# EDGAR Filing Document

**Accession Number:** 0001633858
**File Stem:** 0000950170-25-107325
**Filing Date:** 2025-8
**Character Count:** 346057
**Document Hash:** 1b8d6d34b2ef60ae1178745d0a75bdff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-107325.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0000950170-25-107325

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 72

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**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:** 251206865

**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** **June 30,** 2025

**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 47,020,461 shares of common stock, par value $0.001 per share, outstanding as of August 12, 2025.

------

**AUDAX CREDIT BDC INC.** 

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
| PART I.  | FINANCIAL INFORMATION:  |  |
| [<u>Item 1.</u>](#statements_of_assets_and_liabilities) | [<u>Financial Statements</u>](#statements_of_assets_and_liabilities) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities as of June 30, 2025 (unaudited) and December 31, 2024](#statements_of_assets_and_liabilities) | 2 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations for the three and six months ended June 30, 2025 (unaudited) and 2024 (unaudited)](#statements_of_operations) | 3 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets for the six months ended June 30, 2025 (unaudited) and 2024 (unaudited)](#statements_of_changes_in_net_assets) | 4 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[Statements of Cash Flows for the six months ended June 30, 2025 (unaudited) and 2024 (unaudited)](#statements_of_cash_flows) | 5 |
|  | [Schedules of Investments as of June 30, 2025 (unaudited) and December 31, 2024](#schedules_of_investments) | 6 |
|  | [Notes to Financial Statements (unaudited)](#notes_to_financial_statements) | 30 |
| [<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) | 65 |
| [<u>Item 1A.</u>](#item_1a_risk_factors) | [Risk Factors](#item_1a_risk_factors) | 65 |
| [<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) | 65 |
| [<u>Item 3.</u>](#item_3_defaults_upon_senior_securities) | [Defaults Upon Senior Securities](#item_3_defaults_upon_senior_securities) | 65 |
| [<u>Item 4.</u>](#item_4_mine_safety_disclosures) | [Mine Safety Disclosures](#item_4_mine_safety_disclosures) | 65 |
| [<u>Item 5.</u>](#item_5_other_information) | [Other Information](#item_5_other_information) | 65 |
| [<u>Item 6.</u>](#item_6_exhibits) | [Exhibits](#item_6_exhibits) | 66 |
| [SIGNATURES](#signatures) | [SIGNATURES](#signatures) | 67 |

---

------

**Audax Credit BDC Inc.**

**Statements of Assets and Liabilities** 

**June 30, 2025 and December 31, 2024**

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

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
|  | **(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 $412,348,019 and $416,973,715, respectively) | $402103759 | $410031275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 23664062 | 19737091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 2968826 | 2867021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from investments sold |  | 412083 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from bank loan repayment | 164182 | 110318 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 159036 |  |
| **Total Assets** | $429059865 | $433157788 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | $3885376 | $4820442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees due to investment advisor, net of waivers<sup>(a)</sup> | 1144327 | 1196448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee due to administrator<sup>(a)</sup> | 66250 | 66250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 490368 | 432243 |
| **Total Liabilities** | $5586321 | $6515383 |
| 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, 47,020,461 and 47,020,454 shares issued and outstanding, respectively | $47020 | $47020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital in excess of par value | 442218681 | 442395577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable loss | (18792157) | (15800192) |
| **Total Net Assets** | $423473544 | $426642405 |
| **Net Asset Value per Share of Common Stock at End of Period** | $9.01 | $9.07 |
| Shares Outstanding | 47020461 | 47020454 |

---

<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 financial statements.

------

**Audax Credit BDC Inc.**

**Statements of Operations**

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

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Control/Non-Affiliate |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | $9801942 | $10360776 | $19718698 | $20945171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on cash | 47701 | 156767 | 107093 | 242627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 9849643 | 10517543 | 19825791 | 21187798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Control/Non-Affiliate |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fee income | 13128 | 34807 | 39118 | 43952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | 9862771 | 10552350 | 19864909 | 21231750 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Base management fee<sup>(a)</sup> | $1067099 | $1063358 | $2149831 | $2097346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fee<sup>(a)</sup> | 1312345 | 1405539 | 2650154 | 2849851 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 185489 | 216642 | 322374 | 355927 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors' fees | 68250 | 78000 | 141000 | 147000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative fee<sup>(a)</sup> | 66250 | 66250 | 132500 | 132500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 100906 | 130740 | 205366 | 235425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses before waivers from investment adviser and administrator | 2800339 | 2960529 | 5601225 | 5818049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Base management fee waivers<sup>(a)</sup> | (373485) | (372175) | (752441) | (734071) |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fee waivers<sup>(a)</sup> | (861632) | (902033) | (1734282) | (1792623) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses, net of waivers | 1565222 | 1686321 | 3114502 | 3291355 |
| **Net Investment Income** | 8297549 | 8866029 | 16750407 | 17940395 |
| **Realized and Unrealized Gain (Loss) on Non-Control/Non-Affiliate Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 176475 | 102406 | 309855 | (213441) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (649633) | (1564099) | (3301820) | (2156584) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments | (473158) | (1461693) | (2991965) | (2370025) |
| **Net Increase in Net Assets Resulting from Operations** | $7824391 | $7404336 | $13758442 | $15570370 |
| **Basic and Diluted per Share of Common Stock:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $0.18 | $0.19 | $0.36 | $0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | $0.17 | $0.16 | $0.29 | $0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average shares of common stock outstanding basic and diluted | 47020458 | 46247677 | 47020456 | 45383333 |

---

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

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

------

**Audax Credit BDC Inc.**

**Statements of Changes in Net Assets**

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

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $16750407 | $17940395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 309855 | (213441) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (3301820) | (2156584) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 13758442 | 15570370 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions of ordinary income to common stockholders <sup>(a)</sup> | (16750407) | (17940395) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital to common stockholders <sup>(a)</sup> | (176957) | (166027) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (16927364) | (18106422) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock |  | 37000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock <sup>(a)</sup> |  | (30000000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of common stock | 61 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets from capital share transactions | 61 | 7000061 |
| **Net (Decrease) Increase in Net Assets** | (3168861) | 4464009 |
| **Net Assets, Beginning of Period** | 426642405 | 409084278 |
| **Net Assets, End of Period** | $423473544 | $413548287 |

---

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

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

------

**Audax Credit BDC Inc.**

**Statements of Cash Flows**

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

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | $13758442 | $15570370 |
| &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 (gain) loss on investments | (309855) | 213441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | 3301820 | 2156584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of original issue discount interest and payment-in-kind interest | (967776) | (624432) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in interest receivable | (101805) | (908677) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in other assets | (159036) | (120000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accrued expenses and other liabilities | 58125 | (179801) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in fees due to investment advisor<sup>(a)</sup> | (52121) | (89243) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | (44283773) | (52333507) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from investments sold | 2775026 | 15263360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment of bank loans | 46835227 | 48910042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 20854274 | 27858137 |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of shares of common stock |  | 37000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchases of shares of common stock |  | (30000000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions paid to common stockholders | (16927303) | (18106361) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (16927303) | (11106361) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in cash and cash equivalents | 3926971 | 16751776 |
| **Cash and cash equivalents:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents, beginning of period | 19737091 | 20940279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents, end of period | $23664062 | $37692055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Supplemental non-cash information |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of common shares in connection with dividend reinvestment plan | 61 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind ("PIK") interest income | $511240 | $207149 |

---

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

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

------

**Audax Credit BDC Inc.**

**Schedules of Investments** 

**As of June 30, 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** |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS - (93.2%) (g) (h) (i):** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS - (93.2%) (g) (h) (i):** |  |  |  |  |  |  |  |  |
| *Services: Business* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Vortex<br> (j) | Unitranche Initial Term Loan | S+ | 5.00% | 9.29% | 9/1/2023 | 9/4/2029 | $5027674 | $4960911 | $5027668 |
| &nbsp;&nbsp;&nbsp;Amplix | Unitranche First Amendment Term Loan | S+ | 5.25% | 9.54% | 10/19/2023 | 10/18/2029 | 4359329 | 4266823 | 4359329 |
| &nbsp;&nbsp;&nbsp;LegalShield<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 3.25% | 7.54% | 12/7/2021 | 12/15/2028 | 4354369 | 4330749 | 4336342 |
| &nbsp;&nbsp;&nbsp;InnovateMR<br> (j) | Unitranche Initial Term Loan | S+ | 6.00% | 10.29% | 12/16/2021 | 1/20/2028 | 4098646 | 4064198 | 4098646 |
| &nbsp;&nbsp;&nbsp;Industrial Services Group<br> (j) | Unitranche Initial Term Loan | S+ | 5.75% | 10.04% | 12/7/2022 | 12/7/2028 | 4094990 | 4022548 | 4094990 |
| &nbsp;&nbsp;&nbsp;CoAdvantage | Senior Secured 2023 1L Refinancing Term Loan (First Lien) | S+ | 5.50% | 9.79% | 8/2/2023 | 8/2/2029 | 3782625 | 3782625 | 3754255 |
| &nbsp;&nbsp;&nbsp;Golden Source | Unitranche Initial Term Loan | S+ | 4.75% | 9.04% | 3/25/2022 | 5/12/2028 | 3355522 | 3296689 | 3355522 |
| &nbsp;&nbsp;&nbsp;Eliassen | Unitranche Initial Term Loan | S+ | 5.75% | 10.04% | 3/31/2022 | 4/14/2028 | 3397768 | 3366301 | 3338308 |
| &nbsp;&nbsp;&nbsp;Kept Companies | Senior Secured Term Loan | S+ | 5.25% | 9.54% | 4/30/2024 | 4/30/2029 | 3218756 | 3175104 | 3194616 |
| &nbsp;&nbsp;&nbsp;The Facilities Group | Unitranche Initial Term Loan | S+ | 5.75% | 10.04% | 12/10/2021 | 11/30/2027 | 2918928 | 2903339 | 2886090 |
| &nbsp;&nbsp;&nbsp;Discovery Education | Unitranche Initial Term Loan (First Lien) | S+ | 2.88%, 6.02% PIK | 13.19% | 3/25/2022 | 4/9/2029 | 3830625 | 3790124 | 2872969 |
| &nbsp;&nbsp;&nbsp;CoolSys | Senior Secured Closing Date Initial Term Loan | S+ | 4.75% | 9.04% | 8/4/2021 | 8/11/2028 | 2955449 | 2939854 | 2859397 |
| &nbsp;&nbsp;&nbsp;Argano | Senior Secured Initial Term Loan | S+ | 5.75% | 10.04% | 9/13/2024 | 9/13/2029 | 2503890 | 2454545 | 2485111 |
| &nbsp;&nbsp;&nbsp;Paradigm Outcomes<br> (k) | Senior Secured 2024 Replacement Term Loan | S+ | 3.75% | 8.04% | 4/2/2024 | 5/6/2031 | 1983772 | 1975533 | 1998025 |
| &nbsp;&nbsp;&nbsp;Epiq<br> (k) | Senior Secured 2025 Refinancing Term Loan (First Lien) | S+ | 4.00% | 8.29% | 7/17/2024 | 4/26/2029 | 1984847 | 1980586 | 1964820 |
| &nbsp;&nbsp;&nbsp;Mediaocean<br> (k) | Senior Secured Initial Term Loan | S+ | 3.50% | 7.79% | 12/9/2021 | 12/15/2028 | 1935000 | 1924548 | 1941289 |
| &nbsp;&nbsp;&nbsp;Liberty Group<br> (j) | Unitranche Initial Term Loan | S+ | 5.75% | 10.04% | 6/6/2022 | 6/15/2028 | 1896250 | 1873899 | 1893788 |
| &nbsp;&nbsp;&nbsp;VC3<br> (j) | Senior Secured Delayed Draw Term Loan D | S+ | 5.00% | 9.29% | 9/16/2022 | 3/12/2027 | 1881372 | 1853651 | 1881372 |
| &nbsp;&nbsp;&nbsp;InnovateMR<br> (j) | Unitranche First Amendment Term Loan | S+ | 6.50% | 10.79% | 12/23/2022 | 1/20/2028 | 1832782 | 1799812 | 1832782 |
| &nbsp;&nbsp;&nbsp;Vensure | Senior Secured Initial Term Loan | S+ | 4.75% | 9.04% | 9/23/2024 | 9/27/2031 | 1808966 | 1789877 | 1795399 |
| &nbsp;&nbsp;&nbsp;Duff & Phelps<br> (k) | Senior Secured Initial Dollar Term Loan (First Lien) | S+ | 3.75% | 8.04% | 3/6/2020 | 4/9/2027 | 1716458 | 1711739 | 1671882 |
| &nbsp;&nbsp;&nbsp;Dun & Bradstreet<br> (k) | Senior Secured Term Loan | S+ | 5.00% | 9.29% | 6/30/2025 | 5/21/2032 | 1500000 | 1485000 | 1485000 |
| &nbsp;&nbsp;&nbsp;Secretariat | Senior Secured Initial Term Loan | S+ | 4.00% | 8.29% | 2/24/2025 | 2/28/2032 | 1496250 | 1488750 | 1479417 |
| &nbsp;&nbsp;&nbsp;Insight Global | Unitranche 2024 Refinancing Term Loan | S+ | 5.00% | 9.29% | 9/22/2021 | 9/22/2028 | 1447724 | 1431691 | 1440485 |
| &nbsp;&nbsp;&nbsp;Aprio | Senior Secured Initial Term Loan | S+ | 4.75% | 9.04% | 8/1/2024 | 8/1/2031 | 1428291 | 1414422 | 1414008 |
| &nbsp;&nbsp;&nbsp;Addison Group<br> (k) | Senior Secured Initial Term Loan | S+ | 4.25% | 8.54% | 1/19/2022 | 12/29/2028 | 1326964 | 1325094 | 1242370 |
| &nbsp;&nbsp;&nbsp;Heartland | Senior Secured Initial Term Loan | S+ | 5.25% | 9.54% | 12/1/2023 | 12/12/2029 | 1234457 | 1214724 | 1220569 |
| &nbsp;&nbsp;&nbsp;Ascend | Senior Secured Initial Term Loan | S+ | 4.50% | 8.79% | 10/22/2024 | 8/11/2031 | 1109527 | 1104175 | 1106754 |
| &nbsp;&nbsp;&nbsp;Health Management Associates | Senior Secured Term Loan A | S+ | 6.25% | 10.54% | 3/31/2023 | 3/30/2029 | 1099458 | 1075768 | 1091212 |
| &nbsp;&nbsp;&nbsp;Colibri<br> (k) | Senior Secured First Amendment Incremental Term Loan | S+ | 5.00% | 9.29% | 11/9/2023 | 3/12/2029 | 985000 | 966557 | 988078 |
| &nbsp;&nbsp;&nbsp;Allied Benefit Systems | Senior Secured Initial Term Loan | S+ | 5.25% | 9.54% | 10/20/2023 | 10/31/2030 | 987465 | 975234 | 987465 |
| &nbsp;&nbsp;&nbsp;Barton Associates | Unitranche Initial Term Loan | S+ | 6.50% | 10.79% | 11/18/2024 | 7/26/2028 | 992347 | 983462 | 982423 |
| &nbsp;&nbsp;&nbsp;trustaff | Senior Secured Initial Term Loan (First Lien) | S+ | 4.25% | 8.54% | 12/9/2021 | 3/6/2028 | 962312 | 961151 | 676625 |
| &nbsp;&nbsp;&nbsp;Industrial Services Group<br> (j) | Senior Secured Revolving Loan | S+ | 5.75% | 10.04% | 12/7/2022 | 12/7/2028 | 556190 | 539048 | 556190 |
| &nbsp;&nbsp;&nbsp;AI Fire & Safety | Senior Secured Initial Term Loan | S+ | 4.50%, 2.75% PIK | 11.54% | 12/20/2024 | 2/2/2032 | 520679 | 517559 | 516774 |
| &nbsp;&nbsp;&nbsp;Teneo<br> (k) | Senior Secured Initial Term Loan | S+ | 4.75% | 9.04% | 10/18/2024 | 3/13/2031 | 496231 | 495072 | 501710 |

---

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

------

**Audax Credit BDC Inc.**

**Schedules of Investments (continued)**

**As of June 30, 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** |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Geosyntec | Senior Secured Initial Term Loan | S+ | 3.50% | 7.79% | 7/24/2024 | 7/31/2031 | 497500 | 495249 | 496256 |
| &nbsp;&nbsp;&nbsp;Inmar | Senior Secured Amendment No. 4 Refinancing Term Loan (First Lien) | S+ | 4.50% | 8.79% | 10/25/2024 | 10/30/2031 | 496256 | 493756 | 496256 |
| &nbsp;&nbsp;&nbsp;Lexitas | Unitranche Initial Term Loan | S+ | 5.00% | 9.29% | 4/15/2025 | 4/15/2031 | 500000 | 494211 | 496250 |
| &nbsp;&nbsp;&nbsp;Eagle Fire<br> (k) | Senior Secured Term Loan | S+ | 4.50% | 8.79% | 6/4/2025 | 7/14/2032 | 500000 | 495000 | 495000 |
| &nbsp;&nbsp;&nbsp;Perficient | Senior Secured Closing Date Term Loan | S+ | 3.50% | 7.79% | 8/2/2024 | 10/2/2031 | 498750 | 496465 | 493763 |
| &nbsp;&nbsp;&nbsp;S&P Engineering Solutions | Senior Secured 2024 Converted Term Loan | S+ | 5.00% | 9.29% | 3/31/2023 | 5/2/2030 | 491250 | 480370 | 491250 |
| &nbsp;&nbsp;&nbsp;Service Logic | Senior Secured Amendment No. 8 Refinancing Term Loan | S+ | 3.00% | 7.29% | 2/8/2024 | 10/29/2027 | 492467 | 492795 | 488774 |
| &nbsp;&nbsp;&nbsp;System One | Senior Secured 2024 Refinancing Term Loan | S+ | 3.75% | 8.04% | 1/28/2021 | 3/2/2028 | 480000 | 478992 | 474000 |
| &nbsp;&nbsp;&nbsp;HireRight<br> (k) | Senior Secured 2025 Replacement Term Loan (First Lien) | S+ | 3.25% | 7.54% | 3/25/2024 | 9/27/2030 | 494994 | 489833 | 471729 |
| &nbsp;&nbsp;&nbsp;AIA Contract<br> (k) | Senior Secured Term Loan | S+ | 4.75% | 9.04% | 6/30/2025 | 7/2/2031 | 424242 | 417879 | 417879 |
| &nbsp;&nbsp;&nbsp;Golden Source | Senior Secured Revolving Loan | S+ | 4.75% | 9.04% | 3/25/2022 | 5/12/2028 | 370892 | 361502 | 370892 |
| &nbsp;&nbsp;&nbsp;OSG Billing Services | Senior Secured Last-Out Term Loan | S+ | 6.25% | 10.54% | 11/30/2023 | 11/30/2028 | 312562 | 312562 | 310999 |
| &nbsp;&nbsp;&nbsp;OSG Billing Services | Senior Secured First-Out Term Loan | S+ | 8.00% | 12.29% | 11/30/2023 | 5/30/2028 | 219341 | 209666 | 218793 |
| &nbsp;&nbsp;&nbsp;Aprio | Senior Secured 2025 Incremental Term Loan | S+ | 4.75% | 9.04% | 4/18/2025 | 8/1/2031 | 208016 | 202395 | 205935 |
| &nbsp;&nbsp;&nbsp;Discovery Education | Senior Secured Revolving Credit Loan (First Lien) | S+ | 5.75% | 10.04% | 3/25/2022 | 4/9/2029 | 230769 | 226731 | 173077 |
| &nbsp;&nbsp;&nbsp;Kept Companies | Senior Secured Revolving Loan | S+ | 5.25% | 9.54% | 4/30/2024 | 4/30/2029 | 114102 | 106971 | 113246 |
| &nbsp;&nbsp;&nbsp;Heartland | Senior Secured Revolving Credit Loan | S+ | 5.25% | 9.54% | 12/1/2023 | 12/12/2029 | 91379 | 87241 | 90351 |
| &nbsp;&nbsp;&nbsp;Liberty Group<br> (j) | Senior Secured Revolving Loan | S+ | 5.75% | 10.04% | 6/6/2022 | 12/15/2028 | 79545 | 75000 | 79442 |
| &nbsp;&nbsp;&nbsp;Vortex<br> (j) | Senior Secured Revolving Loan | S+ | 5.00% | 9.29% | 9/1/2023 | 9/4/2029 | 77735 | 43219 | 77735 |
| &nbsp;&nbsp;&nbsp;VC3<br> (j) | Senior Secured Revolving Credit | S+ | 5.00% | 9.29% | 7/21/2022 | 3/12/2027 | 61538 | 58846 | 61538 |
| &nbsp;&nbsp;&nbsp;AI Fire & Safety | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.79% | 12/20/2024 | 2/2/2032 | - | (449) | - |
| &nbsp;&nbsp;&nbsp;Aprio | Senior Secured Revolving Loan | S+ | 4.75% | 9.04% | 8/1/2024 | 8/1/2031 | - | (499) | - |
| &nbsp;&nbsp;&nbsp;Lexitas | Senior Secured Revolving Credit Loan | S+ | 5.00% | 9.29% | 4/15/2025 | 4/15/2031 | - | (573) | - |
| &nbsp;&nbsp;&nbsp;Ascend | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.79% | 10/22/2024 | 8/11/2031 | - | (859) | - |
| &nbsp;&nbsp;&nbsp;S&P Engineering Solutions | Senior Secured Revolving Credit Loan | S+ | 5.00% | 9.29% | 3/31/2023 | 5/2/2029 | - | (1471) | - |
| &nbsp;&nbsp;&nbsp;Health Management Associates | Senior Secured Revolving Loan | S+ | 6.25% | 10.54% | 3/31/2023 | 3/30/2029 |  | (2131) |  |
| &nbsp;&nbsp;&nbsp;Amplix | Senior Secured Revolving Credit Loan | S+ | 5.25% | 9.54% | 10/19/2023 | 10/18/2029 |  | (8242) |  |
|  |  |  |  |  |  |  |  | 84745621 | 83854845 |
| *Healthcare & Pharmaceuticals* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Vision Partners<br> (j) | Unitranche Initial Term Loan | S+ | 5.75% | 10.04% | 9/22/2021 | 9/30/2027 | 4823401 | 4785817 | 4823401 |
| &nbsp;&nbsp;&nbsp;Minds + Assembly<br> (j) | Unitranche Initial Term Loan (First Lien) | S+ | 5.25% | 9.54% | 5/3/2023 | 5/3/2029 | 4017391 | 3940907 | 4017391 |
| &nbsp;&nbsp;&nbsp;OrthoNebraska<br> (j) | Unitranche Term Loan | S+ | 6.50% | 10.79% | 7/31/2023 | 7/31/2028 | 3327539 | 3255663 | 3327539 |
| &nbsp;&nbsp;&nbsp;PharMedQuest<br> (j) | Unitranche Term A Loan | S+ | 5.00% | 9.29% | 11/6/2019 | 11/6/2026 | 3251596 | 3251596 | 3251596 |
| &nbsp;&nbsp;&nbsp;Summit Spine | Unitranche Initial Term Loan | S+ | 4.75% | 9.04% | 3/21/2025 | 3/25/2031 | 3272493 | 3206445 | 3229116 |
| &nbsp;&nbsp;&nbsp;Paradigm Oral Health | Senior Secured Initial Term Loan | S+ | 4.75% | 9.04% | 9/30/2024 | 11/16/2028 | 2764705 | 2734535 | 2764705 |
| &nbsp;&nbsp;&nbsp;InterMed<br> (j) | Unitranche Initial Term Loan | S+ | 6.50% | 10.79% | 12/22/2022 | 12/24/2029 | 2963283 | 2902636 | 2734884 |
| &nbsp;&nbsp;&nbsp;RevHealth<br> (j) | Unitranche Initial Term Loan | S+ | 5.75% | 10.04% | 7/22/2022 | 7/21/2028 | 4163099 | 4114619 | 2640654 |
| &nbsp;&nbsp;&nbsp;Advancing Eyecare | Senior Secured Initial Term Loan | S+ | 5.75% | 10.04% | 5/27/2022 | 6/13/2029 | 2468205 | 2424886 | 2111087 |
| &nbsp;&nbsp;&nbsp;U.S. Foot and Ankle Specialists | Senior Secured Term Loan | S+ | 5.75% | 10.04% | 4/17/2024 | 9/15/2026 | 2024434 | 2010795 | 2004190 |
| &nbsp;&nbsp;&nbsp;TEAM Services | Senior Secured Incremental Term Loan (First Lien) | S+ | 5.25% | 9.54% | 6/28/2024 | 12/20/2027 | 1990000 | 1959938 | 1990000 |
| &nbsp;&nbsp;&nbsp;Gastro Health | Senior Secured Initial Term Loan (First Lien) | S+ | 4.50% | 8.79% | 7/2/2021 | 7/3/2028 | 1926036 | 1920345 | 1882700 |
| &nbsp;&nbsp;&nbsp;Ivy Rehab | Senior Secured Initial Term Loan (First Lien) | S+ | 5.00% | 9.29% | 3/11/2022 | 4/23/2029 | 1790582 | 1767959 | 1768200 |
| &nbsp;&nbsp;&nbsp;Therapy Brands | Senior Secured Initial Term Loan (First Lien) | S+ | 4.00% | 8.29% | 5/12/2021 | 5/18/2028 | 1816090 | 1811618 | 1757067 |
| &nbsp;&nbsp;&nbsp;Blue Cloud | Senior Secured Closing Date Term Loan | S+ | 5.00% | 9.29% | 12/13/2021 | 1/21/2031 | 1662521 | 1642431 | 1654208 |
| &nbsp;&nbsp;&nbsp;nThrive<br> (k) | Senior Secured Tranche C Term Loan | S+ | 4.00% | 8.29% | 11/18/2024 | 12/15/2028 | 1613125 | 1613125 | 1617158 |
| &nbsp;&nbsp;&nbsp;Upstream Rehabilitation<br> (k) | Senior Secured August 2021 Incremental Term Loan (First Lien) | S+ | 4.25% | 8.54% | 10/24/2019 | 11/20/2026 | 1902000 | 1901025 | 1497036 |
| &nbsp;&nbsp;&nbsp;ImageFirst | Senior Secured Initial Term Loan | S+ | 3.25% | 7.54% | 3/12/2025 | 3/12/2032 | 1500000 | 1496250 | 1488750 |

---

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

------

**Audax Credit BDC Inc.**

**Schedules of Investments (continued)**

**As of June 30, 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** |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;MedRisk<br> (k) | Senior Secured 2025 Term Loan (First Lien) | S+ | 3.00% | 7.29% | 4/1/2021 | 5/10/2028 | 1471216 | 1466760 | 1477652 |
| &nbsp;&nbsp;&nbsp;Quantum Health | Senior Secured Amendment No. 1 Refinancing Term Loan (First Lien) | S+ | 4.25% | 8.54% | 12/18/2020 | 12/22/2027 | 1440000 | 1431155 | 1440000 |
| &nbsp;&nbsp;&nbsp;Forefront | Senior Secured Term B-1 Loan | S+ | 5.50% | 9.79% | 12/14/2023 | 3/30/2029 | 1481250 | 1455511 | 1402870 |
| &nbsp;&nbsp;&nbsp;Symplr<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 4.50% | 8.79% | 11/23/2020 | 12/22/2027 | 1436250 | 1427392 | 1313171 |
| &nbsp;&nbsp;&nbsp;Nvision | Senior Secured 2024 Initial Term Loan | S+ | 5.50% | 9.79% | 10/31/2024 | 12/31/2028 | 1254389 | 1224243 | 1241845 |
| &nbsp;&nbsp;&nbsp;MB2 Dental | Unitranche Initial Term Loan | S+ | 5.50% | 9.79% | 2/5/2024 | 2/13/2031 | 1209877 | 1198737 | 1206852 |
| &nbsp;&nbsp;&nbsp;Micro Merchant Systems | Unitranche Initial Term Loan | S+ | 4.50% | 8.79% | 3/2/2022 | 12/14/2027 | 1102917 | 1095799 | 1100159 |
| &nbsp;&nbsp;&nbsp;InHealth Medical Alliance<br> (o) | Unitranche Initial Term Loan | S+ | 7.00% PIK | 11.29% | 6/25/2021 | 6/28/2028 | 3594124 | 3576987 | 1078237 |
| &nbsp;&nbsp;&nbsp;Press Ganey<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 3.25% | 7.54% | 4/24/2024 | 4/30/2031 | 992500 | 983929 | 995497 |
| &nbsp;&nbsp;&nbsp;Radiology Partners<br> (k) | Senior Secured Term Loan B | S+ | 4.50% | 8.79% | 6/26/2025 | 6/30/2032 | 1000000 | 990000 | 990000 |
| &nbsp;&nbsp;&nbsp;PharMedQuest | Unitranche Fifth Amendment Incremental Term Loan | S+ | 5.00% | 9.29% | 10/27/2023 | 11/6/2026 | 982500 | 979061 | 982500 |
| &nbsp;&nbsp;&nbsp;Cirtec Medical | Senior Secured U.S. Dollar Term Loan | S+ | 4.75% | 9.04% | 1/30/2023 | 1/30/2029 | 977500 | 956572 | 975056 |
| &nbsp;&nbsp;&nbsp;NSM<br> (k) | Senior Secured 2025 Refinancing Term Loan | S+ | 4.75% | 9.04% | 8/5/2024 | 5/14/2029 | 947850 | 945991 | 954959 |
| &nbsp;&nbsp;&nbsp;Wedgewood | Senior Secured Initial Term Loan | S+ | 4.50% | 8.79% | 2/24/2021 | 3/31/2028 | 962544 | 957886 | 943294 |
| &nbsp;&nbsp;&nbsp;Epic Staffing Group | Senior Secured Initial Term Loan | S+ | 6.00% | 10.29% | 6/27/2022 | 6/28/2029 | 972093 | 932356 | 940500 |
| &nbsp;&nbsp;&nbsp;Forefront | Senior Secured Closing Date Term Loan | S+ | 4.25% | 8.54% | 3/23/2022 | 3/30/2029 | 970295 | 960150 | 918952 |
| &nbsp;&nbsp;&nbsp;VaxCare<br> (k) | Senior Secured Term Loan | S+ | 4.50% | 8.79% | 6/10/2025 | 6/17/2032 | 833333 | 825000 | 825000 |
| &nbsp;&nbsp;&nbsp;InterMed<br> (j) | Senior Secured Revolving Loan | S+ | 6.50% | 10.79% | 12/22/2022 | 12/22/2028 | 863931 | 842333 | 797342 |
| &nbsp;&nbsp;&nbsp;Viant<br> (k) | Senior Secured Closing Date Initial Term Loan (First Lien) | S+ | 4.00% | 8.29% | 10/16/2024 | 10/29/2031 | 552371 | 549777 | 548055 |
| &nbsp;&nbsp;&nbsp;MyEyeDr<br> (k) | Senior Secured Tenth Amendment Refinancing Term Loan (First Lien) | S+ | 3.25% | 7.54% | 4/15/2024 | 4/15/2031 | 512004 | 512004 | 514656 |
| &nbsp;&nbsp;&nbsp;Performance Health | Senior Secured Term Loan | S+ | 3.75% | 8.04% | 2/28/2025 | 3/19/2032 | 500000 | 495000 | 495000 |
| &nbsp;&nbsp;&nbsp;Cirtec Medical | Senior Secured Amendment No. 1 Incremental Term Loan | S+ | 4.75% | 9.04% | 7/2/2024 | 1/30/2029 | 495000 | 489591 | 493763 |
| &nbsp;&nbsp;&nbsp;nThrive<br> (k) | Senior Secured Tranche D Term Loan | S+ | 6.75% | 11.04% | 11/18/2024 | 12/17/2029 | 490000 | 490000 | 491225 |
| &nbsp;&nbsp;&nbsp;TEAM Services<br> (k) | Senior Secured Term Loan (First Lien) | S+ | 5.00% | 9.29% | 1/25/2024 | 12/20/2027 | 492288 | 490544 | 490565 |
| &nbsp;&nbsp;&nbsp;Confluent Health | Senior Secured Amendment No. 1 Term Loan | S+ | 7.50% | 11.79% | 4/11/2023 | 11/30/2028 | 488750 | 466167 | 475309 |
| &nbsp;&nbsp;&nbsp;AccentCare<br> (k) | Senior Secured Tranche B Term Loan | S+ | 4.00% | 8.29% | 6/15/2021 | 9/20/2028 | 480188 | 480188 | 421064 |
| &nbsp;&nbsp;&nbsp;nThrive<br> (k) | Senior Secured Tranche B Term Loan | S+ | 4.00% | 8.29% | 11/18/2024 | 12/15/2028 | 412303 | 412303 | 413334 |
| &nbsp;&nbsp;&nbsp;TEAM Services | Senior Secured Term Loan (Second Lien) | S+ | 9.00% | 13.29% | 1/5/2024 | 12/18/2028 | 410000 | 407950 | 410000 |
| &nbsp;&nbsp;&nbsp;RMP & MedA/Rx | Senior Secured Term Loan | S+ | 4.50% | 8.79% | 3/22/2021 | 2/6/2026 | 371153 | 371246 | 366978 |
| &nbsp;&nbsp;&nbsp;RMP & MedA/Rx | Senior Secured Term Loan (First Lien) | S+ | 4.50% | 8.79% | 2/27/2017 | 2/6/2026 | 316045 | 316044 | 312489 |
| &nbsp;&nbsp;&nbsp;UDG<br> (l) | Senior Secured Initial Dollar Term Loan (First Lien) | S+ | 4.25% | 8.54% | 8/6/2021 | 8/19/2028 | 315938 | 314596 | 311198 |
| &nbsp;&nbsp;&nbsp;Western Dental | Senior Secured Second-Out Term Loan (Tranche B) | S+ | 1.00%, 6.25% PIK | 11.54% | 6/14/2024 | 8/18/2028 | 529847 | 427094 | 264924 |
| &nbsp;&nbsp;&nbsp;Midwest Eye Services | Senior Secured Initial Term Loan | S+ | 4.50% | 8.79% | 12/31/2024 | 8/20/2027 | 250273 | 235254 | 249022 |
| &nbsp;&nbsp;&nbsp;Nvision | Senior Secured Fourth Amendment Incremental Term Loan | S+ | 5.50% | 9.79% | 10/30/2024 | 12/31/2028 | 242092 | 238845 | 239671 |
| &nbsp;&nbsp;&nbsp;RevHealth<br> (j) | Senior Secured Revolving Loan | S+ | 5.75% | 10.04% | 7/22/2022 | 7/21/2028 | 333904 | 333904 | 211795 |
| &nbsp;&nbsp;&nbsp;EyeSouth Partners | Unitranche Amendment No.2 Term Loan (First Lien) | S+ | 5.50% | 9.79% | 11/15/2024 | 10/5/2029 | 190236 | 188353 | 187858 |
| &nbsp;&nbsp;&nbsp;nThrive<br> (k) | Senior Secured Tranche A Term Loan | S+ | 5.25% | 9.54% | 11/20/2024 | 12/15/2028 | 117097 | 115920 | 117390 |
| &nbsp;&nbsp;&nbsp;AccentCare | Senior Secured Tranche A Term Loan | S+ | 5.50% | 9.79% | 2/5/2024 | 6/20/2028 | 119820 | 116006 | 115027 |
| &nbsp;&nbsp;&nbsp;InHealth Medical Alliance<br> (k) | Senior Secured Amendment No. 8 Effective Date Term Loan | S+ | 8.50% PIK | 12.79% | 5/30/2025 | 3/2/2026 | 108828 | 108828 | 108828 |
| &nbsp;&nbsp;&nbsp;Western Dental | Senior Secured First-Out Term Loan (Tranche A-1) | S+ | 6.50% | 10.79% | 6/18/2024 | 5/18/2028 | 92798 | 88358 | 92798 |
| &nbsp;&nbsp;&nbsp;Ivy Rehab | Senior Secured Revolving Credit Loan (First Lien) | S+ | 4.75% | 9.04% | 3/11/2022 | 4/21/2028 | 67003 | 63636 | 66166 |
| &nbsp;&nbsp;&nbsp;Summit Spine | Senior Secured Revolving Loan | S+ | 4.75% | 9.04% | 3/21/2025 | 3/25/2031 | 29609 | 20973 | 29217 |
| &nbsp;&nbsp;&nbsp;Nvision | Senior Secured Revolving Loan | S+ | 5.50% | 9.79% | 10/31/2024 | 12/31/2028 | 23468 | 23468 | 23233 |
| &nbsp;&nbsp;&nbsp;Cirtec Medical | Senior Secured Revolving Credit (First Lien) | S+ | 4.75% | 9.04% | 1/30/2023 | 10/31/2028 | 13889 | 13889 | 13854 |
| &nbsp;&nbsp;&nbsp;Blue Cloud | Senior Secured Revolving Loan | S+ | 5.00% | 9.29% | 12/13/2021 | 1/21/2031 | - | (1136) | - |
| &nbsp;&nbsp;&nbsp;VaxCare<br> (k) | Senior Secured Revolving Credit | S+ | 4.50% | 8.79% | 6/10/2025 | 6/17/2032 | - | (1667) | - |
| &nbsp;&nbsp;&nbsp;Midwest Eye Services | Senior Secured Fourth Amendment Incremental Revolving Loan | S+ | 4.50% | 8.79% | 12/31/2024 | 8/20/2027 | - | (3220) | - |
| &nbsp;&nbsp;&nbsp;OrthoNebraska<br> (j) | Senior Secured Revolving Loan | S+ | 6.50% | 10.79% | 7/31/2023 | 7/31/2028 |  | (13724) |  |
| &nbsp;&nbsp;&nbsp;Minds + Assembly<br> (j) | Senior Secured Revolving Loan (First Lien) | S+ | 5.25% | 9.54% | 5/3/2023 | 5/3/2029 |  | (18789) |  |
|  |  |  |  |  |  |  |  | 76721854 | 71606987 |

---

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

------

**Audax Credit BDC Inc.**

**Schedules of Investments (continued)**

**As of June 30, 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** |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** |  |  |  |  |  |  |  |  |
| *Banking, Finance, Insurance & Real Estate* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cherry Bekaert<br> (j) | Unitranche Term B Loan | S+ | 5.25% | 9.54% | 6/13/2022 | 6/30/2028 | $5068896 | $4997610 | $5068896 |
| &nbsp;&nbsp;&nbsp;Cerity Partners | Unitranche Initial Term Loan | S+ | 5.25% | 9.54% | 7/28/2022 | 7/28/2029 | 4531362 | 4483173 | 4531362 |
| &nbsp;&nbsp;&nbsp;Confluence | Senior Secured Initial Term Loan (First Lien) | S+ | 3.75% | 8.04% | 7/22/2021 | 7/31/2028 | 3860000 | 3848783 | 3562462 |
| &nbsp;&nbsp;&nbsp;Prime Pensions<br> (j) | Unitranche Initial Term Loan | S+ | 5.25% | 9.54% | 2/20/2024 | 2/26/2030 | 2679657 | 2608724 | 2679657 |
| &nbsp;&nbsp;&nbsp;EPIC Insurance | Unitranche Refinancing Tranche B Term Loan | S+ | 4.50% | 8.79% | 8/27/2021 | 9/29/2028 | 2170174 | 2150322 | 2148472 |
| &nbsp;&nbsp;&nbsp;Steward Partners | Senior Secured Closing Date Term B Loan | S+ | 4.75% | 9.04% | 12/8/2023 | 10/14/2028 | 1986772 | 1956521 | 1986772 |
| &nbsp;&nbsp;&nbsp;Beta+ | Senior Secured Initial Term Loan | S+ | 5.75% | 10.04% | 6/24/2022 | 7/2/2029 | 1945000 | 1863908 | 1901238 |
| &nbsp;&nbsp;&nbsp;OneDigital<br> (k) | Senior Secured 2025 Refinancing Term Loan (First Lien) | S+ | 3.00% | 7.29% | 6/13/2024 | 7/2/2031 | 1486861 | 1479985 | 1486400 |
| &nbsp;&nbsp;&nbsp;EdgeCo | Senior Secured Third Amendment Term Loan (First Lien) | S+ | 4.50% | 8.79% | 3/29/2022 | 6/1/2028 | 1476683 | 1469491 | 1472991 |
| &nbsp;&nbsp;&nbsp;Orion<br> (k) | Senior Secured 2024 Refinancing Term Loan | S+ | 3.75% | 8.04% | 8/4/2020 | 9/24/2030 | 1433052 | 1427303 | 1442295 |
| &nbsp;&nbsp;&nbsp;SIAA<br> (j) | Unitranche Seventh Amendment Incremental Term Loan | S+ | 4.75% | 9.04% | 4/21/2021 | 4/30/2030 | 1134060 | 1123763 | 1134060 |
| &nbsp;&nbsp;&nbsp;Osaic<br> (k) | Senior Secured Term B-4 Loan | S+ | 3.50% | 7.79% | 8/16/2023 | 8/17/2028 | 1001050 | 994346 | 1004514 |
| &nbsp;&nbsp;&nbsp;Alera<br> (k) | Senior Secured Term Loan (First Lien) | S+ | 3.25% | 7.54% | 5/21/2025 | 5/30/2032 | 1000000 | 995000 | 1004125 |
| &nbsp;&nbsp;&nbsp;LERETA | Senior Secured Initial Term Loan | S+ | 5.25% | 9.54% | 7/27/2021 | 7/30/2028 | 962500 | 957438 | 924000 |
| &nbsp;&nbsp;&nbsp;Cherry Bekaert | Unitranche Amendment No. 1 Term Loan | S+ | 5.25% | 9.54% | 10/11/2023 | 6/30/2028 | 715464 | 705236 | 715464 |
| &nbsp;&nbsp;&nbsp;Frazier & Deeter | Senior Secured Term Loan Facility | S+ | 4.50% | 8.79% | 4/30/2025 | 5/2/2032 | 500000 | 493235 | 496250 |
| &nbsp;&nbsp;&nbsp;Confluence | Senior Secured Term Loan (Priority) | S+ | 5.00% | 9.29% | 2/14/2025 | 7/30/2028 | 377264 | 377264 | 348183 |
| &nbsp;&nbsp;&nbsp;Cerity Partners | Senior Secured Initial Revolving Loan | S+ | 5.25% | 9.54% | 7/28/2022 | 7/28/2028 | 143369 | 143369 | 143369 |
| &nbsp;&nbsp;&nbsp;SIAA | Unitranche Seventh Amendment Incremental Term Loan | S+ | 4.75% | 9.04% | 3/24/2025 | 4/30/2030 | 140045 | 135801 | 140045 |
| &nbsp;&nbsp;&nbsp;Beta+ | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.79% | 6/24/2022 | 7/1/2027 | 110515 | 104299 | 108029 |
| &nbsp;&nbsp;&nbsp;Cherry Bekaert | Senior Secured Revolving Credit Loan | S+ | 5.25% | 9.54% | 6/13/2022 | 6/30/2028 | 107266 | 107266 | 107266 |
| &nbsp;&nbsp;&nbsp;EPIC Insurance | Senior Secured Refinancing Revolving Loan | S+ | 4.50% | 8.79% | 8/27/2021 | 9/29/2028 | 68319 | 68049 | 67635 |
| &nbsp;&nbsp;&nbsp;Frazier & Deeter | Senior Secured Revolving Facility | S+ | 4.50% | 8.79% | 4/30/2025 | 5/2/2031 | - | (882) | - |
| &nbsp;&nbsp;&nbsp;Steward Partners | Senior Secured Revolving Loan | S+ | 4.75% | 9.04% | 12/20/2023 | 10/14/2028 |  | (5944) |  |
| &nbsp;&nbsp;&nbsp;Prime Pensions<br> (j) | Senior Secured Revolving Credit | S+ | 5.25% | 9.54% | 2/20/2024 | 2/26/2030 |  | (7619) |  |
|  |  |  |  |  |  |  |  | 32476441 | 32473485 |
| *Capital Equipment* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Tank Holding | Unitranche Initial Term Loan | S+ | 5.75% | 10.04% | 3/25/2022 | 3/31/2028 | 3880000 | 3838999 | 3850900 |
| &nbsp;&nbsp;&nbsp;Flow Control Group<br> (k) | Senior Secured Amendment No. 11 Term Loan (First Lien) | S+ | 3.25% | 7.54% | 3/17/2021 | 3/31/2028 | 3598208 | 3592713 | 3605278 |
| &nbsp;&nbsp;&nbsp;Plaskolite | Unitranche Initial Term Loan | S+ | 4.00%, 3.00% PIK | 11.29% | 5/5/2025 | 5/9/2030 | 3007750 | 2943044 | 2985192 |
| &nbsp;&nbsp;&nbsp;Excelitas | Unitranche Closing Date Euro Term Loan | S+ | 5.25% | 9.54% | 6/15/2022 | 8/12/2029 | 2895326 | 2927419 | 2862754 |
| &nbsp;&nbsp;&nbsp;Burke Porter Group | Senior Secured Closing Date Term Loan | S+ | 6.00% | 10.29% | 9/30/2022 | 7/29/2029 | 2275000 | 2233677 | 2184000 |
| &nbsp;&nbsp;&nbsp;Shaw | Senior Secured Initial Senior Term Facility | S+ | 6.00% | 10.29% | 9/30/2023 | 10/30/2029 | 1764894 | 1736655 | 1725183 |
| &nbsp;&nbsp;&nbsp;Radwell | Unitranche Initial Term Loan | S+ | 5.50% | 9.79% | 3/11/2022 | 4/1/2029 | 1619808 | 1605024 | 1607659 |
| &nbsp;&nbsp;&nbsp;Antylia Scientific<br> (k) | Senior Secured Initial Term Loan | S+ | 4.00% | 8.29% | 5/16/2025 | 5/27/2032 | 1500000 | 1462500 | 1462500 |
| &nbsp;&nbsp;&nbsp;Air Control Concepts<br> (k) | Senior Secured Closing Date Term Loan | S+ | 2.75% | 7.04% | 7/16/2024 | 7/23/2031 | 999773 | 997732 | 1001337 |
| &nbsp;&nbsp;&nbsp;Trystar | Senior Secured Initial Term Loan | S+ | 4.50% | 8.79% | 7/31/2024 | 8/6/2031 | 995000 | 984397 | 992513 |
| &nbsp;&nbsp;&nbsp;MW Industries | Senior Secured Initial Term Loan | S+ | 7.00% | 11.29% | 3/31/2023 | 3/31/2030 | 945910 | 925343 | 929357 |
| &nbsp;&nbsp;&nbsp;Therm-O-Disc | Senior Secured Initial Term Loan (First Lien) | S+ | 6.00% | 10.29% | 5/26/2022 | 5/31/2029 | 972500 | 924196 | 855800 |
| &nbsp;&nbsp;&nbsp;Associated Springs | Senior Secured Initial Term Loan | S+ | 5.75% | 10.04% | 3/7/2024 | 4/4/2030 | 707959 | 693622 | 707959 |
| &nbsp;&nbsp;&nbsp;Ohio Transmission | Unitranche Initial Term Loan | S+ | 5.50% | 9.79% | 12/12/2023 | 12/19/2030 | 547030 | 536772 | 547030 |

---

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

------

**Audax Credit BDC Inc.**

**Schedules of Investments (continued)**

**As of June 30, 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** |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Associated Springs | Senior Secured Amendment No. 1 Incremental Term Loan | S+ | 5.75% | 10.04% | 11/25/2024 | 4/4/2030 | 546780 | 536515 | 546780 |
| &nbsp;&nbsp;&nbsp;TriMark | Senior Secured Initial Tranche B Loan | S+ | 2.00%, 3.25% PIK | 9.54% | 1/16/2024 | 6/30/2029 | 682847 | 682847 | 543717 |
| &nbsp;&nbsp;&nbsp;nVent<br> (k) | Senior Secured Initial Term Loan | S+ | 3.50% | 7.79% | 9/30/2024 | 1/30/2032 | 500000 | 497500 | 503783 |
| &nbsp;&nbsp;&nbsp;Circor<br> (k) | Senior Secured Initial Term Loan | S+ | 3.25% | 7.54% | 10/9/2024 | 10/17/2031 | 498750 | 497583 | 502022 |
| &nbsp;&nbsp;&nbsp;Chromalloy<br> (k) | Senior Secured Term Loan | S+ | 3.75% | 8.04% | 3/22/2024 | 3/27/2031 | 495000 | 490729 | 496391 |
| &nbsp;&nbsp;&nbsp;Trystar | Senior Secured Amendment No. 1 Incremental Term Loan | S+ | 4.50% | 8.79% | 9/5/2024 | 8/6/2031 | 497500 | 492135 | 493769 |
| &nbsp;&nbsp;&nbsp;AGCO G&P<br> (k) | Senior Secured Initial Term Loan | S+ | 5.00% | 9.29% | 10/8/2024 | 10/31/2031 | 498750 | 494065 | 491568 |
| &nbsp;&nbsp;&nbsp;Duravant<br> (k) | Senior Secured Incremental Amendment No. 5 Term Loan (First Lien) | S+ | 3.50% | 7.79% | 3/5/2020 | 5/19/2028 | 475189 | 475189 | 478627 |
| &nbsp;&nbsp;&nbsp;Infinite Electronics | Senior Secured Initial Term Loan (First Lien) | S+ | 3.75% | 8.04% | 2/24/2021 | 3/2/2028 | 480188 | 479691 | 470584 |
| &nbsp;&nbsp;&nbsp;Pegasus | Senior Secured Initial Term Loan | S+ | 4.75% | 9.04% | 1/24/2024 | 1/19/2031 | 384246 | 377592 | 383286 |
| &nbsp;&nbsp;&nbsp;SupplyHouse<br> (k) | Senior Secured Initial Term Loan | S+ | 4.00% | 8.29% | 6/19/2025 | 7/1/2032 | 375000 | 373125 | 373125 |
| &nbsp;&nbsp;&nbsp;Burke Porter Group | Senior Secured Revolving Credit Loan | S+ | 6.00% | 10.29% | 8/11/2022 | 7/29/2028 | 192858 | 182453 | 185143 |
| &nbsp;&nbsp;&nbsp;Ohio Transmission | Senior Secured Initial Revolving Loan | S+ | 5.50% | 9.79% | 12/19/2023 | 12/19/2029 | 34667 | 33973 | 34667 |
| &nbsp;&nbsp;&nbsp;Radwell | Senior Secured Revolving Loan | S+ | 5.50% | 9.79% | 3/11/2022 | 4/1/2029 | 23999 | 22799 | 23819 |
| &nbsp;&nbsp;&nbsp;Plaskolite | Senior Secured Revolving Credit Loan | S+ | 7.00% | 11.29% | 5/5/2025 | 2/7/2030 | 14816 | 14238 | 14705 |
| &nbsp;&nbsp;&nbsp;SupplyHouse<br> (k) | Senior Secured Revolving Loan | S+ | 4.00% | 8.29% | 6/19/2025 | 7/1/2032 | - | (625) | - |
| &nbsp;&nbsp;&nbsp;Associated Springs | Senior Secured Revolving Loan | S+ | 5.75% | 10.04% | 3/7/2024 | 4/4/2030 |  | (1888) |  |
| &nbsp;&nbsp;&nbsp;Trystar | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.79% | 7/31/2024 | 8/6/2031 |  | (2727) |  |
| &nbsp;&nbsp;&nbsp;Tank Holding | Senior Secured Revolving Credit Loan | S+ | 5.75% | 10.04% | 3/25/2022 | 3/31/2028 |  | (2954) |  |
|  |  |  |  |  |  |  |  | 31044333 | 30859448 |
| *Services: Consumer* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ned Stevens 2022-2<br> (j) | Unitranche Initial Term Loan | S+ | 5.00% | 9.29% | 11/1/2022 | 11/1/2029 | 5068387 | 4980601 | 5068387 |
| &nbsp;&nbsp;&nbsp;Smart Start | Senior Secured 2025 Refinancing Term B Loan (First Lien) | S+ | 4.25% | 8.54% | 12/10/2021 | 12/16/2028 | 2932650 | 2925772 | 2910655 |
| &nbsp;&nbsp;&nbsp;Apex Service Partners | Unitranche 2024 Term Loan | S+ | 5.00% | 9.29% | 10/16/2023 | 10/24/2030 | 2674409 | 2650705 | 2661037 |
| &nbsp;&nbsp;&nbsp;A Place For Mom | Senior Secured Term Loan | S+ | 4.50% | 8.79% | 7/28/2017 | 2/10/2026 | 2138856 | 2138880 | 2096079 |
| &nbsp;&nbsp;&nbsp;Smart Start | Senior Secured Term B Loan (Second Lien) | S+ | 7.75% | 12.04% | 12/10/2021 | 12/16/2029 | 2000000 | 1978275 | 1985000 |
| &nbsp;&nbsp;&nbsp;Taxwell | Senior Secured Initial Term Loan | S+ | 4.25% | 8.54% | 6/17/2024 | 6/26/2031 | 1984855 | 1967225 | 1979893 |
| &nbsp;&nbsp;&nbsp;Rover | Senior Secured Initial Term Loan | S+ | 4.75% | 9.04% | 2/16/2024 | 2/27/2031 | 1983722 | 1959868 | 1953966 |
| &nbsp;&nbsp;&nbsp;FullBloom | Senior Secured Initial Term Loan (First Lien) | S+ | 4.25% | 8.54% | 12/10/2021 | 12/15/2028 | 1455000 | 1447017 | 1444088 |
| &nbsp;&nbsp;&nbsp;Legacy Service Partners | Unitranche Closing Date Term Loan | S+ | 5.25% | 9.54% | 10/25/2023 | 1/9/2029 | 1036494 | 1021913 | 1026129 |
| &nbsp;&nbsp;&nbsp;United Air Temp<br> (j) | Unitranche Initial Term Loan | S+ | 5.50% | 9.79% | 2/14/2024 | 3/28/2030 | 1113018 | 1082688 | 1007114 |
| &nbsp;&nbsp;&nbsp;Teaching Strategies | Senior Secured Initial Term Loan (First Lien) | S+ | 3.75% | 8.04% | 8/19/2021 | 8/31/2028 | 965000 | 959335 | 948113 |
| &nbsp;&nbsp;&nbsp;Spring Education<br> (k) | Senior Secured Initial Term Loan | S+ | 4.00% | 8.29% | 10/5/2023 | 10/4/2030 | 935750 | 935750 | 940794 |
| &nbsp;&nbsp;&nbsp;Crash Champions<br> (k) | Senior Secured Initial Term Loan | S+ | 4.75% | 9.04% | 2/7/2024 | 2/23/2029 | 990000 | 988069 | 927571 |
| &nbsp;&nbsp;&nbsp;All My Sons | Senior Secured Closing Date Term Loan (First Lien) | S+ | 4.75% | 9.04% | 6/4/2024 | 10/25/2028 | 493198 | 487042 | 487033 |
| &nbsp;&nbsp;&nbsp;&nbsp;R. F. Fager | Senior Secured Initial Term Loan | S+ | 5.00% | 9.29% | 5/16/2025 | 3/4/2030 | 332001 | 326321 | 329511 |
| &nbsp;&nbsp;&nbsp;Apex Service Partners | Unitranche Second Amendment Incremental Term Loan | S+ | 5.00% | 9.29% | 4/24/2025 | 10/24/2030 | 281037 | 277130 | 279632 |
| &nbsp;&nbsp;&nbsp;United Air Temp | Senior Secured Revolving Loan | S+ | 5.50% | 9.79% | 2/14/2024 | 3/28/2030 | 210799 | 210799 | 190741 |
| &nbsp;&nbsp;&nbsp;Ned Stevens 2022-2<br> (j) | Senior Secured Revolving Loan | S+ | 5.00% | 9.29% | 11/1/2022 | 11/1/2028 | 84617 | 74463 | 84617 |
| &nbsp;&nbsp;&nbsp;&nbsp;R. F. Fager | Senior Secured Revolving Loan | S+ | 5.00% | 9.29% | 5/16/2025 | 3/4/2030 | - | (1044) | - |
| &nbsp;&nbsp;&nbsp;Apex Service Partners | Senior Secured 2024 Revolving Credit Loan | S+ | 5.00% | 9.29% | 10/16/2023 | 10/24/2029 |  | (1461) |  |
| &nbsp;&nbsp;&nbsp;Rover | Senior Secured Revolving Loan | S+ | 4.75% | 9.04% | 2/16/2024 | 2/27/2031 |  | (2250) |  |
|  |  |  |  |  |  |  |  | 26407098 | 26320360 |

---

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

------

**Audax Credit BDC Inc.**

**Schedules of Investments (continued)**

**As of June 30, 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** |
| **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<br> (k) | Senior Secured 2024-B Incremental Term Loan (First Lien) | S+ | 3.50% | 7.79% | 12/11/2020 | 12/17/2027 | 3044282 | 3031452 | 2969317 |
| &nbsp;&nbsp;&nbsp;Ivanti Software | Senior Secured 2025-1 Term Loan (First Lien) | S+ | 4.75% | 9.04% | 11/20/2020 | 6/1/2029 | 2888012 | 2868759 | 2601471 |
| &nbsp;&nbsp;&nbsp;Idera<br> (k) | Senior Secured Incremental Term Loan (First Lien) | S+ | 3.50% | 7.79% | 6/27/2017 | 3/2/2028 | 2514947 | 2515070 | 2365358 |
| &nbsp;&nbsp;&nbsp;Precisely<br> (k) | Senior Secured Third Amendment Term Loan (First Lien) | S+ | 4.00% | 8.29% | 3/19/2021 | 4/24/2028 | 2406250 | 2400141 | 2290750 |
| &nbsp;&nbsp;&nbsp;Barracuda | Senior Secured Initial Term Loan (Second Lien) | S+ | 7.00% | 11.29% | 5/17/2022 | 8/15/2030 | 2000000 | 1954291 | 1945000 |
| &nbsp;&nbsp;&nbsp;Intermedia | Unitranche 2024 Refinancing Term Loan (First Lien) | S+ | 5.25% | 9.54% | 4/4/2024 | 4/4/2029 | 1883156 | 1883156 | 1883156 |
| &nbsp;&nbsp;&nbsp;HelpSystems<br> (k) | Senior Secured Seventh Amendment Refinancing Term Loan | S+ | 4.00% | 8.29% | 12/19/2019 | 11/19/2026 | 1919091 | 1916930 | 1833279 |
| &nbsp;&nbsp;&nbsp;Xplor Technologies | Senior Secured First Amendment Refinancing Term Loan | S+ | 3.50% | 7.79% | 6/14/2024 | 6/24/2031 | 1488750 | 1482144 | 1488750 |
| &nbsp;&nbsp;&nbsp;Digital Room | Senior Secured Closing Date Term Loan (First Lien) | S+ | 5.25% | 9.54% | 12/16/2021 | 12/21/2028 | 1451250 | 1443195 | 1436738 |
| &nbsp;&nbsp;&nbsp;ORBCOMM<br> (k) | Senior Secured Closing Date Term Loan (First Lien) | S+ | 4.25% | 8.54% | 6/17/2021 | 9/1/2028 | 1458634 | 1416563 | 1324804 |
| &nbsp;&nbsp;&nbsp;SmartBear<br> (k) | Senior Secured 2024 Term Loan | S+ | 4.00% | 8.29% | 11/20/2020 | 3/3/2028 | 965081 | 960765 | 970104 |
| &nbsp;&nbsp;&nbsp;Options IT | Senior Secured Initial Term Loan | S+ | 4.50% | 8.79% | 9/20/2024 | 9/30/2031 | 739872 | 728038 | 738022 |
| &nbsp;&nbsp;&nbsp;Aptean | Unitranche Initial Term Loan | S+ | 4.75% | 9.04% | 1/1/2024 | 1/30/2031 | 585456 | 580614 | 583993 |
| &nbsp;&nbsp;&nbsp;Qlik<br> (k) | Senior Secured Second Amendment Refinancing Term Loan (First Lien) | S+ | 3.25% | 7.54% | 12/31/2024 | 10/26/2030 | 498744 | 497494 | 501654 |
| &nbsp;&nbsp;&nbsp;NCR Voyix<br> (k) | Senior Secured Term Loan | S+ | 3.00% | 7.29% | 9/24/2024 | 9/30/2031 | 497500 | 495227 | 499055 |
| &nbsp;&nbsp;&nbsp;Inhabit | Senior Secured Initial Term Loan | S+ | 4.50% | 8.79% | 12/10/2024 | 1/12/2032 | 500000 | 497290 | 498750 |
| &nbsp;&nbsp;&nbsp;LightBox | Senior Secured Initial Term Loan | S+ | 5.50% | 9.79% | 1/10/2025 | 1/13/2030 | 498750 | 491587 | 496256 |
| &nbsp;&nbsp;&nbsp;Cloudera<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 3.75% | 8.04% | 8/10/2021 | 10/8/2028 | 483750 | 481242 | 466335 |
| &nbsp;&nbsp;&nbsp;Barracuda<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 4.50% | 8.79% | 5/17/2022 | 8/15/2029 | 487500 | 478055 | 406270 |
| &nbsp;&nbsp;&nbsp;Ivanti Software | Senior Secured Initial Term Loan (First Lien) | S+ | 5.75% | 10.04% | 5/6/2025 | 6/1/2029 | 390124 | 370334 | 390124 |
| &nbsp;&nbsp;&nbsp;insightsoftware | Unitranche Initial Term Loan | S+ | 5.25% | 9.54% | 7/16/2024 | 5/25/2028 | 392859 | 391513 | 388930 |
| &nbsp;&nbsp;&nbsp;Options IT | Senior Secured Revolving Loan | S+ | 4.50% | 8.79% | 9/20/2024 | 3/31/2031 | 24124 | 22784 | 24064 |
| &nbsp;&nbsp;&nbsp;insightsoftware | Senior Secured Revolving Loan | S+ | 5.25% | 9.54% | 3/26/2024 | 5/25/2028 | 9700 | 9045 | 9603 |
| &nbsp;&nbsp;&nbsp;Inhabit | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.79% | 12/10/2024 | 1/12/2032 | - | (439) | - |
| &nbsp;&nbsp;&nbsp;LightBox | Senior Secured Revolving Loan | S+ | 5.50% | 9.79% | 1/10/2025 | 1/13/2030 | - | (494) | - |
|  |  |  |  |  |  |  |  | 26914756 | 26111783 |
| *Containers, Packaging & Glass* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brook & Whittle | Senior Secured Initial Term Loan (First Lien) | S+ | 4.00% | 8.29% | 12/9/2021 | 12/14/2028 | $3052265 | $3037914 | $2592243 |
| &nbsp;&nbsp;&nbsp;Anchor Packaging<br> (k) | Senior Secured Amendment No.5 Term Loan (First Lien) | S+ | 3.25% | 7.54% | 7/17/2019 | 7/18/2029 | 2433896 | 2427324 | 2449412 |
| &nbsp;&nbsp;&nbsp;Paragon Films | Senior Secured Closing Date Term Loan (First Lien) | S+ | 3.75% | 8.04% | 12/15/2021 | 12/16/2028 | 2000352 | 1988498 | 1995351 |
| &nbsp;&nbsp;&nbsp;TricorBraun<br> (k) | Senior Secured Closing Date Initial Term Loan (First Lien) | S+ | 3.25% | 7.54% | 1/29/2021 | 3/3/2028 | 1764457 | 1760369 | 1764616 |
| &nbsp;&nbsp;&nbsp;Resource Label Group | Senior Secured Closing Date Initial Term Loan (First Lien) | S+ | 4.25% | 8.54% | 7/2/2021 | 7/7/2028 | 1813956 | 1809409 | 1641630 |
| &nbsp;&nbsp;&nbsp;Tekni-Plex<br> (k) | Senior Secured Tranche B-7 Initial Term Loan | S+ | 3.75% | 8.04% | 3/27/2024 | 9/15/2028 | 1601995 | 1600265 | 1576171 |
| &nbsp;&nbsp;&nbsp;Technimark | Senior Secured 2024-1 Refinancing Term Loan (First Lien) | S+ | 3.25% | 7.54% | 6/30/2021 | 4/14/2031 | 1444190 | 1440715 | 1418917 |
| &nbsp;&nbsp;&nbsp;Intertape Polymer<br> (k)(m) | Senior Secured Initial Term Loan (First Lien) | S+ | 4.75% | 9.04% | 6/15/2022 | 6/28/2028 | 1368077 | 1331871 | 1333799 |
| &nbsp;&nbsp;&nbsp;Balcan<br> (n) | Senior Secured Initial Term B Loan (First Lien) | S+ | 4.75% | 9.04% | 10/10/2024 | 10/18/2031 | 997500 | 978772 | 985031 |
| &nbsp;&nbsp;&nbsp;Five Star Packaging<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 4.25% | 8.54% | 4/27/2022 | 5/5/2029 | 983692 | 973351 | 983692 |
| &nbsp;&nbsp;&nbsp;Transcendia | Unitranche Term Loan | S+ | 6.50% | 10.79% | 5/23/2024 | 11/23/2029 | 992500 | 975961 | 982575 |
| &nbsp;&nbsp;&nbsp;Lacerta | Senior Secured Term Loan | S+ | 5.50% | 9.79% | 2/8/2021 | 12/30/2026 | 955000 | 951633 | 923963 |
| &nbsp;&nbsp;&nbsp;SupplyOne<br> (k) | Senior Secured Term B Loan | S+ | 3.50% | 7.79% | 3/27/2024 | 4/19/2031 | 493763 | 489536 | 496187 |
| &nbsp;&nbsp;&nbsp;Industrial Physics | Senior Secured Initial Term Loan | S+ | 6.25% | 10.54% | 7/18/2023 | 7/19/2029 | 492500 | 479821 | 482650 |
| &nbsp;&nbsp;&nbsp;Golden West Packaging | Senior Secured Initial Term Loan | S+ | 5.25% | 9.54% | 11/29/2021 | 12/1/2027 | 437500 | 435245 | 350000 |
| &nbsp;&nbsp;&nbsp;Industrial Physics | Senior Secured Revolving Credit Loan | S+ | 6.25% | 10.54% | 7/18/2023 | 7/19/2028 |  | (3233) |  |
|  |  |  |  |  |  |  |  | 20677451 | 19976237 |

---

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

------

**Audax Credit BDC Inc.**

**Schedules of Investments (continued)**

**As of June 30, 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** |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** |  |  |  |  |  |  |  |  |
| *Beverage, Food & Tobacco* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beverage, Food & Tobacco |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dessert Holdings<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 4.00% | 8.29% | 6/7/2021 | 6/9/2028 | 2908634 | 2875242 | 2876639 |
| &nbsp;&nbsp;&nbsp;Bettcher Industries | Senior Secured Initial Term Loan (Second Lien) | S+ | 7.25% | 11.54% | 12/13/2021 | 12/14/2029 | 2500000 | 2484576 | 2475000 |
| &nbsp;&nbsp;&nbsp;Purfoods | Senior Secured 2024 Term Loan | S+ | 5.00% | 9.29% | 6/24/2024 | 8/12/2027 | 2000000 | 1986106 | 2000000 |
| &nbsp;&nbsp;&nbsp;Bettcher Industries | Senior Secured Initial Term Loan (First Lien) | S+ | 4.00% | 8.29% | 12/13/2021 | 12/14/2028 | 1935000 | 1923111 | 1915650 |
| &nbsp;&nbsp;&nbsp;Hissho Sushi<br> (j) | Unitranche Term Loan | S+ | 4.50% | 8.79% | 4/7/2022 | 5/18/2029 | 1801429 | 1780308 | 1801429 |
| &nbsp;&nbsp;&nbsp;Monogram Foods | Senior Secured Initial Term Loan | S+ | 4.00% | 8.29% | 8/13/2021 | 8/28/2028 | 965000 | 959952 | 954144 |
| &nbsp;&nbsp;&nbsp;Hissho Sushi | Unitranche Amendment No. 1 Incremental Term Loan | S+ | 4.50% | 8.79% | 8/7/2024 | 5/18/2029 | 519881 | 514565 | 519881 |
| &nbsp;&nbsp;&nbsp;Golden State Foods<br> (k) | Senior Secured Initial Term Loan | S+ | 4.25% | 8.54% | 10/7/2024 | 12/4/2031 | 496262 | 492738 | 499265 |
| &nbsp;&nbsp;&nbsp;Rise Baking | Senior Secured Initial Term Loan | S+ | 5.00% | 9.29% | 10/24/2024 | 11/4/2031 | 497500 | 490470 | 495013 |
| &nbsp;&nbsp;&nbsp;Hometown Food<br> (k) | Senior Secured Closing Date Term B Loan | S+ | 4.50% | 8.79% | 4/22/2025 | 6/3/2030 | 498750 | 494602 | 494613 |
| &nbsp;&nbsp;&nbsp;MBC Companies | Senior Secured Second Amendment Term B Loan | S+ | 4.75% | 9.04% | 1/6/2025 | 7/7/2029 | 497500 | 492759 | 493769 |
| &nbsp;&nbsp;&nbsp;Trilliant 2024 | Senior Secured 2024 Refinancing Term Loan | S+ | 6.50% | 10.79% | 11/20/2024 | 11/30/2029 | 493750 | 484615 | 486344 |
| &nbsp;&nbsp;&nbsp;Hissho Sushi<br> (j) | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.79% | 4/7/2022 | 5/18/2029 | - | (667) | - |
|  |  |  |  |  |  |  |  | 14978377 | 15011747 |
| *Transportation: Cargo* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Evans Network | Senior Secured Initial Term Loan (First Lien) | S+ | 4.25% | 8.54% | 8/6/2021 | 8/19/2028 | 3388767 | 3369528 | 3320992 |
| &nbsp;&nbsp;&nbsp;Kenco | Senior Secured Initial Term Loan | S+ | 4.75% | 9.04% | 6/5/2024 | 11/15/2029 | 2885776 | 2876742 | 2856918 |
| &nbsp;&nbsp;&nbsp;Capstone Logistics | Senior Secured 2024 Term Loan (First Lien) | S+ | 4.50% | 8.79% | 11/12/2020 | 11/13/2029 | 2048104 | 2039737 | 2032743 |
| &nbsp;&nbsp;&nbsp;AIT Worldwide Logistics<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 4.00% | 8.29% | 11/7/2024 | 4/8/2030 | 1930300 | 1927530 | 1937780 |
| &nbsp;&nbsp;&nbsp;Worldwide Express<br> (k) | Senior Secured Amendment No. 2 Incremental Term Loan | S+ | 4.00% | 8.29% | 11/8/2024 | 7/26/2028 | 1447500 | 1447500 | 1449338 |
| &nbsp;&nbsp;&nbsp;FLS Transportation | Senior Secured Term B Loan | S+ | 5.25% | 9.54% | 4/14/2022 | 12/15/2028 | 1186957 | 1180220 | 1139478 |
| &nbsp;&nbsp;&nbsp;Magnate | Senior Secured Initial Term Loan (First Lien) | S+ | 5.50% | 9.79% | 3/11/2022 | 12/29/2028 | 951342 | 940175 | 934693 |
| &nbsp;&nbsp;&nbsp;St. George Logistics | Senior Secured Second-Out Closing Date Purchased Term Loan | S+ | 1.00%, 6.50% PIK | 11.79% | 10/3/2024 | 10/3/2029 | 917077 | 917077 | 917077 |
| &nbsp;&nbsp;&nbsp;St. George Logistics | Senior Secured Third-Out Closing Date Purchased Term Loan | S+ | 1.00%, 6.00% PIK | 11.29% | 10/3/2024 | 10/3/2029 | 456989 | 456989 | 173656 |
| &nbsp;&nbsp;&nbsp;Kenco | Senior Secured Revolving Credit Loan | S+ | 4.75% | 9.04% | 6/5/2024 | 11/15/2029 | 91317 | 89034 | 90404 |
| &nbsp;&nbsp;&nbsp;FLS Transportation | Senior Secured Revolving Credit Loan | S+ | 5.25% | 9.54% | 4/14/2022 | 12/17/2027 | 71111 | 70222 | 68267 |
|  |  |  |  |  |  |  |  | 15314754 | 14921346 |
| *Construction & Building* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;PlayPower | Unitranche Initial Term Loan | S+ | 5.25% | 9.54% | 8/26/2024 | 8/28/2030 | 2481250 | 2447879 | 2462641 |
| &nbsp;&nbsp;&nbsp;A1 Garage Door Service<br> (j) | Unitranche Term Loan A | S+ | 4.50% | 8.79% | 12/22/2022 | 12/22/2028 | 2229056 | 2182756 | 2229056 |
| &nbsp;&nbsp;&nbsp;Cook & Boardman | Senior Secured Amendment No. 2 Incremental DDTL | S+ | 6.00% | 10.29% | 5/29/2024 | 3/4/2030 | 1988996 | 1972409 | 1984023 |
| &nbsp;&nbsp;&nbsp;Tangent | Senior Secured Closing Date Term Loan (First Lien) | S+ | 4.75% | 9.04% | 10/2/2019 | 11/30/2027 | 1731544 | 1728285 | 1662282 |
| &nbsp;&nbsp;&nbsp;Specialty Products & Insulation | Senior Secured Tranche B-1 Term Loan | S+ | 4.50% | 8.79% | 3/16/2022 | 12/21/2027 | 969023 | 964049 | 964178 |
| &nbsp;&nbsp;&nbsp;Dodge Construction Network | Senior Secured Tranche B Term Loan (First Lien) | S+ | 4.75% | 9.04% | 11/14/2024 | 2/28/2029 | 606512 | 606512 | 603479 |
| &nbsp;&nbsp;&nbsp;Terra Millennium<br> (k) | Senior Secured Initial Term Loan | S+ | 4.75% | 9.04% | 10/25/2024 | 11/1/2030 | 498750 | 493705 | 500777 |
| &nbsp;&nbsp;&nbsp;Electric Power Engineers | Senior Secured Term Loan | S+ | 4.50% | 8.79% | 11/27/2024 | 12/15/2031 | 500000 | 494207 | 496250 |
| &nbsp;&nbsp;&nbsp;RailPros | Unitranche Initial Term Loan | S+ | 4.50% | 8.79% | 4/23/2025 | 5/24/2032 | 500000 | 494231 | 496250 |
| &nbsp;&nbsp;&nbsp;DynaGrid | Senior Secured Initial Term Loan | S+ | 4.75% | 9.04% | 1/7/2025 | 2/13/2032 | 500000 | 490000 | 496250 |
| &nbsp;&nbsp;&nbsp;Playcore<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 3.75% | 8.04% | 2/14/2024 | 2/20/2030 | 493769 | 487693 | 495623 |
| &nbsp;&nbsp;&nbsp;Dodge Construction Network | Senior Secured Tranche A New Money Term Loan (First Lien) | S+ | 6.25% | 10.54% | 11/14/2024 | 1/31/2029 | 437363 | 433421 | 435176 |
| &nbsp;&nbsp;&nbsp;DynaGrid | Senior Secured Revolving Credit Facility | S+ | 4.75% | 9.04% | 1/7/2025 | 1/7/2031 | - | (539) | - |
| &nbsp;&nbsp;&nbsp;RailPros | Senior Secured Revolving Loan | S+ | 4.50% | 8.79% | 4/23/2025 | 5/24/2032 | - | (807) | - |
| &nbsp;&nbsp;&nbsp;Electric Power Engineers | Senior Secured Revolving Loan | S+ | 4.50% | 8.79% | 11/27/2024 | 12/15/2031 | - | (968) | - |
| &nbsp;&nbsp;&nbsp;PlayPower | Senior Secured Revolving Loan | S+ | 5.25% | 9.54% | 8/26/2024 | 8/28/2030 | - | (5768) | - |
| &nbsp;&nbsp;&nbsp;A1 Garage Door Service<br> (j) | Senior Secured Revolving Loan | S+ | 4.50% | 8.79% | 12/22/2022 | 12/22/2028 |  | (8264) |  |
|  |  |  |  |  |  |  |  | 12778801 | 12825985 |

---

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

------

**Audax Credit BDC Inc.**

**Schedules of Investments (continued)**

**As of June 30, 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** |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** |  |  |  |  |  |  |  |  |
| *Automotive* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Engine & Transmission Exchange<br> (j) | Senior Secured Term Loan A | S+ | 5.25% | 9.54% | 5/26/2023 | 5/29/2029 | 4190141 | 4100489 | 4190141 |
| &nbsp;&nbsp;&nbsp;Highline | Senior Secured 2025-1 Term Loan (First Lien) | S+ | 3.50% | 7.79% | 2/13/2025 | 2/19/2030 | 1990000 | 1985000 | 1980050 |
| &nbsp;&nbsp;&nbsp;Rough Country<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 3.50% | 7.79% | 7/26/2021 | 7/28/2028 | 1914294 | 1911844 | 1877425 |
| &nbsp;&nbsp;&nbsp;BBB Industries<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 5.25% | 9.54% | 6/30/2022 | 7/25/2029 | 2068142 | 1936968 | 1776824 |
| &nbsp;&nbsp;&nbsp;Truck Hero<br> (k) | Senior Secured Initial Term Loan | S+ | 3.75% | 8.04% | 1/20/2021 | 1/31/2028 | 1436250 | 1436250 | 1291009 |
| &nbsp;&nbsp;&nbsp;Engine & Transmission Exchange<br> (j) | Senior Secured Amendment No. 2 Incremental Term Loan | S+ | 5.25% | 9.54% | 3/21/2025 | 5/29/2029 | 341197 | 336922 | 341197 |
| &nbsp;&nbsp;&nbsp;Engine & Transmission Exchange<br> (j) | Senior Secured Revolving Loan | S+ | 5.25% | 9.54% | 5/26/2023 | 5/29/2029 | 51308 | 35916 | 51308 |
|  |  |  |  |  |  |  |  | 11743389 | 11507954 |
| *Aerospace & Defense* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Electro Methods | Senior Secured Initial Term Loans | S+ | 4.75% | 9.04% | 2/6/2025 | 2/23/2032 | 3000000 | 2956407 | 2970000 |
| &nbsp;&nbsp;&nbsp;HDT Global | Senior Secured Initial Term Loan | S+ | 1.00%, 5.50% PIK | 10.79% | 6/30/2021 | 1/7/2028 | 3372956 | 3328350 | 2361069 |
| &nbsp;&nbsp;&nbsp;Whitcraft | Senior Secured Initial Term Loan | S+ | 6.50% | 10.79% | 3/31/2023 | 2/15/2029 | 1955000 | 1901790 | 1933006 |
| &nbsp;&nbsp;&nbsp;SMX<br> (k) | Senior Secured Term Loan | S+ | 4.50% | 8.79% | 2/6/2025 | 2/6/2032 | 997500 | 987818 | 1001241 |
| &nbsp;&nbsp;&nbsp;Novaria Group<br> (k) | Senior Secured Initial Term Loan | S+ | 3.25% | 7.54% | 6/4/2024 | 6/6/2031 | 992513 | 988166 | 990031 |
| &nbsp;&nbsp;&nbsp;API Technologies | Senior Secured Term B-2 Loan (First Lien) | S+ | 1.00%, 6.00% PIK | 11.29% | 1/15/2020 | 5/9/2027 | 1091897 | 1086795 | 928112 |
| &nbsp;&nbsp;&nbsp;API Technologies | Senior Secured Term B-1 Loan (First Lien) | S+ | 1.00%, 6.00% PIK | 11.29% | 11/3/2023 | 3/25/2027 | 96217 | 95372 | 81785 |
| &nbsp;&nbsp;&nbsp;Whitcraft | Senior Secured Revolving Loan | S+ | 6.50% | 10.79% | 3/31/2023 | 2/15/2029 | 50000 | 39286 | 49438 |
| &nbsp;&nbsp;&nbsp;Electro Methods | Senior Secured Revolving Credit Facility | S+ | 4.75% | 9.04% | 2/6/2025 | 2/23/2032 |  | (12191) |  |
|  |  |  |  |  |  |  |  | 11371793 | 10314682 |
| *Chemicals, Plastics & Rubber* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Vertellus | Senior Secured Initial Term Loan | S+ | 5.75% | 10.04% | 12/18/2020 | 12/22/2027 | 2888175 | 2855885 | 2743766 |
| &nbsp;&nbsp;&nbsp;Shrieve | Unitranche Initial Term Loan | S+ | 6.00% | 10.29% | 9/23/2024 | 10/30/2030 | 2487500 | 2437739 | 2475063 |
| &nbsp;&nbsp;&nbsp;USALCO<br> (k) | Senior Secured Initial Term Loan | S+ | 4.00% | 8.29% | 9/17/2024 | 9/30/2031 | 995000 | 990502 | 1001716 |
| &nbsp;&nbsp;&nbsp;Boyd Group<br> (k) | Senior Secured 2024 Term Loan (First Lien) | S+ | 4.25% | 8.54% | 7/19/2024 | 7/29/2029 | 992500 | 979571 | 993587 |
| &nbsp;&nbsp;&nbsp;Chase | Senior Secured Initial Term Loan | S+ | 4.00% | 0.00% | 4/2/2025 | 4/9/2032 | 500000 | 495000 | 496250 |
| &nbsp;&nbsp;&nbsp;Americhem | Senior Secured Initial Term Loan | S+ | 4.75% | 9.04% | 2/5/2025 | 3/1/2032 | 500000 | 494534 | 496250 |
| &nbsp;&nbsp;&nbsp;Ascensus Specialties | Senior Secured Initial Term Loan | S+ | 4.25% | 8.54% | 12/3/2021 | 6/30/2028 | 481166 | 476822 | 457108 |
| &nbsp;&nbsp;&nbsp;Vertellus | Senior Secured Revolving Credit Loan | S+ | 5.75% | 10.04% | 12/18/2020 | 12/22/2027 | 386432 | 376302 | 367110 |
| &nbsp;&nbsp;&nbsp;Polytek<br> (o) | Senior Secured Term Loan | S+ | 8.25% PIK | 12.54% | 12/23/2020 | 8/15/2026 | 482675 | 482675 | 241337 |
| &nbsp;&nbsp;&nbsp;Mold-Rite | Senior Secured New Money Tranche A-1 Term Loan | S+ | 5.25% | 9.54% | 6/11/2024 | 10/4/2028 | 136841 | 130142 | 136841 |
| &nbsp;&nbsp;&nbsp;Americhem | Senior Secured Revolving Loan | S+ | 4.75% | 9.04% | 2/5/2025 | 3/1/2032 |  | (909) |  |
|  |  |  |  |  |  |  |  | 9718263 | 9409028 |
| *Environmental Industries* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alliance Environmental Group<br> (j) (o) | Unitranche Initial Term Loan | S+ | 6.00% | 10.29% | 12/30/2021 | 12/30/2027 | 4591556 | 4551011 | 3023081 |
| &nbsp;&nbsp;&nbsp;Denali Water Solutions<br> (k) | Senior Secured Closing Date Term Loan | S+ | 4.25% | 8.54% | 3/18/2021 | 3/27/2028 | 1920000 | 1910340 | 1890173 |
| &nbsp;&nbsp;&nbsp;Crystal Clean | Senior Secured Initial Term Loan | S+ | 3.75% | 8.04% | 10/5/2023 | 10/17/2030 | 1478734 | 1458561 | 1471341 |
| &nbsp;&nbsp;&nbsp;Miller Environmental | Senior Secured Initial Term Loan | S+ | 4.75% | 9.04% | 9/4/2024 | 9/10/2031 | 1413947 | 1386596 | 1403343 |
| &nbsp;&nbsp;&nbsp;Keter Environmental Services | Unitranche Closing Date Term Loan | S+ | 5.25% | 9.54% | 11/5/2021 | 10/29/2027 | 482500 | 480276 | 466819 |
| &nbsp;&nbsp;&nbsp;Denali Water Solutions<br> (k) | Senior Secured Amendment No. 3 Term Loan | S+ | 4.63% | 8.92% | 5/5/2022 | 3/27/2028 | 457973 | 449478 | 450858 |
| &nbsp;&nbsp;&nbsp;Alliance Environmental Group<br> (j) (o) | Senior Secured Revolving Loan | S+ | 6.00% | 10.29% | 12/30/2021 | 12/30/2027 | 331126 | 324503 | 218013 |
| &nbsp;&nbsp;&nbsp;Keter Environmental Services | Senior Secured Revolving Loan | S+ | 5.25% | 9.54% | 11/5/2021 | 10/29/2027 | 27132 | 26357 | 26250 |
| &nbsp;&nbsp;&nbsp;Alliance Environmental Group | Senior Secured Priority Revolving Loan | S+ | 6.00% | 10.29% | 6/23/2025 | 12/30/2027 | 8278 | 8278 | 5450 |
| &nbsp;&nbsp;&nbsp;Miller Environmental | Senior Secured Revolving Loan | S+ | 4.75% | 9.04% | 9/4/2024 | 9/10/2031 | - | (6014) | - |
|  |  |  |  |  |  |  |  | 10589386 | 8955328 |
| *Wholesale* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GME Supply | Unitranche Initial Term Loan | S+ | 6.25% | 10.54% | 7/5/2023 | 7/6/2029 | 3737393 | 3677921 | 3737393 |
| &nbsp;&nbsp;&nbsp;Carlisle Foodservice | Senior Secured Initial Term Loan | S+ | 5.00% | 9.29% | 9/29/2023 | 10/2/2030 | 1086283 | 1064768 | 1083567 |
| &nbsp;&nbsp;&nbsp;RelaDyne<br> (k) | Senior Secured Term B Loan (First Lien) | S+ | 4.00% | 8.29% | 6/30/2025 | 12/23/2030 | 498744 | 497497 | 500931 |
| &nbsp;&nbsp;&nbsp;GME Supply | Senior Secured Revolving Loan | S+ | 6.25% | 10.54% | 7/5/2023 | 7/6/2029 | 62867 | 49036 | 62867 |
| &nbsp;&nbsp;&nbsp;Carlisle Foodservice | Senior Secured Revolving Loan | S+ | 5.00% | 9.29% | 9/29/2023 | 10/2/2029 |  | (3223) |  |
|  |  |  |  |  |  |  |  | 5285999 | 5384758 |

---

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

------

**Audax Credit BDC Inc.**

**Schedules of Investments (continued)**

**As of June 30, 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** |
| **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% | 11.29% | 11/21/2023 | 11/21/2029 | $4443750 | $4373912 | $4365984 |
| &nbsp;&nbsp;&nbsp;Augusta Sportswear | Senior Secured Revolving Credit Loan | S+ | 7.00% | 11.29% | 11/21/2023 | 11/21/2028 |  | (5565) |  |
|  |  |  |  |  |  |  |  | 4368347 | 4365984 |
| *Media: Advertising, Printing & Publishing* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;MediaRadar<br> (j) | Unitranche Closing Date Term A Loan | S+ | 6.25% | 10.54% | 5/23/2022 | 9/17/2029 | 1786519 | 1760382 | 1786519 |
| &nbsp;&nbsp;&nbsp;MediaRadar | Unitranche 2023 Incremental Term Loan | S+ | 6.25% | 10.54% | 10/31/2023 | 9/17/2029 | 942793 | 924311 | 942793 |
| &nbsp;&nbsp;&nbsp;MediaRadar<br> (j) | Senior Secured Revolving Loan | S+ | 6.25% | 10.54% | 9/16/2022 | 9/17/2029 |  | (10168) |  |
|  |  |  |  |  |  |  |  | 2674525 | 2729312 |
| *Metals & Mining* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dynatect (A&A) | Senior Secured Term B Loan | S+ | 4.50% | 8.79% | 8/16/2019 | 9/30/2026 | 1586202 | 1586202 | 1574305 |
|  |  |  |  |  |  |  |  | 1586202 | 1574305 |
| *Retail* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Varsity Brands<br> (k) | Senior Secured 2025 Replacement Term Loan | S+ | 3.50% | 7.79% | 7/26/2024 | 8/26/2031 | 997500 | 992992 | 998592 |
| &nbsp;&nbsp;&nbsp;StubHub | Senior Secured Extended USD Term B Loan | S+ | 4.75% | 9.04% | 1/31/2020 | 3/15/2030 | 468094 | 464350 | 452881 |
|  |  |  |  |  |  |  |  | 1457342 | 1451473 |
| *Media: Diversified & Production* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cast & Crew<br> (k) | Senior Secured Incremental Facility No. 2 Incremental Term Loan (First Lien) | S+ | 3.75% | 8.04% | 4/30/2024 | 12/29/2028 | 987209 | 982209 | 935647 |
| &nbsp;&nbsp;&nbsp;Spectrum Science | Senior Secured 2024 Incremental Term Loan | S+ | 5.00%, 2.75% PIK | 12.04% | 1/17/2024 | 2/1/2029 | 507738 | 493929 | 491237 |
|  |  |  |  |  |  |  |  | 1476138 | 1426884 |
| *Hotels, Gaming & Leisure* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Auto Europe | Senior Secured Initial Dollar Term Loan | S+ | 7.50% | 11.79% | 10/19/2016 | 7/21/2025 | 860784 | 856050 | 688627 |
| &nbsp;&nbsp;&nbsp;Encore | Senior Secured Initial Term Loan | S+ | 5.00% | 9.29% | 11/18/2024 | 12/5/2031 | 498750 | 489359 | 496256 |
| &nbsp;&nbsp;&nbsp;Encore | Senior Secured Revolving Loan | S+ | 5.00% | 9.29% | 11/18/2024 | 12/5/2029 |  | (1094) |  |
|  |  |  |  |  |  |  |  | 1344315 | 1184883 |
| *Utilities: Electric* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Power Grid Components | Senior Secured Initial Term Loan | S+ | 4.75% | 9.04% | 7/24/2024 | 12/2/2030 | 992469 | 992469 | 989987 |
|  |  |  |  |  |  |  |  | 992469 | 989987 |
| *Energy: Electricity* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Franklin Energy | Senior Secured Term B Loan (First Lien) | S+ | 4.00% | 8.29% | 8/14/2019 | 8/14/2026 | 942500 | 942003 | 928363 |
|  |  |  |  |  |  |  |  | 942003 | 928363 |
| *Energy: Oil & Gas* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AmSpec | Senior Secured Amendment No. 1 Other Term Loan | S+ | 3.50% | 7.79% | 12/12/2024 | 12/22/2031 | 500000 | 497616 | 496250 |
|  |  |  |  |  |  |  |  | 497616 | 496250 |
|  |  ***Total Bank Loans*** |  |  |  |  |  |  | $406107273 | $394681414 |

---

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

------

**Audax Credit BDC Inc.**

**Schedules of Investments (continued)**

**As of June 30, 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** |
| **EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS - (1.7%) (g) (h) (Continued):** | **EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS - (1.7%) (g) (h) (Continued):** |  |  |  |  |  |  |  |  |
| *Services: Business* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Vortex<br> (j) (o) (p) | LP Common Units |  |  |  | 9/1/2023 |  | 190 | $189759 | $555608 |
| &nbsp;&nbsp;&nbsp;InnovateMR<br> (j) (o) (q) | Class A Units |  |  |  | 12/16/2021 |  | 387 | 387311 | 462828 |
| &nbsp;&nbsp;&nbsp;Industrial Services Group<br> (j) (o) (r) | Class A Units |  |  |  | 12/7/2022 |  | 238 | 238095 | 338617 |
| &nbsp;&nbsp;&nbsp;Amplix<br> (j) (o) (s) | Class A-2 Units |  |  |  | 10/19/2023 |  | 23810 | 238095 | 287944 |
| &nbsp;&nbsp;&nbsp;AI Fire & Safety<br> (j) (o) (t) | Class A Units |  |  |  | 12/20/2024 |  | 233607 | 233607 | 233607 |
| &nbsp;&nbsp;&nbsp;Golden Source<br> (j) (o) (u) | Class A Units |  |  |  | 3/25/2022 |  | 117371 | 117371 | 211682 |
| &nbsp;&nbsp;&nbsp;VC3<br> (j) (o) (v) | Class A Units |  |  |  | 9/16/2022 |  | 16958 | 70778 | 103950 |
| &nbsp;&nbsp;&nbsp;Heartland<br> (o) (w) | Co-Invest Units |  |  |  | 12/12/2023 |  | 889 | 88889 | 81251 |
| &nbsp;&nbsp;&nbsp;Liberty Group<br> (j) (o) (x) | Series A-Preferred Units |  |  |  | 6/6/2022 |  | 113636 | 113636 | 46091 |
| &nbsp;&nbsp;&nbsp;Industrial Services Group<br> (j) (o) (y) | Class A-1 Units |  |  |  | 3/10/2025 |  | 7 | 9942 | 10005 |
| &nbsp;&nbsp;&nbsp;OSG Billing Services<br> (o) (z) | Class A Units |  |  |  | 11/30/2023 |  | 27208 |  |  |
|  |  |  |  |  |  |  |  | 1687483 | 2331583 |
| *Healthcare & Pharmaceuticals* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Minds + Assembly<br> (j) (o) (aa) | Class A Units |  |  |  | 5/3/2023 |  | 217 | 217391 | 364757 |
| &nbsp;&nbsp;&nbsp;OrthoNebraska<br> (j) (o) (ab) | Class A Units |  |  |  | 7/31/2023 |  | 24245 | 242452 | 309564 |
| &nbsp;&nbsp;&nbsp;Summit Spine<br> (o) (ac) | Class A Units |  |  |  | 3/21/2025 |  | 2388 | 238847 | 247926 |
| &nbsp;&nbsp;&nbsp;Ivy Rehab<br> (o) (ad) | Class A Units |  |  |  | 3/11/2022 |  | 100 | 100000 | 123315 |
| &nbsp;&nbsp;&nbsp;InterMed<br> (j) (o) (ae) | Class A Units |  |  |  | 12/22/2022 |  | 2484 | 248380 | 42673 |
| &nbsp;&nbsp;&nbsp;RevHealth<br> (j) (o) (af) | Class A-1 Units |  |  |  | 7/22/2022 |  | 20548 | 205479 |  |
|  |  |  |  |  |  |  |  | 1252549 | 1088235 |
| *Banking, Finance, Insurance & Real Estate* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cherry Bekaert<br> (j) (o) (ag) | Class A Units |  |  |  | 6/30/2022 |  | 129870 | 129870 | 352159 |
| &nbsp;&nbsp;&nbsp;American Beacon Advisors<br> (o) (ah) | Common Units |  |  |  | 12/29/2023 |  | 16071 | - | 273207 |
| &nbsp;&nbsp;&nbsp;Prime Pensions<br> (j) (o) (ai) | LP Interest |  |  |  | 2/20/2024 |  | 238095 | 238095 | 219504 |
| &nbsp;&nbsp;&nbsp;Beta+<br> (o) (aj) | Class A-2 Common Stock |  |  |  | 9/15/2023 |  | 2470 | 24700 | 19009 |
|  |  |  |  |  |  |  |  | 392665 | 863879 |
| *High Tech Industries* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;PracticeTek<br> (j) (o) (ak) | Class A Units |  |  |  | 11/22/2021 |  | 616814 | 649236 | 772368 |
|  |  |  |  |  |  |  |  | 649236 | 772368 |
| *Construction & Building* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;A1 Garage Door Service<br> (j) (o) (al) | Class A Common Units |  |  |  | 12/22/2022 |  | 273 | 272727 | 627804 |
| &nbsp;&nbsp;&nbsp;DynaGrid<br> (j) (o) (am) | Class A-2 Units |  |  |  | 1/7/2025 |  | 59524 | 59524 | 59524 |
|  |  |  |  |  |  |  |  | 332251 | 687328 |
| *Beverage, Food & Tobacco* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Hissho Sushi<br> (j) (o) (an) | Class A Units |  |  |  | 4/7/2022 |  | 25000 | 200046 | 537586 |
|  |  |  |  |  |  |  |  | 200046 | 537586 |

---

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

------

**Audax Credit BDC Inc.**

**Schedules of Investments (continued)**

**As of June 30, 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** |
| **EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (Continued):** | **EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (Continued):** |  |  |  |  |  |  |  |  |
| *Services: Consumer* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ned Stevens 2022-2<br> (j) (o) (ao) | Class B Common Units |  |  |  | 11/1/2022 |  | 279 | 278990 | 327867 |
| &nbsp;&nbsp;&nbsp;United Air Temp<br> (j) (o) (ap) | Class A Units |  |  |  | 2/14/2024 |  | 110947 | 110947 | 34539 |
|  |  |  |  |  |  |  |  | 389937 | 362406 |
| *Automotive* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Engine & Transmission Exchange<br> (j) (o) (aq) | Class A-1 Units |  |  |  | 5/26/2023 |  | 211268 | 211268 | 237814 |
|  |  |  |  |  |  |  |  | 211268 | 237814 |
| *Wholesale* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GME Supply<br> (j) (o) (ar) | Class A Units |  |  |  | 6/30/2023 |  | 272 | 272422 | 189224 |
|  |  |  |  |  |  |  |  | 272422 | 189224 |
| *Media: Advertising, Printing & Publishing* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;MediaRadar<br> (j) (o) (as) | Class A-1 Units |  |  |  | 9/16/2022 |  | 147000 | 147000 | 145473 |
|  |  |  |  |  |  |  |  | 147000 | 145473 |
| *Consumer Goods: Durable* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Careismatic<br> (o) (at) | Class A Units |  |  |  | 6/13/2024 |  | 3522 | 209625 | 132016 |
|  |  |  |  |  |  |  |  | 209625 | 132016 |
| *Chemicals, Plastics & Rubber* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Vertellus<br> (o) (au) | Series A Units |  |  |  | 12/22/2020 |  | 1651 | 165138 | 74433 |
|  |  |  |  |  |  |  |  | 165138 | 74433 |
| *Environmental Industries* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alliance Environmental Group<br> (j) (o) (av) | A-1 Preferred Units |  |  |  | 9/30/2019 |  | 331 | 331126 | - |
|  |  |  |  |  |  |  |  | 331126 | - |
|  |  ***Total Equity and Preferred Shares*** |  |  |  |  |  |  | $6240746 | $7422345 |
| **Total Portfolio Investments (aw)** |  |  |  |  |  |  |  | $**412348019** | $**402103759** |

---

(^) 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 June 30, 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 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 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 Firebird Co-Invest L.P., a holding company for the investment in AI Fire & Safety.

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

------

(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 APD VC3 Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

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

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

(y) Represents an investment in ISG Parent LLC, a holding company for the investment in Industrial Services Group.

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

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

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

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

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

(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 RH Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.

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

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

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

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

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

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

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

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

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

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

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

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

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

(aw) At June 30, 2025, the cost of investments for income tax purposes was $412,019,263, the gross unrealized depreciation for federal tax purposes was $15,225,439, the gross unrealized appreciation for federal income tax purposes was $5,309,935, and the net unrealized depreciation was $9,915,504.

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

------

**Audax Credit BDC Inc.**

**Schedules of Investments**

**As of December 31, 2024**

**(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** |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS - (94.6%) (g) (h) (i):** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS - (94.6%) (g) (h) (i):** |  |  |  |  |  |  |  |  |
| *Services: Business* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Vortex<br> (j) | Unitranche Initial Term Loan | S+ | 5.00% | 9.31% | 9/1/2023 | 9/4/2029 | $5053186 | $4978400 | $5053180 |
| &nbsp;&nbsp;&nbsp;LegalShield<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 3.75% | 8.06% | 12/7/2021 | 12/15/2028 | 4376250 | 4349399 | 4411019 |
| &nbsp;&nbsp;&nbsp;Industrial Services Group<br> (j) | Unitranche Initial Term Loan | S+ | 5.75% | 10.06% | 12/7/2022 | 12/7/2028 | 4115943 | 4034168 | 4115943 |
| &nbsp;&nbsp;&nbsp;InnovateMR<br> (j) | Unitranche Initial Term Loan | S+ | 6.00% | 10.31% | 12/16/2021 | 1/20/2028 | 4119883 | 4079163 | 4079589 |
| &nbsp;&nbsp;&nbsp;Amplix | Unitranche First Amendment Term Loan | S+ | 5.25% | 9.56% | 10/19/2023 | 10/18/2029 | 3889047 | 3796189 | 3889047 |
| &nbsp;&nbsp;&nbsp;CoAdvantage<br> (k) | Senior Secured 2023 1L Refinancing Term Loan (First Lien) | S+ | 5.50% | 9.81% | 8/2/2023 | 8/2/2029 | 3801875 | 3801875 | 3813167 |
| &nbsp;&nbsp;&nbsp;Golden Source | Unitranche Initial Term Loan | S+ | 5.25% | 9.56% | 3/25/2022 | 5/12/2028 | 3375298 | 3309616 | 3375298 |
| &nbsp;&nbsp;&nbsp;Eliassen | Unitranche Initial Term Loan | S+ | 5.75% | 10.06% | 3/31/2022 | 4/14/2028 | 3415231 | 3378524 | 3346927 |
| &nbsp;&nbsp;&nbsp;Kept Companies | Senior Secured Term Loan | S+ | 5.25% | 9.56% | 4/30/2024 | 4/30/2029 | 3135911 | 3087272 | 3112391 |
| &nbsp;&nbsp;&nbsp;Discovery Education | Unitranche Initial Term Loan (First Lien) | S+ | 5.75% | 10.06% | 3/25/2022 | 4/9/2029 | 3729994 | 3684779 | 2983995 |
| &nbsp;&nbsp;&nbsp;The Facilities Group | Unitranche Initial Term Loan | S+ | 5.75% | 10.06% | 12/10/2021 | 11/30/2027 | 2934015 | 2915448 | 2904675 |
| &nbsp;&nbsp;&nbsp;CoolSys | Senior Secured Closing Date Initial Term Loan | S+ | 4.75% | 9.06% | 8/4/2021 | 8/11/2028 | 2970762 | 2952830 | 2889066 |
| &nbsp;&nbsp;&nbsp;Veregy | Senior Secured Initial Term Loan | S+ | 6.00% | 10.31% | 11/2/2020 | 11/3/2027 | 2415986 | 2389021 | 2403906 |
| &nbsp;&nbsp;&nbsp;Epiq<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 4.75% | 9.06% | 7/17/2024 | 4/26/2029 | 1989822 | 1985065 | 2008476 |
| &nbsp;&nbsp;&nbsp;Mediaocean<br> (k) | Senior Secured Initial Term Loan | S+ | 3.50% | 7.81% | 12/9/2021 | 12/15/2028 | 1945000 | 1933117 | 1954317 |
| &nbsp;&nbsp;&nbsp;Liberty Group<br> (j) | Unitranche Initial Term Loan | S+ | 5.75% | 10.06% | 6/6/2022 | 6/15/2028 | 1906023 | 1880189 | 1906023 |
| &nbsp;&nbsp;&nbsp;VC3<br> (j) | Senior Secured Delayed Draw Term Loan D | S+ | 5.00% | 9.31% | 9/16/2022 | 3/12/2027 | 1890987 | 1855933 | 1890987 |
| &nbsp;&nbsp;&nbsp;InnovateMR<br> (j) | Unitranche First Amendment Term Loan | S+ | 6.50% | 10.81% | 12/23/2022 | 1/20/2028 | 1832782 | 1793870 | 1832782 |
| &nbsp;&nbsp;&nbsp;Duff & Phelps<br> (k) | Senior Secured Initial Dollar Term Loan (First Lien) | S+ | 3.75% | 8.06% | 3/6/2020 | 4/9/2027 | 1725492 | 1719327 | 1691526 |
| &nbsp;&nbsp;&nbsp;Vensure | Senior Secured Initial Term Loan | S+ | 5.00% | 9.31% | 9/23/2024 | 9/27/2031 | 1656118 | 1637837 | 1643697 |
| &nbsp;&nbsp;&nbsp;Paradigm Outcomes<br> (k) | Senior Secured 2024 Replacement Term Loan | S+ | 3.25% | 7.56% | 4/2/2024 | 5/6/2031 | 1492509 | 1485544 | 1510419 |
| &nbsp;&nbsp;&nbsp;Argano | Senior Secured Initial Term Loan | S+ | 5.75% | 10.06% | 9/13/2024 | 9/13/2029 | 1496250 | 1463955 | 1488769 |
| &nbsp;&nbsp;&nbsp;Vistage | Senior Secured Initial Term Loan | S+ | 4.75% | 9.06% | 7/18/2022 | 7/13/2029 | 1472437 | 1451208 | 1461393 |
| &nbsp;&nbsp;&nbsp;Insight Global | Unitranche 2024 Refinancing Term Loan | S+ | 5.00% | 9.31% | 9/22/2021 | 9/22/2028 | 1455000 | 1436711 | 1447725 |
| &nbsp;&nbsp;&nbsp;Addison Group<br> (k) | Senior Secured Initial Term Loan | S+ | 4.25% | 8.56% | 1/19/2022 | 12/29/2028 | 1434464 | 1432177 | 1445000 |
| &nbsp;&nbsp;&nbsp;Divisions Maintenance Group<br> (k) | Senior Secured Term B Loan | S+ | 4.75% | 9.06% | 5/21/2021 | 5/27/2028 | 1400788 | 1395883 | 1400788 |
| &nbsp;&nbsp;&nbsp;Aprio | Senior Secured Initial Term Loan | S+ | 4.75% | 9.06% | 8/1/2024 | 8/1/2031 | 1200655 | 1186930 | 1191650 |
| &nbsp;&nbsp;&nbsp;Heartland | Senior Secured Initial Term Loan | S+ | 5.25% | 9.56% | 12/1/2023 | 12/12/2029 | 1199017 | 1177803 | 1185528 |
| &nbsp;&nbsp;&nbsp;Health Management Associates | Senior Secured Term Loan A | S+ | 6.25% | 10.56% | 3/31/2023 | 3/30/2029 | 1060622 | 1034137 | 1060622 |
| &nbsp;&nbsp;&nbsp;Allied Benefit Systems | Senior Secured Initial Term Loan | S+ | 5.25% | 9.56% | 10/20/2023 | 10/31/2030 | 992463 | 979255 | 989982 |
| &nbsp;&nbsp;&nbsp;Barton Associates<br> (k) | Unitranche Initial Term Loan | S+ | 6.50% | 10.81% | 11/18/2024 | 7/26/2028 | 997449 | 987449 | 987474 |
| &nbsp;&nbsp;&nbsp;Colibri<br> (k) | Senior Secured First Amendment Incremental Term Loan | S+ | 5.00% | 9.31% | 11/9/2023 | 3/12/2029 | 990000 | 969325 | 985298 |
| &nbsp;&nbsp;&nbsp;TRC Companies<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 3.75% | 8.06% | 11/19/2021 | 12/8/2028 | 972502 | 969554 | 982349 |
| &nbsp;&nbsp;&nbsp;eResearch<br> (k) | Senior Secured Tranche B-1 Term Loan (First Lien) | S+ | 4.00% | 8.31% | 12/1/2020 | 2/4/2027 | 959805 | 959805 | 966927 |
| &nbsp;&nbsp;&nbsp;WIRB-Copernicus Group<br> (k) | Senior Secured 2024 Refinancing Term Loan | S+ | 3.50% | 7.81% | 12/13/2019 | 1/8/2027 | 955000 | 951898 | 960200 |
| &nbsp;&nbsp;&nbsp;Secretariat International | Senior Secured Initial Term Loan (First Lien) | S+ | 4.75% | 9.06% | 12/16/2021 | 12/29/2028 | 956026 | 952930 | 951246 |

---

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

------

**Audax Credit BDC Inc.**

**Schedules of Investments (Continued)**

**As of December 31, 2024**

**(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** |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;trustaff | Senior Secured Initial Term Loan (First Lien) | S+ | 4.25% | 8.56% | 12/9/2021 | 3/6/2028 | 967337 | 965971 | 755328 |
| &nbsp;&nbsp;&nbsp;Teneo<br> (k) | Senior Secured Initial Term Loan | S+ | 4.75% | 9.06% | 10/18/2024 | 3/13/2031 | 498744 | 497494 | 503941 |
| &nbsp;&nbsp;&nbsp;HireRight<br> (k) | Senior Secured 2024 Incremental Term Loan (First Lien) | S+ | 4.00% | 8.31% | 3/25/2024 | 9/27/2030 | 497481 | 491906 | 503700 |
| &nbsp;&nbsp;&nbsp;Ahead<br> (k) | Senior Secured Term B-3 Loan (First Lien) | S+ | 3.50% | 7.81% | 8/2/2024 | 2/1/2031 | 497500 | 496334 | 501542 |
| &nbsp;&nbsp;&nbsp;Inmar<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 5.00% | 9.31% | 10/25/2024 | 10/30/2031 | 498750 | 496250 | 501009 |
| &nbsp;&nbsp;&nbsp;AI Fire & Safety<br> (k) | Senior Secured Initial Term Loan | S+ | 4.50% | 8.81% | 12/20/2024 | 12/31/2031 | 500000 | 497500 | 497500 |
| &nbsp;&nbsp;&nbsp;Geosyntec | Senior Secured Initial Term Loan | S+ | 3.75% | 8.06% | 7/24/2024 | 7/31/2031 | 500000 | 497581 | 497500 |
| &nbsp;&nbsp;&nbsp;Industrial Services Group<br> (j) | Senior Secured Revolving Loan | S+ | 5.75% | 10.06% | 12/7/2022 | 12/7/2028 | 497143 | 480000 | 497143 |
| &nbsp;&nbsp;&nbsp;Ascend | Senior Secured Initial Term Loan | S+ | 4.50% | 8.81% | 10/22/2024 | 8/9/2031 | 500000 | 497500 | 496250 |
| &nbsp;&nbsp;&nbsp;Perficient | Senior Secured Closing Date Term Loan | S+ | 3.50% | 7.81% | 8/2/2024 | 10/2/2031 | 500000 | 497549 | 496250 |
| &nbsp;&nbsp;&nbsp;S&P Engineering Solutions | Senior Secured Initial Term Loan | S+ | 5.00% | 9.31% | 3/31/2023 | 5/2/2030 | 493750 | 481921 | 493750 |
| &nbsp;&nbsp;&nbsp;Service Logic | Senior Secured Relevant Term Loan | S+ | 3.50% | 7.81% | 2/8/2024 | 10/30/2027 | 494942 | 495159 | 489374 |
| &nbsp;&nbsp;&nbsp;System One | Senior Secured 2024 Refinancing Term Loan | S+ | 3.75% | 8.06% | 1/28/2021 | 3/2/2028 | 482500 | 481313 | 477675 |
| &nbsp;&nbsp;&nbsp;OSG Billing Services | Senior Secured Last-Out Term Loan | S+ | 6.25% | 10.56% | 11/30/2023 | 11/30/2028 | 312562 | 312562 | 310999 |
| &nbsp;&nbsp;&nbsp;Golden Source | Senior Secured Revolving Loan | S+ | 5.25% | 9.56% | 3/25/2022 | 5/12/2028 | 300469 | 291080 | 300469 |
| &nbsp;&nbsp;&nbsp;OSG Billing Services | Senior Secured First-Out Term Loan | S+ | 8.00% | 12.31% | 11/30/2023 | 5/30/2028 | 219341 | 209666 | 218244 |
| &nbsp;&nbsp;&nbsp;Discovery Education | Senior Secured Revolving Credit Loan (First Lien) | S+ | 5.75% | 10.06% | 3/25/2022 | 4/9/2029 | 170940 | 166902 | 136752 |
| &nbsp;&nbsp;&nbsp;Ascend | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.81% | 10/22/2024 | 8/9/2031 | 103093 | 102234 | 102320 |
| &nbsp;&nbsp;&nbsp;Liberty Group<br> (j) | Senior Secured Revolving Loan | S+ | 5.75% | 10.06% | 6/6/2022 | 12/15/2028 | 79545 | 75000 | 79545 |
| &nbsp;&nbsp;&nbsp;Aprio | Senior Secured Revolving Loan | S+ | 4.75% | 9.06% | 8/1/2024 | 8/1/2031 | 79898 | 79399 | 79299 |
| &nbsp;&nbsp;&nbsp;VC3<br> (j) | Senior Secured Revolving Credit | S+ | 5.00% | 9.31% | 7/21/2022 | 3/12/2027 | 76923 | 74231 | 76923 |
| &nbsp;&nbsp;&nbsp;Vortex<br> (j) | Senior Secured Revolving Loan | S+ | 5.00% | 9.31% | 9/1/2023 | 9/4/2029 | 72783 | 38267 | 72783 |
| &nbsp;&nbsp;&nbsp;Kept Companies | Senior Secured Revolving Loan | S+ | 5.25% | 9.56% | 4/30/2024 | 4/30/2029 | 57051 | 49920 | 56623 |
| &nbsp;&nbsp;&nbsp;Health Management Associates | Senior Secured Revolving Loan | S+ | 6.25% | 10.56% | 3/31/2023 | 3/30/2029 | 33748 | 31617 | 33748 |
| &nbsp;&nbsp;&nbsp;Heartland | Senior Secured Revolving Credit Loan | S+ | 5.25% | 9.56% | 12/1/2023 | 12/12/2029 | 22759 | 18621 | 22503 |
| &nbsp;&nbsp;&nbsp;S&P Engineering Solutions | Senior Secured Revolving Credit Loan | S+ | 5.00% | 9.31% | 3/31/2023 | 5/2/2029 |  | (1471) |  |
| &nbsp;&nbsp;&nbsp;Amplix | Senior Secured Revolving Credit Loan | S+ | 5.25% | 9.56% | 10/19/2023 | 10/18/2029 |  | (8242) |  |
|  |  |  |  |  |  |  |  | 86712850 | 86522551 |
| *Healthcare & Pharmaceuticals* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Vision Partners<br> (j) | Unitranche Initial Term Loan | S+ | 6.00% | 10.31% | 9/22/2021 | 9/30/2027 | 4848401 | 4803020 | 4848401 |
| &nbsp;&nbsp;&nbsp;Minds + Assembly<br> (j) | Unitranche Initial Term Loan | S+ | 5.25% | 9.56% | 5/3/2023 | 5/3/2029 | 4037888 | 3952647 | 4037888 |
| &nbsp;&nbsp;&nbsp;Radiology Partners<br> (k) | Senior Secured Term B Loan | S+ | 3.50%, 1.50% PIK | 9.31% | 6/28/2018 | 1/31/2029 | 3766361 | 3805128 | 3731522 |
| &nbsp;&nbsp;&nbsp;OrthoNebraska<br> (j) | Unitranche Term Loan | S+ | 6.50% | 10.81% | 7/31/2023 | 7/31/2028 | 3344007 | 3257217 | 3344007 |
| &nbsp;&nbsp;&nbsp;PharMedQuest<br> (j) | Unitranche Term A Loan | S+ | 5.25% | 9.56% | 11/6/2019 | 11/6/2026 | 3260898 | 3260898 | 3260898 |
| &nbsp;&nbsp;&nbsp;InterMed<br> (j) | Unitranche Initial Term Loan | S+ | 6.50% | 10.81% | 12/22/2022 | 12/24/2029 | 2978402 | 2911907 | 2944293 |
| &nbsp;&nbsp;&nbsp;RevHealth<br> (j) | Unitranche Initial Term Loan | S+ | 5.75% | 10.06% | 7/22/2022 | 7/21/2028 | 4184503 | 4128782 | 2748382 |
| &nbsp;&nbsp;&nbsp;Advancing Eyecare | Senior Secured Initial Term Loan | S+ | 5.75% | 10.06% | 5/27/2022 | 6/13/2029 | 2480895 | 2432739 | 2183188 |
| &nbsp;&nbsp;&nbsp;TEAM Services<br> (k) | Senior Secured Incremental Term Loan (First Lien) | S+ | 5.25% | 9.56% | 6/28/2024 | 12/20/2027 | 2000000 | 1964457 | 2011670 |
| &nbsp;&nbsp;&nbsp;U.S. Foot and Ankle Specialists | Senior Secured Term Loan | S+ | 5.50% | 9.81% | 4/17/2024 | 9/15/2026 | 2011202 | 1993032 | 1996118 |
| &nbsp;&nbsp;&nbsp;Paradigm Oral Health | Senior Secured Initial Term Loan | S+ | 4.75% | 9.06% | 9/30/2024 | 11/16/2028 | 1977143 | 1948229 | 1977143 |
| &nbsp;&nbsp;&nbsp;Gastro Health | Senior Secured Initial Term Loan (First Lien) | S+ | 4.50% | 8.81% | 7/2/2021 | 7/3/2028 | 1936041 | 1929460 | 1882800 |
| &nbsp;&nbsp;&nbsp;Advanced Diabetes Supply | Senior Secured First Incremental Term Loan | S+ | 5.00% | 9.31% | 7/13/2021 | 12/30/2027 | 1816284 | 1806254 | 1816284 |
| &nbsp;&nbsp;&nbsp;InHealth Medical Alliance<br> (o) | Unitranche Initial Term Loan | S+ | 7.00% PIK | 11.31% | 6/25/2021 | 6/28/2028 | 3594124 | 3574372 | 1797062 |
| &nbsp;&nbsp;&nbsp;Therapy Brands | Senior Secured Initial Term Loan (First Lien) | S+ | 4.00% | 8.31% | 5/12/2021 | 5/18/2028 | 1825525 | 1820315 | 1775323 |
| &nbsp;&nbsp;&nbsp;Ivy Rehab | Senior Secured Initial Term Loan (First Lien) | S+ | 5.00% | 9.31% | 3/11/2022 | 4/23/2029 | 1795061 | 1774040 | 1772623 |
| &nbsp;&nbsp;&nbsp;Blue Cloud<br> (k) | Senior Secured Closing Date Term Loan | S+ | 5.00% | 9.06% | 12/13/2021 | 1/21/2031 | 1670875 | 1656462 | 1654166 |
| &nbsp;&nbsp;&nbsp;nThrive<br> (k) | Senior Secured Tranche C Term Loan | S+ | 4.00% | 8.31% | 11/18/2024 | 12/17/2028 | 1613125 | 1613125 | 1596994 |

---

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

------

**Audax Credit BDC Inc.**

**Schedules of Investments (Continued)**

**As of December 31, 2024**

**(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** |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Upstream Rehabilitation<br> (k) | Senior Secured August 2021 Incremental Term Loan (First Lien) | S+ | 4.25% | 8.56% | 10/24/2019 | 11/20/2026 | 1911906 | 1910591 | 1592752 |
| &nbsp;&nbsp;&nbsp;MedRisk<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 3.75% | 8.06% | 4/1/2021 | 5/10/2028 | 1478609 | 1473513 | 1489935 |
| &nbsp;&nbsp;&nbsp;Quantum Health | Senior Secured Amendment No. 1 Refinancing Term Loan (First Lien) | S+ | 4.25% | 8.56% | 12/18/2020 | 12/22/2027 | 1447500 | 1436963 | 1443881 |
| &nbsp;&nbsp;&nbsp;Forefront<br> (k) | Senior Secured Term B-1 Loan | S+ | 5.50% | 9.81% | 12/14/2023 | 3/30/2029 | 1488750 | 1460125 | 1440135 |
| &nbsp;&nbsp;&nbsp;Symplr<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 4.50% | 8.81% | 11/23/2020 | 12/22/2027 | 1443750 | 1433198 | 1325204 |
| &nbsp;&nbsp;&nbsp;Nvision | Senior Secured 2024 Initial Term Loan | S+ | 5.50% | 9.81% | 10/31/2024 | 12/31/2028 | 1260692 | 1226805 | 1257541 |
| &nbsp;&nbsp;&nbsp;MB2 Dental | Unitranche Initial Term Loan | S+ | 5.50% | 9.81% | 2/5/2024 | 2/13/2031 | 1166815 | 1155368 | 1166815 |
| &nbsp;&nbsp;&nbsp;Micro Merchant Systems | Unitranche Initial Term Loan | S+ | 4.75% | 9.06% | 3/2/2022 | 12/14/2027 | 1164630 | 1156230 | 1161718 |
| &nbsp;&nbsp;&nbsp;Solis Mammography | Senior Secured Initial Term Loan (First Lien) | S+ | 4.50% | 8.81% | 4/1/2021 | 4/17/2028 | 1048271 | 1042989 | 1045651 |
| &nbsp;&nbsp;&nbsp;Press Ganey<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 3.25% | 7.56% | 4/24/2024 | 4/30/2031 | 997500 | 988214 | 1001555 |
| &nbsp;&nbsp;&nbsp;Solis Mammography | Senior Secured Initial Term Loan (Second Lien) | S+ | 8.00% | 12.31% | 4/1/2021 | 4/16/2029 | 1000000 | 991040 | 997500 |
| &nbsp;&nbsp;&nbsp;PharMedQuest | Unitranche Fifth Amendment Incremental Term Loan | S+ | 5.25% | 9.56% | 10/27/2023 | 11/6/2026 | 987500 | 980106 | 987500 |
| &nbsp;&nbsp;&nbsp;Cirtec Medical | Senior Secured U.S. Dollar Term Loan | S+ | 4.75% | 9.06% | 1/30/2023 | 1/30/2029 | 982500 | 958962 | 980044 |
| &nbsp;&nbsp;&nbsp;NSM<br> (k) | Senior Secured Amendment No. 6 Incremental Term Loan | S+ | 5.25% | 9.56% | 8/5/2024 | 5/14/2029 | 952613 | 950399 | 964520 |
| &nbsp;&nbsp;&nbsp;Epic Staffing Group | Senior Secured Initial Term Loan | S+ | 6.00% | 10.31% | 6/27/2022 | 6/28/2029 | 977093 | 933453 | 955108 |
| &nbsp;&nbsp;&nbsp;Wedgewood | Senior Secured Initial Term Loan | S+ | 4.25% | 8.56% | 2/24/2021 | 3/31/2028 | 967500 | 962041 | 952988 |
| &nbsp;&nbsp;&nbsp;Forefront<br> (k) | Senior Secured Closing Date Term Loan | S+ | 4.25% | 8.56% | 3/23/2022 | 3/30/2029 | 975297 | 963896 | 943448 |
| &nbsp;&nbsp;&nbsp;InterMed<br> (j) | Senior Secured Revolving Loan | S+ | 6.50% | 10.81% | 12/22/2022 | 12/22/2028 | 863931 | 842333 | 854037 |
| &nbsp;&nbsp;&nbsp;Solis Mammography | Senior Secured 2024 Incremental Term Loan (First Lien) | S+ | 4.50% | 8.81% | 3/23/2024 | 4/17/2028 | 798500 | 796020 | 796504 |
| &nbsp;&nbsp;&nbsp;ImageFirst | Senior Secured 2024 Refinancing Term Loan | S+ | 4.25% | 8.56% | 4/26/2021 | 4/27/2028 | 592650 | 591045 | 591168 |
| &nbsp;&nbsp;&nbsp;Viant<br> (k) | Senior Secured Closing Date Initial Term Loan (First Lien) | S+ | 4.00% | 8.31% | 10/16/2024 | 10/29/2031 | 555147 | 552371 | 562000 |
| &nbsp;&nbsp;&nbsp;MyEyeDr<br> (k) | Senior Secured Ninth Amendment Refinancing Term Loan (First Lien) | S+ | 3.50% | 7.81% | 4/15/2024 | 4/15/2031 | 513290 | 513290 | 518049 |
| &nbsp;&nbsp;&nbsp;TEAM Services<br> (k) | Senior Secured Term Loan (First Lien) | S+ | 5.00% | 9.31% | 1/25/2024 | 12/20/2027 | 494859 | 492807 | 498159 |
| &nbsp;&nbsp;&nbsp;Cirtec Medical | Senior Secured Amendment No. 1 Incremental Term Loan | S+ | 4.75% | 9.06% | 7/2/2024 | 1/30/2029 | 497500 | 491435 | 496256 |
| &nbsp;&nbsp;&nbsp;nThrive<br> (k) | Senior Secured Tranche D Term Loan | S+ | 6.75% | 11.06% | 11/18/2024 | 12/17/2029 | 490000 | 490000 | 485100 |
| &nbsp;&nbsp;&nbsp;Confluent Health | Senior Secured Amendment No. 1 Term Loan | S+ | 7.50% | 11.81% | 4/11/2023 | 11/30/2028 | 491250 | 465825 | 478969 |
| &nbsp;&nbsp;&nbsp;AccentCare | Senior Secured Tranche B Term Loan | S+ | 4.00% | 8.31% | 6/15/2021 | 9/20/2028 | 482625 | 482625 | 466940 |
| &nbsp;&nbsp;&nbsp;nThrive<br> (k) | Senior Secured First Out Tranche B Term Loan | S+ | 4.00% | 8.31% | 11/18/2024 | 12/17/2028 | 414375 | 414375 | 410231 |
| &nbsp;&nbsp;&nbsp;TEAM Services<br> (k) | Senior Secured Term Loan (Second Lien) | S+ | 9.00% | 13.31% | 1/5/2024 | 12/18/2028 | 410000 | 407950 | 407950 |
| &nbsp;&nbsp;&nbsp;RMP & MedA/Rx | Senior Secured Term Loan | S+ | 4.75% | 9.06% | 3/22/2021 | 2/6/2026 | 377041 | 376952 | 367615 |
| &nbsp;&nbsp;&nbsp;RMP & MedA/Rx | Senior Secured Term Loan (First Lien) | S+ | 4.75% | 9.06% | 2/27/2017 | 2/6/2026 | 321058 | 321058 | 313032 |
| &nbsp;&nbsp;&nbsp;UDG<br> (l) | Senior Secured Initial Dollar Term Loan (First Lien) | S+ | 4.25% | 8.56% | 8/6/2021 | 8/19/2028 | 315938 | 314359 | 311198 |
| &nbsp;&nbsp;&nbsp;Western Dental | Senior Secured Second-Out Term Loan (Tranche B) | S+ | 1.00%, 6.25% PIK | 11.56% | 6/14/2024 | 8/18/2028 | 513494 | 410741 | 282422 |
| &nbsp;&nbsp;&nbsp;Nvision | Senior Secured Fourth Amendment Incremental Term Loan | S+ | 5.50% | 9.81% | 10/30/2024 | 12/31/2028 | 243307 | 239658 | 242699 |
| &nbsp;&nbsp;&nbsp;RevHealth<br> (j) | Senior Secured Revolving Loan | S+ | 5.75% | 10.06% | 7/22/2022 | 7/21/2028 | 231164 | 231164 | 151829 |
| &nbsp;&nbsp;&nbsp;nThrive<br> (k) | Senior Secured TLA | S+ | 5.25% | 9.56% | 11/20/2024 | 12/17/2028 | 117685 | 116508 | 116508 |
| &nbsp;&nbsp;&nbsp;AccentCare | Senior Secured Tranche A Term Loan | S+ | 5.50% | 9.81% | 2/5/2024 | 6/20/2028 | 119820 | 116006 | 115926 |
| &nbsp;&nbsp;&nbsp;Minds + Assembly<br> (j) | Senior Secured Revolving Loan | S+ | 5.25% | 9.56% | 5/3/2023 | 5/3/2029 | 102484 | 83696 | 102484 |
| &nbsp;&nbsp;&nbsp;Western Dental | Senior Secured First-Out Term Loan (Tranche A-1) | S+ | 6.50% | 10.81% | 6/18/2024 | 5/18/2028 | 93267 | 88307 | 93267 |
| &nbsp;&nbsp;&nbsp;Ivy Rehab | Senior Secured Revolving Credit Loan (First Lien) | S+ | 4.75% | 9.06% | 3/11/2022 | 4/21/2028 | 61953 | 58586 | 61178 |
| &nbsp;&nbsp;&nbsp;Blue Cloud<br> (k) | Senior Secured Revolving Loan | S+ | 5.00% | 9.06% | 12/13/2021 | 1/21/2031 | 34091 | 34091 | 33750 |
| &nbsp;&nbsp;&nbsp;EyeSouth Partners | Unitranche Amendment No.2 Term Loan (First Lien) | S+ | 5.50% | 9.81% | 11/15/2024 | 10/5/2029 | 25363 | 25109 | 25173 |
| &nbsp;&nbsp;&nbsp;Midwest Eye Services | Senior Secured Fourth Amendment Incremental Revolving Loan | S+ | 4.50% | 8.81% | 12/31/2024 | 8/20/2027 | - | (3220) | - |
| &nbsp;&nbsp;&nbsp;OrthoNebraska<br> (j) | Senior Secured Revolving Loan | S+ | 6.50% | 10.81% | 7/31/2023 | 7/31/2028 |  | (13724) |  |
| &nbsp;&nbsp;&nbsp;Midwest Eye Services | Senior Secured Initial Term Loan | S+ | 4.50% | 8.81% | 12/31/2024 | 8/20/2027 |  | (15000) |  |
|  |  |  |  |  |  |  |  | 77580344 | 73867501 |

---

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

------

**Audax Credit BDC Inc.**

**Schedules of Investments (Continued)**

**As of December 31, 2024**

**(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** |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** |  |  |  |  |  |  |  |  |
| *Banking, Finance, Insurance & Real Estate* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cherry Bekaert<br> (j) | Unitranche Term B Loan | S+ | 5.25% | 9.56% | 6/13/2022 | 6/30/2028 | $4988205 | $4907747 | $4988205 |
| &nbsp;&nbsp;&nbsp;Cerity Partners | Unitranche Initial Term Loan | S+ | 5.25% | 9.56% | 7/28/2022 | 7/28/2029 | 4554659 | 4501192 | 4554659 |
| &nbsp;&nbsp;&nbsp;Alera | Unitranche 2022 Incremental Term Loan | S+ | 5.25% | 9.56% | 8/31/2022 | 10/2/2028 | 3917833 | 3860374 | 3908039 |
| &nbsp;&nbsp;&nbsp;Confluence | Senior Secured Initial Term Loan (First Lien) | S+ | 3.75% | 8.06% | 7/22/2021 | 7/31/2028 | 3880000 | 3867050 | 3457361 |
| &nbsp;&nbsp;&nbsp;Prime Pensions<br> (j) | Unitranche Initial Term Loan | S+ | 5.25% | 9.56% | 2/20/2024 | 2/26/2030 | 2693219 | 2622286 | 2693219 |
| &nbsp;&nbsp;&nbsp;EPIC Insurance | Unitranche Refinancing Tranche B Term Loan | S+ | 4.50% | 8.81% | 8/27/2021 | 9/29/2028 | 2117932 | 2095501 | 2096753 |
| &nbsp;&nbsp;&nbsp;Kestra Financial<br> (k) | Senior Secured A&R Amendment No. 1 Term Loan | S+ | 3.00% | 7.31% | 3/19/2024 | 3/22/2031 | 1995000 | 1990434 | 1999778 |
| &nbsp;&nbsp;&nbsp;Beta+ | Senior Secured Initial Term Loan | S+ | 5.75% | 10.06% | 6/24/2022 | 7/2/2029 | 1955000 | 1864925 | 1906125 |
| &nbsp;&nbsp;&nbsp;OneDigital<br> (k) | Senior Secured Closing Date Term Loan (First Lien) | S+ | 3.25% | 7.56% | 6/13/2024 | 7/2/2031 | 1494370 | 1486994 | 1500019 |
| &nbsp;&nbsp;&nbsp;EdgeCo<br> (k) | Senior Secured Third Amendment Term Loan (First Lien) | S+ | 4.50% | 9.06% | 3/29/2022 | 6/1/2028 | 1484183 | 1473220 | 1469341 |
| &nbsp;&nbsp;&nbsp;Orion<br> (k) | Senior Secured 2024 Refinancing Term Loan | S+ | 3.75% | 8.06% | 8/4/2020 | 9/24/2030 | 1440271 | 1433289 | 1455797 |
| &nbsp;&nbsp;&nbsp;Steward Partners | Senior Secured Closing Date Term B Loan | S+ | 4.75% | 9.06% | 12/8/2023 | 10/14/2028 | 1192290 | 1169465 | 1189309 |
| &nbsp;&nbsp;&nbsp;SIAA<br> (j) | Unitranche Initial Term Loan | S+ | 6.25% | 10.56% | 4/21/2021 | 4/28/2028 | 1137253 | 1125292 | 1137253 |
| &nbsp;&nbsp;&nbsp;Osaic<br> (k) | Senior Secured Term B-4 Loan | S+ | 3.50% | 7.81% | 8/16/2023 | 8/17/2028 | 1006093 | 998386 | 1011410 |
| &nbsp;&nbsp;&nbsp;LERETA | Senior Secured Initial Term Loan | S+ | 5.25% | 9.56% | 7/27/2021 | 7/30/2028 | 967500 | 961678 | 928800 |
| &nbsp;&nbsp;&nbsp;Cherry Bekaert | Unitranche Amendment No. 1 Term Loan | S+ | 5.25% | 9.56% | 10/11/2023 | 6/30/2028 | 719105 | 707394 | 719105 |
| &nbsp;&nbsp;&nbsp;Beta+ | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.81% | 6/24/2022 | 7/1/2027 | 116041 | 109825 | 113140 |
| &nbsp;&nbsp;&nbsp;EPIC Insurance | Senior Secured Refinancing Revolving Loan | S+ | 4.50% | 8.81% | 8/27/2021 | 9/29/2028 | 18218 | 17949 | 18036 |
| &nbsp;&nbsp;&nbsp;Steward Partners | Senior Secured Revolving Loan | S+ | 4.75% | 9.06% | 12/20/2023 | 10/14/2028 |  | (5389) |  |
| &nbsp;&nbsp;&nbsp;Prime Pensions<br> (j) | Senior Secured Revolving Credit | S+ | 5.25% | 9.56% | 2/20/2024 | 2/26/2030 |  | (7619) |  |
|  |  |  |  |  |  |  |  | 35179993 | 35146349 |
| *Capital Equipment* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Tank Holding | Unitranche Initial Term Loan | S+ | 5.75% | 10.06% | 3/25/2022 | 3/31/2028 | 3900000 | 3852160 | 3870750 |
| &nbsp;&nbsp;&nbsp;Plaskolite<br> (k) | Senior Secured 2021-1 Refinancing Term Loan (First Lien) | S+ | 4.00% | 8.31% | 12/12/2018 | 12/15/2025 | 3763375 | 3751708 | 3655178 |
| &nbsp;&nbsp;&nbsp;Flow Control Group<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 3.75% | 8.06% | 3/17/2021 | 3/31/2028 | 3616949 | 3610715 | 3646788 |
| &nbsp;&nbsp;&nbsp;Excelitas | Unitranche Closing Date Euro Term Loan | S+ | 5.25% | 9.56% | 6/15/2022 | 8/12/2029 | 2910174 | 2945781 | 2895623 |
| &nbsp;&nbsp;&nbsp;Burke Porter Group | Senior Secured Closing Date Term Loan | S+ | 6.00% | 10.31% | 9/30/2022 | 7/29/2029 | 2286667 | 2240859 | 2212350 |
| &nbsp;&nbsp;&nbsp;Shaw | Senior Secured Initial Senior Term Facility | S+ | 6.00% | 10.31% | 9/30/2023 | 10/30/2029 | 1773830 | 1742593 | 1751657 |
| &nbsp;&nbsp;&nbsp;Radwell | Unitranche Initial Term Loan | S+ | 5.50% | 9.81% | 3/11/2022 | 4/1/2029 | 1628141 | 1611581 | 1615930 |
| &nbsp;&nbsp;&nbsp;Air Control Concepts<br> (k) | Senior Secured Closing Date Term Loan | S+ | 3.25% | 7.56% | 7/16/2024 | 7/23/2031 | 999773 | 997577 | 1006491 |
| &nbsp;&nbsp;&nbsp;Trystar | Senior Secured Initial Term Loan | S+ | 4.50% | 8.81% | 7/31/2024 | 8/6/2031 | 1000000 | 988631 | 995000 |
| &nbsp;&nbsp;&nbsp;MW Industries | Senior Secured Initial Term Loan | S+ | 7.00% | 11.31% | 3/31/2023 | 3/31/2030 | 945910 | 923503 | 929357 |
| &nbsp;&nbsp;&nbsp;Therm-O-Disc | Senior Secured Initial Term Loan (First Lien) | S+ | 6.00% | 10.31% | 5/26/2022 | 5/31/2029 | 977500 | 923824 | 860200 |
| &nbsp;&nbsp;&nbsp;Associated Springs | Senior Secured Initial Term Loan | S+ | 5.75% | 10.06% | 3/7/2024 | 4/4/2030 | 715159 | 699573 | 715159 |
| &nbsp;&nbsp;&nbsp;Ohio Transmission | Unitranche Initial Term Loan | S+ | 5.50% | 9.81% | 12/12/2023 | 12/19/2030 | 529937 | 518858 | 525962 |
| &nbsp;&nbsp;&nbsp;Circor<br> (k) | Senior Secured Initial Term Loan | S+ | 3.50% | 7.81% | 10/9/2024 | 10/17/2031 | 500000 | 498750 | 503958 |

---

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

------

**Audax Credit BDC Inc.**

**Schedules of Investments (Continued)**

**As of December 31, 2024**

**(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** |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;TriMark | Senior Secured Initial Tranche B Loan | S+ | 5.25% PIK | 9.56% | 1/16/2024 | 6/30/2029 | 670512 | 670512 | 503722 |
| &nbsp;&nbsp;&nbsp;Associated Springs | Senior Secured Incremental Term Loan | S+ | 5.75% | 10.06% | 11/25/2024 | 4/4/2030 | 500000 | 490000 | 500000 |
| &nbsp;&nbsp;&nbsp;Chromalloy<br> (k) | Senior Secured Term Loan | S+ | 3.75% | 8.06% | 3/22/2024 | 3/27/2031 | 497500 | 492893 | 498744 |
| &nbsp;&nbsp;&nbsp;nVent<br> (k) | Senior Secured Term Loan B | S+ | 3.50% | 7.81% | 9/30/2024 | 9/17/2031 | 500000 | 497500 | 497500 |
| &nbsp;&nbsp;&nbsp;Trystar | Senior Secured Amendment No. 1 Incremental Term Loan | S+ | 4.50% | 8.81% | 9/5/2024 | 8/6/2031 | 500000 | 494248 | 497500 |
| &nbsp;&nbsp;&nbsp;AGCO G&P | Senior Secured TL | S+ | 5.00% | 9.31% | 10/8/2024 | 10/31/2031 | 500000 | 495000 | 496250 |
| &nbsp;&nbsp;&nbsp;Bad Boy Mowers | Senior Secured Initial Term Loan (First Lien) | S+ | 6.00% | 10.31% | 11/29/2023 | 11/9/2029 | 495000 | 484350 | 490050 |
| &nbsp;&nbsp;&nbsp;Duravant<br> (k) | Senior Secured Incremental Amendment No. 5 Term Loan (First Lien) | S+ | 3.75% | 8.06% | 3/5/2020 | 5/19/2028 | 477652 | 477652 | 481981 |
| &nbsp;&nbsp;&nbsp;Infinite Electronics<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 3.75% | 8.06% | 2/24/2021 | 3/2/2028 | 482650 | 482064 | 479754 |
| &nbsp;&nbsp;&nbsp;Pegasus | Senior Secured Initial Term Loan | S+ | 5.25% | 9.56% | 1/24/2024 | 1/19/2031 | 411239 | 404585 | 408155 |
| &nbsp;&nbsp;&nbsp;Burke Porter Group | Senior Secured Revolving Credit Loan | S+ | 6.00% | 10.31% | 8/11/2022 | 7/29/2028 | 125658 | 115253 | 121574 |
| &nbsp;&nbsp;&nbsp;Ohio Transmission | Senior Secured Initial Revolving Loan | S+ | 5.50% | 9.81% | 12/19/2023 | 12/19/2029 | 17333 | 16640 | 17203 |
| &nbsp;&nbsp;&nbsp;Radwell | Senior Secured Revolving Loan | S+ | 5.50% | 9.81% | 3/11/2022 | 4/1/2029 | 16000 | 14800 | 15880 |
| &nbsp;&nbsp;&nbsp;Tank Holding | Senior Secured Revolving Credit Loan | S+ | 5.75% | 10.06% | 3/25/2022 | 3/31/2028 |  | (2954) |  |
| &nbsp;&nbsp;&nbsp;Trystar | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.81% | 7/31/2024 | 8/6/2031 |  | (2727) |  |
| &nbsp;&nbsp;&nbsp;Associated Springs | Senior Secured Revolving Loan | S+ | 5.75% | 10.06% | 3/7/2024 | 4/4/2030 |  | (1888) |  |
|  |  |  |  |  |  |  |  | 30434041 | 30192716 |
| *Containers, Packaging & Glass* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;InMark<br> (j) | Unitranche Incremental Term Loan | S+ | 6.00% | 10.31% | 12/10/2021 | 12/23/2026 | 6285612 | 6219021 | 6285612 |
| &nbsp;&nbsp;&nbsp;Brook & Whittle<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 4.00% | 8.31% | 12/9/2021 | 12/14/2028 | 3068065 | 3051757 | 2740795 |
| &nbsp;&nbsp;&nbsp;Anchor Packaging<br> (k) | Senior Secured Amendment No.5 Term Loan (First Lien) | S+ | 3.25% | 7.56% | 7/17/2019 | 7/18/2029 | 2446188 | 2437466 | 2463263 |
| &nbsp;&nbsp;&nbsp;Paragon Films<br> (k) | Senior Secured Closing Date Term Loan (First Lien) | S+ | 4.25% | 8.56% | 12/15/2021 | 12/16/2028 | 2010404 | 1996973 | 2009300 |
| &nbsp;&nbsp;&nbsp;Resource Label Group<br> (k) | Senior Secured Closing Date Initial Term Loan (First Lien) | S+ | 4.25% | 8.56% | 7/2/2021 | 7/8/2028 | 1823354 | 1818096 | 1801702 |
| &nbsp;&nbsp;&nbsp;TricorBraun<br> (k) | Senior Secured Closing Date Initial Term Loan (First Lien) | S+ | 3.25% | 7.56% | 1/29/2021 | 3/3/2028 | 1773623 | 1768799 | 1774563 |
| &nbsp;&nbsp;&nbsp;Tekni-Plex<br> (k) | Senior Secured Tranche B-7 Initial Term Loan | S+ | 3.75% | 8.06% | 3/27/2024 | 9/15/2028 | 1610046 | 1608315 | 1626508 |
| &nbsp;&nbsp;&nbsp;Technimark<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 3.50% | 7.81% | 6/30/2021 | 4/14/2031 | 1451465 | 1447442 | 1451015 |
| &nbsp;&nbsp;&nbsp;Intertape Polymer<br> (k)(m) | Senior Secured Initial Term Loan (First Lien) | S+ | 4.75% | 9.06% | 6/15/2022 | 6/28/2028 | 1375110 | 1333105 | 1328700 |
| &nbsp;&nbsp;&nbsp;Balcan<br> (n) | Senior Secured Term Loan B | S+ | 4.75% | 9.06% | 10/10/2024 | 10/18/2031 | 1000000 | 980000 | 992500 |
| &nbsp;&nbsp;&nbsp;Transcendia | Unitranche Term Loan (2024) | S+ | 6.50% | 10.81% | 5/23/2024 | 11/23/2029 | 997500 | 979221 | 986278 |
| &nbsp;&nbsp;&nbsp;Lacerta | Senior Secured Term Loan | S+ | 5.50% | 9.81% | 2/8/2021 | 12/30/2026 | 960000 | 955561 | 928800 |
| &nbsp;&nbsp;&nbsp;Applied Adhesives | Senior Secured Term A Loan | S+ | 4.50% | 8.81% | 3/12/2021 | 3/12/2027 | 609004 | 606288 | 604436 |
| &nbsp;&nbsp;&nbsp;SupplyOne<br> (k) | Senior Secured Term B Loan | S+ | 3.75% | 8.06% | 3/27/2024 | 4/19/2031 | 496250 | 491666 | 501007 |
| &nbsp;&nbsp;&nbsp;Industrial Physics | Senior Secured Initial Term Loan | S+ | 6.25% | 10.56% | 7/18/2023 | 7/19/2029 | 495000 | 481002 | 485100 |
| &nbsp;&nbsp;&nbsp;Five Star Packaging | Senior Secured Initial Term Loan (First Lien) | S+ | 4.25% | 8.56% | 4/27/2022 | 5/5/2029 | 488750 | 483875 | 481419 |
| &nbsp;&nbsp;&nbsp;Golden West Packaging | Senior Secured Initial Term Loan | S+ | 5.25% | 9.56% | 11/29/2021 | 12/1/2027 | 443750 | 441057 | 426000 |
| &nbsp;&nbsp;&nbsp;Applied Adhesives | Senior Secured Revolving Loan | S+ | 4.50% | 8.81% | 3/12/2021 | 3/12/2027 |  | (616) |  |
| &nbsp;&nbsp;&nbsp;Industrial Physics | Senior Secured Revolving Credit Loan | S+ | 6.25% | 10.56% | 7/18/2023 | 7/19/2028 |  | (3233) |  |
|  |  |  |  |  |  |  |  | 27095795 | 26886998 |

---

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

------

**Audax Credit BDC Inc.**

**Schedules of Investments (Continued)**

**As of December 31, 2024**

**(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** |
| **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<br> (k) | Senior Secured 2024-B Incremental Term Loan (First Lien) | S+ | 3.50% | 7.81% | 12/11/2020 | 12/17/2027 | 3058369 | 3043141 | 3084013 |
| &nbsp;&nbsp;&nbsp;Idera<br> (k) | Senior Secured Incremental Term Loan (First Lien) | S+ | 3.50% | 7.81% | 6/27/2017 | 3/2/2028 | 2527688 | 2527833 | 2487245 |
| &nbsp;&nbsp;&nbsp;Ivanti Software | Senior Secured 2021 Specified Refinancing Term Loan (First Lien) | S+ | 4.25% | 8.56% | 11/20/2020 | 12/1/2027 | 2902913 | 2879914 | 2418489 |
| &nbsp;&nbsp;&nbsp;Precisely<br> (k) | Senior Secured Third Amendment Term Loan (First Lien) | S+ | 4.00% | 8.31% | 3/19/2021 | 4/24/2028 | 2418750 | 2411615 | 2386097 |
| &nbsp;&nbsp;&nbsp;Barracuda | Senior Secured Initial Term Loan (Second Lien) | S+ | 7.00% | 11.31% | 5/17/2022 | 8/15/2030 | 2000000 | 1950555 | 1935000 |
| &nbsp;&nbsp;&nbsp;Intermedia | Unitranche 2024 Refinancing Term Loan (First Lien) | S+ | 5.25% | 9.56% | 4/4/2024 | 4/4/2029 | 1895000 | 1895000 | 1895000 |
| &nbsp;&nbsp;&nbsp;HelpSystems<br> (k) | Senior Secured Term Loan | S+ | 4.00% | 8.31% | 12/19/2019 | 11/19/2026 | 1929218 | 1926304 | 1705853 |
| &nbsp;&nbsp;&nbsp;BMC<br> (k) | Senior Secured 2031 New Dollar Term Loan | S+ | 3.75% | 8.06% | 7/3/2024 | 7/30/2031 | 1500000 | 1494564 | 1514235 |
| &nbsp;&nbsp;&nbsp;Xplor Technologies | Senior Secured TLB | S+ | 3.50% | 7.81% | 6/14/2024 | 6/24/2031 | 1496250 | 1489152 | 1496250 |
| &nbsp;&nbsp;&nbsp;Digital Room | Senior Secured Closing Date Term Loan (First Lien) | S+ | 5.25% | 9.56% | 12/16/2021 | 12/21/2028 | 1458750 | 1449633 | 1447809 |
| &nbsp;&nbsp;&nbsp;ORBCOMM<br> (k) | Senior Secured Closing Date Term Loan (First Lien) | S+ | 4.25% | 8.56% | 6/17/2021 | 9/1/2028 | 1466211 | 1419655 | 1311159 |
| &nbsp;&nbsp;&nbsp;SmartBear<br> (k) | Senior Secured 2024 Term Loan | S+ | 4.00% | 8.31% | 11/20/2020 | 3/3/2028 | 967500 | 962417 | 977175 |
| &nbsp;&nbsp;&nbsp;Options IT | Senior Secured Initial Term Loan | S+ | 4.50% | 8.81% | 9/20/2024 | 9/30/2031 | 743590 | 730924 | 739872 |
| &nbsp;&nbsp;&nbsp;Aptean | Unitranche Initial Term Loan | S+ | 5.00% | 9.31% | 1/1/2024 | 1/30/2031 | 562538 | 557460 | 559725 |
| &nbsp;&nbsp;&nbsp;NCR Voyix<br> (k) | Senior Secured Term Loan | S+ | 3.25% | 7.56% | 9/24/2024 | 9/30/2031 | 500000 | 497556 | 501665 |
| &nbsp;&nbsp;&nbsp;Qlik<br> (k) | Senior Secured Add-on Cov-Lite TLB | S+ | 3.25% | 7.56% | 12/31/2024 | 10/26/2030 | 500000 | 498750 | 498750 |
| &nbsp;&nbsp;&nbsp;Inhabit<br> (k) | Senior Secured Initial Term Facility | S+ | 4.50% | 8.81% | 12/10/2024 | 12/31/2031 | 500000 | 497500 | 497500 |
| &nbsp;&nbsp;&nbsp;Cloudera<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 3.75% | 8.06% | 8/10/2021 | 10/8/2028 | 486250 | 483379 | 485871 |
| &nbsp;&nbsp;&nbsp;Barracuda<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 4.50% | 8.81% | 5/17/2022 | 8/15/2029 | 490000 | 479508 | 454568 |
| &nbsp;&nbsp;&nbsp;insightsoftware | Unitranche Initial Term Loan | S+ | 5.25% | 9.56% | 7/16/2024 | 5/25/2028 | 369792 | 368509 | 366094 |
| &nbsp;&nbsp;&nbsp;Options IT | Senior Secured Revolver | S+ | 4.50% | 8.81% | 9/20/2024 | 3/31/2031 | 24124 | 22784 | 24004 |
| &nbsp;&nbsp;&nbsp;insightsoftware | Senior Secured Revolving Loan | S+ | 5.25% | 9.56% | 3/26/2024 | 5/25/2028 | - | (655) | - |
|  |  |  |  |  |  |  |  | 27585498 | 26786374 |
| *Services: Consumer* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ned Stevens 2022-2<br> (j) | Unitranche Initial Term Loan | S+ | 6.50% | 10.81% | 11/1/2022 | 11/1/2029 | $4315092 | $4219773 | $4315092 |
| &nbsp;&nbsp;&nbsp;Apex Service Partners | Unitranche 2024 Term Loan | S+ | 5.00% | 9.31% | 10/16/2023 | 10/24/2030 | 2331262 | 2307630 | 2313778 |
| &nbsp;&nbsp;&nbsp;A Place For Mom | Senior Secured Term Loan | S+ | 4.50% | 8.81% | 7/28/2017 | 2/10/2026 | 2153173 | 2153215 | 2147790 |
| &nbsp;&nbsp;&nbsp;Rover | Senior Secured Initial Term Loan | S+ | 4.75% | 9.06% | 2/16/2024 | 2/27/2031 | 1993741 | 1968198 | 1993741 |
| &nbsp;&nbsp;&nbsp;Smart Start | Senior Secured Term B Loan (Second Lien) | S+ | 7.75% | 12.06% | 12/10/2021 | 12/16/2029 | 2000000 | 1976220 | 1985000 |
| &nbsp;&nbsp;&nbsp;Taxwell | Senior Secured Initial Term Loan | S+ | 4.25% | 8.56% | 6/17/2024 | 6/26/2031 | 1995000 | 1976067 | 1980038 |
| &nbsp;&nbsp;&nbsp;Smart Start | Senior Secured Term B Loan (First Lien) | S+ | 4.50% | 8.81% | 12/10/2021 | 12/16/2028 | 1940000 | 1933551 | 1925450 |
| &nbsp;&nbsp;&nbsp;FullBloom | Senior Secured Initial Term Loan (First Lien) | S+ | 4.25% | 8.56% | 12/10/2021 | 12/15/2028 | 1462500 | 1453435 | 1451531 |
| &nbsp;&nbsp;&nbsp;United Air Temp<br> (j) | Unitranche Initial Term Loan | S+ | 5.25% | 9.56% | 2/14/2024 | 3/28/2030 | 1118639 | 1085489 | 1089323 |
| &nbsp;&nbsp;&nbsp;Legacy Service Partners | Unitranche Closing Date Term Loan | S+ | 5.25% | 9.56% | 10/25/2023 | 1/9/2029 | 1041738 | 1025619 | 1031321 |
| &nbsp;&nbsp;&nbsp;Teaching Strategies | Senior Secured Initial Term Loan (First Lien) | S+ | 3.75% | 8.06% | 8/19/2021 | 8/31/2028 | 970000 | 963492 | 959088 |
| &nbsp;&nbsp;&nbsp;Spring Education<br> (k) | Senior Secured Initial Term Loan | S+ | 4.00% | 8.31% | 10/5/2023 | 10/4/2030 | 940500 | 940500 | 947554 |
| &nbsp;&nbsp;&nbsp;Crash Champions<br> (k) | Senior Secured Initial Term Loan | S+ | 4.75% | 9.06% | 2/7/2024 | 2/23/2029 | 995000 | 992836 | 944942 |
| &nbsp;&nbsp;&nbsp;Ned Stevens 2022-2 | Unitranche 2023 Incremental Delayed Draw Term Loan | S+ | 5.75% | 11.07% | 1/18/2024 | 11/1/2029 | 709092 | 706629 | 709092 |
| &nbsp;&nbsp;&nbsp;Aegis Sciences | Senior Secured Initial Term Loan (2018) (First Lien) | S+ | 5.50% | 9.81% | 5/4/2018 | 5/9/2025 | 566785 | 566399 | 544113 |
| &nbsp;&nbsp;&nbsp;All My Sons | Senior Secured Closing Date Term Loan (First Lien) | S+ | 5.00% | 9.31% | 6/4/2024 | 10/25/2028 | 495919 | 489084 | 489720 |
| &nbsp;&nbsp;&nbsp;Apex Service Partners | Senior Secured 2024 Revolving Credit Loan | S+ | 5.00% | 9.31% | 10/16/2023 | 10/24/2029 | 99368 | 97906 | 98622 |
| &nbsp;&nbsp;&nbsp;United Air Temp | Senior Secured Revolving Loan | S+ | 5.50% | 9.81% | 2/14/2024 | 3/28/2030 | 63240 | 63240 | 61582 |
| &nbsp;&nbsp;&nbsp;Rover | Senior Secured Revolving Loan | S+ | 4.75% | 9.06% | 2/16/2024 | 2/27/2031 |  | (2250) |  |
| &nbsp;&nbsp;&nbsp;Ned Stevens 2022-2<br> (j) | Senior Secured Revolving Loan | S+ | 6.50% | 10.81% | 11/1/2022 | 11/1/2028 |  | (10154) |  |
|  |  |  |  |  |  |  |  | 24906879 | 24987777 |

---

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

------

**Audax Credit BDC Inc.**

**Schedules of Investments (Continued)**

**As of December 31, 2024**

**(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** |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** |  |  |  |  |  |  |  |  |
| *Beverage, Food & Tobacco* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beverage, Food & Tobacco |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dessert Holdings<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 4.00% | 8.31% | 6/7/2021 | 6/9/2028 | 2923734 | 2885971 | 2820673 |
| &nbsp;&nbsp;&nbsp;Bettcher Industries | Senior Secured Initial Term Loan (Second Lien) | S+ | 7.25% | 11.56% | 12/13/2021 | 12/14/2029 | 2500000 | 2483141 | 2475000 |
| &nbsp;&nbsp;&nbsp;Purfoods | Senior Secured 2024 Term Loan | S+ | 5.25% | 9.56% | 6/24/2024 | 8/12/2027 | 2000000 | 1983019 | 2000000 |
| &nbsp;&nbsp;&nbsp;Bettcher Industries | Senior Secured Initial Term Loan (First Lien) | S+ | 4.00% | 8.31% | 12/13/2021 | 12/14/2028 | 1945000 | 1931491 | 1923119 |
| &nbsp;&nbsp;&nbsp;Hissho Sushi<br> (j) | Unitranche Term Loan | S+ | 4.75% | 9.06% | 4/7/2022 | 5/18/2029 | 1810714 | 1786245 | 1810714 |
| &nbsp;&nbsp;&nbsp;Monogram Foods | Senior Secured Initial Term Loan | S+ | 4.00% | 8.31% | 8/13/2021 | 8/28/2028 | 970000 | 964197 | 957875 |
| &nbsp;&nbsp;&nbsp;Hissho Sushi | Unitranche Amendment No. 1 Incremental Term Loan | S+ | 4.75% | 9.06% | 8/7/2024 | 5/18/2029 | 522500 | 516598 | 522500 |
| &nbsp;&nbsp;&nbsp;Golden State Foods<br> (k) | Senior Secured TLB | S+ | 4.25% | 8.56% | 10/7/2024 | 10/15/2031 | 500000 | 496250 | 505078 |
| &nbsp;&nbsp;&nbsp;Rise Baking | Senior Secured Senior Secured Term Loan B | S+ | 5.00% | 9.31% | 10/24/2024 | 11/4/2031 | 500000 | 492500 | 496250 |
| &nbsp;&nbsp;&nbsp;Trilliant 2024 | Senior Secured 2024 Refinancing Term Loan | S+ | 6.50% | 10.81% | 11/20/2024 | 11/30/2029 | 500000 | 490000 | 496250 |
| &nbsp;&nbsp;&nbsp;Hometown Food<br> (k) | Senior Secured First Amendment Term A Loan | S+ | 3.75% | 8.06% | 11/7/2024 | 8/16/2028 | 488636 | 486193 | 486193 |
| &nbsp;&nbsp;&nbsp;Hometown Food<br> (k) | Senior Secured First Amendment Term B-1 Loan | S+ | 4.50% | 8.81% | 11/7/2024 | 8/16/2029 | 488636 | 484972 | 484972 |
|  |  |  |  |  |  |  |  | 14999910 | 14978624 |
| *Transportation: Cargo* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Evans Network | Senior Secured Initial Term Loan (First Lien) | S+ | 4.25% | 8.56% | 8/6/2021 | 8/19/2028 | 3388767 | 3366600 | 3278633 |
| &nbsp;&nbsp;&nbsp;Kenco | Senior Secured Initial Term Loan | S+ | 4.25% | 8.56% | 6/5/2024 | 11/15/2029 | 2481013 | 2471208 | 2474810 |
| &nbsp;&nbsp;&nbsp;Capstone Logistics | Senior Secured 2024 Term Loan (First Lien) | S+ | 4.50% | 8.81% | 11/12/2020 | 11/13/2029 | 2058422 | 2048380 | 2042984 |
| &nbsp;&nbsp;&nbsp;AIT Worldwide Logistics<br> (k) | Senior Secured Fifth Amendment Extended Term Loan (First Lien) | S+ | 4.75% | 9.06% | 11/7/2024 | 4/8/2030 | 1940000 | 1936975 | 1956364 |
| &nbsp;&nbsp;&nbsp;Worldwide Express<br> (k) | Senior Secured Amendment No. 2 Incremental Term Loan | S+ | 4.00% | 8.31% | 11/8/2024 | 7/26/2028 | 1455000 | 1455000 | 1465709 |
| &nbsp;&nbsp;&nbsp;FLS Transportation | Senior Secured Term B Loan | S+ | 5.25% | 9.56% | 4/14/2022 | 12/15/2028 | 1193043 | 1185412 | 1145322 |
| &nbsp;&nbsp;&nbsp;Magnate | Senior Secured Initial Term Loan (First Lien) | S+ | 5.50% | 9.81% | 3/11/2022 | 12/29/2028 | 951342 | 938721 | 932315 |
| &nbsp;&nbsp;&nbsp;St. George Logistics | Senior Secured Second-Out Closing Date Purchased Term Loan | S+ | 1.00%, 6.50% PIK | 11.81% | 10/3/2024 | 10/3/2029 | 887351 | 887351 | 887351 |
| &nbsp;&nbsp;&nbsp;St. George Logistics | Senior Secured Third-Out Closing Date Purchased Term Loan | S+ | 1.00%, 6.00% PIK | 11.31% | 10/3/2024 | 10/3/2029 | 443295 | 443295 | 288142 |
| &nbsp;&nbsp;&nbsp;FLS Transportation | Senior Secured Revolving Credit Loan | S+ | 5.25% | 9.56% | 4/14/2022 | 12/17/2027 | 44444 | 43556 | 42667 |
| &nbsp;&nbsp;&nbsp;Kenco | Senior Secured Revolving Credit Loan | S+ | 4.25% | 8.56% | 6/5/2024 | 11/15/2029 | - | (2283) | - |
|  |  |  |  |  |  |  |  | 14774215 | 14514297 |
| *Automotive* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Engine & Transmission Exchange<br> (j) | Senior Secured Term Loan A | S+ | 6.50% | 10.81% | 5/26/2023 | 5/29/2029 | 4211519 | 4111790 | 4211519 |
| &nbsp;&nbsp;&nbsp;Highline | Senior Secured 2024-1 Refinancing Term Loan (First Lien) | S+ | 4.00% | 8.31% | 10/29/2020 | 11/9/2027 | 2756715 | 2723811 | 2729148 |
| &nbsp;&nbsp;&nbsp;Rough Country<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 3.50% | 7.81% | 7/26/2021 | 7/28/2028 | 1934776 | 1931945 | 1928033 |
| &nbsp;&nbsp;&nbsp;BBB Industries<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 5.25% | 9.56% | 6/30/2022 | 7/25/2029 | 2078748 | 1933254 | 1864543 |
| &nbsp;&nbsp;&nbsp;Truck Hero<br> (k) | Senior Secured Initial Term Loan | S+ | 3.50% | 7.81% | 1/20/2021 | 1/31/2028 | 1443750 | 1443750 | 1403448 |
| &nbsp;&nbsp;&nbsp;Engine & Transmission Exchange<br> (j) | Senior Secured Revolving Loan | S+ | 6.50% | 10.81% | 5/26/2023 | 5/29/2029 | 444668 | 429276 | 444668 |
| &nbsp;&nbsp;&nbsp;Innovative XCessories<br> (k) | Senior Secured Initial Term Loan | S+ | 4.25% | 8.56% | 2/27/2020 | 3/5/2027 | 378704 | 379832 | 366653 |
|  |  |  |  |  |  |  |  | 12953658 | 12948012 |

---

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

------

**Audax Credit BDC Inc.**

**Schedules of Investments (Continued)**

**As of December 31, 2024**

**(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** |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):** |  |  |  |  |  |  |  |  |
| *Construction & Building* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;PlayPower | Unitranche Initial Term Loan | S+ | 5.25% | 9.56% | 8/26/2024 | 8/28/2030 | 2493750 | 2457612 | 2493750 |
| &nbsp;&nbsp;&nbsp;A1 Garage Door Service<br> (j) | Unitranche Term Loan A | S+ | 4.75% | 9.06% | 12/22/2022 | 12/22/2028 | 2240480 | 2188284 | 2240480 |
| &nbsp;&nbsp;&nbsp;Tangent | Senior Secured Closing Date Term Loan (First Lien) | S+ | 4.75% | 9.06% | 10/2/2019 | 11/30/2027 | 1740539 | 1736641 | 1683971 |
| &nbsp;&nbsp;&nbsp;Cook & Boardman | Senior Secured Amendment No. 2 Incremental DDTL | S+ | 6.00% | 10.31% | 5/29/2024 | 3/4/2030 | 1258432 | 1240138 | 1252140 |
| &nbsp;&nbsp;&nbsp;Specialty Products & Insulation | Senior Secured Tranche B-1 Term Loan | S+ | 4.75% | 9.06% | 3/16/2022 | 12/21/2027 | 974023 | 968107 | 969153 |
| &nbsp;&nbsp;&nbsp;Dodge Construction Network | Senior Secured Tranche B Term Loan (First Lien) | S+ | 4.75% | 9.06% | 11/14/2024 | 2/28/2029 | 609567 | 609567 | 606519 |
| &nbsp;&nbsp;&nbsp;Playcore<br> (k) | Senior Secured Amendment No. 3 Term Loan (First Lien) | S+ | 4.50% | 8.81% | 2/14/2024 | 2/20/2030 | 496250 | 489597 | 501679 |
| &nbsp;&nbsp;&nbsp;Electric Power Engineers<br> (k) | Senior Secured Term Loan | S+ | 4.50% | 8.81% | 11/27/2024 | 12/15/2031 | 500000 | 493810 | 495000 |
| &nbsp;&nbsp;&nbsp;Terra Millennium<br> (k) | Senior Secured Initial Term Loan | S+ | 5.00% | 9.31% | 10/25/2024 | 11/1/2030 | 500000 | 494545 | 495000 |
| &nbsp;&nbsp;&nbsp;Dodge Construction Network | Senior Secured Tranche A New Money Term Loan (First Lien) | S+ | 6.25% | 10.56% | 11/14/2024 | 1/31/2029 | 439561 | 435165 | 437363 |
| &nbsp;&nbsp;&nbsp;Electric Power Engineers<br> (k) | Senior Secured Revolving Loan | S+ | 4.50% | 8.81% | 11/27/2024 | 12/15/2031 | - | (968) | - |
| &nbsp;&nbsp;&nbsp;PlayPower | Senior Secured Revolving Loan | S+ | 5.25% | 9.56% | 8/26/2024 | 8/28/2030 |  | (5768) |  |
| &nbsp;&nbsp;&nbsp;A1 Garage Door Service<br> (j) | Senior Secured Revolving Loan | S+ | 4.75% | 9.06% | 12/22/2022 | 12/22/2028 |  | (8264) |  |
|  |  |  |  |  |  |  |  | 11098466 | 11175055 |
| *Environmental Industries* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alliance Environmental Group<br> (j) | Unitranche Initial Term Loan | S+ | 3.00% PIK | 7.31% | 12/30/2021 | 12/30/2027 | 4493030 | 4445031 | 3369772 |
| &nbsp;&nbsp;&nbsp;Denali Water Solutions | Senior Secured Closing Date Term Loan | S+ | 4.25% | 8.56% | 3/18/2021 | 3/27/2028 | 1930000 | 1918671 | 1864057 |
| &nbsp;&nbsp;&nbsp;Crystal Clean<br> (k) | Senior Secured Initial Term Loan | S+ | 4.00% | 8.31% | 10/5/2023 | 10/17/2030 | 1486241 | 1464426 | 1499706 |
| &nbsp;&nbsp;&nbsp;Miller Environmental<br> (k) | Senior Secured Initial Term Loan | S+ | 4.75% | 9.06% | 9/4/2024 | 9/10/2031 | 1421053 | 1391785 | 1399737 |
| &nbsp;&nbsp;&nbsp;Keter Environmental Services | Unitranche Closing Date Term Loan | S+ | 5.25% | 9.56% | 11/5/2021 | 10/29/2027 | 485000 | 482335 | 475300 |
| &nbsp;&nbsp;&nbsp;Denali Water Solutions | Senior Secured Amendment No. 3 Term Loan | S+ | 4.63% | 8.93% | 5/5/2022 | 3/27/2028 | 460473 | 450524 | 444740 |
| &nbsp;&nbsp;&nbsp;Alliance Environmental Group<br> (j) | Senior Secured Revolving Loan | S+ | 3.00% PIK | 7.31% | 12/30/2021 | 12/30/2027 | 331126 | 324503 | 248344 |
| &nbsp;&nbsp;&nbsp;Keter Environmental Services | Senior Secured Revolving Loan | S+ | 5.25% | 9.56% | 11/5/2021 | 10/29/2027 | 19380 | 18605 | 18992 |
| &nbsp;&nbsp;&nbsp;Miller Environmental<br> (k) | Senior Secured Revolving Loan (USD) | S+ | 4.75% | 9.06% | 9/4/2024 | 9/10/2031 |  | (6014) |  |
|  |  |  |  |  |  |  |  | 10489866 | 9320648 |
| *Chemicals, Plastics & Rubber* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Vertellus | Senior Secured Initial Term Loan | S+ | 5.75% | 10.06% | 12/18/2020 | 12/22/2027 | 2903063 | 2864754 | 2757909 |
| &nbsp;&nbsp;&nbsp;Shrieve | Unitranche Initial Term Loan | S+ | 6.00% | 10.31% | 9/23/2024 | 10/30/2030 | 2500000 | 2446237 | 2481250 |
| &nbsp;&nbsp;&nbsp;USALCO<br> (k) | Senior Secured Initial Term Loan | S+ | 4.00% | 8.31% | 9/17/2024 | 9/30/2031 | 1000000 | 995166 | 1009790 |
| &nbsp;&nbsp;&nbsp;Boyd Group<br> (k) | Senior Secured 2024 Term Loan (First Lien) | S+ | 4.75% | 9.06% | 7/19/2024 | 7/29/2029 | 997500 | 983182 | 1000368 |
| &nbsp;&nbsp;&nbsp;Ascensus Specialties | Senior Secured Initial Term Loan | S+ | 4.25% | 8.56% | 12/3/2021 | 6/30/2028 | 483677 | 478652 | 459494 |
| &nbsp;&nbsp;&nbsp;Polytek | Senior Secured Term Loan | S+ | 6.75% | 11.06% | 12/23/2020 | 1/31/2025 | 482675 | 482675 | 362006 |
| &nbsp;&nbsp;&nbsp;Vertellus | Senior Secured Revolving Credit Loan | S+ | 5.75% | 10.06% | 12/18/2020 | 12/22/2025 | 284066 | 273936 | 269862 |
| &nbsp;&nbsp;&nbsp;Mold-Rite | Senior Secured New Money Tranche A-1 Term Loan | S+ | 5.25% | 9.56% | 6/11/2024 | 10/4/2028 | 136841 | 129225 | 136841 |
|  |  |  |  |  |  |  |  | 8653827 | 8477520 |
| *Aerospace & Defense* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;HDT Global | Senior Secured Initial Term Loan | S+ | 1.00%, 5.50% PIK | 10.81% | 6/30/2021 | 1/7/2028 | 3249411 | 3194494 | 2274588 |
| &nbsp;&nbsp;&nbsp;Whitcraft | Senior Secured Initial Term Loan | S+ | 6.50% | 10.81% | 3/31/2023 | 2/15/2029 | 1965000 | 1905395 | 1945350 |
| &nbsp;&nbsp;&nbsp;Novaria Group<br> (k) | Senior Secured Initial Term Loan | S+ | 4.00% | 8.31% | 6/4/2024 | 6/6/2031 | 997500 | 992824 | 997500 |
| &nbsp;&nbsp;&nbsp;API Technologies | Senior Secured Term B-2 Loan (First Lien) | S+ | 1.00%, 6.00% PIK | 11.31% | 1/15/2020 | 5/9/2027 | 1059689 | 1051687 | 784170 |
| &nbsp;&nbsp;&nbsp;BlueHalo | Unitranche Initial Term Loan | S+ | 6.00% | 10.31% | 11/17/2021 | 10/31/2025 | 484125 | 481887 | 480494 |
| &nbsp;&nbsp;&nbsp;Whitcraft | Senior Secured Revolving Loan | S+ | 6.50% | 10.81% | 3/31/2023 | 2/15/2029 | 141071 | 130357 | 139661 |
| &nbsp;&nbsp;&nbsp;BlueHalo | Senior Secured Revolving Loan | S+ | 6.00% | 10.31% | 11/17/2021 | 10/31/2025 | 87593 | 86104 | 86936 |
| &nbsp;&nbsp;&nbsp;API Technologies | Senior Secured Term B-1 Loan (First Lien) | S+ | 1.00%, 6.00% PIK | 11.31% | 11/3/2023 | 3/25/2027 | 93379 | 92303 | 69101 |
|  |  |  |  |  |  |  |  | 7935051 | 6777800 |
| *Wholesale* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GME Supply | Unitranche Initial Term Loan | S+ | 6.25% | 10.56% | 7/5/2023 | 7/6/2029 | 3756413 | 3683428 | 3746171 |
| &nbsp;&nbsp;&nbsp;Carlisle Foodservice | Senior Secured Initial Term Loan | S+ | 5.00% | 9.31% | 9/29/2023 | 10/2/2030 | 1039242 | 1017727 | 1034046 |
| &nbsp;&nbsp;&nbsp;GME Supply | Senior Secured Revolving Loan | S+ | 6.25% | 10.56% | 7/5/2023 | 7/6/2029 | 88013 | 74183 | 87773 |
| &nbsp;&nbsp;&nbsp;Carlisle Foodservice | Senior Secured Revolving Loan | S+ | 5.00% | 9.31% | 9/29/2023 | 10/2/2029 |  | (3223) |  |
|  |  |  |  |  |  |  |  | 4772115 | 4867990 |

---

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

------

**Audax Credit BDC Inc.**

**Schedules of Investments (Continued)**

**As of December 31, 2024**

**(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** |
| **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+ | 6.50% | 10.81% | 11/21/2023 | 11/21/2029 | $4466250 | $4389501 | $4421588 |
| &nbsp;&nbsp;&nbsp;Augusta Sportswear | Senior Secured Revolving Credit Loan | S+ | 6.50% | 10.81% | 11/21/2023 | 11/21/2028 |  | (5565) |  |
|  |  |  |  |  |  |  |  | 4383936 | 4421588 |
| *Media: Advertising, Printing & Publishing* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;MediaRadar<br> (j) | Unitranche Closing Date Term A Loan | S+ | 6.25% | 10.56% | 5/23/2022 | 9/17/2029 | 1795704 | 1765688 | 1795704 |
| &nbsp;&nbsp;&nbsp;MediaRadar | Unitranche 2023 Incremental Term Loan | S+ | 6.25% | 10.56% | 10/31/2023 | 9/17/2029 | 947578 | 927232 | 947578 |
| &nbsp;&nbsp;&nbsp;MediaRadar<br> (j) | Senior Secured Revolving Loan | S+ | 6.25% | 10.56% | 9/16/2022 | 9/17/2029 | 162695 | 152526 | 162695 |
|  |  |  |  |  |  |  |  | 2845446 | 2905977 |
| *Metals & Mining* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dynatect (A&A)<br> (k) | Senior Secured Term B Loan | S+ | 4.50% | 8.81% | 8/16/2019 | 9/30/2026 | 1652126 | 1652126 | 1643865 |
|  |  |  |  |  |  |  |  | 1652126 | 1643865 |
| *Retail* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Varsity Brands<br> (k) | Senior Secured Initial Term Loan | S+ | 3.75% | 8.06% | 7/26/2024 | 8/26/2031 | 1000000 | 995161 | 1002375 |
| &nbsp;&nbsp;&nbsp;StubHub<br> (k) | Senior Secured Extended USD Term B Loan | S+ | 4.75% | 9.06% | 1/31/2020 | 3/15/2030 | 470494 | 465912 | 472258 |
|  |  |  |  |  |  |  |  | 1461073 | 1474633 |
| *Media: Diversified & Production* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cast & Crew<br> (k) | Senior Secured Incremental Facility No. 2 Incremental Term Loan (First Lien) | S+ | 3.75% | 8.06% | 4/30/2024 | 12/30/2028 | 992326 | 987326 | 964188 |
| &nbsp;&nbsp;&nbsp;Spectrum Science | Senior Secured 2024 Incremental Term Loan | S+ | 5.00%, 2.75% PIK | 12.06% | 1/17/2024 | 2/1/2029 | 503270 | 489460 | 483139 |
|  |  |  |  |  |  |  |  | 1476786 | 1447327 |
| *Hotels, Gaming & Leisure* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Auto Europe | Senior Secured Initial Dollar Term Loan | S+ | 7.50% | 11.81% | 10/19/2016 | 4/21/2025 | 886629 | 886629 | 864463 |
| &nbsp;&nbsp;&nbsp;Encore<br> (k) | Senior Secured Term Facility | S+ | 5.00% | 9.31% | 11/18/2024 | 12/5/2031 | 500000 | 490000 | 490000 |
| &nbsp;&nbsp;&nbsp;Encore<br> (k) | Senior Secured Revolving Facility | S+ | 5.00% | 9.31% | 11/18/2024 | 12/5/2029 |  | (1094) |  |
|  |  |  |  |  |  |  |  | 1375535 | 1354463 |
| *Utilities: Water* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aegion<br> (k) | Senior Secured 2024 Second Replacement Term Loan | S+ | 3.75% | 8.06% | 4/1/2021 | 5/17/2028 | 968325 | 965699 | 977403 |
|  |  |  |  |  |  |  |  | 965699 | 977403 |
| *Energy: Electricity* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Franklin Energy | Senior Secured Term B Loan (First Lien) | S+ | 4.00% | 8.31% | 8/14/2019 | 8/14/2026 | 947500 | 946786 | 933288 |
|  |  |  |  |  |  |  |  | 946786 | 933288 |
| *Energy: Oil & Gas* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AmSpec<br> (k) | Senior Secured Term Loan B | S+ | 4.25% | 8.56% | 12/12/2024 | 12/20/2031 | 500000 | 497500 | 497500 |
|  |  |  |  |  |  |  |  | 497500 | 497500 |
| *Utilities: Electric* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Power Grid Components | Senior Secured Initial Term Loan | S+ | 4.75% | 9.06% | 7/24/2024 | 12/2/2030 | 497494 | 497494 | 496250 |
|  |  |  |  |  |  |  |  | 497494 | 496250 |
|  |  ***Total Bank Loans*** |  |  |  |  |  |  | $411274889 | $403602506 |

---

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

------

**Audax Credit BDC Inc.**

**Schedules of Investments (Continued)**

**As of December 31, 2024**

**(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** |
| **EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS- (1.5%) (g) (h) (Continued):** | **EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS- (1.5%) (g) (h) (Continued):** |  |  |  |  |  |  |  |  |
| *Services: Business* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Vortex<br> (j) (o) (p) | LP Common Units |  |  |  | 9/1/2023 |  | $190 | $189759 | $396459 |
| &nbsp;&nbsp;&nbsp;InnovateMR<br> (j) (o) (q) | Class A Units |  |  |  | 12/16/2021 |  | 387 | 387311 | 394415 |
| &nbsp;&nbsp;&nbsp;Industrial Services Group<br> (j) (o) (r) | Class A Units |  |  |  | 12/7/2022 |  | 238 | 238095 | 383010 |
| &nbsp;&nbsp;&nbsp;Golden Source<br> (j) (o) (s) | Class A Units |  |  |  | 3/25/2022 |  | 117371 | 117371 | 259320 |
| &nbsp;&nbsp;&nbsp;Amplix<br> (j) (o) (t) | Class A-2 Units |  |  |  | 10/19/2023 |  | 23810 | 238095 | 256094 |
| &nbsp;&nbsp;&nbsp;Liberty Group<br> (j) (o) (u) | Series A-Preferred Units |  |  |  | 6/6/2022 |  | 113636 | 113636 | 77606 |
| &nbsp;&nbsp;&nbsp;Heartland<br> (o) (v) | Co-Invest Units |  |  |  | 12/12/2023 |  | 889 | 88889 | 76236 |
| &nbsp;&nbsp;&nbsp;VC3<br> (j) (o) (w) | Class A Units |  |  |  | 9/16/2022 |  | 16958 | 70778 | 51962 |
| &nbsp;&nbsp;&nbsp;OSG Billing Services<br> (o) (x) | Class A Units |  |  |  | 11/30/2023 |  | 27208 |  |  |
|  |  |  |  |  |  |  |  | 1443934 | 1895102 |
| *High Tech Industries* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;PracticeTek<br> (j) (o) (y) | Class A Units |  |  |  | 11/22/2021 |  | 616814 | 649236 | 822775 |
|  |  |  |  |  |  |  |  | 649236 | 822775 |
| *Healthcare & Pharmaceuticals* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;OrthoNebraska<br> (j) (o) (z) | Class A Units |  |  |  | 7/31/2023 |  | 24245 | 242452 | 319225 |
| &nbsp;&nbsp;&nbsp;Minds + Assembly<br> (j) (o) (aa) | Class A Units |  |  |  | 5/3/2023 |  | 217 | 217391 | 282609 |
| &nbsp;&nbsp;&nbsp;Ivy Rehab<br> (o) (ab) | Class A Units |  |  |  | 3/11/2022 |  | 100 | 100000 | 110943 |
| &nbsp;&nbsp;&nbsp;InterMed<br> (j) (o) (ac) | Class A Units |  |  |  | 12/22/2022 |  | 2484 | 248380 | 104840 |
| &nbsp;&nbsp;&nbsp;RevHealth<br> (j) (o) (ad) | Class A-1 Units |  |  |  | 7/22/2022 |  | 20548 | 205479 |  |
|  |  |  |  |  |  |  |  | 1013702 | 817617 |
| *Banking, Finance, Insurance & Real Estate* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cherry Bekaert<br> (j) (o) (ae) | Class A Units |  |  |  | 6/30/2022 |  | 129870 | 129870 | 298109 |
| &nbsp;&nbsp;&nbsp;American Beacon Advisors<br> (o) (af) | Common Units |  |  |  | 12/29/2023 |  | 16071 | - | 273207 |
| &nbsp;&nbsp;&nbsp;Prime Pensions<br> (j) (o) (ag) | LP Interest |  |  |  | 2/20/2024 |  | 238095 | 238095 | 211490 |
| &nbsp;&nbsp;&nbsp;Beta+<br> (o) (ah) | Class A-2 Common Stock |  |  |  | 9/15/2023 |  | 2470 | 24700 | 15084 |
|  |  |  |  |  |  |  |  | 392665 | 797890 |
| *Construction & Building* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;A1 Garage Door Service<br> (j) (o) (ai) | Class A Common Units |  |  |  | 12/22/2022 |  | 273 | 272727 | 577749 |
|  |  |  |  |  |  |  |  | 272727 | 577749 |
| *Beverage, Food & Tobacco* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Hissho Sushi<br> (j) (o) (aj) | Class A Units |  |  |  | 4/7/2022 |  | 25000 | 200046 | 452633 |
|  |  |  |  |  |  |  |  | 200046 | 452633 |

---

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

------

**Audax Credit BDC Inc.**

**Schedules of Investments (Continued)**

**As of December 31, 2024**

**(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** |
| **EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (Continued):** | **EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (Continued):** |  |  |  |  |  |  |  |  |
| *Services: Consumer* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ned Stevens 2022-2<br> (j) (o) (ak) | Class B Common Units |  |  |  | 11/1/2022 |  | 279 | 278990 | 301691 |
| &nbsp;&nbsp;&nbsp;United Air Temp<br> (j) (o) (al) | Class A Units |  |  |  | 2/14/2024 |  | 110947 | 110947 | 69475 |
|  |  |  |  |  |  |  |  | 389937 | 371166 |
| *Automotive* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Engine & Transmission Exchange<br> (j) (o) (am) | Class A-1 Units |  |  |  | 5/26/2023 |  | 211268 | 211268 | 189336 |
|  |  |  |  |  |  |  |  | 211268 | 189336 |
| *Media: Advertising, Printing & Publishing* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;MediaRadar<br> (j) (o) (an) | Class A-1 Units |  |  |  | 9/16/2022 |  | 147000 | 147000 | 153151 |
|  |  |  |  |  |  |  |  | 147000 | 153151 |
| *Wholesale* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GME Supply<br> (j) (o) (ao) | Class A Units |  |  |  | 6/30/2023 |  | 272 | 272422 | 140990 |
|  |  |  |  |  |  |  |  | 272422 | 140990 |
| *Chemicals, Plastics & Rubber* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Vertellus<br> (o) (ap) | Series A Units |  |  |  | 12/22/2020 |  | 1651 | 165138 | 116526 |
|  |  |  |  |  |  |  |  | 165138 | 116526 |
| *Consumer Goods: Durable* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Careismatic<br> (o) (aq) | Class A Units |  |  |  | 6/13/2024 |  | 3522 | 209625 | 93834 |
|  |  |  |  |  |  |  |  | 209625 | 93834 |
| *Environmental Industries* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alliance Environmental Group<br> (j) (o) (ar) | A-1 Preferred Units |  |  |  | 9/30/2019 |  | 331 | 331126 | - |
|  |  |  |  |  |  |  |  | 331126 | - |
|  |  ***Total Equity and Preferred Shares*** |  |  |  |  |  |  | $5698826 | $6428769 |
| **Total Portfolio Investments (as)** |  |  |  |  |  |  |  | $**416973715** | $**410031275** |

---

(^) 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, 2024, 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 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 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.

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

------

(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 Gol 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 TLG Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(as) At December 31, 2024, the cost of investments for income tax purposes was $416,783,126, the gross unrealized depreciation for federal tax purposes was $12,102,270, the gross unrealized appreciation for federal income tax purposes was $5,350,419, and the net unrealized depreciation was $6,751,851.

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

------

**30Audax Credit BDC Inc.**

**Notes to Financial Statements**

**September 30, 2024**

**(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 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 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 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 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 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.

***Use of Estimates***

The preparation of 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 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 June 30, 2025 or December 31, 2024. 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 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:

&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 financial statements express the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on the Company's 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 June 30, 2025, the Company held three investments on non-accrual, which represented 2.17% and 1.13% of the Company's total portfolio at cost and fair market value, respectively. As of December 31, 2024, the Company had two investments on non-accrual, which represented 0.97% and 0.53% of the Company's 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 June 30, 2025 and December 31, 2024, the Company held 314 and 295 investments in loans with OID, respectively. The unamortized balance of OID investments as of June 30, 2025 and December 31, 2024 totaled $4,720,030 and $4,948,990, respectively. For the three and six months ended June 30, 2025, the Company accrued OID income in the amount of $225,206 and $456,536, respectively. For the three and six months ended June 30, 2024, the Company accrued OID income in the amount of $209,198 and $417,283, respectively.

As of June 30, 2025, the Company held 14 investments that had a PIK interest component. As of December 31, 2024, the Company held 12 investments that had a PIK interest component. During the three and six months ended June 30, 2025, the Company accrued PIK income in the amount of $201,105 and $511,240, respectively. During the three and six months ended June 30, 2024, the Company accrued PIK income in the amount of $23,066 and $207,149, respectively.

As of June 30, 2025 and December 31, 2024, the Company held $23,664,062 and $19,737,091 cash and cash equivalents, respectively. For the three and six months ended June 30, 2025, the Company earned $47,701 and $107,093, respectively, of interest income related to cash, which is included in interest on cash within the accompanying statement of operations. For the three and six months ended June 30, 2024, the Company earned $156,767 and $242,627, respectively, of interest income related to cash, which is included in interest on cash within the accompanying statement of operations.

***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 statements of operations.

For the three and six months ended June 30, 2025, the Company accrued $13,128 and $39,118 of other income, respectively, related to amendment fees. For the three and six months ended June 30, 2024, the Company accrued $34,807 and $43,952 of other income, respectively, 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. We are currently assessing the impact of this guidance; however, we do not expect a material impact to our financial statements.

***Operating Segments***

In 2024, the Company adopted FASB Accounting Standards Update 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Company's financial position or the results of its operations.

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 Schedule of Investments, the changes in net assets resulting from operations, as reported on the 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 June 30, 2025, $311,900,845 of the Company's investments were valued using unobservable inputs, and $90,202,914 were valued using observable inputs. During the six months ended June 30, 2025, $29,237,742 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 $3,753,405 transferred out of Level 3 due to additional liquidity in the market for these securities, which provided more observable inputs.

------

As of December 31, 2024, $285,194,721 of the Company's investments were valued using unobservable inputs, and $124,836,554 were valued using observable inputs. During the six months ended June 30, 2024, $21,191,258 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 $23,246,008 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 June 30, 2025 and December 31, 2024, by caption on the Company's accompanying statements of assets and liabilities and by security type.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Assets at Fair Value as of June 30, 2025** | **Assets at Fair Value as of June 30, 2025** | **Assets at Fair Value as of June 30, 2025** | **Assets at Fair Value as of June 30, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First Lien Debt | $— | $88094532 | $165667075 | $253761607 |
| Unitranche Debt |  |  | 131996424 | 131996424 |
| Second Lien Debt |  | 2108382 | 6815001 | 8923383 |
| Equity and Preferred Shares |  |  | 7422345 | 7422345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $— | $90202914 | $311900845 | $402103759 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Assets at Fair Value as of December 31, 2024** | **Assets at Fair Value as of December 31, 2024** | **Assets at Fair Value as of December 31, 2024** | **Assets at Fair Value as of December 31, 2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First Lien Debt | $— | $120658594 | $136863241 | $258222277 |
| Unitranche Debt |  | 1687916 | 134510211 | 135497685 |
| Second Lien Debt |  | 2490044 | 7392500 | 9882544 |
| Equity and Preferred Shares |  |  | 6428769 | 6428769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $— | $124836554 | $285194721 | $410031275 |

---

------

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 June 30, 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **As of June 30, 2025** | **As of June 30, 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 | $137203040 | Matrix Pricing | Senior Leverage | 1.12x - 11.51x | 5.19x |
|  |  |  | Total Leverage | 2.61x - 11.51x | 5.57x |
|  |  |  | Interest Coverage | 0.66x - 3.57x | 1.73x |
|  |  |  | Debt Service Coverage | 0.57x - 2.55x | 1.44x |
|  |  |  | TEV Coverage | 0.86x - 5.93x | 2.47x |
|  |  |  | Liquidity | 0.00% - 1,020.06% | 139.01% |
|  |  |  | Spread Comparison | 300bps - 800bps | 492bps |
| First Lien Debt | 4582646 | Analysis of Trend in Leverage | Maturity Modified Market Yield <sup>(4)</sup> | 8.88% | 8.88% |
| First Lien Debt | 17477991 | Matrix Pricing/Market Analysis <sup>(5)</sup> | Senior Leverage | 0.96x - 10.65x | 6.84x |
|  |  |  | Total Leverage | 5.40x - 10.65x | 8.17x |
|  |  |  | Interest Coverage | 0.96x - 2.63x | 1.25x |
|  |  |  | Debt Service Coverage | 0.85x - 2.58x | 1.10x |
|  |  |  | TEV Coverage | 0.84x - 2.47x | 1.79x |
|  |  |  | Liquidity | 20.25% - 508.21% | 121.34% |
|  |  |  | Spread Comparison | 375bps - 750bps | 457bps |
| First Lien Debt | 6403398 | Enterprise Value | EV/EBITDA Multiple | 7.00x - 10.10x | 7.91x |
| Unitranche Debt | 82693758 | Analysis of Trend in Leverage | Maturity Modified Market Yield <sup>(4)</sup> | 6.74% - 11.24% | 8.71% |
| Unitranche Debt | 39079389 | Matrix Pricing | Senior Leverage | 3.12x - 8.33x | 6.22x |
|  |  |  | Total Leverage | 3.12x - 8.33x | 6.29x |
|  |  |  | Interest Coverage | 0.78x - 2.31x | 1.49x |
|  |  |  | Debt Service Coverage | 0.63x - 1.72x | 1.23x |
|  |  |  | TEV Coverage | 1.33x - 2.97x | 1.89x |
|  |  |  | Liquidity | 39.01% - 467.90% | 161.21% |
|  |  |  | Spread Comparison | 450bps - 700bps | 554bps |
| Unitranche Debt | 10223277 | Enterprise Value | EV/EBITDA Multiple | 10.00x - 12.60x | 10.85x |
| Second Lien Debt | 6815001 | Matrix Pricing | Senior Leverage | 4.48x - 9.83x | 6.76x |
|  |  |  | Total Leverage | 4.48x - 9.83x | 6.76x |
|  |  |  | Interest Coverage | 0.97x - 2.08x | 1.64x |
|  |  |  | Debt Service Coverage | 0.84x - 1.86x | 1.33x |
|  |  |  | TEV Coverage | 1.31x - 3.01x | 1.82x |
|  |  |  | Liquidity | 51.86% - 583.50% | 145.70% |
|  |  |  | Spread Comparison | 700bps - 900bps | 743bps |
| Equity and Preferred | 7422345 | Enterprise Value | EV/EBITDA Multiple | 7.08x - 19.50x | 14.29x |
| **Total** | $**311900845** |  |  |  |  |

---

(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.

------

(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.

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, 2024. The weighted average calculations in the table below are based on the fair value balances for all debt related calculations for the particular input.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **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 | $114542083 | Matrix Pricing | Senior Leverage | 1.12x - 11.07x | 5.02x |
|  |  |  | Total Leverage | 2.78x - 11.07x | 5.56x |
|  |  |  | Interest Coverage | 0.32x - 2.99x | 1.66x |
|  |  |  | Debt Service Coverage | 0.25x - 2.54x | 1.40x |
|  |  |  | TEV Coverage | 0.79x - 5.72x | 2.58x |
|  |  |  | Liquidity | 0.00% - 630.05% | 138.14% |
|  |  |  | Spread Comparison | 350bps - 800bps | 505bps |
| First Lien Debt | 4656187 | Analysis of Trend in Leverage | Maturity Modified Market Yield <sup>(4)</sup> | 9.27% | 9.84% |
| First Lien Debt | 11626885 | Matrix Pricing/Market Analysis <sup>(5)</sup> | Senior Leverage | 6.20x - 20.32x | 8.32x |
|  |  |  | Total Leverage | 6.54x - 24.29x | 9.50x |
|  |  |  | Interest Coverage | 0.58x - 1.23x | 0.98x |
|  |  |  | Debt Service Coverage | 0.48x - 1.06x | 0.83x |
|  |  |  | TEV Coverage | 0.45x - 2.45x | 1.87x |
|  |  |  | Liquidity | 3.98% - 174.49% | 53.35% |
|  |  |  | Spread Comparison | 375bps - 575bps | 443bps |
| First Lien Debt | 6038086 | Enterprise Value | EV/EBITDA Multiple | 6.90x - 10.00x | 7.89x |
| Unitranche Debt | 92477479 | Analysis of Trend in Leverage | Maturity Modified Market Yield <sup>(4)</sup> | 7.12% - 81.75% | 11.67% |
| Unitranche Debt | 37114922 | Matrix Pricing | Senior Leverage | 3.31x - 6.87x | 5.89x |
|  |  |  | Total Leverage | 3.31x - 7.49x | 6.01x |
|  |  |  | Interest Coverage | 0.71x - 2.09x | 1.46x |
|  |  |  | Debt Service Coverage | 0.57x - 1.84x | 1.25x |
|  |  |  | TEV Coverage | 1.43x - 3.22x | 2.03x |
|  |  |  | Liquidity | 64.25% - 169.00% | 130.17% |
|  |  |  | Spread Comparison | 450bps - 650bps | 541bps |
| Unitranche Debt | 4917810 | Enterprise Value | EV/EBITDA Multiple | 12.80x - 13.90x | 10.75x |
| Second Lien Debt | 7392500 | Matrix Pricing | Senior Leverage | 5.12x - 11.15x | 6.90x |
|  |  |  | Total Leverage | 5.12x - 11.15x | 6.91x |
|  |  |  | Interest Coverage | 0.83x - 1.76x | 1.42x |
|  |  |  | Debt Service Coverage | 0.71x - 1.56x | 1.21x |
|  |  |  | TEV Coverage | 1.14x - 2.13x | 1.76x |
|  |  |  | Liquidity | 80.08% - 329.20% | 141.75% |
|  |  |  | Spread Comparison | 700bps - 800bps | 742bps |
| Equity and Preferred | 6428769 | Enterprise Value | EV/EBITDA Multiple | 7.06x - 21.25x | 14.83x |
| **Total** | $**285194721** |  |  |  |  |

---

(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.

(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.

------

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 and six months ended June 30, 2025 and 2024 for all investments for which the Company determines fair value using unobservable (Level 3) factors.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Three Months Ended June 30, 2025** | **First Lien<br>Debt** | **Unitranche<br>Debt** | **Second Lien<br>Debt** | **Equity and<br>Preferred<br>Shares** | **Total** |
| Fair Value as of March 31, 2025 | $147226961 | $128993914 | $7787500 | $7190615 | $291198990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers into Level 3 | 27191014 | 3252374 |  |  | 30443388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers out of Level 3 | (5737611) |  |  |  | (5737611) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total gains: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain <sup>(a)</sup> | 43897 | 94659 | 8509 |  | 147065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized (depreciation) appreciation <sup>(b)</sup> | (251149) | (1099116) | 15351 | 244026 | (1090888) |
| &nbsp;&nbsp;&nbsp;&nbsp;New investments, repayments and settlements:<sup>(c)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases | 6064202 | 5985246 |  | (12296) | 12037152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlements/repayments | (9076976) | (5403642) | (1000000) |  | (15480618) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net amortization of premiums, PIK, discounts and fees | 206737 | 172989 | 3641 |  | 383367 |
| **Fair Value as of June 30, 2025** | $165667075 | $131996424 | $6815001 | $7422345 | $311900845 |

---

(a)Included in net realized gain (loss) on the accompanying *Statement of Operations* for the three months ended June 30, 2025.

(b)Included in net change in unrealized depreciation on the accompanying *Statement of Operations* for the three months ended June 30, 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Six Months Ended June 30, 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 | $136863241 | $134510211 | $7392500 | $6428769 | $285194721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers into Level 3 | 27842318 | 987474 | 407950 |  | 29237742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers out of Level 3 | (3753405) |  |  |  | (3753405) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total gains: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain <sup>(a)</sup> | 114722 | 161250 | 8509 |  | 284481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized (depreciation) appreciation <sup>(b)</sup> | (932088) | (2114473) | (1635) | 451657 | (2596539) |
| &nbsp;&nbsp;&nbsp;&nbsp;New investments, repayments and settlements:<sup>(c)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases | 22051689 | 10636653 |  | 541919 | 33230261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlements/repayments | (16961323) | (12627335) | (1000000) |  | (30588658) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net amortization of premiums, PIK, discounts and fees | 441921 | 442644 | 7677 |  | 892242 |
| **Fair Value as of June 30, 2025** | $165667075 | $131996424 | $6815001 | $7422345 | $311900845 |

---

(a)Included in net realized gain (loss) on the accompanying *Statement of Operations* for the six months ended June 30, 2025.

(b)Included in net change in unrealized depreciation on the accompanying *Statement of Operations* for the six months ended June 30, 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.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Three Months Ended June 30, 2024** | **First Lien<br>Debt** | **Unitranche<br>Debt** | **Second Lien<br>Debt** | **Equity and<br>Preferred<br>Shares** | **Total** |
| Fair Value as of March 31, 2024 | $120682011 | $128782371 | $12337500 | $6062348 | $267864230 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers into Level 3 | 6515797 |  |  |  | 6515797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers out of Level 3 | (3478865) | (972650) |  |  | (4451515) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total gains: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (loss) gain <sup>(a)</sup> | (66410) | 56006 | 30517 |  | 20113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized (depreciation) appreciation <sup>(b)</sup> | (224417) | (1474107) | 39388 | 225430 | (1433706) |
| &nbsp;&nbsp;&nbsp;&nbsp;New investments, repayments and settlements:<sup>(c)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases | 7552081 | 4643246 |  | 3243 | 12198570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlements/repayments | (10098837) | (4213098) | (5000000) |  | (19311935) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net amortization of premiums, PIK, discounts and fees | 225281 | 141298 | 3845 |  | 370424 |
| **Fair Value as of June 30, 2024** | $121106641 | $126963066 | $7411250 | $6291021 | $261771978 |

---

(a)Included in net realized gain (loss) on the accompanying *Statement of Operations* for the three months ended June 30, 2024.

(b)Included in net change in unrealized depreciation on the accompanying *Statement of Operations* for the three months ended June 30, 2024.

(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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Six Months Ended June 30, 2024** | **First Lien<br>Debt** | **Unitranche<br>Debt** | **Second Lien<br>Debt** | **Equity and<br>Preferred<br>Shares** | **Total** |
| Fair Value as of December 31, 2023 | $136202221 | $119516536 | $14808750 | $5431201 | $275958708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers into Level 3 | 14519142 | 6672116 |  |  | 21191258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers out of Level 3 | (20300877) | (975131) | (1970000) |  | (23246008) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total gains: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (loss) gain <sup>(a)</sup> | (390859) | 60617 | 30517 |  | (299725) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized (depreciation) appreciation <sup>(b)</sup> | (319458) | (2492967) | 32911 | 501097 | (2278417) |
| &nbsp;&nbsp;&nbsp;&nbsp;New investments, repayments and settlements:<sup>(c)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases | 17401289 | 10747275 |  | 358723 | 28507287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlements/repayments | (24065214) | (6820310) | (5500000) |  | (36385524) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net amortization of premiums, PIK, discounts and fees | 316335 | 254930 | 9072 |  | 580337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | (2255938) |  |  |  | (2255938) |
| **Fair Value as of June 30, 2024** | $121106641 | $126963066 | $7411250 | $6291021 | $261771978 |

---

(a)Included in net realized gain (loss) on the accompanying *Statement of Operations* for the six months ended June 30, 2024.

(b)Included in net change in unrealized depreciation on the accompanying *Statement of Operations* for the six months ended June 30, 2024.

(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 June 30, 2025 and 2024 was ($2,472,197) and ($2,363,406), respectively.

*Investment Activities* 

The Company held a total of 297 syndicated investments with an aggregate fair value of $402,103,759 as of June 30, 2025. During the six months ended June 30, 2025, the Company invested in 54 new syndicated investments for a combined cost of $30,493,764 and in existing investments for a combined cost of $12,854,943. The Company also received $46,889,091 in repayments from investments and $2,362,943 from investments sold during the six months ended June 30, 2025.

The Company held a total of 289 syndicated investments with an aggregate fair value of $410,031,275 as of December 31, 2024. During the year ended December 31, 2024, the Company invested in 120 new syndicated investments for a combined cost of

------

$74,623,860 and in existing investments for a combined cost of $34,219,421. The Company also received $63,131,474 in repayments from investments and $19,912,490 from investments sold during the period.

*Investment Concentrations*

As of June 30, 2025, the Company's investment portfolio consisted of investments in 246 companies located in 38 states across 25 different industries, with an aggregate fair value of $402,103,759. The five largest investments at fair value as of June 30, 2025 totaled $24,519,720, or 6.10% of the Company's total investment portfolio as of such date. As of June 30, 2025, the Company's average investment was $1,388,377 at cost.

As of December 31, 2024, the Company's investment portfolio consisted of investments in 244 companies located in 39 states across 26 different industries, with an aggregate fair value of $410,031,275. The five largest investments at fair value as of December 31, 2024 totaled $25,730,062, or 6.28% of the Company's total investment portfolio as of such date. As of December 31, 2024, the Company's average investment was $1,442,816 at cost.

The following table outlines the Company's investments by security type as of June 30, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Cost** | **Percentage<br>of Total<br>Investments** | **Fair Value** | **Percentage<br>of Total<br>Investments** |
| First Lien Debt | $259489144 | 62.93% | $253761607 | 63.10% |
| Unitranche Debt | 137689912 | 33.39% | 131996424 | 32.83% |
| Second Lien Debt | 8928217 | 2.17% | 8923383 | 2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Debt Investments | 406107273 | 98.49% | 394681414 | 98.15% |
| Equity and Preferred Shares | 6240746 | 1.51% | 7422345 | 1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Equity Investments | 6240746 | 1.51% | 7422345 | 1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investment** | $412348019 | 100.00% | $402103759 | 100.00% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Cost** | **Percentage<br>of Total<br>Investments** | **Fair Value** | **Percentage<br>of Total<br>Investments** |
| First Lien Debt | $262286158 | 62.90% | $258222277 | 62.97% |
| Unitranche Debt | 139076700 | 33.35% | 135497685 | 33.05% |
| Second Lien Debt | 9912031 | 2.38% | 9882544 | 2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Debt Investments | 411274889 | 98.63% | 403602506 | 98.43% |
| Equity and Preferred Shares | 5698826 | 1.37% | 6428769 | 1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Equity Investments | 5698826 | 1.37% | 6428769 | 1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | $416973715 | 100.00% | $410031275 | 100.00% |

---

------

Investments at fair value consisted of the following industry classifications as of June 30, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Industry** | **Fair Value** | **Percentage<br>of Total<br>Investments** | **Fair Value** | **Percentage<br>of Total<br>Investments** |
| Services: Business | $86186428 | 21.43% | $88417653 | 21.58% |
| Healthcare & Pharmaceuticals | 72695222 | 18.08 | 74685118 | 18.21 |
| Banking, Finance, Insurance & Real Estate | 33337364 | 8.29 | 35944239 | 8.77 |
| Capital Equipment | 30859448 | 7.67 | 30192716 | 7.36 |
| High Tech Industries | 26884151 | 6.69 | 27609149 | 6.73 |
| Services: Consumer | 26682766 | 6.64 | 25358943 | 6.18 |
| Containers, Packaging & Glass | 19976237 | 4.97 | 26886998 | 6.56 |
| Beverage, Food & Tobacco | 15549333 | 3.87 | 15431257 | 3.76 |
| Transportation: Cargo | 14921346 | 3.71 | 14514297 | 3.54 |
| Construction & Building | 13513313 | 3.36 | 11752804 | 2.87 |
| Automotive | 11745768 | 2.92 | 13137348 | 3.20 |
| Aerospace & Defense | 10314682 | 2.57 | 6777800 | 1.65 |
| Chemicals, Plastics & Rubber | 9483461 | 2.36 | 8594046 | 2.10 |
| Environmental Industries | 8955328 | 2.23 | 9320648 | 2.27 |
| Wholesale | 5573982 | 1.39 | 5008980 | 1.22 |
| Consumer Goods: Non-Durable | 4365984 | 1.09 | 4421588 | 1.08 |
| Media: Advertising, Printing & Publishing | 2874785 | 0.71 | 3059128 | 0.75 |
| Metals & Mining | 1574305 | 0.39 | 1643865 | 0.40 |
| Retail | 1451473 | 0.36 | 1474633 | 0.36 |
| Media: Diversified & Production | 1426884 | 0.35 | 1447327 | 0.35 |
| Hotels, Gaming & Leisure | 1184883 | 0.29 | 1354463 | 0.33 |
| Utilities: Electric | 989987 | 0.25 | 496250 | 0.12 |
| Energy: Electricity | 928363 | 0.23 | 933288 | 0.23 |
| Energy: Oil & Gas | 496250 | 0.12 | 497500 | 0.12 |
| Consumer Goods: Durable | 132016 | 0.03 | 93834 | 0.02 |
| Utilities: Water | - | - | 977403 | 0.24 |
|  | $402103759 | 100.00% | $410031275 | 100.00% |

---

Investments at fair value were included in the following geographic regions of the United States as of June 30, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Geographic Region** | **Fair Value** | **Percentage<br>of Total<br>Investments** | **Fair Value** | **Percentage<br>of Total<br>Investments** |
| Northeast | $102683528 | 25.54% | $98812847 | 24.10% |
| Midwest | 92304977 | 22.96 | 94153987 | 22.96 |
| Southeast | 57362680 | 14.27 | 58657115 | 14.31 |
| Southwest | 53893622 | 13.40 | 49175730 | 11.99 |
| West | 44707098 | 11.12 | 58261896 | 14.21 |
| East | 38049052 | 9.46 | 36147211 | 8.82 |
| Northwest | 5441846 | 1.35 | 5533339 | 1.35 |
| South | 5030927 | 1.25 | 6656751 | 1.62 |
| Other(a) | 2630029 | 0.65 | 2632399 | 0.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | $402103759 | 100.00% | $410031275 | 100.00% |

---

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

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 June 30, 2025:

---

| | |
|:---|:---|
| **For the Fiscal Years Ending December 31:** | **Amount** |
| 2025 | $3935533 |
| 2026 | 20783381 |
| 2027 | 39789026 |
| 2028 | 139821989 |
| 2029 | 113665118 |
| Thereafter | 92832256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total contractual repayments** | 410827303 |
| Adjustments to cost basis on debt investments<sup>(a)</sup> | (4720030) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Cost Basis of Debt Investments Held at June 30, 2025:** | $406107273 |

---

(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 and six months ended June 30, 2025, the Company recorded base management fees of $1,067,099 and $2,149,831, respectively, and waivers to the base management fees of $373,485 and $752,441, respectively, as set forth within the accompanying statements of operations. For the three and six months ended June 30, 2024, the Company recorded base management fees of $1,063,358 and $2,097,346, respectively, and waivers to the base management fees of $372,175 and $734,071, respectively, as set forth within the accompanying 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 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 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 and six months ended June 30, 2025, the Company recorded Incentive Fees related to net investment income of $1,312,345 and $2,650,154, respectively. Offsetting the Incentive Fees for the three and six months ended June 30, 2025, were waivers of the Incentive Fees of $861,632 and $1,734,282, respectively, as set forth within the accompanying statements of operations. For the three and six months ended June 30, 2024, the Company recorded Incentive Fees related to net investment income of $1,405,539 and $2,849,851, respectively. Offsetting the Incentive Fees for the three and six months ended June 30, 2024, were waivers of the Incentive Fees of $902,033 and $1,792,623, respectively, as set forth within the accompanying 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 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 and $132,500 for the three and six months ended June 30, 2025 and 2024, respectively, as set forth within the accompanying statements of operations.

***Related Party Fees***

Fees due to related parties as of June 30, 2025 and December 31, 2024 on the Company's accompanying statements of assets and liabilities were as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| Net base management fee due to Adviser | $693614 | $686366 |
| Net incentive fee due to Adviser | 450713 | 510082 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total fees due to Adviser, net of waivers** | 1144327 | 1196448 |
| Fee due to Administrator | 66250 | 66250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Related Party Fees Due** | $1210577 | $1262698 |

---

**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 and six months ended June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>June 30, 2025** | **Three Months Ended<br>June 30, 2024** | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2024** |
| Numerator for basic and diluted net increase in net assets resulting from operations per common share | $7824391 | $7404336 | $13758442 | $15570370 |
| Denominator for basic and diluted weighted average common shares | 47020458 | 46247677 | 47020456 | 45383333 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Basic and diluted net increase in net assets resulting from operations per common share** | $**0.17** | $**0.16** | $**0.29** | $**0.34** |

---

------

**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 year ended December 31, 2024, the Company executed a total of $80,000,000 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 six months ended June 30, 2025, the Company declared distributions of $16,927,364, or $0.35 per share. The tax character of the distributions declared and paid represented $16,750,407, or $0.35 per share, from ordinary income and $176,957, or $0.00 per share, from tax return of capital. During the six months ended June 30, 2024, the Company declared distributions of $18,106,422, or $0.39 per share. The tax character of the distributions declared and paid represented $17,940,395, or $0.39 per share, from ordinary income and $166,027, 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, 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. The Company had aggregate distributions declared and paid to its stockholders for the year ended December 31, 2023 of $36,170,582, or $0.82 per share. The tax character of the distributions declared and paid represented $36,170,582, or $0.82 per share, from ordinary income and $0 from tax return of capital.

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. During the year ended December 31, 2023, given that the Company did not have sufficient earnings and profits, $47,480,752 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, 2024 and 2023, 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 statements of assets and liabilities. During the years ended December 31, 2024 and 2023, 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, 2024** | **Year Ended<br>December 31, 2023** |
| Capital in excess of par value | $155433 | $(30906) |
| Accumulated net investment income | 34982 | 34983 |
| Accumulated net realized gain (loss) | (190415) | (4077) |

---

At December 31, 2024 and 2023, the components of distributable taxable earnings as detailed below differ from the amounts reflected in the Company's statements of assets and liabilities by temporary book/tax differences primarily arising from amortization of organizational expenditures.

------

---

| | | |
|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31,<br>2023** |
| Other temporary book/tax differences | $(111731) | $(101140) |
| Net tax basis unrealized depreciation | (6751851) | (3272539) |
| Accumulated net realized loss | (8936610) | (8028768) |
| Components of tax distributable (deficit) earnings at period end | $(15800192) | $(11402447) |

---

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, 2024.

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, 2024, 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 2024, 2023, and 2022 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, 2024, 2023, and 2022, 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 |

---

As of June 30, 2025, there were no unfunded capital commitments by the Company's investors.

The number of shares of Common Stock issued and outstanding as of June 30, 2025 and December 31, 2024, were 47,020,461 and 47,020,454, respectively.

The following table details the activity of Stockholders' Equity for the three and six months ended June 30, 2025 and 2024:

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Three Months Ended June 30, 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 March 31, 2025 | $47020 | $442384781 | $(18318999) | $424112802 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  | 8297549 | 8297549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain from investment transactions |  |  | 176475 | 176475 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments |  |  | (649633) | (649633) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to Stockholders |  | (166131) | (8297549) | (8463680) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested Dividends |  | 31 |  | 31 |
| Balance as of June 30, 2025 | $47020 | $442218681 | $(18792157) | $423473544 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Six Months Ended June 30, 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 |  |  | 16750407 | 16750407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain from investment transactions | *—* |  | 309855 | 309855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | *—* |  | (3301820) | (3301820) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to Stockholders |  | (176957) | (16750407) | (16927364) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested Dividends |  | 61 |  | 61 |
| Balance as of June 30, 2025 | $47020 | $442218681 | $(18792157) | $423473544 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Three Months Ended June 30, 2024** | **Common<br>Stock** | **Capital in Excess<br>of Par Value** | **Total<br>Distributable<br>(Loss) Earnings** | **Total<br>Stockholders'<br>Equity** |
| Balance as of March 31, 2024 | $44519 | $420442206 | $(3236413) | $417250312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  | 8866029 | 8866029 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain from investment transactions |  |  | 102406 | 102406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments |  |  | (1564099) | (1564099) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of shares | 3949 | 36996051 |  | 37000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of shares | (3202) | (29996798) |  | (30000000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to Stockholders |  | (166027) | (17940395) | (18106422) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested Dividends |  | 61 |  | 61 |
| Balance as of June 30, 2024 | $45266 | $427275493 | $(13772472) | $413548287 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Six Months Ended June 30, 2024** | **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, 2023 | $44519 | $420442206 | $(11402447) | $409084278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  | 17940395 | 17940395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss from investment transactions |  |  | (213441) | (213441) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments |  |  | (2156584) | (2156584) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of shares | 3949 | 36996051 |  | 37000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of shares | (3202) | (29996798) |  | (30000000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to Stockholders |  | (166027) | (17940395) | (18106422) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvested Dividends |  | 61 |  | 61 |
| Balance as of June 30, 2024 | $45266 | $427275493 | $(13772472) | $413548287 |

---

**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 Statement of Assets and Liabilities. The Company uses repurchase agreements as a short-term financing alternative. As of June 30, 2025, the Company had no short-term borrowings. For the three and six months ended June 30, 2025, the Company recorded no interest expense in connection with short-term borrowings. As of December 31, 2024, the Company had no short-term borrowings. For the three and six months ended June 30, 2024, the Company recorded no interest expense in connection with short-term borrowings.

------

**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 schedule of investments.

The following table summarizes the Company's significant contractual payment obligations as of June 30, 2025 and December 31, 2024:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | **Unfunded Commitment Balances** | **Unfunded Commitment Balances** |
| **Investment** | **Investment Type** | **Index (^)** | **Spread** | **Interest Rate** | **Maturity** | **Industry** | **June 30, 2025** | **December 31, 2024** |
| EyeSouth Partners | Senior Secured Amendment No.2 Delayed Draw Term Loan (First Lien) | S+ | 5.50% | 9.79% | 10/5/2029 | Healthcare & Pharmaceuticals | $2309573 | $— |
| Midwest Eye Services | Senior Secured Fourth Amendment Delayed Draw Term Loan | S+ | 4.50% | 8.79% | 8/20/2027 | Healthcare & Pharmaceuticals | 1749333 |  |
| Prime Pensions | Senior Secured Delayed Draw Term Loan | S+ | 5.25% | 9.54% | 2/26/2030 | Banking, Finance, Insurance & Real Estate | 1668571 |  |
| Paradigm Oral Health | Senior Secured Second Amendment Incremental Delayed Draw Term Loan | S+ | 4.75% | 9.04% | 11/16/2028 | Healthcare & Pharmaceuticals | 1222857 |  |
| Summit Spine | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 9.04% | 3/25/2031 | Healthcare & Pharmaceuticals | 986972 |  |
| U.S. Foot and Ankle Specialists | Senior Secured Delayed TL | S+ | 5.75% | 10.04% | 9/15/2026 | Healthcare & Pharmaceuticals | 953438 |  |
| Legacy Service Partners | Senior Secured Delayed Draw Term Loan B | S+ | 5.25% | 9.54% | 1/9/2029 | Services: Consumer | 951200 |  |
| Kenco | Senior Secured Revolving Credit Loan | S+ | 4.75% | 9.04% | 11/15/2029 | Transportation: Cargo | 821853 | 913170 |
| Nvision | Senior Secured Fourth Amendment Delayed Draw Term Loan | S+ | 5.50% | 9.79% | 12/31/2028 | Healthcare & Pharmaceuticals | 817121 |  |
| Electro Methods | Senior Secured Revolving Credit Facility | S+ | 4.75% | 9.04% | 2/23/2032 | Aerospace & Defense | 812714 |  |
| Aprio | Senior Secured 2025 Incremental Delayed Draw Term Loan | S+ | 4.75% | 9.04% | 8/1/2031 | Services: Business | 791984 |  |
| Miller Environmental | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 9.04% | 9/10/2031 | Environmental Industries | 789474 |  |
| Rover | Senior Secured Amendment No. 1 Incremental Delayed Draw Term Loan | S+ | 4.75% | 9.04% | 2/27/2031 | Services: Consumer | 750000 |  |
| Minds + Assembly | Senior Secured Revolving Loan (First Lien) | S+ | 5.25% | 9.54% | 5/3/2029 | Healthcare & Pharmaceuticals | 683230 | 580745 |
| United Air Temp | Senior Secured Delayed Draw Term Loan | S+ | 5.50% | 9.79% | 3/28/2030 | Services: Consumer | 632396 |  |
| Trystar | Senior Secured Delayed Draw Term Loan | S+ | 4.50% | 8.79% | 8/6/2031 | Capital Equipment | 537382 |  |
| Cherry Bekaert | Senior Secured Revolving Credit Loan | S+ | 5.25% | 9.54% | 6/30/2028 | Banking, Finance, Insurance & Real Estate | 509206 | 616472 |
| Ned Stevens 2022-2 | Senior Secured Revolving Loan | S+ | 5.00% | 9.29% | 11/1/2028 | Services: Consumer | 507703 | 507703 |
| Ivy Rehab | Senior Secured Amendment No. 3 Delayed Draw Term Loan | S+ | 5.00% | 9.29% | 4/23/2029 | Healthcare & Pharmaceuticals | 495333 |  |
| Summit Spine | Senior Secured Revolving Loan | S+ | 4.75% | 9.04% | 3/25/2031 | Healthcare & Pharmaceuticals | 463877 |  |
| Engine & Transmission Exchange | Senior Secured Revolving Loan | S+ | 5.25% | 9.54% | 5/29/2029 | Automotive | 461771 | 307847 |
| OrthoNebraska | Senior Secured Revolving Loan | S+ | 6.50% | 10.79% | 7/31/2028 | Healthcare & Pharmaceuticals | 457457 | 457457 |
| Steward Partners | Senior Secured DDTL C | S+ | 4.75% | 9.04% | 10/14/2028 | Banking, Finance, Insurance & Real Estate | 442222 |  |
| GME Supply | Senior Secured Revolving Loan | S+ | 6.25% | 10.54% | 7/6/2029 | Wholesale | 440067 | 414920 |
| GME Supply | Senior Secured Delayed Draw Term Loan | S+ | 6.25% | 10.54% | 7/6/2029 | Wholesale | 420682 |  |
| MediaRadar | Senior Secured Revolving Loan | S+ | 6.25% | 10.54% | 9/17/2029 | Media: Advertising, Printing & Publishing | 406737 |  |
| Miller Environmental | Senior Secured Revolving Loan | S+ | 4.75% | 9.04% | 9/10/2031 | Environmental Industries | 400916 | 400916 |
| PlayPower | Senior Secured Revolving Loan | S+ | 5.25% | 9.54% | 8/28/2030 | Construction & Building | 384547 | 384547 |
| Prime Pensions | Senior Secured Revolving Credit | S+ | 5.25% | 9.54% | 2/26/2030 | Banking, Finance, Insurance & Real Estate | 380952 | 380952 |
| EPIC Insurance | Senior Secured Refinancing Third Amendment Delayed Draw Term Loan | S+ | 4.50% | 8.79% | 9/29/2028 | Banking, Finance, Insurance & Real Estate | 371945 |  |
| InnovateMR | Senior Secured Revolving Loan | S+ | 6.00% | 10.29% | 1/20/2028 | Services: Business | 365388 | 365388 |
| Kept Companies | Senior Secured Revolving Loan | S+ | 5.25% | 9.54% | 4/30/2029 | Services: Business | 361323 | 418374 |
| Frazier & Deeter | Senior Secured Delayed Draw Term Facility | S+ | 4.50% | 8.79% | 5/2/2032 | Banking, Finance, Insurance & Real Estate | 352941 |  |
| Vortex | Senior Secured Revolving Loan | S+ | 5.00% | 9.29% | 9/4/2029 | Services: Business | 343952 | 380096 |
| Amplix | Senior Secured Revolving Credit Loan | S+ | 5.25% | 9.54% | 10/18/2029 | Services: Business | 329670 | 329670 |
| Associated Springs | Senior Secured Amendment No. 1 Delayed Draw Term Loan | S+ | 5.75% | 10.04% | 4/4/2030 | Capital Equipment | 325758 |  |
| Midwest Eye Services | Senior Secured Fourth Amendment Incremental Revolving Loan | S+ | 4.50% | 8.79% | 8/20/2027 | Healthcare & Pharmaceuticals | 322034 | 322034 |
| Kenco | Senior Secured 2024-1 Delayed Draw Term Loan | S+ | 4.75% | 9.04% | 11/15/2029 | Transportation: Cargo | 319523 |  |
| Kept Companies | Senior Secured DDTAL Loan | S+ | 5.25% | 9.54% | 4/30/2029 | Services: Business | 317729 |  |
| Argano | Senior Secured 2025 Delayed Draw Term Loan | S+ | 5.75% | 10.04% | 9/13/2029 | Services: Business | 311333 |  |
| Augusta Sportswear | Senior Secured Revolving Credit Loan | S+ | 7.00% | 11.29% | 11/21/2028 | Consumer Goods: Non-Durable | 278270 | 278270 |
| AI Fire & Safety | Senior Secured Delayed Draw Term Loan | S+ | 4.50% | 8.79% | 2/2/2032 | Services: Business | 276838 |  |
| A1 Garage Door Service | Senior Secured Revolving Loan | S+ | 4.50% | 8.79% | 12/22/2028 | Construction & Building | 275482 | 275482 |
| Trystar | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.79% | 8/6/2031 | Capital Equipment | 272724 | 272724 |
| Options IT | Senior Secured Effective Date Delayed Draw Term Loan | S+ | 4.50% | 8.79% | 9/30/2031 | High Tech Industries | 256410 |  |
| Aprio | Senior Secured Revolving Loan | S+ | 4.75% | 9.04% | 8/1/2031 | Services: Business | 249682 | 169784 |
| Plaskolite | Senior Secured Revolving Credit Loan | S+ | 7.00% | 11.29% | 2/7/2030 | Capital Equipment | 249384 |  |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** | **Investment Type** | **Index (^)** | **Spread** | **Interest Rate** | **Maturity** | **Industry** | **June 30, 2025** | **December 31, 2024** |
| Ascend | Senior Secured Closing Date Delayed Draw Term Loan | S+ | 4.50% | 8.79% | 8/11/2031 | Services: Business | $247079 | $— |
| Electric Power Engineers | Senior Secured Delayed Draw Term Loan | S+ | 4.50% | 8.79% | 12/15/2031 | Construction & Building | 238095 |  |
| Hissho Sushi | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.79% | 5/18/2029 | Beverage, Food & Tobacco | 238095 | 238095 |
| Blue Cloud | Senior Secured Revolving Loan | S+ | 5.00% | 9.29% | 1/21/2031 | Healthcare & Pharmaceuticals | 227273 |  |
| Shrieve | Senior Secured Revolving Credit Loan | S+ | 6.00% | 10.29% | 10/30/2030 | Chemicals, Plastics & Rubber | 219348 | 219348 |
| Apex Service Partners | Senior Secured Second Amendment Incremental DDTL Loan | S+ | 5.00% | 9.29% | 10/24/2030 | Services: Consumer | 218644 |  |
| Whitcraft | Senior Secured Revolving Loan | S+ | 6.50% | 10.79% | 2/15/2029 | Aerospace & Defense | 217857 | 126786 |
| MB2 Dental | Senior Secured Tranche 1 Delayed Draw Term Loan | S+ | 5.50% | 9.79% | 2/13/2031 | Healthcare & Pharmaceuticals | 215241 |  |
| Shaw | Senior Secured Delayed Draw Term Facility | S+ | 6.00% | 10.29% | 10/30/2029 | Capital Equipment | 212766 |  |
| Vensure | Senior Secured Initial Delayed Draw Term Loan | S+ | 4.75% | 9.04% | 9/27/2031 | Services: Business | 182310 |  |
| Secretariat | Senior Secured Delayed Draw Term Loan | S+ | 4.00% | 8.29% | 2/28/2032 | Services: Business | 180723 |  |
| RevHealth | Senior Secured Revolving Loan | S+ | 5.75% | 10.04% | 7/21/2028 | Healthcare & Pharmaceuticals | 179795 | 282534 |
| Ascend | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.79% | 8/11/2031 | Services: Business | 171821 | 68729 |
| VaxCare | Senior Secured Revolving Credit | S+ | 4.50% | 8.79% | 6/17/2032 | Healthcare & Pharmaceuticals | 166667 |  |
| Beta+ | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.79% | 7/1/2027 | Banking, Finance, Insurance & Real Estate | 165773 | 160247 |
| Carlisle Foodservice | Senior Secured Revolving Loan | S+ | 5.00% | 9.29% | 10/2/2029 | Wholesale | 161152 | 161152 |
| Lexitas | Senior Secured Delayed Draw Term Loan | S+ | 5.00% | 9.29% | 4/15/2031 | Services: Business | 157895 |  |
| RailPros | Senior Secured Delayed Draw Term Loan | S+ | 4.50% | 8.79% | 5/24/2032 | Construction & Building | 153846 |  |
| Rover | Senior Secured Revolving Loan | S+ | 4.75% | 9.04% | 2/27/2031 | Services: Consumer | 150000 | 150000 |
| EPIC Insurance | Senior Secured Refinancing Revolving Loan | S+ | 4.50% | 8.79% | 9/29/2028 | Banking, Finance, Insurance & Real Estate | 149473 | 199573 |
| Liberty Group | Senior Secured Revolving Loan | S+ | 5.75% | 10.04% | 12/15/2028 | Services: Business | 147727 | 147727 |
| Tank Holding | Senior Secured Revolving Credit Loan | S+ | 5.75% | 10.04% | 3/31/2028 | Capital Equipment | 147692 | 147692 |
| Apex Service Partners | Senior Secured 2024 Revolving Credit Loan | S+ | 5.00% | 9.29% | 10/24/2029 | Services: Consumer | 146129 | 73701 |
| Burke Porter Group | Senior Secured Revolving Credit Loan | S+ | 6.00% | 10.29% | 7/29/2028 | Capital Equipment | 145297 | 220000 |
| Cerity Partners | Senior Secured Initial Revolving Loan | S+ | 5.25% | 9.54% | 7/28/2028 | Banking, Finance, Insurance & Real Estate | 143369 | 286738 |
| Industrial Physics | Senior Secured Delayed Draw Term Loan | S+ | 6.25% | 10.54% | 7/19/2029 | Containers, Packaging & Glass | 142857 |  |
| Inhabit | Senior Secured Delayed Draw Term Loan | S+ | 4.50% | 8.79% | 1/12/2032 | High Tech Industries | 138889 |  |
| Insight Global | Senior Secured 2024 Refinancing Revolving Loan | S+ | 5.00% | 9.29% | 9/22/2028 | Services: Business | 134178 | 134178 |
| Americhem | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 9.04% | 3/1/2032 | Chemicals, Plastics & Rubber | 128571 |  |
| Cirtec Medical | Senior Secured Revolving Credit (First Lien) | S+ | 4.75% | 9.04% | 10/31/2028 | Healthcare & Pharmaceuticals | 125000 | 138889 |
| Steward Partners | Senior Secured Revolving Loan | S+ | 4.75% | 9.04% | 10/14/2028 | Banking, Finance, Insurance & Real Estate | 125000 | 69444 |
| Nvision | Senior Secured Revolving Loan | S+ | 5.50% | 9.79% | 12/31/2028 | Healthcare & Pharmaceuticals | 123206 | 146674 |
| insightsoftware | Senior Secured Revolving Loan | S+ | 5.25% | 9.54% | 5/25/2028 | High Tech Industries | 121252 | 130952 |
| Heartland | Senior Secured Revolving Credit Loan | S+ | 5.25% | 9.54% | 12/12/2029 | Services: Business | 115517 | 184138 |
| InHealth Medical Alliance | Senior Secured Delayed Draw Term Loan | S+ | 0.00% | 4.29% | 3/2/2026 | Healthcare & Pharmaceuticals | 114196 |  |
| Micro Merchant Systems | Senior Secured Revolving Loan | S+ | 4.50% | 8.79% | 12/14/2027 | Healthcare & Pharmaceuticals | 111111 | 111111 |
| Industrial Physics | Senior Secured Revolving Credit Loan | S+ | 6.25% | 10.54% | 7/19/2028 | Containers, Packaging & Glass | 107759 | 107759 |
| DynaGrid | Senior Secured Revolving Credit Facility | S+ | 4.75% | 9.04% | 1/7/2031 | Construction & Building | 107759 |  |
| insightsoftware | Senior Secured Seventh Supplemental DDTL | S+ | 5.25% | 9.54% | 5/25/2028 | High Tech Industries | 103333 |  |
| USALCO | Senior Secured Delayed Draw Term Loan | S+ | 4.00% | 8.29% | 9/30/2031 | Chemicals, Plastics & Rubber | 103030 |  |
| Ivy Rehab | Senior Secured Revolving Credit Loan (First Lien) | S+ | 4.75% | 9.04% | 4/21/2028 | Healthcare & Pharmaceuticals | 101347 | 106397 |
| Vertellus | Senior Secured Revolving Credit Loan | S+ | 5.75% | 10.04% | 12/22/2027 | Chemicals, Plastics & Rubber | 99807 | 202173 |
| Golden Source | Senior Secured Revolving Loan | S+ | 4.75% | 9.04% | 5/12/2028 | Services: Business | 98592 | 169014 |
| Electric Power Engineers | Senior Secured Revolving Loan | S+ | 4.50% | 8.79% | 12/15/2031 | Construction & Building | 96774 | 96774 |
| Associated Springs | Senior Secured Revolving Loan | S+ | 5.75% | 10.04% | 4/4/2030 | Capital Equipment | 94406 | 94406 |
| VC3 | Senior Secured Revolving Credit | S+ | 5.00% | 9.29% | 3/12/2027 | Services: Business | 92308 |  |
| Americhem | Senior Secured Revolving Loan | S+ | 4.75% | 9.04% | 3/1/2032 | Chemicals, Plastics & Rubber | 90909 |  |
| AI Fire & Safety | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.79% | 2/2/2032 | Services: Business | 89820 |  |
| Frazier & Deeter | Senior Secured Revolving Facility | S+ | 4.50% | 8.79% | 5/2/2031 | Banking, Finance, Insurance & Real Estate | 88235 |  |
| Inhabit | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.79% | 1/12/2032 | High Tech Industries | 87715 |  |
| Pegasus | Senior Secured Amendment No. 1 Delayed Draw Term Loan | S+ | 4.75% | 9.04% | 1/19/2031 | Capital Equipment | 85789 |  |
| Heartland | Senior Secured Delayed Draw Term Loan | S+ | 5.25% | 9.54% | 12/12/2029 | Services: Business | 84871 |  |
| R. F. Fager | Senior Secured Delayed Draw Term Loan | S+ | 5.00% | 9.29% | 3/4/2030 | Services: Consumer | 83515 |  |
| RailPros | Senior Secured Revolving Loan | S+ | 4.50% | 8.79% | 5/24/2032 | Construction & Building | 80666 |  |
| AmSpec | Senior Secured Amendment No. 1 Other DDTL Loan | S+ | 3.50% | 7.79% | 12/22/2031 | Energy: Oil & Gas | 76923 |  |
| Health Management Associates | Senior Secured Revolving Loan | S+ | 6.25% | 10.54% | 3/30/2029 | Services: Business | 71048 | 37300 |
| R. F. Fager | Senior Secured Revolving Loan | S+ | 5.00% | 9.29% | 3/4/2030 | Services: Consumer | 69596 |  |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** | **Investment Type** | **Index (^)** | **Spread** | **Interest Rate** | **Maturity** | **Industry** | **June 30, 2025** | **December 31, 2024** |
| MB2 Dental | Senior Secured Revolving Loan | S+ | 5.50% | 9.79% | 2/13/2031 | Healthcare & Pharmaceuticals | $66845 | $66845 |
| Ned Stevens 2022-2 | Senior Secured 2023 Incremental Delayed Draw Term Loan | S+ | 5.00% | 9.29% | 11/1/2029 | Services: Consumer | 65714 | 135303 |
| Options IT | Senior Secured Revolving Loan | S+ | 4.50% | 8.79% | 3/31/2031 | High Tech Industries | 65225 | 78628 |
| Alliance Environmental Group | Senior Secured Priority Revolving Loan | S+ | 6.00% | 10.29% | 12/30/2027 | Environmental Industries | 57947 |  |
| Lexitas | Senior Secured Revolving Credit Loan | S+ | 5.00% | 9.29% | 4/15/2031 | Services: Business | 57274 |  |
| Radwell | Senior Secured Revolving Loan | S+ | 5.50% | 9.79% | 4/1/2029 | Capital Equipment | 55999 | 63999 |
| Argano | Senior Secured Revolving Credit Loan | S+ | 5.75% | 10.04% | 9/13/2029 | Services: Business | 55647 | 55647 |
| Encore | Senior Secured Revolving Loan | S+ | 5.00% | 9.29% | 12/5/2029 | Hotels, Gaming & Leisure | 54709 | 54709 |
| Keter Environmental Services | Senior Secured Revolving Loan | S+ | 5.25% | 9.54% | 10/29/2027 | Environmental Industries | 50388 | 58140 |
| Health Management Associates | Senior Secured Delay Draw Term Loan | S+ | 6.25% | 10.54% | 3/30/2029 | Services: Business | 49734 |  |
| Terra Millennium | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 9.04% | 11/1/2030 | Construction & Building | 45455 |  |
| Ohio Transmission | Senior Secured Delayed Draw Term Loan | S+ | 5.50% | 9.79% | 12/19/2030 | Capital Equipment | 43618 |  |
| Ohio Transmission | Senior Secured Initial Revolving Loan | S+ | 5.50% | 9.79% | 12/19/2029 | Capital Equipment | 34667 | 52000 |
| Nvision | Senior Secured First Amendment Delayed Draw Term Loan | S+ | 5.50% | 9.79% | 12/31/2028 | Healthcare & Pharmaceuticals | 34665 |  |
| LightBox | Senior Secured Revolving Loan | S+ | 5.50% | 9.79% | 1/13/2030 | High Tech Industries | 32960 |  |
| FLS Transportation | Senior Secured Revolving Credit Loan | S+ | 5.25% | 9.54% | 12/17/2027 | Transportation: Cargo | 17778 | 44444 |
| Industrial Services Group | Senior Secured Revolving Loan | S+ | 5.75% | 10.04% | 12/7/2028 | Services: Business | 15238 | 74286 |
| EyeSouth Partners | Unitranche Amendment No.2 Term Loan (First Lien) | S+ | 5.50% | 9.79% | 10/5/2029 | Healthcare & Pharmaceuticals |  | 2474573 |
| Paradigm Oral Health | Senior Secured Initial Term Loan | S+ | 4.75% | 9.04% | 11/16/2028 | Healthcare & Pharmaceuticals |  | 2022857 |
| Midwest Eye Services | Senior Secured Initial Term Loan | S+ | 4.50% | 8.79% | 8/20/2027 | Healthcare & Pharmaceuticals |  | 2000000 |
| Prime Pensions | Unitranche Initial Term Loan | S+ | 5.25% | 9.54% | 2/26/2030 | Banking, Finance, Insurance & Real Estate |  | 1668571 |
| Miller Environmental | Senior Secured Initial Term Loan | S+ | 4.75% | 9.04% | 9/10/2031 | Environmental Industries |  | 1184211 |
| United Air Temp | Unitranche Initial Term Loan | S+ | 5.50% | 9.79% | 3/28/2030 | Services: Consumer |  | 1053994 |
| U.S. Foot and Ankle Specialists | Senior Secured Term Loan | S+ | 5.75% | 10.04% | 9/15/2026 | Healthcare & Pharmaceuticals |  | 976875 |
| Legacy Service Partners | Unitranche Closing Date Term Loan | S+ | 5.25% | 9.54% | 1/9/2029 | Services: Consumer |  | 951200 |
| OrthoNebraska | Unitranche Term Loan | S+ | 6.50% | 10.79% | 7/31/2028 | Healthcare & Pharmaceuticals |  | 914913 |
| Ascend | Senior Secured Initial Term Loan | S+ | 4.50% | 8.79% | 8/11/2031 | Services: Business |  | 859107 |
| Nvision | Senior Secured Fourth Amendment Incremental Term Loan | S+ | 5.50% | 9.79% | 12/31/2028 | Healthcare & Pharmaceuticals |  | 817121 |
| Steward Partners | Senior Secured Closing Date Term B Loan | S+ | 4.75% | 9.04% | 10/14/2028 | Banking, Finance, Insurance & Real Estate |  | 798667 |
| Kenco | Senior Secured Initial Term Loan | S+ | 4.75% | 9.04% | 11/15/2029 | Transportation: Cargo |  | 764701 |
| Rover | Senior Secured Initial Term Loan | S+ | 4.75% | 9.04% | 2/27/2031 | Services: Consumer |  | 750000 |
| Cook & Boardman | Senior Secured Amendment No. 2 Incremental DDTL | S+ | 6.00% | 10.29% | 3/4/2030 | Construction & Building |  | 736364 |
| Trystar | Senior Secured Initial Term Loan | S+ | 4.50% | 8.79% | 8/6/2031 | Capital Equipment |  | 537382 |
| Amplix | Unitranche First Amendment Term Loan | S+ | 5.25% | 9.54% | 10/18/2029 | Services: Business |  | 491453 |
| EPIC Insurance | Unitranche Refinancing Tranche B Term Loan | S+ | 4.50% | 8.79% | 9/29/2028 | Banking, Finance, Insurance & Real Estate |  | 436057 |
| GME Supply | Unitranche Initial Term Loan | S+ | 6.25% | 10.54% | 7/6/2029 | Wholesale |  | 420682 |
| Kept Companies | Senior Secured Term Loan | S+ | 5.25% | 9.54% | 4/30/2029 | Services: Business |  | 416333 |
| Associated Springs | Senior Secured Amendment No. 1 Incremental Term Loan | S+ | 5.75% | 10.04% | 4/4/2030 | Capital Equipment |  | 378788 |
| Apex Service Partners | Unitranche 2024 Term Loan | S+ | 5.00% | 9.29% | 10/24/2030 | Services: Consumer |  | 355292 |
| Vensure | Senior Secured Initial Term Loan | S+ | 4.75% | 9.04% | 9/27/2031 | Services: Business |  | 343882 |
| Argano | Senior Secured Initial Term Loan | S+ | 5.75% | 10.04% | 9/13/2029 | Services: Business |  | 327273 |
| MB2 Dental | Unitranche Initial Term Loan | S+ | 5.50% | 9.79% | 2/13/2031 | Healthcare & Pharmaceuticals |  | 266043 |
| Options IT | Senior Secured Initial Term Loan | S+ | 4.50% | 8.79% | 9/30/2031 | High Tech Industries |  | 256410 |
| MediaRadar | Senior Secured Revolving Loan | S+ | 6.25% | 10.54% | 9/17/2029 | Media: Advertising, Printing & Publishing |  | 244042 |
| Electric Power Engineers | Senior Secured Term Loan | S+ | 4.50% | 8.79% | 12/15/2031 | Construction & Building |  | 238095 |
| Aprio | Senior Secured Initial Term Loan | S+ | 4.75% | 9.04% | 8/1/2031 | Services: Business |  | 234128 |
| Shaw | Senior Secured Initial Senior Term Facility | S+ | 6.00% | 10.29% | 10/30/2029 | Capital Equipment |  | 212766 |
| Liberty Group | Unitranche Initial Term Loan | S+ | 5.75% | 10.04% | 6/15/2028 | Services: Business |  | 204545 |
| Solis Mammography | Senior Secured 2024 Incremental Term Loan (First Lien) | S+ | 4.50% | 8.79% | 4/17/2028 | Healthcare & Pharmaceuticals |  | 200000 |
| A1 Garage Door Service | Unitranche Term Loan A | S+ | 4.50% | 8.79% | 12/22/2028 | Construction & Building |  | 166970 |
| United Air Temp | Senior Secured Revolving Loan | S+ | 5.50% | 9.79% | 3/28/2030 | Services: Consumer |  | 147559 |
| AmSpec | Senior Secured Revolving Loan | S+ | 5.50% | 9.79% | 12/5/2029 | Energy: Oil & Gas |  | 145363 |
| Industrial Physics | Senior Secured Initial Term Loan | S+ | 6.25% | 10.54% | 7/19/2029 | Containers, Packaging & Glass |  | 142857 |
| insightsoftware | Unitranche Initial Term Loan | S+ | 5.25% | 9.54% | 5/25/2028 | High Tech Industries |  | 128333 |
| Heartland | Senior Secured Initial Term Loan | S+ | 5.25% | 9.54% | 12/12/2029 | Services: Business |  | 126346 |
| Cherry Bekaert | Unitranche Term B Loan | S+ | 5.25% | 9.54% | 6/30/2028 | Banking, Finance, Insurance & Real Estate |  | 106110 |
| USALCO | Senior Secured Initial Term Loan | S+ | 4.00% | 8.29% | 9/30/2031 | Chemicals, Plastics & Rubber |  | 103030 |
| Health Management Associates | Senior Secured Term Loan A | S+ | 6.25% | 10.54% | 3/30/2029 | Services: Business |  | 88810 |
| Pegasus | Senior Secured Initial Term Loan | S+ | 4.75% | 9.04% | 1/19/2031 | Capital Equipment |  | 85789 |
| Applied Adhesives | Senior Secured Revolving Loan | S+ | 4.50% | 8.79% | 3/12/2027 | Containers, Packaging & Glass |  | 71111 |
| Ohio Transmission | Unitranche Initial Term Loan | S+ | 5.50% | 9.79% | 12/19/2030 | Capital Equipment |  | 63487 |
| Discovery Education | Senior Secured Revolving Credit Loan (First Lien) | S+ | 5.75% | 10.04% | 4/9/2029 | Services: Business |  | 59829 |
| Carlisle Foodservice | Senior Secured Initial Term Loan | S+ | 5.00% | 9.29% | 10/2/2030 | Wholesale |  | 52551 |
| S&P Engineering Solutions | Senior Secured Revolving Credit Loan | S+ | 5.00% | 9.29% | 5/2/2029 | Services: Business |  | 49020 |
| Terra Millennium | Senior Secured Initial Term Loan | S+ | 4.75% | 9.04% | 11/1/2030 | Construction & Building |  | 45455 |
| Nvision | Senior Secured 2024 Initial Term Loan | S+ | 5.50% | 9.79% | 12/31/2028 | Healthcare & Pharmaceuticals |  | 34665 |
| Radwell | Unitranche Initial Term Loan | S+ | 5.50% | 9.79% | 4/1/2029 | Capital Equipment |  | 33333 |
| Aptean | Unitranche Initial Term Loan | S+ | 4.75% | 9.04% | 1/30/2031 | High Tech Industries |  | 25301 |
| BlueHalo | Senior Secured Revolving Loan | S+ | 6.00% | 10.29% | 10/31/2025 | Aerospace & Defense |  | 11679 |
|  |  |  |  |  |  |  | $**36511863** | $**37896006** |

---

------

Unfunded commitments represent all amounts unfunded as of June 30, 2025 and December 31, 2024. 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>June 30, 2025** | **Three Months Ended<br>June 30, 2024** | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2024** |
| **<u>Per Share Data:</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $9.02 | $9.37 | $9.07 | $9.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.18 | 0.19 | 0.36 | 0.40 |
| &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> | (0.01) | (0.03) | (0.07) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | $0.17 | $0.16 | $0.29 | $0.34 |
| &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> | (0.18) | (0.39) | (0.35) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to stockholders from return of capital<sup>(a)</sup> | (0.00) | (0.00) | (0.00) | (0.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period | $9.01 | $9.14 | $9.01 | $9.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return<sup>(c)</sup> <sup>(g)</sup> | 1.88% | 1.71% | 3.33% | 3.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of common stock outstanding at end of period | 47020461 | 45266061 | 47020461 | 45266061 |
| **<u>Statement of Assets and Liabilities Data:</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets at end of period | $423473544 | $413548287 | $423473544 | $413548287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average net assets<sup>(d)</sup> | 423899716 | 416016304 | 424849460 | 413911297 |
| **<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> | 1.41% | 1.50% | 1.40% | 1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of gross expenses after incentive fees to average net assets - annualized<sup>(e)</sup> | 2.65% | 2.85% | 2.66% | 2.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets - annualized<sup>(f)</sup> | 1.48% | 1.63% | 1.48% | 1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets - annualized | 7.85% | 8.57% | 7.95% | 8.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover<sup>(g)</sup> | 4.97% | 3.25% | 10.63% | 3.26% |

---

(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 August 12, 2025, the date of which the financial statements were issued. Other than the items discussed below, the Company has concluded there are no material items that warrant disclosure. Subsequent to June 30, 2025 and through August 12, 2025, the Company invested $6,631,283 at cost in 44 different portfolio companies.

------

**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 financial statements and notes to the 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, 2024 filed with the SEC on March 24, 2025 (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.

------

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 June 30, 2025, was approximately $402,103,759 and held in 246 portfolio companies as of June 30, 2025. The fair value of our investments, comprised of syndicated loans and equity, as of December 31, 2024, was approximately $410,031,275, and we held investments in 244 portfolio companies as of December 31, 2024.

During the six months ended June 30, 2025, we invested in 54 new syndicated investments for a combined $30,493,764 and in existing investments for a combined $12,854,943. We also received $46,889,091 in repayments from investments and $2,362,943 from investments sold during the six months ended June 30, 2025. During the six months ended June 30, 2024, we invested in 55 new syndicated investments for a combined $44,059,777 and in existing investments for a combined $15,073,224. We also received $49,183,712 in repayments from investments and $12,461,995 from investments sold during the six months ended June 30, 2024.

In addition, for the three and six months ended June 30, 2025, we had a change in unrealized depreciation of approximately $649,633 and $3,301,820, respectively, and realized gains of $176,475 and $309,855, respectively. For the three and six months ended June 30, 2024, we had a change in unrealized depreciation of approximately $1,564,099 and $2,156,584, respectively, and realized gains (losses) of $102,406 and $(213,441), respectively.

------

Our investment activity for the six months ended June 30, 2025 and 2024, is presented below:

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2024** |
| Beginning investment portfolio, at fair value | $410031275 | $387194568 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in new portfolio investments | 30493764 | 44059777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in existing portfolio investments | 12854943 | 15073224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal repayments | (46889091) | (49183712) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from investments sold | (2362943) | (12461995) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in premiums, discounts and amortization | 967776 | 624432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (3301820) | (2156584) |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain (loss) on investments | 309855 | (213441) |
| Ending portfolio investment activity, at fair value | $402103759 | $382936269 |
| Number of portfolio investments | 297 | 258 |
| Average investment amount, at cost | $1388377 | $1505309 |
| Percentage of investments at floating rates | 100.00% | 100.00% |

---

As of June 30, 2025 and December 31, 2024, our entire portfolio consisted of non-controlled/non-affiliated investments.

**RECENT DEVELOPMENTS**

Subsequent to June 30, 2025 through August 12, 2025, the Company invested $6,631,283 at cost in 44 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 and six months ended June 30, 2025 and 2024 is presented in the table below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2024** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2024** |
| Total interest income from non-controlled/non-affiliated investments | $9801942 | $10360776 | $19718698 | $20945171 |
| Total other interest income | 47701 | 156767 | 107093 | 242627 |
| Total other income | 13128 | 34807 | 39118 | 43952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $9862771 | $10552350 | $19864909 | $21231750 |

---

Total investment income for the three months ended June 30, 2025 decreased to $9,862,771 from $10,552,350 for the three months ended June 30, 2024, and was primarily driven by a decrease in interest rate spreads over the period. Total investment income for the six months ended June 30, 2025 decreased to $19,864,909 from $21,231,750 for the six months ended June 30, 2024, and was primarily driven by a decrease in interest rate spreads over the period. As of June 30, 2025 and 2024, the size of our debt portfolio was $406,107,273 and $382,830,488 at amortized cost, respectively, with total debt principal amount outstanding of $410,827,303 and $387,899,952, respectively.

------

***Expenses***

Total expenses net of waivers for the three and six months ended June 30, 2025 and 2024, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2024** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2024** |
| Base management fee<sup>(a)</sup> | $1067099 | $1063358 | $2149831 | $2097346 |
| Incentive fee<sup>(a)</sup> | 1312345 | 1405539 | 2650154 | 2849851 |
| Professional fees | 185489 | 216642 | 322374 | 355927 |
| Directors' fees | 68250 | 78000 | 141000 | 147000 |
| Administrative fee<sup>(a)</sup> | 66250 | 66250 | 132500 | 132500 |
| Other expenses | 100906 | 130740 | 205366 | 235425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 2800339 | 2960529 | 5601225 | 5818049 |
| Base management fee waivers<sup>(a)</sup> | (373485) | (372175) | (752441) | (734071) |
| Incentive fee waivers<sup>(a)</sup> | (861632) | (902033) | (1734282) | (1792623) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses, net of waivers | $1565222 | $1686321 | $3114502 | $3291355 |

---

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

The increase in base management fees before waivers for the three months ended June 30, 2025 in comparison to the three months ended June 30, 2024 was driven by our increasing average gross assets balance. For the three months ended June 30, 2025 and 2024, we accrued gross base management fees before waivers of $1,067,099 and $1,063,358, respectively. Offsetting those fees, we recognized base management fee waivers of $373,485 and $372,175 for three months ended June 30, 2025 and 2024, respectively.

The increase in base management fees before waivers for the six months ended June 30, 2025 in comparison to the six months ended June 30, 2024 was driven by our increasing average gross assets balance. For the six months ended June 30, 2025 and 2024, we accrued gross base management fees before waivers of $2,149,831 and $2,097,346, respectively. Offsetting those fees, we recognized base management fee waivers of $752,441 and $734,071 for six months ended June 30, 2025 and 2024, respectively.

The decrease in incentive fees before waivers for the three months ended June 30, 2025 in comparison to the three months ended June 30, 2024 was driven by our decrease in net investment income. For the three months ended June 30, 2025 and 2024, we accrued incentive fees related to net investment income before waivers of $1,312,345 and $1,405,539, respectively. Offsetting those fees for the three months ended June 30, 2025 and 2024, we recognized incentive fee waivers of $861,632 and $902,033, respectively.

The decrease in incentive fees before waivers for the six months ended June 30, 2025 in comparison to the six months ended June 30, 2024 was driven by our decrease in net investment income. For the six months ended June 30, 2025 and 2024, we accrued incentive fees related to net investment income before waivers of $2,650,154 and $2,849,851, respectively. Offsetting those fees for the six months ended June 30, 2025 and 2024, we recognized incentive fee waivers of $1,734,282 and $1,792,623, respectively.

Additionally, we accrued $66,250 and $132,500 of administrative fees for each of the three and six months ended June 30, 2025 and 2024, respectively. Refer to Note 4 — *Related Party Transactions* in the notes accompanying our financial statements for more information related to base management fees, incentive fees and waivers.

During the three and six months ended June 30, 2025, we incurred professional fees of $185,489 and $322,374, respectively, related to audit fees, tax fees, and legal fees. During the three and six months ended June 30, 2024, we incurred professional fees of $216,642 and $355,927, respectively, related to audit fees, tax fees, and legal fees.

During the three and six months ended June 30, 2025, we incurred expenses related to fees paid to our independent directors of $68,250 and $141,000, respectively. During the three and six months ended June 30, 2024, we incurred expenses related to fees paid to our independent directors of $78,000 and $147,000, respectively.

During the three and six months ended June 30, 2025, we incurred no interest expense in connection with our short-term borrowings. During the three and six months ended June 30, 2024, we incurred no interest expense in connection with our short-term borrowings. Refer to Note 8 — *Borrowings* in the notes accompanying our financial statements for more information related to interest expense.

------

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

We recognized $176,475 and $102,406 in net realized gains for the three months ended June 30, 2025 and 2024, respectively. We recognized $309,855 and $(213,441) in net realized gains (losses) for the six months ended June 30, 2025 and 2024, respectively.

Net change in unrealized appreciation (depreciation) on investments for the three and six months ended June 30, 2025 and 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type** | **Three Months Ended June 30, 2025** | **Three Months Ended<br>June 30, 2024** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2024** |
| First Lien Debt | $78282 | $(489669) | $(1839710) | $280436 |
| Unitranche Debt | (993862) | (1465972) | (1938422) | (2479702) |
| Second Lien Debt | 21922 | 166111 | 24654 | (458415) |
| Equity and Preferred Shares | 244025 | 225431 | 451658 | 501097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | $(649633) | $(1564099) | $(3301820) | $(2156584) |

---

Net change in unrealized depreciation on investments during the three months ended June 30, 2025 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 June 30, 2024 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 June 30, 2025 and December 31, 2024, we had cash of $23,664,062 and $19,737,091, respectively.

***Operating Activities***

Net cash provided by operating activities for the six months ended June 30, 2025 was $20,854,274. The primary operating activities during this period were investments in portfolio companies. The Company invested $30,493,764 in new portfolio investments and $12,854,943 in existing portfolio investments during the six months ended June 30, 2025. This was offset by repayments of bank loans and sales of investments of $46,889,091 and $2,362,943, respectively. Net cash provided by operating activities for the six months ended June 30, 2024 was $27,858,137. The primary operating activities during this period were investments in portfolio companies. The Company invested $44,059,777 in new portfolio investments and $15,073,224 in existing portfolio investments during the six months ended June 30, 2024. This was offset by repayments of bank loans and sales of investments of $49,183,712 and $12,461,995, respectively.

As of June 30, 2025, we had 121 investments with unfunded commitments of $36,511,863. As of December 31, 2024, we had 109 investments with unfunded commitments of $37,896,006. We believe that, as of both June 30, 2025 and December 31, 2024, we had sufficient assets to adequately cover any obligations under our unfunded commitments.

The following table summarizes our total portfolio activity during the six months ended June 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2024** |
| Beginning investment portfolio | $410031275 | $387194568 |
| Investments in new portfolio investments | 30493764 | 44059777 |
| Investments in existing portfolio investments | 12854943 | 15073224 |
| Principal repayments | (46889091) | (49183712) |
| Proceeds from sales of investments | (2362943) | (12461995) |
| Net change in unrealized depreciation on investments | (3301820) | (2156584) |
| Net realized gain (loss) on investments | 309855 | (213441) |
| Net change in premiums, discounts and amortization | 967776 | 624432 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Investment Portfolio, at Fair Value** | $402103759 | $382936269 |

---

------

***Financing Activities***

Net cash used in our financing activities for the six months ended June 30, 2025 was $16,927,303, which consisted of $16,927,303 of distributions paid to our common stockholders during the period. Net cash used in our financing activities for the six months ended June 30, 2024 was $11,106,361, which consisted of $37,000,000 from issuances of 3,948,773 shares to our stockholders in connections with our capital calls during the period, $30,000,000 in repurchases of 3,201,708 shares to our stockholders in connection with the Tender Offer during the period, and $18,106,361 of distributions paid to our common stockholders during the period.

***Equity Activity***

An investor made capital commitments to us 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 |

---

As of June 30, 2025, there were no unfunded capital commitments by the Company's investors.

The number of shares of our Common Stock issued and outstanding as of June 30, 2025 and December 31, 2024, were 47,020,461 and 47,020,454, 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 $16,927,364, or $0.350 per share during the six months ended June 30, 2025. We declared distributions of $18,106,422, or $0.390 per share during the six months ended June 30, 2024.

------

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.

***Related Party Fees***

For the three months ended June 30, 2025 and 2024, we recorded base management fees of $1,067,099 and $1,063,358, respectively. Offsetting these fees were waivers to the base management fees of $373,485 and $372,175, respectively, as set forth within the accompanying statements of operations. For the six months ended June 30, 2025 and 2024, we recorded base management fees of $2,149,831 and $2,097,346, respectively. Offsetting these fees were waivers to the base management fees of $752,441 and $734,071, respectively, as set forth within the accompanying statements of operations.

For the three months ended June 30, 2025 and 2024, we recorded incentive fees of $1,312,345 and $1,405,539, respectively. Offsetting these waivers to the incentive fees of $861,632 and $902,033, respectively, as set forth within the accompanying statements of operations. For the six months ended June 30, 2025 and 2024, we recorded incentive fees of $2,650,154 and $2,849,851, respectively. Offsetting these waivers to the incentive fees of $1,734,282 and $1,792,623, respectively, as set forth within the accompanying statements of operations.

For both the three months ended June 30, 2025 and 2024, we recorded administrative fees of $66,250, as set forth within the accompanying statements of operations. For both the six months ended June 30, 2025 and 2024, we recorded administrative fees of $132,500, as set forth within the accompanying statements of operations.

Fees due to related parties as of June 30, 2025 and December 31, 2024 on our accompanying statements of assets and liabilities were as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| Net base management fee due to Adviser | $693614 | $686366 |
| Net incentive fee due to Adviser | 450713 | 510082 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total fees due to Adviser, net of waivers** | 1144327 | 1196448 |
| Fee due to Administrator | 66250 | 66250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Related Party Fees Due** | $1210577 | $1262698 |

---

***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.

**CRITICAL ACCOUNTING POLICIES**

This discussion of our operations is based upon our financial statements, which are prepared in accordance with GAAP. The preparation of these 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 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.

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.

*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 financial statements express the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on our 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 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 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, 2024, 2023, and 2022.

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 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 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 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 these commitments. As of June 30, 2025, we had 121 investments with unfunded commitments of $36,511,863. As of December 31, 2024, we had 109 investments with unfunded commitments of $37,896,006. We believe that, as of June 30, 2025 and December 31, 2024, 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 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.

---

| | |
|:---|:---|
| **Change in interest rates** | **Increase<br>(decrease)<br>in investment<br>income** |
| Up 300 basis points | 12324819 |
| Up 200 basis points | 8216546 |
| Up 100 basis points | 4108273 |
| Down 100 basis points | (4108273) |
| Down 200 basis points | (8216546) |
| Down 300 basis points | (12324819) |

---

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 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.

------

**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 June 30, 2025, 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.

------

**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: August 12, 2025 | By: | /s/ Michael P. McGonigle |
|  |  | Michael P. McGonigle |
|  |  | Chief Executive Officer |
| Date: August 12, 2025 | 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: August 12, 2025

---

| | |
|:---|:---|
| 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: August 12, 2025

---

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

---

------

## 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 June 30, 2025 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: August 12, 2025

------

## 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 June 30, 2025 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: August 12, 2025

------