financial_statements) | 31 |
| [<u>Item 2.</u>](#item_2_mda) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#item_2_mda) |  |
|  | [Overview](#overview) | 53 |
|  | [Results of Operations](#results_of_operations) | 55 |
|  | [Financial Condition, Liquidity and Capital Resources](#financial_condition_liquidity_and_capi) | 57 |
| [<u>Item 3.</u>](#item_3_quantitative_and_qualitative) | [Quantitative and Qualitative Disclosures About Market Risk](#item_3_quantitative_and_qualitative) | 63 |
| [<u>Item 4.</u>](#item_4_controls_and_procedures) | [Controls and Procedures](#item_4_controls_and_procedures) | 63 |
| [<u>PART II.</u>](#part_ii_other_information) | [OTHER INFORMATION:](#part_ii_other_information) |  |
| [<u>Item 1.</u>](#item_1_legal_proceedings) | [Legal Proceedings](#item_1_legal_proceedings) | 64 |
| [<u>Item 1A.</u>](#item_1a_risk_factors) | [Risk Factors](#item_1a_risk_factors) | 64 |
| [<u>Item 2.</u>](#item_2_unregistered_sales_of_equity) | [Unregistered Sales of Equity Securities and Use of Proceeds](#item_2_unregistered_sales_of_equity) | 64 |
| [<u>Item 3.</u>](#item_3_defaults_upon_senior_securities) | [Defaults Upon Senior Securities](#item_3_defaults_upon_senior_securities) | 64 |
| [<u>Item 4.</u>](#item_4_mine_safety_disclosures) | [Mine Safety Disclosures](#item_4_mine_safety_disclosures) | 64 |
| [<u>Item 5.</u>](#item_5_other_information) | [Other Information](#item_5_other_information) | 64 |
| [<u>Item 6.</u>](#item_6_exhibits) | [Exhibits](#item_6_exhibits) | 65 |
| [SIGNATURES](#signatures) | [SIGNATURES](#signatures) | 66 |

---

------

**Audax Credit BDC Inc.**

**Consolidated Statements of Assets and Liabilities** 

**March 31, 2026 and December 31, 2025**

**(Expressed in U.S. Dollars)**

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
|  | **(unaudited)** |  |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Control/Non-Affiliate investments (Cost of $421,382,402 and $420,392,905, respectively) | $402522665 | $407509401 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 11727871 | 12817052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 2404816 | 2414958 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from investments sold |  | 80570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from bank loan repayment | 55606 | 49640 |
| **Total Assets** | $416710958 | $422871621 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | $2086250 | $2600667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees due to investment advisor, net of waivers<sup>(a)</sup> | 1079609 | 987597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee due to administrator<sup>(a)</sup> | 66250 | 66250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 678756 | 661759 |
| **Total Liabilities** | $3910865 | $4316273 |
| Commitments and contingencies<sup>(</sup><sup>b)</sup> |  |  |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.001 par value per share, 100,000,000 shares authorized, 47,020,471 and 47,020,468 shares issued and outstanding, respectively | $47020 | $47020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital in excess of par value | 442003537 | 442003508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable loss | (29250464) | (23495180) |
| **Total Net Assets** | $412800093 | $418555348 |
| **Net Asset Value per Share of Common Stock at End of Period** | $8.78 | $8.90 |
| Shares Outstanding | 47020471 | 47020468 |

---

<sup>(a)</sup>Refer to Note 4-*Related Party Transactions* for additional information.

<sup>(b)</sup>Refer to Note 9-*Commitments and Contingencies* for additional information.

The accompanying notes are an integral part of these consolidated financial statements.

------

**Audax Credit BDC Inc.**

**Consolidated Statements of Operations**

**(Expressed in U.S. Dollars)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| **Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Control/Non-Affiliate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | $9212748 | $9916756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on cash | 7056 | 59392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 9219804 | 9976148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Control/Non-Affiliate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fee income | 20143 | 25990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | 9239947 | 10002138 |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Base management fee<sup>(a)</sup> | $1057008 | $1082732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fee<sup>(a)</sup> | 1226520 | 1337809 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 178416 | 136886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors' fees | 46436 | 72750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative fee<sup>(a)</sup> | 66250 | 66250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 85700 | 104461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses before waivers from investment adviser and administrator | 2660330 | 2800888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Base management fee waivers<sup>(a)</sup> | (369953) | (378956) |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fee waivers<sup>(a)</sup> | (833966) | (872650) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses, net of waivers | 1456411 | 1549282 |
| **Net Investment Income** | 7783536 | 8452856 |
| **Realized and Unrealized Gain (Loss) on Non-Control/Non-Affiliate Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (loss) gain on investments | (39312) | 133380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (5976233) | (2652187) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments | (6015545) | (2518807) |
| **Net Increase in Net Assets Resulting from Operations** | $1767991 | $5934049 |
| **Basic and Diluted per Share of Common Stock:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $0.16 | $0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | $0.04 | $0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average shares of common stock outstanding basic and diluted | 47750805 | 47020454 |

---

<sup>(a)</sup>Refer to Note 4-*Related Party Transactions* for additional information

The accompanying notes are an integral part of these consolidated financial statements.

------

**Audax Credit BDC Inc.**

**Consolidated Statements of Changes in Net Assets**

**(Expressed in U.S. Dollars)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $7783536 | $8452856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (loss) gain on investments | (39312) | 133380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (5976233) | (2652187) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 1767991 | 5934049 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions of ordinary income to common stockholders <sup>(a)</sup> | (7523275) | (8452856) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital to common stockholders <sup>(a)</sup> | - | (10826) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (7523275) | (8463682) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock | 15000000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock <sup>(a)</sup> | (15000000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of common stock | 29 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets from capital share transactions | 29 | 30 |
| **Net (Decrease) Increase in Net Assets** | (5755255) | (2529603) |
| **Net Assets, Beginning of Period** | 418555348 | 426642405 |
| **Net Assets, End of Period** | $412800093 | $424112802 |

---

<sup>(a)</sup>Refer to Note 6-*Income Tax for additional information*

The accompanying notes are an integral part of these consolidated financial statements.

------

**Audax Credit BDC Inc.**

**Consolidated Statements of Cash Flows**

**(Expressed in U.S. Dollars)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | $1767991 | $5934049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net increase in net assets from |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operations to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized loss (gain) on investments | 39312 | (133380) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | 5976233 | 2652187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of original issue discount interest and payment-in-kind interest | (530290) | (541463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in interest receivable | 10142 | 18910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in other assets |  | (238554) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accrued expenses and other liabilities | 16997 | (48927) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in fees due to investment advisor<sup>(a)</sup> | 92012 | (27513) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | (14972349) | (26913160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from investments sold | 2435939 | 2775026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment of bank loans | 11598078 | 20623789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 6434065 | 4100964 |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions paid to common stockholders | (7523246) | (8463652) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (7523246) | (8463652) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in cash and cash equivalents | (1089181) | (4362688) |
| **Cash and cash equivalents:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents, beginning of period | 12817052 | 19737091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents, end of period | $11727871 | $15374403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Supplemental non-cash information |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of shares of common stock | 15000000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchases of shares of common stock | (15000000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of common shares in connection with dividend reinvestment plan | 29 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind ("PIK") interest income | $272466 | $310135 |

---

<sup>(a)</sup>Refer to Note 4-*Related Party Transactions* for additional information.

The accompanying notes are an integral part of these consolidated financial statements.

------

**Audax Credit BDC Inc.**

**Consolidated Schedules of Investments** 

**As of March 31, 2026**

**(Expressed in U.S. Dollars)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Investments (a) (b) (c) (d) (e) (f)** | **Investment Type** | **Index<br>(^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par/<br>Shares** | **Amortized<br>Cost** | **Market<br>Value** |
| **Audax Credit BDC, Inc.** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i):** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i):** |  |  |  |  |  |  |  |  |
| *Services: Business* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Vortex Companies<br> (j) | Unitranche Initial Term Loan | S+ | 5.00% | 8.68% | 9/1/2023 | 9/4/2029 | $4989406 | $4935088 | $4989398 |
| &nbsp;&nbsp;&nbsp;Amplix<br> (j) | Unitranche First Amendment Term Loan | S+ | 4.50% | 8.18% | 10/19/2023 | 10/18/2029 | 4326032 | 4244133 | 4326032 |
| &nbsp;&nbsp;&nbsp;InnovateMR<br> (j) | Senior Secured Initial Term Loan | S+ | 6.00% | 9.68% | 12/16/2021 | 1/20/2028 | 4066791 | 4042029 | 4066791 |
| &nbsp;&nbsp;&nbsp;Industrial Services Group<br> (j) | Unitranche Initial Term Loan | S+ | 5.75% | 9.43% | 12/7/2022 | 12/7/2028 | 4063562 | 4005629 | 4063562 |
| &nbsp;&nbsp;&nbsp;LegalShield<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 3.25% | 6.93% | 12/7/2021 | 12/15/2028 | 4321451 | 4302762 | 3762752 |
| &nbsp;&nbsp;&nbsp;CoAdvantage | Senior Secured 2023 1L Refinancing Term Loan (First Lien) | S+ | 5.50% | 9.18% | 8/2/2023 | 8/2/2029 | 3753759 | 3753759 | 3725605 |
| &nbsp;&nbsp;&nbsp;Kept Companies | Senior Secured Term Loan | S+ | 5.25% | 8.93% | 4/30/2024 | 4/30/2029 | 3427138 | 3391169 | 3401435 |
| &nbsp;&nbsp;&nbsp;GoldenSource<br> (j) | Unitranche Initial Term Loan | S+ | 5.00% | 8.68% | 3/25/2022 | 5/12/2028 | 3325858 | 3277610 | 3325858 |
| &nbsp;&nbsp;&nbsp;Eliassen | Unitranche Initial Term Loan | S+ | 5.75% | 9.43% | 3/31/2022 | 4/14/2028 | 3371574 | 3348206 | 3295714 |
| &nbsp;&nbsp;&nbsp;Discovery Education | Unitranche Initial Term Loan (First Lien) | S+ | 2.88%, 5.72% PIK | 12.27% | 3/25/2022 | 4/9/2029 | 3978448 | 3945233 | 2983836 |
| &nbsp;&nbsp;&nbsp;CoolSys | Senior Secured Closing Date Initial Term Loan | S+ | 6.00% | 9.68% | 8/4/2021 | 2/11/2030 | 2984837 | 2972831 | 2887830 |
| &nbsp;&nbsp;&nbsp;The Facilities Group | Unitranche Initial Term Loan | S+ | 5.75% | 9.43% | 12/10/2021 | 11/30/2028 | 2896298 | 2883847 | 2867335 |
| &nbsp;&nbsp;&nbsp;Argano | Senior Secured Initial Term Loan | S+ | 5.50% | 9.18% | 9/13/2024 | 9/13/2029 | 2798132 | 2753275 | 2766653 |
| &nbsp;&nbsp;&nbsp;Paradigm Outcomes<br> (k) | Senior Secured 2025 Replacement Term Loan | S+ | 3.00% | 6.68% | 4/2/2024 | 5/6/2031 | 1968894 | 1961657 | 1971670 |
| &nbsp;&nbsp;&nbsp;Vensure | Senior Secured Initial Term Loan | S+ | 5.00% | 8.68% | 9/23/2024 | 9/27/2031 | 1976680 | 1956680 | 1961855 |
| &nbsp;&nbsp;&nbsp;Epiq<br> (k) | Senior Secured 2025 Refinancing Term Loan (First Lien) | S+ | 4.00% | 7.68% | 7/17/2024 | 4/26/2029 | 2250934 | 2185350 | 1948937 |
| &nbsp;&nbsp;&nbsp;Liberty Group<br> (j) | Unitranche Initial Term Loan | S+ | 5.75% | 9.43% | 6/6/2022 | 6/15/2028 | 1881591 | 1864629 | 1875848 |
| &nbsp;&nbsp;&nbsp;VC3<br> (j) | Senior Secured Delayed TL | S+ | 5.00% | 8.68% | 9/16/2022 | 3/12/2027 | 1866949 | 1850659 | 1866949 |
| &nbsp;&nbsp;&nbsp;InnovateMR<br> (j) | Senior Secured First Amendment Term Loan | S+ | 6.50% | 10.18% | 12/23/2022 | 1/20/2028 | 1824833 | 1801078 | 1824833 |
| &nbsp;&nbsp;&nbsp;Mediaocean<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 3.50% | 7.18% | 12/9/2021 | 12/15/2028 | 1920000 | 1911731 | 1813200 |
| &nbsp;&nbsp;&nbsp;CCG | Unitranche Initial Term Loan | S+ | 4.50% | 8.18% | 12/30/2025 | 12/30/2032 | 1729242 | 1712326 | 1716273 |
| &nbsp;&nbsp;&nbsp;Dun & Bradstreet | Unitranche Initial Term Loan | S+ | 5.50% | 9.18% | 6/30/2025 | 8/26/2032 | 1496250 | 1482695 | 1488769 |
| &nbsp;&nbsp;&nbsp;Secretariat | Senior Secured Initial Term Loan | S+ | 4.00% | 7.68% | 2/24/2025 | 2/28/2032 | 1485000 | 1478243 | 1470150 |
| &nbsp;&nbsp;&nbsp;Insight Global | Unitranche 2024 Refinancing Term Loan | S+ | 5.00% | 8.68% | 9/22/2021 | 9/22/2028 | 1436810 | 1424269 | 1433218 |
| &nbsp;&nbsp;&nbsp;Heartland | Senior Secured Initial Term Loan | S+ | 4.75% | 8.43% | 12/1/2023 | 12/12/2029 | 1422275 | 1402016 | 1408052 |
| &nbsp;&nbsp;&nbsp;Aprio | Senior Secured Initial Term Loan | S+ | 4.75% | 8.43% | 8/1/2024 | 8/1/2031 | 1417530 | 1402740 | 1403355 |
| &nbsp;&nbsp;&nbsp;Gallo Mechanical | Senior Secured Initial Term Loan | S+ | 4.75% | 8.43% | 6/19/2025 | 8/2/2032 | 1363918 | 1343332 | 1360508 |
| &nbsp;&nbsp;&nbsp;Ascend | Senior Secured Initial Term Loan | S+ | 4.50% | 8.18% | 10/22/2024 | 8/11/2031 | 1349085 | 1343110 | 1335594 |
| &nbsp;&nbsp;&nbsp;Addison Group<br> (k) | Senior Secured Initial Term Loan | S+ | 4.25% | 7.93% | 1/19/2022 | 12/29/2028 | 1315714 | 1314238 | 1194655 |
| &nbsp;&nbsp;&nbsp;Health Management Associates | Senior Secured Term Loan A | S+ | 6.25% | 9.93% | 3/31/2023 | 3/30/2029 | 1098193 | 1078843 | 1085838 |
| &nbsp;&nbsp;&nbsp;Embark<br> (j) | Senior Secured Term B Loan | S+ | 4.50% | 8.18% | 8/27/2025 | 9/2/2032 | 995000 | 981895 | 987538 |
| &nbsp;&nbsp;&nbsp;Barton Associates | Unitranche Initial Term Loan | S+ | 6.50% | 10.18% | 11/18/2024 | 7/26/2028 | 984694 | 977780 | 973616 |
| &nbsp;&nbsp;&nbsp;Colibri | Senior Secured First Amendment Incremental Term Loan | S+ | 5.00% | 8.68% | 11/9/2023 | 3/12/2029 | 977500 | 962498 | 972613 |
| &nbsp;&nbsp;&nbsp;Aprio | Senior Secured 2025 Incremental Term Loan | S+ | 4.75% | 8.43% | 4/18/2025 | 8/1/2031 | 909911 | 901463 | 900812 |
| &nbsp;&nbsp;&nbsp;Levata | Senior Secured Sixteenth Amendment Incremental Effective Date Term Loan | S+ | 5.00% | 8.68% | 8/19/2025 | 12/21/2027 | 809806 | 802593 | 805757 |
| &nbsp;&nbsp;&nbsp;AI Fire & Safety | Unitranche Initial Term Loan | S+ | 2.25%, 2.75% PIK | 8.68% | 12/20/2024 | 2/2/2032 | 673799 | 670647 | 670430 |
| &nbsp;&nbsp;&nbsp;Beacon Communications<br> (k) | Senior Secured Term Loan | S+ | 4.75% | 8.43% | 3/31/2026 | 4/2/2032 | 611111 | 605000 | 605000 |
| &nbsp;&nbsp;&nbsp;Eagle Fire | Senior Secured Initial Term Loan | S+ | 4.50% | 8.18% | 6/4/2025 | 7/15/2032 | 568242 | 561785 | 563980 |
| &nbsp;&nbsp;&nbsp;Lexitas | Unitranche Initial Term Loan | S+ | 5.00% | 8.68% | 4/15/2025 | 4/15/2031 | 517599 | 512361 | 512423 |
| &nbsp;&nbsp;&nbsp;InvestCloud APL | Senior Secured Initial Term Loan | S+ | 4.00% | 7.68% | 1/16/2026 | 1/14/2033 | 500000 | 495000 | 496250 |
| &nbsp;&nbsp;&nbsp;Geosyntec<br> (k) | Senior Secured 2025 Incremental Term Loan | S+ | 3.00% | 6.68% | 7/24/2024 | 7/31/2031 | 495013 | 493016 | 494706 |
| &nbsp;&nbsp;&nbsp;Inmar | Senior Secured Amendment No. 4 Refinancing Term Loan (First Lien) | S+ | 4.50% | 8.18% | 10/25/2024 | 10/30/2031 | 492525 | 490268 | 487600 |
| &nbsp;&nbsp;&nbsp;S&P Engineering Solutions | Senior Secured 2024 Converted Term Loan | S+ | 5.00% | 8.68% | 3/31/2023 | 5/2/2030 | 487500 | 478099 | 487500 |
| &nbsp;&nbsp;&nbsp;System One | Senior Secured 2025 Refinancing Term Loan | S+ | 3.50% | 7.18% | 1/28/2021 | 3/2/2028 | 476400 | 475665 | 471636 |
| &nbsp;&nbsp;&nbsp;Mitratech | Unitranche Closing Date Initial Term Loan | S+ | 4.75% | 8.43% | 12/1/2025 | 12/2/2031 | 458716 | 456451 | 456422 |
| &nbsp;&nbsp;&nbsp;Perficient | Senior Secured Closing Date Term Loan | S+ | 3.50% | 7.18% | 8/2/2024 | 10/2/2031 | 450890 | 448962 | 442999 |
| &nbsp;&nbsp;&nbsp;Trace3<br> (k) | Unitranche Closing Date Term B Loan | S+ | 4.00% | 7.68% | 10/8/2025 | 10/29/2032 | 452381 | 448004 | 441863 |
| &nbsp;&nbsp;&nbsp;trustaff | Senior Secured Initial Term Loan (First Lien) | S+ | 4.25% | 7.93% | 12/9/2021 | 3/6/2028 | 954774 | 953928 | 429648 |
| &nbsp;&nbsp;&nbsp;HireRight<br> (k) | Senior Secured 2025 Replacement Term Loan (First Lien) | S+ | 3.25% | 6.93% | 3/25/2024 | 9/27/2030 | 491263 | 486736 | 424082 |
| &nbsp;&nbsp;&nbsp;AIA Contract<br> (j) | Senior Secured Term Loan | S+ | 4.75% | 8.43% | 6/30/2025 | 7/2/2031 | 422121 | 416475 | 422121 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Audax Credit BDC Inc.**

**Consolidated Schedules of Investments (continued)**

**As of March 31, 2026**

**(Expressed in U.S. Dollars)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Investments (a) (b) (c) (d) (e) (f)** | **Investment Type** | **Index<br>(^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par/<br>Shares** | **Amortized<br>Cost** | **Market<br>Value** |
| **Audax Credit BDC, Inc. (Continued)** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Industrial Services Group<br> (j) | Senior Secured Revolving Loan | S+ | 5.75% | 9.43% | 12/7/2022 | 12/7/2028 | $380952 | $363810 | $380952 |
| &nbsp;&nbsp;&nbsp;Aurora Energy Research<br> (l) | Unitranche Facility B Notes | S+ | 5.00% | 8.68% | 9/4/2025 | 9/8/2032 | 379916 | 375196 | 377066 |
| &nbsp;&nbsp;&nbsp;Capital Consultants Management<br> (j) | Unitranche Closing Date Term Loan | S+ | 4.75% | 8.43% | 7/29/2025 | 11/1/2031 | 339736 | 335797 | 339736 |
| &nbsp;&nbsp;&nbsp;OSG Billing Services | Senior Secured Last-Out Term Loan | S+ | 6.25% | 9.93% | 11/30/2023 | 11/30/2028 | 312562 | 312562 | 309436 |
| &nbsp;&nbsp;&nbsp;GoldenSource<br> (j) | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 3/25/2022 | 5/12/2028 | 253521 | 244131 | 253521 |
| &nbsp;&nbsp;&nbsp;OSG Billing Services | Senior Secured First-Out Term Loan | S+ | 8.00% | 11.68% | 11/30/2023 | 5/30/2028 | 219341 | 209666 | 217696 |
| &nbsp;&nbsp;&nbsp;Vortex Companies<br> (j) | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 9/1/2023 | 9/4/2029 | 186169 | 151653 | 186169 |
| &nbsp;&nbsp;&nbsp;Aprio | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 8/1/2024 | 8/1/2031 | 83227 | 82728 | 82395 |
| &nbsp;&nbsp;&nbsp;Liberty Group<br> (j) | Senior Secured Revolving Loan | S+ | 5.75% | 9.43% | 6/6/2022 | 12/15/2028 | 79545 | 75000 | 79303 |
| &nbsp;&nbsp;&nbsp;Discovery Education | Senior Secured Revolving Credit Loan (First Lien) | S+ | 5.75%, 1.84% PIK | 11.27% | 3/25/2022 | 4/9/2029 | 102564 | 98526 | 76923 |
| &nbsp;&nbsp;&nbsp;Ascend | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.18% | 10/22/2024 | 8/11/2031 | 68729 | 67869 | 68041 |
| &nbsp;&nbsp;&nbsp;VC3<br> (j) | Senior Secured RC | S+ | 5.00% | 8.68% | 7/21/2022 | 3/12/2027 | 46154 | 43462 | 46154 |
| &nbsp;&nbsp;&nbsp;Gallo Mechanical | Senior Secured Initial Revolving Loan | S+ | 4.75% | 8.43% | 6/19/2025 | 8/2/2032 | 39067 | 34672 | 38969 |
| &nbsp;&nbsp;&nbsp;Heartland | Senior Secured Revolving Credit Loan | S+ | 4.75% | 8.43% | 12/1/2023 | 12/12/2029 | 17035 | 12410 | 16864 |
| &nbsp;&nbsp;&nbsp;Embark | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.18% | 8/27/2025 | 9/2/2032 | 16000 | 14000 | 15880 |
| &nbsp;&nbsp;&nbsp;Mitratech | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 12/1/2025 | 12/2/2031 |  | (92) |  |
| &nbsp;&nbsp;&nbsp;AI Fire & Safety | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.18% | 12/20/2024 | 2/2/2032 |  | (449) |  |
| &nbsp;&nbsp;&nbsp;Lexitas | Senior Secured Revolving Credit Loan | S+ | 5.00% | 8.68% | 4/15/2025 | 4/15/2031 |  | (573) |  |
| &nbsp;&nbsp;&nbsp;AIA Contract<br> (j) | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 6/30/2025 | 7/2/2031 |  | (1136) |  |
| &nbsp;&nbsp;&nbsp;Eagle Fire | Senior Secured Initial Revolving Loan | S+ | 4.50% | 8.18% | 6/4/2025 | 7/15/2032 |  | (1346) |  |
| &nbsp;&nbsp;&nbsp;S&P Engineering Solutions | Senior Secured 2024 Converted Revolving Credit Loan | S+ | 5.00% | 8.68% | 3/31/2023 | 5/2/2029 |  | (1471) |  |
| &nbsp;&nbsp;&nbsp;Dun & Bradstreet | Senior Secured Revolving Credit Loan | S+ | 5.50% | 9.18% | 6/30/2025 | 8/26/2032 |  | (1500) |  |
| &nbsp;&nbsp;&nbsp;Health Management Associates | Senior Secured Revolving Loan | S+ | 6.25% | 9.93% | 3/31/2023 | 3/30/2029 |  | (2131) |  |
| &nbsp;&nbsp;&nbsp;CCG | Senior Secured Revolving Facility | S+ | 4.50% | 8.18% | 12/30/2025 | 12/30/2032 |  | (2708) |  |
| &nbsp;&nbsp;&nbsp;Kept Companies | Senior Secured Revolving Loan | S+ | 5.25% | 8.93% | 4/30/2024 | 4/30/2029 |  | (7131) |  |
| &nbsp;&nbsp;&nbsp;Amplix<br> (j) | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.18% | 10/19/2023 | 10/18/2029 |  | (8242) |  |
|  |  |  |  |  |  |  |  | 90382496 | 88158606 |
| *Healthcare & Pharmaceuticals* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Vision Partners<br> (j) | Unitranche Initial Term Loan | S+ | 5.75% | 9.43% | 9/22/2021 | 9/30/2027 | 4785901 | 4760380 | 4785901 |
| &nbsp;&nbsp;&nbsp;Minds + Assembly<br> (j) | Unitranche Initial Term Loan (First Lien) | S+ | 5.00% | 8.68% | 5/3/2023 | 5/3/2029 | 3986646 | 3923778 | 3986646 |
| &nbsp;&nbsp;&nbsp;Paradigm Oral Health | Senior Secured Initial Term Loan | S+ | 4.75% | 8.43% | 9/30/2024 | 11/16/2028 | 3960619 | 3929246 | 3960619 |
| &nbsp;&nbsp;&nbsp;Sequel Ortho (fka OrthoNebraska)<br> (j) | Unitranche Initial Term Loan | S+ | 5.00% | 8.68% | 7/31/2023 | 7/31/2028 | 3302836 | 3254216 | 3302836 |
| &nbsp;&nbsp;&nbsp;Summit Spine 2025<br> (j) | Unitranche Initial Term Loan | S+ | 4.75% | 8.43% | 3/21/2025 | 3/25/2031 | 3247888 | 3189288 | 3247888 |
| &nbsp;&nbsp;&nbsp;U.S. Foot and Ankle Specialists | Senior Secured Term Loan | S+ | 5.75% | 9.43% | 4/17/2024 | 9/15/2026 | 2959143 | 2948419 | 2929551 |
| &nbsp;&nbsp;&nbsp;RevHealth<br> (j) | Unitranche Initial Term Loan | S+ | 2.50%, 3.25% PIK | 9.43% | 7/22/2022 | 7/21/2028 | 4233350 | 4196073 | 2756187 |
| &nbsp;&nbsp;&nbsp;EyeSouth Partners | Unitranche Amendment No.2 Term Loan (First Lien) | S+ | 5.50% | 9.18% | 11/15/2024 | 10/5/2029 | 2484497 | 2461199 | 2459652 |
| &nbsp;&nbsp;&nbsp;Ivy Rehab | Senior Secured Initial Term Loan (First Lien) | S+ | 5.00% | 8.68% | 3/11/2022 | 4/23/2029 | 2012418 | 1991968 | 1992294 |
| &nbsp;&nbsp;&nbsp;Gastro Health | Senior Secured Initial Term Loan (First Lien) | S+ | 4.50% | 8.18% | 7/2/2021 | 7/3/2028 | 1911028 | 1906701 | 1877585 |
| &nbsp;&nbsp;&nbsp;Upstream Rehabilitation<br> (k) | Senior Secured December 2025 Extended/Modified Term Loan (First Lien) | S+ | 4.25% | 7.93% | 10/24/2019 | 11/20/2029 | 1899655 | 1899201 | 1763773 |
| &nbsp;&nbsp;&nbsp;Therapy Brands | Senior Secured Initial Term Loan (First Lien) | S+ | 4.00% | 7.68% | 5/12/2021 | 5/18/2028 | 1801939 | 1798594 | 1743376 |
| &nbsp;&nbsp;&nbsp;Blue Cloud | Senior Secured Closing Date Term Loan | S+ | 5.00% | 8.68% | 8/12/2025 | 1/21/2031 | 1649989 | 1649989 | 1641739 |
| &nbsp;&nbsp;&nbsp;Advancing Eyecare | Senior Secured Initial Term Loan | S+ | 5.75% | 9.43% | 5/27/2022 | 6/13/2029 | 2449170 | 2413334 | 1640944 |
| &nbsp;&nbsp;&nbsp;Visor Buyer, Inc.<br> (j) | Unitranche Initial Term Loan | S+ | 6.50% | 10.18% | 12/15/2025 | 12/15/2031 | 1595609 | 1596661 | 1595609 |
| &nbsp;&nbsp;&nbsp;TEAM Services<br> (k) | Senior Secured Initial Term Loan | S+ | 5.25% | 8.93% | 1/30/2026 | 1/28/2033 | 1500000 | 1481250 | 1481250 |
| &nbsp;&nbsp;&nbsp;ImageFirst | Senior Secured Initial Term Loan | S+ | 3.00% | 6.68% | 3/12/2025 | 3/12/2032 | 1488750 | 1485000 | 1477584 |
| &nbsp;&nbsp;&nbsp;MedRisk<br> (k) | Senior Secured 2025 Term Loan (First Lien) | S+ | 3.00% | 6.68% | 4/1/2021 | 5/10/2028 | 1460126 | 1456649 | 1459097 |
| &nbsp;&nbsp;&nbsp;Quantum Health<br> (k) | Senior Secured Amendment No. 1 Refinancing Term Loan (First Lien) | S+ | 4.25% | 7.93% | 12/18/2020 | 12/22/2027 | 1428750 | 1422500 | 1428750 |
| &nbsp;&nbsp;&nbsp;Forefront<br> (k) | Senior Secured Term B-1 Loan | S+ | 5.50% | 9.18% | 12/14/2023 | 3/30/2029 | 1470000 | 1448722 | 1391906 |
| &nbsp;&nbsp;&nbsp;MB2 Dental | Unitranche Initial Term Loan | S+ | 5.50% | 9.18% | 2/5/2024 | 2/13/2031 | 1278191 | 1267557 | 1274995 |
| &nbsp;&nbsp;&nbsp;Nvision | Senior Secured 2024 Initial Term Loan | S+ | 5.50% | 9.18% | 10/31/2024 | 12/31/2028 | 1244934 | 1220565 | 1223147 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Audax Credit BDC Inc.**

**Consolidated Schedules of Investments (continued)**

**As of March 31, 2026**

**(Expressed in U.S. Dollars)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Investments (a) (b) (c) (d) (e) (f)** | **Investment Type** | **Index<br>(^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par/<br>Shares** | **Amortized<br>Cost** | **Market<br>Value** |
| **Audax Credit BDC, Inc. (Continued)** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Symplr<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 4.50% | 8.18% | 11/23/2020 | 12/22/2027 | $1425000 | $1418740 | $1011750 |
| &nbsp;&nbsp;&nbsp;RxBenefits | Senior Secured Initial Term Loan | S+ | 5.00% | 8.68% | 12/31/2025 | 12/23/2030 | 1000000 | 980551 | 992500 |
| &nbsp;&nbsp;&nbsp;Press Ganey<br> (k) | Senior Secured Existing Term Loan (First Lien) | S+ | 3.00% | 6.68% | 4/24/2024 | 4/30/2031 | 985056 | 977558 | 984687 |
| &nbsp;&nbsp;&nbsp;Radiology Partners<br> (k) | Senior Secured Term B Loan | S+ | 4.50% | 8.18% | 6/26/2025 | 6/30/2032 | 995000 | 985866 | 982030 |
| &nbsp;&nbsp;&nbsp;Cirtec Medical | Senior Secured U.S. Dollar Term Loan | S+ | 5.00% | 8.68% | 1/30/2023 | 1/30/2029 | 970000 | 953127 | 967575 |
| &nbsp;&nbsp;&nbsp;NSM | Senior Secured Amendment No. 9 Incremental Term Loan | S+ | 4.25% | 7.93% | 8/5/2024 | 5/14/2029 | 940747 | 939433 | 938395 |
| &nbsp;&nbsp;&nbsp;Epic Staffing Group | Senior Secured Initial Term Loan | S+ | 6.00% | 9.68% | 6/27/2022 | 6/28/2029 | 964593 | 930438 | 933243 |
| &nbsp;&nbsp;&nbsp;Forefront<br> (k) | Senior Secured Closing Date Term Loan | S+ | 4.25% | 7.93% | 3/23/2022 | 3/30/2029 | 962793 | 954571 | 911644 |
| &nbsp;&nbsp;&nbsp;VaxCare | Unitranche Initial Term Loan | S+ | 4.25% | 7.93% | 6/10/2025 | 6/17/2032 | 829167 | 821583 | 829167 |
| &nbsp;&nbsp;&nbsp;Patterson Companies<br> (k) | Senior Secured Initial Term Loan | S+ | 4.50% | 8.18% | 7/24/2025 | 4/16/2032 | 995000 | 895000 | 825850 |
| &nbsp;&nbsp;&nbsp;APT Healthcare | Unitranche Initial Term Loan | S+ | 4.50% | 8.18% | 9/15/2025 | 9/30/2031 | 773889 | 762819 | 766664 |
| &nbsp;&nbsp;&nbsp;nThrive<br> (k) | Senior Secured Tranche C Term Loan | S+ | 4.00% | 7.68% | 11/18/2024 | 12/15/2028 | 1613125 | 1613125 | 702718 |
| &nbsp;&nbsp;&nbsp;Specialized Dental | Senior Secured Sixth Amendment Term Loan | S+ | 4.75% | 8.43% | 10/30/2025 | 11/1/2028 | 671215 | 666826 | 668710 |
| &nbsp;&nbsp;&nbsp;Dane Street<br> (k) | Senior Secured Initial Term Loan | S+ | 4.50% | 8.18% | 3/25/2026 | 3/24/2033 | 605000 | 597600 | 598950 |
| &nbsp;&nbsp;&nbsp;Midwest Eye Services | Senior Secured Initial Term Loan | S+ | 4.50% | 8.18% | 12/31/2024 | 8/20/2027 | 566193 | 552034 | 563362 |
| &nbsp;&nbsp;&nbsp;Viant<br> (k) | Senior Secured Closing Date Initial Term Loan (First Lien) | S+ | 4.00% | 7.68% | 10/16/2024 | 10/29/2031 | 548208 | 545889 | 548257 |
| &nbsp;&nbsp;&nbsp;Cirtec Medical | Senior Secured Amendment No. 1 Incremental Term Loan | S+ | 5.00% | 8.68% | 7/2/2024 | 1/30/2029 | 491250 | 486851 | 490022 |
| &nbsp;&nbsp;&nbsp;Performance Health<br> (k) | Senior Secured Initial Term Loan | S+ | 3.75% | 7.43% | 2/28/2025 | 3/19/2032 | 496250 | 491752 | 485705 |
| &nbsp;&nbsp;&nbsp;Sequel Ortho (fka OrthoNebraska) | Unitranche First Amendment Term Loan | S+ | 5.00% | 8.68% | 10/31/2025 | 7/31/2028 | 475000 | 470651 | 475000 |
| &nbsp;&nbsp;&nbsp;Confluent Health | Senior Secured Amendment No. 1 Term Loan | S+ | 7.50% | 11.18% | 4/11/2023 | 11/30/2028 | 485000 | 466887 | 472875 |
| &nbsp;&nbsp;&nbsp;AGS Health | Unitranche Initial Term Loan | S+ | 4.50% | 8.18% | 7/24/2025 | 8/2/2032 | 446960 | 445737 | 443608 |
| &nbsp;&nbsp;&nbsp;AccentCare<br> (k) | Senior Secured Tranche B Term Loan | S+ | 4.00% | 7.68% | 6/15/2021 | 9/20/2028 | 476531 | 476531 | 418156 |
| &nbsp;&nbsp;&nbsp;Avalon | Senior Secured Initial Term Loan | S+ | 4.50% | 8.18% | 12/30/2025 | 12/31/2031 | 416667 | 412500 | 413266 |
| &nbsp;&nbsp;&nbsp;Clearway | Senior Secured Tenth Amendment Incremental Term Loan | S+ | 5.50% | 9.18% | 9/17/2025 | 8/30/2030 | 406049 | 400417 | 403004 |
| &nbsp;&nbsp;&nbsp;RMP & MedA/Rx | Senior Secured Term Loan | S+ | 4.75% | 8.43% | 3/22/2021 | 2/4/2028 | 359378 | 359471 | 349495 |
| &nbsp;&nbsp;&nbsp;Healthcare Linen Service Group<br> (k) | Unitranche Initial Term Loan | S+ | 4.75% | 8.43% | 1/29/2026 | 2/2/2033 | 343284 | 339291 | 339851 |
| &nbsp;&nbsp;&nbsp;nThrive<br> (k) | Senior Secured Tranche B Term Loan | S+ | 4.00% | 7.68% | 11/18/2024 | 12/15/2028 | 409195 | 409195 | 328038 |
| &nbsp;&nbsp;&nbsp;UDG<br> (m) | Senior Secured Initial Dollar Term Loan (First Lien) | S+ | 4.25% | 7.93% | 8/6/2021 | 8/19/2028 | 315938 | 314959 | 311988 |
| &nbsp;&nbsp;&nbsp;RMP & MedA/Rx | Senior Secured Term Loan (First Lien) | S+ | 5.00% | 8.68% | 2/27/2017 | 2/4/2028 | 306018 | 306018 | 297603 |
| &nbsp;&nbsp;&nbsp;Nvision | Senior Secured Fourth Amendment Incremental Term Loan | S+ | 5.50% | 9.18% | 10/30/2024 | 12/31/2028 | 240267 | 237643 | 236062 |
| &nbsp;&nbsp;&nbsp;AGS Health | Unitranche Initial Term Loan | S+ | 4.50% | 8.18% | 7/24/2025 | 8/2/2032 | 234840 | 234193 | 233079 |
| &nbsp;&nbsp;&nbsp;nThrive<br> (k) | Senior Secured Tranche D Term Loan | S+ | 6.75% | 10.43% | 11/18/2024 | 12/17/2029 | 490000 | 490000 | 213456 |
| &nbsp;&nbsp;&nbsp;RevHealth<br> (j) | Senior Secured Revolving Loan | S+ | 2.50%, 3.25% PIK | 9.43% | 7/22/2022 | 7/21/2028 | 231164 | 231164 | 150503 |
| &nbsp;&nbsp;&nbsp;Clearway | Senior Secured Term Loan A | S+ | 5.50% | 9.18% | 9/17/2025 | 8/30/2030 | 132009 | 128591 | 131019 |
| &nbsp;&nbsp;&nbsp;AccentCare | Senior Secured Tranche A Term Loan | S+ | 5.50% | 9.18% | 2/5/2024 | 6/20/2028 | 119820 | 116006 | 115027 |
| &nbsp;&nbsp;&nbsp;nThrive<br> (k) | Senior Secured Tranche A Term Loan | S+ | 5.25% | 8.93% | 11/20/2024 | 12/15/2028 | 116214 | 115037 | 96167 |
| &nbsp;&nbsp;&nbsp;Nvision | Senior Secured Revolving Loan | S+ | 5.50% | 9.18% | 10/31/2024 | 12/31/2028 | 79204 | 79204 | 77818 |
| &nbsp;&nbsp;&nbsp;Western Dental | Senior Secured First-Out Term Loan (Tranche A-1) | S+ | 6.50% | 10.18% | 6/18/2024 | 5/18/2028 | 92798 | 89313 | 77022 |
| &nbsp;&nbsp;&nbsp;Ivy Rehab | Senior Secured Revolving Credit Loan (First Lien) | S+ | 4.75% | 8.43% | 3/11/2022 | 4/21/2028 | 67003 | 63636 | 66333 |
| &nbsp;&nbsp;&nbsp;Clearway | Senior Secured Revolving Loan | S+ | 5.50% | 9.18% | 9/17/2025 | 8/30/2030 | 38067 | 35067 | 37781 |
| &nbsp;&nbsp;&nbsp;Cirtec Medical | Senior Secured Revolving Credit (First Lien) | S+ | 5.00% | 8.68% | 1/30/2023 | 10/31/2028 | 36111 | 36111 | 36021 |
| &nbsp;&nbsp;&nbsp;Summit Spine 2025<br> (j) | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 3/21/2025 | 3/25/2031 | 29609 | 20973 | 29609 |
| &nbsp;&nbsp;&nbsp;Blue Cloud | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 8/12/2025 | 1/21/2031 | 17045 | 17045 | 16960 |
| &nbsp;&nbsp;&nbsp;Clearway | Senior Secured Second Amendment Incremental Term Loan | S+ | 5.50% | 9.18% | 9/17/2025 | 8/30/2030 | 16766 | 16533 | 16641 |
| &nbsp;&nbsp;&nbsp;Western Dental<br> (k) | Senior Secured Loan | S+ | 2.50% | 6.18% | 12/24/2025 | 6/3/2026 | 15809 | 15809 | 15809 |
| &nbsp;&nbsp;&nbsp;Clearway | Senior Secured Fourth Amendment Incremental Term Loan | S+ | 5.50% | 9.18% | 9/17/2025 | 8/30/2030 | 11289 | 11132 | 11205 |
| &nbsp;&nbsp;&nbsp;Clearway | Senior Secured Ninth Amendment Incremental Term Loan | S+ | 5.50% | 9.18% | 9/17/2025 | 8/30/2030 | 4202 | 4144 | 4171 |
| &nbsp;&nbsp;&nbsp;MB2 Dental | Senior Secured Revolving Loan | S+ | 5.50% | 9.18% | 2/5/2024 | 2/13/2031 | 2674 | 2674 | 2667 |
| &nbsp;&nbsp;&nbsp;Western Dental<br> (o) | Senior Secured Second-Out Term Loan (Tranche B) | S+ | 1.00%, 6.25% PIK | 10.93% | 6/14/2024 | 8/18/2028 | 541114 | 438360 |  |
| &nbsp;&nbsp;&nbsp;AGS Health | Senior Secured Tranche A Revolving Credit Loan | S+ | 4.50% | 8.18% | 7/24/2025 | 8/2/2032 |  | (76) |  |
| &nbsp;&nbsp;&nbsp;AGS Health | Senior Secured Tranche A Revolving Credit Loan | S+ | 4.50% | 8.18% | 7/24/2025 | 8/2/2032 |  | (133) |  |
| &nbsp;&nbsp;&nbsp;Healthcare Linen Service Group<br> (k) | Senior Secured Revolving Credit Loan | S+ | 4.75% | 8.43% | 1/29/2026 | 2/2/2033 |  | (448) |  |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Audax Credit BDC Inc.**

**Consolidated Schedules of Investments (continued)**

**As of March 31, 2026**

**(Expressed in U.S. Dollars)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Investments (a) (b) (c) (d) (e) (f)** | **Investment Type** | **Index<br>(^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par/<br>Shares** | **Amortized<br>Cost** | **Market<br>Value** |
| **Audax Credit BDC, Inc. (Continued)** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Specialized Dental | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 10/30/2025 | 11/1/2027 | $— | $(467) | $— |
| &nbsp;&nbsp;&nbsp;Avalon | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.18% | 12/30/2025 | 12/31/2031 |  | (833) |  |
| &nbsp;&nbsp;&nbsp;Dane Street<br> (k) | Senior Secured Revolving Loan | S+ | 4.50% | 8.18% | 3/25/2026 | 3/24/2033 |  | (1250) |  |
| &nbsp;&nbsp;&nbsp;VaxCare | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.18% | 6/10/2025 | 6/17/2032 |  | (1667) |  |
| &nbsp;&nbsp;&nbsp;Midwest Eye Services | Senior Secured Fourth Amendment Incremental Revolving Loan | S+ | 4.50% | 8.18% | 12/31/2024 | 8/20/2027 |  | (3220) |  |
| &nbsp;&nbsp;&nbsp;Sequel Ortho (fka OrthoNebraska)<br> (j) | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 7/31/2023 | 7/31/2028 |  | (13962) |  |
| &nbsp;&nbsp;&nbsp;Minds + Assembly<br> (j) | Senior Secured Revolving Loan (First Lien) | S+ | 5.00% | 8.68% | 5/3/2023 | 5/3/2029 |  | (18789) |  |
|  |  |  |  |  |  |  |  | 74018500 | 69442792 |
| *Capital Equipment* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Tank Holding | Unitranche Initial Term Loan | S+ | 5.75% | 9.43% | 3/25/2022 | 3/31/2028 | 3850000 | 3819597 | 3821125 |
| &nbsp;&nbsp;&nbsp;Flow Control Group<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 3.25% | 6.93% | 3/17/2021 | 3/4/2033 | 3579476 | 3566159 | 3583951 |
| &nbsp;&nbsp;&nbsp;Plaskolite | Unitranche Initial Term Loan | S+ | 4.00%, 4.00% PIK | 11.68% | 5/5/2025 | 5/9/2030 | 3072645 | 3016982 | 3049600 |
| &nbsp;&nbsp;&nbsp;Excelitas | Unitranche Closing Date Euro Term Loan | S+ | 5.25% | 8.93% | 6/15/2022 | 8/13/2029 | 2873054 | 2899731 | 2844324 |
| &nbsp;&nbsp;&nbsp;Burke Porter Group | Senior Secured Closing Date Term Loan | S+ | 2.00%, 5.00% PIK | 10.68% | 9/30/2022 | 7/29/2029 | 2345504 | 2311130 | 1876404 |
| &nbsp;&nbsp;&nbsp;Shaw | Senior Secured Closing Date Term Loan (First Lien) | S+ | 6.00% | 9.68% | 9/30/2023 | 10/30/2029 | 1751489 | 1727893 | 1731785 |
| &nbsp;&nbsp;&nbsp;Radwell | Unitranche Initial Term Loan | S+ | 5.50% | 9.18% | 3/11/2022 | 4/1/2029 | 1607308 | 1595267 | 1595253 |
| &nbsp;&nbsp;&nbsp;Antylia Scientific<br> (k) | Senior Secured Initial Term Loan | S+ | 4.00% | 7.68% | 5/16/2025 | 5/27/2032 | 1496250 | 1462362 | 1491267 |
| &nbsp;&nbsp;&nbsp;Trystar | Senior Secured Initial Term Loan | S+ | 4.25% | 7.93% | 7/31/2024 | 8/6/2031 | 1459775 | 1448299 | 1459775 |
| &nbsp;&nbsp;&nbsp;Barnes<br> (k) | Senior Secured Term Loan | S+ | 4.75% | 8.43% | 10/17/2025 | 10/22/2032 | 1000000 | 980632 | 995000 |
| &nbsp;&nbsp;&nbsp;Air Control Concepts<br> (k) | Senior Secured Closing Date Term Loan | S+ | 2.75% | 6.43% | 7/16/2024 | 7/23/2031 | 992274 | 990469 | 986489 |
| &nbsp;&nbsp;&nbsp;MW Industries | Senior Secured Initial Term Loan | S+ | 7.00% | 10.68% | 3/31/2023 | 3/31/2030 | 945910 | 928210 | 934086 |
| &nbsp;&nbsp;&nbsp;Therm-O-Disc | Senior Secured Initial Term Loan (First Lien) | S+ | 6.00% | 9.68% | 5/26/2022 | 5/31/2029 | 965000 | 925064 | 820250 |
| &nbsp;&nbsp;&nbsp;Associated Springs | Senior Secured Initial Term Loan | S+ | 4.75% | 8.43% | 3/7/2024 | 4/4/2030 | 694038 | 681636 | 694038 |
| &nbsp;&nbsp;&nbsp;80/20 | Unitranche Initial Term Loan | S+ | 4.50% | 8.18% | 12/11/2025 | 12/12/2032 | 682540 | 674978 | 677618 |
| &nbsp;&nbsp;&nbsp;TRG<br> (k) | Unitranche Initial Term Loan | S+ | 4.50% | 8.18% | 1/5/2026 | 1/5/2032 | 675000 | 667250 | 668250 |
| &nbsp;&nbsp;&nbsp;Associated Springs | Senior Secured Amendment No. 1 Incremental Term Loan | S+ | 4.75% | 8.43% | 11/25/2024 | 4/4/2030 | 581866 | 571373 | 581866 |
| &nbsp;&nbsp;&nbsp;Ohio Transmission<br> (j) | Unitranche Initial Term Loan | S+ | 5.75% | 9.43% | 12/12/2023 | 12/19/2030 | 546140 | 537146 | 536582 |
| &nbsp;&nbsp;&nbsp;TriMark | Senior Secured Initial Tranche B Loan | S+ | 2.00%, 3.25% PIK | 8.93% | 1/16/2024 | 7/2/2029 | 689703 | 689703 | 505207 |
| &nbsp;&nbsp;&nbsp;nVent<br> (k) | Senior Secured Initial Term Loan | S+ | 3.00% | 6.68% | 9/30/2024 | 1/30/2032 | 497500 | 495000 | 497811 |
| &nbsp;&nbsp;&nbsp;Circor<br> (k) | Senior Secured 2025 Term Loan | S+ | 3.00% | 6.68% | 10/9/2024 | 10/17/2031 | 495013 | 493971 | 495837 |
| &nbsp;&nbsp;&nbsp;Trystar | Senior Secured Amendment No. 1 Incremental Term Loan | S+ | 4.25% | 7.93% | 9/5/2024 | 8/6/2031 | 493750 | 488976 | 493750 |
| &nbsp;&nbsp;&nbsp;Chromalloy<br> (k) | Senior Secured Term Loan | S+ | 3.25% | 6.93% | 3/22/2024 | 3/27/2031 | 491250 | 487491 | 492210 |
| &nbsp;&nbsp;&nbsp;AGCO G&P | Senior Secured Initial Term Loan | S+ | 5.00% | 8.68% | 10/8/2024 | 10/31/2031 | 495000 | 490799 | 490050 |
| &nbsp;&nbsp;&nbsp;Infinite Electronics | Senior Secured Initial Term Loan (First Lien) | S+ | 3.75% | 7.43% | 2/24/2021 | 3/2/2028 | 476494 | 476133 | 468155 |
| &nbsp;&nbsp;&nbsp;Industrial Electric Manufacturing | Senior Secured 2025 Incremental Term Loan | S+ | 4.50% | 8.18% | 12/3/2025 | 12/3/2031 | 416652 | 414438 | 413528 |
| &nbsp;&nbsp;&nbsp;Pegasus | Senior Secured Initial Term Loan | S+ | 4.75% | 8.43% | 1/24/2024 | 1/19/2031 | 393081 | 386360 | 392098 |
| &nbsp;&nbsp;&nbsp;SupplyHouse | Senior Secured Initial Term Loan | S+ | 4.00% | 7.68% | 6/19/2025 | 7/1/2032 | 373125 | 371433 | 370327 |
| &nbsp;&nbsp;&nbsp;Burke Porter Group | Senior Secured Revolving Credit Loan | S+ | 6.00% | 9.68% | 8/11/2022 | 7/29/2028 | 251524 | 241120 | 201219 |
| &nbsp;&nbsp;&nbsp;Trystar | Senior Secured Amendment No.2 Incremental Term Loan | S+ | 4.25% | 7.93% | 1/5/2026 | 8/6/2031 | 104167 | 102448 | 104167 |
| &nbsp;&nbsp;&nbsp;Plaskolite | Senior Secured Revolving Credit Loan | S+ | 7.00% | 10.68% | 5/5/2025 | 2/7/2030 | 64134 | 63556 | 63653 |
| &nbsp;&nbsp;&nbsp;Ohio Transmission<br> (j) | Senior Secured Initial Revolving Loan | S+ | 5.75% | 9.43% | 12/19/2023 | 12/19/2029 | 41600 | 40907 | 40872 |
| &nbsp;&nbsp;&nbsp;Radwell | Senior Secured Revolving Loan | S+ | 5.50% | 9.18% | 3/11/2022 | 4/1/2029 | 18666 | 17466 | 18526 |
| &nbsp;&nbsp;&nbsp;SupplyHouse | Senior Secured Revolving Credit Loan | S+ | 4.00% | 7.68% | 6/19/2025 | 7/1/2032 |  | (625) |  |
| &nbsp;&nbsp;&nbsp;TRG<br> (k) | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.18% | 1/5/2026 | 1/5/2032 |  | (1250) |  |
| &nbsp;&nbsp;&nbsp;80/20 | Senior Secured Revolving Loan | S+ | 4.50% | 8.18% | 12/11/2025 | 12/12/2032 |  | (1270) |  |
| &nbsp;&nbsp;&nbsp;Associated Springs | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 3/7/2024 | 4/4/2030 |  | (1888) |  |
| &nbsp;&nbsp;&nbsp;Trystar | Senior Secured Revolving Credit Loan | S+ | 4.25% | 7.93% | 7/31/2024 | 8/6/2031 |  | (2727) |  |
| &nbsp;&nbsp;&nbsp;Tank Holding | Senior Secured Revolving Credit Loan | S+ | 5.75% | 9.43% | 3/25/2022 | 3/31/2028 |  | (2954) |  |
|  |  |  |  |  |  |  |  | 34053265 | 33395073 |
| *Banking, Finance, Insurance & Real Estate* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cherry Bekaert<br> (j) | Unitranche Term B Loan | S+ | 4.50% | 8.18% | 6/13/2022 | 6/30/2030 | 5029972 | 4974663 | 5029972 |
| &nbsp;&nbsp;&nbsp;Cerity Partners<br> (j) | Unitranche 2025 Term Loan | S+ | 4.50% | 8.18% | 7/28/2022 | 7/28/2031 | 4508414 | 4468386 | 4508414 |
| &nbsp;&nbsp;&nbsp;Confluence | Senior Secured Initial Term Loan (First Lien) | S+ | 3.75% | 7.43% | 7/22/2021 | 7/31/2028 | 3830000 | 3821425 | 3724675 |
| &nbsp;&nbsp;&nbsp;Prime Pensions<br> (j) | Unitranche Initial Term Loan | S+ | 4.75% | 8.43% | 2/20/2024 | 2/26/2030 | 3072476 | 3004777 | 3072476 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Audax Credit BDC Inc.**

**Consolidated Schedules of Investments (continued)**

**As of March 31, 2026**

**(Expressed in U.S. Dollars)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Investments (a) (b) (c) (d) (e) (f)** | **Investment Type** | **Index<br>(^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par/<br>Shares** | **Amortized<br>Cost** | **Market<br>Value** |
| **Audax Credit BDC, Inc. (Continued)** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Steward Partners | Senior Secured Closing Date Term B Loan | S+ | 4.75% | 8.43% | 12/8/2023 | 10/14/2028 | $2212888 | $2187203 | $2207356 |
| &nbsp;&nbsp;&nbsp;EPIC Insurance | Unitranche Refinancing Tranche B Term Loan | S+ | 4.50% | 8.18% | 8/27/2021 | 9/29/2028 | 2191875 | 2176202 | 2169956 |
| &nbsp;&nbsp;&nbsp;Beta+ | Senior Secured Initial Term Loan | S+ | 5.75% | 9.43% | 6/24/2022 | 7/2/2029 | 1930000 | 1862826 | 1910700 |
| &nbsp;&nbsp;&nbsp;EdgeCo | Senior Secured Third Amendment Term Loan (First Lien) | S+ | 4.50% | 8.18% | 3/29/2022 | 6/1/2028 | 1465433 | 1464082 | 1465433 |
| &nbsp;&nbsp;&nbsp;OneDigital<br> (k) | Senior Secured 2025 Refinancing Term Loan (First Lien) | S+ | 3.00% | 6.68% | 6/13/2024 | 7/2/2031 | 1475597 | 1469481 | 1430407 |
| &nbsp;&nbsp;&nbsp;Orion<br> (k) | Senior Secured 2026 Refinancing Term Loan (First Lien) | S+ | 2.75% | 6.43% | 8/4/2020 | 9/24/2030 | 1289104 | 1285030 | 1268697 |
| &nbsp;&nbsp;&nbsp;SIAA<br> (j) | Unitranche Seventh Amendment Refinancing Term Loan | S+ | 4.75% | 8.43% | 4/21/2021 | 4/30/2030 | 1125881 | 1118164 | 1125881 |
| &nbsp;&nbsp;&nbsp;Alera<br> (k) | Senior Secured 2026-1 New Term Loan (First Lien) | S+ | 2.75% | 6.43% | 5/21/2025 | 5/30/2032 | 995006 | 990006 | 967131 |
| &nbsp;&nbsp;&nbsp;LERETA<br> (k) | Senior Secured Initial Term Loan | S+ | 5.25% | 8.93% | 7/27/2021 | 7/30/2028 | 955000 | 951109 | 883108 |
| &nbsp;&nbsp;&nbsp;Frazier & Deeter | Senior Secured Initial Term Loan | S+ | 4.50% | 8.18% | 4/30/2025 | 5/3/2032 | 762346 | 753738 | 758534 |
| &nbsp;&nbsp;&nbsp;Cherry Bekaert<br> (j) | Unitranche Amendment No. 1 Term Loan | S+ | 4.50% | 8.18% | 10/11/2023 | 6/30/2030 | 710003 | 702074 | 710003 |
| &nbsp;&nbsp;&nbsp;Confluence | Senior Secured Term Loan (Priority) | S+ | 5.00% | 8.68% | 2/14/2025 | 7/30/2028 | 377264 | 377264 | 367832 |
| &nbsp;&nbsp;&nbsp;SIAA<br> (j) | Unitranche Seventh Amendment Incremental Term Loan | S+ | 4.75% | 8.43% | 3/24/2025 | 4/30/2030 | 138644 | 134981 | 138644 |
| &nbsp;&nbsp;&nbsp;Cerity Partners<br> (j) | Senior Secured Initial Revolving Loan | S+ | 4.50% | 8.18% | 7/28/2022 | 7/28/2028 | 114695 | 114695 | 114695 |
| &nbsp;&nbsp;&nbsp;Cherry Bekaert | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.18% | 6/13/2022 | 6/30/2030 | 85073 | 85073 | 85073 |
| &nbsp;&nbsp;&nbsp;EPIC Insurance | Senior Secured Fifth Amendment Refinancing Revolving Loan | S+ | 4.50% | 8.18% | 8/27/2021 | 9/29/2028 | 82810 | 82541 | 81982 |
| &nbsp;&nbsp;&nbsp;Frazier & Deeter | Senior Secured Revolving Loan | S+ | 4.50% | 8.18% | 4/30/2025 | 5/2/2031 | 58824 | 57941 | 58529 |
| &nbsp;&nbsp;&nbsp;Steward Partners | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 12/20/2023 | 10/14/2028 |  | (5944) |  |
| &nbsp;&nbsp;&nbsp;Beta+ | Senior Secured Revolving Credit Loan | S+ | 4.25% | 7.93% | 6/24/2022 | 7/1/2027 |  | (6216) |  |
| &nbsp;&nbsp;&nbsp;Prime Pensions<br> (j) | Senior Secured Revolving Credit | S+ | 4.75% | 8.43% | 2/20/2024 | 2/26/2030 |  | (7619) |  |
|  |  |  |  |  |  |  |  | 32061882 | 32079498 |
| *Services: Consumer* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ned Stevens 2022-2<br> (j) | Unitranche Initial Term Loan | S+ | 5.00% | 8.68% | 11/1/2022 | 11/1/2029 | 5429042 | 5357590 | 5429042 |
| &nbsp;&nbsp;&nbsp;Smart Start | Senior Secured 2025 Refinancing Term B Loan (First Lien) | S+ | 4.25% | 7.93% | 12/10/2021 | 12/16/2028 | 2910600 | 2905065 | 2888771 |
| &nbsp;&nbsp;&nbsp;Apex Service Partners | Unitranche 2024 Term Loan | S+ | 5.00% | 8.68% | 10/16/2023 | 10/24/2030 | 2658981 | 2638052 | 2645686 |
| &nbsp;&nbsp;&nbsp;Rover | Senior Secured Initial Term Loan | S+ | 4.75% | 8.43% | 2/16/2024 | 2/27/2031 | 2486894 | 2468350 | 2458916 |
| &nbsp;&nbsp;&nbsp;A Place For Mom | Senior Secured Sixth Amendment Replacement Term Loan | S+ | 5.50% | 9.18% | 7/28/2017 | 2/10/2028 | 2279535 | 2278264 | 2239643 |
| &nbsp;&nbsp;&nbsp;Smart Start | Senior Secured Term B Loan (Second Lien) | S+ | 7.75% | 11.43% | 12/10/2021 | 12/16/2029 | 2000000 | 1981486 | 1985000 |
| &nbsp;&nbsp;&nbsp;Taxwell<br> (k) | Senior Secured Initial Term Loan | S+ | 4.25% | 7.93% | 6/17/2024 | 6/26/2031 | 1901656 | 1886019 | 1791132 |
| &nbsp;&nbsp;&nbsp;Aptive Environmental | Senior Secured Initial Term Loan | S+ | 4.75% | 8.43% | 10/10/2025 | 10/15/2032 | 1767442 | 1749951 | 1754186 |
| &nbsp;&nbsp;&nbsp;Super-Sod<br> (k) | Senior Secured Initial Term Loan | S+ | 4.75% | 8.43% | 2/27/2026 | 3/10/2032 | 1454545 | 1438485 | 1440000 |
| &nbsp;&nbsp;&nbsp;FullBloom | Senior Secured Initial Term Loan (First Lien) | S+ | 4.25% | 7.93% | 12/10/2021 | 12/15/2028 | 1443750 | 1437422 | 1436531 |
| &nbsp;&nbsp;&nbsp;Legacy Service Partners | Senior Secured Tenth Amendment Term Loan | S+ | 4.50% | 8.18% | 2/17/2026 | 11/10/2031 | 1031287 | 1006479 | 1023553 |
| &nbsp;&nbsp;&nbsp;Teaching Strategies | Senior Secured Initial Term Loan (First Lien) | S+ | 3.75% | 7.43% | 8/19/2021 | 8/31/2028 | 957500 | 953125 | 947925 |
| &nbsp;&nbsp;&nbsp;Spring Education<br> (k) | Senior Secured Initial Term Loan | S+ | 3.25% | 6.93% | 10/5/2023 | 10/4/2030 | 928625 | 928625 | 922649 |
| &nbsp;&nbsp;&nbsp;Crash Champions<br> (k) | Senior Secured Initial Term Loan | S+ | 4.75% | 8.43% | 2/7/2024 | 2/23/2029 | 982500 | 980932 | 857231 |
| &nbsp;&nbsp;&nbsp;United Comfort Group (fka United Air Temp)<br> (j) | Senior Secured Initial Term Loan | S+ | 5.50% | 9.18% | 2/14/2024 | 3/28/2030 | 1104586 | 1078609 | 548356 |
| &nbsp;&nbsp;&nbsp;Legacy Service Partners | Senior Secured Eleventh Amendment Term Loan | S+ | 4.50% | 8.18% | 2/17/2026 | 11/10/2031 | 500000 | 495000 | 496250 |
| &nbsp;&nbsp;&nbsp;Apex Service Partners | Unitranche Second Amendment Incremental Term Loan | S+ | 5.00% | 8.68% | 4/24/2025 | 10/24/2030 | 497812 | 493332 | 495323 |
| &nbsp;&nbsp;&nbsp;All My Sons | Senior Secured Closing Date Term Loan (First Lien) | S+ | 4.75% | 8.43% | 6/4/2024 | 10/25/2028 | 489117 | 484005 | 485449 |
| &nbsp;&nbsp;&nbsp;&nbsp;R. F. Fager | Senior Secured First Amendment Term Loan | S+ | 5.00% | 8.68% | 5/16/2025 | 3/4/2030 | 396686 | 391334 | 394703 |
| &nbsp;&nbsp;&nbsp;FMG Suite<br> (j) | Unitranche Initial Term Loan | S+ | 4.75% | 8.43% | 8/11/2025 | 9/9/2032 | 348184 | 344472 | 348184 |
| &nbsp;&nbsp;&nbsp;United Comfort Group (fka United Air Temp)<br> (j) | Senior Secured Revolving Loan | S+ | 5.50% | 9.18% | 2/14/2024 | 3/28/2030 | 210799 | 210799 | 104648 |
| &nbsp;&nbsp;&nbsp;Ned Stevens 2022-2<br> (j) | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 11/1/2022 | 11/1/2028 | 84617 | 74463 | 84617 |
| &nbsp;&nbsp;&nbsp;Apex Service Partners | Senior Secured 2024 Revolving Credit Loan | S+ | 5.00% | 8.68% | 10/16/2023 | 10/24/2029 | 67076 | 65614 | 66740 |
| &nbsp;&nbsp;&nbsp;&nbsp;R. F. Fager | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 5/16/2025 | 3/4/2030 | 12654 | 11610 | 12590 |
| &nbsp;&nbsp;&nbsp;FMG Suite<br> (j) | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 8/11/2025 | 9/9/2032 |  | (566) |  |
| &nbsp;&nbsp;&nbsp;Aptive Environmental | Senior Secured Initial Revolving Loan | S+ | 4.75% | 8.43% | 10/10/2025 | 10/15/2032 |  | (1550) |  |
| &nbsp;&nbsp;&nbsp;Rover | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 2/16/2024 | 2/27/2031 |  | (2250) |  |
| &nbsp;&nbsp;&nbsp;Super-Sod<br> (k) | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 2/27/2026 | 3/10/2032 |  | (2424) |  |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Audax Credit BDC Inc.**

**Consolidated Schedules of Investments (continued)**

**As of March 31, 2026**

**(Expressed in U.S. Dollars)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Investments (a) (b) (c) (d) (e) (f)** | **Investment Type** | **Index<br>(^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par/<br>Shares** | **Amortized<br>Cost** | **Market<br>Value** |
| **Audax Credit BDC, Inc. (Continued)** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** |  |  |  |  |  |  |  |  |
| *High Tech Industries* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Planview | Senior Secured 2024-B Incremental Term Loan (First Lien) | S+ | 3.50% | 7.18% | 12/11/2020 | 12/17/2027 | $3021277 | $3012124 | $2625686 |
| &nbsp;&nbsp;&nbsp;Ivanti Software | Senior Secured 2025-1 Term Loan (First Lien) | S+ | 4.75% | 8.43% | 11/20/2020 | 6/1/2029 | 2945324 | 2931834 | 2424259 |
| &nbsp;&nbsp;&nbsp;Precisely | Senior Secured Third Amendment Term Loan (First Lien) | S+ | 4.00% | 7.68% | 3/19/2021 | 4/24/2028 | 2387500 | 2382963 | 2098016 |
| &nbsp;&nbsp;&nbsp;Idera<br> (k) | Senior Secured Incremental Term Loan (First Lien) | S+ | 3.50% | 7.18% | 6/27/2017 | 3/2/2028 | 2495775 | 2495865 | 1989756 |
| &nbsp;&nbsp;&nbsp;Intermedia | Unitranche 2024 Refinancing Term Loan (First Lien) | S+ | 5.25% | 8.93% | 4/4/2024 | 4/4/2029 | 1847625 | 1847625 | 1843006 |
| &nbsp;&nbsp;&nbsp;Xplor Technologies | Senior Secured Second Amendment Term Loan | S+ | 3.50% | 7.18% | 6/14/2024 | 12/1/2032 | 1477575 | 1468132 | 1477575 |
| &nbsp;&nbsp;&nbsp;Digital Room | Senior Secured Closing Date Term Loan (First Lien) | S+ | 5.25% | 8.93% | 12/16/2021 | 12/21/2028 | 1440000 | 1433582 | 1423800 |
| &nbsp;&nbsp;&nbsp;ORBCOMM | Senior Secured Closing Date Term Loan (First Lien) | S+ | 4.25% | 7.93% | 6/17/2021 | 9/1/2028 | 1447268 | 1412057 | 1400232 |
| &nbsp;&nbsp;&nbsp;HelpSystems | Senior Secured Initial Term Loan (First Lien) | S+ | 6.00% | 9.68% | 12/19/2019 | 5/21/2029 | 1366915 | 1366275 | 1356663 |
| &nbsp;&nbsp;&nbsp;Options IT | Senior Secured Initial Term Loan | S+ | 4.50% | 8.18% | 9/20/2024 | 9/30/2031 | 743013 | 732392 | 741155 |
| &nbsp;&nbsp;&nbsp;SmartBear<br> (k) | Senior Secured 2024 Term Loan | S+ | 4.00% | 7.68% | 11/20/2020 | 3/3/2028 | 957825 | 954682 | 713580 |
| &nbsp;&nbsp;&nbsp;Barracuda<br> (k) | Senior Secured Initial Term Loan (Second Lien) | S+ | 7.00% | 10.68% | 5/17/2022 | 8/15/2030 | 2000000 | 1960110 | 689850 |
| &nbsp;&nbsp;&nbsp;PayByPhone<br> (n) | Unitranche Initial Term Loan | S+ | 4.75% | 8.43% | 3/30/2026 | 3/31/2033 | 666667 | 658333 | 660000 |
| &nbsp;&nbsp;&nbsp;Aptean<br> (k) | Unitranche Initial Term Loan | S+ | 4.75% | 8.43% | 1/1/2024 | 1/30/2031 | 581465 | 577192 | 581465 |
| &nbsp;&nbsp;&nbsp;Inhabit | Unitranche Initial Term Loan | S+ | 4.50% | 8.18% | 12/10/2024 | 1/12/2032 | 496250 | 493819 | 496250 |
| &nbsp;&nbsp;&nbsp;LightBox | Senior Secured Initial Term Loan | S+ | 5.00% | 8.68% | 1/10/2025 | 1/13/2030 | 495000 | 488872 | 495000 |
| &nbsp;&nbsp;&nbsp;NCR Voyix<br> (k) | Senior Secured Term Loan | S+ | 2.75% | 6.43% | 9/24/2024 | 9/30/2031 | 493750 | 491736 | 471534 |
| &nbsp;&nbsp;&nbsp;Barracuda | Senior Secured Initial Term Loan (First Lien) | S+ | 4.50% | 8.18% | 5/17/2022 | 8/15/2029 | 553570 | 532783 | 450813 |
| &nbsp;&nbsp;&nbsp;Cloudera<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 3.75% | 7.43% | 8/10/2021 | 10/8/2028 | 480000 | 478047 | 429900 |
| &nbsp;&nbsp;&nbsp;Ivanti Software | Senior Secured Initial Term Loan (First Lien) | S+ | 5.75% | 9.43% | 5/6/2025 | 6/1/2029 | 387198 | 370759 | 387198 |
| &nbsp;&nbsp;&nbsp;insightsoftware | Unitranche Initial Term Loan | S+ | 5.25% | 8.93% | 7/16/2024 | 5/25/2028 | 389772 | 388426 | 383925 |
| &nbsp;&nbsp;&nbsp;Qlik<br> (k) | Senior Secured Second Amendment Refinancing Term Loan (First Lien) | S+ | 3.25% | 6.93% | 12/31/2024 | 10/26/2030 | 494975 | 493851 | 377307 |
| &nbsp;&nbsp;&nbsp;insightsoftware | Senior Secured Revolving Loan | S+ | 5.25% | 8.93% | 3/26/2024 | 5/25/2028 | 68679 | 68025 | 67649 |
| &nbsp;&nbsp;&nbsp;Options IT | Senior Secured Revolving Loan | S+ | 4.50% | 8.18% | 9/20/2024 | 3/31/2031 | 24124 | 22784 | 24064 |
| &nbsp;&nbsp;&nbsp;Inhabit | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.18% | 12/10/2024 | 1/12/2032 |  | (439) |  |
| &nbsp;&nbsp;&nbsp;LightBox | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 1/10/2025 | 1/13/2030 |  | (494) |  |
| &nbsp;&nbsp;&nbsp;PayByPhone<br> (n) | Senior Secured Revolving Credit | S+ | 4.75% | 8.43% | 3/30/2026 | 3/31/2033 |  | (641) |  |
|  |  |  |  |  |  |  |  | 27060694 | 23608683 |
| *Construction & Building* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;A1 Garage Door<br> (j) | Unitranche Term Loan A | S+ | 4.50% | 8.18% | 12/22/2022 | 12/22/2028 | 2211920 | 2174791 | 2211920 |
| &nbsp;&nbsp;&nbsp;Brown & Root | Senior Secured Initial Term Loan | S+ | 5.00% | 8.68% | 9/29/2025 | 10/3/2030 | 2102951 | 2073070 | 2087179 |
| &nbsp;&nbsp;&nbsp;Cook & Boardman | Senior Secured Amendment No. 2 Incremental DDTL | S+ | 6.00% | 9.68% | 5/29/2024 | 3/4/2030 | 1975193 | 1961169 | 1965317 |
| &nbsp;&nbsp;&nbsp;PlayPower | Unitranche Initial Term Loan | S+ | 5.25% | 8.93% | 10/29/2025 | 10/29/2031 | 1880354 | 1844020 | 1861550 |
| &nbsp;&nbsp;&nbsp;Tangent | Senior Secured Closing Date Term Loan (First Lien) | S+ | 4.75% | 8.43% | 10/2/2019 | 11/30/2027 | 1717936 | 1715657 | 1649219 |
| &nbsp;&nbsp;&nbsp;Leaf Home | Senior Secured Initial Term Loan | S+ | 5.25% | 8.93% | 9/4/2025 | 9/4/2031 | 1377094 | 1357782 | 1366766 |
| &nbsp;&nbsp;&nbsp;Lindsay Precast | Senior Secured Initial Term Loan | S+ | 4.75% | 8.43% | 12/15/2025 | 12/16/2032 | 905172 | 894846 | 898384 |
| &nbsp;&nbsp;&nbsp;Electric Power Engineers | Senior Secured Term Loan | S+ | 4.50% | 8.18% | 11/27/2024 | 12/31/2031 | 614286 | 608530 | 614286 |
| &nbsp;&nbsp;&nbsp;Dodge Construction Network | Senior Secured Tranche B Term Loan (First Lien) | S+ | 4.75% | 8.43% | 11/14/2024 | 2/28/2029 | 601928 | 601928 | 598919 |
| &nbsp;&nbsp;&nbsp;Voeller | Senior Secured Closing Date Initial Term Loan | S+ | 4.75% | 8.43% | 11/25/2025 | 11/25/2032 | 581395 | 574639 | 577035 |
| &nbsp;&nbsp;&nbsp;RailPros | Unitranche Initial Term Loan | S+ | 4.25% | 7.93% | 4/23/2025 | 5/24/2032 | 543654 | 537654 | 543654 |
| &nbsp;&nbsp;&nbsp;Cumming Group | Unitranche 2025-B Incremental Term Loan | S+ | 4.75% | 8.43% | 10/1/2025 | 11/16/2030 | 498750 | 496392 | 498750 |
| &nbsp;&nbsp;&nbsp;Terra Millennium<br> (k) | Senior Secured Initial Term Loan | S+ | 4.75% | 8.43% | 10/25/2024 | 11/1/2030 | 495370 | 490954 | 497351 |
| &nbsp;&nbsp;&nbsp;DynaGrid | Senior Secured Initial Term Loan | S+ | 4.75% | 8.43% | 1/7/2025 | 2/13/2032 | 496250 | 486250 | 496250 |
| &nbsp;&nbsp;&nbsp;Playcore<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 3.75% | 7.43% | 2/14/2024 | 2/20/2030 | 490047 | 484856 | 491468 |
| &nbsp;&nbsp;&nbsp;Dodge Construction Network | Senior Secured Tranche A New Money Term Loan (First Lien) | S+ | 6.25% | 9.93% | 11/14/2024 | 1/31/2029 | 434067 | 430866 | 431896 |
| &nbsp;&nbsp;&nbsp;Brown & Root | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 9/29/2025 | 10/3/2030 | 126087 | 119977 | 125142 |
| &nbsp;&nbsp;&nbsp;Electric Power Engineers | Senior Secured Revolving Loan | S+ | 4.50% | 8.18% | 11/27/2024 | 12/31/2031 | 38710 | 37742 | 38710 |
| &nbsp;&nbsp;&nbsp;Voeller | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 11/25/2025 | 11/25/2032 | 38760 | 36899 | 38469 |
| &nbsp;&nbsp;&nbsp;Leaf Home | Senior Secured Revolving Credit Loan | S+ | 5.25% | 8.93% | 9/4/2025 | 9/4/2031 | 29250 | 27563 | 29031 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Audax Credit BDC Inc.**

**Consolidated Schedules of Investments (continued)**

**As of March 31, 2026**

**(Expressed in U.S. Dollars)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Investments (a) (b) (c) (d) (e) (f)** | **Investment Type** | **Index<br>(^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par/<br>Shares** | **Amortized<br>Cost** | **Market<br>Value** |
| **Audax Credit BDC, Inc. (Continued)** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;PlayPower | Senior Secured Revolving Loan | S+ | 5.25% | 8.93% | 10/29/2025 | 10/29/2030 | $26523 | $24224 | $26258 |
| &nbsp;&nbsp;&nbsp;DynaGrid | Senior Secured Revolving Credit Facility | S+ | 4.75% | 8.43% | 1/7/2025 | 1/7/2031 |  | (539) |  |
| &nbsp;&nbsp;&nbsp;RailPros | Senior Secured Revolving Loan | S+ | 4.25% | 7.93% | 4/23/2025 | 5/24/2032 |  | (807) |  |
| &nbsp;&nbsp;&nbsp;Lindsay Precast | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 12/15/2025 | 12/16/2032 |  | (2845) |  |
| &nbsp;&nbsp;&nbsp;A1 Garage Door<br> (j) | Senior Secured Revolving Loan | S+ | 4.50% | 8.18% | 12/22/2022 | 12/22/2028 |  | (8264) |  |
|  |  |  |  |  |  |  |  | 16967354 | 17047554 |
| *Containers, Packaging & Glass* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brook & Whittle | Senior Secured Tranche B Term Loan | S+ | 4.50% | 8.18% | 8/11/2025 | 12/14/2030 | 3052265 | 3052265 | 2275029 |
| &nbsp;&nbsp;&nbsp;Paragon Films | Senior Secured Closing Date Term Loan (First Lien) | S+ | 3.75% | 7.43% | 12/15/2021 | 12/16/2028 | 1985274 | 1975845 | 1980311 |
| &nbsp;&nbsp;&nbsp;Tekni-Plex<br> (k) | Senior Secured Tranche B-7 Initial Term Loan | S+ | 3.75% | 7.43% | 3/27/2024 | 9/15/2028 | 1589920 | 1588190 | 1509677 |
| &nbsp;&nbsp;&nbsp;Technimark | Senior Secured 2024-1 Refinancing Term Loan (First Lien) | S+ | 3.25% | 6.93% | 6/30/2021 | 4/14/2031 | 1433277 | 1430638 | 1401028 |
| &nbsp;&nbsp;&nbsp;Resource Label Group | Senior Secured Closing Date Initial Term Loan (First Lien) | S+ | 4.25% | 7.93% | 7/2/2021 | 7/7/2028 | 1799858 | 1796400 | 1224866 |
| &nbsp;&nbsp;&nbsp;Transcendia | Unitranche Term Loan | S+ | 6.50% | 10.18% | 5/23/2024 | 11/23/2029 | 985000 | 971108 | 977613 |
| &nbsp;&nbsp;&nbsp;Five Star Packaging<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 4.25% | 7.93% | 4/27/2022 | 5/5/2029 | 976106 | 967356 | 960859 |
| &nbsp;&nbsp;&nbsp;Lacerta | Senior Secured Term Loan | S+ | 5.50% | 9.18% | 2/8/2021 | 12/30/2026 | 947500 | 945787 | 900125 |
| &nbsp;&nbsp;&nbsp;Balcan<br> (p) | Senior Secured Initial Term B Loan (First Lien) | S+ | 4.75% | 8.43% | 10/10/2024 | 10/20/2031 | 990000 | 973224 | 891000 |
| &nbsp;&nbsp;&nbsp;Brook & Whittle | Senior Secured Tranche A Term Loan | S+ | 6.50% | 10.18% | 8/11/2025 | 12/14/2030 | 764541 | 684753 | 764541 |
| &nbsp;&nbsp;&nbsp;Precision Concepts | Unitranche Initial Term Loan (US) | S+ | 4.75% | 8.43% | 7/28/2025 | 8/2/2032 | 680634 | 674193 | 675529 |
| &nbsp;&nbsp;&nbsp;SupplyOne<br> (k) | Senior Secured Term B Loan | S+ | 3.50% | 7.18% | 3/27/2024 | 4/21/2031 | 490050 | 486360 | 492042 |
| &nbsp;&nbsp;&nbsp;ProAmpac<br> (k) | Senior Secured Initial USD Term Loan (First Lien) | S+ | 4.00% | 7.68% | 8/7/2025 | 3/7/2033 | 497468 | 488883 | 481674 |
| &nbsp;&nbsp;&nbsp;Industrial Physics | Senior Secured Initial Term Loan | S+ | 6.25% | 9.93% | 7/18/2023 | 7/19/2029 | 489300 | 478670 | 469728 |
| &nbsp;&nbsp;&nbsp;Golden West Packaging | Senior Secured Term B-1 Loan | S+ | 5.25% | 8.93% | 11/29/2021 | 6/27/2031 | 450625 | 449044 | 351488 |
| &nbsp;&nbsp;&nbsp;Precision Concepts | Unitranche Initial Term Loan (CA) | S+ | 4.75% | 8.43% | 7/28/2025 | 8/2/2032 | 198680 | 196810 | 197190 |
| &nbsp;&nbsp;&nbsp;Precision Concepts | Senior Secured Revolving Credit Loan | S+ | 4.75% | 8.43% | 7/28/2025 | 8/2/2032 | 25797 | 24634 | 25603 |
| &nbsp;&nbsp;&nbsp;Industrial Physics | Senior Secured Revolving Credit Loan | S+ | 6.25% | 9.93% | 7/18/2023 | 7/19/2028 |  | (3233) |  |
|  |  |  |  |  |  |  |  | 17180927 | 15578303 |
| *Beverage, Food & Tobacco* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bettcher Industries<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 4.00% | 7.68% | 12/13/2021 | 12/14/2028 | 2914819 | 2903020 | 2921494 |
| &nbsp;&nbsp;&nbsp;Dessert Holdings<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 4.00% | 7.68% | 6/7/2021 | 6/9/2028 | 2885983 | 2859268 | 2881293 |
| &nbsp;&nbsp;&nbsp;Purfoods | Senior Secured 2026 Term Loan | S+ | 4.50% | 8.18% | 6/24/2024 | 8/10/2029 | 1942857 | 1933725 | 1942857 |
| &nbsp;&nbsp;&nbsp;Hissho Sushi<br> (j) | Unitranche Term Loan | S+ | 4.75% | 8.43% | 4/7/2022 | 5/18/2029 | 1787500 | 1771568 | 1787500 |
| &nbsp;&nbsp;&nbsp;Monogram Foods | Senior Secured Initial Term Loan | S+ | 4.00% | 7.68% | 8/13/2021 | 8/28/2028 | 957500 | 953607 | 947925 |
| &nbsp;&nbsp;&nbsp;Mary Ruth's | Senior Secured Closing Date Term B Loan | S+ | 4.75% | 8.43% | 9/26/2025 | 9/30/2031 | 746250 | 739313 | 746250 |
| &nbsp;&nbsp;&nbsp;Hissho Sushi | Unitranche Amendment No.2 Incremental Term Loan | S+ | 4.75% | 8.43% | 10/20/2025 | 5/18/2029 | 522500 | 517606 | 522500 |
| &nbsp;&nbsp;&nbsp;Hissho Sushi<br> (j) | Unitranche Amendment No. 1 Incremental Term Loan | S+ | 4.75% | 8.43% | 8/7/2024 | 5/18/2029 | 515952 | 511536 | 515952 |
| &nbsp;&nbsp;&nbsp;Golden State Foods<br> (k) | Senior Secured Initial Term Loan | S+ | 4.00% | 7.68% | 10/7/2024 | 12/4/2031 | 493762 | 490474 | 495036 |
| &nbsp;&nbsp;&nbsp;Rise Baking | Senior Secured Initial Term Loan | S+ | 5.00% | 8.68% | 10/24/2024 | 11/4/2031 | 493750 | 487443 | 490047 |
| &nbsp;&nbsp;&nbsp;MBC Companies | Senior Secured Second Amendment Term B Loan | S+ | 4.75% | 8.43% | 1/6/2025 | 7/7/2029 | 493750 | 489801 | 490047 |
| &nbsp;&nbsp;&nbsp;Trilliant 2024 | Senior Secured 2024 Refinancing Term Loan | S+ | 6.50% | 10.18% | 11/20/2024 | 11/30/2029 | 484375 | 476584 | 478926 |
| &nbsp;&nbsp;&nbsp;Hometown Food | Senior Secured Closing Date Term B Loan | S+ | 4.50% | 8.18% | 4/22/2025 | 12/3/2030 | 471608 | 467460 | 470429 |
| &nbsp;&nbsp;&nbsp;MBC Companies | Senior Secured Third Amendment Term B Loan | S+ | 4.75% | 8.43% | 10/8/2025 | 4/10/2031 | 468230 | 463720 | 464718 |
| &nbsp;&nbsp;&nbsp;Mary Ruth's | Senior Secured Closing Date Term A Loan | S+ | 4.00% | 7.68% | 9/26/2025 | 9/30/2030 | 246875 | 245742 | 246875 |
| &nbsp;&nbsp;&nbsp;MBC Companies | Senior Secured Third Amendment Term A Loan | S+ | 3.50% | 7.18% | 10/8/2025 | 10/10/2030 | 29049 | 28909 | 28831 |
| &nbsp;&nbsp;&nbsp;Hissho Sushi<br> (j) | Senior Secured Revolving Credit Loan | S+ | 4.75% | 8.43% | 4/7/2022 | 5/18/2029 |  | (667) |  |
|  |  |  |  |  |  |  |  | 15339109 | 15430680 |
| *Transportation: Cargo* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Evans Network | Senior Secured Initial Term Loan (First Lien) | S+ | 4.25% | 7.93% | 8/6/2021 | 8/19/2028 | 3388767 | 3374010 | 3346408 |
| &nbsp;&nbsp;&nbsp;Kenco | Senior Secured Initial Term Loan | S+ | 4.25% | 7.93% | 6/5/2024 | 11/15/2029 | 2863650 | 2855807 | 2849332 |
| &nbsp;&nbsp;&nbsp;Capstone Logistics | Senior Secured 2024 Term Loan (First Lien) | S+ | 4.50% | 8.18% | 11/12/2020 | 11/13/2029 | 2032627 | 2026831 | 2022464 |
| &nbsp;&nbsp;&nbsp;AIT Worldwide Logistics<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 4.00% | 7.68% | 11/7/2024 | 4/8/2030 | 1915750 | 1913569 | 1921737 |
| &nbsp;&nbsp;&nbsp;Worldwide Express<br> (k) | Senior Secured Amendment No. 2 Incremental Term Loan | S+ | 4.00% | 7.68% | 11/8/2024 | 7/26/2028 | 1436250 | 1436250 | 1439166 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Audax Credit BDC Inc.**

**Consolidated Schedules of Investments (continued)**

**As of March 31, 2026**

**(Expressed in U.S. Dollars)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Investments (a) (b) (c) (d) (e) (f)** | **Investment Type** | **Index<br>(^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par/<br>Shares** | **Amortized<br>Cost** | **Market<br>Value** |
| **Audax Credit BDC, Inc. (Continued)** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FLS Transportation | Senior Secured Term B Loan | S+ | 5.25% | 8.93% | 4/14/2022 | 12/15/2028 | $1180870 | $1175511 | $1121826 |
| &nbsp;&nbsp;&nbsp;Magnate | Senior Secured Initial Term Loan (First Lien) | S+ | 5.50% | 9.18% | 3/11/2022 | 12/29/2028 | 951342 | 942419 | 937071 |
| &nbsp;&nbsp;&nbsp;Kenco | Senior Secured Revolving Credit Loan | S+ | 4.25% | 7.93% | 6/5/2024 | 11/15/2029 | 246556 | 244273 | 245323 |
| &nbsp;&nbsp;&nbsp;St. George Logistics<br> (o) | Senior Secured Second-Out Closing Date Purchased Term Loan | S+ | 1.00%, 6.50% PIK | 11.18% | 10/3/2024 | 10/3/2029 | 937950 | 937950 | 187590 |
| &nbsp;&nbsp;&nbsp;FLS Transportation | Senior Secured Revolving Credit Loan | S+ | 5.25% | 8.93% | 4/14/2022 | 12/17/2027 | 87778 | 86889 | 83389 |
| &nbsp;&nbsp;&nbsp;St. George Logistics | Senior Secured Interim Initial New Money Term Loan | S+ | 0.00% | 3.68% | 1/29/2026 | 7/31/2026 | 18973 | 18081 | 18973 |
| &nbsp;&nbsp;&nbsp;St. George Logistics<br> (o) | Senior Secured Third-Out Closing Date Purchased Term Loan | S+ | 1.00%, 6.00% PIK | 10.68% | 10/3/2024 | 10/3/2029 | 466584 | 466584 |  |
|  |  |  |  |  |  |  |  | 15478174 | 14173279 |
| *Automotive* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Engine & Transmission Exchange<br> (j) | Senior Secured Term Loan A | S+ | 5.00% | 8.68% | 5/26/2023 | 5/26/2029 | 4158073 | 4084094 | 4158073 |
| &nbsp;&nbsp;&nbsp;Highline | Senior Secured 2025-1 Term Loan (First Lien) | S+ | 3.50% | 7.18% | 2/13/2025 | 2/19/2030 | 1975000 | 1970722 | 1970063 |
| &nbsp;&nbsp;&nbsp;BBB Industries<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 5.25% | 8.93% | 6/30/2022 | 7/25/2029 | 2052233 | 1943320 | 1795335 |
| &nbsp;&nbsp;&nbsp;Truck Hero<br> (k) | Senior Secured Initial Term Loan | S+ | 3.75% | 7.43% | 1/20/2021 | 1/31/2028 | 1425000 | 1425000 | 972121 |
| &nbsp;&nbsp;&nbsp;Rough Country<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 3.50% | 7.18% | 7/26/2021 | 7/28/2028 | 968345 | 966587 | 962292 |
| &nbsp;&nbsp;&nbsp;Engine & Transmission Exchange<br> (j) | Senior Secured Amendment No. 2 Incremental Term Loan | S+ | 5.00% | 8.68% | 3/21/2025 | 5/26/2029 | 338632 | 334594 | 338632 |
| &nbsp;&nbsp;&nbsp;Engine & Transmission Exchange<br> (j) | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 5/26/2023 | 5/26/2029 | 34205 | 18813 | 34205 |
|  |  |  |  |  |  |  |  | 10743130 | 10230721 |
| *Aerospace & Defense* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Electro Methods | Senior Secured Initial Term Loans | S+ | 4.75% | 8.43% | 2/6/2025 | 2/23/2032 | 2977500 | 2938206 | 2970056 |
| &nbsp;&nbsp;&nbsp;HDT Global | Senior Secured Initial Term Loan | S+ | 1.00%, 5.50% PIK | 10.18% | 6/30/2021 | 1/7/2028 | 3516131 | 3487513 | 2390969 |
| &nbsp;&nbsp;&nbsp;Whitcraft | Senior Secured Initial Term Loan | S+ | 5.00% | 8.68% | 3/31/2023 | 9/30/2031 | 1940000 | 1896780 | 1925450 |
| &nbsp;&nbsp;&nbsp;API Technologies | Senior Secured Term B-2 Loan (First Lien) | S+ | 1.00%, 6.00% PIK | 10.68% | 1/15/2020 | 5/9/2027 | 1142523 | 1141872 | 1105391 |
| &nbsp;&nbsp;&nbsp;SMX<br> (k) | Senior Secured Term Loan | S+ | 4.50% | 8.18% | 2/6/2025 | 2/6/2032 | 990000 | 981289 | 989450 |
| &nbsp;&nbsp;&nbsp;Tronair | Senior Secured Initial Term Loan | S+ | 3.75% | 7.43% | 12/18/2025 | 12/22/2032 | 399000 | 394130 | 396008 |
| &nbsp;&nbsp;&nbsp;API Technologies | Senior Secured Term B-1 Loan (First Lien) | S+ | 1.00%, 6.00% PIK | 10.68% | 11/3/2023 | 3/25/2027 | 100679 | 100181 | 98162 |
| &nbsp;&nbsp;&nbsp;Whitcraft | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 3/31/2023 | 9/30/2031 | 51786 | 41071 | 51397 |
| &nbsp;&nbsp;&nbsp;Tronair | Senior Secured Revolving Loan | S+ | 3.75% | 7.43% | 12/18/2025 | 12/22/2032 |  | (1250) |  |
| &nbsp;&nbsp;&nbsp;Electro Methods | Senior Secured Revolving Credit Facility | S+ | 4.75% | 8.43% | 2/6/2025 | 2/23/2032 |  | (12191) |  |
|  |  |  |  |  |  |  |  | 10967601 | 9926883 |
| *Chemicals, Plastics & Rubber* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Vertellus | Senior Secured Initial Term Loan | S+ | 5.75% | 9.43% | 12/18/2020 | 1/2/2029 | 2899651 | 2876692 | 2754669 |
| &nbsp;&nbsp;&nbsp;Shrieve<br> (k) | Unitranche Initial Term Loan | S+ | 6.00% | 9.68% | 9/23/2024 | 10/30/2030 | 2468750 | 2425184 | 2419375 |
| &nbsp;&nbsp;&nbsp;USALCO<br> (k) | Senior Secured 2025 Initial Term Loan | S+ | 3.50% | 7.18% | 9/17/2024 | 9/30/2031 | 1090568 | 1086582 | 1089755 |
| &nbsp;&nbsp;&nbsp;Chase | Senior Secured Initial Term Loan | S+ | 4.00% | 7.68% | 4/2/2025 | 4/9/2032 | 497500 | 492994 | 495013 |
| &nbsp;&nbsp;&nbsp;Americhem | Senior Secured Initial Term Loan | S+ | 4.50% | 8.18% | 2/5/2025 | 3/1/2032 | 496250 | 491324 | 495009 |
| &nbsp;&nbsp;&nbsp;Ascensus Specialties | Senior Secured Initial Term Loan | S+ | 4.25% | 7.93% | 12/3/2021 | 6/30/2028 | 477400 | 474100 | 453530 |
| &nbsp;&nbsp;&nbsp;Vertellus | Senior Secured Revolving Credit Loan | S+ | 5.75% | 9.43% | 12/18/2020 | 1/2/2029 | 178236 | 168106 | 169324 |
| &nbsp;&nbsp;&nbsp;Polytek<br> (o) | Senior Secured Term Loan | S+ | 8.25% PIK | 11.93% | 12/23/2020 | 8/15/2026 | 468054 | 468054 | 140416 |
| &nbsp;&nbsp;&nbsp;Mold-Rite | Senior Secured New Money Tranche A-1 Term Loan | S+ | 5.25% | 8.93% | 6/11/2024 | 10/4/2028 | 136841 | 131568 | 136841 |
| &nbsp;&nbsp;&nbsp;Shrieve<br> (k) | Senior Secured Revolving Credit Loan | S+ | 6.00% | 9.68% | 9/23/2024 | 10/30/2030 | 104556 | 104556 | 102465 |
| &nbsp;&nbsp;&nbsp;Americhem | Senior Secured Revolving Loan | S+ | 4.50% | 8.18% | 2/5/2025 | 3/1/2032 |  | (909) |  |
|  |  |  |  |  |  |  |  | 8718251 | 8256397 |
| *Environmental Industries* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alliance Environmental Group<br> (j) (o) | Senior Secured Initial Term Loan | S+ | 0.00% | 3.68% | 12/30/2021 | 12/30/2028 | 4558402 | 4521707 | 1700710 |
| &nbsp;&nbsp;&nbsp;Denali Water Solutions | Senior Secured Closing Date Term Loan | S+ | 4.75% | 8.43% | 11/13/2025 | 11/19/2032 | 1692308 | 1675918 | 1679615 |
| &nbsp;&nbsp;&nbsp;Miller Environmental | Senior Secured Term Loan | S+ | 5.00% | 8.68% | 9/4/2024 | 9/10/2031 | 1687184 | 1660656 | 1657659 |
| &nbsp;&nbsp;&nbsp;Crystal Clean | Senior Secured Initial Term Loan | S+ | 3.75% | 7.43% | 10/5/2023 | 10/17/2030 | 1467475 | 1449828 | 1463806 |
| &nbsp;&nbsp;&nbsp;O6 Environmental<br> (j) | Senior Secured Initial Term Loan | S+ | 4.75% | 8.43% | 8/4/2025 | 8/5/2032 | 607432 | 600875 | 607432 |
| &nbsp;&nbsp;&nbsp;Keter Environmental Services | Unitranche Closing Date Term Loan | S+ | 5.25% | 8.93% | 11/5/2021 | 10/29/2027 | 478750 | 477211 | 463191 |
| &nbsp;&nbsp;&nbsp;Denali Water Solutions | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 11/13/2025 | 11/19/2032 | 143590 | 140513 | 142513 |
| &nbsp;&nbsp;&nbsp;Alliance Environmental Group<br> (j) (o) | Senior Secured Revolving Loan | S+ | 0.00% | 3.68% | 12/30/2021 | 12/30/2028 | 286424 | 279801 | 106863 |
| &nbsp;&nbsp;&nbsp;Keter Environmental Services | Senior Secured Revolving Loan | S+ | 5.25% | 8.93% | 11/5/2021 | 10/29/2027 | 54910 | 54135 | 53126 |
| &nbsp;&nbsp;&nbsp;Alliance Environmental Group<br> (j) | Senior Secured Priority Revolving Loan | S+ | 0.00% | 3.68% | 6/23/2025 | 12/30/2028 | 515 | 515 | 192 |
| &nbsp;&nbsp;&nbsp;O6 Environmental<br> (j) | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 8/4/2025 | 8/5/2032 |  | (1623) |  |
| &nbsp;&nbsp;&nbsp;Miller Environmental | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 9/4/2024 | 9/10/2031 |  | (6014) |  |
|  |  |  |  |  |  |  |  | 10853522 | 7875107 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Audax Credit BDC Inc.**

**Consolidated Schedules of Investments (continued)**

**As of March 31, 2026**

**(Expressed in U.S. Dollars)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Investments (a) (b) (c) (d) (e) (f)** | **Investment Type** | **Index<br>(^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par/<br>Shares** | **Amortized<br>Cost** | **Market<br>Value** |
| **Audax Credit BDC, Inc. (Continued)** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** |  |  |  |  |  |  |  |  |
| *Consumer Goods: Non-durable* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Augusta Sportswear | Senior Secured Initial Term Loan | S+ | 7.00% | 10.68% | 11/21/2023 | 11/21/2029 | $4410000 | $4350894 | $3969000 |
| &nbsp;&nbsp;&nbsp;Augusta Sportswear | Senior Secured Revolving Credit Loan | S+ | 7.00% | 10.68% | 11/21/2023 | 11/21/2028 | 258605 | 253040 | 232745 |
|  |  |  |  |  |  |  |  | 4603934 | 4201745 |
| *Media: Advertising, Printing & Publishing* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;MediaRadar<br> (j) | Unitranche Closing Date Term A Loan | S+ | 5.00% | 8.68% | 5/23/2022 | 9/16/2029 | 1772741 | 1752619 | 1772741 |
| &nbsp;&nbsp;&nbsp;Integral Ad Science | Senior Secured Initial Term Loan | S+ | 5.00% | 8.68% | 12/22/2025 | 12/25/2030 | 993750 | 959655 | 986297 |
| &nbsp;&nbsp;&nbsp;MediaRadar<br> (j) | Unitranche 2023 Incremental Term Loan | S+ | 5.00% | 8.68% | 10/31/2023 | 9/16/2029 | 935614 | 920026 | 935614 |
| &nbsp;&nbsp;&nbsp;MediaRadar<br> (j) | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 9/16/2022 | 9/16/2029 |  | (10168) |  |
|  |  |  |  |  |  |  |  | 3622132 | 3694652 |
| *Wholesale* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Carlisle Foodservice | Senior Secured Initial Term Loan | S+ | 5.00% | 8.68% | 9/29/2023 | 10/2/2030 | 1078018 | 1056503 | 1075323 |
| &nbsp;&nbsp;&nbsp;RelaDyne<br> (k) | Senior Secured Term B Loan (First Lien) | S+ | 3.50% | 7.18% | 6/30/2025 | 12/23/2030 | 495003 | 493915 | 495535 |
| &nbsp;&nbsp;&nbsp;Carlisle Foodservice | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 9/29/2023 | 10/2/2029 | 99914 | 96691 | 99664 |
|  |  |  |  |  |  |  |  | 1647109 | 1670522 |
| *Hotels, Gaming & Leisure* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Auto Europe | Senior Secured First Out Secured Term Loan | S+ | 5.00% | 8.68% | 1/20/2026 | 1/20/2030 | 638437 | 638437 | 633649 |
| &nbsp;&nbsp;&nbsp;Encore<br> (k) | Senior Secured Initial Term Loan | S+ | 5.00% | 8.68% | 11/18/2024 | 12/5/2031 | 495000 | 486568 | 470250 |
| &nbsp;&nbsp;&nbsp;Auto Europe | Senior Secured Third-Out Term Loan | S+ | 5.00% | 8.68% | 1/20/2026 | 1/20/2030 | 403735 | 403735 | 400707 |
| &nbsp;&nbsp;&nbsp;Auto Europe | Senior Secured Second Out Term Loan | S+ | 5.00% | 8.68% | 1/20/2026 | 1/20/2030 | 63847 | 63847 | 63369 |
| &nbsp;&nbsp;&nbsp;Encore<br> (k) | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 11/18/2024 | 12/5/2029 | 9848 | 8753 | 9355 |
|  |  |  |  |  |  |  |  | 1601340 | 1577330 |
| *Metals & Mining* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dynatect (A&A) | Senior Secured Term B Loan | S+ | 4.50% | 8.18% | 8/16/2019 | 9/29/2028 | 1563470 | 1563470 | 1559561 |
|  |  |  |  |  |  |  |  | 1563470 | 1559561 |
| *Retail* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Varsity Brands<br> (k) | Senior Secured 2025-2 Replacement Term Loan | S+ | 3.00% | 6.68% | 7/26/2024 | 8/26/2031 | 992513 | 988508 | 989570 |
| &nbsp;&nbsp;&nbsp;StubHub<br> (k) | Senior Secured Extended USD Term B Loan | S+ | 4.75% | 8.43% | 1/31/2020 | 3/15/2030 | 246853 | 245714 | 243691 |
|  |  |  |  |  |  |  |  | 1234222 | 1233261 |
| *Media: Diversified & Production* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cast & Crew | Senior Secured Incremental Facility No. 2 Incremental Term Loan (First Lien) | S+ | 3.75% | 7.43% | 4/30/2024 | 12/29/2028 | 979535 | 974535 | 676736 |
| &nbsp;&nbsp;&nbsp;Spectrum Science | Senior Secured 2024 Incremental Term Loan | S+ | 7.00% | 10.68% | 1/17/2024 | 2/1/2029 | 506354 | 492545 | 489898 |
|  |  |  |  |  |  |  |  | 1467080 | 1166634 |
| *Energy: Oil & Gas* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AmSpec<br> (k) | Senior Secured Amendment No. 1 Other Term Loan | S+ | 3.50% | 7.18% | 12/12/2024 | 12/22/2031 | 572712 | 570504 | 572591 |
|  |  |  |  |  |  |  |  | 570504 | 572591 |
| *Telecommunications* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Eastern Communications | Senior Secured First Amendment Term A Loan | S+ | 5.00% | 8.68% | 9/29/2025 | 12/30/2030 | 497481 | 492704 | 496237 |
|  |  |  |  |  |  |  |  | 492704 | 496237 |
| *Telecommunications* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Vessco | Unitranche 2025 Incremental Term Loan | S+ | 4.50% | 8.18% | 10/30/2025 | 11/3/2032 | 232069 | 230414 | 230329 |
| &nbsp;&nbsp;&nbsp;Vessco | Senior Secured Revolving Loan | S+ | 4.50% | 8.18% | 10/30/2025 | 11/3/2032 |  | (212) |  |
|  |  |  |  |  |  |  |  | 230202 | 230329 |
|  |  ***Total Bank Loans*** |  |  |  |  |  |  | $412509895 | $392463563 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Audax Credit BDC Inc.**

**Consolidated Schedules of Investments (continued)**

**As of March 31, 2026**

**(Expressed in U.S. Dollars)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Investments (a) (b) (c) (d) (e) (f)** | **Investment Type** | **Index<br>(^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par/<br>Shares** | **Amortized<br>Cost** | **Market<br>Value** |
| **Audax Credit BDC, Inc. (Continued)** |  |  |  |  |  |  |  |  |  |
| **EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h):** | **EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h):** |  |  |  |  |  |  |  |  |
| *Services: Business* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Vortex Companies<br> (j) (o) (q) | LP Common Units |  |  |  | 9/1/2023 |  | 190 | $189759 | $641946 |
| &nbsp;&nbsp;&nbsp;Industrial Services Group<br> (j) (o) (r) | Class A Units |  |  |  | 12/7/2022 |  | 238 | 238095 | 457086 |
| &nbsp;&nbsp;&nbsp;InnovateMR<br> (j) (o) (s) | Class A Units |  |  |  | 12/16/2021 |  | 387 | 387311 | 407762 |
| &nbsp;&nbsp;&nbsp;Amplix<br> (j) (o) (t) | Class A-2 Units |  |  |  | 10/19/2023 |  | 23810 | 238095 | 309271 |
| &nbsp;&nbsp;&nbsp;Golden Source<br> (j) (o) (u) | Class A Units |  |  |  | 3/25/2022 |  | 117371 | 117371 | 263002 |
| &nbsp;&nbsp;&nbsp;Gallo Mechanical<br> (o) (v) | LP Interest |  |  |  | 6/19/2025 |  | 140000 | 137384 | 159012 |
| &nbsp;&nbsp;&nbsp;CCG<br> (j) (o) (w) | Class A Units |  |  |  | 12/30/2025 |  | 154806 | 154806 | 154806 |
| &nbsp;&nbsp;&nbsp;AI Fire & Safety<br> (o) (x) | Class A Units |  |  |  | 12/20/2024 |  | 233607 | 233607 | 139484 |
| &nbsp;&nbsp;&nbsp;VC3<br> (j) (o) (y) | Class A Units |  |  |  | 9/16/2022 |  | 16958 | 70778 | 105602 |
| &nbsp;&nbsp;&nbsp;Heartland<br> (o) (z) | Co-Invest Units |  |  |  | 12/12/2023 |  | 889 | 88889 | 92081 |
| &nbsp;&nbsp;&nbsp;Eagle Fire<br> (o) (aa) | Class A Units |  |  |  | 6/4/2025 |  | 119048 | 119048 | 88409 |
| &nbsp;&nbsp;&nbsp;Liberty Group<br> (j) (o) (ab) | Series A-Preferred Units |  |  |  | 6/6/2022 |  | 113636 | 113636 | 41202 |
| &nbsp;&nbsp;&nbsp;Embark<br> (j) (o) (ac) | Class A Units |  |  |  | 9/2/2025 |  | 20000 | 20000 | 17410 |
| &nbsp;&nbsp;&nbsp;Industrial Services Group<br> (j) (o) (r) | Class A-1 Units |  |  |  | 3/10/2025 |  | 25 | 32022 | 10896 |
| &nbsp;&nbsp;&nbsp;OSG Billing Services<br> (o) (ad) | Class A Units |  |  |  | 11/30/2023 |  | 27208 |  |  |
|  |  |  |  |  |  |  |  | 2140801 | 2887969 |
| *Healthcare & Pharmaceuticals* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Visor Buyer, Inc.<br> (j) (o) (ae) | Class A Units |  |  |  | 12/15/2025 |  | 2206263 | 2206263 | 1299238 |
| &nbsp;&nbsp;&nbsp;Minds + Assembly<br> (j) (o) (af) | Class A Units |  |  |  | 5/3/2023 |  | 217 | 217391 | 425120 |
| &nbsp;&nbsp;&nbsp;Sequel Ortho (fka OrthoNebraska)<br> (j) (o) (ag) | Class A Units |  |  |  | 7/31/2023 |  | 24245 | 166992 | 342657 |
| &nbsp;&nbsp;&nbsp;Summit Spine 2025<br> (j) (o) (ah) | Class A Units |  |  |  | 3/21/2025 |  | 2388 | 238847 | 291682 |
| &nbsp;&nbsp;&nbsp;Ivy Rehab<br> (o) (ai) | Class A Units |  |  |  | 3/11/2022 |  | 100 | 100000 | 144571 |
| &nbsp;&nbsp;&nbsp;APT Healthcare<br> (o) (aj) | Class A-5 Common Units |  |  |  | 9/15/2025 |  | 7421 | 10000 | 15868 |
| &nbsp;&nbsp;&nbsp;RevHealth<br> (j) (o) (ak) | Class A-1 Units |  |  |  | 7/22/2022 |  | 20548 | 205479 |  |
|  |  |  |  |  |  |  |  | 3144972 | 2519136 |
| *Construction & Building* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;A1 Garage Door<br> (j) (o) (al) | Class A Common Units |  |  |  | 12/22/2022 |  | 273 | 272727 | 858620 |
| &nbsp;&nbsp;&nbsp;DynaGrid<br> (o) (am) | Class A-2 Units |  |  |  | 1/7/2025 |  | 59524 | 59524 | 101389 |
|  |  |  |  |  |  |  |  | 332251 | 960009 |
| *Banking, Finance, Insurance & Real Estate* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cherry Bekaert<br> (j) (o) (an) | Class A Units |  |  |  | 6/30/2022 |  | 129870 | 61388 | 341704 |
| &nbsp;&nbsp;&nbsp;American Beacon Advisors<br> (o) (ao) | Common Units |  |  |  | 12/29/2023 |  | 16071 |  | 273207 |
| &nbsp;&nbsp;&nbsp;Prime Pensions<br> (j) (o) (ap) | LP Interest |  |  |  | 2/20/2024 |  | 238095 | 214404 | 224950 |
| &nbsp;&nbsp;&nbsp;Beta+<br> (o) (aq) | Class A-2 Common Stock |  |  |  | 9/15/2023 |  | 2470 | 24700 | 25646 |
|  |  |  |  |  |  |  |  | 300492 | 865507 |
| *High Tech Industries* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;PracticeTek<br> (j) (o) (ar) | Class A Units |  |  |  | 11/22/2021 |  | 616814 | 649236 | 659460 |
|  |  |  |  |  |  |  |  | 649236 | 659460 |
| *Beverage, Food & Tobacco* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Hissho Sushi<br> (j) (o) (as) | Class A Units |  |  |  | 4/7/2022 |  | 25000 | 157353 | 548332 |
|  |  |  |  |  |  |  |  | 157353 | 548332 |
| *Services: Consumer* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ned Stevens 2022-2<br> (j) (o) (at) | Class B Common Units |  |  |  | 11/1/2022 |  | 279 | 278990 | 346384 |
| &nbsp;&nbsp;&nbsp;Super-Sod<br> (j) (o) (au) | Class A Units |  |  |  | 2/27/2026 |  | 20000 | 20000 | 16580 |
| &nbsp;&nbsp;&nbsp;United Comfort Group (fka United Air Temp)<br> (j) (o) (av) | Class A Units |  |  |  | 2/14/2024 |  | 110947 | 110947 |  |
|  |  |  |  |  |  |  |  | 409937 | 362964 |
| *Hotels, Gaming & Leisure* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Auto Europe<br> (o) (aw) | Class A Units |  |  |  | 1/20/2026 |  | 169949 | 211990 | 198416 |
| &nbsp;&nbsp;&nbsp;Auto Europe<br> (j) (o) (aw) | Class A-1 Units |  |  |  | 1/20/2026 |  | 100799 | 100799 | 100799 |
|  |  |  |  |  |  |  |  | 312789 | 299215 |
| *Wholesale* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GME Supply<br> (j) (o) (ax) | Class A Units |  |  |  | 6/30/2023 |  | 281 | 280718 | 269033 |
|  |  |  |  |  |  |  |  | 280718 | 269033 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Audax Credit BDC Inc.**

**Consolidated Schedules of Investments (continued)**

**As of March 31, 2026**

**(Expressed in U.S. Dollars)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Investments (a) (b) (c) (d) (e) (f)** | **Footnote<br>Reference** | **Investment Type** | **Index<br>(^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par/<br>Shares** | **Amortized<br>Cost** | **Market<br>Value** |
| **Audax Credit BDC, Inc. (Continued)** |  |  |  |  |  |  |  |  |  |  |
| **EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (Continued):** | **EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (Continued):** | **EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (Continued):** |  |  |  |  |  |  |  |  |
| *Automotive* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Engine & Transmission Exchange | (j) (o) (ay) | Class A-1 Units |  |  |  | 5/26/2023 |  | 211 | $211268 | $251194 |
|  |  |  |  |  |  |  |  |  | 211268 | 251194 |
| *Media: Advertising, Printing & Publishing* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;MediaRadar | (j) (o) (az) | Class A-1 Units |  |  |  | 9/16/2022 |  | 147000 | 147000 | 186838 |
|  |  |  |  |  |  |  |  |  | 147000 | 186838 |
| *Consumer Goods: Durable* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Careismatic | (o) (ba) | Class A Units |  |  |  | 6/13/2024 |  | 3522 | 209625 | 125188 |
|  |  |  |  |  |  |  |  |  | 209625 | 125188 |
| *Chemicals, Plastics & Rubber* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Vertellus | (o) (bb) | Series A Units |  |  |  | 12/22/2020 |  | 1651 | 165138 | 30206 |
|  |  |  |  |  |  |  |  |  | 165138 | 30206 |
| *Environmental Industries* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;O6 Environmental | (j) (o) (bc) | Common Units |  |  |  | 8/4/2025 |  | 45 | 44801 | 59620 |
| &nbsp;&nbsp;&nbsp;Alliance Environmental Group | (j) (o) (bd) | A-1 Preferred Units |  |  |  | 9/30/2019 |  | 331 | 331126 |  |
|  |  |  |  |  |  |  |  |  | 375927 | 59620 |
| *Capital Equipment* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;TRG | (j) (o) (be) | Class A Membership Interests |  |  |  | 1/5/2026 |  | 10000 | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp;80/20 | (j) (o) (bf) | LP Interest |  |  |  | 12/11/2025 |  | 10000 | 10000 | 9431 |
|  |  |  |  |  |  |  |  |  | 20000 | 19431 |
|  |  ***Total Equity and Preferred Shares*** |  ***Total Equity and Preferred Shares*** |  |  |  |  |  |  | $8857507 | $10044102 |
| &nbsp;&nbsp;&nbsp;**Total Investments** |  |  |  |  |  |  |  |  | $**421367402** | $**402507665** |
| **Portfolio Investments (a) (b) (c) (d) (e) (f)** | **Footnote<br>Reference** | **Investment Type** | **Index<br>(^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par/<br>Shares** | **Amortized<br>Cost** | **Market<br>Value** |
| **Audax Credit BDC Equity, LLC** |  |  |  |  |  |  |  |  |  |  |
| **EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h):** | **EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h):** | **EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h):** |  |  |  |  |  |  |  |  |
| *Healthcare & Pharmaceuticals* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dane Street | (o) (bg) | Class A Units |  |  |  | 3/25/2026 |  | 10 | $10000 | $10000 |
| &nbsp;&nbsp;&nbsp;Avalon | (o) (bh) | Class A-1 Units |  |  |  | 12/30/2025 |  | 5000 | 5000 | 5000 |
|  |  |  |  |  |  |  |  |  | 15000 | 15000 |
|  |  ***Total Equity and Preferred Shares*** |  ***Total Equity and Preferred Shares*** |  |  |  |  |  |  | $15000 | $15000 |
| &nbsp;&nbsp;&nbsp;**Total Investments** |  |  |  |  |  |  |  |  | $15000 | $15000 |
| **Total Bank Loans - (95.1%)** | (g) |  |  |  |  |  |  |  | $412509895 | $392463563 |
| **Total Equity and Preferred Shares - (2.4%)** | (g) |  |  |  |  |  |  |  | $8872507 | $10059102 |
| **Total Portfolio Investments** | (bi) |  |  |  |  |  |  |  | $421382402 | $402522665 |

---

(^) The majority of the investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate ("SOFR" or "S").

(a) All companies are located in the United States of America, unless otherwise noted.

(b) Interest rate percentages represent actual interest rates as of March 31, 2026, which are indexed to the noted reference rate. The referenced rates are subject to interest floors which can vary based on contractual agreements with the borrower.

(c) All loans are income-producing, unless otherwise noted.

(d) All investments are qualifying assets under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act") unless otherwise noted.

(e) All investments acquired in transactions are exempt from registration under the Securities Act of 1933 (the "Securities Act"), and may be deemed to be "restricted securities" under the Securities Act.

(f) Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the FASB Accounting Standard Codification ("ASC") Topic 820, "Fair Value Measurements and Disclosures" ("ASC 820") fair value hierarchy. Refer to Note 3 – Investments in the accompanying Notes to Consolidated Financial Statements for additional information.

(g) Percentages are calculated using fair value of investments over net assets.

(h) As defined in 1940 Act, the Company is not deemed to be an "Affiliated Person" of or "Control" this portfolio company because it neither owns 5% or more of the portfolio company's outstanding voting securities nor has the power to exercise control over the management or policies of such portfolio company (including through a management agreement).

(i) The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the unfunded loan commitment.

(j) Three affiliated funds, Audax Direct Lending Solutions Fund - A, L.P., Audax Direct Lending Solutions Fund - C, L.P., and Audax Direct Lending Solutions Fund - D, L.P., co-invested with the Company in this portfolio company pursuant to an exemptive order granted by the U.S. Securities and Exchange Commission.

The accompanying notes are an integral part of these consolidated financial statements.

------

(k) Investment was valued as Level 2, using significant observable inputs in accordance with ASC 820. Refer to Note 3 – Investments in the accompanying Notes to Consolidated Financial Statements for additional information.

(l) The Company headquarters for Aurora is located in the United Kingdom.

(m) The Company headquarters for UDG is located in Ireland.

(n) The Company headquarters for PayByPhone is located in Canada.

(o) Investment is non-income producing.

(p) The Company headquarters for Balcan is located in Canada.

(q) Represents an investment in APD VTX Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(r) Represents an investment in APD ISG Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(s) Represents an investment in APD INN Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(t) Represents an investment in APD AMP Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(u) Represents an investment in APD Gol Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(v) Represents an investment in Citation Glow Co-Invest LP, a holding company for the investment in Gallo Mechanical.

(w) Represents an investment in CCG Group Holding Company, LLC, a holding company for the investment in Certified Collisions Group.

(x) Represents an investment in Firebird Co-Invest L.P., a holding company for the investment in AI Fire & Safety.

(y) Represents an investment in APD VC3 Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(z) Represents an investment in Heartland PPC Investor LLC, a holding company for the investment in Heartland.

(aa) Represents an investment in Talon Holdings SCSP, A Luxembourg Special Limited Partnership, a holding company for the investment in Eagle Fire.

(ab) Represents an investment in APD TLG Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(ac) Represents an investment in Embark HoldCo, LP, a holding company for the investment in Embark.

(ad) Represents an investment in OSG Topco Holdings LLC, a holding company for the investment in OSG Billing Services.

(ae) Represents an investment in APD IMD Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(af) Represents an investment in APD MA Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(ag) Represents an investment in APD OrthoNebraska Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(ah) Represents an investment in Summit Parent Holdings, LLC, a holding company for the investment in Summit Spine.

(ai) Represents an investment in APD IVY Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(aj) Represents an investment in APT Holdings, LLC, a holding company for the investment in APT Healthcare.

(ak) Represents an investment in APD RH Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(al) Represents an investment in APD GAR Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(am) Represents an investment in DynaGrid Holdings LLC, a holding company for the investment in DynaGrid.

(an) Represents an investment in APD CBA Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(ao) Represents an investment in Resolute Topco, Inc., a holding company for the investment in American Beacon Advisors.

(ap) Represents an investment in Prime Co-Invest, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(aq) Represents an investment in Buckhorn Parent, Inc., a holding company for the investment in Beta+.

(ar) Represents an investment in APD Ptek Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(as) Represents an investment in APD Sush Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(at) Represents an investment in APD NS Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(au) Represents an investment in KCP Sod Holdings LP, a holding company for the investment in Super-Sod.

(av) Represents an investment in LJ Flex, LP, a holding company, made through an affiliated equity aggregator vehicle.

(aw) Represents an investment in AEG TopCco LLC, a holding company for the investment in Auto Europe.

(ax) Represents an investment in ADP GMES Parent Holding Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(ay) Represents an investment in APD ETE Equity Aggregator, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(az) Represents an investment in APD MDR Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(ba) Represents an investment in Reorganized Careismatic Brands Parent, LLC., a holding company for the investment in Reorganized Careismatic Brands.

(bb) Represents an investment in ADP VERT Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(bc) Represents an investment in O6 Environmental Holdings, LLC, a holding company for the investment in O6 Environmental.

(bd) Represents an investment in APD AEG Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(be) Represents an investment in G-3 Mobility Parent LLC, a holding company for the investment in TRG.

(bf) Represents an investment owned by APD 80/20 Equity, L.P., a holding company for the investment in 80/20.

(bg) Represents an investment in Dane Street Co-Investor Aggregator, LLC, a holding company for the investment in Dane Street.

(bh) Represents an investment in Excalibur Topco Holdings, L.P., a holding company for the investment in Avalon.

(bi) At March 31, 2026, the cost of investments for income tax purposes was $420,647,751, the gross unrealized depreciation for federal tax purposes was $24,367,059, the gross unrealized appreciation for federal income tax purposes was $6,241,973, and the net unrealized depreciation was $18,125,086.

The accompanying notes are an integral part of these consolidated financial statements.

------

**Audax Credit BDC Inc.**

**Consolidated Schedules of Investments** 

**As of December 31, 2025**

**(Expressed in U.S. Dollars)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Investments (a) (b) (c) (d) (e) (f)** | **Investment Type** | **Index<br>(^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par/<br>Shares** | **Amortized<br>Cost** | **Market<br>Value** |
| **Audax Credit BDC, Inc.** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i):** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i):** |  |  |  |  |  |  |  |  |
| *Services: Business* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Vortex Companies<br> (j) | Unitranche Initial Term Loan | S+ | 5.00% | 8.65% | 9/1/2023 | 9/4/2029 | $5002162 | $4943639 | $5002149 |
| &nbsp;&nbsp;&nbsp;Amplix<br> (j) | Unitranche First Amendment Term Loan | S+ | 5.25% | 8.90% | 10/19/2023 | 10/18/2029 | 4337131 | 4251650 | 4337131 |
| &nbsp;&nbsp;&nbsp;LegalShield<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 3.25% | 6.90% | 12/7/2021 | 12/15/2028 | 4332488 | 4312144 | 4198462 |
| &nbsp;&nbsp;&nbsp;InnovateMR<br> (j) | Unitranche Initial Term Loan | S+ | 6.00% | 9.65% | 12/16/2021 | 1/20/2028 | 4077410 | 4049381 | 4077410 |
| &nbsp;&nbsp;&nbsp;Industrial Services Group<br> (j) | Unitranche Initial Term Loan | S+ | 5.75% | 9.40% | 12/7/2022 | 12/7/2028 | 4074038 | 4011199 | 4074038 |
| &nbsp;&nbsp;&nbsp;CoAdvantage | Senior Secured 2023 1L Refinancing Term Loan (First Lien) | S+ | 5.50% | 9.15% | 8/2/2023 | 8/2/2029 | 3763381 | 3763381 | 3735155 |
| &nbsp;&nbsp;&nbsp;Golden Source<br> (j) | Unitranche Initial Term Loan | S+ | 4.75% | 8.40% | 3/25/2022 | 5/12/2028 | 3335746 | 3283928 | 3335746 |
| &nbsp;&nbsp;&nbsp;Eliassen | Unitranche Initial Term Loan | S+ | 5.75% | 9.40% | 3/31/2022 | 4/14/2028 | 3380305 | 3354205 | 3304249 |
| &nbsp;&nbsp;&nbsp;Kept Companies | Senior Secured Term Loan | S+ | 5.25% | 8.90% | 4/30/2024 | 4/30/2029 | 3290112 | 3251554 | 3257211 |
| &nbsp;&nbsp;&nbsp;Discovery Education | Unitranche Initial Term Loan (First Lien) | S+ | 2.88%, 5.70% PIK | 12.23% | 3/25/2022 | 4/9/2029 | 3929102 | 3893429 | 2946826 |
| &nbsp;&nbsp;&nbsp;The Facilities Group | Unitranche Initial Term Loan | S+ | 5.75% | 9.40% | 12/10/2021 | 11/30/2027 | 2903842 | 2891302 | 2874803 |
| &nbsp;&nbsp;&nbsp;CoolSys | Senior Secured Closing Date Initial Term Loan | S+ | 4.75% | 8.40% | 8/4/2021 | 8/11/2028 | 2940135 | 2926922 | 2844581 |
| &nbsp;&nbsp;&nbsp;Argano | Senior Secured Initial Term Loan | S+ | 5.50% | 9.15% | 9/13/2024 | 9/13/2029 | 2804403 | 2756883 | 2776359 |
| &nbsp;&nbsp;&nbsp;Epiq<br> (k) | Senior Secured 2025 Refinancing Term Loan (First Lien) | S+ | 4.00% | 7.65% | 7/17/2024 | 4/26/2029 | 2250934 | 2181718 | 2107842 |
| &nbsp;&nbsp;&nbsp;Paradigm Outcomes<br> (k) | Senior Secured 2025 Replacement Term Loan | S+ | 3.00% | 6.65% | 4/2/2024 | 5/6/2031 | 1973853 | 1966282 | 1988795 |
| &nbsp;&nbsp;&nbsp;Vensure | Senior Secured Initial Term Loan | S+ | 5.00% | 8.65% | 9/23/2024 | 9/27/2031 | 1950428 | 1930584 | 1930924 |
| &nbsp;&nbsp;&nbsp;Mediaocean<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 3.50% | 7.15% | 12/9/2021 | 12/15/2028 | 1925000 | 1915998 | 1901332 |
| &nbsp;&nbsp;&nbsp;Liberty Group<br> (j) | Unitranche Initial Term Loan | S+ | 5.75% | 9.40% | 6/6/2022 | 6/15/2028 | 1886477 | 1867697 | 1880187 |
| &nbsp;&nbsp;&nbsp;VC3<br> (j) | Senior Secured Delayed TL | S+ | 5.10% | 8.75% | 9/16/2022 | 3/12/2029 | 1871757 | 1851598 | 1871757 |
| &nbsp;&nbsp;&nbsp;InnovateMR<br> (j) | Unitranche First Amendment Term Loan | S+ | 6.50% | 10.15% | 12/23/2022 | 1/20/2028 | 1829561 | 1802693 | 1829561 |
| &nbsp;&nbsp;&nbsp;CCG<br> (k) | Unitranche Initial Term Loan | S+ | 4.50% | 8.15% | 12/30/2025 | 12/30/2032 | 1729242 | 1711949 | 1711949 |
| &nbsp;&nbsp;&nbsp;Dun & Bradstreet | Unitranche Initial Term Loan | S+ | 5.50% | 9.15% | 6/30/2025 | 8/26/2032 | 1500000 | 1485958 | 1488750 |
| &nbsp;&nbsp;&nbsp;Secretariat | Senior Secured Initial Term Loan | S+ | 4.00% | 7.65% | 2/24/2025 | 2/28/2032 | 1488750 | 1481744 | 1473863 |
| &nbsp;&nbsp;&nbsp;Insight Global | Unitranche 2024 Refinancing Term Loan | S+ | 5.00% | 8.65% | 9/22/2021 | 9/22/2028 | 1440448 | 1426728 | 1436847 |
| &nbsp;&nbsp;&nbsp;Heartland | Senior Secured Initial Term Loan | S+ | 4.75% | 8.40% | 12/1/2023 | 12/12/2029 | 1425891 | 1404479 | 1411632 |
| &nbsp;&nbsp;&nbsp;Aprio | Senior Secured Initial Term Loan | S+ | 4.75% | 8.40% | 8/1/2024 | 8/1/2031 | 1421117 | 1405741 | 1406906 |
| &nbsp;&nbsp;&nbsp;Gallo Mechanical | Senior Secured Initial Term Loan | S+ | 4.75% | 8.40% | 6/19/2025 | 8/2/2032 | 1367336 | 1346053 | 1357081 |
| &nbsp;&nbsp;&nbsp;Ascend | Senior Secured Initial Term Loan | S+ | 4.50% | 8.15% | 10/22/2024 | 8/11/2031 | 1324638 | 1318563 | 1311392 |
| &nbsp;&nbsp;&nbsp;Addison Group<br> (k) | Senior Secured Initial Term Loan | S+ | 4.25% | 7.90% | 1/19/2022 | 12/29/2028 | 1319464 | 1317856 | 1195890 |
| &nbsp;&nbsp;&nbsp;Health Management Associates | Senior Secured Term Loan A | S+ | 6.25% | 9.90% | 3/31/2023 | 3/30/2029 | 1099103 | 1078286 | 1090860 |
| &nbsp;&nbsp;&nbsp;Embark<br> (j) | Senior Secured Term B Loan | S+ | 4.50% | 8.15% | 8/27/2025 | 9/2/2032 | 997500 | 983946 | 990019 |
| &nbsp;&nbsp;&nbsp;Barton Associates | Unitranche Initial Term Loan | S+ | 6.50% | 10.15% | 11/18/2024 | 7/26/2028 | 987245 | 979665 | 977372 |
| &nbsp;&nbsp;&nbsp;Colibri | Senior Secured First Amendment Incremental Term Loan | S+ | 5.00% | 8.65% | 11/9/2023 | 3/12/2029 | 980000 | 963839 | 975100 |
| &nbsp;&nbsp;&nbsp;Levata | Senior Secured Sixteenth Amendment Incremental Effective Date Term Loan | S+ | 5.00% | 8.65% | 8/19/2025 | 12/21/2027 | 811845 | 803694 | 807786 |
| &nbsp;&nbsp;&nbsp;Aprio | Senior Secured 2025 Incremental Term Loan | S+ | 4.75% | 8.40% | 4/18/2025 | 8/1/2031 | 655559 | 648104 | 649003 |
| &nbsp;&nbsp;&nbsp;AI Fire & Safety | Unitranche Initial Term Loan | S+ | 2.25%, 2.75% PIK | 8.65% | 12/20/2024 | 2/2/2032 | 627069 | 623912 | 625502 |
| &nbsp;&nbsp;&nbsp;Eagle Fire | Senior Secured Initial Term Loan | S+ | 4.50% | 8.15% | 6/4/2025 | 7/15/2032 | 569666 | 562991 | 565394 |
| &nbsp;&nbsp;&nbsp;Lexitas | Unitranche Initial Term Loan | S+ | 5.00% | 8.65% | 4/15/2025 | 4/15/2031 | 510447 | 505030 | 505343 |
| &nbsp;&nbsp;&nbsp;Geosyntec | Senior Secured 2025 Incremental Term Loan | S+ | 3.00% | 6.65% | 7/24/2024 | 7/31/2031 | 496256 | 494174 | 495016 |
| &nbsp;&nbsp;&nbsp;Inmar | Senior Secured Amendment No. 4 Refinancing Term Loan (First Lien) | S+ | 4.50% | 8.15% | 10/25/2024 | 10/30/2031 | 493769 | 491430 | 488831 |
| &nbsp;&nbsp;&nbsp;S&P Engineering Solutions | Senior Secured 2024 Converted Term Loan | S+ | 5.00% | 8.65% | 3/31/2023 | 5/2/2030 | 488750 | 478848 | 488750 |
| &nbsp;&nbsp;&nbsp;trustaff | Senior Secured Initial Term Loan (First Lien) | S+ | 4.25% | 7.90% | 12/9/2021 | 3/6/2028 | 957286 | 956335 | 478643 |
| &nbsp;&nbsp;&nbsp;System One | Senior Secured 2025 Refinancing Term Loan | S+ | 3.50% | 7.15% | 1/28/2021 | 3/2/2028 | 477600 | 476773 | 472824 |
| &nbsp;&nbsp;&nbsp;Mitratech<br> (k) | Unitranche Closing Date Initial Term Loan | S+ | 4.75% | 8.40% | 12/1/2025 | 12/2/2031 | 458716 | 456365 | 456422 |
| &nbsp;&nbsp;&nbsp;Trace3<br> (k) | Unitranche Closing Date Term B Loan | S+ | 4.00% | 7.65% | 10/8/2025 | 10/29/2032 | 452381 | 447857 | 454077 |
| &nbsp;&nbsp;&nbsp;Perficient | Senior Secured Closing Date Term Loan | S+ | 3.50% | 7.15% | 8/2/2024 | 10/2/2031 | 452028 | 450020 | 444118 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Audax Credit BDC Inc.**

**Consolidated Schedules of Investments (continued)**

**As of December 31, 2025**

**(Expressed in U.S. Dollars)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Investments (a) (b) (c) (d) (e) (f)** | **Investment Type** | **Index<br>(^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par/<br>Shares** | **Amortized<br>Cost** | **Market<br>Value** |
| **Audax Credit BDC, Inc. (Continued)** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AIA Contract<br> (j) | Senior Secured Term Loan | S+ | 4.75% | 8.40% | 6/30/2025 | 7/2/2031 | $423182 | $417294 | $422124 |
| &nbsp;&nbsp;&nbsp;HireRight<br> (k) | Senior Secured 2025 Replacement Term Loan (First Lien) | S+ | 3.25% | 6.90% | 3/25/2024 | 9/27/2030 | 492506 | 487767 | 419642 |
| &nbsp;&nbsp;&nbsp;Aurora Energy Research | Unitranche Facility B Note | S+ | 5.00% | 8.65% | 9/4/2025 | 9/8/2032 | 379916 | 375034 | 377066 |
| &nbsp;&nbsp;&nbsp;Industrial Services Group<br> (j) | Senior Secured Revolving Loan | S+ | 5.75% | 9.40% | 12/7/2022 | 12/7/2028 | 342857 | 325714 | 342857 |
| &nbsp;&nbsp;&nbsp;Capital Consultants Management Corporation<br> (j) | Unitranche Closing Date Term Loan | S+ | 4.75% | 8.40% | 7/29/2025 | 11/3/2031 | 340592 | 336510 | 340592 |
| &nbsp;&nbsp;&nbsp;OSG Billing Services | Senior Secured Last-Out Term Loan | S+ | 6.25% | 9.90% | 11/30/2023 | 11/30/2028 | 312562 | 312562 | 309436 |
| &nbsp;&nbsp;&nbsp;Golden Source<br> (j) | Senior Secured Revolving Loan | S+ | 4.75% | 8.40% | 3/25/2022 | 5/12/2028 | 253521 | 244131 | 253521 |
| &nbsp;&nbsp;&nbsp;OSG Billing Services | Senior Secured First-Out Term Loan | S+ | 8.00% | 11.65% | 11/30/2023 | 5/30/2028 | 219341 | 209666 | 217148 |
| &nbsp;&nbsp;&nbsp;Vortex Companies<br> (j) | Senior Secured Revolving Loan | S+ | 5.00% | 8.65% | 9/1/2023 | 9/4/2029 | 186169 | 151653 | 186169 |
| &nbsp;&nbsp;&nbsp;Discovery Education | Senior Secured Revolving Credit Loan (First Lien) | S+ | 2.88%, 5.70% PIK | 12.23% | 3/25/2022 | 4/9/2029 | 153846 | 149808 | 115385 |
| &nbsp;&nbsp;&nbsp;Liberty Group<br> (j) | Senior Secured Revolving Loan | S+ | 5.75% | 9.40% | 6/6/2022 | 12/15/2028 | 79545 | 75000 | 79280 |
| &nbsp;&nbsp;&nbsp;VC3<br> (j) | Senior Secured RC | S+ | 5.10% | 8.75% | 7/21/2022 | 3/12/2029 | 46154 | 43462 | 46154 |
| &nbsp;&nbsp;&nbsp;Gallo Mechanical | Senior Secured Initial Revolving Loan | S+ | 4.75% | 8.40% | 6/19/2025 | 8/2/2032 | 39067 | 34672 | 38774 |
| &nbsp;&nbsp;&nbsp;Embark | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.15% | 8/27/2025 | 9/2/2032 | 8000 | 6000 | 7940 |
| &nbsp;&nbsp;&nbsp;Heartland | Senior Secured Revolving Credit Loan | S+ | 4.75% | 8.40% | 12/1/2023 | 12/12/2029 | 3407 | (1217) | 3373 |
| &nbsp;&nbsp;&nbsp;Mitratech<br> (k) | Senior Secured Revolving Loan | S+ | 4.75% | 8.40% | 12/1/2025 | 12/2/2031 | - | (92) | - |
| &nbsp;&nbsp;&nbsp;AI Fire & Safety | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.15% | 12/20/2024 | 2/2/2032 | - | (449) | - |
| &nbsp;&nbsp;&nbsp;Aprio | Senior Secured Revolving Loan | S+ | 4.75% | 8.40% | 8/1/2024 | 8/1/2031 | - | (499) | - |
| &nbsp;&nbsp;&nbsp;Lexitas | Senior Secured Revolving Credit Loan | S+ | 5.00% | 8.65% | 4/15/2025 | 4/15/2031 | - | (573) | - |
| &nbsp;&nbsp;&nbsp;Ascend | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.15% | 10/22/2024 | 8/11/2031 | - | (859) | - |
| &nbsp;&nbsp;&nbsp;AIA Contract<br> (j) | Senior Secured Revolving Loan | S+ | 4.75% | 8.40% | 6/30/2025 | 7/2/2031 | - | (1136) | - |
| &nbsp;&nbsp;&nbsp;Eagle Fire | Senior Secured Initial Revolving Loan | S+ | 4.50% | 8.15% | 6/4/2025 | 7/15/2032 | - | (1346) | - |
| &nbsp;&nbsp;&nbsp;S&P Engineering Solutions | Senior Secured 2024 Converted Revolving Credit Loan | S+ | 5.00% | 8.65% | 3/31/2023 | 5/2/2029 | - | (1471) | - |
| &nbsp;&nbsp;&nbsp;Dun & Bradstreet | Senior Secured Revolving Credit Loan | S+ | 5.50% | 9.15% | 6/30/2025 | 8/26/2032 | - | (1500) | - |
| &nbsp;&nbsp;&nbsp;Health Management Associates | Senior Secured Revolving Loan | S+ | 6.25% | 9.90% | 3/31/2023 | 3/30/2029 | - | (2131) | - |
| &nbsp;&nbsp;&nbsp;CCG<br> (k) | Senior Secured Revolving Facility | S+ | 4.50% | 8.15% | 12/30/2025 | 12/30/2032 | - | (2708) | - |
| &nbsp;&nbsp;&nbsp;Kept Companies | Senior Secured Revolving Loan | S+ | 5.25% | 8.90% | 4/30/2024 | 4/30/2029 | - | (7131) | - |
| &nbsp;&nbsp;&nbsp;Amplix<br> (j) | Senior Secured Revolving Credit Loan | S+ | 5.25% | 8.90% | 10/19/2023 | 10/18/2029 | - | (8242) | - |
|  |  |  |  |  |  |  |  | 88646446 | 87193349 |
| *Healthcare & Pharmaceuticals* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Vision Partners<br> (j) | Unitranche Initial Term Loan | S+ | 5.75% | 9.40% | 9/22/2021 | 9/30/2027 | 4798401 | 4768809 | 4798401 |
| &nbsp;&nbsp;&nbsp;Minds + Assembly<br> (j) | Unitranche Initial Term Loan (First Lien) | S+ | 5.00% | 8.65% | 5/3/2023 | 5/3/2029 | 3996894 | 3929422 | 3996894 |
| &nbsp;&nbsp;&nbsp;Paradigm Oral Health | Senior Secured Initial Term Loan | S+ | 4.75% | 8.40% | 9/30/2024 | 11/16/2028 | 3970619 | 3937401 | 3960693 |
| &nbsp;&nbsp;&nbsp;Sequel Ortho (fka OrthoNebraska)<br> (j) | Unitranche Initial Term Loan | S+ | 5.00% | 8.65% | 7/31/2023 | 7/31/2028 | 3311070 | 3254578 | 3311070 |
| &nbsp;&nbsp;&nbsp;Summit Spine 2025<br> (j) | Unitranche Initial Term Loan | S+ | 4.75% | 8.40% | 3/21/2025 | 3/25/2031 | 3256090 | 3194982 | 3256090 |
| &nbsp;&nbsp;&nbsp;U.S. Foot and Ankle Specialists | Senior Secured Term Loan | S+ | 5.75% | 9.40% | 4/17/2024 | 9/15/2026 | 2966687 | 2953101 | 2937020 |
| &nbsp;&nbsp;&nbsp;RevHealth<br> (j) | Unitranche Initial Term Loan | S+ | 2.50%, 3.25% PIK | 9.40% | 7/22/2022 | 7/21/2028 | 4210394 | 4169336 | 2704019 |
| &nbsp;&nbsp;&nbsp;EyeSouth Partners | Unitranche Amendment No.2 Term Loan (First Lien) | S+ | 5.50% | 9.15% | 11/15/2024 | 10/5/2029 | 2282181 | 2259977 | 2259359 |
| &nbsp;&nbsp;&nbsp;TEAM Services<br> (k) | Senior Secured Incremental Term Loan (First Lien) | S+ | 5.25% | 8.90% | 6/28/2024 | 12/20/2027 | 1980000 | 1955549 | 1978456 |
| &nbsp;&nbsp;&nbsp;Ivy Rehab | Senior Secured Initial Term Loan (First Lien) | S+ | 5.00% | 8.65% | 3/11/2022 | 4/23/2029 | 1927696 | 1906586 | 1908419 |
| &nbsp;&nbsp;&nbsp;Gastro Health | Senior Secured Initial Term Loan (First Lien) | S+ | 4.50% | 8.15% | 7/2/2021 | 7/3/2028 | 1916031 | 1911245 | 1882500 |
| &nbsp;&nbsp;&nbsp;Therapy Brands | Senior Secured Initial Term Loan (First Lien) | S+ | 4.00% | 7.65% | 5/12/2021 | 5/18/2028 | 1806656 | 1802933 | 1747940 |
| &nbsp;&nbsp;&nbsp;Advancing Eyecare | Senior Secured Initial Term Loan | S+ | 5.75% | 9.40% | 5/27/2022 | 6/13/2029 | 2455515 | 2417154 | 1718861 |
| &nbsp;&nbsp;&nbsp;Upstream Rehabilitation | Senior Secured December 2025 Extended/Modified Term Loan (First Lien) | S+ | 4.25% | 7.90% | 10/24/2019 | 11/20/2029 | 1897047 | 1896418 | 1684339 |
| &nbsp;&nbsp;&nbsp;Blue Cloud 2025 | Senior Secured Closing Date Term Loan | S+ | 5.00% | 8.65% | 8/12/2025 | 1/21/2031 | 1654166 | 1654166 | 1641760 |
| &nbsp;&nbsp;&nbsp;Visor Buyer, Inc.<br> (j) | Unitranche Initial Term Loan | S+ | 6.50% | 10.15% | 12/15/2025 | 12/15/2031 | 1598272 | 1598272 | 1598272 |
| &nbsp;&nbsp;&nbsp;ImageFirst | Senior Secured Initial Term Loan | S+ | 3.00% | 6.65% | 3/12/2025 | 3/12/2032 | 1492500 | 1488750 | 1481306 |
| &nbsp;&nbsp;&nbsp;MedRisk<br> (k) | Senior Secured 2025 Term Loan (First Lien) | S+ | 3.00% | 6.65% | 4/1/2021 | 5/10/2028 | 1463823 | 1460017 | 1471039 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Audax Credit BDC Inc.**

**Consolidated Schedules of Investments (continued)**

**As of December 31, 2025**

**(Expressed in U.S. Dollars)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Investments (a) (b) (c) (d) (e) (f)** | **Investment Type** | **Index<br>(^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par/<br>Shares** | **Amortized<br>Cost** | **Market<br>Value** |
| **Audax Credit BDC, Inc. (Continued)** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forefront | Senior Secured Term B-1 Loan | S+ | 5.50% | 9.15% | 12/14/2023 | 3/30/2029 | $1473750 | $1450967 | $1457170 |
| &nbsp;&nbsp;&nbsp;Quantum Health | Senior Secured Amendment No. 1 Refinancing Term Loan (First Lien) | S+ | 4.25% | 7.90% | 12/18/2020 | 12/22/2027 | 1432500 | 1425377 | 1432500 |
| &nbsp;&nbsp;&nbsp;MB2 Dental | Unitranche Initial Term Loan | S+ | 5.50% | 9.15% | 2/5/2024 | 2/13/2031 | 1258604 | 1247756 | 1246018 |
| &nbsp;&nbsp;&nbsp;Nvision | Senior Secured 2024 Initial Term Loan | S+ | 5.50% | 9.15% | 10/31/2024 | 12/31/2028 | 1248086 | 1221769 | 1226244 |
| &nbsp;&nbsp;&nbsp;Symplr<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 4.50% | 8.15% | 11/23/2020 | 12/22/2027 | 1428750 | 1421616 | 1217245 |
| &nbsp;&nbsp;&nbsp;nThrive<br> (k) | Senior Secured Tranche C Term Loan | S+ | 4.00% | 7.65% | 11/18/2024 | 12/15/2028 | 1613125 | 1613125 | 1114879 |
| &nbsp;&nbsp;&nbsp;Micro Merchant Systems | Unitranche Initial Term Loan | S+ | 4.50% | 8.15% | 3/2/2022 | 12/14/2027 | 1059722 | 1053918 | 1059722 |
| &nbsp;&nbsp;&nbsp;Radiology Partners<br> (k) | Senior Secured Term B Loan | S+ | 4.50% | 8.15% | 6/26/2025 | 6/30/2032 | 997500 | 988044 | 996956 |
| &nbsp;&nbsp;&nbsp;Press Ganey<br> (k) | Senior Secured Existing Term Loan (First Lien) | S+ | 3.00% | 6.65% | 4/24/2024 | 4/30/2031 | 987538 | 979682 | 990624 |
| &nbsp;&nbsp;&nbsp;RxBenefits<br> (k) | Senior Secured Term Loan | S+ | 5.00% | 8.65% | 12/31/2025 | 12/23/2030 | 1000000 | 980000 | 980000 |
| &nbsp;&nbsp;&nbsp;Cirtec Medical | Senior Secured U.S. Dollar Term Loan | S+ | 5.00% | 8.65% | 1/30/2023 | 1/30/2029 | 972500 | 954256 | 970069 |
| &nbsp;&nbsp;&nbsp;Forefront | Senior Secured Closing Date Term Loan | S+ | 4.25% | 7.90% | 3/23/2022 | 3/30/2029 | 965293 | 956425 | 954434 |
| &nbsp;&nbsp;&nbsp;NSM | Senior Secured Amendment No. 9 Incremental Term Loan | S+ | 4.25% | 7.90% | 8/5/2024 | 5/14/2029 | 943110 | 941613 | 940753 |
| &nbsp;&nbsp;&nbsp;Epic Staffing Group | Senior Secured Initial Term Loan | S+ | 6.00% | 9.65% | 6/27/2022 | 6/28/2029 | 967093 | 931378 | 935662 |
| &nbsp;&nbsp;&nbsp;Patterson Companies<br> (k) | Senior Secured Initial Term Loan | S+ | 4.50% | 8.15% | 7/24/2025 | 4/16/2032 | 997500 | 897500 | 881077 |
| &nbsp;&nbsp;&nbsp;VaxCare | Unitranche Initial Term Loan | S+ | 4.50% | 8.15% | 6/10/2025 | 6/17/2032 | 831250 | 823397 | 825016 |
| &nbsp;&nbsp;&nbsp;APT Healthcare | Unitranche Initial Term Loan | S+ | 5.00% | 8.65% | 9/15/2025 | 9/30/2031 | 775833 | 764324 | 766135 |
| &nbsp;&nbsp;&nbsp;Specialized Dental | Senior Secured Sixth Amendment Incremental Term Loan | S+ | 4.75% | 8.40% | 10/30/2025 | 11/1/2028 | 672897 | 668131 | 667850 |
| &nbsp;&nbsp;&nbsp;Viant<br> (k) | Senior Secured Closing Date Initial Term Loan (First Lien) | S+ | 4.00% | 7.65% | 10/16/2024 | 10/29/2031 | 549596 | 547184 | 544993 |
| &nbsp;&nbsp;&nbsp;Performance Health | Senior Secured Initial Term Loan | S+ | 3.75% | 7.40% | 2/28/2025 | 3/19/2032 | 497500 | 492834 | 493769 |
| &nbsp;&nbsp;&nbsp;Cirtec Medical | Senior Secured Amendment No. 1 Incremental Term Loan | S+ | 5.00% | 8.65% | 7/2/2024 | 1/30/2029 | 492500 | 487761 | 491269 |
| &nbsp;&nbsp;&nbsp;TEAM Services<br> (k) | Senior Secured Term Loan (First Lien) | S+ | 5.00% | 8.65% | 1/25/2024 | 12/20/2027 | 489717 | 488289 | 489455 |
| &nbsp;&nbsp;&nbsp;Sequel Ortho (fka OrthoNebraska) | Unitranche First Amendment Term Loan | S+ | 5.00% | 8.65% | 10/31/2025 | 7/31/2028 | 476190 | 471429 | 476190 |
| &nbsp;&nbsp;&nbsp;Confluent Health | Senior Secured Amendment No. 1 Term Loan | S+ | 7.50% | 11.15% | 4/11/2023 | 11/30/2028 | 486250 | 466619 | 474094 |
| &nbsp;&nbsp;&nbsp;AGS Health | Unitranche Initial Term Loan | S+ | 4.50% | 8.15% | 7/24/2025 | 8/2/2032 | 446960 | 445695 | 443608 |
| &nbsp;&nbsp;&nbsp;AccentCare | Senior Secured Tranche B Term Loan | S+ | 4.00% | 7.65% | 6/15/2021 | 9/20/2028 | 477750 | 477750 | 429557 |
| &nbsp;&nbsp;&nbsp;Midwest Eye Services | Senior Secured Initial Term Loan | S+ | 4.50% | 8.15% | 12/31/2024 | 8/20/2027 | 421920 | 407731 | 420865 |
| &nbsp;&nbsp;&nbsp;Avalon<br> (k) | Senior Secured Term Loan | S+ | 4.50% | 8.15% | 12/30/2025 | 12/31/2031 | 416667 | 412500 | 412500 |
| &nbsp;&nbsp;&nbsp;TEAM Services | Senior Secured Term Loan (Second Lien) | S+ | 9.00% | 12.65% | 1/5/2024 | 12/18/2028 | 410000 | 407950 | 410000 |
| &nbsp;&nbsp;&nbsp;Clearway | Senior Secured Tenth Amendment Incremental Term Loan | S+ | 5.50% | 9.15% | 9/17/2025 | 8/30/2030 | 407070 | 401157 | 405034 |
| &nbsp;&nbsp;&nbsp;nThrive<br> (k) | Senior Secured Tranche B Term Loan | S+ | 4.00% | 7.65% | 11/18/2024 | 12/15/2028 | 410231 | 410231 | 371356 |
| &nbsp;&nbsp;&nbsp;RMP & MedA/Rx | Senior Secured Term Loan | S+ | 4.75% | 8.40% | 3/22/2021 | 2/6/2026 | 359378 | 359471 | 349495 |
| &nbsp;&nbsp;&nbsp;nThrive<br> (k) | Senior Secured Tranche D Term Loan | S+ | 6.75% | 10.40% | 11/18/2024 | 12/17/2029 | 490000 | 490000 | 338654 |
| &nbsp;&nbsp;&nbsp;UDG<br> (l) | Senior Secured Initial Dollar Term Loan (First Lien) | S+ | 4.25% | 7.90% | 8/6/2021 | 8/19/2028 | 315938 | 314837 | 310409 |
| &nbsp;&nbsp;&nbsp;RMP & MedA/Rx | Senior Secured Term Loan (First Lien) | S+ | 4.75% | 8.40% | 2/27/2017 | 2/6/2026 | 306018 | 306018 | 297603 |
| &nbsp;&nbsp;&nbsp;Nvision | Senior Secured Fourth Amendment Incremental Term Loan | S+ | 5.50% | 9.15% | 10/30/2024 | 12/31/2028 | 240875 | 238041 | 236660 |
| &nbsp;&nbsp;&nbsp;AGS Health | Unitranche Initial Term Loan | S+ | 4.50% | 8.15% | 7/24/2025 | 8/2/2032 | 234840 | 234171 | 233079 |
| &nbsp;&nbsp;&nbsp;Blue Cloud | Senior Secured Blue Cloud R/C 2022 | S+ | 5.00% | 8.65% | 12/13/2021 | 1/21/2031 | 159091 | 157955 | 157898 |
| &nbsp;&nbsp;&nbsp;Clearway | Senior Secured Term Loan A | S+ | 5.50% | 9.15% | 9/17/2025 | 8/30/2030 | 132347 | 128759 | 131685 |
| &nbsp;&nbsp;&nbsp;RevHealth<br> (j) | Senior Secured Revolving Loan | S+ | 2.50%, 3.25% PIK | 9.40% | 7/22/2022 | 7/21/2028 | 179795 | 179795 | 115468 |
| &nbsp;&nbsp;&nbsp;nThrive | Senior Secured Tranche A Term Loan | S+ | 5.25% | 8.90% | 11/20/2024 | 12/15/2028 | 116508 | 115332 | 115343 |
| &nbsp;&nbsp;&nbsp;AccentCare | Senior Secured Tranche A Term Loan | S+ | 5.50% | 9.15% | 2/5/2024 | 6/20/2028 | 119820 | 116006 | 115027 |
| &nbsp;&nbsp;&nbsp;Western Dental<br> (o) | Senior Secured First-Out Term Loan (Tranche A-1) | S+ | 6.50% | 10.15% | 6/18/2024 | 5/18/2028 | 92798 | 88866 | 92798 |
| &nbsp;&nbsp;&nbsp;Nvision | Senior Secured Revolving Loan | S+ | 5.50% | 9.15% | 10/31/2024 | 12/31/2028 | 61603 | 61603 | 60525 |
| &nbsp;&nbsp;&nbsp;Clearway | Senior Secured Revolving Loan | S+ | 5.50% | 9.15% | 9/17/2025 | 8/30/2030 | 38067 | 35067 | 37877 |
| &nbsp;&nbsp;&nbsp;Ivy Rehab | Senior Secured Revolving Credit Loan (First Lien) | S+ | 4.75% | 8.40% | 3/11/2022 | 4/21/2028 | 36700 | 33333 | 36333 |
| &nbsp;&nbsp;&nbsp;Summit Spine 2025<br> (j) | Senior Secured Revolving Loan | S+ | 4.75% | 8.40% | 3/21/2025 | 3/25/2031 | 29609 | 20973 | 29609 |
| &nbsp;&nbsp;&nbsp;Cirtec Medical | Senior Secured Revolving Credit (First Lien) | S+ | 5.00% | 8.65% | 1/30/2023 | 10/31/2028 | 22222 | 22222 | 22167 |
| &nbsp;&nbsp;&nbsp;Clearway | Senior Secured Second Amendment Incremental Term Loan | S+ | 5.50% | 9.15% | 9/17/2025 | 8/30/2030 | 16810 | 16565 | 16726 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Audax Credit BDC Inc.**

**Consolidated Schedules of Investments (continued)**

**As of December 31, 2025**

**(Expressed in U.S. Dollars)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Investments (a) (b) (c) (d) (e) (f)** | **Investment Type** | **Index<br>(^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par/<br>Shares** | **Amortized<br>Cost** | **Market<br>Value** |
| **Audax Credit BDC, Inc. (Continued)** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Western Dental<br> (k) | Senior Secured Loan | S+ | 2.50% | 6.15% | 12/24/2025 | 6/3/2026 | $15630 | $15630 | $15630 |
| &nbsp;&nbsp;&nbsp;MB2 Dental | Senior Secured Revolving Loan | S+ | 5.50% | 9.15% | 2/5/2024 | 2/13/2031 | 12032 | 12032 | 11912 |
| &nbsp;&nbsp;&nbsp;Clearway | Senior Secured Fourth Amendment Incremental Term Loan | S+ | 5.50% | 9.15% | 9/17/2025 | 8/30/2030 | 11321 | 11156 | 11265 |
| &nbsp;&nbsp;&nbsp;Clearway | Senior Secured Ninth Amendment Incremental Term Loan | S+ | 5.50% | 9.15% | 9/17/2025 | 8/30/2030 | 4213 | 4151 | 4192 |
| &nbsp;&nbsp;&nbsp;Western Dental<br> (o) | Senior Secured Second-Out Term Loan (Tranche B) | S+ | 1.00%, 6.25% PIK | 10.90% | 6/14/2024 | 8/18/2028 | 541114 | 438360 | - |
| &nbsp;&nbsp;&nbsp;AGS Health | Senior Secured Tranche A Revolving Credit Loan | S+ | 4.50% | 8.15% | 7/24/2025 | 8/2/2032 | - | (76) | - |
| &nbsp;&nbsp;&nbsp;AGS Health | Senior Secured Tranche A Revolving Credit Loan | S+ | 4.50% | 8.15% | 7/24/2025 | 8/2/2032 | - | (133) | - |
| &nbsp;&nbsp;&nbsp;Specialized Dental | Senior Secured Fifth Amendment Revolver | S+ | 4.75% | 8.40% | 10/30/2025 | 11/1/2027 | - | (467) | - |
| &nbsp;&nbsp;&nbsp;Avalon<br> (k) | Senior Secured Revolving Credit | S+ | 4.50% | 8.15% | 12/30/2025 | 12/31/2031 | - | (833) | - |
| &nbsp;&nbsp;&nbsp;VaxCare | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.15% | 6/10/2025 | 6/17/2032 | - | (1667) | - |
| &nbsp;&nbsp;&nbsp;Midwest Eye Services | Senior Secured Fourth Amendment Incremental Revolving Loan | S+ | 4.50% | 8.15% | 12/31/2024 | 8/20/2027 | - | (3220) | - |
| &nbsp;&nbsp;&nbsp;Sequel Ortho (fka OrthoNebraska)<br> (j) | Senior Secured Revolving Loan | S+ | 5.00% | 8.65% | 7/31/2023 | 7/31/2028 | - | (13962) | - |
| &nbsp;&nbsp;&nbsp;Minds + Assembly<br> (j) | Senior Secured Revolving Loan (First Lien) | S+ | 5.00% | 8.65% | 5/3/2023 | 5/3/2029 | - | (18789) | - |
|  |  |  |  |  |  |  |  | 75156300 | 71601837 |
| *Banking, Finance, Insurance & Real Estate* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cherry Bekaert<br> (j) | Unitranche Term B Loan | S+ | 4.50% | 8.15% | 6/13/2022 | 6/28/2030 | 5042946 | 4982248 | 5042946 |
| &nbsp;&nbsp;&nbsp;Cerity Partners<br> (j) | Unitranche 2025 Term Loan | S+ | 4.50% | 8.15% | 7/28/2022 | 7/28/2031 | 4519713 | 4476932 | 4519713 |
| &nbsp;&nbsp;&nbsp;Confluence | Senior Secured Initial Term Loan (First Lien) | S+ | 3.75% | 7.40% | 7/22/2021 | 7/31/2028 | 3840000 | 3830538 | 3478800 |
| &nbsp;&nbsp;&nbsp;Prime Pensions<br> (j) | Unitranche Initial Term Loan | S+ | 4.75% | 8.40% | 2/20/2024 | 2/26/2030 | 3080295 | 3008841 | 3080295 |
| &nbsp;&nbsp;&nbsp;EPIC Insurance | Unitranche Refinancing Tranche B Term Loan | S+ | 4.50% | 8.15% | 8/27/2021 | 9/29/2028 | 2176942 | 2159894 | 2155172 |
| &nbsp;&nbsp;&nbsp;Steward Partners | Senior Secured Closing Date Term B Loan | S+ | 4.75% | 8.40% | 12/8/2023 | 10/14/2028 | 2030250 | 2003549 | 2025174 |
| &nbsp;&nbsp;&nbsp;Beta+ | Senior Secured Initial Term Loan | S+ | 5.75% | 9.40% | 6/24/2022 | 7/2/2029 | 1935000 | 1863126 | 1915650 |
| &nbsp;&nbsp;&nbsp;OneDigital<br> (k) | Senior Secured 2025 Refinancing Term Loan (First Lien) | S+ | 3.00% | 6.65% | 6/13/2024 | 7/2/2031 | 1479352 | 1472981 | 1484929 |
| &nbsp;&nbsp;&nbsp;EdgeCo | Senior Secured Third Amendment Term Loan (First Lien) | S+ | 4.50% | 8.15% | 3/29/2022 | 6/1/2028 | 1469183 | 1465860 | 1469183 |
| &nbsp;&nbsp;&nbsp;Orion<br> (k) | Senior Secured 2025 Refinancing Term Loan (First Lien) | S+ | 3.25% | 6.90% | 8/4/2020 | 9/24/2030 | 1425886 | 1421391 | 1437022 |
| &nbsp;&nbsp;&nbsp;SIAA<br> (j) | Unitranche Seventh Amendment Refinancing Term Loan | S+ | 4.75% | 8.40% | 4/21/2021 | 4/30/2030 | 1128724 | 1120135 | 1128724 |
| &nbsp;&nbsp;&nbsp;Alera<br> (k) | Senior Secured Term Loan (First Lien) | S+ | 3.25% | 6.90% | 5/21/2025 | 5/30/2032 | 997500 | 992500 | 1003430 |
| &nbsp;&nbsp;&nbsp;Osaic<br> (k) | Senior Secured Initial Term Loan | S+ | 3.00% | 6.65% | 8/1/2025 | 7/30/2032 | 997135 | 994642 | 1002460 |
| &nbsp;&nbsp;&nbsp;LERETA | Senior Secured Initial Term Loan | S+ | 5.25% | 8.90% | 7/27/2021 | 7/30/2028 | 957500 | 953215 | 926381 |
| &nbsp;&nbsp;&nbsp;Frazier & Deeter | Senior Secured Initial Term Loan | S+ | 4.50% | 8.15% | 4/30/2025 | 5/3/2032 | 764261 | 756648 | 760440 |
| &nbsp;&nbsp;&nbsp;Cherry Bekaert<br> (j) | Unitranche Amendment No. 1 Term Loan | S+ | 4.50% | 8.15% | 10/11/2023 | 6/28/2030 | 711823 | 703118 | 711823 |
| &nbsp;&nbsp;&nbsp;Confluence | Senior Secured Term Loan (Priority) | S+ | 5.00% | 8.65% | 2/14/2025 | 7/30/2028 | 377264 | 377264 | 367832 |
| &nbsp;&nbsp;&nbsp;SIAA<br> (j) | Unitranche Seventh Amendment Incremental Term Loan | S+ | 4.75% | 8.40% | 3/24/2025 | 4/30/2030 | 138994 | 135136 | 138994 |
| &nbsp;&nbsp;&nbsp;Beta+ | Senior Secured Revolving Credit Loan | S+ | 4.25% | 7.90% | 6/24/2022 | 7/1/2027 | 82887 | 76671 | 82058 |
| &nbsp;&nbsp;&nbsp;Cerity Partners<br> (j) | Senior Secured Initial Revolving Loan | S+ | 4.50% | 8.15% | 7/28/2022 | 7/28/2028 | 45878 | 45878 | 45878 |
| &nbsp;&nbsp;&nbsp;EPIC Insurance | Senior Secured Refinancing Revolving Loan | S+ | 4.50% | 8.15% | 8/27/2021 | 9/29/2028 | 38093 | 37823 | 37712 |
| &nbsp;&nbsp;&nbsp;Frazier & Deeter | Senior Secured Revolving Loan | S+ | 4.50% | 8.15% | 4/30/2025 | 5/2/2031 | - | (882) | - |
| &nbsp;&nbsp;&nbsp;Steward Partners | Senior Secured Revolving Loan | S+ | 4.75% | 8.40% | 12/20/2023 | 10/14/2028 | - | (5944) | - |
| &nbsp;&nbsp;&nbsp;Prime Pensions<br> (j) | Senior Secured Revolving Credit | S+ | 4.75% | 8.40% | 2/20/2024 | 2/26/2030 | - | (7619) | - |
|  |  |  |  |  |  |  |  | 32863945 | 32814616 |
| *Capital Equipment* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Tank Holding | Unitranche Initial Term Loan | S+ | 5.75% | 9.40% | 3/25/2022 | 3/31/2028 | 3860000 | 3826018 | 3831050 |
| &nbsp;&nbsp;&nbsp;Flow Control Group<br> (k) | Senior Secured Amendment No. 11 Term Loan (First Lien) | S+ | 3.25% | 6.90% | 3/17/2021 | 3/31/2028 | 3579476 | 3574730 | 3598072 |
| &nbsp;&nbsp;&nbsp;Plaskolite | Unitranche Initial Term Loan | S+ | 4.00%, 4.00% PIK | 11.65% | 5/5/2025 | 5/9/2030 | 3048936 | 2990212 | 3018446 |
| &nbsp;&nbsp;&nbsp;Excelitas | Unitranche Closing Date Euro Term Loan | S+ | 5.25% | 8.90% | 6/15/2022 | 8/13/2029 | 2880478 | 2908980 | 2851673 |
| &nbsp;&nbsp;&nbsp;Burke Porter Group | Senior Secured Closing Date Term Loan | S+ | 2.00%, 5.00% PIK | 10.65% | 9/30/2022 | 7/29/2029 | 2351338 | 2314617 | 1951610 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Audax Credit BDC Inc.**

**Consolidated Schedules of Investments (continued)**

**As of December 31, 2025**

**(Expressed in U.S. Dollars)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Investments (a) (b) (c) (d) (e) (f)** | **Investment Type** | **Index<br>(^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par/<br>Shares** | **Amortized<br>Cost** | **Market<br>Value** |
| **Audax Credit BDC, Inc. (Continued)** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shaw | Senior Secured Closing Date Term Loan (First Lien) | S+ | 6.00% | 9.65% | 9/30/2023 | 10/30/2029 | $1755957 | $1730794 | $1736203 |
| &nbsp;&nbsp;&nbsp;Radwell | Unitranche Initial Term Loan | S+ | 5.50% | 9.15% | 3/11/2022 | 4/1/2029 | 1611474 | 1598508 | 1599388 |
| &nbsp;&nbsp;&nbsp;Antylia Scientific | Senior Secured Initial Term Loan | S+ | 4.00% | 7.65% | 5/16/2025 | 5/27/2032 | 1500000 | 1464898 | 1492500 |
| &nbsp;&nbsp;&nbsp;Trystar | Senior Secured Initial Term Loan | S+ | 4.25% | 7.90% | 7/31/2024 | 8/6/2031 | 1114762 | 1104332 | 1111975 |
| &nbsp;&nbsp;&nbsp;Air Control Concepts<br> (k) | Senior Secured Closing Date Term Loan | S+ | 2.75% | 6.40% | 7/16/2024 | 7/23/2031 | 994774 | 992890 | 995863 |
| &nbsp;&nbsp;&nbsp;Barnes | Senior Secured Term Loan | S+ | 4.75% | 8.40% | 10/17/2025 | 10/22/2032 | 1000000 | 980000 | 992500 |
| &nbsp;&nbsp;&nbsp;MW Industries | Senior Secured Initial Term Loan | S+ | 7.00% | 10.65% | 3/31/2023 | 3/31/2030 | 945910 | 927240 | 934086 |
| &nbsp;&nbsp;&nbsp;Therm-O-Disc | Senior Secured Initial Term Loan (First Lien) | S+ | 6.00% | 9.65% | 5/26/2022 | 5/31/2029 | 967500 | 924732 | 851400 |
| &nbsp;&nbsp;&nbsp;Associated Springs | Senior Secured Initial Term Loan | S+ | 4.75% | 8.40% | 3/7/2024 | 4/4/2030 | 698678 | 685623 | 698678 |
| &nbsp;&nbsp;&nbsp;80/20<br> (k) | Unitranche Initial Term Loan | S+ | 4.50% | 8.15% | 12/11/2025 | 12/13/2032 | 682540 | 674762 | 675714 |
| &nbsp;&nbsp;&nbsp;Associated Springs | Senior Secured Amendment No. 1 Incremental Term Loan | S+ | 4.75% | 8.40% | 11/25/2024 | 4/4/2030 | 539867 | 529602 | 539867 |
| &nbsp;&nbsp;&nbsp;Ohio Transmission<br> (j) | Unitranche Initial Term Loan | S+ | 5.75% | 9.40% | 12/12/2023 | 12/19/2030 | 547536 | 538116 | 537954 |
| &nbsp;&nbsp;&nbsp;nVent<br> (k) | Senior Secured Initial Term Loan | S+ | 3.00% | 6.65% | 9/30/2024 | 1/30/2032 | 498750 | 496250 | 502648 |
| &nbsp;&nbsp;&nbsp;Circor | Senior Secured 2025 Term Loan | S+ | 3.00% | 6.65% | 10/9/2024 | 10/17/2031 | 496256 | 495173 | 496256 |
| &nbsp;&nbsp;&nbsp;Chromalloy<br> (k) | Senior Secured Term Loan | S+ | 3.25% | 6.90% | 3/22/2024 | 3/27/2031 | 492500 | 488569 | 496002 |
| &nbsp;&nbsp;&nbsp;Trystar | Senior Secured Amendment No. 1 Incremental Term Loan | S+ | 4.25% | 7.90% | 9/5/2024 | 8/6/2031 | 495000 | 490027 | 493763 |
| &nbsp;&nbsp;&nbsp;TriMark | Senior Secured Initial Tranche B Loan | S+ | 2.00%, 3.25% PIK | 8.90% | 1/16/2024 | 7/2/2029 | 691220 | 691220 | 492494 |
| &nbsp;&nbsp;&nbsp;AGCO G&P | Senior Secured Initial Term Loan | S+ | 5.00% | 8.65% | 10/8/2024 | 10/31/2031 | 496250 | 491886 | 491288 |
| &nbsp;&nbsp;&nbsp;Infinite Electronics | Senior Secured Initial Term Loan (First Lien) | S+ | 3.75% | 7.40% | 2/24/2021 | 3/2/2028 | 477725 | 477319 | 469365 |
| &nbsp;&nbsp;&nbsp;Industrial Electric Manufacturing<br> (k) | Senior Secured Amendment No. 1 Incremental Term Facility | S+ | 4.50% | 8.15% | 12/3/2025 | 12/3/2031 | 418774 | 416477 | 416680 |
| &nbsp;&nbsp;&nbsp;Pegasus | Senior Secured Initial Term Loan | S+ | 4.75% | 8.40% | 1/24/2024 | 1/19/2031 | 384246 | 377592 | 383286 |
| &nbsp;&nbsp;&nbsp;SupplyHouse | Senior Secured Initial Term Loan | S+ | 4.00% | 7.65% | 6/19/2025 | 7/1/2032 | 374063 | 372309 | 371257 |
| &nbsp;&nbsp;&nbsp;Burke Porter Group | Senior Secured Revolving Credit Loan | S+ | 6.00% | 9.65% | 8/11/2022 | 7/29/2028 | 234524 | 224120 | 194655 |
| &nbsp;&nbsp;&nbsp;Ohio Transmission<br> (j) | Senior Secured Initial Revolving Loan | S+ | 5.75% | 9.40% | 12/19/2023 | 12/19/2029 | 48533 | 47840 | 47684 |
| &nbsp;&nbsp;&nbsp;Plaskolite | Senior Secured Revolving Credit Loan | S+ | 7.00% | 10.65% | 5/5/2025 | 2/7/2030 | 28907 | 28329 | 28618 |
| &nbsp;&nbsp;&nbsp;Radwell | Senior Secured Revolving Loan | S+ | 5.50% | 9.15% | 3/11/2022 | 4/1/2029 | 13333 | 12133 | 13233 |
| &nbsp;&nbsp;&nbsp;SupplyHouse | Senior Secured Revolving Credit Loan | S+ | 4.00% | 7.65% | 6/19/2025 | 7/1/2032 | - | (625) | - |
| &nbsp;&nbsp;&nbsp;80/20<br> (k) | Senior Secured Revolving Loan | S+ | 4.50% | 8.15% | 12/11/2025 | 12/13/2032 | - | (1270) | - |
| &nbsp;&nbsp;&nbsp;Associated Springs | Senior Secured Revolving Loan | S+ | 4.75% | 8.40% | 3/7/2024 | 4/4/2030 | - | (1888) | - |
| &nbsp;&nbsp;&nbsp;Trystar | Senior Secured Revolving Credit Loan | S+ | 4.25% | 7.90% | 7/31/2024 | 8/6/2031 | - | (2727) | - |
| &nbsp;&nbsp;&nbsp;Tank Holding | Senior Secured Revolving Credit Loan | S+ | 5.75% | 9.40% | 3/25/2022 | 3/31/2028 | - | (2954) | - |
|  |  |  |  |  |  |  |  | 32865834 | 32314208 |
| *Services: Consumer* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ned Stevens 2022-2<br> (j) | Unitranche Initial Term Loan | S+ | 5.00% | 8.65% | 11/1/2022 | 11/1/2029 | 5245465 | 5168453 | 5245465 |
| &nbsp;&nbsp;&nbsp;Smart Start | Senior Secured 2025 Refinancing Term B Loan (First Lien) | S+ | 4.25% | 7.90% | 12/10/2021 | 12/16/2028 | 2917950 | 2911964 | 2903360 |
| &nbsp;&nbsp;&nbsp;Apex Service Partners | Unitranche 2024 Term Loan | S+ | 5.00% | 8.65% | 10/16/2023 | 10/24/2030 | 2665722 | 2643856 | 2652394 |
| &nbsp;&nbsp;&nbsp;Rover | Senior Secured Initial Term Loan | S+ | 4.75% | 8.40% | 2/16/2024 | 2/27/2031 | 2346212 | 2322320 | 2319818 |
| &nbsp;&nbsp;&nbsp;A Place For Mom | Senior Secured Sixth Amendment Replacement Term Loan | S+ | 5.50% | 9.15% | 7/28/2017 | 2/10/2028 | 2287190 | 2285857 | 2241446 |
| &nbsp;&nbsp;&nbsp;Smart Start | Senior Secured Term B Loan (Second Lien) | S+ | 7.75% | 11.40% | 12/10/2021 | 12/16/2029 | 2000000 | 1980398 | 1990000 |
| &nbsp;&nbsp;&nbsp;Taxwell | Senior Secured Initial Term Loan | S+ | 4.25% | 7.90% | 6/17/2024 | 6/26/2031 | 1907074 | 1890768 | 1907074 |
| &nbsp;&nbsp;&nbsp;Aptive Environmental | Senior Secured Initial Term Loan | S+ | 4.75% | 8.40% | 10/10/2025 | 10/15/2032 | 1767442 | 1749380 | 1754186 |
| &nbsp;&nbsp;&nbsp;FullBloom | Senior Secured Initial Term Loan (First Lien) | S+ | 4.25% | 7.90% | 12/10/2021 | 12/15/2028 | 1447500 | 1440616 | 1440263 |
| &nbsp;&nbsp;&nbsp;Legacy Service Partners | Unitranche Closing Date Term Loan | S+ | 4.50% | 8.15% | 10/25/2023 | 11/10/2031 | 1033872 | 1009064 | 1023533 |
| &nbsp;&nbsp;&nbsp;Teaching Strategies | Senior Secured Initial Term Loan (First Lien) | S+ | 3.75% | 7.40% | 8/19/2021 | 8/31/2028 | 960000 | 955191 | 949200 |
| &nbsp;&nbsp;&nbsp;Spring Education<br> (k) | Senior Secured Initial Term Loan | S+ | 3.25% | 6.90% | 10/5/2023 | 10/4/2030 | 931000 | 931000 | 937475 |
| &nbsp;&nbsp;&nbsp;Crash Champions<br> (k) | Senior Secured Initial Term Loan | S+ | 4.75% | 8.40% | 2/7/2024 | 2/23/2029 | 985000 | 983309 | 937390 |
| &nbsp;&nbsp;&nbsp;United Comfort Group (fka United Air Temp)<br> (j) | Unitranche Initial Term Loan | S+ | 5.50% | 9.15% | 2/14/2024 | 3/28/2030 | 1107396 | 1079952 | 928672 |
| &nbsp;&nbsp;&nbsp;All My Sons | Senior Secured Closing Date Term Loan (First Lien) | S+ | 4.75% | 8.40% | 6/4/2024 | 10/25/2028 | 490478 | 485014 | 486799 |
| &nbsp;&nbsp;&nbsp;Apex Service Partners | Unitranche Second Amendment Incremental Term Loan | S+ | 5.00% | 8.65% | 4/24/2025 | 10/24/2030 | 382266 | 378183 | 380355 |
| &nbsp;&nbsp;&nbsp;FMG Suite<br> (j) | Unitranche Initial Term Loan | S+ | 4.75% | 8.40% | 8/11/2025 | 9/9/2032 | 349057 | 345219 | 346528 |
| &nbsp;&nbsp;&nbsp;&nbsp;R. F. Fager | Senior Secured First Amendment Term Loan | S+ | 5.00% | 8.65% | 5/16/2025 | 3/4/2030 | 331785 | 326646 | 329297 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Audax Credit BDC Inc.**

**Consolidated Schedules of Investments (continued)**

**As of December 31, 2025**

**(Expressed in U.S. Dollars)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Investments (a) (b) (c) (d) (e) (f)** | **Investment Type** | **Index<br>(^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par/<br>Shares** | **Amortized<br>Cost** | **Market<br>Value** |
| **Audax Credit BDC, Inc. (Continued)** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;United Comfort Group (fka United Air Temp)<br> (j) | Senior Secured Revolving Loan | S+ | 5.50% | 9.15% | 2/14/2024 | 3/28/2030 | $196043 | $196043 | $164403 |
| &nbsp;&nbsp;&nbsp;Ned Stevens 2022-2<br> (j) | Senior Secured Revolving Loan | S+ | 5.00% | 8.65% | 11/1/2022 | 11/1/2028 | 84617 | 74463 | 84617 |
| &nbsp;&nbsp;&nbsp;Apex Service Partners | Senior Secured 2024 Revolving Credit Loan | S+ | 5.00% | 8.65% | 10/16/2023 | 10/24/2029 | 38329 | 36868 | 38137 |
| &nbsp;&nbsp;&nbsp;&nbsp;R. F. Fager | Senior Secured Revolving Loan | S+ | 5.00% | 8.65% | 5/16/2025 | 3/4/2030 | 20562 | 19518 | 20408 |
| &nbsp;&nbsp;&nbsp;FMG Suite<br> (j) | Senior Secured Revolving Loan | S+ | 4.75% | 8.40% | 8/11/2025 | 9/9/2032 | - | (566) | - |
| &nbsp;&nbsp;&nbsp;Aptive Environmental | Senior Secured Initial Revolving Loan | S+ | 4.75% | 8.40% | 10/10/2025 | 10/15/2032 | - | (1550) | - |
| &nbsp;&nbsp;&nbsp;Rover | Senior Secured Revolving Loan | S+ | 4.75% | 8.40% | 2/16/2024 | 2/27/2031 | - | (2250) | - |
|  |  |  |  |  |  |  |  | 29209716 | 29080820 |
| *High Tech Industries* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Planview<br> (k) | Senior Secured 2024-B Incremental Term Loan (First Lien) | S+ | 3.50% | 7.15% | 12/11/2020 | 12/17/2027 | 3028946 | 3018556 | 2914891 |
| &nbsp;&nbsp;&nbsp;Ivanti Software | Senior Secured 2025-1 Term Loan (First Lien) | S+ | 4.75% | 8.40% | 11/20/2020 | 6/1/2029 | 2952762 | 2937331 | 2662564 |
| &nbsp;&nbsp;&nbsp;Idera<br> (k) | Senior Secured Incremental Term Loan (First Lien) | S+ | 3.50% | 7.15% | 6/27/2017 | 3/2/2028 | 2502165 | 2502266 | 2341264 |
| &nbsp;&nbsp;&nbsp;Precisely<br> (k) | Senior Secured Third Amendment Term Loan (First Lien) | S+ | 4.00% | 7.65% | 3/19/2021 | 4/24/2028 | 2393750 | 2388685 | 2233967 |
| &nbsp;&nbsp;&nbsp;Intermedia | Unitranche 2024 Refinancing Term Loan (First Lien) | S+ | 5.25% | 8.90% | 4/4/2024 | 4/4/2029 | 1859469 | 1859469 | 1854820 |
| &nbsp;&nbsp;&nbsp;Barracuda | Senior Secured Initial Term Loan (Second Lien) | S+ | 7.00% | 10.65% | 5/17/2022 | 8/15/2030 | 2000000 | 1958140 | 1516340 |
| &nbsp;&nbsp;&nbsp;Xplor Technologies | Senior Secured Second Amendment Term Loan | S+ | 3.50% | 7.15% | 6/14/2024 | 12/1/2032 | 1481288 | 1471467 | 1481288 |
| &nbsp;&nbsp;&nbsp;Digital Room | Senior Secured Closing Date Term Loan (First Lien) | S+ | 5.25% | 8.90% | 12/16/2021 | 12/21/2028 | 1443750 | 1436781 | 1427508 |
| &nbsp;&nbsp;&nbsp;ORBCOMM | Senior Secured Closing Date Term Loan (First Lien) | S+ | 4.25% | 7.90% | 6/17/2021 | 9/1/2028 | 1451057 | 1413541 | 1403897 |
| &nbsp;&nbsp;&nbsp;HelpSystems | Senior Secured Initial Term Loan (First Lien) | S+ | 6.00% | 9.65% | 12/19/2019 | 5/21/2029 | 1370444 | 1369445 | 1302566 |
| &nbsp;&nbsp;&nbsp;SmartBear | Senior Secured 2024 Term Loan | S+ | 4.00% | 7.65% | 11/20/2020 | 3/3/2028 | 960244 | 956707 | 950641 |
| &nbsp;&nbsp;&nbsp;Options IT | Senior Secured Initial Term Loan | S+ | 4.50% | 8.15% | 9/20/2024 | 9/30/2031 | 736154 | 725168 | 734313 |
| &nbsp;&nbsp;&nbsp;Aptean | Unitranche Initial Term Loan | S+ | 4.75% | 8.40% | 1/1/2024 | 1/30/2031 | 582923 | 578458 | 578551 |
| &nbsp;&nbsp;&nbsp;Inhabit | Unitranche Initial Term Loan | S+ | 4.50% | 8.15% | 12/10/2024 | 1/12/2032 | 497500 | 494975 | 496256 |
| &nbsp;&nbsp;&nbsp;LightBox | Senior Secured Initial Term Loan | S+ | 5.25% | 8.90% | 1/10/2025 | 1/13/2030 | 496250 | 489773 | 496250 |
| &nbsp;&nbsp;&nbsp;Qlik<br> (k) | Senior Secured Second Amendment Refinancing Term Loan (First Lien) | S+ | 3.25% | 6.90% | 12/31/2024 | 10/26/2030 | 496231 | 495065 | 496018 |
| &nbsp;&nbsp;&nbsp;NCR Voyix<br> (k) | Senior Secured Term Loan | S+ | 2.75% | 6.40% | 9/24/2024 | 9/30/2031 | 495000 | 492899 | 495973 |
| &nbsp;&nbsp;&nbsp;Cloudera | Senior Secured Initial Term Loan (First Lien) | S+ | 3.75% | 7.40% | 8/10/2021 | 10/8/2028 | 481250 | 479111 | 477641 |
| &nbsp;&nbsp;&nbsp;Barracuda<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 4.50% | 8.15% | 5/17/2022 | 8/15/2029 | 485000 | 476622 | 397019 |
| &nbsp;&nbsp;&nbsp;Ivanti Software | Senior Secured Initial Term Loan (First Lien) | S+ | 5.75% | 9.40% | 5/6/2025 | 6/1/2029 | 388174 | 370601 | 388174 |
| &nbsp;&nbsp;&nbsp;insightsoftware | Unitranche Initial Term Loan | S+ | 5.25% | 8.90% | 7/16/2024 | 5/25/2028 | 390801 | 389455 | 384939 |
| &nbsp;&nbsp;&nbsp;insightsoftware | Senior Secured Revolving Loan | S+ | 5.25% | 8.90% | 3/26/2024 | 5/25/2028 | 48501 | 47846 | 47773 |
| &nbsp;&nbsp;&nbsp;Options IT | Senior Secured Revolving Loan | S+ | 4.50% | 8.15% | 9/20/2024 | 3/31/2031 | 24124 | 22784 | 24064 |
| &nbsp;&nbsp;&nbsp;Inhabit | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.15% | 12/10/2024 | 1/12/2032 | - | (439) | - |
| &nbsp;&nbsp;&nbsp;LightBox | Senior Secured Revolving Loan | S+ | 5.25% | 8.90% | 1/10/2025 | 1/13/2030 | - | (494) | - |
|  |  |  |  |  |  |  |  | 26374212 | 25106717 |
| *Containers, Packaging & Glass* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brook & Whittle<br> (k) | Senior Secured Tranche B Term Loan | S+ | 4.50% | 8.15% | 8/11/2025 | 12/14/2030 | 3052265 | 3052265 | 2009154 |
| &nbsp;&nbsp;&nbsp;Paragon Films | Senior Secured Closing Date Term Loan (First Lien) | S+ | 3.75% | 7.40% | 12/15/2021 | 12/16/2028 | 1990300 | 1980055 | 1985324 |
| &nbsp;&nbsp;&nbsp;Tekni-Plex<br> (k) | Senior Secured Tranche B-7 Initial Term Loan | S+ | 3.75% | 7.40% | 3/27/2024 | 9/15/2028 | 1593945 | 1592215 | 1534985 |
| &nbsp;&nbsp;&nbsp;Resource Label Group | Senior Secured Closing Date Initial Term Loan (First Lien) | S+ | 4.25% | 7.90% | 7/2/2021 | 7/7/2028 | 1804557 | 1800734 | 1437104 |
| &nbsp;&nbsp;&nbsp;Technimark | Senior Secured 2024-1 Refinancing Term Loan (First Lien) | S+ | 3.25% | 6.90% | 6/30/2021 | 4/14/2031 | 1436914 | 1433995 | 1408176 |
| &nbsp;&nbsp;&nbsp;Intertape Polymer<br> (k)(m) | Senior Secured Initial Term Loan (First Lien) | S+ | 4.75% | 8.40% | 6/15/2022 | 6/28/2028 | 1361043 | 1330765 | 1323621 |
| &nbsp;&nbsp;&nbsp;Transcendia | Unitranche Term Loan | S+ | 6.50% | 10.15% | 5/23/2024 | 11/23/2029 | 987500 | 972721 | 980094 |
| &nbsp;&nbsp;&nbsp;Five Star Packaging | Senior Secured Initial Term Loan (First Lien) | S+ | 4.25% | 7.90% | 4/27/2022 | 5/5/2029 | 978635 | 969350 | 971295 |
| &nbsp;&nbsp;&nbsp;Balcan<br> (n) | Senior Secured Initial Term B Loan (First Lien) | S+ | 4.75% | 8.40% | 10/10/2024 | 10/20/2031 | 992500 | 975067 | 952800 |
| &nbsp;&nbsp;&nbsp;Lacerta | Senior Secured Term Loan | S+ | 5.50% | 9.15% | 2/8/2021 | 12/30/2026 | 950000 | 947729 | 902500 |
| &nbsp;&nbsp;&nbsp;Brook & Whittle | Senior Secured Tranche A Term Loan | S+ | 6.50% | 10.15% | 8/11/2025 | 12/14/2030 | 764541 | 681336 | 764541 |
| &nbsp;&nbsp;&nbsp;Precision Concepts | Unitranche Initial Term Loan (US) | S+ | 4.75% | 8.40% | 7/28/2025 | 8/2/2032 | 682344 | 675684 | 677227 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Audax Credit BDC Inc.**

**Consolidated Schedules of Investments (continued)**

**As of December 31, 2025**

**(Expressed in U.S. Dollars)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Investments (a) (b) (c) (d) (e) (f)** | **Investment Type** | **Index<br>(^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par/<br>Shares** | **Amortized<br>Cost** | **Market<br>Value** |
| **Audax Credit BDC, Inc. (Continued)** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ProAmpac<br> (k) | Senior Secured 2024-1 Refinancing Term Loan | S+ | 4.00% | 7.65% | 8/7/2025 | 9/15/2028 | $497468 | $496282 | $499122 |
| &nbsp;&nbsp;&nbsp;SupplyOne<br> (k) | Senior Secured Term B Loan | S+ | 3.50% | 7.15% | 3/27/2024 | 4/21/2031 | 491288 | 487418 | 492909 |
| &nbsp;&nbsp;&nbsp;Industrial Physics | Senior Secured Initial Term Loan | S+ | 6.25% | 9.90% | 7/18/2023 | 7/19/2029 | 490000 | 478677 | 478975 |
| &nbsp;&nbsp;&nbsp;Golden West Packaging | Senior Secured Term B-1 Loan | S+ | 5.25% | 8.90% | 11/29/2021 | 6/27/2031 | 450625 | 448817 | 351488 |
| &nbsp;&nbsp;&nbsp;Precision Concepts | Unitranche Initial Term Loan (CA) | S+ | 4.75% | 8.40% | 7/28/2025 | 8/2/2032 | 199179 | 197246 | 197685 |
| &nbsp;&nbsp;&nbsp;Industrial Physics | Senior Secured Revolving Credit Loan | S+ | 6.25% | 9.90% | 7/18/2023 | 7/19/2028 | 60345 | 57112 | 58987 |
| &nbsp;&nbsp;&nbsp;Precision Concepts | Senior Secured Revolving Credit Loan | S+ | 4.75% | 8.40% | 7/28/2025 | 8/2/2032 | 11263 | 10101 | 11179 |
|  |  |  |  |  |  |  |  | 18587569 | 17037166 |
| *Construction & Building* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;A1 Garage Door<br> (j) | Unitranche Term Loan A | S+ | 4.50% | 8.15% | 12/22/2022 | 12/22/2028 | 2217632 | 2177401 | 2217632 |
| &nbsp;&nbsp;&nbsp;Cook & Boardman | Senior Secured Amendment No. 2 Incremental DDTL | S+ | 6.00% | 9.65% | 5/29/2024 | 3/4/2030 | 1979489 | 1964611 | 1969592 |
| &nbsp;&nbsp;&nbsp;PlayPower | Unitranche Initial Term Loan | S+ | 5.25% | 8.90% | 10/29/2025 | 10/29/2031 | 1885067 | 1847365 | 1870929 |
| &nbsp;&nbsp;&nbsp;Tangent | Senior Secured Closing Date Term Loan (First Lien) | S+ | 4.75% | 8.40% | 10/2/2019 | 11/30/2027 | 1722472 | 1719863 | 1666492 |
| &nbsp;&nbsp;&nbsp;Leaf Home | Senior Secured Initial Term Loan | S+ | 5.25% | 8.90% | 9/4/2025 | 9/4/2031 | 1382297 | 1362212 | 1371930 |
| &nbsp;&nbsp;&nbsp;Brown & Root<br> (k) | Senior Secured Initial Term Loan | S+ | 5.00% | 8.65% | 9/29/2025 | 10/3/2030 | 1221429 | 1203935 | 1203107 |
| &nbsp;&nbsp;&nbsp;Lindsay Precast<br> (k) | Senior Secured Initial Term Loans | S+ | 4.75% | 8.40% | 12/15/2025 | 12/16/2032 | 905172 | 894569 | 896121 |
| &nbsp;&nbsp;&nbsp;Dodge Construction Network | Senior Secured Tranche B Term Loan (First Lien) | S+ | 4.75% | 8.40% | 11/14/2024 | 2/28/2029 | 603456 | 603456 | 600439 |
| &nbsp;&nbsp;&nbsp;Voeller | Senior Secured Closing Date Initial Term Loan | S+ | 4.75% | 8.40% | 11/25/2025 | 11/25/2032 | 581395 | 574419 | 577035 |
| &nbsp;&nbsp;&nbsp;Electric Power Engineers | Senior Secured Term Loan | S+ | 4.50% | 8.15% | 11/27/2024 | 12/15/2031 | 500000 | 494611 | 500000 |
| &nbsp;&nbsp;&nbsp;Cumming Group | Unitranche 2025-B Incremental Term Loan | S+ | 4.75% | 8.40% | 10/1/2025 | 11/16/2029 | 500000 | 497500 | 500000 |
| &nbsp;&nbsp;&nbsp;Terra Millennium<br> (k) | Senior Secured Initial Term Loan | S+ | 4.75% | 8.40% | 10/25/2024 | 11/1/2030 | 496496 | 491869 | 499369 |
| &nbsp;&nbsp;&nbsp;RailPros | Unitranche Initial Term Loan | S+ | 4.25% | 7.90% | 4/23/2025 | 5/24/2032 | 498750 | 492981 | 498750 |
| &nbsp;&nbsp;&nbsp;DynaGrid | Senior Secured Initial Term Loan | S+ | 4.75% | 8.40% | 1/7/2025 | 2/13/2032 | 497500 | 487500 | 497500 |
| &nbsp;&nbsp;&nbsp;Playcore<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 3.75% | 7.40% | 2/14/2024 | 2/20/2030 | 491287 | 485799 | 495048 |
| &nbsp;&nbsp;&nbsp;Dodge Construction Network | Senior Secured Tranche A New Money Term Loan (First Lien) | S+ | 6.25% | 9.90% | 11/14/2024 | 1/31/2029 | 435165 | 431714 | 432990 |
| &nbsp;&nbsp;&nbsp;Brown & Root<br> (k) | Senior Secured Revolving Loan | S+ | 5.00% | 8.65% | 9/29/2025 | 10/3/2030 | 85714 | 81381 | 84429 |
| &nbsp;&nbsp;&nbsp;Leaf Home | Senior Secured Revolving Credit Loan | S+ | 5.25% | 8.90% | 9/4/2025 | 9/4/2031 | 13500 | 11813 | 13399 |
| &nbsp;&nbsp;&nbsp;PlayPower | Senior Secured Revolving Loan | S+ | 5.25% | 8.90% | 10/29/2025 | 10/29/2030 | 8841 | 6542 | 8775 |
| &nbsp;&nbsp;&nbsp;DynaGrid | Senior Secured Revolving Credit Facility | S+ | 4.75% | 8.40% | 1/7/2025 | 1/7/2031 | - | (539) | - |
| &nbsp;&nbsp;&nbsp;RailPros | Senior Secured Revolving Loan | S+ | 4.25% | 7.90% | 4/23/2025 | 5/24/2032 | - | (807) | - |
| &nbsp;&nbsp;&nbsp;Electric Power Engineers | Senior Secured Revolving Loan | S+ | 4.50% | 8.15% | 11/27/2024 | 12/15/2031 | - | (968) | - |
| &nbsp;&nbsp;&nbsp;Voeller | Senior Secured Revolving Loan | S+ | 4.75% | 8.40% | 11/25/2025 | 11/25/2032 | - | (1860) | - |
| &nbsp;&nbsp;&nbsp;Lindsay Precast<br> (k) | Senior Secured Incremental Revolving Loan | S+ | 4.75% | 8.40% | 12/15/2025 | 12/16/2032 | - | (2845) | - |
| &nbsp;&nbsp;&nbsp;A1 Garage Door<br> (j) | Senior Secured Revolving Loan | S+ | 4.50% | 8.15% | 12/22/2022 | 12/22/2028 | - | (8264) | - |
|  |  |  |  |  |  |  |  | 15814258 | 15903537 |
| *Beverage, Food & Tobacco* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bettcher Industries<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 4.00% | 7.65% | 12/13/2021 | 12/14/2028 | 2922409 | 2909665 | 2915103 |
| &nbsp;&nbsp;&nbsp;Dessert Holdings<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 4.00% | 7.65% | 6/7/2021 | 6/9/2028 | 2893533 | 2864576 | 2886603 |
| &nbsp;&nbsp;&nbsp;Purfoods | Senior Secured 2024 Term Loan | S+ | 5.00% | 8.65% | 6/24/2024 | 8/12/2027 | 2000000 | 1989263 | 1995000 |
| &nbsp;&nbsp;&nbsp;Hissho Sushi<br> (j) | Unitranche Term Loan | S+ | 4.75% | 8.40% | 4/7/2022 | 5/18/2029 | 1792143 | 1774459 | 1792143 |
| &nbsp;&nbsp;&nbsp;Monogram Foods | Senior Secured Initial Term Loan | S+ | 4.00% | 7.65% | 8/13/2021 | 8/28/2028 | 960000 | 955719 | 950400 |
| &nbsp;&nbsp;&nbsp;Mary Ruth's | Senior Secured Closing Date Term B Loan | S+ | 4.75% | 8.40% | 9/26/2025 | 9/30/2031 | 748125 | 740905 | 744384 |
| &nbsp;&nbsp;&nbsp;Hissho Sushi | Unitranche Amendment No.2 Incremental Term Loan | S+ | 4.75% | 8.40% | 10/20/2025 | 5/18/2029 | 523810 | 518571 | 523810 |
| &nbsp;&nbsp;&nbsp;Hissho Sushi<br> (j) | Unitranche Amendment No. 1 Incremental Term Loan | S+ | 4.75% | 8.40% | 8/7/2024 | 5/18/2029 | 517262 | 512543 | 517262 |
| &nbsp;&nbsp;&nbsp;Golden State Foods<br> (k) | Senior Secured Initial Term Loan | S+ | 4.00% | 7.65% | 10/7/2024 | 12/4/2031 | 493762 | 490474 | 497466 |
| &nbsp;&nbsp;&nbsp;Rise Baking | Senior Secured Initial Term Loan | S+ | 5.00% | 8.65% | 10/24/2024 | 11/4/2031 | 495000 | 488450 | 491288 |
| &nbsp;&nbsp;&nbsp;MBC Companies | Senior Secured Second Amendment Term B Loan | S+ | 4.75% | 8.40% | 1/6/2025 | 7/7/2029 | 495000 | 490785 | 491288 |
| &nbsp;&nbsp;&nbsp;Trilliant 2024 | Senior Secured 2024 Refinancing Term Loan | S+ | 6.50% | 10.15% | 11/20/2024 | 11/30/2029 | 487500 | 479254 | 487500 |
| &nbsp;&nbsp;&nbsp;Hometown Food | Senior Secured Closing Date Term B Loan | S+ | 4.50% | 8.15% | 4/22/2025 | 12/3/2030 | 474511 | 470363 | 473325 |
| &nbsp;&nbsp;&nbsp;MBC Companies | Senior Secured Third Amendment Term B Loan | S+ | 4.75% | 8.40% | 10/8/2025 | 4/10/2031 | 469407 | 464701 | 465886 |
| &nbsp;&nbsp;&nbsp;Mary Ruth's | Senior Secured Closing Date Term A Loan | S+ | 4.00% | 7.65% | 9/26/2025 | 9/30/2030 | 248438 | 247246 | 247195 |
| &nbsp;&nbsp;&nbsp;MBC Companies | Senior Secured Third Amendment Term A Loan | S+ | 4.00% | 7.65% | 10/8/2025 | 10/10/2030 | 29233 | 29086 | 29014 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Audax Credit BDC Inc.**

**Consolidated Schedules of Investments (continued)**

**As of December 31, 2025**

**(Expressed in U.S. Dollars)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Investments (a) (b) (c) (d) (e) (f)** | **Investment Type** | **Index<br>(^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par/<br>Shares** | **Amortized<br>Cost** | **Market<br>Value** |
| **Audax Credit BDC, Inc. (Continued)** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Hissho Sushi<br> (j) | Senior Secured Revolving Credit Loan | S+ | 4.75% | 8.40% | 4/7/2022 | 5/18/2029 | $- | $(667) | $- |
|  |  |  |  |  |  |  |  | 15425393 | 15507667 |
| *Transportation: Cargo* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Evans Network | Senior Secured Initial Term Loan (First Lien) | S+ | 4.25% | 7.90% | 8/6/2021 | 8/19/2028 | 3388767 | 3372504 | 3346408 |
| &nbsp;&nbsp;&nbsp;Kenco | Senior Secured Initial Term Loan | S+ | 4.25% | 7.90% | 6/5/2024 | 11/15/2029 | 2871025 | 2862781 | 2856670 |
| &nbsp;&nbsp;&nbsp;Capstone Logistics | Senior Secured 2024 Term Loan (First Lien) | S+ | 4.50% | 8.15% | 11/12/2020 | 11/13/2029 | 2037786 | 2031125 | 2027597 |
| &nbsp;&nbsp;&nbsp;AIT Worldwide Logistics<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 4.00% | 7.65% | 11/7/2024 | 4/8/2030 | 1920600 | 1918221 | 1935005 |
| &nbsp;&nbsp;&nbsp;Worldwide Express<br> (k) | Senior Secured Amendment No. 2 Incremental Term Loan | S+ | 4.00% | 7.65% | 11/8/2024 | 7/26/2028 | 1440000 | 1440000 | 1448359 |
| &nbsp;&nbsp;&nbsp;FLS Transportation | Senior Secured Term B Loan | S+ | 5.25% | 8.90% | 4/14/2022 | 12/15/2028 | 1180870 | 1175047 | 1121826 |
| &nbsp;&nbsp;&nbsp;Magnate | Senior Secured Initial Term Loan (First Lien) | S+ | 5.50% | 9.15% | 3/11/2022 | 12/29/2028 | 951342 | 941662 | 937071 |
| &nbsp;&nbsp;&nbsp;St. George Logistics<br> (o) | Senior Secured Second-Out Closing Date Purchased Term Loan | S+ | 1.00%, 6.50% PIK | 11.15% | 10/3/2024 | 10/3/2029 | 937950 | 937950 | 281385 |
| &nbsp;&nbsp;&nbsp;FLS Transportation | Senior Secured Revolving Credit Loan | S+ | 5.25% | 8.90% | 4/14/2022 | 12/17/2027 | 87778 | 86889 | 83389 |
| &nbsp;&nbsp;&nbsp;St. George Logistics<br> (o) | Senior Secured Third-Out Closing Date Purchased Term Loan | S+ | 1.00%, 6.00% PIK | 10.65% | 10/3/2024 | 10/3/2029 | 466584 | 466584 |  |
| &nbsp;&nbsp;&nbsp;Kenco | Senior Secured Revolving Credit Loan | S+ | 4.25% | 7.90% | 6/5/2024 | 11/15/2029 | - | (2283) | - |
|  |  |  |  |  |  |  |  | 15230480 | 14037710 |
| &nbsp;&nbsp;&nbsp;Engine & Transmission Exchange<br> (j) | Senior Secured Term Loan A | S+ | 5.00% | 8.65% | 5/26/2023 | 5/29/2029 | 4168763 | 4089483 | 4168763 |
| &nbsp;&nbsp;&nbsp;Highline | Senior Secured 2025-1 Term Loan (First Lien) | S+ | 3.50% | 7.15% | 2/13/2025 | 2/19/2030 | 1980000 | 1975480 | 1975050 |
| &nbsp;&nbsp;&nbsp;BBB Industries<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 5.25% | 8.90% | 6/30/2022 | 7/25/2029 | 2057536 | 1941096 | 1757733 |
| &nbsp;&nbsp;&nbsp;Rough Country<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 3.50% | 7.15% | 7/26/2021 | 7/28/2028 | 1455202 | 1452460 | 1451564 |
| &nbsp;&nbsp;&nbsp;Truck Hero<br> (k) | Senior Secured Initial Term Loan | S+ | 3.75% | 7.40% | 1/20/2021 | 1/31/2028 | 1428750 | 1428750 | 1107281 |
| &nbsp;&nbsp;&nbsp;Innovative XCessories<br> (k) | Senior Secured 2025 Refinancing Term Loan | S+ | 5.50% | 9.15% | 8/15/2025 | 9/5/2029 | 416929 | 407927 | 417016 |
| &nbsp;&nbsp;&nbsp;Engine & Transmission Exchange<br> (j) | Senior Secured Amendment No. 2 Incremental Term Loan | S+ | 5.00% | 8.65% | 3/21/2025 | 5/29/2029 | 339487 | 335449 | 339487 |
| &nbsp;&nbsp;&nbsp;Engine & Transmission Exchange<br> (j) | Senior Secured Revolving Loan | S+ | 5.00% | 8.65% | 5/26/2023 | 5/29/2029 |  | (15392) |  |
|  |  |  |  |  |  |  |  | 11615253 | 11216894 |
| *Aerospace & Defense* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Electro Methods | Senior Secured Initial Term Loans | S+ | 4.75% | 8.40% | 2/6/2025 | 2/23/2032 | 2985000 | 2944260 | 2977538 |
| &nbsp;&nbsp;&nbsp;HDT Global | Senior Secured Initial Term Loan | S+ | 1.00%, 5.50% PIK | 10.15% | 6/30/2021 | 1/7/2028 | 3468439 | 3434422 | 2358539 |
| &nbsp;&nbsp;&nbsp;Whitcraft | Senior Secured Initial Term Loan | S+ | 5.00% | 8.65% | 3/31/2023 | 9/30/2031 | 1945000 | 1898396 | 1930413 |
| &nbsp;&nbsp;&nbsp;API Technologies | Senior Secured Term B-2 Loan (First Lien) | S+ | 1.00%, 6.00% PIK | 10.65% | 1/15/2020 | 5/9/2027 | 1125639 | 1123491 | 1089055 |
| &nbsp;&nbsp;&nbsp;Novaria Group | Senior Secured Initial Term Loan | S+ | 3.25% | 6.90% | 6/4/2024 | 6/6/2031 | 987550 | 983538 | 985081 |
| &nbsp;&nbsp;&nbsp;SMX | Senior Secured Term Loan | S+ | 4.50% | 8.15% | 2/6/2025 | 2/6/2032 | 992500 | 983463 | 985056 |
| &nbsp;&nbsp;&nbsp;Tronair<br> (k) | Senior Secured Initial Term Loan | S+ | 3.75% | 7.40% | 12/18/2025 | 12/22/2032 | 400000 | 395000 | 395000 |
| &nbsp;&nbsp;&nbsp;API Technologies | Senior Secured Term B-1 Loan (First Lien) | S+ | 1.00%, 6.00% PIK | 10.65% | 11/3/2023 | 3/25/2027 | 99191 | 98576 | 97207 |
| &nbsp;&nbsp;&nbsp;Tronair<br> (k) | Senior Secured Revolving Loan | S+ | 3.75% | 7.40% | 12/18/2025 | 12/22/2032 | - | (1250) | - |
| &nbsp;&nbsp;&nbsp;Whitcraft | Senior Secured Revolving Loan | S+ | 5.00% | 8.65% | 3/31/2023 | 9/30/2031 | - | (10714) | - |
| &nbsp;&nbsp;&nbsp;Electro Methods | Senior Secured Revolving Credit Facility | S+ | 4.75% | 8.40% | 2/6/2025 | 2/23/2032 | - | (12191) | - |
|  |  |  |  |  |  |  |  | 11836991 | 10817889 |
| *Chemicals, Plastics & Rubber* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Vertellus | Senior Secured Initial Term Loan | S+ | 5.75% | 9.40% | 12/18/2020 | 1/2/2029 | 2876887 | 2850776 | 2733043 |
| &nbsp;&nbsp;&nbsp;Shrieve | Unitranche Initial Term Loan | S+ | 6.00% | 9.65% | 9/23/2024 | 10/30/2030 | 2475000 | 2429343 | 2456438 |
| &nbsp;&nbsp;&nbsp;USALCO<br> (k) | Senior Secured 2025 Initial Term Loan | S+ | 3.50% | 7.15% | 9/17/2024 | 9/30/2031 | 990025 | 985867 | 995287 |
| &nbsp;&nbsp;&nbsp;Boyd Group<br> (k) | Senior Secured 2024 Term Loan (First Lien) | S+ | 3.75% | 7.40% | 7/19/2024 | 7/29/2029 | 987500 | 975994 | 994817 |
| &nbsp;&nbsp;&nbsp;Americhem | Senior Secured Initial Term Loan | S+ | 4.50% | 8.15% | 2/5/2025 | 3/1/2032 | 497500 | 492392 | 496256 |
| &nbsp;&nbsp;&nbsp;Chase | Senior Secured Initial Term Loan | S+ | 4.00% | 7.65% | 4/2/2025 | 4/9/2032 | 498750 | 494078 | 496256 |
| &nbsp;&nbsp;&nbsp;Ascensus Specialties | Senior Secured Initial Term Loan | S+ | 4.35% | 8.00% | 12/3/2021 | 6/30/2028 | 478655 | 475004 | 454722 |
| &nbsp;&nbsp;&nbsp;Vertellus | Senior Secured Revolving Credit Loan | S+ | 5.75% | 9.40% | 12/18/2020 | 1/2/2029 | 202211 | 192081 | 192100 |
| &nbsp;&nbsp;&nbsp;Polytek<br> (o) | Senior Secured Term Loan | S+ | 8.25% PIK | 11.90% | 12/23/2020 | 8/15/2026 | 471236 | 471236 | 164933 |
| &nbsp;&nbsp;&nbsp;Mold-Rite | Senior Secured New Money Tranche A-1 Term Loan | S+ | 5.25% | 8.90% | 6/11/2024 | 10/4/2028 | 136841 | 131086 | 136841 |
| &nbsp;&nbsp;&nbsp;Shrieve | Senior Secured Revolving Credit Loan | S+ | 6.00% | 9.65% | 9/23/2024 | 10/30/2030 | 71654 | 71654 | 71116 |
| &nbsp;&nbsp;&nbsp;Americhem | Senior Secured Revolving Loan | S+ | 4.50% | 8.15% | 2/5/2025 | 3/1/2032 | - | (909) | - |
|  |  |  |  |  |  |  |  | 9568602 | 9191809 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Audax Credit BDC Inc.**

**Consolidated Schedules of Investments (continued)**

**As of December 31, 2025**

**(Expressed in U.S. Dollars)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Investments (a) (b) (c) (d) (e) (f)** | **Investment Type** | **Index<br>(^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par/<br>Shares** | **Amortized<br>Cost** | **Market<br>Value** |
| **Audax Credit BDC, Inc. (Continued)** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** |  |  |  |  |  |  |  |  |
| *Environmental Industries* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alliance Environmental Group<br> (j) (o) | Unitranche Initial Term Loan | S+ | 7.00% PIK | 10.65% | 12/30/2021 | 12/30/2028 | $4569454 | $4532758 | $2150495 |
| &nbsp;&nbsp;&nbsp;Denali Water Solutions | Senior Secured Closing Date Term Loan | S+ | 4.75% | 8.40% | 11/13/2025 | 11/19/2032 | 1692308 | 1675385 | 1679615 |
| &nbsp;&nbsp;&nbsp;Crystal Clean | Senior Secured Initial Term Loan | S+ | 3.75% | 7.40% | 10/5/2023 | 10/17/2030 | 1471228 | 1452730 | 1467550 |
| &nbsp;&nbsp;&nbsp;Miller Environmental | Senior Secured Initial Term Loan | S+ | 5.00% | 8.65% | 9/4/2024 | 9/10/2031 | 1469842 | 1443967 | 1444120 |
| &nbsp;&nbsp;&nbsp;O6 Environmental<br> (j) | Senior Secured Initial Term Loan | S+ | 4.75% | 8.40% | 8/4/2025 | 8/5/2032 | 607432 | 600652 | 603053 |
| &nbsp;&nbsp;&nbsp;Keter Environmental Services | Unitranche Closing Date Term Loan | S+ | 5.25% | 8.90% | 11/5/2021 | 10/29/2027 | 480000 | 478229 | 464400 |
| &nbsp;&nbsp;&nbsp;Denali Water Solutions | Senior Secured Revolving Loan | S+ | 4.75% | 8.40% | 11/13/2025 | 11/19/2032 | 111538 | 108462 | 110702 |
| &nbsp;&nbsp;&nbsp;Alliance Environmental Group<br> (j) (o) | Senior Secured Revolving Loan | S+ | 7.00% PIK | 10.65% | 12/30/2021 | 12/30/2028 | 228477 | 221854 | 107527 |
| &nbsp;&nbsp;&nbsp;Keter Environmental Services | Senior Secured Revolving Loan | S+ | 4.25% | 7.90% | 11/5/2021 | 10/29/2027 | 28424 | 27649 | 27500 |
| &nbsp;&nbsp;&nbsp;Alliance Environmental Group<br> (j) | Senior Secured Priority Revolving Loan | S+ | 7.00% PIK | 10.65% | 6/23/2025 | 12/30/2028 | 515 | 515 | 242 |
| &nbsp;&nbsp;&nbsp;O6 Environmental<br> (j) | Senior Secured Revolving Loan | S+ | 4.75% | 8.40% | 8/4/2025 | 8/5/2032 | - | (1623) | - |
| &nbsp;&nbsp;&nbsp;Miller Environmental | Senior Secured Revolving Loan | S+ | 5.00% | 8.65% | 9/4/2024 | 9/10/2031 | - | (6014) | - |
|  |  |  |  |  |  |  |  | 10534564 | 8055204 |
| *Consumer Goods: Non-durable* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Augusta Sportswear | Senior Secured Initial Term Loan | S+ | 7.00% | 10.65% | 11/21/2023 | 11/21/2029 | 4421250 | 4358517 | 4244400 |
| &nbsp;&nbsp;&nbsp;Augusta Sportswear | Senior Secured Revolving Credit Loan | S+ | 7.00% | 10.65% | 11/21/2023 | 11/21/2028 | 174382 | 168817 | 167407 |
|  |  |  |  |  |  |  |  | 4527334 | 4411807 |
| *Media: Advertising, Printing & Publishing* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;MediaRadar<br> (j) | Unitranche Closing Date Term A Loan | S+ | 5.00% | 8.65% | 5/23/2022 | 9/17/2029 | 1777333 | 1755180 | 1777333 |
| &nbsp;&nbsp;&nbsp;Integral Ad Science<br> (k) | Senior Secured Initial Term Loan | S+ | 5.00% | 8.65% | 12/22/2025 | 12/25/2030 | 1000000 | 965000 | 965000 |
| &nbsp;&nbsp;&nbsp;MediaRadar<br> (j) | Unitranche 2023 Incremental Term Loan | S+ | 5.00% | 8.65% | 10/31/2023 | 9/17/2029 | 938007 | 921441 | 938007 |
| &nbsp;&nbsp;&nbsp;MediaRadar<br> (j) | Senior Secured Revolving Loan | S+ | 5.00% | 8.65% | 9/16/2022 | 9/17/2029 | 69726 | 59558 | 69726 |
|  |  |  |  |  |  |  |  | 3701179 | 3750066 |
| *Hotels, Gaming & Leisure* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Auto Europe | Senior Secured Initial Dollar Term Loan | S+ | 7.50% | 11.15% | 10/19/2016 | 1/23/2026 | 1616965 | 1518986 | 1293572 |
| &nbsp;&nbsp;&nbsp;Encore | Senior Secured Initial Term Loan | S+ | 5.00% | 8.65% | 11/18/2024 | 12/5/2031 | 496250 | 487495 | 495009 |
| &nbsp;&nbsp;&nbsp;Encore | Senior Secured Revolving Loan | S+ | 5.00% | 8.65% | 11/18/2024 | 12/5/2029 |  | (1094) |  |
|  |  |  |  |  |  |  |  | 2005387 | 1788581 |
| *Wholesale* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Carlisle Foodservice | Senior Secured Initial Term Loan | S+ | 5.00% | 8.65% | 9/29/2023 | 10/2/2030 | 1080773 | 1059258 | 1078071 |
| &nbsp;&nbsp;&nbsp;RelaDyne<br> (k) | Senior Secured Term B Loan (First Lien) | S+ | 3.50% | 7.15% | 6/30/2025 | 12/23/2030 | 496250 | 495108 | 497146 |
| &nbsp;&nbsp;&nbsp;Carlisle Foodservice | Senior Secured Revolving Loan | S+ | 5.00% | 8.65% | 9/29/2023 | 10/2/2029 | 85948 | 82725 | 85733 |
|  |  |  |  |  |  |  |  | 1637091 | 1660950 |
| *Metals & Mining* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dynatect (A&A) | Senior Secured Term B Loan | S+ | 4.50% | 8.15% | 8/16/2019 | 9/29/2028 | 1574836 | 1574836 | 1574836 |
|  |  |  |  |  |  |  |  | 1574836 | 1574836 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Audax Credit BDC Inc.**

**Consolidated Schedules of Investments (continued)**

**As of December 31, 2025**

**(Expressed in U.S. Dollars)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Investments (a) (b) (c) (d) (e) (f)** | **Investment Type** | **Index (^)** | **Spread** | **Interest Rate** | **Acquisition Date** | **Maturity Date** | **Par/Shares** | **Amortized Cost** | **Market Value** |
| **Audax Credit BDC, Inc. (Continued)** |  |  |  |  |  |  |  |  |  |
| *Media: Diversified & Production* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cast & Crew | Senior Secured Incremental Facility No. 2 Incremental Term Loan (First Lien) | S+ | 3.75% | 7.40% | 4/30/2024 | 12/29/2028 | $982093 | $977093 | $776561 |
| &nbsp;&nbsp;&nbsp;Spectrum Science | Senior Secured 2024 Incremental Term Loan | S+ | 7.00% | 10.65% | 1/17/2024 | 2/1/2029 | 507604 | 493795 | 491107 |
|  |  |  |  |  |  |  |  | 1470888 | 1267668 |
| *Retail* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Varsity Brands<br> (k) | Senior Secured 2025-2 Replacement Term Loan | S+ | 3.00% | 6.65% | 7/26/2024 | 8/26/2031 | 995000 | 990826 | 999821 |
| &nbsp;&nbsp;&nbsp;StubHub<br> (k) | Senior Secured Extended USD Term B Loan | S+ | 4.75% | 8.40% | 1/31/2020 | 3/15/2030 | 246853 | 245393 | 245156 |
|  |  |  |  |  |  |  |  | 1236219 | 1244977 |
| *Utilities: Electric* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Power Grid Components<br> (k) | Senior Secured Initial Term Loan | S+ | 4.75% | 8.40% | 7/24/2024 | 12/2/2030 | 694955 | 694955 | 691480 |
|  |  |  |  |  |  |  |  | 694955 | 691480 |
| *Energy: Oil & Gas* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AmSpec | Senior Secured Amendment No. 1 Other Term Loan | S+ | 3.50% | 7.15% | 12/12/2024 | 12/22/2031 | 574154 | 571861 | 569848 |
|  |  |  |  |  |  |  |  | 571861 | 569848 |
| *Telecommunications* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Eastern Communications | Senior Secured First Amendment Term A Loan | S+ | 5.00% | 8.65% | 9/29/2025 | 12/30/2030 | 498741 | 493741 | 497494 |
|  |  |  |  |  |  |  |  | 493741 | 497494 |
| *Utilities: Water* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Vessco | Unitranche 2025 Incremental Term Loan | S+ | 4.50% | 8.15% | 10/30/2025 | 11/3/2032 | 232069 | 230345 | 230329 |
| &nbsp;&nbsp;&nbsp;Vessco | Senior Secured Revolving Loan | S+ | 4.50% | 8.15% | 10/30/2025 | 11/3/2032 |  | (212) |  |
|  |  |  |  |  |  |  |  | 230133 | 230329 |
|  |  ***Total Bank Loans*** |  |  |  |  |  |  | $411873187 | $397567459 |
| **EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h):** | **EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h):** |  |  |  |  |  |  |  |  |
| *Services: Business* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Vortex Companies<br> (j) (o) (p) | LP Common Units |  |  |  | 9/1/2023 |  | 190 | $189759 | $644450 |
| &nbsp;&nbsp;&nbsp;InnovateMR<br> (j) (o) (q) | Class A Units |  |  |  | 12/16/2021 |  | 387 | 387311 | 527662 |
| &nbsp;&nbsp;&nbsp;Industrial Services Group<br> (j) (o) (r) | Class A Units |  |  |  | 12/7/2022 |  | 238 | 238095 | 420663 |
| &nbsp;&nbsp;&nbsp;Amplix<br> (j) (o) (s) | Class A-2 Units |  |  |  | 10/19/2023 |  | 23810 | 238095 | 333293 |
| &nbsp;&nbsp;&nbsp;Golden Source<br> (j) (o) (t) | Class A Units |  |  |  | 3/25/2022 |  | 117371 | 117371 | 244273 |
| &nbsp;&nbsp;&nbsp;Gallo Mechanical<br> (o) (u) | LP Interest |  |  |  | 6/19/2025 |  | 140000 | 137384 | 158140 |
| &nbsp;&nbsp;&nbsp;CCG<br> (j) (o) (v) | Class A Units |  |  |  | 12/30/2025 |  | 154806 | 154806 | 154806 |
| &nbsp;&nbsp;&nbsp;AI Fire & Safety<br> (o) (w) | Class A Units |  |  |  | 12/20/2024 |  | 233607 | 233607 | 139531 |
| &nbsp;&nbsp;&nbsp;VC3<br> (j) (o) (x) | Class A Units |  |  |  | 9/16/2022 |  | 16958 | 70778 | 103999 |
| &nbsp;&nbsp;&nbsp;Heartland<br> (o) (y) | Co-Invest Units |  |  |  | 12/12/2023 |  | 889 | 88889 | 92081 |
| &nbsp;&nbsp;&nbsp;Eagle Fire<br> (o) (z) | Class A Units |  |  |  | 6/4/2025 |  | 119048 | 119048 | 88409 |
| &nbsp;&nbsp;&nbsp;Industrial Services Group<br> (j) (o) (r) | Class A-1 Units |  |  |  | 3/10/2025 |  | 25 | 32022 | 44369 |
| &nbsp;&nbsp;&nbsp;Liberty Group<br> (j) (o) (aa) | Series A-Preferred Units |  |  |  | 6/6/2022 |  | 113636 | 113636 | 41113 |
| &nbsp;&nbsp;&nbsp;Embark<br> (j) (o) (ab) | Class A Units |  |  |  | 9/2/2025 |  | 20000 | 20000 | 15239 |
| &nbsp;&nbsp;&nbsp;OSG Billing Services<br> (o) (ac) | Class A Units |  |  |  | 11/30/2023 |  | 27208 | - | - |
|  |  |  |  |  |  |  |  | 2140801 | 3008028 |
| *Healthcare & Pharmaceuticals* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Visor Buyer, Inc.<br> (j) (o) (ad) | Class A Units |  |  |  | 12/15/2025 |  | 2206263 | 2206263 | 1517753 |
| &nbsp;&nbsp;&nbsp;Minds + Assembly<br> (j) (o) (ae) | Class A Units |  |  |  | 5/3/2023 |  | 217 | 217391 | 425120 |
| &nbsp;&nbsp;&nbsp;Sequel Ortho (fka OrthoNebraska)<br> (j) (o) (af) | Class A Units |  |  |  | 7/31/2023 |  | 24245 | 166992 | 351014 |
| &nbsp;&nbsp;&nbsp;Summit Spine 2025<br> (j) (o) (ag) | Class A Units |  |  |  | 3/21/2025 |  | 2388 | 238847 | 273084 |
| &nbsp;&nbsp;&nbsp;Ivy Rehab<br> (o) (ah) | Class A Units |  |  |  | 3/11/2022 |  | 100 | 100000 | 144571 |
| &nbsp;&nbsp;&nbsp;APT Healthcare<br> (o) (ai) | Class A-5 Common Units |  |  |  | 9/15/2025 |  | 7421 | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp;RevHealth<br> (j) (o) (aj) | Class A-1 Units |  |  |  | 7/22/2022 |  | 20548 | 205479 |  |
|  |  |  |  |  |  |  |  | 3144972 | 2721542 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Audax Credit BDC Inc.**

**Consolidated Schedules of Investments (continued)**

**As of December 31, 2025**

**(Expressed in U.S. Dollars)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Investments (a) (b) (c) (d) (e) (f)** | **Footnote Reference** | **Investment Type** | **Index<br>(^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par/<br>Shares** | **Amortized<br>Cost** | **Market<br>Value** |
| **Audax Credit BDC, Inc. (Continued)** |  |  |  |  |  |  |  |  |  |  |
| **EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (Continued):** | **EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (Continued):** | **EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (Continued):** |  |  |  |  |  |  |  |  |
| *Banking, Finance, Insurance & Real Estate* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cherry Bekaert | (j) (o) (ak) | Class A Units |  |  |  | 6/30/2022 |  | 129870 | $61388 | $339458 |
| &nbsp;&nbsp;&nbsp;American Beacon Advisors | (o) (al) | Common Units |  |  |  | 12/29/2023 |  | 16071 | - | 273207 |
| &nbsp;&nbsp;&nbsp;Prime Pensions | (j) (o) (am) | LP Interest |  |  |  | 2/20/2024 |  | 238095 | 214404 | 226476 |
| &nbsp;&nbsp;&nbsp;Beta+ | (o) (an) | Class A-2 Common Stock |  |  |  | 9/15/2023 |  | 2470 | 24700 | 25646 |
|  |  |  |  |  |  |  |  |  | 300492 | 864787 |
| *Construction & Building* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;A1 Garage Door | (j) (o) (ao) | Class A Common Units |  |  |  | 12/22/2022 |  | 273 | 272727 | 758534 |
| &nbsp;&nbsp;&nbsp;DynaGrid | (o) (ap) | Class A-2 Units |  |  |  | 1/7/2025 |  | 59524 | 59524 | 101389 |
|  |  |  |  |  |  |  |  |  | 332251 | 859923 |
| *High Tech Industries* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;PracticeTek | (j) (o) (aq) | Class A Units |  |  |  | 11/22/2021 |  | 616814 | 649236 | 668261 |
|  |  |  |  |  |  |  |  |  | 649236 | 668261 |
| *Beverage, Food & Tobacco* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Hissho Sushi | (j) (o) (ar) | Class A Units |  |  |  | 4/7/2022 |  | 25000 | 157353 | 537534 |
|  |  |  |  |  |  |  |  |  | 157353 | 537534 |
| *Services: Consumer* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ned Stevens 2022-2 | (j) (o) (as) | Class B Common Units |  |  |  | 11/1/2022 |  | 279 | 278990 | 346334 |
| &nbsp;&nbsp;&nbsp;United Comfort Group (fka United Air Temp) | (j) (o) (at) | Class A Units |  |  |  | 2/14/2024 |  | 110947 | 110947 | - |
|  |  |  |  |  |  |  |  |  | 389937 | 346334 |
| *Wholesale* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GME Supply | (j) (o) (au) | Class A Units |  |  |  | 6/30/2023 |  | 281 | 280718 | 265023 |
|  |  |  |  |  |  |  |  |  | 280718 | 265023 |
| *Automotive* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Engine & Transmission Exchange | (j) (o) (av) | Class A-1 Units |  |  |  | 5/26/2023 |  | 211 | 211268 | 226858 |
|  |  |  |  |  |  |  |  |  | 211268 | 226858 |
| *Media: Advertising, Printing & Publishing* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;MediaRadar | (j) (o) (aw) | Class A-1 Units |  |  |  | 9/16/2022 |  | 147000 | 147000 | 192136 |
|  |  |  |  |  |  |  |  |  | 147000 | 192136 |
| *Consumer Goods: Durable* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Careismatic | (o) (ax) | Class A Units |  |  |  | 6/13/2024 |  | 3522 | 209625 | 137759 |
|  |  |  |  |  |  |  |  |  | 209625 | 137759 |
| *Environmental Industries* |  |  |  |  |  |  |  |  |  |  |
| *O6 Environmental* | (j) (o) (ay) | Common Units |  |  |  | 45873.00 |  | 45 | 44801 | 57875 |
| &nbsp;&nbsp;&nbsp;Alliance Environmental Group | (j) (o) (az) | A-1 Preferred Units |  |  |  | 9/30/2019 |  | 331 | 331126 | - |
|  |  |  |  |  |  |  |  |  | 375927 | 57875 |
| *Chemicals, Plastics & Rubber* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Vertellus | (o) (ba) | Series A Units |  |  |  | 12/22/2020 |  | 1651 | 165138 | 40882 |
|  |  |  |  |  |  |  |  |  | 165138 | 40882 |
| *Capital Equipment* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;80/20 | (j) (o) (bb) | LP Interest |  |  |  | 12/11/2025 |  | 10000 | 10000 | 10000 |
|  |  |  |  |  |  |  |  |  | 10000 | 10000 |
|  |  ***Total Equity and Preferred Shares*** |  ***Total Equity and Preferred Shares*** |  |  |  |  |  |  | $8514718 | $9936942 |
| &nbsp;&nbsp;&nbsp;**Total Investments** |  |  |  |  |  |  |  |  | $**420387905** | $**407504401** |
| **Portfolio Investments (a) (b) (c) (d) (e) (f)** | **Footnote Reference** | **Investment Type** | **Index (^)** | **Spread** | **Interest Rate** | **Acquisition Date** | **Maturity Date** | **Par/Shares** | **Amortized Cost** | **Market Value** |
| **Audax Credit BDC Equity, LLC** |  |  |  |  |  |  |  |  |  |  |
| **EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h):** | **EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h):** | **EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h):** |  |  |  |  |  |  |  |  |
| *Healthcare & Pharmaceuticals* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Avalon | (o) (bc) | Class A-1 Units |  |  |  | 12/30/2025 |  | 5000 | $5000 | $5000 |
|  |  |  |  |  |  |  |  |  | 5000 | 5000 |
|  |  ***Total Equity and Preferred Shares*** |  ***Total Equity and Preferred Shares*** |  |  |  |  |  |  | $5000 | $5000 |
| &nbsp;&nbsp;&nbsp;**Total Investments** |  |  |  |  |  |  |  |  | $**5000** | $**5000** |
| **Total Bank Loans - (95.0%)** | (g) |  |  |  |  |  |  |  | $**411873187** | $**397567459** |
| **Total Equity and Preferred Shares - (2.4%)** | (g) |  |  |  |  |  |  |  | $**8519718** | $**9941942** |
| **Total Portfolio Investments** | (bd) |  |  |  |  |  |  |  | $**420392905** | $**407509401** |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

(^) The majority of the investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate ("SOFR" or "S").

(a) All companies are located in the United States of America, unless otherwise noted.

(b) Interest rate percentages represent actual interest rates as of December 31, 2025, which are indexed to the noted reference rate. The referenced rates are subject to interest floors which can vary based on contractual agreements with the borrower.

(c) All loans are income-producing, unless otherwise noted.

(d) All investments are qualifying assets under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act") unless otherwise noted.

(e) All investments acquired in transactions are exempt from registration under the Securities Act of 1933 (the "Securities Act"), and may be deemed to be "restricted securities" under the Securities Act.

(f) Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the FASB Accounting Standard Codification ("ASC") Topic 820, "Fair Value Measurements and Disclosures" ("ASC 820") fair value hierarchy. Refer to Note 3 – Investments in the accompanying Notes to Consolidated Financial Statements for additional information.

(g) Percentages are calculated using fair value of investments over net assets.

(h) As defined in 1940 Act, the Company is not deemed to be an "Affiliated Person" of or "Control" this portfolio company because it neither owns 5% or more of the portfolio company's outstanding voting securities nor has the power to exercise control over the management or policies of such portfolio company (including through a management agreement).

(i) The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the unfunded loan commitment.

(j) Three affiliated funds, Audax Direct Lending Solutions Fund - A, L.P., Audax Direct Lending Solutions Fund - C, L.P., and Audax Direct Lending Solutions Fund - D, L.P., co-invested with the Company in this portfolio company pursuant to an exemptive order granted by the U.S. Securities and Exchange Commission.

(k) Investment was valued as Level 2, using significant observable inputs in accordance with ASC 820. Refer to Note 3 – Investments in the accompanying Notes to Consolidated Financial Statements for additional information.

(l) The Company headquarters for UDG is located in Ireland.

(m) The Company headquarters for Intertape Polymer is located in Canada.

(n) The Company headquarters for Balcan is located in Canada.

(o) Investment is non-income producing.

(p) Represents an investment in APD VTX Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(q) Represents an investment in APD INN Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(r) Represents an investment in APD ISG Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(s) Represents an investment in APD AMP Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(t) Represents an investment in APD Gol Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(u) Represents an investment in Citation Glow Co-Invest LP, a holding company for the investment in Gallo Mechanical.

(v) Represents an investment in CCG Group Holding Company, LLC, a holding company for the investment in Certified Collisions Group.

(w) Represents an investment in Firebird Co-Invest L.P., a holding company for the investment in AI Fire & Safety.

(x) Represents an investment in APD VC3 Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(y) Represents an investment in Heartland PPC Investor LLC, a holding company for the investment in Heartland.

(z) Represents an investment in Talon Holdings SCSP, A Luxembourg Special Limited Partnership, a holding company for the investment in Eagle Fire.

(aa) Represents an investment in APD TLG Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(ab) Represents an investment in Embark HoldCo, LP, a holding company for the investment in Embark.

(ac) Represents an investment in OSG Topco Holdings LLC, a holding company for the investment in OSG Billing Services.

(ad) Represents an investment in APD IMD Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(ae) Represents an investment in APD MA Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(af) Represents an investment in APD OrthoNebraska Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(ag) Represents an investment in Summit Parent Holdings, LLC, a holding company for the investment in Summit Spine.

(ah) Represents an investment in APD IVY Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(ai) Represents an investment in APT Holdings, LLC, a holding company for the investment in APT Healthcare.

(aj) Represents an investment in APD RH Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(ak) Represents an investment in APD CBA Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(al) Represents an investment in Resolute Topco, Inc., a holding company for the investment in American Beacon Advisors.

(am) Represents an investment in Prime Co-Invest, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(an) Represents an investment in Buckhorn Parent, Inc., a holding company for the investment in Beta+.

(ao) Represents an investment in APD GAR Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(ap) Represents an investment in DynaGrid Holdings LLC, a holding company for the investment in DynaGrid.

(aq) Represents an investment in APD Ptek Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(ar) Represents an investment in APD Sush Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(as) Represents an investment in APD NS Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(at) Represents an investment in LJ Flex, LP, a holding company, made through an affiliated equity aggregator vehicle.

(au) Represents an investment in ADP GMES Parent Holding Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(av) Represents an investment in APD ETE Equity Aggregator, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(aw) Represents an investment in APD MDR Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(ax) Represents an investment in Reorganized Careismatic Brands Parent, LLC., a holding company for the investment in Reorganized Careismatic Brands.

(ay) Represents an investment in O6 Environmental Holdings, LLC, a holding company for the investment in O6 Environmental.

The accompanying notes are an integral part of these consolidated financial statements.

------

(az) Represents an investment in APD AEG Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(ba) Represents an investment in ADP VERT Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

(bb) Represents an investment owned by APD 80/20 Equity, L.P., a holding company for the investment in 80/20.

(bc) Represents an investment in Excalibur Topco Holdings, L.P., a holding company for the investment in Avalon.

(bd) At December 31, 2025, the cost of investments for income tax purposes was $420,039,897, the gross unrealized depreciation for federal tax purposes was $18,605,180, the gross unrealized appreciation for federal income tax purposes was $6,074,684, and the net unrealized depreciation was $12,530,496.

The accompanying notes are an integral part of these consolidated financial statements.

------

**Audax Credit BDC Inc.**

**Notes to Consolidated Financial Statements**

**March 31, 2026**

**(unaudited)**

**Note 1. Organization**

Audax Credit BDC Inc. (the "Company") is a Delaware corporation that was formed on January 29, 2015. The Company is an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, effective with the Company's taxable year ended December 31, 2015, the Company has elected to be treated for federal income tax purposes and intends to comply with the requirements to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the U.S. Internal Revenue Code of 1986, as amended (the "Code").

The Company commenced business operations on July 8, 2015, the date on which the Company made its first investment. The Company was formed for the purpose of investing primarily in the debt of leveraged, non-investment grade middle market companies, with the principal objective of generating income and capital appreciation. The Company's investment strategy is to invest primarily in first lien senior secured loans and selectively in unitranche and second lien loans to middle market companies.

Audax Management Company (NY), LLC (the "Adviser") is the investment adviser of the Company. The Adviser is registered as an investment adviser with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended.

**Note 2. Significant Accounting Policies**

***Basis of Presentation***

As an investment company, the accompanying consolidated financial statements of the Company are prepared in accordance with the investment company accounting and reporting guidance of ASC Topic 946, "*Financial Services – Investment Companies*," as amended ("ASC Topic 946"), which incorporates the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X, as well as generally accepted accounting principles in the United States of America ("GAAP").

Certain financial information that is normally included in annual consolidated financial statements, including certain financial statement footnotes, prepared in accordance with GAAP, is not required for interim reporting purposes and has been condensed or omitted herein. Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with GAAP are omitted. In the opinion of management of the Company, the unaudited financial results included herein contain all adjustments, consisting solely of normal accruals, considered necessary for the fair presentation of consolidated financial statements for the interim period included herein. The current period's results of operations are not necessarily indicative of the operating results to be expected for future periods. The accounting records of the Company are maintained in U.S. dollars.

Certain prior period information has been reclassified to conform to the current period presentation. The reclassification has no effect on the Company's financial position or the result of operations as previously reported.

***Consolidation***

As of December 31, 2025, Audax Credit BDC Equity, LLC, a Delaware limited liability company (the "Subsidiary"), is a wholly owned subsidiary of the Company that is consolidated. The Subsidiary commenced operations on October 10, 2025, and all intercompany balances and transactions have been eliminated in consolidation.

***Use of Estimates***

The preparation of consolidated financial statements in conformity with GAAP requires management of the Company to make estimates and assumptions that may affect the reported amounts and disclosures in the consolidated financial statements. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ, and these differences could be material.

***Cash and Cash Equivalents***

Cash and cash equivalents are stated at fair value. The Company considers all highly liquid investments purchased with maturities of three months or less and money market mutual funds to be cash equivalents. No cash equivalent balances were held as of March 31, 2026 or December 31, 2025. At such dates, cash was not subject to any restrictions on withdrawal.

------

***Expenses***

The Company is responsible for investment expenses, legal expenses, auditing fees and other expenses related to the Company's operations. Such fees and expenses, including expenses initially incurred by the Adviser, may be reimbursed by the Company.

***Investment Valuation Policy*** 

On December 3, 2020, the SEC announced that it adopted Rule 2a-5 under the 1940 Act (the "Valuation Rule"), which established an updated regulatory framework for determining fair value in good faith for purposes of the 1940 Act. Pursuant to the Valuation Rule, which became effective on September 8, 2022, the Company's Board of Directors (the "Board of Directors") designated the Adviser as the Company's valuation designee (the "Valuation Designee") to perform fair value determinations relating to the value of the Company's assets for which market quotations are not readily available in good faith. Such valuation by the Valuation Designee must be made in good faith and may be based on, among other things, the input of independent third-party valuation firms, where applicable. The Valuation Designee's valuation process is subject to the Board of Directors' oversight.

In accordance with the 1940 Act, the Board of Directors has the ultimate responsibility for reviewing the good faith fair value determination of the Company's investments for which market quotations are not readily available based on the Company's investment valuation policy (the "Policy") and for overseeing the Valuation Designee. Such review and oversight include receiving written fair value determinations and supporting materials provided by the Valuation Designee and any independent third-party valuation firms as may be used by the Valuation Designee or the Board of Directors from time to time.

As part of the valuation process, the Valuation Designee may take into account the following types of factors, if relevant, in determining the fair value of the Company's investments: applicable market yields and multiples; security covenants; call protection provisions; information rights; comparisons of financial ratios of the portfolio companies that issued such private equity securities to peer companies that are public; comparable merger and acquisition transactions; the nature and realizable value of any collateral; the portfolio company's ability to make payments and its earnings and discounted cash flow; available current market data, including relevant and applicable markets in which the portfolio company does business; and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Valuation Designee will consider the pricing indicated by the external event in its valuation of the portfolio investment.

The Valuation Designee utilizes the following multi-step process in determining fair value for the Company's investments for which market quotations are not "readily available":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Adviser's investment professionals responsible for the portfolio investment and other senior members of the Adviser's investment and management team, with oversight from the Adviser's finance team, will make initial valuations of each investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Adviser's investment professionals and management team, with oversight by the Adviser's finance and compliance team, will document the preliminary valuation conclusions and oversee sample testing of valuations with third-party valuation agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The preliminary valuation conclusions will be presented to the valuation committees for consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The valuation committees will discuss the recommended valuations and determine, in good faith, the fair value of each investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The valuation determinations of the valuation committees will be presented to the risk committee and then shared with the Company's CEO and CFO; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Adviser will provide certain quarterly and annual reports to the Board of Directors.

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 investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material. 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 from the valuations currently assigned.

The Valuation Designee determines fair value in good faith for all our investments without readily available market quotations by using methodologies consistent with the principles of the valuation approaches set forth in ASC 820, Section 2(a)(41) of the 1940 Act and Rule 2a-5 thereunder.

ASC 820 defines fair value as "the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date." Fair value is a market-based measurement, not an entity-specific measurement. For some assets and liabilities, observable market transactions or market information might be available. For other

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assets and liabilities, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same – to estimate the price when an orderly transaction to sell the asset or transfer the liability would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability).

ASC 820 establishes a hierarchal disclosure framework which ranks the observability of inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instruments and their specific characteristics. Financial instruments with readily available quoted prices, or for which fair value can be measured from quoted prices in active markets, generally will have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value.

The three-level hierarchy for fair value measurement is defined as follows:

*Level 1* — Inputs to the valuation methodology are quoted prices available in active markets for identical financial instruments as of the measurement date. The types of financial instruments in this category include unrestricted securities, including equities and derivatives, listed in active markets. The Company does not adjust the quoted price for these instruments, even in situations where the Company holds a large position, and a sale could reasonably be expected to impact the quoted price.

*Level 2* — Inputs to the valuation methodology are quoted prices in markets that are not active or for which all significant inputs are either directly or indirectly observable as of the measurement date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in markets that are not active, government and agency securities, and certain over-the-counter derivatives where the fair value is based on observable inputs.

*Level 3* — Inputs to the valuation methodology are unobservable and significant to the overall fair value measurement, and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. The types of financial instruments in this category include investments in privately held entities, non-investment grade residual interests in securitizations, collateralized loan obligations, and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

Pursuant to the framework set forth above, the Valuation Designee values securities traded in active markets on the measurement date by multiplying the exchange closing price of such traded securities/instruments by the quantity of shares or amount of the instrument held. The Valuation Designee may also obtain quotes with respect to certain of the Company's investments from pricing services, brokers or dealers' quotes, or counterparty marks in order to value liquid assets that are not traded in active markets.

Pricing services aggregate, evaluate and report pricing from a variety of sources including observed trades of identical or similar securities, broker or dealer quotes, model-based valuations and internal fundamental analysis and research. When doing so, the Valuation Designee determines whether the quote obtained is sufficient in accordance with GAAP to determine the fair value of the security. If determined adequate, the Valuation Designee uses the quote obtained.

Securities that are illiquid or for which the pricing source does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of the Valuation Designee, does not represent fair value, are each valued as of the measurement date using all techniques appropriate under the circumstances and for which sufficient data are available. These valuation techniques vary by investment but include comparable public market valuations, comparable precedent transaction valuations and discounted cash flow analyses. Inputs for these valuation techniques include relative credit information, observed market movement, industry sector information, and other market data, which may include benchmarking of comparable securities, issuer spreads, reported trades, and reference data, such as market research publications, when available.

Investment performance data utilized are the most recently available as of the measurement date, which in many cases may reflect up to a one quarter lag in information.

Securities for which market quotations are not readily available or for which a pricing source is not sufficient may include the following:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•private placements and restricted securities that do not have an active trading market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•securities whose trading has been suspended or for which market quotes are no longer available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•debt securities that have recently gone into default and for which there is no current market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•securities whose prices are stale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•securities affected by significant events.

Subject to the oversight of the Board of Directors, the Valuation Designee has the overall responsibility for the implementation and monitoring of the Company's pricing policies to ensure fair, accurate and current valuations.

Determination of fair value involves subjective judgments and estimates. Accordingly, these notes to the Company's consolidated financial statements express the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on the Company's consolidated financial statements.

Security transactions are recorded on the trade date (the date the order to buy or sell is executed or, in the case of privately issued securities, the closing date, which is when all terms of the transactions have been defined).

Realized gains and losses on investments are determined based on the identified cost method.

Refer to Note 3 — *Investments* for additional information regarding fair value measurements and the Company's application of ASC 820.

***Interest Income Recognition***

Interest income, adjusted for amortization of premium, acquisition costs, and amendment fees and the accretion of original issue discount ("OID"), are recorded on an accrual basis to the extent that such amounts are expected to be collected. Generally, when a loan becomes 120 days or more past due, or if the Company's qualitative assessment indicates that the debtor is unable to service its debt or other obligations, the Company will place the loan on non-accrual status and cease recognizing interest income on that loan for financial reporting purposes until the borrower has demonstrated the ability and intent to pay contractual amounts due. However, the Company will remain contractually entitled to this interest. Interest payments received on non-accrual loans are restored to accrual status when past due principal and interest are paid and, in management's judgment, are likely to remain current or, due to a restructuring, the interest income is deemed to be collectible. As of March 31, 2026, the Company had 6 investments across 4 issuers on non-accrual, which represented 1.69% and 0.53% of its total portfolio at cost and fair market value, respectively. As of December 31, 2025, the Company had 7 investments across 4 issuers on non-accrual, which represented 1.70% and 0.69% of its total portfolio at cost and fair market value, respectively.

The Company currently holds loans in the portfolio that contain OID and that contain payment-in-kind ("PIK") provisions. The Company recognizes OID for loans originally issued at a discount and recognizes the income over the life of the obligation based on an effective yield calculation. PIK interest, computed at the contractual rate specified in a loan agreement, is added to the principal balance of a loan and recorded as income over the life of the obligation. Therefore, the actual collection of PIK income may be deferred until the time of debt principal repayment. To maintain the ability to be taxed as a RIC, the Company may need to pay out of both OID and PIK non-cash income amounts in the form of distributions, even though the Company has not yet collected the cash on either.

As of March 31, 2026 and December 31, 2025, the Company held 372 and 367 investments in loans with OID, respectively. The unamortized balance of OID investments as of March 31, 2026 and December 31, 2025 totaled $4,460,921 and $4,767,559, respectively. For the three months ended March 31, 2026, the Company accrued OID income in the amount of $257,824. For the three months ended March 31, 2025, the Company accrued OID income in the amount of $231,328.

As of March 31, 2026, the Company held 15 investments that had a PIK interest component. As of December 31, 2025, the Company held 16 investments that had a PIK interest component. During the three months ended March 31, 2026, the Company accrued PIK income in the amount of $272,466. During the three months ended March 31, 2025, the Company accrued PIK income in the amount of $310,135.

As of March 31, 2026 and December 31, 2025, the Company held $11,727,871 and $12,817,052 cash and cash equivalents, respectively. For the three months ended March 31, 2026, the Company earned $7,056 of interest income related to cash, which is included in interest on cash within the accompanying consolidated statement of operations. For the three months ended March 31, 2025, the Company earned $59,392 of interest income related to cash, which is included in interest on cash within the accompanying consolidated statement of operations.

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***Other Income Recognition***

The Company generally records prepayment fees and amendment fees upon receipt of cash or as soon as the Company becomes aware of the prepayment or amendment.

Dividend income on equity investments is accrued to the extent that such amounts are expected to be collected and if the Company has the option to collect such amounts in cash.

Prepayment fees, amendment fees and dividend income are accrued in other income in the accompanying consolidated statements of operations.

For the three months ended March 31, 2026, the Company accrued $20,143 of other income, related to amendment fees. For the three months ended March 31, 2025, the Company accrued $25,990 of other income, related to amendment fees.

***New Accounting Pronouncements***

In December 2023, the FASB issued ASU 2023-09 "Improvements to Income Tax Disclosures" ("ASU 2023-09"). ASU 2023-09 intends to improve the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Company adopted ASU 2023-09 effective December 31, 2025 and concluded that the application of this guidance did not have any material impact on its consolidated financial statements.

***Operating Segments***

The Company reports segments in accordance with FASB Accounting Standards Update 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). Under Topic 280, an operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (the "CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Chief Executive Officer of the Company acts as the Company's CODM.

The Company operates through a single operating segment with a primary investment objective to seek to make loans to private middle market companies based primarily in the United States, including first lien loans, second lien loans, unitranche loans, and select investments in equity. The CODM monitors the performance of the Company to make decisions about resources to be allocated using key factors such as the Company's portfolio composition, as shown on the Consolidated Schedule of Investments, the changes in net assets resulting from operations, as reported on the Consolidated Statement of Operations, and returns and expense ratios, as reported in Note–10 – *Financial Highlights*.

**Note 3. Investments**

*Fair Value*

In accordance with ASC 820, the fair value of the Company's investments is determined to be the price that would be received for an investment in a current sale, assuming an orderly transaction between willing market participants on the measurement date. This fair value definition focuses on exit price in the principal, or most advantageous, market and prioritizes, within a measurement of fair value, the use of market-based inputs over entity-specific inputs. ASC 820 also establishes the three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of a financial instrument as of the measurement date as described in Note–2 – *Significant Accounting Policies*.

It is the Company's policy to recognize transfers between Levels based upon the fair value at the beginning of the year. Transfers into Level 3 represent situations when the Valuation Designee believes there is not sufficient market activity to support using a market quote to support fair value. Transfers out of Level 3 represent situations when the Valuation Designee believes there is sufficient market activity to support using a market quote to support fair value.

As of March 31, 2026, $324,005,621 of the Company's investments were valued using unobservable inputs, and $78,517,044 were valued using observable inputs. During the three months ended March 31, 2026, $18,235,494 transferred into Level 3 due to a decrease in observable price inputs in the market for these securities and a corresponding need to utilize unobservable inputs, and $21,948,775 transferred out of Level 3 due to additional liquidity in the market for these securities, which provided more observable inputs.

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As of December 31, 2025, $329,667,609 of the Company's investments were valued using unobservable inputs, and $77,841,792 were valued using observable inputs. During the three months ended March 31, 2025, $20,751,144 transferred into Level 3 due to a decrease in observable price inputs in the market for these securities and a corresponding need to utilize unobservable inputs, and $9,623,013 transferred out of Level 3 due to additional liquidity in the market for these securities, which provided more observable inputs.

The following table presents the Company's investments carried at fair value as of March 31, 2026 and December 31, 2025, by caption on the Company's accompanying consolidated statements of assets and liabilities and by security type.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Assets at Fair Value as of March 31, 2026** | **Assets at Fair Value as of March 31, 2026** | **Assets at Fair Value as of March 31, 2026** | **Assets at Fair Value as of March 31, 2026** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First Lien Debt | $— | $71697752 | $187324124 | $259021876 |
| Unitranche Debt |  | 5213268 | 124637395 | 129850663 |
| Second Lien Debt |  | 1606024 | 1985000 | 3591024 |
| Equity and Preferred Shares |  |  | 10059102 | 10059102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $— | $78517044 | $324005621 | $402522665 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Assets at Fair Value as of December 31, 2025** | **Assets at Fair Value as of December 31, 2025** | **Assets at Fair Value as of December 31, 2025** | **Assets at Fair Value as of December 31, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First Lien Debt | $— | $73090096 | $188700935 | $261791031 |
| Unitranche Debt |  | 3298163 | 127108392 | 130406555 |
| Second Lien Debt |  | 1453533 | 3916340 | 5369873 |
| Equity and Preferred Shares |  |  | 9941942 | 9941942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $— | $77841792 | $329667609 | $407509401 |

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In accordance with ASC 820, the following table provides quantitative information about the Level 3 fair value measurements of the Company's investments as of March 31, 2026. The weighted average calculations in the table below are based on the fair value balances for all debt related calculations for the particular input.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Fair<br>Value** | **Valuation<br>Technique** | **Unobservable<br>Inputs** <sup>(1)</sup> | **Range** <sup>(2)</sup> | **Weighted<br>Average** <sup>(3)</sup> |
| First Lien Debt | $155373112 | Matrix Pricing | Senior Leverage | 0.48x - 14.07x | 5.03x |
|  |  |  | Total Leverage | 0.85x - 14.24x | 5.43x |
|  |  |  | Interest Coverage | 0.55x - 4.68x | 1.88x |
|  |  |  | Debt Service Coverage | 0.51x - 3.42x | 1.53x |
|  |  |  | TEV Coverage | 0.96x - 12.66x | 2.55x |
|  |  |  | Liquidity | 0.00% - 756.13% | 140.90% |
|  |  |  | Spread Comparison | 300bps - 950bps | 491bps |
| First Lien Debt | 5138343 | Analysis of Trend in Leverage | Maturity Modified Market Yield <sup>(4)</sup> | 7.00% - 7.45% | 7.40% |
| First Lien Debt | 12280613 | Matrix Pricing/Market Analysis <sup>(5)</sup> | Senior Leverage | 6.07x - 8.70x | 7.01x |
|  |  |  | Total Leverage | 7.62x - 11.12x | 8.80x |
|  |  |  | Interest Coverage | 1.04x - 1.51x | 1.27x |
|  |  |  | Debt Service Coverage | 0.96x - 1.25x | 1.10x |
|  |  |  | TEV Coverage | 1.10x - 2.36x | 1.75x |
|  |  |  | Liquidity | 29.31% - 258.80% | 143.80% |
|  |  |  | Spread Comparison | 350bps - 525bps | 421bps |
| First Lien Debt | 14532057 | Enterprise Value | EV/EBITDA Multiple | 6.70x - 11.70x | 8.20x |
| Unitranche Debt | 73789253 | Analysis of Trend in Leverage | Maturity Modified Market Yield <sup>(4)</sup> | 4.91% - 9.57% | 7.23% |
| Unitranche Debt | 40824313 | Matrix Pricing | Senior Leverage | 3.62x - 8.39x | 6.45x |
|  |  |  | Total Leverage | 3.62x - 8.39x | 6.61x |
|  |  |  | Interest Coverage | 0.76x - 2.34x | 1.48x |
|  |  |  | Debt Service Coverage | 0.45x - 2.05x | 1.23x |
|  |  |  | TEV Coverage | 1.24x - 2.47x | 1.83x |
|  |  |  | Liquidity | 42.55% - 429.12% | 142.88% |
|  |  |  | Spread Comparison | 425bps - 800bps | 553bps |
| Unitranche Debt | 10023828 | Enterprise Value | EV/EBITDA Multiple | 10.00x - 12.47x | 11.19x |
| Second Lien Debt | 1985000 | Matrix Pricing | Senior Leverage | 5.44x | 5.44x |
|  |  |  | Total Leverage | 5.44x | 5.44x |
|  |  |  | Interest Coverage | 1.75x | 1.75x |
|  |  |  | Debt Service Coverage | 1.58x | 1.58x |
|  |  |  | TEV Coverage | 1.63x | 1.63x |
|  |  |  | Liquidity | 112.83% | 112.83% |
|  |  |  | Spread Comparison | 775bps | 775bps |
| Equity and Preferred | 10034102 | Enterprise Value | EV/EBITDA Multiple | 5.75x - 19.00x | 12.85x |
| **Total** | $**323980621** |  |  |  |  |

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(1)For any portfolio company, the unobservable input "Liquidity" is a fraction, expressed as a percentage, the numerator of which is the sum of the company's undrawn revolving credit facility capacity plus cash, and the denominator of which is the total amount that may be borrowed under the company's revolving credit facility. The unobservable input "Spread Comparison" is a comparison of the spread over the referenced rate for each investment to the spread over the referenced rate for general leveraged loan transactions.

(2)Each range represents the variance of outputs from calculating each statistic for each portfolio company within a specific credit seniority. The range may be a single data point when there is only one company represented in a specific credit seniority.

(3)Inputs are weighted based on the fair value of the investments included in the range.

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(4)Maturity Modified Market Yield is calculated based on the Market yield of the security relative to its actual coupon and maturity date. The Market Yield is modified 75 basis points for every 1x delta in actual leverage versus market leverage of that issuer.

(5)The valuation technique incorporates a weighting of broker quotes and matrix pricing.

The table does not include $25,000 of other investments, which the Company valued at the purchase price.

In accordance with ASC 820, the following table provides quantitative information about the Level 3 fair value measurements of the Company's investments as of December 31, 2025. The weighted average calculations in the table below are based on the fair value balances for all debt related calculations for the particular input.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Fair<br>Value** | **Valuation<br>Technique** | **Unobservable<br>Inputs**<sup>(1)</sup> | **Range**<sup>(2)</sup> | **Weighted<br>Average**<sup>(3)</sup> |
| First Lien Debt | $160298208 | Matrix Pricing | Senior Leverage | 0.48x - 11.35x | 5.12x |
|  |  |  | Total Leverage | 2.43x - 11.35x | 5.45x |
|  |  |  | Interest Coverage | 0.64x - 4.68x | 1.83x |
|  |  |  | Debt Service Coverage | 0.58x - 3.42x | 1.51x |
|  |  |  | TEV Coverage | 0.00x - 5.75x | 2.47x |
|  |  |  | Liquidity | 11.96% - 737.18% | 144.41% |
|  |  |  | Spread Comparison | 300bps - 800bps | 485bps |
| First Lien Debt | 4508250 | Analysis of Trend in Leverage | Maturity Modified Market Yield <sup>(4)</sup> | 7.75% | 7.75% |
| First Lien Debt | 12263985 | Matrix Pricing/Market Analysis <sup>(5)</sup> | Senior Leverage | 5.38x - 8.70x | 7.05x |
|  |  |  | Total Leverage | 7.16x - 11.26x | 8.77x |
|  |  |  | Interest Coverage | 1.00x - 1.44x | 1.18x |
|  |  |  | Debt Service Coverage | 0.93x - 1.21x | 1.03x |
|  |  |  | TEV Coverage | 1.10x - 2.60x | 1.88x |
|  |  |  | Liquidity | 29.31% - 377.13% | 130.15% |
|  |  |  | Spread Comparison | 375bps - 600bps | 440bps |
| First Lien Debt | 11027439 | Enterprise Value | EV/EBITDA Multiple | 6.10x - 10.40x | 8.56x |
| Unitranche Debt | 72952262 | Analysis of Trend in Leverage | Maturity Modified Market Yield <sup>(4)</sup> | 5.15% - 14.45% | 7.50% |
| Unitranche Debt | 43305232 | Matrix Pricing | Senior Leverage | 3.62x - 8.39x | 6.31x |
|  |  |  | Total Leverage | 3.62x - 9.62x | 6.46x |
|  |  |  | Interest Coverage | 0.76x - 2.71x | 1.52x |
|  |  |  | Debt Service Coverage | 0.45x - 2.00x | 1.25x |
|  |  |  | TEV Coverage | 1.24x - 2.68x | 1.86x |
|  |  |  | Liquidity | 39.61% - 429.12% | 143.10% |
|  |  |  | Spread Comparison | 400bps - 800bps | 554bps |
| Unitranche Debt | 9738234 | Enterprise Value | EV/EBITDA Multiple | 10.00x - 12.70x | 11.25x |
| Second Lien Debt | 2400000 | Matrix Pricing | Senior Leverage | 4.11x - 5.64x | 5.38x |
|  |  |  | Total Leverage | 4.11x - 5.65x | 5.38x |
|  |  |  | Interest Coverage | 2.07x - 2.38x | 2.12x |
|  |  |  | Debt Service Coverage | 1.83x - 2.12x | 1.88x |
|  |  |  | TEV Coverage | 1.57x - 2.87x | 1.79x |
|  |  |  | Liquidity | 122.08% - 445.07% | 177.26% |
|  |  |  | Spread Comparison | 775bps - 900bps | 796bps |
| Second Lien Debt | 1516340 | Matrix Pricing/Market Analysis <sup>(5)</sup> | Senior Leverage | 10.46x | 10.46x |
|  |  |  | Total Leverage | 10.46x | 10.46x |
|  |  |  | Interest Coverage | 0.96x | 0.96x |
|  |  |  | Debt Service Coverage | 0.82x | 0.82x |
|  |  |  | TEV Coverage | 1.23x | 1.23x |
|  |  |  | Liquidity | 126.71% | 126.71% |
|  |  |  | Spread Comparison | 700bps | 700bps |
| Equity and Preferred | 9704260 | Enterprise Value | EV/EBITDA Multiple | 7.10x - 19.00x | 13.99x |
| **Total** | $**327714210** |  |  |  |  |

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(1)For any portfolio company, the unobservable input "Liquidity" is a fraction, expressed as a percentage, the numerator of which is the sum of the company's undrawn revolving credit facility capacity plus cash, and the denominator of which is the total amount that may be borrowed under the company's revolving credit facility. The unobservable input "Spread Comparison" is a comparison of the spread over the referenced rate for each investment to the spread over the referenced rate for general leveraged loan transactions.

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(2)Each range represents the variance of outputs from calculating each statistic for each portfolio company within a specific credit seniority. The range may be a single data point when there is only one company represented in a specific credit seniority.

(3)Inputs are weighted based on the fair value of the investments included in the range.

(4)Maturity Modified Market Yield is calculated based on the Market yield of the security relative to its actual coupon and maturity date. The Market Yield is modified 75 basis points for every 1x delta in actual leverage versus market leverage of that issuer.

(5)The valuation technique incorporates a weighting of broker quotes and matrix pricing.

The table does not include $1,953,399 of other investments, which the Company valued at the purchase price.

Fair value measurements can be sensitive to changes in one or more of the valuation inputs. Changes in market yields, discounts rate, leverage, EBITDA or EBITDA multiples (or revenue or revenue multiples), each in isolation, may change the fair value of certain of the Company's investments. Generally, an increase or decrease in market yields, discount rates or leverage or an increase/decrease in EBITDA or EBITDA multiples (or revenue or revenue multiples) may result in a corresponding decrease or increase, respectively, in the fair value of certain of the Company's investments.

The following tables provide the changes in fair value, broken out by security type, during the three months ended March 31, 2026 and 2025 for all investments for which the Company determines fair value using unobservable (Level 3) factors.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Three Months Ended March 31, 2026** | **First Lien<br>Debt** | **Unitranche<br>Debt** | **Second Lien<br>Debt** | **Equity and<br>Preferred<br>Shares** | **Total** |
| Fair Value as of December 31, 2025 | $188700935 | $127108392 | $3916340 | $9941942 | $329667609 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers into Level 3 | 15391408 | 2844086 |  |  | 18235494 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers out of Level 3 | (17326330) | (3106105) | (1516340) |  | (21948775) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total gains: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) <sup>(a)</sup> | (60626) | 5804 | 2050 |  | (52772) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized depreciation <sup>(b)</sup> | (895394) | (1038579) | (8138) | (235629) | (2177740) |
| &nbsp;&nbsp;&nbsp;&nbsp;New investments, repayments and settlements:<sup>(c)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases | 7681813 | 477762 |  | 352789 | 8512364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlements/repayments | (6429314) | (1883227) | (410000) |  | (8722541) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net amortization of premiums, PIK, discounts and fees | 261632 | 229262 | 1088 |  | 491982 |
| **Fair Value as of March 31, 2026** | $187324124 | $124637395 | $1985000 | $10059102 | $324005621 |

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(a)Included in net realized gain (loss) on the accompanying *Consolidated Statement of Operations* for the three months ended March 31, 2026.

(b)Included in net change in unrealized depreciation on the accompanying *Consolidated Statement of Operations* for the three months ended March 31, 2026.

(c)Includes increases in the cost basis of investments resulting from portfolio investments, the amortization of discounts, and PIK, as well as decreases in the costs basis of investments resulting from principal repayments or sales, the amortization of premiums and acquisition costs and other cost-basis adjustments.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Three Months Ended March 31, 2025** | **First Lien<br>Debt** | **Unitranche<br>Debt** | **Second Lien<br>Debt** | **Equity and<br>Preferred<br>Shares** | **Total** |
| Fair Value as of December 31, 2024 | $149557665 | $121815787 | $7392500 | $6428769 | $285194721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers into Level 3 | 18655278 | 1687916 | 407950 |  | 20751144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers out of Level 3 | (9623013) |  |  |  | (9623013) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total gains: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain <sup>(a)</sup> | 47553 | 66591 |  |  | 114144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized (depreciation) appreciation <sup>(b)</sup> | (82822) | (1019330) | (16985) | 207633 | (911504) |
| &nbsp;&nbsp;&nbsp;&nbsp;New investments, repayments and settlements:<sup>(c)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases | 9888941 | 1530582 |  | 554213 | 11973736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlements/repayments | (9124625) | (7313848) |  |  | (16438473) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net amortization of premiums, PIK, discounts and fees | 242459 | 257190 | 4035 |  | 503684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | (365449) |  |  |  | (365449) |
| **Fair Value as of March 31, 2025** | $159195987 | $117024888 | $7787500 | $7190615 | $291198990 |

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(a)Included in net realized gain (loss) on the accompanying *Consolidated Statement of Operations* for the three months ended March 31, 2025.

(b)Included in net change in unrealized depreciation on the accompanying *Consolidated Statement of Operations* for the three months ended March 31, 2025.

(c)Includes increases in the cost basis of investments resulting from portfolio investments, the amortization of discounts, and PIK, as well as decreases in the costs basis of investments resulting from principal repayments or sales, the amortization of premiums and acquisition costs and other cost-basis adjustments.

The change in unrealized value attributable to investments held at March 31, 2026 and 2025 was ($2,357,457) and ($844,667), respectively.

*Investment Activities* 

The Company held a total of 338 syndicated investments with an aggregate fair value of $402,522,665 as of March 31, 2026. During the three months ended March 31, 2026, the Company invested in 27 new syndicated investments for a combined cost of $9,422,440 and in existing investments for a combined cost of $5,035,492. The Company also received $11,604,044 in repayments from investments and $2,355,369 from investments sold during the three months ended March 31, 2026.

The Company held a total of 330 syndicated investments with an aggregate fair value of $407,509,401 as of December 31, 2025. During the year ended December 31, 2025, the Company invested in 131 new syndicated investments for a combined cost of $69,991,371 and in existing investments for a combined cost of $29,815,992. The Company also received $93,080,214 in repayments from investments and $3,442,917 from investments sold during the period.

*Investment Concentrations*

As of March 31, 2026, the Company's investment portfolio consisted of investments in 268 companies located in 41 states across 25 different industries, with an aggregate fair value of $402,522,665. The five largest investments at fair value as of March 31, 2026 totaled $24,742,734, or 6.15% of the Company's total investment portfolio as of such date. As of March 31, 2026, the Company's average investment was $1,246,649 at cost.

As of December 31, 2025, the Company's investment portfolio consisted of investments in 268 companies located in 41 states across 26 different industries, with an aggregate fair value of $407,509,401. The five largest investments at fair value as of December 31, 2025 totaled $24,608,687, or 6.04% of the Company's total investment portfolio as of such date. As of December 31, 2025, the Company's average investment was $1,273,903 at cost.

The following table outlines the Company's investments by security type as of March 31, 2026 and December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Cost** | **Percentage<br>of Total<br>Investments** | **Fair Value** | **Percentage<br>of Total<br>Investments** |
| First Lien Debt | $271464878 | 64.42% | $259021876 | 64.35% |
| Unitranche Debt | 135000297 | 32.04% | 129850663 | 32.26% |
| Second Lien Debt | 6044720 | 1.43% | 3591024 | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Debt Investments | 412509895 | 97.89% | 392463563 | 97.50% |
| Equity and Preferred Shares | 8872507 | 2.11% | 10059102 | 2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Equity Investments | 8872507 | 2.11% | 10059102 | 2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investment** | $421382402 | 100.00% | $402522665 | 100.00% |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Cost** | **Percentage<br>of Total<br>Investments** | **Fair Value** | **Percentage<br>of Total<br>Investments** |
| First Lien Debt | $270943037 | 64.45% | $261791031 | 64.24% |
| Unitranche Debt | 134480537 | 31.99% | 130406555 | 32.00% |
| Second Lien Debt | 6449613 | 1.53% | 5369873 | 1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Debt Investments | 411873187 | 97.97% | 397567459 | 97.56% |
| Equity and Preferred Shares | 8519718 | 2.03% | 9941942 | 2.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Equity Investments | 8519718 | 2.03% | 9941942 | 2.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | $420392905 | 100.00% | $407509401 | 100.00% |

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Investments at fair value consisted of the following industry classifications as of March 31, 2026 and December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| **Industry** | **Fair Value** | **Percentage<br>of Total<br>Investments** | **Fair Value** | **Percentage<br>of Total<br>Investments** |
| Services: Business | $91046575 | 22.63% | $90201377 | 22.14% |
| Healthcare & Pharmaceuticals | 71976928 | 17.88 | 74328379 | 18.24 |
| Banking, Finance, Insurance & Real Estate | 32945005 | 8.18 | 33679403 | 8.26 |
| Capital Equipment | 33414504 | 8.30 | 32324208 | 7.93 |
| Services: Consumer | 31220089 | 7.76 | 29427154 | 7.22 |
| High Tech Industries | 24268143 | 6.03 | 25774978 | 6.33 |
| Containers, Packaging & Glass | 15578303 | 3.87 | 17037166 | 4.18 |
| Construction & Building | 18007563 | 4.47 | 16763460 | 4.11 |
| Beverage, Food & Tobacco | 15979012 | 3.97 | 16045201 | 3.94 |
| Transportation: Cargo | 14173279 | 3.52 | 14037710 | 3.44 |
| Automotive | 10481915 | 2.60 | 11443752 | 2.81 |
| Aerospace & Defense | 9926883 | 2.47 | 10817889 | 2.65 |
| Chemicals, Plastics & Rubber | 8286603 | 2.06 | 9232691 | 2.27 |
| Environmental Industries | 7934727 | 1.97 | 8113079 | 1.99 |
| Consumer Goods: Non-Durable | 4201745 | 1.04 | 4411807 | 1.08 |
| Media: Advertising, Printing & Publishing | 3881490 | 0.96 | 3942202 | 0.97 |
| Wholesale | 1939555 | 0.48 | 1925973 | 0.47 |
| Hotels, Gaming & Leisure | 1876545 | 0.47 | 1788581 | 0.44 |
| Metals & Mining | 1559561 | 0.39 | 1574836 | 0.39 |
| Media: Diversified & Production | 1166634 | 0.29 | 1267668 | 0.31 |
| Retail | 1233261 | 0.31 | 1244977 | 0.31 |
| Energy: Oil & Gas | 572591 | 0.14 | 569848 | 0.14 |
| Telecommunications | 496237 | 0.12 | 497494 | 0.12 |
| Utilities: Water | 230329 | 0.06 | 230329.00 | 0.06 |
| Consumer Goods: Durable | 125188 | 0.03 | 137759 | 0.03 |
| Utilities: Electric | - | - | 691480 | 0.17 |
|  | $402522665 | 100.00% | $407509401 | 100.00% |

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Investments at fair value were included in the following geographic regions of the United States as of March 31, 2026 and December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| **Geographic Region** | **Fair Value** | **Percentage<br>of Total<br>Investments** | **Fair Value** | **Percentage<br>of Total<br>Investments** |
| Northeast | $102467588 | 25.45% | $102949533 | 25.26% |
| Midwest | 86402029 | 21.47 | 86202891 | 21.15 |
| Southeast | 61308664 | 15.23 | 59623518 | 14.63 |
| Southwest | 50920278 | 12.65 | 53942491 | 13.24 |
| West | 41286315 | 10.26 | 44371505 | 10.89 |
| East | 39920656 | 9.92 | 40283635 | 9.89 |
| South | 11887921 | 2.95 | 11218875 | 2.75 |
| Northwest | 6089160 | 1.51 | 5953057 | 1.46 |
| Other(a) | 2240054 | 0.56 | 2963896 | 0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | $402522665 | 100.00% | $407509401 | 100.00% |

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(a)The company headquarters for UDG is located in Ireland. The company headquarters for Intertape Polymer is located in Canada. The company headquarters for Balcan is located in Canada. The company headquarters for Aurora is located in the United Kingdom. The company headquarters for PayByPhone is located in Canada.

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The geographic region indicates the location of the headquarters of the Company's portfolio companies. A portfolio company may have a number of other business locations in other geographic regions.

*Investment Principal Repayments*

The following table summarizes the contractual principal repayments and maturity of the Company's investment portfolio by fiscal year, assuming no voluntary prepayments, as of March 31, 2026:

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| | |
|:---|:---|
| **For the Fiscal Years Ending December 31:** | **Amount** |
| 2026 | $7503688 |
| 2027 | 21351399 |
| 2028 | 128186471 |
| 2029 | 107996407 |
| 2030 | 53352518 |
| Thereafter | 98580333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total contractual repayments** | 416970816 |
| Adjustments to cost basis on debt investments<sup>(a)</sup> | (4460921) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Cost Basis of Debt Investments Held at March 31, 2026:** | $412509895 |

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(a)Adjustment to cost basis related to unamortized balance of OID investments.

**Note 4. Related Party Transactions** 

***Investment Advisory Agreement***

The Company has entered into an investment advisory agreement (the "Investment Advisory Agreement") with the Adviser. In accordance with the Investment Advisory Agreement, the Company pays the Adviser certain fees as compensation for its services, such fees consisting of a base management fee and an incentive fee (the "Incentive Fee"). The services the Adviser provides to the Company, subject to the overall supervision of the Board of Directors, include managing the day-to-day operations of, and providing investment services to, the Company. The Company also entered into a management fee waiver agreement with the Adviser (the "Waiver Agreement"), which the Company or the Adviser may terminate upon 60 days' prior written notice.

***Management Fee***

The base management fee is calculated at an annual rate of 1.0% of the Company's average gross assets including cash and any temporary investments in cash-equivalents, including U.S. government securities and other high-quality investment grade debt investments that mature in 12 months or less from the date of investment, payable quarterly in arrears on a calendar quarter basis.

Pursuant to the Waiver Agreement, the Adviser has agreed to waive the right to receive the base management fee to the extent necessary so that the base management fee payable under the Investment Advisory Agreement equals, and is calculated in the same manner as if, the base management fee otherwise payable by the Company were calculated at an annual rate equal to 0.65% (instead of an annual rate of 1.00%).

For the three months ended March 31, 2026, the Company recorded base management fees of $1,057,008 and waivers to the base management fees of $369,953, as set forth within the accompanying consolidated statements of operations. For the three months ended March 31, 2025, the Company recorded base management fees of $1,082,732 and waivers to the base management fees of $378,956, as set forth within the accompanying consolidated statements of operations.

***Incentive Fee***

The Incentive Fee has two parts, as follows: the first part of the Incentive Fee is calculated and payable quarterly in arrears based on the Company's pre-incentive fee net investment income for the immediately preceding calendar quarter. For this purpose, pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company's operating expenses accrued for the quarter (including the base management fee, expenses payable under the Administration Agreement (as defined below) and any interest expense on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred stock, but excluding the Incentive Fee).

The Company determines pre-incentive fee net investment income in accordance with GAAP, including, in the case of investments with a deferred interest feature, such as debt instruments with PIK interest, OID securities and accrued income that the Company has not yet received in cash. Pre-incentive fee net investment income does not include any realized capital gains, computed

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net of all realized capital losses or unrealized capital appreciation or depreciation. Pre-incentive fee net investment income, expressed as a rate of return on the value of the Company's net assets at the end of the immediately preceding calendar quarter, is compared to a hurdle of 1.0% per quarter (4.0% annualized). The Company determines its average gross assets during each fiscal quarter and calculates the base management fee payable with respect to such amount at the end of each fiscal quarter. As a result, a portion of the Company's net investment income is included in its gross assets for the period between the date on which such income is earned and the date on which such income is distributed. Therefore, the Company's net investment income used to calculate part of the Incentive Fee is also included in the amount of the Company's gross assets used to calculate the 1.0% annual base management fee. The Company pays its Adviser an Incentive Fee with respect to its pre-incentive fee net investment income in each calendar quarter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•no amount is paid on the income-portion of the Incentive Fee in any calendar quarter in which the Company's pre-incentive fee net investment income does not exceed the hurdle of 1.0% (4.0% annualized);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•100% of the Company's pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.1765 % in any calendar quarter (4.706% annualized). The Company refers to this portion of its pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 1.1765%) as the "catch-up" provision. The catch-up is meant to provide the Adviser with 15.0% of the pre-incentive fee net investment income as if a hurdle rate did not apply if net investment income exceeds 1.1765% in any calendar quarter (4.706% annualized); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•15.0% of the amount of the Company's pre-incentive fee net investment income, if any, that exceeds 1.1765% in any calendar quarter (4.706% annualized) is payable to the Adviser.

Pursuant to the Waiver Agreement, the Adviser has agreed to waive its right to receive the Incentive Fee on pre-incentive fee net investment income to the extent necessary so that such Incentive Fee equals, and is calculated in the same manner as, the corresponding Incentive Fee on pre-incentive fee net investment income, if such Incentive Fee (i) were calculated based upon the Adviser receiving 10.0% (instead of 15.0%) of the applicable pre-incentive fee net investment income and (ii) did not include any "catch-up" feature in favor of the Adviser.

The second part of the Incentive Fee is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, as of the termination date), and equals 15.0% of the Company's realized capital gains, if any, on a cumulative basis from June 16, 2015, the effective date of the Company's registration statement on Form 10 (file no. 000-55426), through the end of each 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 gain Incentive Fees with respect to each of the investments in the Company's portfolio.

Pursuant to the Waiver Agreement, the Adviser has agreed to waive the right to receive the Incentive Fee on capital gains to the extent necessary so that such portion of the Incentive Fee equals, and is calculated in the same manner as, the corresponding Incentive Fee on capital gains, if such portion of the Incentive Fee were calculated based upon the Adviser receiving 10.0% (instead of 15.0%).

In addition, pursuant to the Waiver Agreement, the Adviser has agreed to waive the right to receive both components of the Incentive Fee to the extent necessary so that it does not receive Incentive Fees which are attributable to income and gains of the Company that exceed an annualized rate of 12.0% in any calendar quarter.

The waivers from the Adviser will remain effective until terminated earlier by either party upon 60 days' prior written notice.

Under the Investment Advisory Agreement, we do not pay any Capital Gains Incentive Fee in respect of unrealized capital appreciation in our portfolio. However, under U.S. generally accepted accounting principles, or GAAP, we are required to accrue for the Capital Gain Incentive Fee on a quarterly basis as if such unrealized capital appreciation were realized in full at the end of each period. If the Capital Gain Incentive Fee Base, adjusted as required by GAAP to include unrealized appreciation, is positive at the end of a period, then GAAP and the terms of the Investment Advisory Agreement require us to accrue a capital gain incentive fee equal to 20% of such amount, less the aggregate amount of actual capital gain incentive fees paid or capital gain incentive fees accrued under GAAP in all prior periods. If such amount is negative, then there is no accrual for such period. The resulting accrual under GAAP for a capital gain incentive fee payable in any period will result in additional expense if such cumulative amount is greater than in the prior period, or in a reversal of previously recorded expense if such cumulative amount is less than in the prior period. We can offer no assurance that any unrealized capital appreciation will be realized in the future.

Pursuant to a First Amendment to the Fee Waiver Agreement between the Company and the Adviser, entered into as of January 1, 2025, between the Company and the Adviser, the Adviser has agreed to waive the right to Incentive Fees to the extent necessary so as not to receive any Incentive Fee that would result in the payment of expenses by the Company pursuant to the Investment Advisory Agreement exceeding 1.4% per annum of the Company's assets as of the last day of the most recently ended fiscal year (the "Partial Expense Cap"); provided, however, if the Adviser is not entitled to Incentive Fees during such fiscal year or such Incentive Fees are fully waived during such fiscal year, the Company shall remain liable for expenses payable by the Company pursuant to Section 2 of the Investment Advisory Agreement, notwithstanding the Partial Expense Cap. The following expenses of the

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Company are not subject to the Partial Expense Cap: (i) litigation costs payable by the Company, including indemnification expenses payable pursuant to Section 8 of the Investment Advisory Agreement; (ii) other extraordinary expenses incurred by the Company; and (iii) costs payable by the Company in connection with its incurrence of leverage.

For the three months ended March 31, 2026, the Company recorded Incentive Fees related to net investment income of $1,226,520. Offsetting the Incentive Fees for the three months ended March 31, 2026, were waivers of the Incentive Fees of $833,966, as set forth within the accompanying consolidated statements of operations. For the three months ended March 31, 2025, the Company recorded Incentive Fees related to net investment income of $1,337,809. Offsetting the Incentive Fees for the three months ended March 31, 2025, were waivers of the Incentive Fees of $872,650, as set forth within the accompanying consolidated statements of operations.

***Administration Agreement and Administrative Fee***

The Company has also entered into an administration agreement (the "Administration Agreement") with Audax Management Company, LLC (the "Administrator") pursuant to which the Administrator provides administrative services to the Company. Under the Administration Agreement, the Administrator performs, or oversees the performance of administrative services necessary for the operation of the Company, which include being responsible for the financial records which the Company is required to maintain and prepare reports filed with the SEC. In addition, the Administrator assists in determining and publishing the Company's net asset value, oversees the preparation and filing of the Company's tax returns and the printing and dissemination of reports to the Company's stockholders, and generally oversees the payment of the Company's expenses and the performance of administrative and professional services rendered to the Company by others. The Company reimburses the Administrator for its allocable portion of the costs and expenses incurred by the Administrator for overhead in performance by the Administrator of its duties under the Administration Agreement, including the cost of facilities, office equipment and the Company's allocable portion of cost of compensation and related expenses of its Chief Financial Officer and Chief Compliance Officer and their respective staffs, as well as any costs and expenses incurred by the Administrator relating to any administrative or operating services provided by the Administrator to the Company. Such costs are reflected as an administrative fee in the accompanying consolidated statements of operations.

The Company has also entered into a fee waiver agreement with the Administrator, pursuant to which the Administrator may waive, in whole or in part, its entitlement to receive reimbursements from the Company.

The Company accrued administrative fees of $66,250 for the three months ended March 31, 2026 and 2025, respectively, as set forth within the accompanying consolidated statements of operations.

***Related Party Fees***

Fees due to related parties as of March 31, 2026 and December 31, 2025 on the Company's accompanying consolidated statements of assets and liabilities were as follows:

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| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Net base management fee due to Adviser | $687055 | $690247 |
| Net incentive fee due to Adviser | 392554 | 297350 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total fees due to Adviser, net of waivers** | 1079609 | 987597 |
| Fee due to Administrator | 66250 | 66250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Related Party Fees Due** | $1145859 | $1053847 |

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**Note 5. Net Increase in Net Assets Resulting from Operations Per Share of Common Stock:**

The following table sets forth the computation of basic and diluted net increase in net assets resulting from operations per weighted average share of the Company's common stock, par value $0.001 per share (the "Common Stock"), for the three months ended March 31, 2026 and 2025:

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| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31, 2026** | **Three Months Ended<br>March 31, 2025** |
| Numerator for basic and diluted net increase in net assets resulting from operations per common share | $1767991 | $5934049 |
| Denominator for basic and diluted weighted average common shares | 47750805 | 47020454 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Basic and diluted net increase in net assets resulting from operations per common share** | $**0.04** | $**0.13** |

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**Note 6. Income Tax**

The Company has elected to be regulated as a BDC under the 1940 Act, as well as elected to be treated, and intends to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code. As a RIC, the Company generally is not subject to corporate-level U.S. federal income taxes on any ordinary income or capital gains that it timely distributes as dividends for U.S. federal income tax purposes to its stockholders. To qualify to be treated as a RIC, the Company is required to meet certain source of income and asset diversification requirements, and to timely distribute dividends out of assets legally available for distributions to its stockholders of an amount generally equal to at least 90% of the sum of its net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any (i.e., "investment company taxable income," determined without regard to any deduction for dividends paid), for each taxable year. The amount to be paid out as distributions to the Company's stockholders is determined by the Board of Directors and is based on management's estimate of the fiscal year earnings. Based on that estimate, the Company intends to make the requisite distributions to its stockholders, which will generally relieve the Company from corporate-level U.S. federal income taxes. Although the Company currently intends to distribute its net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, recognized in respect of each taxable year as dividends out of the Company's assets legally available for distribution, the Company in the future may decide to retain for investment and be subject to entity-level income tax on such net capital gains. Additionally, depending on the level of taxable income earned in a taxable year, the Company may choose to carry forward taxable income in excess of current year distributions into the next taxable year and incur a 4% excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year distributions, the Company will accrue an excise tax, if any, on estimated excess taxable income as such excess taxable income is earned.

During the three months ended March 31, 2026, the Company executed a total of $15,000,000 in Tender Offers that resulted in differing GAAP vs. tax treatment of proceeds distributed. For GAAP purposes the transaction is treated as a redemption of shares whereas tax regulations dictate dividend distribution treatment to the extent of the Company's earnings and profits. Given that the Company did not have sufficient earnings and profits to support the distribution, the entire value of the Tender Offer is treated as a return of capital for tax purposes.

During the year ended December 31, 2025, the Company executed no Tender Offers.

During the three months ended March 31, 2026, the Company declared distributions of $7,523,275, or $0.16 per share. The tax character of the distributions declared and paid represented $7,523,275, or $0.16 per share, from ordinary income and $0, or $0.00 per share, from tax return of capital. During the three months ended March 31, 2025, the Company declared distributions of $8,463,682, or $0.18 per share. The tax character of the distributions declared and paid represented $8,452,856, or $0.18 per share, from ordinary income and $10,826, or $0.00 per share, from tax return capital.

The Company had aggregate distributions declared and paid to its stockholders for the year ended December 31, 2025 of $33,854,731, or $0.72 per share. The tax character of the distributions declared and paid represented $33,654,803, or $0.72 per share, from ordinary income and $199,928, or $0.00 per share, from tax return of capital. The Company had aggregate distributions declared and paid to its stockholders for the year ended December 31, 2024 of $37,051,473, or $0.80 per share. The tax character of the distributions declared and paid represented $36,162,651, or $0.78 per share, from ordinary income and $888,822, or $0.02 per share, from tax return of capital.

During the year ended December 31, 2025, given that the Company did not have sufficient earnings and profits, $199,928 of the distributions and Tender Offers is treated as a return of capital for tax purposes. This information will be reported in a Form 1042-S or Form 1099-DIV. During the year ended December 31, 2024, given that the Company did not have sufficient earnings and profits, $80,888,822 of the distributions and Tender Offers is treated as a return of capital for tax purposes. This information will be reported in a Form 1042-S or Form 1099-DIV.

GAAP require adjustments to certain components of net assets to reflect permanent differences between financial and tax reporting. These adjustments have no effect on net asset value per share. For the years ended December 31, 2025 and 2024, the Company recorded the following adjustments for permanent book to tax differences to reflect their tax characteristics. The adjustments only change the classification in net assets in the consolidated statements of assets and liabilities. During the years ended December 31, 2025 and 2024, the Company reclassified for book purposes amounts arising from permanent book/tax differences primarily related to distribution redesignations and return of capital distributions.

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
| Capital in excess of par value | $192265 | $155433 |
| Accumulated net investment income |  | 34982 |
| Accumulated net realized gain (loss) | (192265) | (190415) |

---

At December 31, 2025 and 2024, the components of distributable taxable earnings as detailed below differ from the amounts reflected in the Company's consolidated statements of assets and liabilities by temporary book/tax differences primarily arising from amortization of organizational expenditures.

------

---

| | | |
|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31,<br>2024** |
| Other temporary book/tax differences | $(91417) | $(111731) |
| Net tax basis unrealized depreciation | (12530496) | (6751851) |
| Accumulated net realized loss | (10873267) | (8936610) |
| Components of tax distributable (deficit) earnings at period end | $(23495180) | $(15800192) |

---

Certain losses incurred by the Company after October 31 of a taxable year are deemed to arise on the first business day of the Company's next taxable year. The Company did not incur such losses after October 31 of the Company's taxable year ended December 31, 2025.

Capital losses are generally eligible to be carried forward indefinitely, and retain their status as short-term or long-term in the manner originally incurred by the Company. As of December 31, 2025, the Company had long-term capital loss carryforward of $8,936,610. The Company has evaluated tax positions it has taken, expects to take, or that are otherwise relevant to the Company for purposes of determining whether any relevant tax positions would "more-likely-than-not" be sustained by the applicable tax authority in accordance with ASC Topic 740, "*Income Taxes*," as modified by ASC Topic 946. The Company has analyzed such tax positions and has concluded that no unrecognized tax benefits should be recorded for uncertain tax positions for taxable years that may be open. The Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Company's U.S. federal tax returns for fiscal years 2025, 2024, and 2023 remain subject to examination by the Internal Revenue Service. The Company records tax positions that are not deemed to meet a more-likely-than-not threshold as tax expenses as well as any applicable penalties or interest associated with such positions. During each of the years ended December 31, 2025, 2024, and 2023, no tax expense or any related interest or penalties were incurred.

**Note 7. Equity**

An investor made capital commitments to the Company in the amounts set forth below as of the date opposite each capital commitment:

---

| | |
|:---|:---|
| **Amount** | **Date** |
| $140000000 | June 23, 2015 |
| $50000000 | December 2, 2016 |
| $100000000 | On December 7, 2017 |
| $40000000 | March 22, 2019 |
| $30000000 | September 23, 2019 |
| $11200000 | March 20, 2020 |
| $8900000 | May 28, 2021 |
| $110000000 | December 15, 2021 |
| $30000000 | June 13, 2023 |
| $37000000 | March 25, 2024 |
| $66000000 | October 1, 2024 |
| $15000000 | December 16, 2025 |

---

As of March 31, 2026, there were no unfunded capital commitments by the Company's investors.

The number of shares of Common Stock issued and outstanding as of March 31, 2026 and December 31, 2025, were 47,020,471 and 47,020,468, respectively.

During the three months ended March 31, 2026, the Fund issued $15,000,000 worth of shares of common stock effective January 2, 2026, and repurchased $15,000,000 worth of shares of common stock via Tender Offer that expired on February 10, 2026. Both of these transactions were non-cash settlements.

------

The following table details the activity of Stockholders' Equity for the three months ended March 31, 2026 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Three Months Ended March 31, 2026** | **Common<br>Stock** | **Capital in Excess<br>of Par Value** | **Total<br>Distributable<br>(Loss) Earnings** | **Total<br>Stockholders'<br>Equity** |
| Balance as of December 31, 2025 | $47020 | $442003508 | $(23495180) | $418555348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  | 7783536 | 7783536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss from investment transactions |  |  | (39312) | (39312) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments |  |  | (5976233) | (5976233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of shares |  | 15000000 |  | 15000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of shares |  | (15000000) |  | (15000000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to Stockholders |  |  | (7523275) | (7523275) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested Dividends |  | 29 |  | 29 |
| Balance as of March 31, 2026 | $47020 | $442003537 | $(29250464) | $412800093 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Three Months Ended March 31, 2025** | **Common<br>Stock** | **Capital in Excess<br>of Par Value** | **Total<br>Distributable<br>(Loss) Earnings** | **Total<br>Stockholders'<br>Equity** |
| Balance as of December 31, 2024 | $47020 | $442395577 | $(15800192) | $426642405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  | 8452856 | 8452856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain from investment transactions |  |  | 133380 | 133380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments |  |  | (2652187) | (2652187) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to Stockholders |  | (10826) | (8452856) | (8463682) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested Dividends |  | 30 |  | 30 |
| Balance as of March 31, 2025 | $47020 | $442384781 | $(18318999) | $424112802 |

---

**Note 8. Borrowings**

***Short-Term Borrowings***

From time to time, the Company finances the purchase of certain investments through repurchase agreements. In the repurchase agreements, the Company enters into a trade to sell an investment and contemporaneously enters into a trade to buy the same investment back on a specified date in the future with the same counterparty. Investments sold under repurchase agreements are accounted for as collateralized borrowings as the sale of the investment does not qualify for sale accounting under ASC Topic 860—Transfers and Servicing and remains as an investment on the Consolidated Statement of Assets and Liabilities. The Company uses repurchase agreements as a short-term financing alternative. As of March 31, 2026 and December 31, 2025, the Company had no short-term borrowings. For the three months ended March 31, 2026 and 2025, the Company recorded no interest expense in connection with short-term borrowings.

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**Note 9. Commitments and Contingencies**

The Company may enter into certain credit agreements that include loan commitments where all or a portion of such commitment may be unfunded. The Company is generally obligated to fund the unfunded loan commitments at the borrowers' discretion. Funded portions of credit agreements are presented on the accompanying consolidated schedule of investments.

The following table summarizes the Company's significant contractual payment obligations as of March 31, 2026 and December 31, 2025:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | **Unfunded Commitment Balances** | **Unfunded Commitment Balances** |
| **Investment** | **Investment Type** | **Index (^)** | **Spread** | **Interest Rate** | **Maturity** | **Industry** | **March 31, 2026** | **December 31, 2025** |
| Midwest Eye Services | Senior Secured Fourth Amendment Delayed Draw Term Loan | S+ | 4.50% | 8.18% | 8/20/2027 | Healthcare & Pharmaceuticals | $1430667 | $1576000 |
| Prime Pensions | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 2/26/2030 | Banking, Finance, Insurance & Real Estate | 1253333 | 1253333 |
| Onyx Fire | Senior Secured Second Amendment Incremental DDTL | S+ | 4.50% | 8.18% | 7/31/2031 | Services: Business | 1000000 |  |
| Summit Spine 2025 | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 3/25/2031 | Healthcare & Pharmaceuticals | 986972 | 986972 |
| Electro Methods | Senior Secured Revolving Credit Facility | S+ | 4.75% | 8.43% | 2/23/2032 | Aerospace & Defense | 812714 | 812714 |
| Embark | Senior Secured Delayed Draw Term Loan | S+ | 4.50% | 8.18% | 9/2/2032 | Services: Business | 800000 | 800000 |
| Minds + Assembly | Senior Secured Revolving Loan (First Lien) | S+ | 5.00% | 8.68% | 5/3/2029 | Healthcare & Pharmaceuticals | 683230 | 683230 |
| Kenco | Senior Secured Revolving Credit Loan | S+ | 4.25% | 7.93% | 11/15/2029 | Transportation: Cargo | 666614 | 913170 |
| Cherry Bekaert | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.18% | 6/30/2030 | Banking, Finance, Insurance & Real Estate | 531399 | 616472 |
| Ned Stevens 2022-2 | Senior Secured 2025 Incremental Delayed Draw Term Loan | S+ | 5.00% | 8.68% | 11/1/2029 | Services: Consumer | 511968 | 708787 |
| Ned Stevens 2022-2 | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 11/1/2028 | Services: Consumer | 507703 | 507703 |
| Miller Environmental | Senior Secured Delayed Draw Term Loan (General) | S+ | 5.00% | 8.68% | 9/10/2031 | Environmental Industries | 505263 | 726316 |
| Aprio | Senior Secured 2025-2 Incremental Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 8/1/2031 | Services: Business | 500000 | 500000 |
| Frazier & Deeter | Senior Secured 2026 Incremental Delayed Draw Term Loan | S+ | 4.50% | 8.18% | 5/3/2032 | Banking, Finance, Insurance & Real Estate | 500000 |  |
| Sequel Ortho (fka OrthoNebraska) | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 7/31/2028 | Healthcare & Pharmaceuticals | 481266 | 481266 |
| Engine & Transmission Exchange | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 5/26/2029 | Automotive | 478873 | 513078 |
| Kept Companies | Senior Secured Revolving Loan | S+ | 5.25% | 8.93% | 4/30/2029 | Services: Business | 475425 | 475425 |
| Summit Spine 2025 | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 3/25/2031 | Healthcare & Pharmaceuticals | 463877 | 463877 |
| MediaRadar | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 9/16/2029 | Media: Advertising, Printing & Publishing | 406737 | 337010 |
| Miller Environmental | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 9/10/2031 | Environmental Industries | 400916 | 400916 |
| Prime Pensions | Senior Secured Revolving Credit | S+ | 4.75% | 8.43% | 2/26/2030 | Banking, Finance, Insurance & Real Estate | 380952 | 380952 |
| InnovateMR | Senior Secured Revolving Loan | S+ | 6.00% | 9.68% | 1/20/2028 | Services: Business | 365388 | 365388 |
| Heartland | Senior Secured 2025 Incremental Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 12/12/2029 | Services: Business | 338468 | 338468 |
| Amplix | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.18% | 10/18/2029 | Services: Business | 329670 | 329670 |
| Midwest Eye Services | Senior Secured Fourth Amendment Incremental Revolving Loan | S+ | 4.50% | 8.18% | 8/20/2027 | Healthcare & Pharmaceuticals | 322034 | 322034 |
| Kenco | Senior Secured DDTL | S+ | 4.25% | 7.93% | 11/15/2029 | Transportation: Cargo | 319523 | 319523 |
| Eagle Fire | Senior Secured Delayed Draw Term Loan | S+ | 4.25% | 7.93% | 7/15/2032 | Services: Business | 314949 | 314949 |
| Trystar | Senior Secured Amendment No. 2 Incremental Delayed Draw Term Loan | S+ | 4.25% | 7.93% | 8/6/2031 | Capital Equipment | 312500 |  |
| Lindsay Precast | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 12/16/2032 | Construction & Building | 310345 | 310345 |
| Vertellus | Senior Secured Revolving Credit Loan | S+ | 5.75% | 9.43% | 1/2/2029 | Chemicals, Plastics & Rubber | 308611 | 284028 |
| Super-Sod | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 3/10/2032 | Services: Consumer | 303030 |  |
| Lindsay Precast | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 12/16/2032 | Construction & Building | 284483 | 284483 |
| RevHealth | Senior Secured Revolving Loan | S+ | 2.50% | 6.18% | 7/21/2028 | Healthcare & Pharmaceuticals | 282534 | 333904 |
| Specialized Dental | Senior Secured Sixth Amendment DDTL | S+ | 4.75% | 8.43% | 11/1/2028 | Healthcare & Pharmaceuticals | 280374 | 280374 |
| Associated Springs | Senior Secured Amendment No. 1 Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 4/4/2030 | Capital Equipment | 280303 | 325758 |
| Beta+ | Senior Secured Revolving Credit Loan | S+ | 4.25% | 7.93% | 7/1/2027 | Banking, Finance, Insurance & Real Estate | 276289 | 193402 |
| A1 Garage Door | Senior Secured Revolving Loan | S+ | 4.50% | 8.18% | 12/22/2028 | Construction & Building | 275482 | 275482 |
| Trystar | Senior Secured Revolving Credit Loan | S+ | 4.25% | 7.93% | 8/6/2031 | Capital Equipment | 272724 | 272724 |
| Brown & Root | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 10/3/2030 | Construction & Building | 270962 | 192857 |
| CCG | Senior Secured Revolving Facility | S+ | 4.50% | 8.18% | 12/30/2032 | Services: Business | 270758 | 270758 |
| Dane Street | Senior Secured Delayed Draw Term Loan | S+ | 4.50% | 8.18% | 3/24/2033 | Healthcare & Pharmaceuticals | 270000 |  |
| Ivy Rehab | Senior Secured Amendment No. 3 Delayed Draw Term Loan | S+ | 5.00% | 8.68% | 4/23/2029 | Healthcare & Pharmaceuticals | 259333 | 349000 |
| Gallo Mechanical | Senior Secured Initial Revolving Loan | S+ | 4.75% | 8.43% | 8/2/2032 | Services: Business | 253934 | 253934 |
| Options IT | Senior Secured Effective Date Delayed Draw Term Loan | S+ | 4.50% | 8.18% | 9/30/2031 | High Tech Industries | 247692 | 256410 |
| Super-Sod | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 3/10/2032 | Services: Consumer | 242424 |  |
| Heartland | Senior Secured Revolving Credit Loan | S+ | 4.75% | 8.43% | 12/12/2029 | Services: Business | 238484 | 252112 |
| Hissho Sushi | Senior Secured Revolving Credit Loan | S+ | 4.75% | 8.43% | 5/18/2029 | Beverage, Food & Tobacco | 238095 | 238095 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** | **Investment Type** | **Index (^)** | **Spread** | **Interest Rate** | **Maturity** | **Industry** | **March 31, 2026** | **December 31, 2025** |
| Vortex Companies | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 9/4/2029 | Services: Business | $235518 | $235518 |
| Voeller | Senior Secured Initial Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 11/25/2032 | Construction & Building | 232558 | 232558 |
| Rover | Senior Secured Amendment No. 1 Incremental Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 2/27/2031 | Services: Consumer | 229500 | 376500 |
| Clearway | Senior Secured Tenth Amendment Delayed Draw Loan | S+ | 5.50% | 9.18% | 8/30/2030 | Healthcare & Pharmaceuticals | 226837 | 226837 |
| Vessco | Senior Secured 2025 Incremental DDTL | S+ | 4.50% | 8.18% | 11/3/2032 | Utilities: Water | 225623 | 225623 |
| Whitcraft | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 9/30/2031 | Aerospace & Defense | 216071 | 267857 |
| GoldenSource | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 5/12/2028 | Services: Business | 215962 | 215962 |
| Blue Cloud | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 1/21/2031 | Healthcare & Pharmaceuticals | 210227 | 68182 |
| PayByPhone | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 3/31/2033 | High Tech Industries | 205128 |  |
| Steward Partners | Senior Secured Delayed Draw Term C Loan | S+ | 4.75% | 8.43% | 10/14/2028 | Banking, Finance, Insurance & Real Estate | 200889 | 388667 |
| Plaskolite | Senior Secured Revolving Credit Loan | S+ | 7.00% | 10.68% | 2/7/2030 | Capital Equipment | 200067 | 235294 |
| TRG | Senior Secured Delayed Draw Term Loan | S+ | 4.50% | 8.18% | 1/5/2032 | Capital Equipment | 200000 |  |
| Gallo Mechanical | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 8/2/2032 | Services: Business | 195334 | 195334 |
| Industrial Services Group | Senior Secured Revolving Loan | S+ | 5.75% | 9.43% | 12/7/2028 | Services: Business | 190476 | 228571 |
| 80/20 | Senior Secured Delayed Draw Term Loan | S+ | 4.50% | 8.18% | 12/12/2032 | Capital Equipment | 190476 | 190476 |
| O6 Environmental | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 8/5/2032 | Environmental Industries | 185476 | 185476 |
| Levata | Senior Secured Sixteenth Amendment Incremental Delayed Draw Term Loan | S+ | 5.00% | 8.68% | 12/21/2027 | Services: Business | 184075 | 184075 |
| Embark | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.18% | 9/2/2032 | Services: Business | 184000 | 192000 |
| Secretariat | Senior Secured Delayed Draw Term Loan | S+ | 4.00% | 7.68% | 2/28/2032 | Services: Business | 180723 | 180723 |
| Cerity Partners | Senior Secured Initial Revolving Loan | S+ | 4.50% | 8.18% | 7/28/2028 | Banking, Finance, Insurance & Real Estate | 172043 | 240860 |
| Aurora Energy Research | Senior Secured Delayed Draw Term Facility Notes | S+ | 5.00% | 8.68% | 9/8/2032 | Services: Business | 166667 | 166667 |
| VaxCare | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.18% | 6/17/2032 | Healthcare & Pharmaceuticals | 166667 | 166667 |
| Aprio | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 8/1/2031 | Services: Business | 166455 | 249682 |
| Denali Water Solutions | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 11/19/2032 | Environmental Industries | 164103 |  |
| O6 Environmental | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 8/5/2032 | Environmental Industries | 162291 | 162291 |
| Clearway | Senior Secured Revolving Loan | S+ | 5.50% | 9.18% | 8/30/2030 | Healthcare & Pharmaceuticals | 161933 | 161933 |
| Capital Consultants Management | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 11/1/2031 | Services: Business | 157746 | 157746 |
| Aptive Environmental | Senior Secured Initial Revolving Loan | S+ | 4.75% | 8.43% | 10/15/2032 | Services: Consumer | 155039 | 155039 |
| AGS Health | Senior Secured Delayed Draw Term Loan | S+ | 4.50% | 8.18% | 8/2/2032 | Healthcare & Pharmaceuticals | 151520 | 83340 |
| Rover | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 2/27/2031 | Services: Consumer | 150000 | 150000 |
| Dun & Bradstreet | Senior Secured Revolving Credit Loan | S+ | 5.50% | 9.18% | 8/26/2032 | Services: Business | 150000 | 150000 |
| Liberty Group | Senior Secured Revolving Loan | S+ | 5.75% | 9.43% | 12/15/2028 | Services: Business | 147727 | 147727 |
| Tank Holding | Senior Secured Revolving Credit Loan | S+ | 5.75% | 9.43% | 3/31/2028 | Capital Equipment | 147692 | 147692 |
| Voeller | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 11/25/2032 | Construction & Building | 147287 | 186047 |
| Inhabit | Senior Secured Delayed Draw Term Loan | S+ | 4.50% | 8.18% | 1/12/2032 | High Tech Industries | 138889 | 138889 |
| Lexitas | Senior Secured Delayed Draw Term Loan | S+ | 5.00% | 8.68% | 4/15/2031 | Services: Business | 136546 | 144947 |
| EPIC Insurance | Senior Secured Fifth Amendment Refinancing Revolving Loan | S+ | 4.50% | 8.18% | 9/29/2028 | Banking, Finance, Insurance & Real Estate | 134981 | 179699 |
| Eagle Fire | Senior Secured Initial Revolving Loan | S+ | 4.50% | 8.18% | 7/15/2032 | Services: Business | 134615 | 134615 |
| Insight Global | Senior Secured 2024 Refinancing Revolving Loan | S+ | 5.00% | 8.68% | 9/22/2028 | Services: Business | 134178 | 134178 |
| AI Fire & Safety | Senior Secured Delayed Draw Term Loan | S+ | 4.50% | 8.18% | 2/2/2032 | Services: Business | 129779 | 174632 |
| Americhem | Senior Secured Delayed Draw Term Loan | S+ | 4.50% | 8.18% | 3/1/2032 | Chemicals, Plastics & Rubber | 128571 | 128571 |
| PayByPhone | Senior Secured Revolving Credit | S+ | 4.75% | 8.43% | 3/31/2033 | High Tech Industries | 128205 |  |
| Discovery Education | Senior Secured Revolving Credit Loan (First Lien) | S+ | 5.75% | 9.43% | 4/9/2029 | Services: Business | 128205 | 76923 |
| 80/20 | Senior Secured Revolving Loan | S+ | 4.50% | 8.18% | 12/12/2032 | Capital Equipment | 126984 | 126984 |
| Dane Street | Senior Secured Revolving Loan | S+ | 4.50% | 8.18% | 3/24/2033 | Healthcare & Pharmaceuticals | 125000 |  |
| TRG | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.18% | 1/5/2032 | Capital Equipment | 125000 |  |
| Steward Partners | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 10/14/2028 | Banking, Finance, Insurance & Real Estate | 125000 | 125000 |
| SupplyHouse | Senior Secured Revolving Credit Loan | S+ | 4.00% | 7.68% | 7/1/2032 | Capital Equipment | 125000 | 125000 |
| Electric Power Engineers | Senior Secured Delayed Draw Term Loan | S+ | 4.50% | 8.18% | 12/31/2031 | Construction & Building | 123810 | 238095 |
| Shrieve | Senior Secured Revolving Credit Loan | S+ | 6.00% | 9.68% | 10/30/2030 | Chemicals, Plastics & Rubber | 114792 | 147694 |
| Healthcare Linen Service Group | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 2/2/2033 | Healthcare & Pharmaceuticals | 111940 |  |
| APT Healthcare | Senior Secured Delayed Draw Term Loan | S+ | 4.50% | 8.18% | 9/30/2031 | Healthcare & Pharmaceuticals | 111111 | 111111 |
| APT Healthcare | Senior Secured Initial Revolving Credit Loan | S+ | 4.50% | 8.18% | 9/30/2031 | Healthcare & Pharmaceuticals | 111111 | 111111 |
| Industrial Physics | Senior Secured Revolving Credit Loan | S+ | 6.25% | 9.93% | 7/19/2028 | Containers, Packaging & Glass | 107759 | 47414 |
| RailPros | Senior Secured Delayed Draw Term Loan | S+ | 4.25% | 7.93% | 5/24/2032 | Construction & Building | 107692 | 153846 |
| VC3 | Senior Secured RC | S+ | 5.00% | 8.68% | 3/12/2029 | Services: Business | 107692 | 107692 |
| PlayPower | Senior Secured Revolving Loan | S+ | 5.25% | 8.93% | 10/29/2030 | Construction & Building | 106092 | 106092 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** | **Investment Type** | **Index (^)** | **Spread** | **Interest Rate** | **Maturity** | **Industry** | **March 31, 2026** | **December 31, 2025** |
| Ascend | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.18% | 8/11/2031 | Services: Business | $103093 | $171821 |
| Cirtec Medical | Senior Secured Revolving Credit (First Lien) | S+ | 5.00% | 8.68% | 10/31/2028 | Healthcare & Pharmaceuticals | 102778 | 116667 |
| Ivy Rehab | Senior Secured Revolving Credit Loan (First Lien) | S+ | 4.75% | 8.43% | 4/21/2028 | Healthcare & Pharmaceuticals | 101347 | 131650 |
| Tronair | Senior Secured Revolving Loan | S+ | 3.75% | 7.43% | 12/22/2032 | Aerospace & Defense | 100000 | 100000 |
| Associated Springs | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 4/4/2030 | Capital Equipment | 94406 | 94406 |
| FMG Suite | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 9/9/2032 | Services: Consumer | 94340 | 94340 |
| Americhem | Senior Secured Revolving Loan | S+ | 4.50% | 8.18% | 3/1/2032 | Chemicals, Plastics & Rubber | 90909 | 90909 |
| Precision Concepts | Senior Secured Revolving Credit Loan | S+ | 4.75% | 8.43% | 8/2/2032 | Containers, Packaging & Glass | 90471 | 105004 |
| AI Fire & Safety | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.18% | 2/2/2032 | Services: Business | 89820 | 89820 |
| Burke Porter Group | Senior Secured Revolving Credit Loan | S+ | 6.00% | 9.68% | 7/29/2028 | Capital Equipment | 88872 | 98809 |
| Aprio | Senior Secured 2025 Incremental Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 8/1/2031 | Services: Business | 87884 | 343877 |
| Inhabit | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.18% | 1/12/2032 | High Tech Industries | 87715 | 87715 |
| Frazier & Deeter | Senior Secured Delayed Draw Term Loan | S+ | 4.50% | 8.18% | 5/3/2032 | Banking, Finance, Insurance & Real Estate | 86765 | 86765 |
| Kept Companies | Senior Secured DDTAL Loan | S+ | 5.25% | 8.93% | 4/30/2029 | Services: Business | 84531 | 229903 |
| AGS Health | Senior Secured Delayed Draw Term Loan | S+ | 4.50% | 8.18% | 8/2/2032 | Healthcare & Pharmaceuticals | 83340 | 151520 |
| Avalon | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.18% | 12/31/2031 | Healthcare & Pharmaceuticals | 83333 | 83333 |
| Trystar | Senior Secured Amendment No. 2 Incremental Revolver | S+ | 4.25% | 7.93% | 8/6/2031 | Capital Equipment | 83333 |  |
| Leaf Home | Senior Secured Revolving Credit Loan | S+ | 5.25% | 8.93% | 9/4/2031 | Construction & Building | 83250 | 99000 |
| Industrial Electric Manufacturing | Senior Secured 2025 Incremental DDTL | S+ | 4.50% | 8.18% | 12/3/2031 | Capital Equipment | 81226 | 81226 |
| RailPros | Senior Secured Revolving Loan | S+ | 4.25% | 7.93% | 5/24/2032 | Construction & Building | 80666 | 80666 |
| Apex Service Partners | Senior Secured 2024 Revolving Credit Loan | S+ | 5.00% | 8.68% | 10/24/2029 | Services: Consumer | 79053 | 107800 |
| Aptive Environmental | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 10/15/2032 | Services: Consumer | 77519 | 77519 |
| Pegasus | Senior Secured Amendment No. 1 Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 1/19/2031 | Capital Equipment | 76955 | 85789 |
| AIA Contract | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 7/2/2031 | Services: Business | 75758 | 75758 |
| Health Management Associates | Senior Secured Revolving Loan | S+ | 6.25% | 9.93% | 3/30/2029 | Services: Business | 71048 | 71048 |
| Nvision | Senior Secured Revolving Loan | S+ | 5.50% | 9.18% | 12/31/2028 | Healthcare & Pharmaceuticals | 67470 | 85071 |
| Alliance Environmental Group | Senior Secured Priority Revolving Loan | S+ | 0.00% | 3.68% | 12/30/2028 | Environmental Industries | 66225 | 66225 |
| Options IT | Senior Secured Revolving Loan | S+ | 4.50% | 8.18% | 3/31/2031 | High Tech Industries | 65225 | 65225 |
| MB2 Dental | Senior Secured Revolving Loan | S+ | 5.50% | 9.18% | 2/13/2031 | Healthcare & Pharmaceuticals | 64171 | 54813 |
| insightsoftware | Senior Secured Revolving Loan | S+ | 5.25% | 8.93% | 5/25/2028 | High Tech Industries | 62273 | 82451 |
| Radwell | Senior Secured Revolving Loan | S+ | 5.50% | 9.18% | 4/1/2029 | Capital Equipment | 61332 | 66665 |
| Carlisle Foodservice | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 10/2/2029 | Wholesale | 61238 | 75204 |
| Electric Power Engineers | Senior Secured Revolving Loan | S+ | 4.50% | 8.18% | 12/31/2031 | Construction & Building | 58065 | 96774 |
| Lexitas | Senior Secured Revolving Credit Loan | S+ | 5.00% | 8.68% | 4/15/2031 | Services: Business | 57274 | 57274 |
| R. F. Fager | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 3/4/2030 | Services: Consumer | 56942 | 49033 |
| FMG Suite | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 9/9/2032 | Services: Consumer | 56604 | 56604 |
| Argano | Senior Secured Revolving Credit Loan | S+ | 5.50% | 9.18% | 9/13/2029 | Services: Business | 55647 | 55647 |
| Aurora Energy Research | Senior Secured Original Revolving Facility Notes | S+ | 5.00% | 8.68% | 9/8/2032 | Services: Business | 55556 | 55556 |
| AGS Health | Senior Secured Tranche A Revolving Credit Loan | S+ | 4.50% | 8.18% | 8/2/2032 | Healthcare & Pharmaceuticals | 53040 | 30300 |
| S&P Engineering Solutions | Senior Secured 2024 Converted Revolving Credit Loan | S+ | 5.00% | 8.68% | 5/2/2029 | Services: Business | 49020 | 49020 |
| Trace3 | Senior Secured Delayed Draw Term B Loan | S+ | 4.00% | 7.68% | 10/29/2032 | Services: Business | 47619 | 47619 |
| Specialized Dental | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 11/1/2028 | Healthcare & Pharmaceuticals | 46729 | 46729 |
| Encore | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 12/5/2029 | Hotels, Gaming & Leisure | 44861 | 54709 |
| Healthcare Linen Service Group | Senior Secured Revolving Credit Loan | S+ | 4.75% | 8.43% | 2/2/2033 | Healthcare & Pharmaceuticals | 44776 |  |
| Alliance Environmental Group | Senior Secured Revolving Loan | S+ | 0.00% | 3.68% | 12/30/2028 | Environmental Industries | 44702 | 102649 |
| Vessco | Senior Secured Revolving Loan | S+ | 4.50% | 8.18% | 11/3/2032 | Utilities: Water | 42308 | 42308 |
| Ohio Transmission | Senior Secured Delayed Draw Term Loan | S+ | 5.75% | 9.43% | 12/19/2030 | Capital Equipment | 40329 | 40329 |
| Nvision | Senior Secured First Amendment Delayed Draw Term Loan | S+ | 5.50% | 9.18% | 12/31/2028 | Healthcare & Pharmaceuticals | 34665 | 34665 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** | **Investment Type** | **Index (^)** | **Spread** | **Interest Rate** | **Maturity** | **Industry** | **March 31, 2026** | **December 31, 2025** |
| LightBox | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 1/13/2030 | High Tech Industries | 32960 | 32960 |
| AGS Health | Senior Secured Tranche A Revolving Credit Loan | S+ | 4.50% | 8.18% | 8/2/2032 | Healthcare & Pharmaceuticals | 30300 | 53040 |
| Frazier & Deeter | Senior Secured Revolving Loan | S+ | 4.50% | 8.18% | 5/2/2031 | Banking, Finance, Insurance & Real Estate | 29412 | 88235 |
| Ohio Transmission | Senior Secured Initial Revolving Loan | S+ | 5.75% | 9.43% | 12/19/2029 | Capital Equipment | 27733 | 20800 |
| Mitratech | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 12/2/2031 | Services: Business | 22936 | 22936 |
| Keter Environmental Services | Senior Secured Revolving Loan | S+ | 5.25% | 8.93% | 10/29/2027 | Environmental Industries | 22610 | 49096 |
| Augusta Sportswear | Senior Secured Revolving Credit Loan | S+ | 7.00% | 10.68% | 11/21/2028 | Consumer Goods: Non-Durable | 19664 | 103887 |
| R. F. Fager | Senior Secured Delayed Draw Term Loan | S+ | 5.00% | 8.68% | 3/4/2030 | Services: Consumer | 18506 | 83515 |
| Mitratech | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 12/2/2031 | Services: Business | 18349 | 18349 |
| FLS Transportation | Senior Secured Revolving Credit Loan | S+ | 5.25% | 8.93% | 12/17/2027 | Transportation: Cargo | 1111 | 1111 |
| Nvision | Senior Secured Fourth Amendment Delayed Draw Term Loan | S+ | 5.50% | 9.18% | 12/31/2028 | Healthcare & Pharmaceuticals |  | 817121 |
| Trystar | Senior Secured Delayed Draw Term Loan | S+ | 4.25% | 7.93% | 8/6/2031 | Capital Equipment |  | 411993 |
| EPIC Insurance | Senior Secured Refinancing Third Amendment Delayed Draw Term Loan | S+ | 4.50% | 8.18% | 9/29/2028 | Banking, Finance, Insurance & Real Estate |  | 353029 |
| EyeSouth Partners | Senior Secured Amendment No.2 Delayed Draw Term Loan (First Lien) | S+ | 5.50% | 9.18% | 10/5/2029 | Healthcare & Pharmaceuticals |  | 208323 |
| Denali Water Solutions | Senior Secured Revolving Loan | S+ | 5.50% | 9.18% | 1/29/2026 | Environmental Industries |  | 196154 |
| MB2 Dental | Senior Secured Tranche 1 Delayed Draw Term Loan | S+ | 5.50% | 9.18% | 2/13/2031 | Healthcare & Pharmaceuticals |  | 160428 |
| Apex Service Partners | Senior Secured Second Amendment Incremental DDTL Loan | S+ | 5.00% | 8.68% | 10/24/2030 | Services: Consumer |  | 116393 |
| Micro Merchant Systems | Senior Secured Revolving Loan | S+ | 4.50% | 8.18% | 12/14/2027 | Healthcare & Pharmaceuticals |  | 111111 |
| insightsoftware | Senior Secured Seventh Supplemental DDTL | S+ | 5.25% | 8.93% | 5/25/2028 | High Tech Industries |  | 103333 |
| USALCO | Senior Secured 2025 Delayed Draw Term Loan | S+ | 3.50% | 7.18% | 9/30/2031 | Chemicals, Plastics & Rubber |  | 103030 |
| Vensure | Senior Secured Initial Delayed Draw Term Loan | S+ | 5.00% | 8.68% | 9/27/2031 | Services: Business |  | 31253 |
| Ascend | Senior Secured Closing Date Delayed Draw Term Loan | S+ | 4.50% | 8.18% | 8/11/2031 | Services: Business |  | 25773 |
| United Comfort Group (fka United Air Temp) | Senior Secured Revolving Loan | S+ | 5.50% | 9.18% | 3/28/2030 | Services: Consumer |  | 14756 |
|  |  |  |  |  |  |  | $**33983424** | $**35365597** |

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Unfunded commitments represent all amounts unfunded as of March 31, 2026 and December 31, 2025. These amounts may or may not be funded to the borrowing party now or in the future.

**Note 10. Financial Highlights**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31, 2026** | **Three Months Ended<br>March 31, 2025** |
| **<u>Per Share Data:</u>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $8.90 | $9.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.16 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and change in unrealized depreciation on investments<sup>(a)(b)</sup> | (0.12) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | $0.04 | $0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of equity capital activity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to stockholders from net investment income<sup>(a)</sup> | (0.16) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to stockholders from return of capital<sup>(a)</sup> |  | (0.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | $8.78 | $9.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return<sup>(c)</sup> <sup>(g)</sup> | 0.43% | 1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of common stock outstanding at end of period | 47020471 | 47020457 |
| **<u>Consolidated Statement of Assets and Liabilities Data:</u>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period | $412800093 | $424112802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average net assets<sup>(d)</sup> | 416530321 | 425799204 |
| **<u>Ratio/Supplemental Data:</u>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of gross expenses before incentive fees to average net assets - annualized<sup>(e)</sup> | 1.40% | 1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of gross expenses after incentive fees to average net assets - annualized<sup>(e)</sup> | 2.59% | 2.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets - annualized<sup>(f)</sup> | 1.42% | 1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets - annualized | 7.58% | 8.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover<sup>(g)</sup> | 3.46% | 0.58% |

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(a)Based on weighted average basic per share of Common Stock data.

(b)The per share amount varies from the net realized and unrealized gain (loss) for the period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and losses at such time.

(c)Total return is based on the change in net asset value during the respective periods. Total return also takes into account dividends and distributions, if any, reinvested in accordance with the Company's dividend reinvestment plan.

(d)Average net assets are computed using the average balance of net assets at the end of each month of the reporting period.

------

(e)Ratio of gross expenses before and after incentive fees to average net assets is computed using expenses before waivers from the Adviser and Administrator.

(f)Ratio of net expenses to average net assets is computed using total expenses net of waivers from the Adviser and Administrator.

(g)Not annualized.

**Note 11. Indemnification** 

In the normal course of business, the Company may enter into certain contracts that provide a variety of indemnities. The Company's maximum exposure under these indemnities is unknown. The Company does not consider it necessary to record a liability in this regard.

**Note 12. Subsequent Events**

The Company has evaluated subsequent events through May 12, 2026, the date of which the consolidated financial statements were issued. Other than the items discussed below, the Company has concluded there are no material items that warrant disclosure. Subsequent to March 31, 2026 and through May 12, 2026, the Company invested $4,628,629 at cost in 51 different portfolio companies.

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**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*In this quarterly report on Form 10-Q, except where the context suggests otherwise, the terms "we," us," our" and the "Company" refer to Audax Credit BDC Inc. The information contained in this section should be read in the conjunction with the consolidated financial statements and notes to the consolidated financial statements appearing elsewhere in this quarterly report.* 

This quarterly report and other statements contain forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our company, our current and prospective portfolio investments, our industry, our beliefs and our assumptions. Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our future operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our business prospects and the prospects of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in political, economic or industry conditions, changes in interest rates and conditions affecting the financial and capital markets, and the effect of tariffs (or threats thereof), which could change the value of our assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the general level of inflation and its impact on us, on our portfolio companies and on the industries in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the state of and changes in the general economy, including a possible slowdown in the economy and the risk of recession;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of fluctuations in foreign exchange rates on our business and our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•general price and volume fluctuations in the debt and stock markets;

&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;•uncertainty surrounding financial and political stability of the United States, the United Kingdom, the European Union, the Middle East and China, the war between Russia and Ukraine and the ongoing conflicts in the Middle East;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of our portfolio companies to achieve their objectives;

&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;

&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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•risk associated with possible disruptions in our operations or the economy generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the effect of investments that we expect to make;

&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;•actual and potential conflicts of interest with Adviser and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the adequacy of our financing sources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of our Adviser and its affiliates to attract and retain highly talented professionals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to qualify and maintain our qualification as a BDC and as a RIC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the risks, uncertainties and other factors we identify in Part I, Item 1A "Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 20, 2026 (the "Annual Report").

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this quarterly report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in our Annual Report as well as risk factors described or identified in other filings we may make with the SEC from time to time. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this quarterly report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. The forward-looking statements and projections contained in this quarterly report are excluded from the safe harbor protection provided by Section 27A of the Securities Act and provided by Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act").

**OVERVIEW**

Audax Credit BDC Inc. is a Delaware corporation that was formed on January 29, 2015. We are an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a BDC under the 1940 Act. In addition, we have elected to be treated for U.S. federal income tax purposes, and intend to qualify annually, as a RIC under Subchapter M of the Code.

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Our investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. We intend to meet our investment objective by investing primarily in senior secured debt of privately owned U.S. middle market companies. We intend to invest at least 80% of our net assets plus the amount of any borrowings in "credit instruments," which we define as any fixed income instruments.

Although we have no present intention of doing so, we may decide to incur leverage. If we do incur leverage, we anticipate that it will be used in limited circumstances and on a short-term basis for purposes such as funding distributions. As a BDC, we are limited in our use of leverage under the 1940 Act. Under the 1940 Act, a BDC generally is required to maintain asset coverage of 200% for senior securities representing indebtedness (such as borrowings from banks or other financial institutions) or stock (such as preferred stock). The Small Business Credit Availability Act (the "SBCAA"), which was signed into law on March 23, 2018, provides that a BDC's required asset coverage under the 1940 Act may be reduced from 200% (i.e., $1 of debt outstanding for each $1 of equity) to 150% (i.e., $2 of debt outstanding for each $1 of equity). This reduction in asset coverage permits a BDC to double the amount of leverage it may utilize, subject to certain approval, timing and reporting requirements, including either stockholder approval or approval of a majority of the directors who are not "interested persons" (as defined in the 1940 Act) of the BDC and who have no financial interest in the arrangement. In addition, as a non-traded BDC, if we receive the relevant approval to increase our authorized leverage, we will be required to offer our stockholders the opportunity to sell their shares of Common Stock over the next year following the calendar quarter in which the approval was obtained. In determining whether to use leverage, we would analyze the maturity, covenants and interest rate structure of the proposed borrowings, as well as the risks of such borrowings within the context of our investment outlook and the impact of leverage on our investment portfolio. The amount of any leverage that we will employ as a BDC will be subject to oversight by our Board of Directors.

We generate revenue in the form of interest on the debt securities that we hold in our portfolio companies. The senior debt we invest in generally has stated terms of three to ten years. Our senior debt investments generally bear interest at a 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 PIK interest. The principal amount of the debt securities and any accrued but unpaid interest generally will become due at the maturity date. In addition, we may generate revenue in the form of commitment and other fees in connection with transactions, although we do not expect to do so. OID as well as market discount and premium are accreted and amortized in determining our interest income. We record any prepayment premiums on loans and debt securities as income.

**PORTFOLIO COMPOSITION AND INVESTMENT ACTIVITY**

***Portfolio Composition***

The fair value of our investments, comprised of syndicated loans and equity, as of March 31, 2026, was approximately $402,522,665 and held in 268 portfolio companies as of March 31, 2026. The fair value of our investments, comprised of syndicated loans and equity, as of December 31, 2025, was approximately $407,509,401, and we held investments in 268 portfolio companies as of December 31, 2025.

During the three months ended March 31, 2026, we invested in 27 new syndicated investments for a combined $9,422,440 and in existing investments for a combined $5,035,492. We also received $11,604,044 in repayments from investments and $2,355,369 from investments sold during the three months ended March 31, 2026. During the three months ended March 31, 2025, we invested in 25 new syndicated investments for a combined $16,052,763 and in existing investments for a combined $7,123,466. We also received $20,634,208 in repayments from investments and $2,362,943 from investments sold during the three months ended March 31, 2025.

In addition, for the three months ended March 31, 2026, we had a change in unrealized depreciation of approximately $5,976,233, and realized gains (losses) of $(39,312). For the three months ended March 31, 2025, we had a change in unrealized depreciation of approximately $2,652,187, and realized gains (losses) of $133,380.

------

Our investment activity for the three months ended March 31, 2026 and 2025, is presented below:

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| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31, 2026** | **Three Months Ended<br>March 31, 2025** |
| Beginning investment portfolio, at fair value | $407509401 | $410031275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in new portfolio investments | 9422440 | 16052763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in existing portfolio investments | 5035492 | 7123466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal repayments | (11604044) | (20634208) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from investments sold | (2355369) | (2362943) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in premiums, discounts and amortization | 530290 | 541463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (5976233) | (2652187) |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized (loss) gain loss on investments | (39312) | 133380 |
| Ending portfolio investment activity, at fair value | $402522665 | $408233009 |
| Number of portfolio investments | 338 | 291 |
| Average investment amount, at cost | $1246649 | $1435834 |
| Percentage of investments at floating rates | 100.00% | 100.00% |

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As of March 31, 2026 and December 31, 2025, our entire portfolio consisted of non-controlled/non-affiliated investments.

**RECENT DEVELOPMENTS**

Subsequent to March 31, 2026 through May 12, 2026, the Company invested $4,628,629 at cost in 51 different portfolio companies.

**RESULTS OF OPERATIONS**

The net increase or decrease in net assets from operations may vary substantially from period to period as a result of various factors, including the recognition of realized gains and/or losses and net change in unrealized appreciation and depreciation.

***Revenue***

Total investment income for the three months ended March 31, 2026 and 2025 is presented in the table below.

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| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2025** |
| Total interest income from non-controlled/non-affiliated investments | $9212748 | $9916756 |
| Total interest on cash | 7056 | 59392 |
| Total fee income | 20143 | 25990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $9239947 | $10002138 |

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Total investment income for the three months ended March 31, 2026 decreased to $9,239,947 from $10,002,138 for the three months ended March 31, 2025, and was primarily driven by a decrease in interest rate spreads over the period. As of March 31, 2026 and 2025, the size of our debt portfolio was $412,509,895 and $411,574,595 at amortized cost, respectively, with total debt principal amount outstanding of $416,970,816 and $416,385,124, respectively.

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***Expenses***

Total expenses net of waivers for the three months ended March 31, 2026 and 2025, were as follows:

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| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2025** |
| Base management fee<sup>(a)</sup> | $1057008 | $1082732 |
| Incentive fee<sup>(a)</sup> | 1226520 | 1337809 |
| Professional fees | 178416 | 136886 |
| Directors' fees | 46436 | 72750 |
| Administrative fee<sup>(a)</sup> | 66250 | 66250 |
| Other expenses | 85700 | 104461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 2660330 | 2800888 |
| Base management fee waivers<sup>(a)</sup> | (369953) | (378956) |
| Incentive fee waivers<sup>(a)</sup> | (833966) | (872650) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses, net of waivers | $1456411 | $1549282 |

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(a)Refer to Note 4-*Related Party Transactions* within the consolidated financial statements for a description of the relevant fees.

The decrease in base management fees before waivers for the three months ended March 31, 2026 in comparison to the three months ended March 31, 2025 was driven by our decreasing average gross assets balance. For the three months ended March 31, 2026 and 2025, we accrued gross base management fees before waivers of $1,057,008 and $1,082,732, respectively. Offsetting those fees, we recognized base management fee waivers of $369,953 and $378,956 for three months ended March 31, 2026 and 2025, respectively.

The decrease in incentive fees before waivers for the three months ended March 31, 2026 in comparison to the three months ended March 31, 2025 was driven by our decrease in net investment income. For the three months ended March 31, 2026 and 2025, we accrued incentive fees related to net investment income before waivers of $1,226,520 and $1,337,809, respectively. Offsetting those fees for the three months ended March 31, 2026 and 2025, we recognized incentive fee waivers of $833,966 and $872,650, respectively.

Additionally, we accrued $66,250 of administrative fees for each of the three months ended March 31, 2026 and 2025, respectively. Refer to Note 4 — *Related Party Transactions* in the notes accompanying our consolidated financial statements for more information related to base management fees, incentive fees and waivers.

During the three months ended March 31, 2026, we incurred professional fees of $178,416, related to audit fees, tax fees, and legal fees. During the three months ended March 31, 2025, we incurred professional fees of $136,886, related to audit fees, tax fees, and legal fees.

During the three months ended March 31, 2026, we incurred expenses related to fees paid to our independent directors of $46,436. During the three months ended March 31, 2025, we incurred expenses related to fees paid to our independent directors of $72,750.

During the three months ended March 31, 2026, we incurred no interest expense in connection with our short-term borrowings. During the three months ended March 31, 2025, we incurred no interest expense in connection with our short-term borrowings. Refer to Note 8 — *Borrowings* in the notes accompanying our consolidated financial statements for more information related to interest expense.

***Realized and Unrealized Gains and Losses***

We recognized $(39,312) and $133,380 in net realized gains (losses) for the three months ended March 31, 2026 and 2025, respectively.

Net change in unrealized appreciation (depreciation) on investments for the three months ended March 31, 2026 and 2025 was as follows:

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| | | |
|:---|:---|:---|
| **Type** | **Three Months Ended March 31, 2026** | **Three Months Ended<br>March 31, 2025** |
| First Lien Debt | $(3430410) | $(1917992) |
| Unitranche Debt | (936238) | (944560) |
| Second Lien Debt | (1373956) | 2732 |
| Equity and Preferred Shares | (235629) | 207633 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | $(5976233) | $(2652187) |

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Net change in unrealized depreciation on investments during the three months ended March 31, 2026 was primarily due to the change in the results and financial position of the portfolio companies. Net change in unrealized appreciation on investments during the three months ended March 31, 2025 was primarily due to the change in the results and financial position of the portfolio companies.

**FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES**

We generate cash primarily from the net proceeds of any offering of shares of our Common Stock, from cash flows from interest and fees earned from our investments, and from principal repayments and proceeds from sales of our investments. Our primary use of cash is investments in portfolio companies, payments of our expenses, cash distributions to our stockholders, and repurchases of common stock from our stockholders. As of March 31, 2026 and December 31, 2025, we had cash of $11,727,871 and $12,817,052, respectively.

***Operating Activities***

Net cash provided by operating activities for the three months ended March 31, 2026 was $6,434,065. The primary operating activities during this period were investments in portfolio companies. The Company invested $9,422,440 in new portfolio investments and $5,035,492 in existing portfolio investments during the three months ended March 31, 2026. This was offset by repayments of bank loans and sales of investments of $11,604,044 and $2,355,369, respectively. Net cash provided by operating activities for the three months ended March 31, 2025 was $4,100,964. The primary operating activities during this period were investments in portfolio companies. The Company invested $16,052,763 in new portfolio investments and $7,123,466 in existing portfolio investments during the three months ended March 31, 2025. This was offset by repayments of bank loans and sales of investments of $20,634,208 and $2,362,943, respectively.

As of March 31, 2026, we had 162 investments with unfunded commitments of $33,983,424. As of December 31, 2025, we had 160 investments with unfunded commitments of $35,365,597. We believe that, as of both March 31, 2026 and December 31, 2025, we had sufficient assets to adequately cover any obligations under our unfunded commitments.

The following table summarizes our total portfolio activity during the three months ended March 31, 2026 and 2025:

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| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31, 2026** | **Three Months Ended<br>March 31, 2025** |
| Beginning investment portfolio | $407509401 | $410031275 |
| Investments in new portfolio investments | 9422440 | 16052763 |
| Investments in existing portfolio investments | 5035492 | 7123466 |
| Principal repayments | (11604044) | (20634208) |
| Proceeds from sales of investments | (2355369) | (2362943) |
| Net change in unrealized depreciation on investments | (5976233) | (2652187) |
| Net realized (loss) gain on investments | (39312) | 133380 |
| Net change in premiums, discounts and amortization | 530290 | 541463 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Investment Portfolio, at Fair Value** | $402522665 | $408233009 |

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***Financing Activities***

Net cash used in our financing activities for the three months ended March 31, 2026 was $7,523,246, which consisted of $15,000,000 from issuances of 1,685,393 shares to our stockholders in connections with our capital calls during the period, $15,000,000 in repurchases of 1,685,393 shares to our stockholders in connection with the Tender Offer during the period, and $7,523,246 of distributions paid to our common stockholders during the period. Net cash used in our financing activities for the three months ended March 31, 2025 was $8,463,652, which consisted of $8,463,652 of distributions paid to our common stockholders during the period.

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***Equity Activity***

An investor made capital commitments to us in the amounts set forth below as of the date opposite each capital commitment:

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| | |
|:---|:---|
| **Amount** | **Date** |
| $140000000 | June 23, 2015 |
| $50000000 | December 2, 2016 |
| $100000000 | On December 7, 2017 |
| $40000000 | March 22, 2019 |
| $30000000 | September 23, 2019 |
| $11200000 | March 20, 2020 |
| $8900000 | May 28, 2021 |
| $110000000 | December 15, 2021 |
| $30000000 | June 13, 2023 |
| $37000000 | March 25, 2024 |
| $66000000 | October 1, 2024 |
| $15000000 | December 15, 2025 |

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As of March 31, 2026, there were no unfunded capital commitments by the Company's investors.

The number of shares of our Common Stock issued and outstanding as of March 31, 2026 and December 31, 2025, were 47,020,471 and 47,020,468, respectively.

***Distributions to Stockholders – Common Stock Distributions***

We have elected to be treated, and intend to qualify annually, as a RIC for U.S. federal income tax purposes. As a RIC, we generally are not subject to corporate-level U.S. federal income taxes on ordinary income or capital gains that we timely distribute as dividends for U.S. federal income tax purposes to our stockholders. To qualify to be taxed as a RIC and thus avoid corporate-level income tax on the income that we distribute as dividends to our stockholders, we are required to distribute dividends to our stockholders each taxable year generally of an amount at least equal to 90% of our investment company taxable income, determined without regard to the deduction for any dividends paid. To avoid a 4% excise tax on undistributed earnings, we are required to distribute dividends to our stockholders in respect of each calendar year of an amount at least equal to the sum of (i) 98% of our ordinary income (taking into account certain deferrals and elections) for such calendar year, (ii) 98.2% of our capital gain net income, adjusted for certain ordinary losses, for the one-year period ending October 31 of that calendar year and (iii) any income or capital gains recognized, but not distributed, in preceding calendar years and on which we incurred no federal income tax. We intend to make distributions to stockholders on an annual basis of substantially all of our net investment income. Although we intend to make distributions of net realized capital gains, if any, at least annually, out of assets legally available for such distributions, we may in the future decide to retain such capital gains for investment. In addition, the extent and timing of special dividends, if any, will be determined by our Board of Directors and will largely be driven by portfolio specific events and tax considerations.

We may fund our cash distributions from any sources of funds available, including offering proceeds, borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, dividends or other distributions paid to us on account of preferred and common equity investments in portfolio companies and fee waivers from our Adviser. Our distributions may exceed our earnings, especially during the period before we have substantially invested the proceeds from an offering. As a result, a portion of the distributions may represent a return of capital for U.S. federal income tax purposes. Thus, the source of a distribution to our stockholders may be the original capital invested by the stockholder rather than our income or gains. In addition, we may be limited in our ability to make distributions due to the asset coverage test for borrowings applicable to us as a BDC under the 1940 Act. We declared distributions of $7,523,275, or $0.16 per share during the three months ended March 31, 2026. We declared distributions of $8,463,682, or $0.18 per share during the three months ended March 31, 2025.

The determination of the tax attributes of the Company's distributions, including distributions in connection with tender offers, are made annually at the end of the Company's taxable year, based upon the Company's taxable income for the full taxable year and distributions paid for the full taxable year. Therefore, a determination made on an interim basis may not be representative of the actual tax attributes of distributions for a full taxable year. The actual tax characteristics of distributions to stockholders will be reported to the Company's stockholders subject to information reporting after the close of the calendar year.

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***Related Party Fees***

For the three months ended March 31, 2026 and 2025, we recorded base management fees of $1,057,008 and $1,082,732, respectively. Offsetting these fees were waivers to the base management fees of $369,953 and $378,956, respectively, as set forth within the accompanying consolidated statements of operations.

For the three months ended March 31, 2026 and 2025, we recorded incentive fees of $1,226,520 and $1,337,809, respectively. Offsetting these waivers to the incentive fees of $833,966 and $872,650, respectively, as set forth within the accompanying consolidated statements of operations.

For both the three months ended March 31, 2026 and 2025, we recorded administrative fees of $66,250, as set forth within the accompanying consolidated statements of operations.

Fees due to related parties as of March 31, 2026 and December 31, 2025 on our accompanying consolidated statements of assets and liabilities were as follows:

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| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Net base management fee due to Adviser | $687055 | $690247 |
| Net incentive fee due to Adviser | 392554 | 297350 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total fees due to Adviser, net of waivers** | 1079609 | 987597 |
| Fee due to Administrator | 66250 | 66250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Related Party Fees Due** | $1145859 | $1053847 |

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***Tender Offers***

To provide our stockholders with limited liquidity, we may, in the absolute discretion of our Board of Directors, conduct tender offers. Our tenders for shares of Common Stock, if any, are conducted on such terms as may be determined by our Board of Directors and in accordance with the requirements of applicable law, including Section 23(c) of the 1940 Act and Regulation M under the Exchange Act.

On January 13, 2026, we issued a Tender Offer to repurchase $15,000,000 worth of Common Stock. The Offer was accepted on February 10, 2026.

**CRITICAL ACCOUNTING POLICIES**

This discussion of our operations is based upon our consolidated financial statements, which are prepared in accordance with GAAP. The preparation of these consolidated financial statements requires 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 to the discussion below, we describe our critical accounting policies in the notes to our consolidated financial statements.

***Valuation of Investments***

On December 3, 2020, the SEC announced that it adopted the Valuation Rule, which established an updated regulatory framework for determining fair value in good faith for purposes of the 1940 Act. Pursuant to the Valuation Rule, which became effective on September 8, 2022, our Board of Directors designated the Adviser as our Valuation Designee to perform fair value determinations relating to the value of our assets for which market quotations are not readily available in good faith. Such valuation by the Valuation Designee must be made in good faith and may be based on, among other things, the input of independent third-party valuation firms, where applicable. The Valuation Designee's valuation process is subject to our Board of Directors' oversight.

In accordance with the 1940 Act, our Board of Directors has the ultimate responsibility for reviewing the good faith fair value determination of our investments for which market quotations are not readily available based on our Policy and for overseeing the Valuation Designee. Such review and oversight include receiving written fair value determinations and supporting materials provided by the Valuation Designee and any independent third-party valuation firms as may be used by the Valuation Designee or our Board of Directors from time to time.

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As part of the valuation process, the Valuation Designee may take into account the following types of factors, if relevant, in determining the fair value of our investments: applicable market yields and multiples; security covenants; call protection provisions; information rights; comparisons of financial ratios of the portfolio companies that issued such private equity securities to peer companies that are public; comparable merger and acquisition transactions; the nature and realizable value of any collateral; the portfolio company's ability to make payments and its earnings and discounted cash flow; available current market data, including relevant and applicable markets in which the portfolio company does business; and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Valuation Designee will consider the pricing indicated by the external event in its valuation of the portfolio investment.

The Valuation Designee utilizes the following multi-step process in determining fair value for our investments for which market quotations are not "readily available":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Adviser's investment professionals responsible for the portfolio investment and other senior members of the Adviser's investment and management team, with oversight from the Adviser's finance team, will make initial valuations of each investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Adviser's investment professionals and management team, with oversight by the Adviser's finance and compliance team, will document the preliminary valuation conclusions and oversee sample testing of valuations with third-party valuation agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The preliminary valuation conclusions will be presented to the valuation committees for consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The valuation committees will discuss the recommended valuations and determine, in good faith, the fair value of each investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The valuation determinations of the valuation committees will be presented to the risk committee and then shared with our CEO and CFO; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Adviser will provide certain quarterly and annual reports to our Board of Directors.

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 investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material. 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 from the valuations currently assigned.

The Valuation Designee determines fair value in good faith for all our investments without readily available market quotations by using methodologies consistent with the principles of the valuation approaches set forth in ASC 820, Section 2(a)(41) of the 1940 Act and Rule 2a-5 thereunder.

ASC 820 defines fair value as "the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date." Fair value is a market-based measurement, not an entity-specific measurement. For some assets and liabilities, observable market transactions or market information might be available. For other assets and liabilities, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same – to estimate the price when an orderly transaction to sell the asset or transfer the liability would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability).

ASC 820 establishes a hierarchal disclosure framework which ranks the observability of inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instruments and their specific characteristics. Financial instruments with readily available quoted prices, or for which fair value can be measured from quoted prices in active markets, generally will have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value.

The three-level hierarchy for fair value measurement is defined as follows:

*Level 1* — Inputs to the valuation methodology are quoted prices available in active markets for identical financial instruments as of the measurement date. The types of financial instruments in this category include unrestricted securities, including equities and derivatives, listed in active markets. We do not adjust the quoted price for these instruments, even in situations where we hold a large position, and a sale could reasonably be expected to impact the quoted price.

*Level 2* — Inputs to the valuation methodology are quoted prices in markets that are not active or for which all significant inputs are either directly or indirectly observable as of the measurement date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in markets that are not active, government and agency securities, and certain over-the-counter derivatives where the fair value is based on observable inputs.

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*Level 3* — Inputs to the valuation methodology are unobservable and significant to the overall fair value measurement, and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. The types of financial instruments in this category include investments in privately held entities, non-investment grade residual interests in securitizations, collateralized loan obligations, and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

Pursuant to the framework set forth above, the Valuation Designee values securities traded in active markets on the measurement date by multiplying the exchange closing price of such traded securities/instruments by the quantity of shares or amount of the instrument held. The Valuation Designee may also obtain quotes with respect to certain of our investments from pricing services, brokers or dealers' quotes, or counterparty marks in order to value liquid assets that are not traded in active markets.

Pricing services aggregate, evaluate and report pricing from a variety of sources including observed trades of identical or similar securities, broker or dealer quotes, model-based valuations and internal fundamental analysis and research. When doing so, the Valuation Designee determines whether the quote obtained is sufficient in accordance with GAAP to determine the fair value of the security. If determined adequate, the Valuation Designee uses the quote obtained.

Securities that are illiquid or for which the pricing source does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of the Valuation Designee, does not represent fair value, are each valued as of the measurement date using all techniques appropriate under the circumstances and for which sufficient data are available. These valuation techniques vary by investment but include comparable public market valuations, comparable precedent transaction valuations and discounted cash flow analyses. Inputs for these valuation techniques include relative credit information, observed market movement, industry sector information, and other market data, which may include benchmarking of comparable securities, issuer spreads, reported trades, and reference data, such as market research publications, when available.

Investment performance data utilized are the most recently available as of the measurement date, which in many cases may reflect up to a one quarter lag in information.

Securities for which market quotations are not readily available or for which a pricing source is not sufficient may include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•private placements and restricted securities that do not have an active trading market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•securities whose trading has been suspended or for which market quotes are no longer available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•debt securities that have recently gone into default and for which there is no current market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•securities whose prices are stale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•securities affected by significant events.

Subject to the oversight of our Board of Directors, the Valuation Designee has the overall responsibility for the implementation and monitoring of our pricing policies to ensure fair, accurate and current valuations.

Determination of fair value involves subjective judgments and estimates. Accordingly, the notes to our consolidated financial statements express the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on our consolidated financial statements.

Security transactions are recorded on the trade date (the date the order to buy or sell is executed or, in the case of privately issued securities, the closing date, which is when all terms of the transactions have been defined). Realized gains and losses on investments are determined based on the identified cost method.

Realized gains and losses on investments are determined based on the identified cost method.

Refer to Note 3 — *Investments* in the notes to our accompanying consolidated financial statements included elsewhere in this annual report for additional information regarding fair value measurements and our application of ASC 820.

***Revenue Recognition***

We record interest income on an accrual basis to the extent that we expect to collect such amounts. For loans and debt securities with contractual PIK interest, which represents contractual interest accrued and added to the principal balance, we generally

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will not accrue PIK interest for accounting purposes if the portfolio company valuation indicates that such PIK interest is not collectible. We do not accrue as a receivable interest on loans and debt securities for accounting purposes if we have reason to doubt our ability to collect such interest. OID, market discounts or premiums are accreted or amortized using the effective interest method as interest income. We record prepayment premiums on loans and debt securities as interest income.

***Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation***

We measure net realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees and prepayment penalties. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

***PIK Interest***

We may have investments in our portfolio that contain a PIK interest provision. Any PIK interest will be added to the principal balance of such investments and is recorded as income if the portfolio company valuation indicates that such PIK interest is collectible. In order to maintain our status as a RIC, substantially all of this income must be included in the amounts paid out by us to stockholders in the form of distributions, even if we have not collected any cash.

***U.S. Income Taxes***

We have elected to be subject to tax as a RIC under Subchapter M of the Code. As a RIC, we generally will not have to incur any corporate-level U.S. federal income taxes on any ordinary income or capital gains that we distribute as dividends to our stockholders. To qualify and maintain our qualification as a RIC, we must meet certain source-of-income and asset diversification requirements as well as distribute dividends to our stockholders each taxable year of an amount generally at least equal to 90% of our investment company taxable income, determined without regard to any distributions paid.

Depending on the level of taxable income earned in a taxable year, we may choose to retain taxable income in excess of current year distributions into the next taxable year. We would then incur a 4% excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income may exceed estimated current year distributions, we will accrue an excise tax, if any, on estimated excess taxable income as taxable income is earned. We did not accrue any excise tax for the fiscal years ended December 31, 2025, 2024, and 2023.

Because U.S. federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified within capital accounts in the consolidated financial statements to reflect their tax character. Permanent differences may also result from differences in classification in certain items, such as the treatment of short-term gains as ordinary income for tax purposes. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.

We evaluate tax positions taken or expected to be taken in the course of preparing our consolidated financial statements to determine whether any relevant tax positions would "more-likely-than-not" be sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are reversed and recorded as a tax benefit or expensed in the current fiscal year. All penalties and interest associated with any income taxes accrued 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, ongoing analyses of tax law, regulations and interpretations thereof. Our accounting policy on income taxes is critical because if we are unable to qualify, or once qualified, maintain our tax status as a RIC, we would be required to record a provision for corporate-level U.S. federal income taxes, as well as any related state or local taxes which may be significant to our financial results.

**COMMITMENTS AND CONTINGENCIES**

From time to time, we, or the Adviser, may become party to legal proceedings in the ordinary course of business, including proceedings related to the enforcement of our rights under contracts with our portfolio companies. Neither we nor the Adviser is currently subject to any material legal proceedings.

Unfunded commitments to provide funds to portfolio companies are not reflected in our accompanying consolidated statements of assets and liabilities. Our unfunded commitments may be significant from time to time. These commitments are subject to the same underwriting and ongoing portfolio maintenance as are the on-balance sheet financial instruments that we hold. Since these commitments may expire without being drawn, the total commitment amount does not necessarily represent future cash requirements. We use cash flow from normal and early principal repayments and proceeds from borrowings and offerings to fund

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these commitments. As of March 31, 2026, we had 162 investments with unfunded commitments of $33,983,424. As of December 31, 2025, we had 160 investments with unfunded commitments of $35,365,597. We believe that, as of March 31, 2026 and December 31, 2025, we had sufficient assets to adequately cover any obligations under our unfunded commitments.

**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

We are subject to financial market risks, including changes in interest rates. During the period covered by our consolidated financial statements, many of the loans in our portfolio had floating interest rates, and we expect that many of our loans to portfolio companies in the future will also have floating interest rates based on the Secured Overnight Financing Rate (SOFR) or an equivalent risk-free index rate. Interest rate fluctuations may have a substantial negative impact on our investments, the value of our Common Stock and our rate of return on invested capital. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

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| | |
|:---|:---|
| **Change in interest rates** | **Increase<br>(decrease)<br>in investment<br>income** |
| Up 300 basis points | 12509124 |
| Up 200 basis points | 8339416 |
| Up 100 basis points | 4169708 |
| Down 100 basis points | (4169708) |
| Down 200 basis points | (8339416) |
| Down 300 basis points | (12509124) |

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Although we believe that this measure is indicative of our sensitivity to interest rate changes, it does not reflect potential changes in the credit market, credit quality, size and composition of the assets on the consolidated Statements of Assets and Liabilities and other business developments that could affect our net increase in net assets resulting from operations or net investment income. Accordingly, no assurances can be given that actual results would not differ materially from those shown above.

In addition, any investments we make that are denominated in a foreign currency will be subject to risks associated with changes in currency exchange rates. These risks include the possibility of significant fluctuations in the foreign currency markets, the imposition or modification of foreign exchange controls and potential illiquidity in the secondary market. These risks will vary depending upon the currency or currencies involved.

We may hedge against interest rate and currency exchange rate fluctuations by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the 1940 Act. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in benefits of lower interest rates with respect to our portfolio of investments with fixed interest rates.

**ITEM 4. CONTROLS AND PROCEDURES**

***Disclosure Controls and Procedures***

As of the period covered by this report, our management, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness and design and operation of our disclosure controls and procedures. Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective at a reasonable assurance level in timely alerting management, including the Chief Executive Officer and Chief Financial Officer, of material information about us required to be included in periodic SEC filings. However, in evaluation of the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

***Changes in Internal Control 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 our most recently completed fiscal quarter 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 proceeding, nor, to our knowledge, is any material legal proceeding threatened against us.

From time to time, we, our Adviser or Administrator 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. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.

From time to time, we are involved in various legal proceedings, lawsuits and claims incidental to the conduct of our business. Our businesses are also subject to extensive regulation, which may result in regulatory proceedings against us.

**ITEM 1A. RISK FACTORS**

You should carefully consider the risk factors in Part I, Item 1A "Risk Factors" of our Annual Report.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.**

Not applicable.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES**

Not applicable.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable.

**ITEM 5. OTHER INFORMATION**

During the three months ended March 31, 2026, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

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**ITEM 6. EXHIBITS**

---

| | |
|:---|:---|
| 3.1 | [<u>Amended and Restated Certificate of Incorporation (Incorporated by reference to Exhibit 3.1 to the Registration Statement on Form 10 (File no. 000-55426), filed on April 17, 2015).</u>](https://www.sec.gov/Archives/edgar/data/1633858/000114420415023523/v407274_ex3-1.htm) |
| 3.2 | [<u>Form of Bylaws (Incorporated by reference to Exhibit 3.2 to the Registration Statement on Form 10 (File no. 000-55426), filed on April 17, 2015).</u>](https://www.sec.gov/Archives/edgar/data/1633858/000114420415023523/v407274_ex3-2.htm) |
| 10.1 | [<u>Amendment to the Management Fee Waiver Agreement, dated as of January 1, 2025, by and between the Company and the Adviser (Incorporated by reference to Exhibit 10.13 to the Company's Annual Report on Form 10-K (File no. 814-01154), filed on March 24, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1633858/000095017025043857/ck0001633858-ex10_13.htm) |
| 31.1\* | [<u>Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended.</u>](ck0001633858-ex31_1.htm) |
| 31.2\* | [<u>Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended.</u>](ck0001633858-ex31_2.htm) |
| 32.1\* | [<u>Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended (18 U.S.C. 1350).</u>](ck0001633858-ex32_1.htm) |
| 32.2\* | [<u>Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended (18 U.S.C. 1350).</u>](ck0001633858-ex32_2.htm) |
| 99.1 | [<u>Code of Ethics (Incorporated by reference to Exhibit 99.1 to Pre-Effective Amendment No. 1 to the Registration Statement on Form 10, File No. 000-55426, filed on June 5, 2015).</u>](https://www.sec.gov/Archives/edgar/data/1633858/000114420415035847/v412392_ex99-1.htm) |
| 101.INS\* | Inline XBRL Instance Document–the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents |
| 104\* | Cover page formatted as Inline XBRL and contained in Exhibit 101 |

---

------

\* Filed herewith

------

**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.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Audax Credit BDC Inc.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Audax Credit BDC Inc.** |
| Date: May 12, 2026 | By: | /s/ Michael P. McGonigle |
|  |  | Michael P. McGonigle |
|  |  | Chief Executive Officer |
| Date: May 12, 2026 | By: | /s/ Richard T. Joseph |
|  |  | Richard T. Joseph |
|  |  | Chief Financial Officer |

---

------

## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

**PURSUANT TO EXCHANGE ACT<br>RULES 13a-14 AND 15d-14**

I, Michael P. McGonigle, Chief Executive Officer of Audax Credit BDC Inc., certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Audax Credit BDC Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&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;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)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;d)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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 directors (or persons performing the equivalent functions):

&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;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.

Date: May 12, 2026

---

| | |
|:---|:---|
| By:  | /s/ Michael P. McGonigle |
|  | **Chief Executive Officer** |

---

------

## Exhibit 31.2

**EXHIBIT 31.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

**PURSUANT TO EXCHANGE ACT<br>RULES 13a-14 AND 15d-14**

I, Richard T. Joseph, Chief Financial Officer of Audax Credit BDC Inc., certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Audax Credit BDC Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&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;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)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;d)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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 directors (or persons performing the equivalent functions):

&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;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.

Date: May 12, 2026

---

| | |
|:---|:---|
| By: | /s/ Richard T. Joseph |
|  | **Chief Financial Officer** |

---

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## Exhibit 32.1

**EXHIBIT 32.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO<br>18 U.S.C. SECTION 1350, As adopted pursuant to<br>SECTION 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Quarterly Report on Form 10-Q of Audax Credit BDC Inc. (the "Company") for the quarterly period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Michael P. McGonigle, as Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| /s/ Michael P. McGonigle | /s/ Michael P. McGonigle |
| Name:  | **Michael P. McGonigle** |
| Title:  | **Chief Executive Officer** |

---

Date: May 12, 2026

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## Exhibit 32.2

**EXHIBIT 32.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO<br>18 U.S.C. SECTION 1350, As adopted pursuant to<br>SECTION 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Quarterly Report on Form 10-Q of Audax Credit BDC Inc. (the "Company") for the quarterly period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Richard T. Joseph, as Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| /s/ Richard T. Joseph | /s/ Richard T. Joseph |
| Name: | **Richard T. Joseph** |
| Title: | **Chief Financial Officer** |

---

Date: May 12, 2026

------