# EDGAR Filing Document

**Accession Number:** 0002033362
**File Stem:** 0001193125-26-219711
**Filing Date:** 2026-5
**Character Count:** 379287
**Document Hash:** a8b49baecd7441a3088e2039c2516b58
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-219711.hdr.sgml**: 20260512

**ACCESSION NUMBER**: 0001193125-26-219711

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 66

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260512

**DATE AS OF CHANGE**: 20260512

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Audax Private Credit Fund, LLC
- **CENTRAL INDEX KEY:** 0002033362

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** X1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01861
- **FILM NUMBER:** 26969536

**BUSINESS ADDRESS:**
- **STREET 1:** 320 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-703-2700

**MAIL ADDRESS:**
- **STREET 1:** 320 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Audax Private Credit Fund, LP
- **DATE OF NAME CHANGE:** 20240809

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

------

**FORM** 10-Q

------

**(Mark One)**

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

**For the quarterly period ended** **March 31,** 2026

**OR**

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

**For the transition period from _________ to _________** 

**Commission File Number:** 814-01861

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Audax Private Credit Fund, LLC

**(Exact Name of Registrant as Specified in its Charter)**

------

---

| | |
|:---|:---|
| Delaware | 99-4488204 |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(I.R.S. Employer<br>Identification No.)** |
| 320 Park Avenue<br>New York**,** NY | 10022 |
| **(Address of principal executive offices)** | **(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 (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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 12b-2 of the Exchange Act.

---

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

---

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 12, 2026, the registrant had 22,930,549 shares of limited liability company interests, $0.001 par value per share (the "Shares"), outstanding.

------

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **PART I.** | [<u>FINANCIAL INFORMATION</u>](#part_i_financial_information) |  |
| Item 1. | [<u>Financial Statements</u>](#part_i_financial_information) |  |
|  | [<u>Consolidated Statements of Assets and Liabilities as of March 31, 2026 (Unaudited) and December 31, 2025</u>](#consolidated_statement_of_assets) | 1 |
|  | [<u>Consolidated Statements of Operations for the three months ended March 31, 2026 (Unaudited) and 2025 (Unaudited)</u>](#consolidated_statement_of_operations) | 2 |
|  | [<u>Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2026 (Unaudited)</u>](#consolidated_statement_of_changes_in)[<u>and 2025 (Unaudited)</u>](#consolidated_statement_of_operations) | 3 |
|  | [<u>Consolidated Statements of Cash Flows for the three months ended March 31, 2026 (Unaudited)</u>](#consolidated_statement_of_cash_flows)[<u>and 2025 (Unaudited)</u>](#consolidated_statement_of_operations) | 4 |
|  | [<u>Consolidated Schedules of Investments as of March 31, 2026 (Unaudited) and December 31, 2025</u>](#consolidated_schedule_of_investments) | 5 |
|  | [<u>Notes to Consolidated Financial Statements (Unaudited)</u>](#notes_to_consolidated_financial_state) | 50 |
| Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_2_managements_discussion) | 71 |
| Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_3_quantitative_and_qualitative) | 85 |
| Item 4. | [<u>Controls and Procedures</u>](#item_4_controls_and_procedures) | 86 |
| **PART II.** | [<u>OTHER INFORMATION</u>](#part_ii_other_information) | 86  |
| Item 1. | [<u>Legal Proceedings</u>](#item_1_legal_proceedings) | 86 |
| Item 1A. | [<u>Risk Factors</u>](#item_1a_risk_factors) | 86 |
| Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#item_2_unregistered_sales_of_equity) | 86 |
| Item 3. | [<u>Defaults Upon Senior Securities</u>](#item_3_defaults_upon_senior_securities) | 86 |
| Item 4. | [<u>Mine Safety Disclosures</u>](#item_4_mine_safety_disclosures) | 86 |
| Item 5. | [<u>Other Information</u>](#item_5_other_information) | 86 |
| Item 6. | [<u>Exhibits</u>](#item_6_exhibits) | 87 |
| [<u>Signatures</u>](#signatures) | [<u>Signatures</u>](#signatures) | 88 |

---

i

------

**Audax Private Credit Fund, LLC** 

**Consolidated Statements of Assets and Liabilities** 

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

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

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** |  |
|  | **(unaudited)** | **December 31, 2025** |
| **Assets** |  |  |
| &nbsp;&nbsp;Investments at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments (cost of $989,631,039 and $918,592,383,<br> respectively) | $992500865 | $929102607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments (cost of $31,058,879 and $31,064,337, respectively) | 20428296 | 20721834 |
| &nbsp;&nbsp;Cash and cash equivalents | 31790293 | 35353403 |
| &nbsp;&nbsp;Prepaid investments | 33802217 |  |
| &nbsp;&nbsp;Interest receivable | 4521064 | 3618466 |
| &nbsp;&nbsp;Receivable for loan repayment | 4073305 | 317888 |
| &nbsp;&nbsp;Receivable from affiliates | 296499 | 290499 |
| &nbsp;&nbsp;Receivable from investments sold |  | 357771 |
| &nbsp;&nbsp;Total assets | $1087412539 | $989762468 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;Borrowings under leverage facility (net of deferred financing costs of $6,586,009 and<br> $4,562,245, respectively) (Note 8) | $510211450 | $489741436 |
| &nbsp;&nbsp;Payable for investments purchased | 40179033 | 19382036 |
| &nbsp;&nbsp;Distributions due to shareholders | 8780180 | 7373591 |
| &nbsp;&nbsp;Interest payable | 7048278 | 6846722 |
| &nbsp;&nbsp;Payable to Adviser (Note 4) | 2127383 | 1507733 |
| &nbsp;&nbsp;Incentive fee payable (Note 4) | 1253763 | 1205739 |
| &nbsp;&nbsp;Deferred tax liability | 1032421 | 1017037 |
| &nbsp;&nbsp;Accounts payable and accrued expenses | 683979 | 720227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 571316487 | 527794521 |
| Commitments and Contingencies (Note 8) |  |  |
| **Net Assets** |  |  |
| &nbsp;&nbsp;Shares, $0.001 par value per share, unlimited shares authorized, 20,905,192<br> and 18,433,976 shares issued and outstanding, respectively | 20905 | 18434 |
| &nbsp;&nbsp;Capital in excess of par value | 522915285 | 460917756 |
| &nbsp;&nbsp;Total distributable earnings | (6840138) | 1031757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Net Assets** | $516096052 | $461967947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Asset Value per Share at End of Period** | $24.69 | $25.06 |

---

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Statements of Operations** 

**For the three months ended March 31, 2026 and 2025**

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

**(unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31, 2026** | **Three Months Ended<br>March 31, 2025** |
| **Investment income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | $19913119 | $15437776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income |  | 307856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income from non-controlled/non-affiliated investments | 19913119 | 15745632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 93202 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income from affiliated investments | 93202 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 20006321 | 15745632 |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense and credit facility fees | 7048278 | 5749038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee (Note 4) | 1611788 | 1068966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fee (Note 4) | 1253763 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 356375 | 125000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 160051 | 126911 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors' fees | 90314 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees (Note 4) |  | 169441 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment expenses |  | 13538 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 309415 | 168677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 10829984 | 7421571 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense support reimbursement | 400000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee waiver (Note 4) |  | (913843) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 11229984 | 6507728 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net investment income** | 8776337 | 9237904 |
| **Realized and unrealized gains (losses) on investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | 75963 | 856495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 75963 | 856495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | (7640398) | (3745691) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments | (288080) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in deferred taxes | (15384) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net change in unrealized depreciation on investments | (7943862) | (3745691) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized losses on investments | (7867899) | (2889196) |
| **Realized and unrealized gains (losses) on foreign currency:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on foreign currency |  | (3125) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized gain (loss) on foreign currency | (154) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized losses on foreign currency | (154) | (3117) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | $908284 | $6345591 |

---

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Statements of Changes in Net Assets** 

**For the three months ended March 31, 2026 and 2025**

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

**(unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31, 2026** | **Three Months Ended<br>March 31, 2025** |
| **Net assets at beginning of period** | $461967947 | $340294184 |
| **Operations:** |  |  |
| &nbsp;&nbsp;Net investment income | 8776337 | 9237904 |
| &nbsp;&nbsp;Net realized gain on investments and foreign currency | 75963 | 853370 |
| &nbsp;&nbsp;Net change in unrealized depreciation on investments and foreign currency | (7928632) | (3745683) |
| &nbsp;&nbsp;Net change in deferred taxes | (15384) |  |
| &nbsp;&nbsp;Net increase in net assets from operations | 908284 | 6345591 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;Distributions from distributable earnings | (8780179) | (7536845) |
| &nbsp;&nbsp;Net decrease resulting from shareholder distributions | (8780179) | (7536845) |
| **Capital share transactions:** |  |  |
| &nbsp;&nbsp;Capital contributions | 62000000 |  |
| &nbsp;&nbsp;Net increase in net assets from capital transactions | 62000000 |  |
| Net increase (decrease) in net assets for the period | 54128105 | (1191254) |
| **Net assets at end of period** | $**516096052** | $**339102930** |

---

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

------

**Audax Private Credit Fund, LLC** 

**Consolidated Statements of Cash Flows** 

**For the three months ended March 31, 2026 and 2025**

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

**(unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31, 2026** | **Three Months Ended<br>March 31, 2025** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;Net increase in net assets resulting from operations | $908284 | $6345591 |
| &nbsp;&nbsp;Adjustments to reconcile net increase in partners' capital resulting |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;from operations provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency | (75963) | (856495) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | 7928478 | 3745691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash interest income, including payment in-kind and original issue discount<br> accretion | (574626) | (746608) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of financing costs | 356375 | 125000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) in prepaid investments | (33802217) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) in interest receivable | (902598) | (949042) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in receivable for loan repayment | (3755417) | 124619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in receivable from affiliates | (6000) | 306938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in due from counterparties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in receivable from investments sold | 357771 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) in receivable from Limited Partners |  | (618951) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) in escrow receivable |  | (48338) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in payable for investments purchased | 20796997 | (186020) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in interest payable | 201556 | 2246014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in payable to Adviser (Note 4) | 619650 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in incentive fee payable (Note 4) | 48024 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in deferred tax liability | 15384 | 618951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accounts payable and accrued expenses | (36248) | 148184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in payable to Administrator (Note 4) |  | (762638) |
| Investment activity: |  |  |
| &nbsp;&nbsp;Purchase of investments | (115402412) | (25859566) |
| &nbsp;&nbsp;Proceeds from disposition and repayments of investments | 45019803 | 76473372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment activity | (70382609) | 50613806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | (78303159) | 60106702 |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;Proceeds from capital contributions | 62000000 | 104391083 |
| &nbsp;&nbsp;Return of capital called |  | (104391083) |
| &nbsp;&nbsp;Distributions paid | (7373590) | (7536845) |
| &nbsp;&nbsp;Payments of financing costs | (2380139) |  |
| &nbsp;&nbsp;Borrowings under leverage facility | 89849963 |  |
| &nbsp;&nbsp;Repayments for leverage facility | (67356185) | (16800000) |
| &nbsp;&nbsp;Short-term borrowings |  | 8955802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 74740049 | (15381043) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in cash and cash equivalents | (3563110) | 44725659 |
| **Cash and cash equivalents:** |  |  |
| &nbsp;&nbsp;Cash and cash equivalents, beginning of period | 35353403 | 31592264 |
| &nbsp;&nbsp;Cash and cash equivalents, end of period | $31790293 | $76317923 |
| **Supplemental and non-cash information:** |  |  |
| &nbsp;&nbsp;Payment-in-kind ("PIK") interest income | $12254 | $564368 |
| &nbsp;&nbsp;Interest paid pursuant to the leverage facility | $6846722 | $3325144 |

---

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments** 

**March 31, 2026**

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

**(unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par /<br>Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **APCF SPV I, LLC (f)** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)** |  |  |  |  |  |
| *Aerospace & Defense* |  |  |  |  |  |  |  |  |  |
| Tronair 2025<br> (g) | Senior Secured Initial Term Loan | S+ | 3.75% | 7.43% | 12/18/2025 | 12/22/2032 | 3591000 | $3547527 | $3564068 |
| Vantor<br> (g)(k) | Senior Secured Initial Term Loan | S+ | 4.50% | 8.18% | 2/27/2026 | 3/3/2033 | 2000000 | 1970047 | 1964380 |
|  |  |  |  |  |  |  |  | $5517574 | $5528448 |
| *Air Freight & Logistics* |  |  |  |  |  |  |  |  |  |
| Magnate<br> (g) | Senior Secured TL | S+ | 5.50% | 9.18% | 2/19/2025 | 12/29/2028 | 4937500 | 4862383 | 4863438 |
|  |  |  |  |  |  |  |  | $4862383 | $4863438 |
| *Automobile Components* |  |  |  |  |  |  |  |  |  |
| BBB Industries<br> (g)(h)(k) | Senior Secured Delayed Draw Term Loan (First Lien) | S+ | 6.00% | 9.68% | 1/20/2026 | 7/25/2029 | 1000000 | 956618 | 977500 |
|  |  |  |  |  |  |  |  | $956618 | $977500 |
| *Building Products* |  |  |  |  |  |  |  |  |  |
| Leaf Home<br> (g) | Senior Secured Initial Term Loan | S+ | 5.25% | 8.93% | 9/4/2025 | 9/4/2031 | 9180625 | 9053665 | 9111770 |
|  |  |  |  |  |  |  |  | $9053665 | $9111770 |
| *Capital Markets* |  |  |  |  |  |  |  |  |  |
| Beta+<br> (g) | Senior Secured Initial Term Loan | S+ | 5.75% | 9.43% | 3/9/2026 | 7/2/2029 | 5984496 | 5808561 | 5924651 |
| Cerity Partners | Unitranche 2025 Term Loan | S+ | 4.50% | 8.18% | 10/10/2024 | 7/28/2031 | 24832228 | 24832228 | 24832228 |
| Steward Partners<br> (g)(h) | Senior Secured Delayed Draw Term C Loan | S+ | 4.75% | 8.43% | 6/13/2025 | 10/14/2028 | 6083458 | 6012282 | 6068250 |
|  |  |  |  |  |  |  |  | $36653071 | $36825129 |
| *Chemicals* |  |  |  |  |  |  |  |  |  |
| Shrieve<br> (g)(k) | Unitranche Initial Term Loan | S+ | 6.00% | 9.68% | 6/18/2025 | 10/30/2030 | 2977500 | 2938730 | 2917950 |
|  |  |  |  |  |  |  |  | $2938730 | $2917950 |
| *Commercial Services & Supplies* |  |  |  |  |  |  |  |  |  |
| Apex Companies<br> (g)(h) | Senior Secured Fourth Amendment Delayed Draw Term Loan | S+ | 5.00% | 8.68% | 11/21/2025 | 1/31/2030 | 274000 | 268323 | 270575 |
| Beacon Communications<br> (g)(k) | Senior Secured Term Loan | S+ | 4.75% | 8.43% | 3/31/2026 | 12/31/2049 | 3083333 | 3052500 | 3052500 |
| Brown & Root<br> (g) | Senior Secured Initial Term Loan | S+ | 5.00% | 8.68% | 10/3/2025 | 10/3/2030 | 7429426 | 7332038 | 7373706 |
| Capital Consultants Management Corporation<br> (g)(h) | Senior Secured 2025 Acquisition Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 7/8/2025 | 11/3/2031 | 4756302 | 4704986 | 4756302 |
| Certified Collision Group<br> (g) | Unitranche Initial Term Loan | S+ | 4.50% | 8.18% | 12/30/2025 | 12/30/2032 | 8646209 | 8562331 | 8581363 |
| Denali Water Solutions 2025<br> (g) | Senior Secured Closing Date Term Loan | S+ | 4.75% | 8.43% | 11/19/2025 | 11/19/2032 | 6346154 | 6287514 | 6298558 |

---

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments (continued)**

**March 31, 2026**

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

**(unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par /<br>Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **APCF SPV I, LLC (f) (continued)** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** |  |  |  |  |  |
| *Commercial Services & Supplies (continued)* |  |  |  |  |  |  |  |  |  |
| Eagle Fire<br> (g) | Senior Secured Initial Term Loan | S+ | 4.50% | 8.18% | 7/15/2025 | 7/15/2032 | 3491250 | 3459970 | 3465066 |
| Eagle Fire<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 4.25% | 7.93% | 7/15/2025 | 7/15/2032 | 486444 | 474675 | 482796 |
| Healthcare Linen Services Group<br> (g)(k) | Unitranche Initial Term Loan | S+ | 4.75% | 8.43% | 2/2/2026 | 12/30/2032 | 6179104 | 6121361 | 6117313 |
| Healthcare Linen Services Group<br> (g)(h)(k) | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 2/2/2026 | 12/30/2032 |  | (9843) |  |
| HeartLand<br> (g)(h) | Senior Secured 2025 Incremental Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 11/5/2025 | 12/12/2029 | 106653 | 78096 | 105587 |
| HeartLand<br> (g) | Senior Secured 2025 Acquisition Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 7/8/2025 | 12/12/2029 | 1920632 | 1903059 | 1901426 |
| O6 Environmental<br> (g) | Senior Secured Initial Term Loan | S+ | 4.75% | 8.43% | 8/5/2025 | 8/5/2032 | 6074325 | 6019768 | 6074325 |
| O6 Environmental<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 8/5/2025 | 8/5/2032 |  | (8411) |  |
| Onyx Fire Protection Services<br> (g)(h)(i) | Senior Secured Second Amendment Incremental DDTL | S+ | 4.50% | 8.18% | 2/13/2026 | 7/31/2031 |  | (7343) |  |
| Russell Landscape Group<br> (g) | Senior Secured Initial Term Loan | S+ | 5.50% | 9.18% | 10/10/2024 | 4/11/2030 | 4245965 | 4161937 | 4245965 |
| Russell Landscape Group<br> (g) | Senior Secured Delayed Draw Term Loan | S+ | 5.50% | 9.18% | 10/10/2024 | 4/11/2030 | 2114307 | 2095167 | 2114307 |
| SavATree<br> (g) | Unitranche Initial Term Loan | S+ | 5.00% | 8.68% | 10/10/2024 | 6/6/2031 | 11991256 | 11894167 | 11901321 |
| SavATree<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 5.00% | 8.68% | 10/10/2024 | 6/6/2031 |  | (23357) |  |
| Vortex Companies<br> (g) | Unitranche Closing Date Term Loan | S+ | 5.00% | 8.68% | 3/4/2026 | 12/31/2049 | 2000000 | 1970035 | 2000000 |
| Vortex Companies<br> (g)(h) | Unitranche Closing Date Term Loan | S+ | 5.00% | 8.68% | 3/31/2026 | 12/31/2049 |  | (37500) |  |
|  |  |  |  |  |  |  |  | $68299473 | $68741110 |
| *Communications Equipment* |  |  |  |  |  |  |  |  |  |
| Eastern Communications<br> (g) | Senior Secured Term A Loan | S+ | 5.00% | 8.68% | 11/4/2025 | 12/30/2030 | 4974811 | 4929343 | 4962374 |
|  |  |  |  |  |  |  |  | $4929343 | $4962374 |
| *Construction & Engineering* |  |  |  |  |  |  |  |  |  |
| A1 Garage Door Service | Unitranche Term Loan A | S+ | 4.50% | 8.18% | 10/10/2024 | 12/22/2028 | 4693099 | 4693099 | 4693099 |
| A1 Garage Door Service | Senior Secured Closing Date Delayed Draw Term Loan | S+ | 4.50% | 8.18% | 10/10/2024 | 12/22/2028 | 1639904 | 1639904 | 1639904 |
| Cumming Group | Unitranche Initial Term Loan | S+ | 4.75% | 8.43% | 10/10/2024 | 11/16/2027 | 22967853 | 22967853 | 22967853 |
| Cumming Group<br> (g)(h) | Senior Secured 2022 Incremental Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 10/10/2024 | 11/16/2027 | 3760667 | 3753395 | 3760667 |
| Gallo Mechanical<br> (g) | Senior Secured Initial Term Loan | S+ | 4.75% | 8.43% | 7/31/2025 | 8/2/2032 | 8183505 | 8072673 | 8163046 |

---

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments (continued)**

**March 31, 2026**

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

**(unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par / Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **APCF SPV I, LLC (f) (continued)** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** |  |  |  |  |  |
| *Construction & Engineering (continued)* |  |  |  |  |  |  |  |  |  |
| Gallo Mechanical<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 7/31/2025 | 8/2/2032 |  | (7956) |  |
| HR Green<br> (g) | Senior Secured First Amendment Term Loan | S+ | 5.50% | 9.18% | 10/10/2024 | 1/28/2030 | 5490734 | 5404486 | 5490734 |
| Legacy Service Partners<br> (g)(h) | Senior Secured Tenth Amendment Delayed Draw Term Loan | S+ | 4.50% | 8.18% | 11/10/2025 | 11/10/2031 |  | (3088) |  |
| Legacy Service Partners<br> (g) | Senior Secured Twelfth Amendment Term Loan | S+ | 4.50% | 8.18% | 5/22/2025 | 11/10/2031 | 500000 | 495009 | 496250 |
| Legacy Service Partners<br> (g) | Senior Secured Eleventh Amendment Term Loan | S+ | 4.50% | 8.18% | 10/10/2024 | 2/17/2033 | 2000000 | 1980684 | 1985000 |
| Lindsay Precast<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 5/22/2025 | 12/16/2032 |  | (6963) |  |
| Lindsay Precast<br> (g) | Senior Secured Initial Term Loan | S+ | 4.75% | 8.43% | 12/16/2025 | 12/16/2032 | 4224138 | 4184304 | 4192457 |
| National Trench Safety<br> (g) | Unitranche Initial Term Loan | S+ | 5.50% | 9.18% | 10/10/2024 | 12/4/2028 | 18628574 | 18500333 | 18628574 |
| RailPros<br> (g) | Unitranche Initial Term Loan | S+ | 4.25% | 7.93% | 5/22/2025 | 5/24/2032 | 4084737 | 4047984 | 4084737 |
| RailPros<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 4.25% | 7.93% | 5/22/2025 | 5/24/2032 | 378947 | 371642 | 378947 |
|  |  |  |  |  |  |  |  | $76093359 | $76481268 |
| *Consumer Staples Distribution & Retail* |  |  |  |  |  |  |  |  |  |
| Avita Pharmacy<br> (g) | Unitranche New Term A Loan | S+ | 5.00% | 8.68% | 11/4/2025 | 8/6/2030 | 14060115 | 13904353 | 14060115 |
|  |  |  |  |  |  |  |  | $13904353 | $14060115 |
| *Containers & Packaging* |  |  |  |  |  |  |  |  |  |
| Novvia Group<br> (g) | Unitranche Tranche B Term Loan | S+ | 5.25% | 8.93% | 6/13/2025 | 1/31/2032 | 11623567 | 11546880 | 11623567 |
| Novvia Group<br> (g)(h) | Senior Secured 2025 Delayed Draw Term Loan | S+ | 5.25% | 8.93% | 6/13/2025 | 1/31/2032 | 821006 | 815034 | 821006 |
| Precision Concepts<br> (g) | Unitranche Initial Term Loan (US) | S+ | 4.75% | 8.43% | 7/31/2025 | 8/2/2032 | 2942319 | 2916525 | 2920252 |
| Precision Concepts<br> (g) | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 7/31/2025 | 8/2/2032 | 1014593 | 1005587 | 1006983 |
| Precision Concepts<br> (g) | Senior Secured Amendment No. 1 Term Loan | S+ | 4.75% | 8.43% | 7/31/2025 | 8/2/2032 | 396920 | 393267 | 393943 |
|  |  |  |  |  |  |  |  | $16677293 | $16765751 |
| *Diversified Consumer Services* |  |  |  |  |  |  |  |  |  |
| Aptive Environmental<br> (g) | Senior Secured Initial Term Loan | S+ | 4.75% | 8.43% | 10/15/2025 | 10/15/2032 | 9720930 | 9629817 | 9648023 |
| Aptive Environmental<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 10/15/2025 | 10/15/2032 |  | (1988) |  |
| Heritage Partners<br> (g)(j)(l) | Unitranche Term B Loan | S+ | 0.00% | 3.68% PIK | 10/10/2024 | 9/29/2028 | 13125161 | 12783688 | 7532238 |
| Heritage Partners<br> (g)(j)(l) | Senior Secured Delayed Draw Term Loan | S+ | 0.00% | 3.68% PIK | 10/10/2024 | 12/22/2026 | 6181543 | 6020720 | 3547450 |

---

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

------

**Audax Private Credit Fund, LLC** 

**Consolidated Schedule of Investments (continued)** 

**March 31, 2026**

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

**(unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par / Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **APCF SPV I, LLC (f) (continued)** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** |  |  |  |  |  |
| *Diversified Consumer Services (continued)* |  |  |  |  |  |  |  |  |  |
| Kalkomey<br> (g) | Unitranche Initial Term Loan | S+ | 5.00% | 8.68% | 10/10/2024 | 6/18/2031 | 16921066 | 16661119 | 16921066 |
| Ned Stevens<br> (g) | Unitranche Initial Term Loan | S+ | 5.00% | 8.68% | 10/10/2024 | 11/1/2029 | 15162783 | 15161134 | 15162783 |
| RotoCo<br> (g) | Senior Secured Initial Term Loan | S+ | 5.50% | 9.18% | 10/10/2024 | 6/30/2028 | 12881408 | 12861652 | 8556247 |
| RotoCo<br> (g) | Senior Secured Delayed Draw Term Loan | S+ | 5.50% | 9.18% | 10/10/2024 | 6/30/2028 | 41057 | 40990 | 27272 |
| Southeast Lineman Training Center<br> (g) | Senior Secured Amendment No. 1 Term Loan | S+ | 5.00% | 8.68% | 8/18/2025 | 1/3/2030 | 5970000 | 5892377 | 5970000 |
| Super-Sod<br> (g)(h)(k) | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 2/27/2026 | 3/10/2032 |  | (9011) |  |
| Super-Sod<br> (g)(k) | Senior Secured Initial Term Loan | S+ | 4.75% | 8.43% | 2/27/2026 | 3/10/2032 | 8727273 | 8640000 | 8640000 |
|  |  |  |  |  |  |  |  | $87680498 | $76005079 |
| *Electrical Equipment* |  |  |  |  |  |  |  |  |  |
| Industrial Electric Manufacturing<br> (g)(h) | Senior Secured 2025 Incremental DDTL | S+ | 4.50% | 8.18% | 12/3/2025 | 12/3/2031 |  | (2690) |  |
| Industrial Electric Manufacturing<br> (g) | Senior Secured 2025 Incremental Term Loan | S+ | 4.50% | 8.18% | 12/3/2025 | 12/3/2031 | 5833135 | 5807131 | 5789386 |
| TryStar<br> (g)(h) | Senior Secured Amendment No. 2 Incremental Delayed Draw Term Loan | S+ | 4.25% | 7.93% | 1/5/2026 | 8/6/2031 |  | (11985) |  |
| TryStar<br> (g) | Senior Secured Amendment No.2 Incremental Term Loan | S+ | 4.25% | 7.93% | 1/6/2026 | 8/6/2031 | 1666667 | 1658333 | 1666667 |
|  |  |  |  |  |  |  |  | $7450789 | $7456053 |
| *Electronic Equipment, Instruments & Components* |  |  |  |  |  |  |  |  |  |
| TRG Solutions<br> (g)(h)(k) | Senior Secured Delayed Draw Term Loan | S+ | 4.50% | 8.18% | 1/5/2026 | 1/5/2032 |  | (11510) |  |
| TRG Solutions<br> (g)(k) | Unitranche Initial Term Loan | S+ | 4.50% | 8.18% | 1/5/2026 | 1/5/2032 | 8100000 | 8022595 | 8019000 |
|  |  |  |  |  |  |  |  | $8011085 | $8019000 |
| *Energy Equipment & Services* |  |  |  |  |  |  |  |  |  |
| Allied Power Group<br> (g) | Unitranche Initial Term Loan | S+ | 5.00% | 8.68% | 10/10/2024 | 5/16/2030 | 7078978 | 6944055 | 7078978 |
| Allied Power Group<br> (g) | Senior Secured Initial Delayed Draw Term Loan | S+ | 5.00% | 8.68% | 10/10/2024 | 5/16/2030 | 1489798 | 1477374 | 1489798 |
|  |  |  |  |  |  |  |  | $8421429 | $8568776 |
| *Financial Services* |  |  |  |  |  |  |  |  |  |
| AmpliFi<br> (g) | Senior Secured Initial Term Loan | S+ | 5.00% | 8.68% | 10/10/2024 | 4/23/2030 | 8249234 | 8090285 | 8249234 |
| Aprio<br> (g) | Senior Secured 2025 Incremental Term Loan | S+ | 4.75% | 8.43% | 4/25/2025 | 8/1/2031 | 2703083 | 2679293 | 2676053 |
| Aprio<br> (g)(h) | Senior Secured 2025 Incremental Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 4/25/2025 | 8/1/2031 | 1819823 | 1803561 | 1801625 |

---

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

------

**Audax Private Credit Fund, LLC** 

**Consolidated Schedule of Investments (continued)** 

**March 31, 2026**

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

**(unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par / Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **APCF SPV I, LLC (f) (continued)** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** |  |  |  |  |  |
| *Financial Services (continued)* |  |  |  |  |  |  |  |  |  |
| Ascend Partner Services<br> (g)(h) | Senior Secured Amendment No. 1 Delayed Draw Term Loan | S+ | 4.50% | 8.18% | 8/7/2025 | 8/11/2031 | 4009886 | 3956873 | 3969787 |
| Cherry Bekaert<br> (g) | Unitranche Term B Loan | S+ | 4.50% | 8.18% | 10/10/2024 | 6/28/2030 | 12398932 | 12373804 | 12398932 |
| Cherry Bekaert<br> (g) | Senior Secured Delayed Draw Term Loan | S+ | 4.50% | 8.18% | 10/10/2024 | 6/28/2030 | 6358827 | 6341974 | 6358827 |
| Embark<br> (g) | Senior Secured Term B Loan | S+ | 4.50% | 8.18% | 9/2/2025 | 9/2/2032 | 4477500 | 4436458 | 4443919 |
| Embark<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 4.50% | 8.18% | 9/2/2025 | 9/2/2032 |  | (16558) |  |
| Frazier & Deeter<br> (g)(h) | Senior Secured 2026 Incremental Delayed Draw Term Loan | S+ | 4.50% | 8.18% | 2/19/2026 | 5/2/2032 |  | (8593) |  |
| Merchant Industry & Valor PayTech<br> (g) | Senior Secured Term A Loan | S+ | 4.75% | 8.43% | 9/19/2025 | 9/19/2031 | 2590444 | 2566383 | 2590444 |
| Merchant Industry & Valor PayTech<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 9/19/2025 | 9/19/2031 | 552256 | 541461 | 552256 |
| Prime Pensions<br> (g) | Unitranche Initial Term Loan | S+ | 4.75% | 8.43% | 10/10/2024 | 2/26/2030 | 6669935 | 6604433 | 6669935 |
| Prime Pensions<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 10/10/2024 | 2/26/2030 | 1775072 | 1759450 | 1775072 |
|  |  |  |  |  |  |  |  | $51128824 | $51486084 |
| *Food Products* |  |  |  |  |  |  |  |  |  |
| Golden State Foods<br> (g)(k) | Unitranche Initial Term Loan | S+ | 4.00% | 7.68% | 10/10/2024 | 12/4/2031 | 1989924 | 1985751 | 1995058 |
| Hometown Food Company<br> (g) | Senior Secured Closing Date Term B Loan | S+ | 4.50% | 8.18% | 6/9/2025 | 12/3/2030 | 2829649 | 2809826 | 2822575 |
| MBC Companies<br> (g) | Senior Secured Third Amendment Term A Loan | S+ | 3.50% | 7.18% | 10/23/2025 | 9/10/2030 | 58099 | 57862 | 57663 |
| MBC Companies<br> (g) | Senior Secured Third Amendment Term B Loan | S+ | 4.75% | 8.43% | 10/20/2025 | 9/10/2030 | 936460 | 928225 | 929437 |
| Peterson Farms<br> (g) | Senior Secured Initial Term Loan | S+ | 4.00% | 7.68% | 11/14/2025 | 12/1/2032 | 2992500 | 2964463 | 2970056 |
|  |  |  |  |  |  |  |  | $8746127 | $8774789 |
| *Health Care Equipment & Supplies* |  |  |  |  |  |  |  |  |  |
| Alcresta<br> (g) | Unitranche First Amendment Term Loan | S+ | 5.50% | 9.18% | 12/4/2025 | 3/12/2031 | 4083403 | 4047161 | 4050005 |
| Alcresta<br> (g)(h) | Senior Secured Delayed Draw Term B Loan | S+ | 5.50% | 9.18% | 12/4/2025 | 3/12/2031 |  | (41782) |  |
| Antylia Scientific<br> (g)(k) | Senior Secured Initial Term Loan | S+ | 4.00% | 7.68% | 7/21/2025 | 5/27/2032 | 3990000 | 3899580 | 3976713 |
| USMed-Equip<br> (g) | Unitranche Initial Term Loan | S+ | 5.75% | 9.43% | 10/10/2024 | 5/24/2029 | 19583595 | 19523396 | 19583595 |
|  |  |  |  |  |  |  |  | $27428355 | $27610313 |
| *Health Care Providers & Services* |  |  |  |  |  |  |  |  |  |
| Accurate Neuromonitoring<br> (g)(k) | Unitranche Term Loan | S+ | 5.25% | 8.93% | 3/13/2026 | 3/13/2031 | 4287879 | 4212841 | 4212841 |
| APT Healthcare<br> (g) | Unitranche Initial Term Loan | S+ | 4.50% | 8.18% | 9/30/2025 | 9/30/2031 | 7738889 | 7649353 | 7666635 |

---

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments (continued)** 

**March 31, 2026**

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

**(unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par / Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **APCF SPV I, LLC (f) (continued)** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** |  |  |  |  |  |
| *Health Care Providers & Services (continued)* |  |  |  |  |  |  |  |  |  |
| APT Healthcare<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 4.50% | 8.18% | 9/30/2025 | 9/30/2031 |  | (6471) |  |
| Clearway Pain Solutions<br> (g) | Senior Secured Term Loan A | S+ | 5.50% | 9.18% | 9/22/2025 | 8/30/2030 | 4285589 | 4224421 | 4253445 |
| Clearway Pain Solutions<br> (g)(h) | Senior Secured Tenth Amendment Delayed Draw Loan | S+ | 5.50% | 9.18% | 9/22/2025 | 8/31/2030 | 836368 | 811421 | 830096 |
| CuraLinc Healthcare<br> (g)(k) | Senior Secured Second Amendment Term Loan (First Lien) | S+ | 4.50% | 8.18% | 3/31/2026 | 8/1/2030 | 6000000 | 5910000 | 6000000 |
| Cornerstone Caregiving<br> (g)(h)(k) | Senior Secured Initial Term Loan | S+ | 4.75% | 8.43% | 3/25/2026 | 4/1/2032 |  | (48846) |  |
| Dane Street<br> (g)(k) | Senior Secured Initial Term Loan | S+ | 4.50% | 8.18% | 3/24/2026 | 3/28/2033 | 3445000 | 3410571 | 3410550 |
| MDpanel | Unitranche Initial Term Loan | S+ | 6.50% | 10.18% | 10/10/2024 | 8/2/2029 | 5837439 | 5837439 | 5837439 |
| MDpanel<br> (g) | Senior Secured Delayed Draw Term Loan | S+ | 6.50% | 10.18% | 10/10/2024 | 8/2/2029 | 1044707 | 1042870 | 1044707 |
| National Seating & Mobility | Senior Secured Amendment No. 9 Incremental Term Loan | S+ | 4.25% | 7.93% | 7/17/2025 | 5/14/2029 | 1980050 | 1980050 | 1975100 |
| Patterson Companies<br> (g)(k) | Senior Secured Initial Term Loan | S+ | 4.50% | 8.18% | 8/13/2025 | 4/16/2032 | 9950000 | 9027482 | 8258500 |
| Riccobene Associates Family Dentistry<br> (g) | Senior Secured Initial Term Loan | S+ | 4.75% | 8.43% | 6/6/2025 | 10/31/2030 | 8233265 | 8143174 | 8233265 |
| Riccobene Associates Family Dentistry<br> (g)(h) | Senior Secured Initial Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 6/6/2025 | 10/31/2030 | 1760846 | 1734881 | 1760846 |
| RxBenefits<br> (g) | Senior Secured Initial Term Loan | S+ | 5.00% | 8.68% | 6/6/2025 | 12/19/2030 | 4500000 | 4412701 | 4466250 |
| Sequel Ortho (fka OrthoNebraska) | Unitranche Initial Term Loan | S+ | 5.00% | 8.68% | 10/10/2024 | 7/31/2028 | 4760367 | 4760367 | 4760367 |
| Sequel Ortho (fka OrthoNebraska)<br> (g) | Unitranche First Amendment Term Loan | S+ | 5.00% | 8.68% | 10/31/2025 | 7/31/2028 | 5700000 | 5641754 | 5700000 |
| Specialized Dental<br> (g) | Senior Secured Sixth Amendment Term Loan | S+ | 4.75% | 8.43% | 10/30/2025 | 11/1/2028 | 8725794 | 8682165 | 8693230 |
| Specialized Dental<br> (g)(h) | Senior Secured Sixth Amendment DDTL | S+ | 4.75% | 8.43% | 10/30/2025 | 11/1/2028 |  | (15565) |  |
| Summit Spine & Joint Centers<br> (g) | Unitranche Initial Term Loan | S+ | 4.75% | 8.43% | 6/13/2025 | 3/25/2031 | 12463140 | 12294155 | 12463140 |
| Summit Spine & Joint Centers<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 6/13/2025 | 3/25/2031 |  | (20674) |  |
| TEAM Services 2026<br> (g)(k) | Senior Secured Initial Term Loan | S+ | 5.25% | 8.93% | 1/30/2026 | 1/31/2033 | 6500000 | 6418750 | 6418750 |
|  |  |  |  |  |  |  |  | $96102839 | $95985161 |
| *Health Care Technology* |  |  |  |  |  |  |  |  |  |
| AGS Health<br> (g) | Unitranche Initial Term Loan | S+ | 4.50% | 8.18% | 7/31/2025 | 8/2/2032 | 5113500 | 5103688 | 5075149 |
| AGS Health<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 4.50% | 8.18% | 7/31/2025 | 8/2/2032 |  | (1992) |  |
| Avalon<br> (g) | Senior Secured Initial Term Loan | S+ | 4.50% | 8.18% | 12/31/2025 | 12/31/2031 | 7500000 | 7429600 | 7438796 |
| VaxCare<br> (g) | Unitranche Initial Term Loan | S+ | 4.25% | 7.93% | 6/16/2025 | 6/17/2032 | 3316667 | 3285460 | 3316667 |
|  |  |  |  |  |  |  |  | $15816756 | $15830612 |

---

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

------

**Audax Private Credit Fund, LLC** 

**Consolidated Schedule of Investments (continued)** 

**March 31, 2026** 

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

**(unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par / Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **APCF SPV I, LLC (f) (continued)** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** |  |  |  |  |  |
| *Hotels, Restaurants & Leisure* |  |  |  |  |  |  |  |  |  |
| Hissho Sushi<br> (g) | Unitranche Amendment No.2 Incremental Term Loan | S+ | 4.75% | 8.43% | 10/20/2025 | 5/18/2029 | 9927500 | 9841716 | 9927500 |
| Taymax Group | Senior Secured Initial Term Loan | S+ | 5.18% | 8.87% | 10/10/2024 | 7/31/2026 | 14374628 | 14374628 | 14374628 |
| Taymax Group | Senior Secured Delayed Draw Term Loan | S+ | 5.18% | 8.87% | 10/10/2024 | 8/2/2027 | 7998027 | 7998027 | 7998027 |
|  |  |  |  |  |  |  |  | $32214371 | $32300155 |
| *Insurance* |  |  |  |  |  |  |  |  |  |
| SIAA (Alliance Holdings) | Unitranche Seventh Amendment Refinancing Term Loan | S+ | 4.75% | 8.43% | 10/10/2024 | 4/30/2030 | 24948013 | 24948013 | 24948013 |
|  |  |  |  |  |  |  |  | $24948013 | $24948013 |
| *Interactive Media & Services* |  |  |  |  |  |  |  |  |  |
| Integral Ad Science<br> (g) | Senior Secured Initial Term Loan | S+ | 5.00% | 8.68% | 12/22/2025 | 12/23/2031 | 9440625 | 9118908 | 9369820 |
|  |  |  |  |  |  |  |  | $9118908 | $9369820 |
| *Internet Software & Services* |  |  |  |  |  |  |  |  |  |
| Argano<br> (g)(h) | Senior Secured Second Amendment Delayed Draw Term Loan | S+ | 5.50% | 9.18% | 12/3/2025 | 9/13/2029 | 862511 | 821762 | 852807 |
| Dun & Bradstreet<br> (g) | Unitranche Initial Term Loan | S+ | 5.50% | 9.18% | 8/26/2025 | 8/26/2032 | 4987500 | 4942067 | 4962563 |
| Power Digital<br> (g) | Unitranche Initial Term Loan | S+ | 4.75% | 8.43% | 10/10/2024 | 3/11/2030 | 11125481 | 11102427 | 11125481 |
| Power Digital<br> (g) | Senior Secured Initial Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 10/10/2024 | 3/11/2030 | 638924 | 637600 | 638924 |
|  |  |  |  |  |  |  |  | $17503856 | $17579775 |
| *IT Services* |  |  |  |  |  |  |  |  |  |
| GoldenSource | Unitranche Initial Term Loan | S+ | 5.00% | 8.68% | 10/10/2024 | 5/12/2028 | 8094508 | 8094508 | 8094508 |
| Med Tech Solutions<br> (g) | Unitranche Initial Term Loan | S+ | 5.25% | 8.93% | 6/3/2025 | 6/3/2032 | 5809646 | 5717516 | 5809646 |
| Med Tech Solutions<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 5.25% | 8.93% | 6/3/2025 | 6/3/2032 |  | (23864) |  |
| Trace3 2025<br> (g)(k) | Unitranche Closing Date Term B Loan | S+ | 4.00% | 7.68% | 10/8/2025 | 10/29/2032 | 3619048 | 3585718 | 3534905 |
|  |  |  |  |  |  |  |  | $17373878 | $17439059 |
| *Leisure Products* |  |  |  |  |  |  |  |  |  |
| PlayPower 2025<br> (g) | Unitranche Initial Term Loan | S+ | 5.25% | 8.93% | 7/25/2025 | 10/29/2031 | 14102655 | 13839576 | 13961628 |
|  |  |  |  |  |  |  |  | $13839576 | $13961628 |
| *Life Sciences Tools & Services* |  |  |  |  |  |  |  |  |  |
| TCP Analytical<br> (g) | Unitranche First Amendment US Term Loan A | S+ | 5.00% | 8.68% | 6/17/2025 | 3/12/2031 | 8932500 | 8833625 | 8932500 |
|  |  |  |  |  |  |  |  | $8833625 | $8932500 |

---

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments (continued)** 

**March 31, 2026** 

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

**(unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par / Shares** | **Cost of Investment** | **Fair Value of Investment** |
| **APCF SPV I, LLC (f) (continued)** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** |  |  |  |  |  |
| *Machinery* |  |  |  |  |  |  |  |  |  |
| 80/20<br> (g) | Unitranche Initial Term Loan | S+ | 4.50% | 8.18% | 12/12/2025 | 12/13/2032 | 6142857 | 6084893 | 6098563 |
| 80/20<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 4.50% | 8.18% | 12/12/2025 | 12/13/2032 |  | (8571) |  |
| Barnes Group 2025<br> (g)(k) | Senior Secured Term Loan | S+ | 4.75% | 8.43% | 10/17/2025 | 10/22/2032 | 5500000 | 5394156 | 5472500 |
| Bettcher Industries<br> (k) | Senior Secured Initial Term Loan (First Lien) | S+ | 4.00% | 7.68% | 12/11/2025 | 12/14/2028 |  | 872 |  |
| Tank Holdings<br> (g) | Unitranche Initial Term Loan | S+ | 6.00% | 9.68% | 2/6/2025 | 3/31/2028 | 6336478 | 6268988 | 6288955 |
| Tank Holdings<br> (g) | Senior Secured Delayed Draw Term Loan | S+ | 6.00% | 9.68% | 2/6/2025 | 3/31/2028 | 607154 | 598037 | 602600 |
| Voeller Mixers<br> (g) | Senior Secured Closing Date Initial Term Loan | S+ | 4.75% | 8.43% | 11/25/2025 | 11/25/2032 | 4069767 | 4031001 | 4039244 |
| Voeller Mixers<br> (g)(h) | Senior Secured Initial Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 11/25/2025 | 11/25/2032 |  | (7737) |  |
|  |  |  |  |  |  |  |  | $22361639 | $22501862 |
| *Media* |  |  |  |  |  |  |  |  |  |
| Allyant<br> (g)(i) | Unitranche Closing Date Term A Loan | S+ | 6.00% | 9.68% | 10/10/2024 | 10/30/2026 | 22939535 | 22900775 | 22939535 |
| Encore<br> (g)(k) | Senior Secured Initial Term Loan | S+ | 5.00% | 8.68% | 3/17/2026 | 12/5/2031 | 3857713 | 3664827 | 3664827 |
|  |  |  |  |  |  |  |  | $26565602 | $26604362 |
| *Metals & Mining* |  |  |  |  |  |  |  |  |  |
| Forged Solutions<br> (g)(i) | Senior Secured Initial Term Loan | S+ | 4.75% | 8.43% | 2/27/2026 | 2/25/2033 | 4166667 | 4125000 | 4135417 |
|  |  |  |  |  |  |  |  | $4125000 | $4135417 |
| *Oil, Gas & Consumable Fuels* |  |  |  |  |  |  |  |  |  |
| Palmdale Oil<br> (g) | Unitranche Initial Term Loan | S+ | 4.75% | 8.43% | 12/5/2025 | 12/12/2031 | 846196 | 843093 | 839849 |
|  |  |  |  |  |  |  |  | $843093 | $839849 |
| *Personal Care Products* |  |  |  |  |  |  |  |  |  |
| Mary Ruth's<br> (g) | Senior Secured Closing Date Term A Loan | S+ | 4.00% | 7.68% | 10/8/2025 | 9/30/2030 | 1234375 | 1229249 | 1234375 |
| Mary Ruth's<br> (g) | Senior Secured Closing Date Term B Loan | S+ | 4.75% | 8.43% | 10/8/2025 | 9/30/2031 | 3731250 | 3698164 | 3731250 |
|  |  |  |  |  |  |  |  | $4927413 | $4965625 |
| *Pharmaceuticals* |  |  |  |  |  |  |  |  |  |
| Minds & Assembly<br> (g) | Unitranche Initial Term Loan | S+ | 5.00% | 8.68% | 10/10/2025 | 5/3/2029 | 7980000 | 7876365 | 7980000 |
|  |  |  |  |  |  |  |  | $7876365 | $7980000 |

---

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments (continued)** 

**March 31, 2026** 

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

**(unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par / Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **APCF SPV I, LLC (f) (continued)** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** |  |  |  |  |  |
| *Professional Services* |  |  |  |  |  |  |  |  |  |
| Epiq<br> (g)(k) | Senior Secured 2025 Refinancing Term Loan (First Lien) | S+ | 4.00% | 7.68% | 10/8/2025 | 4/26/2029 | 907681 | 787283 | 785901 |
| Foundation Source<br> (g) | Senior Secured Delayed Draw Term A Loan | S+ | 5.00% | 8.68% | 10/10/2024 | 9/6/2030 | 4230352 | 4208701 | 4230352 |
| Foundation Source | Senior Secured Initial Term Loan | S+ | 5.00% | 8.68% | 10/10/2024 | 9/6/2030 | 13433780 | 13433780 | 13433780 |
| Lighthouse<br> (g) | Unitranche First Amendment Incremental Term Loan | S+ | 5.00% | 8.68% | 6/2/2025 | 12/31/2029 | 647242 | 644883 | 647242 |
| Lighthouse<br> (g) | Unitranche Initial Term Loan | S+ | 5.00% | 8.68% | 6/2/2025 | 12/31/2029 | 20673583 | 20586563 | 20673582 |
| Magna Legal Services | Senior Secured Initial Term Loan | S+ | 4.50% | 8.18% | 10/10/2024 | 11/22/2029 | 13703104 | 13703104 | 13703104 |
| Magna Legal Services | Senior Secured Delayed Draw Term Loan | S+ | 4.50% | 8.18% | 10/10/2024 | 11/22/2029 | 3836309 | 3836309 | 3836309 |
| Proceed<br> (g)(k) | Unitranche Term Loan | S+ | 4.50% | 8.18% | 3/31/2026 | 3/31/2032 | 3708333 | 3671250 | 3671250 |
|  |  |  |  |  |  |  |  | $60871873 | $60981520 |
| *Software* |  |  |  |  |  |  |  |  |  |
| AIA Contract Documents<br> (g) | Senior Secured Term Loan | S+ | 4.75% | 8.43% | 7/2/2025 | 7/2/2031 | 5065454 | 4997502 | 5065454 |
| FMG Suite<br> (g) | Unitranche Initial Term Loan | S+ | 4.75% | 8.43% | 9/9/2025 | 9/9/2032 | 6267311 | 6211042 | 6267311 |
| FMG Suite<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 9/9/2025 | 9/9/2032 |  | (7818) |  |
| PKWARE<br> (g) | Unitranche Term A Loan | S+ | 4.50% | 8.18% | 6/2/2025 | 6/3/2030 | 12108434 | 11983095 | 12108433 |
| Inmar<br> (g) | Senior Secured Amendment No. 4 Refinancing Term Loan (First Lien) | S+ | 4.50% | 8.18% | 9/12/2025 | 10/30/2031 | 1984962 | 1980000 | 1965112 |
| InvestCloud<br> (g) | Senior Secured Initial Term Loan | S+ | 4.00% | 7.68% | 1/16/2026 | 1/27/2033 | 3000000 | 2971007 | 2977500 |
| Mitratech<br> (g) | Unitranche Closing Date Initial Term Loan | S+ | 4.75% | 8.43% | 12/2/2025 | 12/2/2031 | 9174312 | 9131472 | 9128440 |
| Mitratech<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 12/2/2025 | 12/2/2031 |  | (1127) |  |
| PayByPhone<br> (g)(i)(k) | Unitranche Initial Term Loan | S+ | 4.75% | 8.43% | 3/31/2026 | 3/31/2033 | 5666667 | 5610000 | 5610000 |
| Tribute Technology | Unitranche Initial Term Loan | S+ | 5.50% | 9.18% | 10/10/2024 | 10/30/2028 | 14973924 | 14973924 | 14973923 |
| Tribute Technology | Senior Secured Delayed Draw Term Loan | S+ | 5.75% | 9.43% | 10/10/2024 | 10/30/2028 | 3356808 | 3356808 | 3356808 |
| Unison Global | Unitranche 2024-1 Repricing Term Loan | S+ | 5.00% | 8.68% | 10/10/2024 | 9/19/2028 | 14735547 | 14735547 | 14661870 |
| Unison Global<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 5.00% | 8.68% | 10/10/2024 | 9/19/2028 | 606181 | 604604 | 603150 |
|  |  |  |  |  |  |  |  | $76546056 | $76718001 |

---

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments (continued)** 

**March 31, 2026** 

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

**(unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par /<br>Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **APCF SPV I, LLC (f) (continued)** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** |  |  |  |  |  |
| *Trading Companies & Distributors* |  |  |  |  |  |  |  |  |  |
| Apex Service Partners<br> (g) | Unitranche Second Amendment Incremental Term Loan | S+ | 5.00% | 8.68% | 4/29/2025 | 10/24/2030 | 1894426 | 1878065 | 1884954 |
| Apex Service Partners<br> (g) | Senior Secured Second Amendment Incremental DDTL Loan | S+ | 5.00% | 8.68% | 4/29/2025 | 10/24/2030 | 5572750 | 5525528 | 5544886 |
| Industrial Service Group | Unitranche Initial Term Loan | S+ | 5.75% | 9.43% | 10/10/2024 | 12/7/2028 | 6977418 | 6977418 | 6977418 |
| Industrial Service Group | Senior Secured Delayed Draw Term Loan | S+ | 5.75% | 9.43% | 10/10/2024 | 12/7/2028 | 3633231 | 3633231 | 3633231 |
| Levata<br> (g) | Senior Secured Sixteenth Amendment Incremental Effective Date Term Loan | S+ | 5.00% | 8.68% | 8/20/2025 | 12/21/2027 | 4858834 | 4821716 | 4834539 |
| Levata<br> (g)(h) | Senior Secured Sixteenth Amendment Incremental Delayed Draw Term Loan | S+ | 5.00% | 8.68% | 8/20/2025 | 12/21/2027 |  | (3848) |  |
| R.F. Fager<br> (g) | Senior Secured First Amendment Term Loan | S+ | 5.00% | 8.68% | 5/22/2025 | 3/4/2030 | 1733867 | 1707858 | 1725198 |
| R.F. Fager<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 5.00% | 8.68% | 5/22/2025 | 3/4/2030 | 646252 | 637024 | 643020 |
| SupplyHouse<br> (g) | Senior Secured Initial Term Loan | S+ | 4.00% | 7.68% | 7/1/2025 | 7/1/2032 | 3731250 | 3714244 | 3703266 |
|  |  |  |  |  |  |  |  | $28891236 | $28946512 |
| *Water Utilities* |  |  |  |  |  |  |  |  |  |
| Vessco Water<br> (g)(h) | Senior Secured 2025 Incremental DDTL | S+ | 4.50% | 8.18% | 11/3/2025 | 7/24/2031 |  | (7265) |  |
| Vessco Water<br> (g) | Unitranche 2025 Incremental Term Loan | S+ | 4.50% | 8.18% | 11/3/2025 | 7/24/2031 | 3248971 | 3234946 | 3224603 |
|  |  |  |  |  |  |  |  | $3227681 | $3224603 |
|  |  |  | **Total APCF SPV I, LLC** | **Total APCF SPV I, LLC** | **Total APCF SPV I, LLC** | **Total APCF SPV I, LLC** |  | $910740749 | $902399421 |
| **Audax Private Credit Subsidiary, LLC** | **Audax Private Credit Subsidiary, LLC** | **Audax Private Credit Subsidiary, LLC** | **Audax Private Credit Subsidiary, LLC** | **Audax Private Credit Subsidiary, LLC** |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)** |  |  |  |  |
| *Capital Markets* |  |  |  |  |  |  |  |  |  |
| Cerity Partners<br> (g)(h) | Senior Secured Initial Revolving Loan | S+ | 4.50% | 8.18% | 10/10/2024 | 7/28/2031 | $589126 | $583937 | $589126 |
|  |  |  |  |  |  |  |  | $583937 | $589126 |
| *Commercial Services & Supplies* |  |  |  |  |  |  |  |  |  |
| Russell Landscape Group<br> (g)(h) | Senior Secured Revolving Loan | S+ | 5.50% | 9.18% | 10/10/2024 | 4/11/2030 | 188267 | 184261 | 188267 |
| SavATree<br> (g)(h) | Senior Secured Revolving Credit Loan | S+ | 5.00% | 8.68% | 10/10/2024 | 6/6/2031 | 119577 | 118567 | 118681 |
| SavATree<br> (g) | Unitranche Initial Term Loan | S+ | 5.00% | 8.68% | 10/10/2024 | 6/6/2031 | 3252978 | 3252682 | 3228580 |
|  |  |  |  |  |  |  |  | $3555510 | $3535528 |

---

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments (continued)** 

**March 31, 2026** 

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

**(unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par /<br>Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **Audax Private Credit Subsidiary, LLC (continued)** | **Audax Private Credit Subsidiary, LLC (continued)** | **Audax Private Credit Subsidiary, LLC (continued)** | **Audax Private Credit Subsidiary, LLC (continued)** | **Audax Private Credit Subsidiary, LLC (continued)** |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** |  |  |  |  |
| *Construction & Engineering* |  |  |  |  |  |  |  |  |  |
| National Trench Safety<br> (g)(h) | Senior Secured Revolving Loan | S+ | 5.50% | 9.18% | 10/10/2024 | 12/4/2028 | 1664475 | 1653558 | 1664475 |
| RailPros<br> (g)(h) | Senior Secured Revolving Loan | S+ | 4.25% | 7.93% | 5/22/2025 | 5/24/2032 |  | (5811) |  |
|  |  |  |  |  |  |  |  | $1647747 | $1664475 |
| *Diversified Consumer Services* |  |  |  |  |  |  |  |  |  |
| Heritage Partners<br> (g)(h)(j)(l) | Senior Secured Revolving Credit Loan | S+ | 0.00% | 3.68% PIK | 10/10/2024 | 9/29/2028 | 2525827 | 2495870 | 1449516 |
| Ned Stevens<br> (g) | Unitranche Initial Term Loan | S+ | 5.00% | 8.68% | 10/10/2024 | 11/1/2029 | 2854862 | 2853147 | 2854862 |
| Ned Stevens<br> (h) | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 10/10/2024 | 11/1/2028 | 256427 | 256427 | 256427 |
| RotoCo<br> (g)(h) | Senior Secured Initial Revolving Loan | S+ | 5.50% | 9.18% | 10/10/2024 | 6/30/2028 | 1610404 | 1608660 | 1069683 |
|  |  |  |  |  |  |  |  | $7214104 | $5630488 |
| *Financial Services* |  |  |  |  |  |  |  |  |  |
| Cherry Bekaert<br> (g)(h) | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.18% | 10/10/2024 | 6/28/2030 | 321714 | 316567 | 321714 |
|  |  |  |  |  |  |  |  | $316567 | $321714 |
| *Health Care Equipment & Supplies* |  |  |  |  |  |  |  |  |  |
| USMed-Equip<br> (g)(h) | Senior Secured Revolving Credit Loan | S+ | 5.75% | 9.43% | 10/10/2024 | 5/24/2029 |  | (5318) |  |
|  |  |  |  |  |  |  |  | $(5318) | $— |
| *Health Care Providers & Services* |  |  |  |  |  |  |  |  |  |
| Hilco Vision<br> (j) | Senior Secured Second Out Term Loan | S+ | 6.00% PIK | 9.68% | 10/10/2024 | 4/21/2030 | 5832447 | 5832447 | 3900952 |
| Hilco Vision<br> (h) | Senior Secured Revolving Loan | S+ | 6.00% PIK | 9.68% | 10/10/2024 | 4/21/2030 | 1346077 | 1346077 | 1346077 |
| Sequel Ortho (fka OrthoNebraska)<br> (g)(h) | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 10/10/2024 | 7/31/2028 |  | (1384) |  |
|  |  |  |  |  |  |  |  | $7177140 | $5247029 |
| *Internet Software & Services* |  |  |  |  |  |  |  |  |  |
| Power Digital<br> (g)(h) | Senior Secured Initial Revolving Loan | S+ | 4.75% | 8.43% | 10/10/2024 | 3/11/2030 | 655469 | 650687 | 655469 |
|  |  |  |  |  |  |  |  | $650687 | $655469 |

---

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments (continued)** 

**March 31, 2026** 

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

**(unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par /<br>Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **Audax Private Credit Subsidiary, LLC (continued)** | **Audax Private Credit Subsidiary, LLC (continued)** | **Audax Private Credit Subsidiary, LLC (continued)** | **Audax Private Credit Subsidiary, LLC (continued)** | **Audax Private Credit Subsidiary, LLC (continued)** |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** |  |  |  |  |
| *IT Services* |  |  |  |  |  |  |  |  |  |
| GoldenSource<br> (h) | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 10/10/2024 | 5/12/2028 | 707280 | 707280 | 707280 |
|  |  |  |  |  |  |  |  | $707280 | $707280 |
| *Media* |  |  |  |  |  |  |  |  |  |
| Allyant<br> (g)(h)(i) | Senior Secured Revolving Loan | S+ | 6.00% | 9.68% | 10/10/2024 | 10/30/2026 |  | (3426) |  |
|  |  |  |  |  |  |  |  | $(3426) | $— |
| *Professional Services* |  |  |  |  |  |  |  |  |  |
| Dwellworks<br> (g)(j) | Senior Secured Initial Term Loan | S+ | 8.50% PIK | 12.18% | 10/10/2024 | 3/31/2027 | 10438717 | 7380215 | 3420444 |
| Dwellworks (Tranche B-1)<br> (g)(j) | Senior Secured Tranche B-1 Loan | Fixed | 18.00% PIK | 20.00% | 10/10/2024 | 3/31/2027 | 5568956 | 3973959 |  |
| Foundation Source<br> (h) | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 10/10/2024 | 9/6/2029 | 171787 | 171787 | 171787 |
| Lighthouse<br> (g)(h) | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 10/10/2024 | 12/31/2029 |  | (13398) |  |
|  |  |  |  |  |  |  |  | $11512563 | $3592231 |
| *Software* |  |  |  |  |  |  |  |  |  |
| Tribute Technology<br> (g)(h) | Senior Secured Revolving Credit Loan | S+ | 6.50% | 10.18% | 10/10/2024 | 10/30/2028 | 1131285 | 1131283 | 1131285 |
|  |  |  |  |  |  |  |  | $1131283 | $1131285 |
| *Trading Companies & Distributors* |  |  |  |  |  |  |  |  |  |
| Industrial Service Group<br> (h) | Senior Secured Revolving Loan | S+ | 5.75% | 9.43% | 10/10/2024 | 12/7/2028 | 994731 | 994731 | 994731 |
| R.F. Fager<br> (g)(h) | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 5/22/2025 | 3/4/2030 | 75922 | 70698 | 75543 |
|  |  |  |  |  |  |  |  | $1065429 | $1070274 |
| **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** |  |  |  |  |  |
| *Aerospace & Defense* |  |  |  |  |  |  |  |  |  |
| Blue Raven Solutions<br> (j) | Class A Units |  |  |  | 10/10/2024 |  | 1374300 |  | 4562675 |
|  |  |  |  |  |  |  |  | $— | $4562675 |
| *Commercial Services & Supplies* |  |  |  |  |  |  |  |  |  |
| ScentAir<br> (j) | Class A Units |  |  |  | 10/10/2024 |  | 858937 | 806166 | 759442 |
|  |  |  |  |  |  |  |  | $806166 | $759442 |

---

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments (continued)** 

**March 31, 2026** 

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

**(unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par /<br>Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **Audax Private Credit Subsidiary, LLC (continued)** | **Audax Private Credit Subsidiary, LLC (continued)** | **Audax Private Credit Subsidiary, LLC (continued)** | **Audax Private Credit Subsidiary, LLC (continued)** | **Audax Private Credit Subsidiary, LLC (continued)** |  |  |  |  |  |
| **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)** |  |  |  |  |  |
| *Construction & Engineering* |  |  |  |  |  |  |  |  |  |
| A1 Garage Door Service<br> (j) | Class A Common Units |  |  |  | 10/10/2024 |  | 781 | 1368519 | 2458361 |
| National Trench Safety<br> (j) | Preferred Units |  |  |  | 4/3/2025 |  | 3266 | 357207 | 414633 |
| National Trench Safety<br> (j) | Common Units |  |  |  | 10/10/2024 |  | 7161 | 642983 | 601063 |
|  |  |  |  |  |  |  |  | $2368709 | $3474057 |
| *Consumer Staples Distribution & Retail* |  |  |  |  |  |  |  |  |  |
| Avita Pharmacy<br> (j) | Class A Common Units |  |  |  | 10/10/2024 |  | 1273295 | 471761 | 4496693 |
| Avita Pharmacy<br> (j) | Preferred Units |  |  |  | 10/10/2024 |  | 1187627 | 864846 | 615599 |
| Avita Pharmacy<br> (j) | Junior Preferred Units |  |  |  | 10/10/2024 |  | 22654 | 27131 | 31167 |
|  |  |  |  |  |  |  |  | $1363738 | $5143459 |
| *Diversified Consumer Services* |  |  |  |  |  |  |  |  |  |
| Ned Stevens<br> (j) | Class A Capital Units |  |  |  | 10/10/2024 |  | 1737 | 1902090 | 2157021 |
|  |  |  |  |  |  |  |  | $1902090 | $2157021 |
| *Energy Equipment & Services* |  |  |  |  |  |  |  |  |  |
| Allied Power Group<br> (j) | Class A Units |  |  |  | 10/10/2024 |  | 400281 | 400281 | 1173918 |
|  |  |  |  |  |  |  |  | $400281 | $1173918 |
| *Food Products* |  |  |  |  |  |  |  |  |  |
| Florida Food Products<br> (j) | Common Units |  |  |  | 10/10/2024 |  | 1536658 | 1530283 | 507972 |
|  |  |  |  |  |  |  |  | $1530283 | $507972 |
| *Health Care Equipment & Supplies* |  |  |  |  |  |  |  |  |  |
| USMed-Equip<br> (j) | Common Units |  |  |  | 10/10/2024 |  | 13738 | 1010899 | 978754 |
|  |  |  |  |  |  |  |  | $1010899 | $978754 |
| *Health Care Providers & Services* |  |  |  |  |  |  |  |  |  |
| Hilco Vision<br> (j) | Class A Common Stock |  |  |  | 10/10/2024 |  | 4496 | 1988337 |  |
| MDpanel<br> (j) | Class A Units |  |  |  | 10/10/2024 |  | 764074 | 735555 | 490139 |
| Shearwater Health<br> (j) | Class A Common Stock |  |  |  | 10/10/2024 |  | 687 | 1839962 | 2050022 |
|  |  |  |  |  |  |  |  | $4563854 | $2540161 |

---

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments (continued)** 

**March 31, 2026** 

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

**(unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par /<br>Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **Audax Private Credit Subsidiary, LLC (continued)** | **Audax Private Credit Subsidiary, LLC (continued)** | **Audax Private Credit Subsidiary, LLC (continued)** | **Audax Private Credit Subsidiary, LLC (continued)** | **Audax Private Credit Subsidiary, LLC (continued)** |  |  |  |  |  |
| **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)** |  |  |  |  |  |
| *Insurance* |  |  |  |  |  |  |  |  |  |
| SIAA (Alliance Holdings)<br> (j) | Common Units |  |  |  | 10/10/2024 |  | 7635 | 1162946 | 1894015 |
|  |  |  |  |  |  |  |  | $1162946 | $1894015 |
| *Internet Software & Services* |  |  |  |  |  |  |  |  |  |
| Power Digital<br> (j) | Class L Common Units |  |  |  | 10/10/2024 |  | 81934 | 852220 | 1232483 |
|  |  |  |  |  |  |  |  | $852220 | $1232483 |
| *IT Services* |  |  |  |  |  |  |  |  |  |
| GoldenSource<br> (j) | Class A Membership Interests |  |  |  | 10/10/2024 |  | 327445 | 441589 | 733730 |
| Voyatek<br> (j) | Class C LP Units |  |  |  | 10/10/2024 |  | 1337 | 404003 |  |
|  |  |  |  |  |  |  |  | $845592 | $733730 |
| *Media* |  |  |  |  |  |  |  |  |  |
| Allyant<br> (i)(j) | Common Shares |  |  |  | 10/10/2024 |  | 5 | 1533995 | 704429 |
|  |  |  |  |  |  |  |  | $1533995 | $704429 |
| *Professional Services* |  |  |  |  |  |  |  |  |  |
| Dwellworks<br> (j) | Preferred Units |  |  |  | 10/10/2024 |  | 984915 |  |  |
| Foundation Source<br> (j) | Class A LP Interests |  |  |  | 10/10/2024 |  | 1824 | 2003 | 2806 |
| Foundation Source<br> (j) | Class B LP Interests |  |  |  | 10/10/2024 |  | 1822812 | 2002692 | 2803879 |
| Lighthouse<br> (j) | LP Interests |  |  |  | 10/10/2024 |  | 3519 | 6701863 | 7903482 |
|  |  |  |  |  |  |  |  | $8706558 | $10710167 |
| *Software* |  |  |  |  |  |  |  |  |  |
| PracticeTek<br> (j) | LP Interests |  |  |  | 10/10/2024 |  | 1441373 | 1803344 | 1541028 |
| Tribute Technology<br> (j) | Class A-1 Units |  |  |  | 10/10/2024 |  | 1570 | 1241560 | 880354 |
|  |  |  |  |  |  |  |  | $3044904 | $2421382 |
|  |  |  | **Total Audax Private Credit Subsidiary, LLC** | **Total Audax Private Credit Subsidiary, LLC** | **Total Audax Private Credit Subsidiary, LLC** | **Total Audax Private Credit Subsidiary, LLC** |  | $65645738 | $63138564 |

---

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments (continued)** 

**March 31, 2026** 

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

**(unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par /<br>Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **Audax Private Credit Fund, LLC** | **Audax Private Credit Fund, LLC** | **Audax Private Credit Fund, LLC** |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)** |  |  |  |  |  |
| *Aerospace & Defense* |  |  |  |  |  |  |  |  |  |
| Tronair 2025<br> (g)(h) | Senior Secured Revolving Loan | S+ | 3.75% | 7.43% | 12/18/2025 | 12/22/2032 |  | $(10833) | $— |
| Vantor<br> (g)(k) | Senior Secured Initial Term Loan | S+ | 4.50% | 8.18% | 2/27/2026 | 3/3/2033 | 2000000 | 1970168 | 1964380 |
|  |  |  |  |  |  |  |  | $1959335 | $1964380 |
| *Building Products* |  |  |  |  |  |  |  |  |  |
| Leaf Home<br> (g)(h) | Senior Secured Revolving Credit Loan | S+ | 5.25% | 8.93% | 9/4/2025 | 9/4/2031 | 195000 | 184836 | 193538 |
|  |  |  |  |  |  |  |  | $184836 | $193538 |
| *Capital Markets* |  |  |  |  |  |  |  |  |  |
| Steward Partners<br> (g)(h) | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 6/13/2025 | 10/14/2028 |  | (10592) |  |
|  |  |  |  |  |  |  |  | $(10592) | $— |
| *Chemicals* |  |  |  |  |  |  |  |  |  |
| Shrieve<br> (g)(k) | Unitranche Initial Term Loan | S+ | 6.00% | 9.68% | 6/13/2025 | 10/30/2030 | 1000000 | 980000 | 980000 |
|  |  |  |  |  |  |  |  | $980000 | $980000 |
| *Commercial Services & Supplies* |  |  |  |  |  |  |  |  |  |
| Beacon Communications<br> (g)(h)(k) | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 3/31/2026 | 12/31/2049 |  | (10417) |  |
| Beacon Communications<br> (g)(h)(k) | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 3/31/2026 | 12/30/2032 |  | (8333) |  |
| Beacon Communications<br> (g)(k) | Senior Secured Term Loan | S+ | 4.75% | 8.43% | 3/31/2026 | 12/31/2049 | 1500000 | 1485000 | 1485000 |
| Brown & Root<br> (g)(h) | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 10/3/2025 | 10/3/2030 | 541381 | 520068 | 537321 |
| Certified Collision Group<br> (g)(h) | Senior Secured Revolving Facility | S+ | 4.50% | 8.18% | 12/30/2025 | 12/30/2032 |  | (13082) |  |
| Denali Water Solutions 2025<br> (g)(h) | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 11/13/2025 | 11/19/2032 | 538462 | 527640 | 534423 |
| Eagle Fire<br> (g)(h) | Senior Secured Initial Revolving Loan | S+ | 4.50% | 8.18% | 7/15/2025 | 7/15/2032 |  | (8465) |  |
| Healthcare Linen Services Group<br> (g)(h)(k) | Senior Secured Revolving Credit Loan | S+ | 4.75% | 8.43% | 2/2/2026 | 2/2/2033 |  | (7877) |  |
| HeartLand<br> (g)(h) | Senior Secured Revolving Credit Loan | S+ | 4.75% | 8.43% | 11/5/2025 | 12/12/2029 | 58347 | 50360 | 57763 |
| O6 Environmental<br> (g)(h) | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 8/5/2025 | 8/5/2032 |  | (14861) |  |
| Vortex Companies<br> (g)(h) | Unitranche Amendment No. 7 Incremental Term Loan (First Lien) | S+ | 5.00% | 8.68% | 3/31/2026 | 12/31/2049 |  | (22500) |  |
|  |  |  |  |  |  |  |  | $2497533 | $2614507 |

---

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments (continued)** 

**March 31, 2026** 

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

**(unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par /<br>Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **Audax Private Credit Fund, LLC (continued)** | **Audax Private Credit Fund, LLC (continued)** | **Audax Private Credit Fund, LLC (continued)** |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** |  |  |  |  |  |
| *Commercial Services & Supplies (continued)* |  |  |  |  |  |  |  |  |  |
| *Construction & Engineering* |  |  |  |  |  |  |  |  |  |
| Gallo Mechanical<br> (g)(h) | Senior Secured Initial Revolving Loan | S+ | 4.75% | 8.43% | 7/31/2025 | 8/2/2032 | 234400 | 210486 | 233814 |
| Legacy Service Partners<br> (g)(h) | Senior Secured Revolving Loan | S+ | 4.50% | 8.18% | 11/7/2025 | 11/10/2031 |  | (805) |  |
| Lindsay Precast<br> (g)(h) | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 12/15/2025 | 11/10/2031 |  | (12757) |  |
|  |  |  |  |  |  |  |  | $196924 | $233814 |
| *Consumer Staples Distribution & Retail* |  |  |  |  |  |  |  |  |  |
| Avita Pharmacy<br> (g)(h) | Senior Secured Revolving Loan (2025) | S+ | 5.00% | 8.68% | 11/4/2025 | 8/6/2030 |  | (14491) |  |
|  |  |  |  |  |  |  |  | $(14491) | $— |
| *Containers & Packaging* |  |  |  |  |  |  |  |  |  |
| Novvia Group<br> (g)(h) | Senior Secured Initial Refinancing Revolving Loan | S+ | 5.25% | 8.93% | 6/13/2025 | 1/31/2031 | 294268 | 288602 | 294268 |
| Precision Concepts<br> (g)(h) | Senior Secured Revolving Credit Loan | S+ | 4.75% | 8.43% | 7/31/2025 | 8/2/2032 | 138736 | 133092 | 137695 |
|  |  |  |  |  |  |  |  | $421694 | $431963 |
| *Diversified Consumer Services* |  |  |  |  |  |  |  |  |  |
| Aptive Environmental<br> (g)(h) | Senior Secured Initial Revolving Loan | S+ | 4.75% | 8.43% | 10/15/2025 | 10/15/2032 |  | (7973) |  |
| Heritage Partners<br> (l) | Senior Secured First Out Term Loan | S+ | 0.00% | 3.68% PIK | 7/9/2025 | 9/29/2028 | 1964942 | 1964942 | 1964942 |
| Southeast Lineman Training Center<br> (g)(h) | Senior Secured Amendment No. 1 Delayed Draw Term Loan | S+ | 5.00% | 8.68% | 12/22/2025 | 1/3/2030 |  | (63958) |  |
| Super-Sod<br> (g)(h)(k) | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 2/27/2026 | 3/10/2032 |  | (14453) |  |
|  |  |  |  |  |  |  |  | $1878558 | $1964942 |
| *Electrical Equipment* |  |  |  |  |  |  |  |  |  |
| TryStar<br> (h) | Senior Secured Amendment No. 2 Incremental Revolver | S+ | 4.25% | 7.93% | 1/6/2026 | 8/6/2031 |  | (6392) |  |
|  |  |  |  |  |  |  |  | $(6392) | $— |
| *Electronic Equipment, Instruments & Components* |  |  |  |  |  |  |  |  |  |
| TRG Solutions<br> (h)(k) | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.18% | 1/5/2026 | 1/5/2032 |  | (14397) |  |
|  |  |  |  |  |  |  |  | $(14397) | $— |

---

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments (continued)** 

**March 31, 2026** 

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

**(unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par /<br>Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **Audax Private Credit Fund, LLC (continued)** | **Audax Private Credit Fund, LLC (continued)** | **Audax Private Credit Fund, LLC (continued)** |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** |  |  |  |  |  |
| *Financial Services* |  |  |  |  |  |  |  |  |  |
| Aprio<br> (g)(h) | Senior Secured 2025-2 Incremental Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 12/23/2025 | 8/1/2031 |  | (11790) |  |
| Embark<br> (g)(h) | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.18% | 9/2/2025 | 9/2/2032 | 72000 | 63714 | 71460 |
| Merchant Industry & Valor PayTech<br> (g)(h) | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 9/19/2025 | 9/19/2031 | 39938 | 35344 | 39938 |
|  |  |  |  |  |  |  |  | $87268 | $111398 |
| *Health Care Equipment & Supplies* |  |  |  |  |  |  |  |  |  |
| Alcresta<br> (g)(h) | Senior Secured Revolving Loan | S+ | 5.50% | 9.18% | 12/4/2025 | 3/12/2031 | 104794 | 100560 | 103937 |
| Visor Buyer, Inc.<br> (l) | Senior Secured Initial Term Loan | S+ | 6.50% | 10.18% | 12/15/2025 | 12/15/2031 | 3270841 | 3270841 | 3270841 |
|  |  |  |  |  |  |  |  | $3371401 | $3374778 |
| *Health Care Providers & Services* |  |  |  |  |  |  |  |  |  |
| Accurate Neuromonitoring<br> (g)(h)(k) | Senior Secured DDTL | S+ | 5.25% | 8.93% | 3/13/2026 | 3/13/2031 |  | (6343) |  |
| Accurate Neuromonitoring<br> (g)(h)(k) | Senior Secured Revolving Facility | S+ | 5.25% | 8.93% | 3/13/2026 | 3/13/2031 | 72727 | 64297 | 71455 |
| Accurate Neuromonitoring<br> (g)(k) | Unitranche Term Loan | S+ | 5.25% | 8.93% | 3/13/2026 | 3/13/2031 | 2500000 | 2456250 | 2456250 |
| APT Healthcare<br> (g)(h) | Senior Secured Initial Revolving Credit Loan | S+ | 4.50% | 8.18% | 9/30/2025 | 9/30/2031 |  | (12858) |  |
| Clearway Pain Solutions<br> (g)(h) | Senior Secured Revolving Loan | S+ | 5.50% | 9.18% | 9/22/2025 | 8/31/2030 | 342602 | 318405 | 340032 |
| Cornerstone Caregiving<br> (g)(h)(k) | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 3/25/2026 | 4/1/2032 |  | (6153) |  |
| Cornerstone Caregiving<br> (g)(h)(k) | Senior Secured Initial Term Loan | S+ | 4.75% | 8.43% | 3/25/2026 | 4/1/2032 |  | (24999) |  |
| CuraLinc Healthcare<br> (g)(k) | Senior Secured Second Amendment Term Loan (First Lien) | S+ | 4.50% | 8.18% | 3/31/2026 | 8/1/2030 | 3000000 | 2955000 | 3000000 |
| Dane Street<br> (g)(h)(k) | Senior Secured Delayed Draw Term Loan | S+ | 4.50% | 8.18% | 3/24/2026 | 3/28/2033 |  | (12136) |  |
| Dane Street<br> (g)(h)(k) | Senior Secured Revolving Loan | S+ | 4.50% | 8.18% | 3/24/2026 | 3/28/2033 |  | (11250) |  |
| Dane Street<br> (g)(k) | Senior Secured Initial Term Loan | S+ | 4.50% | 8.18% | 3/24/2026 | 3/28/2033 | 2000000 | 1980012 | 1980000 |
| MB2 Dental Solutions<br> (g)(h) | Senior Secured Tranche 2 Delayed Draw Term Loan | S+ | 5.50% | 9.18% | 3/4/2026 | 2/13/2031 |  | (17235) |  |
| Riccobene Associates Family Dentistry<br> (g)(h) | Senior Secured Initial Revolving Loan | S+ | 4.75% | 8.43% | 6/6/2025 | 10/31/2030 |  | (9053) |  |
| Sequel Ortho (fka OrthoNebraska)<br> (g)(h) | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 10/10/2024 | 7/31/2028 |  | (2421) |  |
| Specialized Dental<br> (g)(h) | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 10/30/2025 | 11/1/2028 |  | (5210) |  |
| Summit Spine & Joint Centers<br> (g)(h) | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 6/13/2025 | 3/25/2031 | 113619 | 88952 | 113619 |

---

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments (continued)** 

**March 31, 2026** 

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

**(unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par /<br>Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **Audax Private Credit Fund, LLC (continued)** | **Audax Private Credit Fund, LLC (continued)** | **Audax Private Credit Fund, LLC (continued)** |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** |  |  |  |  |  |
| *Health Care Technology* |  |  |  |  |  |  |  |  |  |
| AGS Health<br> (g)(h) | Senior Secured Tranche A Revolving Credit Loan | S+ | 4.50% | 8.18% | 7/31/2025 | 8/2/2032 |  | (1411) |  |
| Avalon<br> (g)(h) | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.18% | 12/31/2025 | 12/31/2031 |  | (14360) |  |
| VaxCare<br> (g)(h) | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.18% | 6/16/2025 | 6/17/2032 |  | (5943) |  |
|  |  |  |  |  |  |  |  | $(21714) | $— |
| *Insurance* |  |  |  |  |  |  |  |  |  |
| EPIC Insurance 2021<br> (g)(h) | Senior Secured Refinancing Second Amendment Delayed Draw Term Loan | S+ | 4.50% | 8.18% | 2/18/2026 | 9/29/2028 |  | (9717) |  |
|  |  |  |  |  |  |  |  | $(9717) | $— |
| *Internet Software & Services* |  |  |  |  |  |  |  |  |  |
| Dun & Bradstreet<br> (g)(h) | Senior Secured Revolving Credit Loan | S+ | 5.50% | 9.18% | 8/26/2025 | 8/26/2032 |  | (4580) |  |
|  |  |  |  |  |  |  |  | $(4580) | $— |
| *IT Services* |  |  |  |  |  |  |  |  |  |
| Med Tech Solutions<br> (g)(h) | Senior Secured Revolving Loan | S+ | 5.25% | 8.93% | 6/3/2025 | 6/3/2032 |  | (14291) |  |
| VC3<br> (g)(h) | Senior Secured DDTL E | S+ | 5.00% | 8.68% | 12/22/2025 | 3/12/2029 |  | (112987) |  |
|  |  |  |  |  |  |  |  | $(127278) | $— |
| *Leisure Products* |  |  |  |  |  |  |  |  |  |
| PlayPower 2025<br> (g)(h) | Senior Secured Revolving Loan | S+ | 5.25% | 8.93% | 7/25/2025 | 10/29/2030 | 198923 | 183054 | 196934 |
|  |  |  |  |  |  |  |  | $183054 | $196934 |
| *Machinery* |  |  |  |  |  |  |  |  |  |
| 80/20<br> (g)(h) | Senior Secured Revolving Loan | S+ | 4.50% | 8.18% | 12/12/2025 | 12/13/2032 |  | (11019) |  |
| Voeller Mixers<br> (g)(h) | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 11/25/2025 | 11/25/2032 | 271318 | 259138 | 269283 |
|  |  |  |  |  |  |  |  | $248119 | $269283 |
| *Media* |  |  |  |  |  |  |  |  |  |
| Encore<br> (g)(h)(k) | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 3/17/2026 | 12/5/2029 | 113858 | 82231 | 108165 |
| Encore<br> (g)(k) | Senior Secured Initial Term Loan | S+ | 5.00% | 8.68% | 3/17/2026 | 12/5/2031 | 1994962 | 1895214 | 1895214 |
|  |  |  |  |  |  |  |  | $1977445 | $2003379 |

---

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments (continued)** 

**March 31, 2026** 

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

**(unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par /<br>Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **Audax Private Credit Fund, LLC (continued)** | **Audax Private Credit Fund, LLC (continued)** | **Audax Private Credit Fund, LLC (continued)** |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** |  |  |  |  |  |
| *Metals & Mining* |  |  |  |  |  |  |  |  |  |
| Forged Solutions<br> (g)(h)(i) | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 2/27/2026 | 2/25/2033 |  | (8239) |  |
|  |  |  |  |  |  |  |  | $(8239) | $— |
| *Professional Services* |  |  |  |  |  |  |  |  |  |
| Proceed<br> (g)(h)(k) | Senior Secured Delayed Draw Term Loan | S+ | 4.50% | 8.18% | 7/2/2025 | 3/31/2028 |  | (10417) |  |
| Proceed<br> (g)(h)(k) | Senior Secured Revolver | S+ | 4.50% | 8.18% | 9/9/2025 | 12/31/2049 |  | (2083) |  |
| Proceed<br> (g)(k) | Unitranche Term Loan | S+ | 4.50% | 8.18% | 3/31/2026 | 3/31/2032 | 1500000 | 1485000 | 1485000 |
|  |  |  |  |  |  |  |  | $1472500 | $1485000 |
| *Software* |  |  |  |  |  |  |  |  |  |
| AIA Contract Documents<br> (g)(h) | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 7/2/2025 | 7/2/2031 |  | (11979) |  |
| FMG Suite<br> (g)(h) | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 9/9/2025 | 9/9/2032 |  | (9397) |  |
| Mitratech<br> (g)(h) | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 12/2/2025 | 12/2/2031 |  | (1735) |  |
| PKWARE<br> (g)(h) | Senior Secured Revolving Loan | S+ | 4.50% | 8.18% | 6/2/2025 | 6/3/2030 |  | (18940) |  |
| PayByPhone<br> (g)(h)(i)(k) | Senior Secured Revolving Credit | S+ | 4.75% | 8.43% | 9/9/2025 | 3/31/2033 |  | (16667) |  |
| PayByPhone<br> (g)(i)(k) | Unitranche Initial Term Loan | S+ | 4.75% | 8.43% | 3/31/2026 | 3/31/2033 | 3000000 | 2970000 | 2970000 |
| PayByPhone<br> (g)(h)(i)(k) | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 6/2/2025 | 3/31/2033 |  | (13333) |  |
|  |  |  |  |  |  |  |  | $2897949 | $2970000 |
| *Trading Companies & Distributors* |  |  |  |  |  |  |  |  |  |
| Apex Service Partners<br> (g)(h) | Senior Secured Third Amendment Incremental Delayed Draw Term Loan | S+ | 4.75% | 8.40% | 11/21/2025 | 10/24/2030 | 338182 | 322602 | 336491 |
| Radwell<br> (g)(h) | Senior Secured 2026 Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 3/9/2026 | 4/1/2030 |  | (30000) |  |
| SupplyHouse<br> (g)(h) | Senior Secured Revolving Credit Loan | S+ | 4.00% | 7.68% | 7/1/2025 | 7/1/2032 |  | (5590) |  |
|  |  |  |  |  |  |  |  | $287012 | $336491 |
| *Water Utilities* |  |  |  |  |  |  |  |  |  |
| Vessco Water<br> (g)(h) | Senior Secured Revolving Loan | S+ | 4.50% | 8.18% | 11/3/2025 | 7/24/2031 |  | (2723) |  |
|  |  |  |  |  |  |  |  | $(2723) | $— |

---

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments (continued)** 

**March 31, 2026** 

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

**(unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par /<br>Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **Audax Private Credit Fund, LLC (continued)** | **Audax Private Credit Fund, LLC (continued)** | **Audax Private Credit Fund, LLC (continued)** |  |  |  |  |  |  |  |
| **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** |  |  |  |
| *Commercial Services & Supplies* |  |  |  |  |  |  |  |  |  |
| Certified Collision Group<br> (j) | Class A Units |  |  |  | 12/30/2025 |  | 774 | 774031 | 774031 |
| Eagle Fire<br> (j) | Units |  |  |  | 7/14/2025 |  | 833333 | 833333 | 618860 |
|  |  |  |  |  |  |  |  | $1607364 | $1392891 |
| *Diversified Consumer Services* |  |  |  |  |  |  |  |  |  |
| Super-Sod<br> (j) | Class A Units |  |  |  | 2/23/2026 |  | 120000 | 120000 | 99480 |
|  |  |  |  |  |  |  |  | $120000 | $99480 |
| *Electronic Equipment, Instruments & Components* |  |  |  |  |  |  |  |  |  |
| TRG Solutions<br> (j) | Class A Units |  |  |  | 1/5/2026 |  | 120000 | 120000 | 120000 |
|  |  |  |  |  |  |  |  | $120000 | $120000 |
| *Financial Services* |  |  |  |  |  |  |  |  |  |
| Embark<br> (j) | Common Units |  |  |  | 9/2/2025 |  | 90000 | 90000 | 78300 |
|  |  |  |  |  |  |  |  | $90000 | $78300 |
| *Health Care Equipment & Supplies* |  |  |  |  |  |  |  |  |  |
| Visor Buyer, Inc.<br> (j)(l) | Class A-1 Common Stock |  |  |  | 12/15/2025 |  | 4522621 | 4522622 | 2663309 |
|  |  |  |  |  |  |  |  | $4522622 | $2663309 |
| *Health Care Technology* |  |  |  |  |  |  |  |  |  |
| Avalon<br> (j) | Class A-1 Units |  |  |  | 12/31/2025 |  | 90000 | 90000 | 90000 |
|  |  |  |  |  |  |  |  | $90000 | $90000 |
| *IT Services* |  |  |  |  |  |  |  |  |  |
| Med Tech Solutions<br> (j) | Class A Units |  |  |  | 6/3/2025 |  | 166163 | 166164 | 162351 |
|  |  |  |  |  |  |  |  | $166164 | $162351 |
| *Machinery* |  |  |  |  |  |  |  |  |  |
| 80/20<br> (j) | Class A Units |  |  |  | 12/11/2025 |  | 90000 | 90000 | 84875 |
|  |  |  |  |  |  |  |  | $90000 | $84875 |
|  |  |  | **Total Audax Private Credit Fund, LLC** | **Total Audax Private Credit Fund, LLC** | **Total Audax Private Credit Fund, LLC** | **Total Audax Private Credit Fund, LLC** |  | $32984913 | $31782969 |

---

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments (continued)** 

**March 31, 2026** 

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

**(unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par /<br>Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **APCF Equity, LLC** |  |  |  |  |  |  |  |  |  |
| **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** |  |  |  |
| *Commercial Services & Supplies* |  |  |  |  |  |  |  |  |  |
| O6 Environmental<br> (j) | Common Units |  |  |  | 8/5/2025 |  | 448 | $448009 | $596205 |
| Russell Landscape Group<br> (j) | Class A Units |  |  |  | 10/10/2024 |  | 5528 | 552762 | 747994 |
|  |  |  |  |  |  |  |  | $1000771 | $1344199 |
| *Construction & Engineering* |  |  |  |  |  |  |  |  |  |
| Gallo Mechanical<br> (j) | Units |  |  |  | 7/31/2025 |  | 840000 | 830186 | 954074 |
|  |  |  |  |  |  |  |  | $830186 | $954074 |
| *Containers & Packaging* |  |  |  |  |  |  |  |  |  |
| Novvia Group<br> (j) | Common Units |  |  |  | 10/10/2024 |  | 28290 | 650105 | 502444 |
|  |  |  |  |  |  |  |  | $650105 | $502444 |
| *Diversified Consumer Services* |  |  |  |  |  |  |  |  |  |
| Heritage Partners<br> (j)(l) | Merger Units |  |  |  | 7/9/2025 |  | 196 | 196 |  |
| Kalkomey<br> (j) | Class A Units |  |  |  | 10/10/2024 |  | 116815 | 1168155 | 1240148 |
|  |  |  |  |  |  |  |  | $1168351 | $1240148 |
| *Financial Services* |  |  |  |  |  |  |  |  |  |
| Cherry Bekaert<br> (j) | Class A Units |  |  |  | 10/10/2024 |  | 618019 | 780092 | 1626080 |
| Merchant Industry & Valor PayTech<br> (j) | Class A Units |  |  |  | 9/19/2025 |  | 1500 | 150000 | 3445 |
| Prime Pensions | LP Interests |  |  |  | 10/10/2024 |  | 668564 | 608571 | 631652 |
|  |  |  |  |  |  |  |  | $1538663 | $2261177 |
| *Health Care Providers & Services* |  |  |  |  |  |  |  |  |  |
| APT Healthcare<br> (j) | Class A-5 Common Units |  |  |  | 9/30/2025 |  | 74211 | 100000 | 158676 |
| Dane Street<br> (j) | Class A Units |  |  |  | 3/24/2026 |  | 90 | 90000 | 90000 |
| Sequel Ortho (fka OrthoNebraska)<br> (j) | LP Interests |  |  |  | 10/10/2024 |  | 34285 | 328148 | 484552 |
|  |  |  |  |  |  |  |  | $518148 | $733228 |
| *Hotels, Restaurants & Leisure* |  |  |  |  |  |  |  |  |  |
| Taymax Group<br> (j) | Class A Units |  |  |  | 10/10/2024 |  | 12729 | 2543229 | 2780992 |
|  |  |  |  |  |  |  |  | $2543229 | $2780992 |

---

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments (continued)** 

**March 31, 2026** 

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

**(unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par /<br>Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **APCF Equity, LLC (continued)** |  |  |  |  |  |  |  |  |  |
| **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)** |  |  |  |
| *Professional Services* |  |  |  |  |  |  |  |  |  |
| Magna Legal Services<br> (j) | Class A Units |  |  |  | 10/10/2024 |  | 14607 | 1577591 | 2396841 |
|  |  |  |  |  |  |  |  | $1577591 | $2396841 |
| *Software* |  |  |  |  |  |  |  |  |  |
| Cast & Crew (fka Backstage)<br> (j) | Class A-3 Units |  |  |  | 10/10/2024 |  | 5801 | 406596 | 2193339 |
|  |  |  |  |  |  |  |  | $406596 | $2193339 |
| *Trading Companies & Distributors* |  |  |  |  |  |  |  |  |  |
| Industrial Service Group<br> (j) | Class A Units |  |  |  | 10/10/2024 |  | 622 | $1058917 | $1193547 |
| Industrial Service Group<br> (j) | Class A-1 Units |  |  |  | 3/10/2025 |  | 19 | 25961 | 8218 |
|  |  |  |  |  |  |  |  | $1084878 | $1201765 |
|  |  |  | **Total APCF Equity, LLC** | **Total APCF Equity, LLC** | **Total APCF Equity, LLC** | **Total APCF Equity, LLC** |  | 11318518 | 15608207 |
|  |  |  | **Total Portfolio Investments** | **Total Portfolio Investments** | **Total Portfolio Investments** | **Total Portfolio Investments** |  | $1020689918 | $1012929161 |

---

(^) Unless otherwise noted, the majority of investments contain a variable interest rate structure that may be determined by reference to Secured Overnight Financing Rate ("SOFR" or "S") or Applicable Federal Rate ("AFR").

(a)All securities represent investments in companies based in the United States of America, unless otherwise noted. All of these investments are subject to restrictions as to their resale or transfer.

(b)Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Audax Private Credit Fund, LLC (the "Fund") owns less than 5% of the portfolio company's outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.

(c)All investments are exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be "restricted securities" under the Securities Act.

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

(e)At March 31, 2026, the cost of investments for income tax purposes was $1,020,689,918, the gross unrealized depreciation for federal tax purposes was $32,466,610, the gross unrealized appreciation for federal income tax purposes was $24,705,853, and the net unrealized depreciation was $7,760,757.

(f)Investments within APCF SPV I, LLC are pledged as collateral to the Leverage Facility. Refer to Note 8 — *Commitments and Contingencies* in the accompanying Notes to Consolidated Financial Statements for additional information.

(g)Includes a portion of original issue discount and payment-in-kind, where applicable. The interest rate shown was the current rate as of March 31, 2026 and changes periodically.

(h)Position or portion thereof is an unfunded loan commitment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the loan. Refer to Note 8 — *Commitments and Contingencies* in the accompanying Notes to Consolidated Financial Statements for additional information.

(i)The company headquarters for Allyant, Onyx Fire Protection Services and PayByPhone are located in Canada and the company headquarters for Forged Solutions is located in the United Kingdom.

(j)Investments are non-income producing.

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

(l)The provisions of the Investment Company Act of 1940, as amended (the "Investment Company Act") classify investments further based on the level of ownership that the Fund maintains in a particular portfolio company. As defined in the Investment Company Act, a company is generally deemed as "non-affiliated" when the Fund owns less than 5% of a portfolio company's outstanding voting securities and "affiliated" when the Fund owns 5% or more of a portfolio company's outstanding voting securities. The Fund classifies this investment as "affiliated".

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments (continued)** 

**March 31, 2026** 

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

**(unaudited)**

The following table presents the Consolidated Schedule of Investments of the affiliates as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup> | **Investment Type** | **Beginning Fair Value at December 31, 2025** | **Gross additions** <sup>(2)</sup> | **Gross reductions** <sup>(3)</sup> | **Change in Unrealized Gain** | **Fair Value at March 31, 2026** |
| Heritage Partners | Bank Loans | $7436139 | $— | $— | $96099 | $7532238 |
| Heritage Partners | Bank Loans | 3502190 |  |  | 45260 | 3547450 |
| Heritage Partners | Bank Loans | 1431022 |  |  | 18494 | 1449516 |
| Heritage Partners | Bank Loans | 1964942 |  |  |  | 1964942 |
| Visor Buyer, Inc. | Bank Loans | 3276299 |  | (5458) |  | 3270841 |
| Heritage Partners | Common Equity and Preferred Shares |  |  |  |  |  |
| Visor Buyer, Inc. | Common Equity and Preferred Shares | 3111242 |  |  | (447933) | 2663309 |
| &nbsp;&nbsp;**Total Affiliated investments** |  | $20721834 | $— | $(5458) | $(288080) | $20428296 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The principal/share amount and ownership detail are shown in the Consolidated Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities, and the movement of an existing portfolio company into this category from a different category.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities, and the movement of an existing portfolio company out of this category into a different category.

(m)All investments are income producing, unless otherwise noted.

(n)The following shows the composition of the Fund's portfolio at fair value by investment type and industry as of March 31, 2026.

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments (continued)** 

**March 31, 2026** 

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

**(unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Industry** | **Bank Loans Fair Value** | **% of NAV** | **Common and Preferred Equity Fair Value** | **% of NAV** | **Total Fair Value** | **% of Total Investments at Fair Value** |
| Aerospace & Defense | $7492828 | 1.5% | $4562675 | 0.9% | $12055503 | 1.2% |
| Air Freight & Logistics | 4863438 | 0.9% |  | 0.0% | 4863438 | 0.5% |
| Automobile Components | 977500 | 0.2% |  | 0.0% | 977500 | 0.1% |
| Building Products | 9305308 | 1.8% |  | 0.0% | 9305308 | 0.9% |
| Capital Markets | 37414255 | 7.2% |  | 0.0% | 37414255 | 3.7% |
| Chemicals | 3897950 | 0.8% |  | 0.0% | 3897950 | 0.4% |
| Commercial Services & Supplies | 74891145 | 14.5% | 3496532 | 0.7% | 78387677 | 7.7% |
| Communications Equipment | 4962374 | 1.0% |  | 0.0% | 4962374 | 0.5% |
| Construction & Engineering | 78379557 | 15.2% | 4428131 | 0.9% | 82807688 | 8.2% |
| Consumer Staples Distribution & Retail | 14060115 | 2.7% | 5143459 | 1.0% | 19203574 | 1.9% |
| Containers & Packaging | 17197714 | 3.3% | 502444 | 0.1% | 17700158 | 1.7% |
| Diversified Consumer Services | 83600509 | 16.2% | 3496649 | 0.7% | 87097158 | 8.6% |
| Electrical Equipment | 7456053 | 1.4% |  | 0.0% | 7456053 | 0.7% |
| Electronic Equipment, Instruments & Components | 8019000 | 1.6% | 120000 | 0.0% | 8139000 | 0.8% |
| Energy Equipment & Services | 8568776 | 1.7% | 1173918 | 0.2% | 9742694 | 1.0% |
| Financial Services | 51919196 | 10.1% | 2339477 | 0.5% | 54258673 | 5.4% |
| Food Products | 8774789 | 1.7% | 507972 | 0.1% | 9282761 | 0.9% |
| Health Care Equipment & Supplies | 30985091 | 6.0% | 3642063 | 0.7% | 34627154 | 3.4% |
| Health Care Providers & Services | 109193546 | 21.2% | 3273389 | 0.6% | 112466935 | 11.1% |
| Health Care Technology | 15830612 | 3.1% | 90000 | 0.0% | 15920612 | 1.6% |
| Hotels, Restaurants & Leisure | 32300155 | 6.3% | 2780992 | 0.5% | 35081147 | 3.5% |
| Insurance | 24948013 | 4.8% | 1894015 | 0.4% | 26842028 | 2.6% |
| Interactive Media & Services | 9369820 | 1.8% |  | 0.0% | 9369820 | 0.9% |
| Internet Software & Services | 18235244 | 3.5% | 1232483 | 0.2% | 19467727 | 1.9% |
| IT Services | 18146339 | 3.5% | 896081 | 0.2% | 19042420 | 1.9% |
| Leisure Products | 14158562 | 2.7% |  | 0.0% | 14158562 | 1.4% |
| Life Sciences Tools & Services | 8932500 | 1.7% |  | 0.0% | 8932500 | 0.9% |
| Machinery | 22771145 | 4.4% | 84875 | 0.0% | 22856020 | 2.3% |
| Media | 28607741 | 5.5% | 704429 | 0.1% | 29312170 | 2.9% |
| Metals & Mining | 4135417 | 0.8% |  | 0.0% | 4135417 | 0.4% |
| Oil, Gas & Consumable Fuels | 839849 | 0.2% |  | 0.0% | 839849 | 0.1% |
| Personal Care Products | 4965625 | 1.0% |  | 0.0% | 4965625 | 0.5% |
| Pharmaceuticals | 7980000 | 1.6% |  | 0.0% | 7980000 | 0.8% |
| Professional Services | 66058751 | 12.8% | 13107008 | 2.5% | 79165759 | 7.8% |
| Software | 80819286 | 15.7% | 4614721 | 0.9% | 85434007 | 8.4% |
| Trading Companies & Distributors | 30353277 | 5.9% | 1201765 | 0.2% | 31555042 | 3.1% |
| Water Utilities | 3224603 | 0.6% |  | 0.0% | 3224603 | 0.3% |
| **Total** | $953636083 | 184.9% | $59293078 | 11.4% | $1012929161 | 100.0% |

---

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

------

**Audax Private Credit Fund, LLC** 

**Consolidated Schedule of Investments**

**December 31, 2025**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par /<br>Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **APCF SPV I, LLC (f)** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)** |  |  |  |  |  |
| *Aerospace & Defense* |  |  |  |  |  |  |  |  |  |
| Blue Raven Solutions<br> (g) | Senior Secured Initial Term Loan | S+ | 8.00% | 11.65% | 10/10/2024 | 12/21/2026 | $10598296 | $10598015 | $10598296 |
| Tronair 2025<br> (g)(k) | Senior Secured Initial Term Loan | S+ | 3.75% | 7.40% | 12/18/2025 | 12/22/2032 | 3600000 | 3555015 | 3555000 |
|  |  |  |  |  |  |  |  | $14153030 | $14153296 |
| *Air Freight & Logistics* |  |  |  |  |  |  |  |  |  |
| Magnate<br> (g) | Senior Secured TL | S+ | 5.50% | 9.15% | 2/19/2025 | 12/29/2028 | 4950000 | 4869281 | 4875750 |
|  |  |  |  |  |  |  |  | $4869281 | $4875750 |
| *Automobile Components* |  |  |  |  |  |  |  |  |  |
| Innovative XCessories & Services<br> (g)(h)(k) | Senior Secured 2025 Refinancing Term Loan | S+ | 5.50% | 9.15% | 9/17/2025 | 9/5/2029 | 3337945 | 3277020 | 3338646 |
|  |  |  |  |  |  |  |  | $3277020 | $3338646 |
| *Building Products* |  |  |  |  |  |  |  |  |  |
| Leaf Home<br> (g) | Senior Secured Initial Term Loan | S+ | 5.25% | 8.90% | 9/4/2025 | 9/4/2031 | 9215313 | 9081788 | 9146198 |
|  |  |  |  |  |  |  |  | $9081788 | $9146198 |
| *Capital Markets* |  |  |  |  |  |  |  |  |  |
| Beta+<br> (g)(k) | Senior Secured Initial Term Loan | S+ | 5.75% | 9.40% | 11/25/2025 | 7/2/2029 | 5984536 | 5805000 | 5805000 |
| Cerity Partners | Unitranche 2025 Term Loan | S+ | 4.50% | 8.15% | 10/10/2024 | 7/28/2031 | 24894465 | 24894465 | 24894465 |
| Steward Partners<br> (g)(h) | Senior Secured Delayed Draw Term C Loan | S+ | 4.75% | 8.40% | 6/13/2025 | 10/14/2028 | 1392500 | 1339685 | 1389019 |
|  |  |  |  |  |  |  |  | $32039150 | $32088484 |
| *Chemicals* |  |  |  |  |  |  |  |  |  |
| Shrieve<br> (g) | Unitranche Initial Term Loan | S+ | 6.00% | 9.65% | 6/18/2025 | 10/30/2030 | 2985000 | 2943449 | 2962613 |
|  |  |  |  |  |  |  |  | $2943449 | $2962613 |
| *Commercial Services & Supplies* |  |  |  |  |  |  |  |  |  |
| Apex Companies<br> (g)(h) | Senior Secured Fourth Amendment Delayed Draw Term Loan | S+ | 4.75% | 8.40% | 11/21/2025 | 1/31/2030 |  | (4839) |  |
| Brown & Root<br> (g)(k) | Senior Secured Initial Term Loan | S+ | 5.00% | 8.65% | 10/3/2025 | 10/3/2030 | 6107143 | 6022989 | 6015536 |
| Capital Consultants Management Corporation<br> (g)(h) | Senior Secured 2025 Acquisition Delayed Draw Term Loan | S+ | 4.75% | 8.40% | 7/8/2025 | 11/3/2031 | 4768281 | 4712691 | 4768281 |
| Certified Collision Group<br> (g)(k) | Unitranche Initial Term Loan | S+ | 4.50% | 8.15% | 12/30/2025 | 12/30/2032 | 8646209 | 8559775 | 8559747 |
| Denali Water Solutions 2025<br> (g) | Senior Secured Closing Date Term Loan | S+ | 4.75% | 8.40% | 11/19/2025 | 11/19/2032 | 6346154 | 6283002 | 6298558 |
| Eagle Fire<br> (g) | Senior Secured Initial Term Loan | S+ | 4.50% | 8.15% | 7/15/2025 | 7/15/2032 | 3500000 | 3466967 | 3473750 |

---

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments (continued)**

**December 31, 2025**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par /<br>Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **APCF SPV I, LLC (f) (continued)** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** |  |  |  |  |  |
| *Commercial Services & Supplies (continued)* |  |  |  |  |  |  |  |  |  |
| Eagle Fire<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 4.50% | 8.15% | 7/15/2025 | 7/15/2032 | 487663 | 475277 | 484006 |
| HeartLand<br> (g) | Senior Secured Initial Term Loan | S+ | 4.75% | 8.40% | 11/5/2025 | 12/12/2029 | 1920559 | 1902340 | 1901353 |
| HeartLand<br> (g)(h) | Senior Secured 2025 Incremental Delayed Draw Term Loan | S+ | 4.75% | 8.40% | 11/5/2025 | 12/12/2029 | 106921 | 76564 | 105851 |
| O6 Environmental<br> (g) | Senior Secured Initial Term Loan | S+ | 4.75% | 8.40% | 8/5/2025 | 8/5/2032 | 6074325 | 6016519 | 6030527 |
| O6 Environmental<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.40% | 8/5/2025 | 8/5/2032 |  | (8745) |  |
| Russell Landscape Group<br> (g) | Senior Secured Initial Term Loan | S+ | 5.50% | 9.15% | 10/10/2024 | 4/11/2030 | 4256769 | 4166920 | 4256769 |
| Russell Landscape Group<br> (g) | Senior Secured Delayed Draw Term Loan | S+ | 5.50% | 9.15% | 10/10/2024 | 4/11/2030 | 2119656 | 2098805 | 2119656 |
| SavATree<br> (g) | Unitranche Initial Term Loan | S+ | 5.00% | 8.65% | 10/10/2024 | 6/6/2031 | 11049644 | 10948865 | 10994396 |
| SavATree<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 5.00% | 8.65% | 10/10/2024 | 6/6/2031 | 701251 | 673176 | 697745 |
| ScentAir<br> (g) | Unitranche Closing Date Term Loan | S+ | 5.25% | 8.90% | 10/10/2024 | 1/26/2026 | 11696872 | 11696151 | 11696872 |
|  |  |  |  |  |  |  |  | $67086457 | $67403047 |
| *Communications Equipment* |  |  |  |  |  |  |  |  |  |
| Eastern Communications<br> (g) | Senior Secured Term A Loan | S+ | 5.00% | 8.65% | 11/4/2025 | 12/30/2030 | 4987406 | 4940034 | 4974937 |
|  |  |  |  |  |  |  |  | $4940034 | $4974937 |
| *Construction & Engineering* |  |  |  |  |  |  |  |  |  |
| A1 Garage Door Service | Unitranche Term Loan A | S+ | 4.50% | 8.15% | 10/10/2024 | 12/22/2028 | 4705226 | 4705226 | 4705226 |
| A1 Garage Door Service | Senior Secured Closing Date Delayed Draw Term Loan | S+ | 4.50% | 8.15% | 10/10/2024 | 12/22/2028 | 1644131 | 1644131 | 1644131 |
| Cumming Group | Unitranche Initial Term Loan | S+ | 4.75% | 8.40% | 10/10/2024 | 11/16/2027 | 23027651 | 23027651 | 23027651 |
| Cumming Group<br> (g)(h) | Senior Secured 2022 Incremental Delayed Draw Term Loan | S+ | 4.75% | 8.40% | 10/10/2024 | 11/16/2027 | 3774285 | 3765389 | 3774285 |
| Gallo Mechanical<br> (g) | Senior Secured Initial Term Loan | S+ | 4.75% | 8.40% | 7/31/2025 | 8/2/2032 | 8204015 | 8086001 | 8142485 |

---

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments (continued)**

**December 31, 2025**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index<br>(^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par /<br>Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **APCF SPV I, LLC (f) (continued)** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** |  |  |  |  |  |
| *Construction & Engineering (continued)* |  |  |  |  |  |  |  |  |  |
| Gallo Mechanical<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.40% | 7/31/2025 | 8/2/2032 |  | (8273) |  |
| HR Green<br> (g) | Senior Secured First Amendment Term Loan | S+ | 5.50% | 9.15% | 10/10/2024 | 1/28/2030 | 5490734 | 5397716 | 5490734 |
| Legacy Service Partners<br> (g)(h) | Senior Secured Tenth Amendment Delayed Draw Term Loan | S+ | 4.50% | 8.15% | 11/10/2025 | 11/10/2031 |  | (3222) |  |
| Lindsay Precast<br> (g)(k) | Senior Secured Initial Term Loans | S+ | 4.75% | 8.40% | 12/15/2025 | 12/16/2032 | 4224138 | 4182093 | 4181897 |
| Lindsay Precast<br> (g)(h)(k) | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.40% | 12/15/2025 | 12/16/2032 |  | (7218) |  |
| National Trench Safety<br> (g) | Unitranche Initial Term Loan | S+ | 5.50% | 9.15% | 10/10/2024 | 12/3/2028 | 18676960 | 18539447 | 18676960 |
| RailPros<br> (g) | Unitranche Initial Term Loan | S+ | 4.25% | 7.90% | 5/22/2025 | 5/24/2032 | 4095000 | 4055733 | 4095000 |
| RailPros<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 4.25% | 7.90% | 5/22/2025 | 5/24/2032 |  | (5774) |  |
|  |  |  |  |  |  |  |  | $73378900 | $73738369 |
| *Consumer Staples Distribution & Retail* |  |  |  |  |  |  |  |  |  |
| Avita Pharmacy<br> (g) | Unitranche New Term A Loan | S+ | 5.25% | 8.90% | 11/4/2025 | 8/6/2030 | 14095442 | 13925690 | 13917012 |
|  |  |  |  |  |  |  |  | $13925690 | $13917012 |
| *Containers & Packaging* |  |  |  |  |  |  |  |  |  |
| Novvia Group<br> (g) | Unitranche Tranche B Term Loan | S+ | 5.25% | 8.90% | 6/13/2025 | 1/31/2032 | 11652994 | 11568064 | 11652994 |
| Novvia Group<br> (g)(h) | Senior Secured 2025 Delayed Draw Term Loan | S+ | 5.25% | 8.90% | 6/13/2025 | 1/31/2032 | 823080 | 816420 | 823080 |
| Precision Concepts<br> (g) | Senior Secured Amendment No. 1 Term Loan | S+ | 4.75% | 8.40% | 10/31/2025 | 8/2/2032 | 397915 | 393977 | 394931 |
| Precision Concepts<br> (g) | Unitranche Initial Term Loan (US) | S+ | 4.75% | 8.40% | 7/31/2025 | 8/2/2032 | 2949713 | 2921817 | 2927589 |
| Precision Concepts<br> (g) | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.40% | 7/31/2025 | 8/2/2032 | 1017142 | 1007320 | 1009514 |
|  |  |  |  |  |  |  |  | $16707598 | $16808108 |
| *Diversified Consumer Services* |  |  |  |  |  |  |  |  |  |
| Aptive Environmental<br> (g) | Senior Secured Initial Term Loan | S+ | 4.75% | 8.40% | 10/15/2025 | 10/15/2032 | 9720930 | 9625419 | 9648023 |
| Aptive Environmental<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.40% | 10/15/2025 | 10/15/2032 |  | (2066) |  |
| Heritage Partners<br> (g)(j)(l) | Unitranche Term B Loan | S+ | 0.00% | 3.65% PIK | 10/10/2024 | 9/29/2028 | 13125161 | 12783688 | 7436139 |
| Heritage Partners<br> (g)(j)(l) | Senior Secured Delayed Draw Term Loan | S+ | 0.00% | 3.65% PIK | 10/10/2024 | 9/29/2028 | 6181543 | 6020720 | 3502190 |

---

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

------

**Audax Private Credit Fund, LLC** 

**Consolidated Schedule of Investments (continued)** 

**December 31, 2025**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index<br>(^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par /<br>Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **APCF SPV I, LLC (f) (continued)** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** |  |  |  |  |  |
| *Diversified Consumer Services (continued)* |  |  |  |  |  |  |  |  |  |
| Kalkomey<br> (g) | Unitranche Initial Term Loan | S+ | 5.00% | 8.65% | 10/10/2024 | 6/18/2031 | 16964012 | 16693979 | 16964012 |
| Ned Stevens<br> (g) | Unitranche Initial Term Loan | S+ | 5.00% | 8.65% | 10/10/2024 | 11/1/2029 | 15199767 | 15197985 | 15199767 |
| RotoCo<br> (g) | Unitranche Initial Term Loan | S+ | 5.50% | 9.15% | 10/10/2024 | 6/30/2028 | 12917534 | 12891406 | 9315091 |
| RotoCo<br> (g) | Senior Secured Delayed Draw Term Loan | S+ | 5.50% | 9.15% | 10/10/2024 | 6/30/2028 | 41171 | 41082 | 29689 |
| Southeast Lineman Training Center<br> (g) | Senior Secured SLTC TL | S+ | 5.25% | 8.90% | 8/18/2025 | 1/3/2030 | 5985000 | 5900927 | 5985000 |
|  |  |  |  |  |  |  |  | $79153140 | $68079911 |
| *Electrical Equipment* |  |  |  |  |  |  |  |  |  |
| Industrial Electric Manufacturing<br> (g)(h)(k) | Senior Secured Amendment No. 1 DDTL Facility | S+ | 4.50% | 8.15% | 12/3/2025 | 12/3/2031 |  | (2807) |  |
| Industrial Electric Manufacturing<br> (g)(k) | Senior Secured Amendment No. 1 Incremental Term Facility | S+ | 4.50% | 8.15% | 12/3/2025 | 12/3/2031 | 5862840 | 5834618 | 5833525 |
|  |  |  |  |  |  |  |  | $5831811 | $5833525 |
| *Energy Equipment & Services* |  |  |  |  |  |  |  |  |  |
| Allied Power Group<br> (g) | Unitranche Initial Term Loan | S+ | 5.00% | 8.65% | 10/10/2024 | 5/16/2030 | 7096991 | 6951671 | 7096991 |
| Allied Power Group<br> (g) | Senior Secured Initial Delayed Draw Term Loan | S+ | 5.00% | 8.65% | 10/10/2024 | 5/16/2030 | 1493550 | 1479798 | 1493550 |
|  |  |  |  |  |  |  |  | $8431469 | $8590541 |
| *Financial Services* |  |  |  |  |  |  |  |  |  |
| AmpliFi<br> (g) | Senior Secured Initial Term Loan | S+ | 5.00% | 8.65% | 10/10/2024 | 4/23/2030 | 8273284 | 8104305 | 8273284 |
| Aprio<br> (g) | Senior Secured 2025 Incremental Term Loan | S+ | 4.75% | 8.40% | 4/25/2025 | 8/1/2031 | 2709875 | 2683927 | 2682776 |
| Aprio<br> (g)(h) | Senior Secured 2025 Incremental Delayed Draw Term Loan | S+ | 4.75% | 8.40% | 4/25/2025 | 8/1/2031 | 1311118 | 1295912 | 1298006 |
| Ascend Partner Services<br> (g)(h) | Senior Secured Amendment No. 1 Delayed Draw Term Loan | S+ | 4.50% | 8.15% | 8/7/2025 | 8/11/2031 | 3225143 | 3171952 | 3192891 |
| Cherry Bekaert<br> (g) | Unitranche Term B Loan | S+ | 4.50% | 8.15% | 10/10/2024 | 6/28/2030 | 12431090 | 12401526 | 12431090 |
| Cherry Bekaert<br> (g) | Senior Secured Delayed Draw Term Loan | S+ | 4.50% | 8.15% | 10/10/2024 | 6/28/2030 | 6375112 | 6355845 | 6375112 |
| Embark<br> (g) | Senior Secured Term B Loan | S+ | 4.50% | 8.15% | 9/2/2025 | 9/2/2032 | 4488750 | 4445568 | 4455084 |
| Embark<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 4.50% | 8.15% | 9/2/2025 | 9/2/2032 |  | (17108) |  |

---

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

------

**Audax Private Credit Fund, LLC** 

**Consolidated Schedule of Investments (continued)** 

**December 31, 2025** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par /<br>Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **APCF SPV I, LLC (f) (continued)** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** |  |  |  |  |  |
| *Financial Services (continued)* |  |  |  |  |  |  |  |  |  |
| Foundation Source | Senior Secured Initial Term Loan | S+ | 5.00% | 8.65% | 10/10/2024 | 9/6/2030 | 13468138 | 13468138 | 13468138 |
| Foundation Source<br> (g) | Senior Secured Delayed Draw Term A Loan | S+ | 5.00% | 8.65% | 10/10/2024 | 9/6/2030 | 4241089 | 4218479 | 4241089 |
| Merchant Industry & Valor PayTech<br> (g) | Senior Secured Term A Loan | S+ | 4.75% | 8.40% | 9/19/2025 | 9/19/2031 | 2596936 | 2571968 | 2575381 |
| Merchant Industry & Valor PayTech<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.40% | 9/19/2025 | 9/19/2031 | 386143 | 376087 | 382938 |
| Prime Pensions<br> (g) | Unitranche Initial Term Loan | S+ | 4.75% | 8.40% | 10/10/2024 | 2/26/2030 | 6686950 | 6615035 | 6686950 |
| Prime Pensions<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.40% | 10/10/2024 | 2/26/2030 | 1779548 | 1762583 | 1779548 |
|  |  |  |  |  |  |  |  | $67454217 | $67842287 |
| *Food Products* |  |  |  |  |  |  |  |  |  |
| Golden State Foods<br> (g)(k) | Senior Secured Initial Term Loan | S+ | 4.00% | 7.65% | 9/16/2025 | 12/4/2031 | 1989925 | 1985608 | 2004849 |
| Hometown Food Company<br> (g) | Senior Secured Closing Date Term B Loan | S+ | 4.50% | 8.15% | 6/9/2025 | 12/3/2030 | 2847066 | 2825255 | 2839948 |
| MBC Companies<br> (g) | Senior Secured Third Amendment Term A Loan | S+ | 4.00% | 7.65% | 10/23/2025 | 9/10/2030 | 58466 | 58194 | 58028 |
| MBC Companies<br> (g) | Senior Secured Third Amendment Term B Loan | S+ | 4.75% | 8.40% | 10/20/2025 | 9/10/2030 | 938813 | 929869 | 931772 |
| Peterson Farms<br> (g)(k) | Senior Secured Initial Term Loan | S+ | 4.00% | 7.65% | 11/14/2025 | 12/1/2032 | 3000000 | 2970114 | 2970000 |
|  |  |  |  |  |  |  |  | $8769040 | $8804597 |
| *Health Care Equipment & Supplies* |  |  |  |  |  |  |  |  |  |
| Alcresta<br> (g) | Unitranche Term Loan | S+ | 5.50% | 9.15% | 12/4/2025 | 3/12/2031 | 4093644 | 4053522 | 4011636 |
| Alcresta<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 5.50% | 9.15% | 12/4/2025 | 3/12/2031 |  | (43846) |  |
| Antylia Scientific<br> (g) | Senior Secured Initial Term Loan | S+ | 4.00% | 7.65% | 7/21/2025 | 5/27/2032 | 4000000 | 3904963 | 3980000 |
| USMed-Equip<br> (g) | Unitranche Initial Term Loan | S+ | 5.75% | 9.40% | 10/10/2024 | 5/24/2029 | 19648304 | 19572428 | 19648304 |
|  |  |  |  |  |  |  |  | $27487067 | $27639940 |
| *Health Care Providers & Services* |  |  |  |  |  |  |  |  |  |
| APT Healthcare<br> (g) | Unitranche Initial Term Loan | S+ | 5.00% | 8.65% | 9/30/2025 | 9/30/2031 | 7758333 | 7663032 | 7661354 |
| APT Healthcare<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 5.00% | 8.65% | 9/30/2025 | 9/30/2031 |  | (6788) |  |
| Clearway Pain Solutions<br> (g) | Senior Secured Term Loan A | S+ | 5.50% | 9.15% | 9/22/2025 | 8/30/2030 | 4297058 | 4232002 | 4275574 |

---

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

------

**Audax Private Credit Fund, LLC** 

**Consolidated Schedule of Investments (continued)** 

**December 31, 2025** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par /<br>Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **APCF SPV I, LLC (f) (continued)** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** |  |  |  |  |  |
| *Health Care Providers & Services (continued)* |  |  |  |  |  |  |  |  |  |
| Clearway Pain Solutions<br> (g)(h) | Senior Secured Tenth Amendment Delayed Draw Loan | S+ | 5.50% | 9.15% | 9/22/2025 | 8/31/2030 | 838464 | 812109 | 834272 |
| MDpanel | Unitranche Initial Term Loan | S+ | 6.50% | 10.15% | 10/10/2024 | 8/2/2029 | 5852407 | 5852407 | 5852407 |
| MDpanel<br> (g) | Senior Secured Delayed Draw Term Loan | S+ | 6.50% | 10.15% | 10/10/2024 | 8/2/2029 | 1047360 | 1045407 | 1047360 |
| National Seating & Mobility | Senior Secured Amendment No. 9 Incremental Term Loan | S+ | 4.25% | 7.90% | 7/17/2025 | 5/14/2029 | 1985025 | 1985025 | 1980062 |
| Patterson Companies<br> (g)(k) | Senior Secured Initial Term Loan | S+ | 4.50% | 8.15% | 8/13/2025 | 4/16/2032 | 9975000 | 9019948 | 8810768 |
| Riccobene Associates Family Dentistry<br> (g) | Senior Secured Initial Term Loan | S+ | 4.75% | 8.40% | 6/6/2025 | 10/31/2030 | 8254108 | 8158231 | 8254108 |
| Riccobene Associates Family Dentistry<br> (g)(h) | Senior Secured Initial Delayed Draw Term Loan | S+ | 4.75% | 8.40% | 6/6/2025 | 10/31/2030 | 1424277 | 1398871 | 1424277 |
| RxBenefits<br> (g)(k) | Senior Secured Term Loan | S+ | 5.00% | 8.65% | 6/6/2025 | 12/19/2030 | 4500000 | 4410000 | 4410000 |
| Sequel Ortho (fka OrthoNebraska) | Unitranche Initial Term Loan | S+ | 5.00% | 8.65% | 10/10/2024 | 7/31/2028 | 4772235 | 4772235 | 4772235 |
| Sequel Ortho (fka OrthoNebraska)<br> (g) | Unitranche First Amendment Term Loan | S+ | 5.00% | 8.65% | 10/31/2025 | 7/31/2028 | 5714286 | 5648449 | 5714286 |
| Specialized Dental<br> (g) | Senior Secured Sixth Amendment Incremental Term Loan | S+ | 4.75% | 8.40% | 10/30/2025 | 11/1/2028 | 8725794 | 8682165 | 8660351 |
| Specialized Dental<br> (g)(h) | Senior Secured Sixth Amendment Incremental Delayed Draw Term Loan | S+ | 4.75% | 8.40% | 10/30/2025 | 11/1/2028 |  | (17193) |  |
| Summit Spine & Joint Centers<br> (g) | Unitranche Initial Term Loan | S+ | 4.75% | 8.40% | 6/13/2025 | 3/25/2031 | 12494612 | 12316434 | 12494612 |
| Summit Spine & Joint Centers<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.40% | 6/13/2025 | 3/25/2031 |  | (21583) |  |
|  |  |  |  |  |  |  |  | $75950751 | $76191666 |
| *Health Care Technology* |  |  |  |  |  |  |  |  |  |
| AGS Health<br> (g) | Unitranche Initial Term Loan | S+ | 4.50% | 8.15% | 7/31/2025 | 8/2/2032 | 5113500 | 5102014 | 5075149 |
| AGS Health<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 4.50% | 8.15% | 7/31/2025 | 8/2/2032 |  | (2070) |  |
| Avalon<br> (g) | Senior Secured Term Loan | S+ | 4.50% | 8.15% | 12/31/2025 | 12/31/2031 | 7500000 | 7425000 | 7410000 |
| Med Tech Solutions<br> (g) | Unitranche Initial Term Loan | S+ | 5.25% | 8.90% | 6/3/2025 | 6/3/2032 | 5824244 | 5728207 | 5824244 |
| Med Tech Solutions<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 5.25% | 8.90% | 6/3/2025 | 6/3/2032 |  | (24724) |  |
| VaxCare<br> (g) | Unitranche Initial Term Loan | S+ | 4.50% | 8.15% | 6/16/2025 | 6/17/2032 | 3325000 | 3292995 | 3300063 |
|  |  |  |  |  |  |  |  | $21521422 | $21609456 |

---

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

------

**Audax Private Credit Fund, LLC** 

**Consolidated Schedule of Investments (continued)** 

**December 31, 2025**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par /<br>Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **APCF SPV I, LLC (f) (continued)** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** |  |  |  |  |  |
| *Hotels, Restaurants & Leisure* |  |  |  |  |  |  |  |  |  |
| Hissho Sushi<br> (g) | Unitranche Amendment No.2 Incremental Term Loan | S+ | 4.75% | 8.40% | 10/20/2025 | 5/18/2029 | 9952381 | 9855688 | 9952381 |
| Taymax Group | Senior Secured Initial Term Loan | S+ | 5.13% | 8.78% | 10/10/2024 | 7/31/2026 | 14411890 | 14411890 | 14411890 |
| Taymax Group | Senior Secured Delayed Draw Term Loan | S+ | 5.13% | 8.78% | 10/10/2024 | 8/2/2027 | 8018664 | 8018664 | 8018664 |
|  |  |  |  |  |  |  |  | $32286242 | $32382935 |
| *Insurance* |  |  |  |  |  |  |  |  |  |
| SIAA (Alliance Holdings) | Unitranche Seventh Amendment Refinancing Term Loan | S+ | 4.75% | 8.40% | 10/10/2024 | 4/30/2030 | 25011013 | 25011013 | 25011013 |
|  |  |  |  |  |  |  |  | $25011013 | $25011013 |
| *Interactive Media & Services* |  |  |  |  |  |  |  |  |  |
| Integral Ad Science<br> (g)(k) | Senior Secured Initial Term Loan | S+ | 5.00% | 8.65% | 12/22/2025 | 12/23/2031 | 9500000 | 9167500 | 9167500 |
|  |  |  |  |  |  |  |  | $9167500 | $9167500 |
| *Internet Software & Services* |  |  |  |  |  |  |  |  |  |
| Argano<br> (g)(h) | Senior Secured Second Amendment Delayed Draw Term Loan | S+ | 5.50% | 9.15% | 12/3/2025 | 9/13/2029 |  | (36709) |  |
| Dun & Bradstreet<br> (g) | Unitranche Initial Term Loan | S+ | 5.50% | 9.15% | 8/26/2025 | 8/26/2032 | 5000000 | 4950955 | 4962500 |
| Power Digital<br> (g) | Unitranche Initial Term Loan | S+ | 5.00% | 8.65% | 10/10/2024 | 3/11/2030 | 11154379 | 11127659 | 11154379 |
| Power Digital<br> (g) | Senior Secured Initial Delayed Draw Term Loan | S+ | 5.00% | 8.65% | 10/10/2024 | 3/11/2030 | 640558 | 639024 | 640558 |
|  |  |  |  |  |  |  |  | $16680929 | $16757437 |
| *IT Services* |  |  |  |  |  |  |  |  |  |
| GoldenSource | Unitranche Initial Term Loan | S+ | 4.75% | 8.40% | 10/10/2024 | 5/12/2028 | 8118573 | 8118573 | 8118573 |
| Trace3 2025<br> (g)(k) | Unitranche Closing Date Term B Loan | S+ | 4.00% | 7.65% | 10/8/2025 | 10/29/2032 | 3619048 | 3583750 | 3632619 |
|  |  |  |  |  |  |  |  | $11702323 | $11751192 |
| *Leisure Products* |  |  |  |  |  |  |  |  |  |
| PlayPower 2025<br> (g) | Unitranche Initial Term Loan | S+ | 5.25% | 8.90% | 7/25/2025 | 10/29/2031 | 14138000 | 13862366 | 14031965 |
|  |  |  |  |  |  |  |  | $13862366 | $14031965 |
| *Life Sciences Tools & Services* |  |  |  |  |  |  |  |  |  |
| TCP Analytical<br> (g) | Unitranche First Amendment US Term Loan A | S+ | 5.00% | 8.65% | 6/17/2025 | 3/12/2031 | 8955000 | 8851013 | 8955000 |
|  |  |  |  |  |  |  |  | $8851013 | $8955000 |

---

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments (continued)** 

**December 31, 2025**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par /<br>Shares** | **Cost of Investment** | **Fair Value of Investment** |
| **APCF SPV I, LLC (f) (continued)** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** |  |  |  |  |  |
| *Machinery* |  |  |  |  |  |  |  |  |  |
| 80/20<br> (g) | Unitranche Initial Term Loan | S+ | 4.50% | 8.15% | 12/12/2025 | 12/13/2032 | 6142857 | 6082160 | 6081429 |
| 80/20<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 4.50% | 8.15% | 12/12/2025 | 12/13/2032 |  | (8571) |  |
| Barnes Group 2025<br> (g) | Senior Secured Term Loan | S+ | 4.75% | 8.40% | 10/17/2025 | 10/22/2032 | 5500000 | 5391181 | 5458750 |
| Bettcher Industries<br> (g)(k) | Senior Secured Initial Term Loan (First Lien) | S+ | 4.00% | 7.65% | 12/11/2025 | 12/14/2028 | 3490933 | 3482700 | 3482205 |
| Tank Holdings<br> (g) | Unitranche Initial Term Loan | S+ | 6.00% | 9.65% | 2/6/2025 | 3/31/2028 | 6352909 | 6275967 | 6305262 |
| Tank Holdings<br> (g) | Senior Secured Delayed Draw Term Loan | S+ | 6.00% | 9.65% | 2/6/2025 | 3/31/2028 | 608701 | 598380 | 604136 |
| Voeller Mixers<br> (g) | Senior Secured Closing Date Initial Term Loan | S+ | 4.75% | 8.40% | 11/25/2025 | 11/25/2032 | 4069767 | 4029221 | 4039244 |
| Voeller Mixers<br> (g)(h) | Senior Secured Initial Delayed Draw Term Loan | S+ | 4.75% | 8.40% | 11/25/2025 | 11/25/2032 |  | (8024) |  |
|  |  |  |  |  |  |  |  | $25843014 | $25971026 |
| *Media* |  |  |  |  |  |  |  |  |  |
| Allyant<br> (g)(i) | Unitranche Closing Date Term A Loan | S+ | 6.00% | 9.65% | 10/10/2024 | 10/30/2026 | 22948124 | 22884828 | 22948124 |
|  |  |  |  |  |  |  |  | $22884828 | $22948124 |
| *Oil, Gas & Consumable Fuels* |  |  |  |  |  |  |  |  |  |
| Palmdale Oil<br> (g) | Unitranche Initial Term Loan | S+ | 4.75% | 8.40% | 12/5/2025 | 12/12/2031 | 652174 | 648964 | 647283 |
|  |  |  |  |  |  |  |  | $648964 | $647283 |
| *Personal Care Products* |  |  |  |  |  |  |  |  |  |
| Mary Ruth's<br> (g) | Senior Secured Closing Date Term A Loan | S+ | 4.00% | 7.65% | 10/8/2025 | 9/30/2030 | 1242188 | 1236445 | 1235977 |
| Mary Ruth's<br> (g) | Senior Secured Closing Date Term B Loan | S+ | 4.75% | 8.40% | 10/8/2025 | 9/30/2031 | 3740625 | 3705157 | 3721922 |
|  |  |  |  |  |  |  |  | $4941602 | $4957899 |
| *Pharmaceuticals* |  |  |  |  |  |  |  |  |  |
| Minds & Assembly<br> (g) | Unitranche Initial Term Loan (First Lien) | S+ | 5.00% | 8.65% | 10/10/2025 | 5/3/2029 | 8000000 | 7885366 | 8000000 |
|  |  |  |  |  |  |  |  | $7885366 | $8000000 |
| *Professional Services* |  |  |  |  |  |  |  |  |  |
| Epiq<br> (g)(k) | Senior Secured 2025 Refinancing Term Loan (First Lien) | S+ | 4.00% | 7.65% | 10/8/2025 | 4/26/2029 | 907681 | 779289 | 849980 |
| Magna Legal Services | Senior Secured Initial Term Loan | S+ | 5.00% | 8.65% | 10/10/2024 | 11/22/2029 | 13738512 | 13738512 | 13738512 |

---

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments (continued)** 

**December 31, 2025**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par /<br>Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **APCF SPV I, LLC (f) (continued)** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** |  |  |  |  |  |
| *Professional Services (continued)* |  |  |  |  |  |  |  |  |  |
| Magna Legal Services | Senior Secured Delayed Draw Term Loan | S+ | 5.00% | 8.65% | 10/10/2024 | 11/22/2029 | 3846191 | 3846191 | 3846191 |
|  |  |  |  |  |  |  |  | $18363992 | $18434683 |
| *Software* |  |  |  |  |  |  |  |  |  |
| AIA Contract Documents<br> (g) | Senior Secured Term Loan | S+ | 4.75% | 8.40% | 7/2/2025 | 7/2/2031 | 5078181 | 5006026 | 5065486 |
| FMG Suite<br> (g) | Unitranche Initial Term Loan | S+ | 4.75% | 8.40% | 9/9/2025 | 9/9/2032 | 6283019 | 6223419 | 6237507 |
| FMG Suite<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.40% | 9/9/2025 | 9/9/2032 |  | (8114) |  |
| PKWARE<br> (g) | Unitranche Term A Loan | S+ | 4.50% | 8.15% | 6/2/2025 | 6/3/2030 | 12289157 | 12156209 | 12289157 |
| Inmar<br> (g) | Senior Secured Amendment No. 4 Refinancing Term Loan (First Lien) | S+ | 4.50% | 8.15% | 9/12/2025 | 10/30/2031 | 1989975 | 1985000 | 1970075 |
| Lighthouse<br> (g) | Senior Secured Fourth Amendment Incremental Term Loan (First Lien) | S+ | 5.00% | 8.65% | 6/2/2025 | 12/31/2029 | 647242 | 644166 | 647242 |
| Lighthouse<br> (g) | Unitranche Initial Term Loan | S+ | 5.00% | 8.65% | 6/2/2025 | 12/31/2029 | 20673583 | 20575326 | 20673583 |
| Mitratech<br> (g)(k) | Unitranche Closing Date Initial Term Loan | S+ | 4.75% | 8.40% | 12/2/2025 | 12/2/2031 | 9174312 | 9129566 | 9128440 |
| Mitratech<br> (g)(h)(k) | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.40% | 12/2/2025 | 12/2/2031 |  | (1132) |  |
| Tribute Technology | Unitranche Initial Term Loan | S+ | 5.50% | 9.15% | 10/10/2024 | 10/30/2028 | 15013397 | 15013397 | 15013397 |
| Tribute Technology | Senior Secured Delayed Draw Term Loan | S+ | 5.75% | 9.40% | 10/10/2024 | 10/30/2028 | 3365573 | 3365573 | 3365573 |
| Unison Global | Unitranche 2024-1 Repricing Term Loan | S+ | 5.00% | 8.65% | 10/10/2024 | 9/19/2028 | 14773722 | 14773722 | 14699854 |
| Unison Global<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 5.00% | 8.65% | 10/10/2024 | 9/19/2028 | 607715 | 605689 | 604677 |
|  |  |  |  |  |  |  |  | $89468847 | $89694991 |
| *Trading Companies & Distributors* |  |  |  |  |  |  |  |  |  |
| Apex Service Partners<br> (g) | Unitranche Second Amendment Incremental Term Loan | S+ | 4.75% | 8.40% | 4/29/2025 | 10/24/2030 | 1899210 | 1881504 | 1889714 |
| Apex Service Partners<br> (g)(h) | Senior Secured Second Amendment Incremental DDTL Loan | S+ | 5.00% | 8.65% | 4/29/2025 | 10/24/2030 | 3834780 | 3792809 | 3815606 |
| Industrial Service Group | Unitranche Initial Term Loan | S+ | 5.75% | 9.40% | 10/10/2024 | 12/7/2028 | 6995447 | 6995447 | 6995447 |
| Industrial Service Group | Senior Secured Delayed Draw Term Loan | S+ | 5.75% | 9.40% | 10/10/2024 | 12/7/2028 | 3642557 | 3642557 | 3642557 |

---

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments (continued)** 

**December 31, 2025**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par /<br>Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **APCF SPV I, LLC (f) (continued)** |  |  |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** |  |  |  |  |  |
| *Trading Companies & Distributors (continued)* |  |  |  |  |  |  |  |  |  |
| Levata<br> (g) | Senior Secured Sixteenth Amendment Incremental Effective Date Term Loan | S+ | 5.00% | 8.65% | 8/20/2025 | 12/21/2027 | 4871073 | 4829705 | 4846717 |
| Levata<br> (g)(h) | Senior Secured Sixteenth Amendment Incremental Delayed Draw Term Loan | S+ | 5.00% | 8.65% | 8/20/2025 | 12/21/2027 |  | (4610) |  |
| Power Grid Components<br> (g)(k) | Senior Secured Initial Term Loan | S+ | 4.75% | 8.40% | 11/20/2025 | 12/2/2030 | 3980885 | 3961496 | 3960980 |
| Power Grid Components<br> (g) | Senior Secured Amendment No. 3 Incremental Term B-2 Loan | S+ | 4.75% | 8.40% | 11/20/2025 | 11/29/2030 | 548780 | 546106 | 546037 |
| R.F. Fager<br> (g) | Senior Secured First Amendment Term Loan | S+ | 5.00% | 8.65% | 5/22/2025 | 3/4/2030 | 1733867 | 1707859 | 1720863 |
| R.F. Fager<br> (g)(h) | Senior Secured Delayed Draw Term Loan | S+ | 5.00% | 8.65% | 5/22/2025 | 3/4/2030 | 256846 | 250178 | 254919 |
| SupplyHouse<br> (g) | Senior Secured Initial Term Loan | S+ | 4.00% | 7.65% | 7/1/2025 | 7/1/2032 | 3740625 | 3722078 | 3712570 |
|  |  |  |  |  |  |  |  | $31325129 | $31385410 |
| *Water Utilities* |  |  |  |  |  |  |  |  |  |
| Vessco Water<br> (g)(h) | Senior Secured 2025 Incremental DDTL | S+ | 4.50% | 8.15% | 11/3/2025 | 7/24/2031 |  | (7649) |  |
| Vessco Water<br> (g) | Unitranche 2025 Incremental Term Loan | S+ | 4.50% | 8.15% | 11/3/2025 | 7/24/2031 | 3248971 | 3233341 | 3224603 |
|  |  |  |  |  |  |  |  | $3225692 | $3224603 |
|  |  |  | **Total APCF SPV I, LLC** | **Total APCF SPV I, LLC** | **Total APCF SPV I, LLC** | **Total APCF SPV I, LLC** |  | $859150134 | $851319444 |
| **Audax Private Credit Subsidiary, LLC** | **Audax Private Credit Subsidiary, LLC** | **Audax Private Credit Subsidiary, LLC** | **Audax Private Credit Subsidiary, LLC** | **Audax Private Credit Subsidiary, LLC** |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)** |  |  |  |  |
| *Capital Markets* |  |  |  |  |  |  |  |  |  |
| Cerity Partners<br> (g)(h) | Senior Secured Initial Revolving Loan | S+ | 4.50% | 8.15% | 10/10/2024 | 7/28/2031 | $235650 | $230150 | $235650 |
|  |  |  |  |  |  |  |  | $230150 | $235650 |
| *Commercial Services & Supplies* |  |  |  |  |  |  |  |  |  |
| Russell Landscape Group<br> (g)(h) | Senior Secured Revolving Loan | S+ | 5.50% | 9.15% | 10/10/2024 | 4/11/2030 | 359420 | 355069 | 359420 |
| SavATree<br> (g)(h) | Senior Secured Revolving Credit Loan | S+ | 5.00% | 8.65% | 10/10/2024 | 6/6/2031 |  | (1084) |  |
| SavATree<br> (g) | Unitranche Initial Term Loan | S+ | 5.00% | 8.65% | 10/10/2024 | 6/6/2031 | 3260696 | 3260366 | 3244392 |
| ScentAir | Senior Secured Revolving Loan | S+ | 5.25% | 8.90% | 10/10/2024 | 1/26/2026 | 1565413 | 1565413 | 1565413 |
|  |  |  |  |  |  |  |  | $5179764 | $5169225 |

---

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments (continued)** 

**December 31, 2025**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par /<br>Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **Audax Private Credit Subsidiary, LLC (continued)** | **Audax Private Credit Subsidiary, LLC (continued)** | **Audax Private Credit Subsidiary, LLC (continued)** | **Audax Private Credit Subsidiary, LLC (continued)** | **Audax Private Credit Subsidiary, LLC (continued)** |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** |  |  |  |  |
| *Construction & Engineering* |  |  |  |  |  |  |  |  |  |
| National Trench Safety<br> (g)(h) | Senior Secured Revolving Loan | S+ | 5.50% | 9.15% | 10/10/2024 | 12/3/2028 | 1122553 | 1110792 | 1122553 |
| RailPros<br> (g)(h) | Senior Secured Revolving Loan | S+ | 4.25% | 7.90% | 5/22/2025 | 5/24/2032 |  | (6049) |  |
|  |  |  |  |  |  |  |  | $1104743 | $1122553 |
| *Diversified Consumer Services* |  |  |  |  |  |  |  |  |  |
| Heritage Partners<br> (g)(j)(l) | Senior Secured Revolving Credit Loan | S+ | 0.00% | 3.65% PIK | 10/10/2024 | 9/29/2028 | 2525827 | 2495870 | 1431022 |
| Ned Stevens<br> (g) | Unitranche Initial Term Loan | S+ | 5.00% | 8.65% | 10/10/2024 | 11/1/2029 | 2861826 | 2859982 | 2861826 |
| Ned Stevens<br> (h) | Senior Secured Revolving Loan | S+ | 5.00% | 8.65% | 10/10/2024 | 11/1/2028 | 256427 | 256427 | 256427 |
| RotoCo<br> (g)(h) | Senior Secured Initial Revolving Loan | S+ | 5.50% | 9.15% | 10/10/2024 | 6/30/2028 | 1610404 | 1607766 | 1161295 |
|  |  |  |  |  |  |  |  | $7220045 | $5710570 |
| *Financial Services* |  |  |  |  |  |  |  |  |  |
| Cherry Bekaert<br> (g)(h) | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.15% | 10/10/2024 | 6/28/2030 |  | (5559) |  |
| Foundation Source<br> (h) | Senior Secured Revolving Loan | S+ | 5.00% | 8.65% | 10/10/2024 | 9/6/2029 | 257681 | 257681 | 257681 |
|  |  |  |  |  |  |  |  | $252122 | $257681 |
| *Health Care Equipment & Supplies* |  |  |  |  |  |  |  |  |  |
| USMed-Equip<br> (g)(h) | Senior Secured Revolving Credit Loan | S+ | 5.75% | 9.40% | 10/10/2024 | 5/24/2029 |  | (5860) |  |
|  |  |  |  |  |  |  |  | $(5860) | $— |
| *Health Care Providers & Services* |  |  |  |  |  |  |  |  |  |
| Hilco Vision<br> (j) | Senior Secured Second Out Term Loan | S+ | 6.00% PIK | 9.67% | 10/10/2024 | 4/21/2030 | 5832447 | 5832447 | 4295865 |
| Hilco Vision<br> (h)(j) | Senior Secured Revolving Loan | S+ | 6.00% PIK | 9.67% | 10/10/2024 | 4/21/2030 | 1148506 | 1148506 | 845928 |
| Sequel Ortho (fka OrthoNebraska)<br> (g)(h) | Senior Secured Revolving Loan | S+ | 5.00% | 8.65% | 10/10/2024 | 7/31/2028 |  | (1542) |  |
|  |  |  |  |  |  |  |  | $6979411 | $5141793 |
| *Hotels, Restaurants & Leisure* |  |  |  |  |  |  |  |  |  |
| Taymax Group<br> (h) | Senior Secured Revolving Loan | S+ | 5.13% | 8.78% | 10/10/2024 | 7/31/2026 | 294039 | 294039 | 294039 |
|  |  |  |  |  |  |  |  | $294039 | $294039 |

---

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments (continued)** 

**December 31, 2025**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par /<br>Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **Audax Private Credit Subsidiary, LLC (continued)** | **Audax Private Credit Subsidiary, LLC (continued)** | **Audax Private Credit Subsidiary, LLC (continued)** | **Audax Private Credit Subsidiary, LLC (continued)** | **Audax Private Credit Subsidiary, LLC (continued)** |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** |  |  |  |  |
| *Internet Software & Services* |  |  |  |  |  |  |  |  |  |
| Power Digital<br> (g)(h) | Senior Secured Initial Revolving Loan | S+ | 5.00% | 8.65% | 10/10/2024 | 3/11/2030 | 450635 | 445633 | 450635 |
|  |  |  |  |  |  |  |  | $445633 | $450635 |
| *IT Services* |  |  |  |  |  |  |  |  |  |
| GoldenSource<br> (h) | Senior Secured Revolving Loan | S+ | 4.75% | 8.40% | 10/10/2024 | 5/12/2028 | 707280 | 707280 | 707280 |
|  |  |  |  |  |  |  |  | $707280 | $707280 |
| *Media* |  |  |  |  |  |  |  |  |  |
| Allyant<br> (g)(h)(i) | Senior Secured Revolving Loan | S+ | 6.00% | 9.65% | 10/10/2024 | 10/30/2026 |  | (4935) |  |
|  |  |  |  |  |  |  |  | $(4935) | $— |
| *Professional Services* |  |  |  |  |  |  |  |  |  |
| Dwellworks<br> (g)(j) | Senior Secured Initial Term Loan | S+ | 10.32% PIK | 12.32% | 10/10/2024 | 3/31/2027 | 10438717 | 7380215 | 9388364 |
| Dwellworks (Tranche B-1)<br> (g)(j) | Senior Secured Tranche B1 | Fixed | 18.00% PIK | 20.00% | 10/10/2024 | 3/31/2027 | 5568956 | 3973959 |  |
|  |  |  |  |  |  |  |  | $11354174 | $9388364 |
| *Software* |  |  |  |  |  |  |  |  |  |
| Lighthouse<br> (g)(h) | Senior Secured Revolving Loan | S+ | 5.00% | 8.65% | 10/10/2024 | 12/31/2029 |  | (16513) |  |
| Tribute Technology<br> (g)(h) | Senior Secured Revolving Credit Loan | S+ | 6.50% | 10.15% | 10/10/2024 | 10/30/2028 | 1131285 | 1131276 | 1131285 |
|  |  |  |  |  |  |  |  | $1114763 | $1131285 |
| *Trading Companies & Distributors* |  |  |  |  |  |  |  |  |  |
| Industrial Service Group<br> (h) | Senior Secured Revolving Loan | S+ | 5.75% | 9.40% | 10/10/2024 | 12/7/2028 | 895258 | 895258 | 895258 |
| R.F. Fager<br> (g)(h) | Senior Secured Revolving Loan | S+ | 5.00% | 8.65% | 5/22/2025 | 3/4/2030 | 123374 | 117893 | 122449 |
|  |  |  |  |  |  |  |  | $1013151 | $1017707 |
| **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** |  |  |  |  |  |
| *Aerospace & Defense* |  |  |  |  |  |  |  |  |  |
| Blue Raven Solutions<br> (j) | Class A Units |  |  |  | 10/10/2024 |  | 1374300 |  | 3482097 |
|  |  |  |  |  |  |  |  | $— | $3482097 |
| *Commercial Services & Supplies* |  |  |  |  |  |  |  |  |  |
| ScentAir<br> (j) | Class A Units |  |  |  | 10/10/2024 |  | 858937 | 806166 | 765502 |
|  |  |  |  |  |  |  |  | $806166 | $765502 |

---

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments (continued)** 

**December 31, 2025**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par /<br>Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **Audax Private Credit Subsidiary, LLC (continued)** | **Audax Private Credit Subsidiary, LLC (continued)** | **Audax Private Credit Subsidiary, LLC (continued)** | **Audax Private Credit Subsidiary, LLC (continued)** | **Audax Private Credit Subsidiary, LLC (continued)** |  |  |  |  |  |
| **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)** |  |  |  |  |  |
| *Construction & Engineering* |  |  |  |  |  |  |  |  |  |
| A1 Garage Door Service<br> (j) | Class A Common Units |  |  |  | 10/10/2024 |  | 781 | 1368519 | 2171798 |
| National Trench Safety<br> (j) | Preferred Units |  |  |  | 4/3/2025 |  | 3266 | 357207 | 399844 |
| National Trench Safety<br> (j) | Common Units |  |  |  | 10/10/2024 |  | 7161 | 642983 | 701764 |
|  |  |  |  |  |  |  |  | $2368709 | $3273406 |
| *Consumer Staples Distribution & Retail* |  |  |  |  |  |  |  |  |  |
| Avita Pharmacy<br> (j) | Class A Common Units |  |  |  | 10/10/2024 |  | 1273295 | 471761 | 4204266 |
| Avita Pharmacy<br> (j) | Preferred Units |  |  |  | 10/10/2024 |  | 1187627 | 864846 | 601123 |
| Avita Pharmacy<br> (j) | Junior Preferred Units |  |  |  | 10/10/2024 |  | 22654 | 27131 | 30564 |
|  |  |  |  |  |  |  |  | $1363738 | $4835953 |
| *Diversified Consumer Services* |  |  |  |  |  |  |  |  |  |
| Ned Stevens<br> (j) | Class A Capital Units |  |  |  | 10/10/2024 |  | 1737 | 1902090 | 2156711 |
|  |  |  |  |  |  |  |  | $1902090 | $2156711 |
| *Energy Equipment & Services* |  |  |  |  |  |  |  |  |  |
| Allied Power Group<br> (j) | Class A Units |  |  |  | 10/10/2024 |  | 400281 | 400281 | 1301231 |
|  |  |  |  |  |  |  |  | $400281 | $1301231 |
| *Financial Services* |  |  |  |  |  |  |  |  |  |
| Foundation Source<br> (j) | Class A LP Interests |  |  |  | 10/10/2024 |  | 1824 | 2003 | 2880 |
| Foundation Source<br> (j) | Class B LP Interests |  |  |  | 10/10/2024 |  | 1822812 | 2002691 | 2877201 |
|  |  |  |  |  |  |  |  | $2004694 | $2880081 |
| *Food Products* |  |  |  |  |  |  |  |  |  |
| Florida Food Products<br> (j) | Common Units |  |  |  | 10/10/2024 |  | 1536658 | 1530282 | 637396 |
|  |  |  |  |  |  |  |  | $1530282 | $637396 |
| *Health Care Equipment & Supplies* |  |  |  |  |  |  |  |  |  |
| USMed-Equip<br> (j) | Common Units |  |  |  | 10/10/2024 |  | 13738 | 1010898 | 936115 |
|  |  |  |  |  |  |  |  | $1010898 | $936115 |
| *Health Care Providers & Services* |  |  |  |  |  |  |  |  |  |
| Hilco Vision<br> (j) | Class A Common Stock |  |  |  | 10/10/2024 |  | 4496 | 1988337 |  |
| MDpanel<br> (j) | Class A Units |  |  |  | 10/10/2024 |  | 764074 | 735555 | 505282 |
| Shearwater Health | Class A Common Stock |  |  |  | 10/10/2024 |  | 687 | 1839962 | 2123797 |
|  |  |  |  |  |  |  |  | $4563854 | $2629079 |
| *Insurance* |  |  |  |  |  |  |  |  |  |
| SIAA (Alliance Holdings)<br> (j) | Common Units |  |  |  | 10/10/2024 |  | 7635 | 1162946 | 1658837 |
|  |  |  |  |  |  |  |  | $1162946 | $1658837 |
| *Internet Software & Services* |  |  |  |  |  |  |  |  |  |
| Power Digital<br> (j) | Class L Common Units |  |  |  | 10/10/2024 |  | 81934 | 852221 | 1114118 |
|  |  |  |  |  |  |  |  | $852221 | $1114118 |

---

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments (continued)** 

**December 31, 2025**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par /<br>Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **Audax Private Credit Subsidiary, LLC (continued)** | **Audax Private Credit Subsidiary, LLC (continued)** | **Audax Private Credit Subsidiary, LLC (continued)** | **Audax Private Credit Subsidiary, LLC (continued)** | **Audax Private Credit Subsidiary, LLC (continued)** |  |  |  |  |  |
| **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)** |  |  |  |  |  |
| *IT Services* |  |  |  |  |  |  |  |  |  |
| GoldenSource<br> (j) | Class A Membership Interests |  |  |  | 10/10/2024 |  | 327445 | 441590 | 681478 |
| Voyatek<br> (j) | Class C LP Units |  |  |  | 10/10/2024 |  | 1337 | 404004 | 446288 |
|  |  |  |  |  |  |  |  | $845594 | $1127766 |
| *Media* |  |  |  |  |  |  |  |  |  |
| Allyant<br> (i)(j) | Common Shares |  |  |  | 10/10/2024 |  | 5 | 1533996 | 850757 |
|  |  |  |  |  |  |  |  | $1533996 | $850757 |
| *Professional Services* |  |  |  |  |  |  |  |  |  |
| Dwellworks<br> (j) | Preferred Units |  |  |  | 10/10/2024 |  | 984915 |  |  |
|  |  |  |  |  |  |  |  | $— | $— |
| *Software* |  |  |  |  |  |  |  |  |  |
| Lighthouse<br> (j) | LP Interests |  |  |  | 10/10/2024 |  | 3519 | 6701864 | 9805470 |
| PracticeTek<br> (j) | LP Interests |  |  |  | 10/10/2024 |  | 1441373 | 1799832 | 1561594 |
| Tribute Technology<br> (j) | Class A-1 Units |  |  |  | 10/10/2024 |  | 1570 | 1241560 | 1096956 |
|  |  |  |  |  |  |  |  | $9743256 | $12464020 |
|  |  |  | **Total Audax Private Credit Subsidiary, LLC** | **Total Audax Private Credit Subsidiary, LLC** | **Total Audax Private Credit Subsidiary, LLC** | **Total Audax Private Credit Subsidiary, LLC** |  | $65973205 | $70739851 |
| **Audax Private Credit Fund, LLC** | **Audax Private Credit Fund, LLC** | **Audax Private Credit Fund, LLC** |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m)** |  |  |  |  |  |
| *Aerospace & Defense* |  |  |  |  |  |  |  |  |  |
| Tronair 2025<br> (g)(h)(k) | Senior Secured Revolving Loan | S+ | 3.75% | 7.40% | 12/18/2025 | 12/22/2032 |  | $(11209) | $— |
|  |  |  |  |  |  |  |  | $(11209) | $— |
| *Building Products* |  |  |  |  |  |  |  |  |  |
| Leaf Home<br> (g)(h) | Senior Secured Revolving Credit Loan | S+ | 5.25% | 8.90% | 9/4/2025 | 9/4/2031 | 90000 | 79368 | 89325 |
|  |  |  |  |  |  |  |  | $79368 | $89325 |
| *Capital Markets* |  |  |  |  |  |  |  |  |  |
| Steward Partners<br> (g)(h) | Senior Secured Revolving Loan | S+ | 4.75% | 8.40% | 6/13/2025 | 10/14/2028 |  | (11640) |  |
|  |  |  |  |  |  |  |  | $(11640) | $— |
| *Commercial Services & Supplies* |  |  |  |  |  |  |  |  |  |
| Brown & Root<br> (g)(h)(k) | Senior Secured Revolving Loan | S+ | 5.00% | 8.65% | 10/3/2025 | 10/3/2030 | 428571 | 408477 | 422143 |
| Certified Collision Group<br> (g)(h)(k) | Senior Secured Revolving Facility | S+ | 4.50% | 8.15% | 12/30/2025 | 12/30/2032 |  | (13533) |  |
| Denali Water Solutions 2025<br> (g)(h) | Senior Secured Revolving Loan | S+ | 4.75% | 8.40% | 11/13/2025 | 11/19/2032 | 418269 | 406878 | 415132 |
| Eagle Fire<br> (g)(h) | Senior Secured Initial Revolving Loan | S+ | 4.50% | 8.15% | 7/15/2025 | 7/15/2032 |  | (8811) |  |

---

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments (continued)** 

**December 31, 2025**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par /<br>Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **Audax Private Credit Fund, LLC (continued)** | **Audax Private Credit Fund, LLC (continued)** | **Audax Private Credit Fund, LLC (continued)** |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** |  |  |  |  |  |
| *Commercial Services & Supplies (continued)* |  |  |  |  |  |  |  |  |  |
| HeartLand<br> (g)(h) | Senior Secured Revolving Credit Loan | S+ | 4.75% | 8.40% | 11/5/2025 | 12/12/2029 | 11669 | 3124 | 11553 |
| O6 Environmental<br> (g)(h) | Senior Secured Revolving Loan | S+ | 4.75% | 8.40% | 8/5/2025 | 8/5/2032 |  | (15492) |  |
|  |  |  |  |  |  |  |  | $780643 | $848828 |
| *Construction & Engineering* |  |  |  |  |  |  |  |  |  |
| Gallo Mechanical<br> (g)(h) | Senior Secured Initial Revolving Loan | S+ | 4.75% | 8.40% | 7/31/2025 | 8/2/2032 | 234400 | 209468 | 232642 |
| Legacy Service Partners<br> (g)(h) | Senior Secured Revolving Loan | S+ | 4.50% | 8.15% | 11/7/2025 | 11/10/2031 |  | (867) |  |
| Lindsay Precast<br> (g)(h)(k) | Senior Secured Incremental Revolving Loan | S+ | 4.75% | 8.40% | 12/15/2025 | 12/16/2032 |  | (13204) |  |
|  |  |  |  |  |  |  |  | $195397 | $232642 |
| *Consumer Staples Distribution & Retail* |  |  |  |  |  |  |  |  |  |
| Avita Pharmacy<br> (g)(h) | Senior Secured Revolving Loan (2025) | S+ | 4.25% | 7.90% | 11/4/2025 | 8/6/2030 |  | (15386) |  |
|  |  |  |  |  |  |  |  | $(15386) | $— |
| *Containers & Packaging* |  |  |  |  |  |  |  |  |  |
| Novvia Group<br> (g)(h) | Senior Secured Initial Refinancing Revolving Loan | S+ | 5.25% | 8.90% | 6/13/2025 | 1/31/2032 | 160510 | 154361 | 160510 |
| Precision Concepts<br> (g)(h) | Senior Secured Revolving Credit Loan | S+ | 4.75% | 8.40% | 7/31/2025 | 8/2/2032 | 60575 | 54659 | 60121 |
|  |  |  |  |  |  |  |  | $209020 | $220631 |
| *Diversified Consumer Services* |  |  |  |  |  |  |  |  |  |
| Aptive Environmental<br> (g)(h) | Senior Secured Initial Revolving Loan | S+ | 4.75% | 8.40% | 10/15/2025 | 10/15/2032 |  | (8272) |  |
| Heritage Partners<br> (j)(l) | Senior Secured First Out Term Loan | S+ | 0.00% | 3.65% PIK | 7/9/2025 | 9/29/2028 | 1964942 | 1964942 | 1964942 |
| Southeast Lineman Training Center<br> (g)(h) | Senior Secured SLTC Delayed TL | S+ | 5.25% | 8.90% | 12/22/2025 | 1/3/2030 |  | (68499) |  |
|  |  |  |  |  |  |  |  | $1888171 | $1964942 |
| *Financial Services* |  |  |  |  |  |  |  |  |  |
| Aprio<br> (g)(h) | Senior Secured 2025 Incremental Delayed Draw Term Loan | S+ | 4.75% | 8.40% | 12/23/2025 | 8/1/2031 |  | (12442) |  |
| Embark<br> (g)(h) | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.15% | 9/2/2025 | 9/2/2032 | 36000 | 27425 | 35730 |

---

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments (continued)** 

**December 31, 2025**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par /<br>Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **Audax Private Credit Fund, LLC (continued)** | **Audax Private Credit Fund, LLC (continued)** | **Audax Private Credit Fund, LLC (continued)** |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** |  |  |  |  |  |
| *Financial Services (continued)* |  |  |  |  |  |  |  |  |  |
| Merchant Industry & Valor PayTech<br> (g)(h) | Senior Secured Revolving Loan | S+ | 4.75% | 8.40% | 9/19/2025 | 9/19/2031 | 146438 | 141677 | 145222 |
|  |  |  |  |  |  |  |  | $156660 | $180952 |
| *Health Care Equipment & Supplies* |  |  |  |  |  |  |  |  |  |
| Alcresta<br> (g)(h) | Senior Secured Revolving Credit | S+ | 5.50% | 9.15% | 12/4/2025 | 3/12/2031 | 29941 | 25518 | 29341 |
| Visor Buyer, Inc.<br> (l) | Unitranche Initial Term Loan | S+ | 6.50% | 10.15% | 12/15/2025 | 12/15/2031 | 3276299 | 3276299 | 3276299 |
|  |  |  |  |  |  |  |  | $3301817 | $3305640 |
| *Health Care Providers & Services* |  |  |  |  |  |  |  |  |  |
| APT Healthcare<br> (g)(h) | Senior Secured Initial Revolving Credit Loan | S+ | 5.00% | 8.65% | 9/30/2025 | 9/30/2031 |  | (13424) |  |
| Clearway Pain Solutions<br> (g)(h) | Senior Secured Revolving Loan | S+ | 5.50% | 9.15% | 9/22/2025 | 8/31/2030 | 342602 | 317128 | 340889 |
| Riccobene Associates Family Dentistry<br> (g)(h) | Senior Secured Initial Revolving Loan | S+ | 4.75% | 8.40% | 6/6/2025 | 10/31/2030 |  | (9571) |  |
| Sequel Ortho (fka OrthoNebraska)<br> (g)(h) | Senior Secured Revolving Loan | S+ | 5.00% | 8.65% | 10/10/2024 | 7/31/2028 |  | (2681) |  |
| Specialized Dental<br> (g)(h) | Senior Secured Fifth Amendment Revolver | S+ | 4.75% | 8.40% | 10/30/2025 | 11/1/2028 |  | (5733) |  |
| Summit Spine & Joint Centers<br> (g)(h) | Senior Secured Revolving Loan | S+ | 4.75% | 8.40% | 6/13/2025 | 3/25/2031 | 113619 | 87780 | 113619 |
|  |  |  |  |  |  |  |  | $373499 | $454508 |
| *Health Care Technology* |  |  |  |  |  |  |  |  |  |
| AGS Health<br> (g)(h) | Senior Secured Tranche A Revolving Credit Loan | S+ | 4.50% | 8.15% | 7/31/2025 | 8/2/2032 |  | (1486) |  |
| Avalon<br> (g)(h) | Senior Secured Revolving Credit | S+ | 4.50% | 8.15% | 12/31/2025 | 12/31/2031 |  | (15000) |  |
| Med Tech Solutions<br> (g)(h) | Senior Secured Revolving Loan | S+ | 5.25% | 8.90% | 6/3/2025 | 6/3/2032 |  | (14835) |  |
| VaxCare<br> (g)(h) | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.15% | 6/16/2025 | 6/17/2032 |  | (6166) |  |
|  |  |  |  |  |  |  |  | $(37487) | $— |
| *Internet Software & Services* |  |  |  |  |  |  |  |  |  |
| Dun & Bradstreet<br> (g)(h) | Senior Secured Revolving Credit Loan | S+ | 5.50% | 9.15% | 8/26/2025 | 8/26/2032 |  | (4773) |  |
|  |  |  |  |  |  |  |  | $(4773) | $— |

---

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments (continued)** 

**December 31, 2025**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par /<br>Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **Audax Private Credit Fund, LLC (continued)** | **Audax Private Credit Fund, LLC (continued)** | **Audax Private Credit Fund, LLC (continued)** |  |  |  |  |  |  |  |
| **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** | **BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (m) (continued)** |  |  |  |  |  |
| *IT Services* |  |  |  |  |  |  |  |  |  |
| VC3<br> (g)(h) | Senior Secured DDTL E | S+ | 5.10% | 8.75% | 12/22/2025 | 3/12/2029 |  | (120175) |  |
|  |  |  |  |  |  |  |  | $(120175) | $— |
| *Leisure Products* |  |  |  |  |  |  |  |  |  |
| PlayPower 2025<br> (g)(h) | Senior Secured Revolving Loan | S+ | 5.25% | 8.90% | 7/25/2025 | 10/29/2030 | 66308 | 49586 | 65810 |
|  |  |  |  |  |  |  |  | $49586 | $65810 |
| *Machinery* |  |  |  |  |  |  |  |  |  |
| 80/20<br> (g)(h) | Senior Secured Revolving Loan | S+ | 4.50% | 8.15% | 12/12/2025 | 12/13/2032 |  | (11340) |  |
| Voeller Mixers<br> (g)(h) | Senior Secured Revolving Loan | S+ | 4.75% | 8.40% | 11/25/2025 | 11/25/2032 |  | (12850) |  |
|  |  |  |  |  |  |  |  | $(24190) | $— |
| *Software* |  |  |  |  |  |  |  |  |  |
| AIA Contract Documents<br> (g)(h) | Senior Secured Revolving Loan | S+ | 4.75% | 8.40% | 7/2/2025 | 7/2/2031 |  | (12552) |  |
| FMG Suite<br> (g)(h) | Senior Secured Revolving Loan | S+ | 4.75% | 8.40% | 9/9/2025 | 9/9/2032 |  | (9737) |  |
| Mitratech<br> (g)(h)(k) | Senior Secured Revolving Loan | S+ | 4.75% | 8.40% | 12/2/2025 | 12/2/2031 |  | (1811) |  |
| PKWARE<br> (g)(h) | Senior Secured Revolving Loan | S+ | 4.50% | 8.15% | 6/2/2025 | 6/3/2030 |  | (20012) |  |
|  |  |  |  |  |  |  |  | $(44112) | $— |
| *Trading Companies & Distributors* |  |  |  |  |  |  |  |  |  |
| Apex Service Partners<br> (g)(h) | Senior Secured Third Amendment Incremental Delayed Draw Term Loan | S+ | 4.75% | 8.40% | 11/21/2025 | 10/24/2030 |  | (14707) |  |
| SupplyHouse<br> (g)(h) | Senior Secured Revolving Credit Loan | S+ | 4.00% | 7.65% | 7/1/2025 | 7/1/2032 |  | (5822) |  |
|  |  |  |  |  |  |  |  | $(20529) | $— |
| *Water Utilities* |  |  |  |  |  |  |  |  |  |
| Vessco Water<br> (g)(h) | Senior Secured Revolving Loan | S+ | 4.50% | 8.15% | 11/3/2025 | 7/24/2031 |  | (2873) |  |
|  |  |  |  |  |  |  |  | $(2873) | $— |
| **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** |  |  |  |
| *Commercial Services & Supplies* |  |  |  |  |  |  |  |  |  |
| Certified Collision Group<br> (j) | Class A Units |  |  |  | 12/30/2025 |  | 774031 | $774031 | $774031 |
| Eagle Fire<br> (j) | Units |  |  |  | 7/15/2025 |  | 833333 | 833333 | 618860 |
|  |  |  |  |  |  |  |  | $1607364 | $1392891 |

---

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments (continued)** 

**December 31, 2025**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par /<br>Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **Audax Private Credit Fund, LLC (continued)** | **Audax Private Credit Fund, LLC (continued)** | **Audax Private Credit Fund, LLC (continued)** |  |  |  |  |  |  |  |
| **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** |  |  |  |
| *Financial Services* |  |  |  |  |  |  |  |  |  |
| Embark<br> (j) | Common Units |  |  |  | 9/2/2025 |  | 90000 | 90000 | 68577 |
|  |  |  |  |  |  |  |  | $90000 | $68577 |
| *Health Care Equipment & Supplies* |  |  |  |  |  |  |  |  |  |
| Visor Buyer, Inc.<br> (j)(l) | Class A-1 Common Stock |  |  |  | 12/15/2025 |  | 4522621 | 4522622 | 3111242 |
|  |  |  |  |  |  |  |  | $4522622 | $3111242 |
| *Health Care Technology* |  |  |  |  |  |  |  |  |  |
| Avalon<br> (j) | Class A-1 Units |  |  |  | 12/31/2025 |  | 90000 | 90000 | 90000 |
| Med Tech Solutions<br> (j) | Class A Units |  |  |  | 6/3/2025 |  | 166163 | 166164 | 160849 |
|  |  |  |  |  |  |  |  | $256164 | $250849 |
| *Machinery* |  |  |  |  |  |  |  |  |  |
| 80/20<br> (j) | Class A Units |  |  |  | 12/11/2025 |  | 90000 | 90000 | 90000 |
|  |  |  |  |  |  |  |  | $90000 | $90000 |
|  |  |  | **Total Audax Private Credit Fund, LLC** | **Total Audax Private Credit Fund, LLC** | **Total Audax Private Credit Fund, LLC** | **Total Audax Private Credit Fund, LLC** |  | $13307937 | $12276837 |
| **APCF Equity, LLC** |  |  |  |  |  |  |  |  |  |
| **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS** |  |  |  |
| *Commercial Services & Supplies* |  |  |  |  |  |  |  |  |  |
| O6 Environmental<br> (j) | Common Units |  |  |  | 8/5/2025 |  | 448 | $448009 | $578751 |
| Russell Landscape Group<br> (j) | Class A Units |  |  |  | 10/10/2024 |  | 5528 | 552762 | 811830 |
|  |  |  |  |  |  |  |  | $1000771 | $1390581 |
| *Construction & Engineering* |  |  |  |  |  |  |  |  |  |
| Gallo Mechanical<br> (j) | Units |  |  |  | 7/31/2025 |  | 840000 | 830186 | 948839 |
|  |  |  |  |  |  |  |  | $830186 | $948839 |
| *Containers & Packaging* |  |  |  |  |  |  |  |  |  |
| Novvia Group<br> (j) | Common Units |  |  |  | 10/10/2024 |  | 28290 | 650105 | 493355 |
|  |  |  |  |  |  |  |  | $650105 | $493355 |
| *Diversified Consumer Services* |  |  |  |  |  |  |  |  |  |
| Heritage Partners<br> (j)(l) | Merger Units |  |  |  | 7/9/2025 |  | 196 | 196 |  |
| Kalkomey<br> (j) | Class A Units |  |  |  | 10/10/2024 |  | 116815 | 1168155 | 1149671 |
|  |  |  |  |  |  |  |  | $1168351 | $1149671 |
| *Financial Services* |  |  |  |  |  |  |  |  |  |
| Cherry Bekaert<br> (j) | Class A Units |  |  |  | 10/10/2024 |  | 618019 | 780092 | 1615394 |
| Merchant Industry & Valor PayTech<br> (j) | Class A Units |  |  |  | 9/19/2025 |  | 1500 | 150000 | 150000 |
| Prime Pensions | LP Interests |  |  |  | 10/10/2024 |  | 668564 | 605496 | 635937 |
|  |  |  |  |  |  |  |  | $1535588 | $2401331 |
| *Health Care Providers & Services* |  |  |  |  |  |  |  |  |  |
| APT Healthcare<br> (j) | Class A-5 Common Units |  |  |  | 9/30/2025 |  | 74211 | 100000 | 100000 |
| Sequel Ortho (fka OrthoNebraska)<br> (j) | LP Interests |  |  |  | 10/10/2024 |  | 34285 | 328148 | 496370 |
|  |  |  |  |  |  |  |  | $428148 | $596370 |

---

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments (continued)** 

**December 31, 2025**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio investments (a) (b) (c) (d) (e)** | **Investment Type** | **Index (^)** | **Spread** | **Interest<br>Rate** | **Acquisition<br>Date** | **Maturity<br>Date** | **Par /<br>Shares** | **Cost of<br>Investment** | **Fair Value of<br>Investment** |
| **APCF Equity, LLC** |  |  |  |  |  |  |  |  |  |
| **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)** | **COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued)** |  |  |  |
| *Hotels, Restaurants & Leisure* |  |  |  |  |  |  |  |  |  |
| Taymax Group<br> (j) | Class A Units |  |  |  | 10/10/2024 |  | 12729 | 2543230 | 2734418 |
|  |  |  |  |  |  |  |  | $2543230 | $2734418 |
| *Professional Services* |  |  |  |  |  |  |  |  |  |
| Magna Legal Services<br> (j) | Class A Units |  |  |  | 10/10/2024 |  | 14607 | 1577591 | 2448502 |
|  |  |  |  |  |  |  |  | $1577591 | $2448502 |
| *Software* |  |  |  |  |  |  |  |  |  |
| Cast & Crew (fka Backstage)<br> (j) | Class A-3 Units |  |  |  | 10/10/2024 |  | 5801 | 406596 | 2193340 |
|  |  |  |  |  |  |  |  | $406596 | $2193340 |
| *Trading Companies & Distributors* |  |  |  |  |  |  |  |  |  |
| Industrial Service Group<br> (j) | Class A Units |  |  |  | 10/10/2024 |  | 622 | 1058917 | 1098439 |
| Industrial Service Group<br> (j) | Class A-1 Units |  |  |  | 3/10/2025 |  | 19 | 25961 | 33463 |
|  |  |  |  |  |  |  |  | $1084878 | $1131902 |
|  |  |  | **Total APCF Equity, LLC** | **Total APCF Equity, LLC** | **Total APCF Equity, LLC** | **Total APCF Equity, LLC** |  | $11225444 | $15488309 |
|  |  |  | **Total Portfolio Investments** | **Total Portfolio Investments** | **Total Portfolio Investments** | **Total Portfolio Investments** |  | $949656720 | $949824441 |

---

(^) Unless otherwise noted, the majority of investments contain a variable interest rate structure that may be determined by reference to Secured Overnight Financing Rate ("SOFR" or "S") or Applicable Federal Rate ("AFR").

(a)All securities represent investments in companies based in the United States of America, unless otherwise noted. All of these investments are subject to restrictions as to their resale or transfer.

(b)Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Fund owns less than 5% of the portfolio company's outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.

(c)All investments are exempt from registration under the Securities Act and may be deemed to be "restricted securities" under the Securities Act.

(d)Unless indicated otherwise, all investments are valued using Level 3 inputs within the ASC 820 fair value hierarchy. Refer to Note 3 — *Investments* in the accompanying Notes to Consolidated Financial Statements for additional information.

(e)At December 31, 2025, the cost of investments for income tax purposes was $949,656,720, the gross unrealized depreciation for federal tax purposes was $25,633,371, the gross unrealized appreciation for federal income tax purposes was $25,801,092, and the net unrealized appreciation was $167,721.

(f)Investments within APCF SPV I, LLC are pledged as collateral to the Leverage Facility. Refer to Note 8 — *Commitments and Contingencies* in the accompanying Notes to Consolidated Financial Statements for additional information.

(g)Includes a portion of original issue discount and payment-in-kind, where applicable. The interest rate shown was the current rate as of December 31, 2025 and changes periodically.

(h)Position or portion thereof is an unfunded loan commitment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the loan. Refer to Note 8 — *Commitments and Contingencies* in the accompanying Notes to Consolidated Financial Statements for additional information.

(i)The company headquarters for Allyant is located in Canada.

(j)Investments are non-income producing.

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

(l)The provisions of the Investment Company Act classify investments further based on the level of ownership that the Fund maintains in a particular portfolio company. As defined in the Investment Company Act, a company is generally deemed as "non-affiliated" when the Fund owns less than 5% of a portfolio company's outstanding voting securities and "affiliated" when the Fund owns 5% or more of a portfolio company's outstanding voting securities. The Fund classifies this investment as "affiliated".

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments (continued)** 

**December 31, 2025**

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

The following table presents the Consolidated Schedule of Investments of the affiliates for the year ended December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup> | **Investment Type** | **Beginning Fair Value at December 31, 2024** | **Gross additions** <sup>(2)</sup> | **Change in Unrealized Gain** | **Fair Value at December 31, 2025** |
| Heritage Partners | Bank Loans | $— | $12783688 | $(5347549) | $7436139 |
| Heritage Partners | Bank Loans |  | 6020720 | (2518530) | 3502190 |
| Heritage Partners | Bank Loans |  | 2495870 | (1064848) | 1431022 |
| Heritage Partners | Bank Loans |  | 1964942 |  | 1964942 |
| Visor Buyer, Inc. | Bank Loans |  | 3276299 |  | 3276299 |
| Heritage Partners | Common Equity and Preferred Shares |  | 196 | (196) |  |
| Visor Buyer, Inc. | Common Equity and Preferred Shares |  | 4522622 | (1411380) | 3111242 |
| &nbsp;&nbsp;**Total Affiliated investments** |  | $— | $31064337 | $(10342503) | $20721834 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The principal/share amount and ownership detail are shown in the Consolidated Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities, and the movement of an existing portfolio company into this category from a different category.

(m)All investments are income producing, unless otherwise noted.

(n)The following shows the composition of the Fund's portfolio at fair value by investment type and industry as of December 31, 2025.

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

------

**Audax Private Credit Fund, LLC**

**Consolidated Schedule of Investments (continued)** 

**December 31, 2025**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Industry** | **Bank Loans Fair Value** | **% of NAV** | **Common and Preferred Equity Fair Value** | **% of NAV** | **Total Fair Value** | **% of Total Investments at Fair Value** |
| Aerospace & Defense | $14153296 | 3.1% | $3482097 | 0.8% | $17635393 | 1.9% |
| Air Freight & Logistics | 4875750 | 1.1% |  | 0.0% | 4875750 | 0.5% |
| Automobile Components | 3338646 | 0.7% |  | 0.0% | 3338646 | 0.4% |
| Building Products | 9235523 | 2.0% |  | 0.0% | 9235523 | 1.0% |
| Capital Markets | 32324134 | 7.0% |  | 0.0% | 32324134 | 3.4% |
| Chemicals | 2962613 | 0.6% |  | 0.0% | 2962613 | 0.3% |
| Commercial Services & Supplies | 73421100 | 15.9% | 3548974 | 0.8% | 76970074 | 8.1% |
| Communications Equipment | 4974937 | 1.1% |  | 0.0% | 4974937 | 0.5% |
| Construction & Engineering | 75093564 | 16.3% | 4222245 | 0.9% | 79315809 | 8.4% |
| Consumer Staples Distribution & Retail | 13917012 | 3.0% | 4835953 | 1.0% | 18752965 | 2.0% |
| Containers & Packaging | 17028739 | 3.7% | 493355 | 0.1% | 17522094 | 1.8% |
| Diversified Consumer Services | 75755423 | 16.4% | 3306382 | 0.7% | 79061805 | 8.3% |
| Electrical Equipment | 5833525 | 1.3% |  | 0.0% | 5833525 | 0.6% |
| Energy Equipment & Services | 8590541 | 1.9% | 1301231 | 0.3% | 9891772 | 1.0% |
| Financial Services | 68280920 | 14.8% | 5349989 | 1.2% | 73630909 | 7.8% |
| Food Products | 8804597 | 1.9% | 637396 | 0.1% | 9441993 | 1.0% |
| Health Care Equipment & Supplies | 30945580 | 6.7% | 4047357 | 0.9% | 34992937 | 3.7% |
| Health Care Providers & Services | 81787967 | 17.7% | 3225449 | 0.7% | 85013416 | 9.0% |
| Health Care Technology | 21609456 | 4.7% | 250849 | 0.1% | 21860305 | 2.3% |
| Hotels, Restaurants & Leisure | 32676974 | 7.1% | 2734418 | 0.6% | 35411392 | 3.7% |
| Insurance | 25011013 | 5.4% | 1658837 | 0.4% | 26669850 | 2.8% |
| Interactive Media & Services | 9167500 | 2.0% |  | 0.0% | 9167500 | 1.0% |
| Internet Software & Services | 17208072 | 3.7% | 1114118 | 0.2% | 18322190 | 1.9% |
| IT Services | 12458472 | 2.7% | 1127766 | 0.2% | 13586238 | 1.4% |
| Leisure Products | 14097775 | 3.1% |  | 0.0% | 14097775 | 1.5% |
| Life Sciences Tools & Services | 8955000 | 1.9% |  | 0.0% | 8955000 | 0.9% |
| Machinery | 25971026 | 5.6% | 90000 | 0.0% | 26061026 | 2.7% |
| Media | 22948124 | 5.0% | 850757 | 0.2% | 23798881 | 2.5% |
| Oil, Gas & Consumable Fuels | 647283 | 0.1% |  | 0.0% | 647283 | 0.1% |
| Personal Care Products | 4957899 | 1.1% |  | 0.0% | 4957899 | 0.5% |
| Pharmaceuticals | 8000000 | 1.7% |  | 0.0% | 8000000 | 0.9% |
| Professional Services | 27823047 | 6.0% | 2448502 | 0.5% | 30271549 | 3.2% |
| Software | 90826276 | 19.7% | 14657360 | 3.2% | 105483636 | 11.1% |
| Trading Companies & Distributors | 32403117 | 7.0% | 1131902 | 0.2% | 33535019 | 3.5% |
| Water Utilities | 3224603 | 0.7% |  | 0.0% | 3224603 | 0.3% |
| **Total** | $889309504 | 192.7% | $60514937 | 13.1% | $949824441 | 100.0% |

---

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

------

**Audax Private Credit Fund, LLC**

**Notes to Consolidated Financial Statements** 

**March 31, 2026** 

**(unaudited)** 

**Note 1. Organization** 

Audax Private Credit Fund, LLC (formerly Audax Private Credit Fund, LP) (the "Fund") is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act. The Fund intends to elect to be treated as a regulated investment company ("RIC") as defined under Subchapter M of the U.S. Internal Revenue Code of 1986, as amended (the "Code") and expects to qualify as a RIC annually thereafter.

Prior to converting to a Delaware limited liability company on April 10, 2025 (the "Conversion") and electing to be regulated as a BDC on April 23, 2025 (the "Conversion Effective Date"), the Fund operated as Audax Private Credit Fund, LP, a Delaware limited partnership originally organized on July 23, 2024 (the "Partnership"). The Partnership commenced operations on October 10, 2024, the effective closing date of the Master Transaction Agreement (the "MTA") between the Partnership and affiliated funds.

The Fund's investment objective is to generate current income and, to a lesser extent, capital appreciation. The Fund intends to invest primarily in senior secured first lien loans, with minority exposure to second lien loans, subordinated or mezzanine loans, and equity and equity-like investments, such as equity and/or warrant kickers, in privately owned U.S. middle market companies.

Audax PDB Management Company, LLC (the "Adviser") is the investment adviser of the Fund. 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. Prior to the Conversion on April 10, 2025, Audax Management Company (NY), LLC was the investment adviser of the Partnership.

**Note 2. Significant Accounting Policies** 

***Basis of Presentation*** 

As an investment company, the accompanying consolidated financial statements of the Fund 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 Fund, 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 Fund 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 Fund's financial position or the result of the operations as previously reported.

***Consolidation*** 

As provided under Regulation S-X and ASC Topic 946, the Fund will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Fund. Accordingly, the Fund consolidated the results of the Fund's wholly-owned subsidiaries.

As of March 31, 2026 and December 31, 2025, APCF SPV I, LLC (the "SPV"), Audax Private Credit Subsidiary, LLC, and APCF Equity, LLC, Delaware limited liability companies (collectively with the SPV, the "Subsidiaries"), are wholly owned subsidiaries of the Fund that are consolidated. All intercompany balances and transactions have been eliminated in consolidation. The SPV is the borrower under the Fund's Leverage Facility as discussed in Note 8 — *Commitments and Contingencies*.

------

**Audax Private Credit Fund, LLC** 

**Notes to Consolidated Financial Statements (continued)**

**March 31, 2026** 

**(unaudited)** 

***Use of Estimates*** 

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

***Cash and Cash Equivalents*** 

Cash is stated at cost and cash equivalents are stated at fair value. The Fund 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 at March 31, 2026 and December 31, 2025. The cash was not subject to any restrictions on withdrawal.

***Expenses*** 

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

***Investment Valuation Policy***

The Fund's assets and liabilities will be valued in accordance with the valuation policies and procedures of the Fund and the Adviser, as may be amended from time to time. Such valuations will be made in accordance with Rule 2a-5 under the Investment Company Act, the SEC rule governing the valuation of a BDC's portfolio investments, and GAAP. The Board of Directors (the "Board") has designated the Adviser as its "valuation designee" pursuant to Rule 2a-5 under the Investment Company Act, and in that role the Adviser is responsible for performing fair value determinations relating to all of the Fund's investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Fund's Board. Even though the Board designated the Adviser as its "valuation designee," the Board's audit committee continues to be responsible for overseeing the processes for determining fair valuation.

When market prices are readily available, the Adviser shall value the Fund's investments at the current market price. Where it is possible to obtain independent third party market quotes for securities, the Adviser will use these quotes to obtain a value for those securities.

The Fund's investments are expected to include loans and other instruments that do not have readily ascertainable market prices. Assets that are not publicly traded or whose market prices are not readily available are valued at fair value as determined in good faith by the Adviser. The Adviser will determine fair value for those investments through a valuation process that will be conducted at the end of each fiscal quarter by the valuation committees of our Adviser with the assistance of the Adviser's investment and management personnel, finance and compliance teams, third-party valuation agents, and guidance from outside counsel, and reviewed by the audit committee of our Board.

The Adviser will utilize the following multi-step process each quarter in determining fair value for the Fund's investments for which market quotations are not readily available:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•First, 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;•Second, 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;•Third, the preliminary valuation conclusions will be presented to the Adviser's valuation committees as relevant, for consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fourth, the Adviser's 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;•Fifth, the valuation determinations of the Adviser's valuation committees will be presented to the Adviser and then shared with the Fund's chief executive officer and chief financial officer; and

------

**Audax Private Credit Fund, LLC** 

**Notes to Consolidated Financial Statements (continued)**

**March 31, 2026** 

**(unaudited)** 

• Sixth, the Adviser will provide certain quarterly and annual reports to the Board.

***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 Fund's qualitative assessment indicates that the debtor is unable to service its debt or other obligations, the Fund 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 Fund will remain contractually entitled to this interest. Interest payments received on non-accrual loans are restored to accrual status when past due principal and interest are paid and, in management's judgment, are likely to remain current or, due to a restructuring, the interest income is deemed to be collectible. As of March 31, 2026, the Fund had 6 investments across 3 issuers on non-accrual, which represented 3.77% and 1.96% of the Fund's cost and fair market value, respectively. As of December 31, 2025, the Fund had 8 investments across 3 issuers on non-accrual, which represented 4.38% and 3.04% of the Fund's cost and fair market value, respectively.

The Fund may hold loans in the portfolio that contain OID and payment-in-kind ("PIK") provisions. The Fund recognizes OID for loans originally issued at a discount as income over the life of the obligation based on an effective yield method. 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.

As of March 31, 2026, the Fund held 3 investments that had a PIK interest component. As of December 31, 2025, the Fund held 3 investments that had a PIK interest component. For the three months ended March 31, 2026 and 2025, the Fund accrued PIK income in the amount of $12,254 and $564,368.

As of March 31, 2026 and December 31, 2025, the Fund held $31,790,293 and $35,353,403 cash and cash equivalents. For the three months ended March 31, 2026 and 2025, the Fund did not earn interest income related to cash.

***Realized gain (loss) and net change in unrealized appreciation (depreciation)*** 

Investment transactions are accounted for on the trade date. Gain or loss on the sale of investments is calculated using the specific identification method. The Fund measures realized gain or loss 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. Net change in unrealized appreciation or depreciation will reflect the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when a gain or loss is realized.

***Foreign Currency*** 

The accounting records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing rates of exchange at year end. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions. The portion of both realized and unrealized gains and losses on investments that results from the fluctuations in foreign currency exchange rates are separately disclosed in the accompanying Consolidated Statements of Operations, when applicable.

***Deferred Financing Costs*** 

Deferred financing costs represent fees and other direct incremental costs incurred in connection with borrowings. These amounts are amortized over the contractual term of the Leverage Facility as discussed in Note 8 — *Commitments and Contingencies*.

***New Accounting Pronouncements*** 

In December 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09")," which 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

------

**Audax Private Credit Fund, LLC** 

**Notes to Consolidated Financial Statements (continued)**

**March 31, 2026** 

**(unaudited)** 

to apply retrospectively. The Fund adopted ASU 2023-09 effective December 31, 2025 and concluded that the application of this guidance did not have any material impact on its consolidated financial statements.

**Note 3. Investments** 

***Fair Value*** 

The Fund follows guidance in ASC 820, Fair Value Measurement ("ASC 820"), where fair value is defined 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 measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities.

In accordance with ASC 820, these inputs are summarized into the following hierarchy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 1: Quoted prices in available active markets for identical financial instruments that the Adviser has the ability to access at the measurement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 2: Quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3: Inputs that are unobservable and significant to the overall fair value measurement for the asset or liability.

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. The Adviser's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

This includes investment securities that are valued using "bid" and "ask" prices obtained from independent third party pricing services or directly from brokers (described in further detail below). Classifying securities as Level 3 is based on reviewing ASC 820-10-35 (formerly FSP No. 157-3, issued on October 10, 2008). As quotes received from independent third party pricing services or directly from brokers are generally indicative and not binding, and may also not be based on actual transactions, these inputs typically do not qualify as Level 2 inputs and therefore, in most cases, will be considered Level 3 inputs.

Under ASC 820, the fair value measurement also assumes that the transaction to sell an asset occurs in the principal market for the asset or, in the absence of a principal market, the most advantageous market for the asset, which may be a hypothetical market, and excludes transaction costs. The principal market for any asset is the market with the greatest volume and level of activity for such asset in which the reporting entity would or could sell or transfer the asset. In determining the principal market for an asset or liability under ASC 820, it is assumed that the reporting entity has access to such market as of the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable and willing and able to transact.

The Adviser determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly market is available for the market participants at the measurement date. When available, the Adviser bases the fair value of a large portion of the Fund's investments on directly observable market prices or on market data derived from comparable assets. The Adviser's valuation policy considers the fact that no ready market exists for many of the securities in which the Fund invests and that fair value for the Fund's investments must be determined using unobservable inputs. The Adviser's valuation policy is intended to provide a consistent basis for determining the fair value of the Fund's portfolio.

Inputs used to measure the fair value of an investment reflect management's best estimate of assumptions that would be used by market participants in pricing such investment in a hypothetical transaction. Due to the inherent uncertainty of determining the fair value

------

**Audax Private Credit Fund, LLC** 

**Notes to Consolidated Financial Statements (continued)**

**March 31, 2026** 

**(unaudited)** 

of investments that do not have a readily available market value, the fair value of the Fund's investments may differ from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Fund may ultimately realize upon the sale or liquidation of such investments.

As of March 31, 2026, $905,833,259 of the Fund's investments were valued using unobservable inputs, and $107,095,902 were valued using observable inputs. During the three months ended March 31, 2026, $67,348,415 and $12,401,363 transferred into and out of Level 3, respectively.

As of December 31, 2025, $863,695,606 of the Fund's investments were valued using unobservable inputs, and $86,128,835 were no investments valued using observable inputs.

The following tables present the Fund's investments carried at fair value as of March 31, 2026 and December 31, 2025, by caption on the Fund's accompanying Consolidated Statements of Assets and Liabilities and by security type.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value of Assets as of March 31, 2026** | **Fair Value of Assets as of March 31, 2026** | **Fair Value of Assets as of March 31, 2026** | **Fair Value of Assets as of March 31, 2026** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Unitranche Debt | $— | $42045964 | $563475956 | $605521920 |
| First Lien Debt |  | 65049938 | 283064225 | 348114163 |
| Equity and Preferred Shares |  |  | 59293078 | 59293078 |
| **Total** | $— | $107095902 | $905833259 | $1012929161 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value of Assets as of December 31, 2025** | **Fair Value of Assets as of December 31, 2025** | **Fair Value of Assets as of December 31, 2025** | **Fair Value of Assets as of December 31, 2025** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Unitranche Debt | $— | $21320806 | $567732131 | $589052937 |
| First Lien Debt |  | 64808029 | 230306745 | 295114774 |
| Second Lien Debt |  |  | 5141793 | 5141793 |
| Equity and Preferred Shares |  |  | 60514937 | 60514937 |
| **Total** | $— | $86128835 | $863695606 | $949824441 |

---

------

**Audax Private Credit Fund, LLC** 

**Notes to Consolidated Financial Statements (continued)**

**March 31, 2026** 

**(unaudited)** 

In accordance with ASC 820, the following table provides quantitative information about the Level 3 fair value measurements of the Fund's investments as of March 31, 2026.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Fair Value** | **Valuation Approach** | **Unobservable Inputs** <sup>(1)</sup> | **Range** | **Weighted<br>Average**<sup>(3)</sup> |
| Unitranche Debt | $441783118 | Analysis of trend in leverage | Maturity Modified Market Yield<sup>(2)</sup> | 4.91% - 8.82% | 7.12% |
| Unitranche Debt | 14494145 | Total Enterprise Value | EBITDA Multiple | 9.00x | 9.00x |
| Unitranche Debt | 103044751 | Matrix Pricing | Senior Leverage | 3.87x - 7.80x | 5.93x |
|  |  |  | Total Leverage | 3.87x - 7.92x | 5.99x |
|  |  |  | Interest Coverage | 1.36x - 2.34x | 1.68x |
|  |  |  | Debt Service Coverage | 1.12x - 2.05x | 1.38x |
|  |  |  | TEV Coverage | 1.60x - 3.25x | 2.16x |
|  |  |  | Liquidity | 93.41% - 175.83% | 128.24% |
|  |  |  | Spread Comparison | 425bps - 575bps | 494bps |
| First Lien Debt | 80884916 | Analysis of trend in leverage | Maturity Modified Market Yield<sup>(2)</sup> | 6.00% - 8.70% | 7.07% |
| First Lien Debt | 21591515 | Total Enterprise Value | EBITDA Multiple | 2.31x - 12.47x | 8.60x |
| First Lien Debt | 164455768 | Matrix Pricing | Senior Leverage | 0.85x - 6.50x | 4.22x |
|  |  |  | Total Leverage | 0.85x - 7.35x | 4.30x |
|  |  |  | Interest Coverage | 1.17x - 4.68x | 2.31x |
|  |  |  | Debt Service Coverage | 1.06x - 3.42x | 1.75x |
|  |  |  | TEV Coverage | 1.71x - 12.66x | 3.10x |
|  |  |  | Liquidity | 46.06% - 756.13% | 120.57% |
|  |  |  | Spread Comparison | 350bps - 575bps | 480bps |
| Equity and Preferred Shares | 58309047 | Total Enterprise Value | EBITDA Multiple | 2.31x - 19.00x | 13.75x |
|  | $884563260 |  |  |  |  |

---

(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)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.

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

The table does not include $21,269,999 of other investments, which are valued at the purchase price.

------

**Audax Private Credit Fund, LLC** 

**Notes to Consolidated Financial Statements (continued)**

**March 31, 2026** 

**(unaudited)** 

In accordance with ASC 820, the following table provides quantitative information about the Level 3 fair value measurements of the Fund's investments as of December 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Fair Value** | **Valuation Approach** | **Unobservable Inputs** <sup>(1)</sup> | **Range** | **Weighted<br>Average**<sup>(3)</sup> |
| Unitranche Debt | $433333738 | Analysis of trend in leverage | Maturity Modified Market Yield<sup>(2)</sup> | 5.15% - 8.65% | 7.12% |
| Unitranche Debt | 26151725 | Total Enterprise Value | EBITDA Multiple | 8.75x - 10.50x | 9.09x |
| Unitranche Debt | 70308389 | Matrix Pricing | Senior Leverage | 3.87x - 6.58x | 5.63x |
|  |  |  | Total Leverage | 3.87x - 6.63x | 5.69x |
|  |  |  | Interest Coverage | 1.39x - 2.27x | 1.72x |
|  |  |  | Debt Service Coverage | 1.01x - 1.69x | 1.37x |
|  |  |  | TEV Coverage | 1.60x - 2.46x | 1.90x |
|  |  |  | Liquidity | 100.00% - 175.83% | 116.29% |
|  |  |  | Spread Comparison | 400bps - 600bps | 504bps |
| First Lien Debt | 82960396 | Analysis of trend in leverage | Maturity Modified Market Yield<sup>(2)</sup> | 5.97% - 8.55% | 7.10% |
| First Lien Debt | 11353306 | Total Enterprise Value | EBITDA Multiple | 6.00x - 9.00x | 6.52x |
| First Lien Debt | 119448975 | Matrix Pricing | Senior Leverage | 2.43x - 6.50x | 4.36x |
|  |  |  | Total Leverage | 2.43x - 6.50x | 4.44x |
|  |  |  | Interest Coverage | 1.17x - 4.68x | 2.30x |
|  |  |  | Debt Service Coverage | 1.06x - 3.42x | 1.76x |
|  |  |  | TEV Coverage | 2.00x - 5.75x | 2.93x |
|  |  |  | Liquidity | 1.13% - 227.00% | 110.67% |
|  |  |  | Spread Comparison | 375bps - 550bps | 478bps |
| Second Lien Debt | 5141793 | Total Enterprise Value | EBITDA Multiple | 10.5x | 10.5x |
| Equity and Preferred Shares | 59650906 | Total Enterprise Value | EBITDA Multiple | 6.00x - 19.50x | 14.19x |
|  | $808349228 |  |  |  |  |

---

(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)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.

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

The table does not include $55,346,378 of other investments, which are valued at the purchase price.

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

------

**Audax Private Credit Fund, LLC** 

**Notes to Consolidated Financial Statements (continued)**

**March 31, 2026** 

**(unaudited)** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Three Months Ended March 31, 2026** | **Unitranche Debt** | **First Lien Debt** | **Second Lien Debt** | **Equity and Preferred Shares** | **Total** |
| Fair Value as of December 31, 2025 | $567732131 | $230306745 | $5141793 | $60514937 | $863695606 |
| &nbsp;&nbsp;Transfers into Level 3 | 17688188 | 49660227 |  |  | 67348415 |
| &nbsp;&nbsp;Transfers out of Level 3 | (2962613) | (9438750) |  |  | (12401363) |
| &nbsp;&nbsp;Transfers between investment types | (11170190) | 16311983 | (5141793) |  |  |
| &nbsp;&nbsp;Net realized gain<sup>(a)</sup> | 4115 | 58564 |  |  | 62679 |
| &nbsp;&nbsp;Net unrealized (depreciation) appreciation<sup>(b)</sup> | 318111 | (6327112) |  | (1558450) | (7567451) |
| &nbsp;&nbsp;New investments, repayments and<br> settlements:<sup>(c)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;Purchase of investments | 12177103 | 22720828 |  | 336591 | 35234522 |
| &nbsp;&nbsp;Proceeds from disposition and repayments of<br> investments | (20593943) | (20454618) |  |  | (41048561) |
| &nbsp;&nbsp;Net amortization of premiums, PIK, discounts<br> and fees | 283054 | 226358 |  |  | 509412 |
| **Fair Value as of March 31, 2026** | $563475956 | $283064225 | $— | $59293078 | $905833259 |

---

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

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

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

During the three months ended March 31, 2026, $67,348,415 and $12,401,363 transferred into and out of Level 3, respectively, due to a decrease or increase in observable price inputs in the market for these securities and a corresponding need to utilize unobservable inputs. Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfers occur. 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 reflected on the Consolidated Statements of Operations, the change in unrealized value attributable to investments still held at March 31, 2026 was $(7,847,229).

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Three Months Ended March 31, 2025** | **Unitranche Debt** | **First Lien Debt** | **Equity and Preferred Shares** | **Total** |
| Fair Value as of December 31, 2024 | $487531141 | $112846004 | $50597621 | $650974766 |
| &nbsp;&nbsp;Net realized gain (loss)<sup>(a)</sup> | 6002 | (11288) | 861781 | 856495 |
| &nbsp;&nbsp;Net unrealized (depreciation) appreciation<sup>(b)</sup> | (2351214) | (2769800) | 1375323 | (3745691) |
| &nbsp;&nbsp;New investments, repayments and settlements:<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;Purchase of investments | 7603035 | 18156649 | 99882 | 25859566 |
| &nbsp;&nbsp;Proceeds from disposition and repayments of investments | (27675684) | (44471649) | (4326039) | (76473372) |
| &nbsp;&nbsp;Net amortization of premiums, PIK, discounts and fees | 129631 | 616977 |  | 746608 |
| &nbsp;&nbsp;**Fair Value as of March 31, 2025** | $465242911 | $84366893 | $48608568 | $598218372 |

---

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

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

------

**Audax Private Credit Fund, LLC** 

**Notes to Consolidated Financial Statements (continued)**

**March 31, 2026** 

**(unaudited)** 

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

There were no Level 3 transfers during the three months ended March 31, 2025.

As reflected on the Consolidated Statements of Operations, the change in unrealized value attributable to investments still held at March 31, 2025 was $(2,557,702).

The following tables outline the Fund's investments by security type as of March 31, 2026 and December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Cost** | **Percentage<br>of Total<br>Investments** | **Fair Value** | **Percentage<br>of Total<br>Investments** |
| Unitranche Debt | $611496399 | 59.91% | $605521920 | 59.78% |
| First Lien Debt | 360976616 | 35.37% | 348114163 | 34.37% |
| Equity and Preferred Shares | 48216903 | 4.72% | 59293078 | 5.85% |
| **Total Investments** | $1020689918 | 100.00% | $1012929161 | 100.00% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Cost** | **Percentage<br>of Total<br>Investments** | **Fair Value** | **Percentage<br>of Total<br>Investments** |
| Unitranche Debt | $599376770 | 63.11% | $589052937 | 62.02% |
| First Lien Debt | 295418678 | 31.11% | 295114774 | 31.07% |
| Second Lien Debt | 6980953 | 0.74% | 5141793 | 0.54% |
| Equity and Preferred Shares | 47880319 | 5.04% | 60514937 | 6.37% |
| **Total Investments** | $949656720 | 100.00% | $949824441 | 100.00% |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| **Geographic Region** | **Fair Value** | **Percentage<br>of Total<br>Investments** | **Fair Value** | **Percentage<br>of Total<br>Investments** |
| Northeast | $244313475 | 24.1% | $250549018 | 26.4% |
| Midwest | 174954304 | 17.3% | 158701692 | 16.7% |
| West | 118070290 | 11.7% | 121931251 | 12.8% |
| East | 115698055 | 11.3% | 113622924 | 12.0% |
| Southeast | 132444418 | 13.1% | 113616930 | 11.9% |
| Southwest | 127462802 | 12.6% | 101377719 | 10.7% |
| Northwest | 34087744 | 3.4% | 36002045 | 3.8% |
| South | 29538692 | 2.9% | 30223981 | 3.2% |
| Canada<sup>(1)</sup> | 32223964 | 3.2% | 23798881 | 2.5% |
| United Kingdom<sup>(2)</sup> | 4135417 | 0.4% |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | $1012929161 | 100.0% | $949824441 | 100.0% |

---

(1)The company headquarters for Allyant, Onyx Fire Protection Services and PayByPhone are located in Canada.

(2)The company headquarters for Forged Solutions is located in the United Kingdom.

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

------

**Audax Private Credit Fund, LLC** 

**Notes to Consolidated Financial Statements (continued)**

**March 31, 2026** 

**(unaudited)** 

***Investment Principal Repayments*** 

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

---

| | |
|:---|:---|
| **For the Fiscal Years Ending December 31** | **Amount** |
| 2027 | $115386990 |
| 2028 | 135741956 |
| 2029 | 113709897 |
| 2030 | 212405545 |
| 2031 | 198352471 |
| Thereafter | 211824885 |
| &nbsp;&nbsp;**Total contractual repayments** | $987421744 |
| Adjustment to cost basis on debt investments <sup>(a)</sup> | (14948729) |
| &nbsp;&nbsp;**Total Cost Basis of Debt Investments Held at March 31, 2026:** | $972473015 |

---

(a)Adjustments to cost basis related to unamortized balance of market discount on investments.

The following table summarizes the contractual principal repayments and maturity of the Fund's investment portfolio by fiscal year, assuming no voluntary prepayments, as of December 31, 2025:

---

| | |
|:---|:---|
| **For the Fiscal Years Ending December 31** | **Amount** |
| 2026 | $70597320 |
| 2027 | 89770017 |
| 2028 | 146443086 |
| 2029 | 94658765 |
| 2030 | 190129108 |
| Thereafter | 323882256 |
| &nbsp;&nbsp;**Total contractual repayments** | $915480552 |
| Adjustment to cost basis on debt investments <sup>(a)</sup> | (13704151) |
| **Total Cost Basis of Debt Investments Held at December 31, 2025:** | $901776401 |

---

(a)Adjustments to cost basis related to unamortized balance of market discount on investments.

**Note 4. Related Party Transactions** 

***Investment Advisory Agreement***

Effective April 10, 2025, the Fund has entered into an investment advisory agreement (the "Investment Advisory Agreement") with the Adviser. In accordance with the Investment Advisory Agreement, commencing on April 23, 2025 (the date on which the Fund elected to be regulated as a BDC), the Fund pays the Adviser certain fees as compensation for its services, such fees consisting of a base management fee (the "Management Fee") and an incentive fee (the "Incentive Fee"). The services the Adviser provides to the Fund, subject to the overall supervision of the Board, include managing the day-to-day operations of, and providing investment services to, the Fund.

***Management Fee***

The Management Fee is calculated at an annual rate of 1.25% of net assets as of the beginning of the first business day of the month, payable monthly in arrears. For the first calendar month in which the Fund has operations, net assets will be measured as the beginning net assets as of the date of Conversion.

For the three months ended March 31, 2026 and 2025, the Fund recorded Management Fees of $1,611,788 and $1,068,966, respectively, and waivers to the Management Fees of $0 and $913,843, respectively, as set forth within the accompanying Consolidated Statements of Operations. As of March 31, 2026 and December 31, 2025, Management Fees payable was $1,611,788 and $1,392,622, respectively, and is included in Payable to Adviser on the Consolidated Statements of Assets and Liabilities.

------

**Audax Private Credit Fund, LLC** 

**Notes to Consolidated Financial Statements (continued)**

**March 31, 2026** 

**(unaudited)** 

***Incentive Fee***

The Incentive Fee has two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the Incentive Fee is based on a percentage of the Fund's income and a portion is based on a percentage of the Fund's capital gains, each as described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Incentive Fee on Pre-Incentive Fee Net Investment Income. The portion based on the Fund's income is based on Pre-Incentive Fee Net Investment Income Returns. "Pre-Incentive Fee Net Investment Income Returns" means, as the context requires, either the dollar value of, or percentage rate of return on the value of the Fund's net assets at the end of the immediate preceding quarter from 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 Fund receives from portfolio companies) accrued during the calendar quarter, minus the Fund's operating expenses accrued for the quarter (including the Management Fee, expenses payable under the Administration Agreement, and any interest expense or fees on any credit facilities or outstanding debt and distributions paid on any issued and outstanding preferred shares, but excluding the Incentive Fee and any distribution or shareholder servicing fees).

Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay-in-kind interest and zero coupon securities), accrued income that the Fund has not yet received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Fund's net assets at the end of the immediate preceding quarter, is compared to a hurdle of 1.5% per quarter (6.0% annualized) (the "Hurdle Rate").

The Fund will pay the Adviser an incentive fee quarterly in arrears with respect to the Fund's Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•no incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which the Fund's Pre-Incentive Fee Net Investment Income Returns do not exceed the Hurdle Rate of 1.5%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•100% of the dollar amount of the Fund's Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the Hurdle Rate but is less than a rate of return of 1.7143% (6.8571% annualized). This is referred to as Pre-Incentive Fee Net Investment Income Returns (which exceed the Hurdle Rate but are less than 1.7143%) that constitute the "catch-up"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•12.5% of the dollar amount of the Fund's Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.7143% (6.8571% annualized).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Incentive Fee on Capital Gains. The second component of the Incentive Fee (the "capital gains incentive fee") is payable at the end of each calendar year in arrears.

The amount payable equals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP.

Each year, the fee paid for the capital gains incentive fee is net of the aggregate amount of any previously paid capital gains incentive fee for all prior periods. The Fund will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains incentive fee would be owed to the Adviser if the Fund were to sell the relevant investment and realize a capital gain. In no event will the capital gains incentive fee payable pursuant to the Investment Advisory Agreement be in excess of the amount permitted by the Investment Advisers Act, as amended, including Section 205 thereof.

The fees that are payable under the Investment Advisory Agreement for any partial period will be appropriately prorated.

For the three months ended March 31, 2026 and 2025, the Fund recorded incentive fees related to net investment income of $1,253,763 and $0, respectively. No incentive fees related to capital gains were incurred during the three months ended March 31, 2026.

------

**Audax Private Credit Fund, LLC** 

**Notes to Consolidated Financial Statements (continued)**

**March 31, 2026** 

**(unaudited)** 

***Administration Agreement and Administrative Fee***

Effective April 10, 2025, the Fund has also entered into an administration agreement (the "Administration Agreement") with Audax Management Company (NY), LLC (the "Administrator") pursuant to which the Administrator provides administrative services to the Fund. Under the Administration Agreement, the Administrator performs, or oversees the performance of administrative services necessary for the operation of the Fund, which include being responsible for the financial records which the Fund is required to maintain and prepare reports filed with the SEC. In addition, the Administrator assists in determining and publishing the Fund's net asset value, oversees the preparation and filing of the Fund's tax returns and the printing and dissemination of reports to the Fund's shareholders, and generally oversees the payment of the Fund's expenses and the performance of administrative and professional services rendered to the Fund by others. The Fund 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 Fund'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 Fund. Such costs are reflected as an administrative fee in the accompanying Consolidated Statements of Operations.

The Fund 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 Fund.

For the three months ended March 31, 2026, the Adviser elected to not charge administration fees of up to 0.20% of the net asset value of the Fund.

Prior to conversion to a BDC, the limited partners of the Partnership (the "Limited Partners") were subject to a quarterly administration fee of 0.025% of the average aggregate asset value of the Partnership for administration services. The calculation for any period other than a full calendar year was adjusted on a pro-rata basis according to the actual number of days in such period. In accordance with the agreement of the Partnership, the Fund accrued administrative fees of $0 and $169,441, respectively, for the three months ended March 31, 2026 and 2025, as set forth within the accompanying Consolidated Statements of Operations.

***Expense Support and Conditional Reimbursement Agreement***

The Fund has entered into an Expense Support and Conditional Reimbursement Agreement (the "Reimbursement Agreement") with the Adviser, effective December 17, 2024. The Fund and the Adviser have determined that it is appropriate and in the best interest of the Fund that the Adviser may elect to pay a portion of the Fund's expenses from time to time, which the Fund will be obligated to reimburse to the Adviser at a later date if certain conditions are met.

At such times as the Adviser determines, the Adviser may elect to pay certain expenses of the Fund on the Fund's behalf (each such payment, an "Expense Payment"). In making an Expense Payment, the Adviser will designate, as it deems necessary or advisable, what type of expense it is paying (including, whether it is paying organizational or offering expenses); provided that no portion of an Expense Payment will be used to pay any interest expense or distribution and/or servicing fees of the Fund.

Following any calendar month or quarter, as applicable, in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Fund's shareholders based on distributions declared with respect to record dates occurring in such calendar month or quarter, as applicable (the amount of such excess being hereinafter referred to as "Excess Operating Funds"), the Fund shall pay such Excess Operating Funds, or a portion thereof, as applicable, to the Adviser until such time as all Expense Payments made by the Adviser to the Fund within three years prior to the last business day of such calendar month or quarter, as applicable, have been reimbursed. Any payments required to be made by the Fund pursuant to the Reimbursement Agreement shall be referred to as a Reimbursement Payment. Available Operating Funds means the sum of (i) the Fund's net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Fund's net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Fund on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

The amount of the Reimbursement Payment for any calendar month or quarter, as applicable, shall equal the lesser of (i) the Excess Operating Funds in such calendar month or quarter, as applicable, and (ii) the aggregate amount of all Expense Payments made by the Adviser to the Fund within three years prior to the last business day of such calendar month or quarter, as applicable, that have

------

**Audax Private Credit Fund, LLC** 

**Notes to Consolidated Financial Statements (continued)**

**March 31, 2026** 

**(unaudited)** 

not been previously reimbursed by the Fund to the Adviser; provided that the Adviser may waive its right to receive all or a portion of any Reimbursement Payment in any particular calendar month or quarter, as applicable, in which case such waived amount will remain unreimbursed Expense Payments reimbursable in future months pursuant to the terms of the Reimbursement Agreement.

Notwithstanding anything to the contrary in the Reimbursement Agreement, no Reimbursement Payment for any calendar month or quarter, as applicable, shall be made if: (1) the Effective Rate of Distributions Per Share declared by the Fund at the time of such proposed Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, or (2) the Fund's Operating Expense Ratio (as defined below) at the time of such proposed Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relates. For purposes of the Reimbursement Agreement, "Effective Rate of Distributions Per Share" means the annualized rate (based on a 365 day year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to distribution and shareholder fees, and declared special dividends or special distributions, if any. The "Operating Expense Ratio" is calculated by dividing operating expenses, less organizational and offering expenses, base management and incentive fees owed to the Adviser, and interest expense, by the Fund's average net assets over the applicable period.

The Fund's obligation to make a Reimbursement Payment shall automatically become a liability of the Fund on the last business day of the applicable calendar month or quarter, as applicable, except to the extent the Adviser has waived its right to receive such payment for the applicable month or quarter, as applicable. The Reimbursement Payment for any calendar month or quarter, as applicable, shall be paid by the Fund to the Adviser in any combination of cash or other immediately available funds as promptly as possible following such calendar month or quarter, as applicable, and in no event later than forty-five (45) days after the end of such calendar month or quarter, as applicable.

All Reimbursement Payments hereunder shall be deemed to relate to the earliest unreimbursed Expense Payments made by the Adviser to the Fund within three years prior to the last business day of the calendar month or quarter, as applicable, in which such Reimbursement Payment obligation is accrued. Refer to Note 8 — *Commitments and Contingencies* for the cumulative amount of expense support subject to potential reimbursement to the Adviser by the Fund.

**Note 5. Net Increase in Net Assets Resulting from Operations Per Share**

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 Fund's limited liability company interests, par value $0.001 per share (the "Shares"), for the three months ended March 31, 2026:

---

| | |
|:---|:---|
|  | **Three Months Ended March 31, 2026** |
| Numerator for basic and diluted net increase in net assets resulting from operations per Share | $908284 |
| Denominator for basic and diluted weighted average Shares | 20748079 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Basic and diluted net increase in net assets resulting from operations per Share** | $0.05 |

---

**Note 6. Income Tax**

***Income Taxes*** 

The Fund was formerly classified as a partnership for Federal income tax purposes. While the Fund was classified as a partnership no provisions for income taxes were recorded in the consolidated financial statements since the Fund was not subject to income tax. Tax obligations relating to the Fund's activities were the responsibility of the Limited Partners.

Effective April 23, 2025, the Fund elected to be classified as a corporation for federal income tax purposes and the Fund intends to elect to be treated as a RIC under the Code as soon as reasonably practicable. So long as the Fund maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Fund would represent obligations of the Fund's investors and would not be reflected in the consolidated financial statements of the Fund.

------

**Audax Private Credit Fund, LLC** 

**Notes to Consolidated Financial Statements (continued)**

**March 31, 2026** 

**(unaudited)** 

The Fund evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are reserved and recorded as a tax benefit or expense in the current year. As of March 31, 2026 and December 31, 2025, the Fund did not have any unrecognized tax benefits in the consolidated financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

To qualify for and maintain qualification as a RIC, the Fund must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Fund must distribute to its shareholders, for each taxable year, at least 90% of its "investment company taxable income" for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses.

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

As of March 31, 2026, the Fund's consolidated subsidiary, APCF Equity, LLC has a deferred tax liability of $1,032,421 due to net unrealized gains as presented on the Consolidated Statements of Assets and Liabilities. As of December 31, 2025, the Fund's consolidated subsidiary, APCF Equity, LLC has a deferred tax liability of $1,017,037 due to net unrealized gains as presented on the Consolidated Statements of Assets and Liabilities. The deferred tax asset valuation allowance, if applicable, has been determined pursuant to the provisions of ASC Topic 740, including the Fund's estimation of future taxable income, if necessary, and is adequate to reduce the total deferred tax asset to an amount that will more likely than not be realized. During the three months ended March 31, 2026, no tax expenses and no interest and penalties were incurred.

**Note 7. Equity**

Effective April 10, 2025, the Fund has the authority to issue an unlimited number of Shares. A shareholder shall have no liability in excess of its obligation to pay the purchase price for its Shares. For the period from April 10, 2025 through March 31, 2026, Share transaction activity is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the period from April 10, 2025 through March 31, 2026** | **For the period from April 10, 2025 through March 31, 2026** |
| **Shares Issuance Date** | **Number of Shares** | **Aggregate Offering Proceeds** |
| April 10, 2025 - initial conversion to unitized LLC | 13601380 | $340034511 |
| June 12, 2025 - contributions during the period | 1385809 | 35000000 |
| August 1, 2025 - contributions during the period | 893212 | 22500000 |
| September 1, 2025 - contributions during the period | 768927 | 19500000 |
| November 3, 2025 - contributions during the period | 1265416 | 31500000 |
| December 1, 2025 - contributions during the period | 519232 | 13000000 |
| January 2, 2026 - contributions during the period | 2015084 | 50500000 |
| February 1, 2026 - contributions during the period | 456132 | 11500000 |
| **Net increases** | 20905192 | $523534511 |

---

------

**Audax Private Credit Fund, LLC** 

**Notes to Consolidated Financial Statements (continued)**

**March 31, 2026** 

**(unaudited)** 

The number of Shares issued and outstanding as of March 31, 2026 and December 31, 2025, were 20,905,192 and 18,433,976, respectively.

***Investor Commitments***

The following table summarizes the total capital commitments and unfunded capital commitments of Shares as of March 31, 2026 and December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Capital Commitments** | **Unfunded Capital Commitments** <sup>(1)</sup> | **Capital Commitments** | **Unfunded Capital Commitments** |
| $644176768 | $134391869 | $632176768 | $184391869 |

---

(1)Limited Partners that had uncalled capital prior to the Conversion may have their unfunded capital commitments called, alongside monthly subscriptions or intra-month, during the 18-months following the Conversion. As of March 31, 2026, the unfunded capital commitments that may be called from these partners totaled $134,391,869.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Three Months Ended March 31, 2026** | **Shares at Par Value** | **Capital in Excess of Par Value** | **Total Distributable (Loss) Earnings** | **Total Shareholders' Equity** |
| Balance as of December 31, 2025 | $18434 | $460917756 | $1031757 | $461967947 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  | 8776337 | 8776337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain from investment<br> transactions |  |  | 75963 | 75963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on<br> investments |  |  | (7928632) | (7928632) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in deferred income tax |  |  | (15384) | (15384) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of Shares | 2471 | 61997529 |  | 62000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution to Shareholders |  |  | (8780179) | (8780179) |
| Balance as of March 31, 2026 | $20905 | $522915285 | $(6840138) | $516096052 |

---

**Note 8. Commitments and Contingencies** 

***Expense Support and Conditional Reimbursement*** 

The Fund and the Adviser have entered into a Reimbursement Agreement. The Fund may be obligated to make a Reimbursement Payment to the Adviser for such expenses. As of March 31, 2026, the Fund did not have an obligation to repay expense support to the Adviser and did not record a liability on the Consolidated Statements of Assets and Liabilities. Refer to Note 4 — *Related Party Transactions* for more information on the Reimbursement Agreement.

------

**Audax Private Credit Fund, LLC** 

**Notes to Consolidated Financial Statements (continued)**

**March 31, 2026** 

**(unaudited)** 

The following table presents a summary of Expense Payments and the related Reimbursement Payments since the Fund's Inception:

---

| | | | |
|:---|:---|:---|:---|
| **For the Period Ended** | **Expense Payments by the Adviser** | **Reimbursement Payments to the Adviser** | **Cumulative Unreimbursed Expenses** |
| December 31, 2024 | $2439409 | $(406568) | $2032841 |
| March 31, 2025 |  |  | 2032841 |
| June 30, 2025 | 2429382 |  | 4462223 |
| September 30, 2025 | 378636 | (537873) | 4302986 |
| December 31, 2025 | 131290 |  | 4434276 |
| March 31, 2026 |  | (400000) | 4034276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $5378717 | $(1344441) | $4034276 |

---

During the three months ended March 31, 2026, the Fund did not incur expenses related to the Reimbursement Agreement.

***Borrowings Under Leverage Facility***

On October 10, 2024, the SPV entered into a Loan and Servicing Agreement ("LSA") with Wells Fargo Bank, National Association (the "Leverage Facility"). The LSA allows for an advance of up to $500,000,000 for loans acquired by the SPV. On September 30, 2025, the SPV executed an amendment to allow for an advance of up to $600,000,000. The Leverage Facility had a maturity date of October 10, 2029 and accrued interest at SOFR plus 2.15% through September 30, 2025. On September 30, 2025, the maturity date was extended to September 30, 2030 and the margin was decreased to SOFR plus 2.00%. On January 22, 2026 the Fund amended the Leverage Facility LSA, which extended the maturity date to January 22, 2031, decreased the margin to SOFR plus 1.90% and allows for an advance of up to $800,000,000. The average rate for the outstanding loans as of March 31, 2026 and December 31, 2025 was 5.59% and 6.37%, respectively, and weighted average outstanding balance for the periods was $480,978,314 and $355,056,744, respectively. As of March 31, 2026 and December 31, 2025, the Fund had $510,211,450 and $489,741,436 outstanding on its Leverage Facility, net of deferred financing costs, which totaled $6,586,009 and $4,562,245, respectively. The Fund incurred interest expense and unused commitment fees of $7,048,278 and $5,749,038 during the three months ended March 31, 2026 and 2025, respectively.

At March 31, 2026 and December 31, 2025, the carrying amount of the Fund's secured borrowings approximated their fair value. The fair values of the Fund's debt obligations are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Fund's borrowings is estimated based upon market interest rates for the Fund's own borrowings or entities with similar credit risk, adjusted for nonperformance risk, if any. As of March 31, 2026 Fund's borrowings would be deemed to be Level 3, as defined in Note 3 — *Investments*.

***Short-Term Borrowings*** 

From time to time, the Fund finances the purchase of certain investments through repurchase agreements. In the repurchase agreements, the Fund enters into a trade to sell an investment and contemporaneously enters into a trade to buy the same investment back on a specified date in the future with the same counterparty. Investments sold under repurchase agreements are accounted for as collateralized borrowings as the sale of the investment does not qualify for sale accounting under ASC Topic 860—Transfers and Servicing and remains as an investment on the Consolidated Statements of Assets and Liabilities. The Fund uses repurchase agreements as a short-term financing alternative. As of March 31, 2026 and December 31, 2025, the Fund had no short-term borrowings outstanding. For the three months ended March 31, 2026, there was no interest expense. As of December 31, 2025 the Fund recorded interest expense of $166,372 in connection with short-term borrowings and had average outstanding balances of short-term borrowings of $8,954,537. The Fund's short term borrowings bore interest at a weighted average rate of 7.43% for the year ended December 31, 2025.

The Fund may enter into certain credit agreements that include loan commitments where all or a portion of which may be unfunded. The Fund is generally obligated to fund these unfunded loan commitments at the borrowers' discretion. Funded portions of credit agreements are presented in the accompanying Consolidated Schedules of Investments. Unfunded loan commitments and funded

------

**Audax Private Credit Fund, LLC** 

**Notes to Consolidated Financial Statements (continued)**

**March 31, 2026** 

**(unaudited)** 

portions of credit agreements are fair valued and unrealized appreciation or depreciation, if any, is included in the accompanying Consolidated Statements of Assets and Liabilities and accompanying Consolidated Statements of Operations.

***Investment Commitments***

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** | **Investment Type** | **Index** | **Spread** | **Interest Rate** | **Maturity** | **Industry** | **March 31, 2026** | **December 31, 2025** |
| VC3 | Senior Secured DDTL E | S+ | 5.10% | 8.75% | 3/12/2029 | IT Services | $15000000 | $15000000 |
| Southeast Lineman Training Center | Senior Secured Amendment No. 1 Delayed Draw Term Loan | S+ | 5.10% | 8.75% | 1/3/2030 | Diversified Consumer Services | 10000000 | 10000000 |
| Cornerstone Caregiving | Senior Secured Initial Term Loan | S+ | 5.10% | 8.75% | 4/1/2032 | Health Care Providers & Services | 9769230 |  |
| HeartLand | Senior Secured 2025 Incremental Delayed Draw Term Loan | S+ | 5.10% | 8.75% | 12/12/2029 | Commercial Services & Supplies | 6092431 | 6092431 |
| Radwell | Senior Secured 2026 Delayed Draw Term Loan | S+ | 5.10% | 8.75% | 4/1/2030 | Trading Companies & Distributors | 6000000 |  |
| Steward Partners | Senior Secured Delayed Draw Term C Loan | S+ | 5.10% | 8.75% | 10/14/2028 | Capital Markets | 5022222 | 9716667 |
| TryStar | Senior Secured Amendment No. 2 Incremental Delayed Draw Term Loan | S+ | 5.10% | 8.75% | 8/6/2031 | Electrical Equipment | 5000000 |  |
| Vortex Companies | Unitranche Closing Date Term Loan | S+ | 5.10% | 8.75% | 12/31/2049 | Commercial Services & Supplies | 5000000 |  |
| Alcresta | Senior Secured Delayed Draw Term B Loan | S+ | 5.10% | 8.75% | 3/12/2031 | Health Care Equipment & Supplies | 4457239 | 4457239 |
| Argano | Senior Secured Second Amendment Delayed Draw Term Loan | S+ | 5.10% | 8.75% | 9/13/2029 | Internet Software & Services | 4137489 | 5000000 |
| EPIC Insurance 2021 | Senior Secured Refinancing Second Amendment Delayed Draw Term Loan | S+ | 5.10% | 8.75% | 9/29/2028 | Insurance | 4000000 |  |
| Onyx Fire Protection Services | Senior Secured Second Amendment Incremental DDTL | S+ | 5.10% | 8.75% | 7/31/2031 | Commercial Services & Supplies | 4000000 |  |
| Ascend Partner Services | Senior Secured Amendment No. 1 Delayed Draw Term Loan | S+ | 5.10% | 8.75% | 8/11/2031 | Financial Services | 3986286 | 4774857 |
| Summit Spine & Joint Centers | Senior Secured Delayed Draw Term Loan | S+ | 5.10% | 8.75% | 3/25/2031 | Health Care Providers & Services | 3787313 | 3787313 |
| Specialized Dental | Senior Secured Sixth Amendment DDTL | S+ | 5.10% | 8.75% | 11/1/2028 | Health Care Providers & Services | 3644860 | 3644860 |
| Embark | Senior Secured Delayed Draw Term Loan | S+ | 5.10% | 8.75% | 9/2/2032 | Financial Services | 3600000 | 3600000 |
| Frazier & Deeter | Senior Secured 2026 Incremental Delayed Draw Term Loan | S+ | 5.10% | 8.75% | 5/2/2032 | Financial Services | 3500000 |  |
| MB2 Dental Solutions | Senior Secured Tranche 2 Delayed Draw Term Loan | S+ | 5.10% | 8.75% | 2/13/2031 | Health Care Providers & Services | 3500000 |  |
| Prime Pensions | Senior Secured Delayed Draw Term Loan | S+ | 5.10% | 8.75% | 2/26/2030 | Financial Services | 3444911 | 3444911 |
| Lighthouse | Senior Secured Revolving Loan | S+ | 5.10% | 8.75% | 4/30/2027 | Professional Services | 3440538 | 3440538 |
| Kalkomey | Senior Secured Amendment No. 1 Delayed Draw Term Loan | S+ | 5.10% | 8.75% | 6/18/2031 | Diversified Consumer Services | 3435749 | 3435749 |
| Vessco Water | Senior Secured 2025 Incremental DDTL | S+ | 5.10% | 8.75% | 7/24/2031 | Water Utilities | 3158722 | 3158722 |
| Med Tech Solutions | Senior Secured Delayed Draw Term Loan | S+ | 5.10% | 8.75% | 6/3/2032 | IT Services | 3073074 | 3073074 |
| SavATree | Senior Secured Delayed Draw Term Loan | S+ | 5.10% | 8.75% | 6/6/2031 | Commercial Services & Supplies | 3000000 | 3000000 |
| HR Green | Senior Secured 2026 Incremental Delayed Draw Term Loan | S+ | 5.10% | 8.75% | 1/28/2030 | Construction & Engineering | 2788758 | 2788758 |
| Kalkomey | Senior Secured Tranche 2 Delayed Draw Term Loan | S+ | 5.10% | 8.75% | 6/18/2031 | Diversified Consumer Services | 2748599 | 2748599 |
| PayByPhone | Senior Secured Delayed Draw Term Loan | S+ | 5.10% | 8.75% | 3/31/2033 | Software | 2666667 |  |
| Apex Service Partners | Senior Secured Third Amendment Incremental Delayed Draw Term Loan | S+ | 5.10% | 8.75% | 10/24/2030 | Trading Companies & Distributors | 2661818 | 3000000 |
| Allyant | Senior Secured Revolving Loan | S+ | 5.10% | 8.75% | 10/30/2026 | Media | 2576812 | 2576812 |
| Aprio | Senior Secured 2025-2 Incremental Delayed Draw Term Loan | S+ | 5.10% | 8.75% | 8/1/2031 | Financial Services | 2500000 | 2500000 |
| Dane Street | Senior Secured Delayed Draw Term Loan | S+ | 5.10% | 8.75% | 3/28/2033 | Health Care Providers & Services | 2430000 |  |
| Foundation Source | Senior Secured Revolving Loan | S+ | 5.10% | 8.75% | 9/6/2029 | Professional Services | 2405025 | 2319131 |
| TRG Solutions | Senior Secured Delayed Draw Term Loan | S+ | 5.10% | 8.75% | 1/5/2032 | Electronic Equipment, Instruments & Components | 2400000 |  |
| USMed-Equip | Senior Secured Revolving Credit Loan | S+ | 5.10% | 8.75% | 5/24/2029 | Health Care Equipment & Supplies | 2335530 | 2335530 |
| Capital Consultants Management Corporation | Senior Secured 2025 Acquisition Delayed Draw Term Loan | S+ | 5.10% | 8.75% | 11/3/2031 | Commercial Services & Supplies | 2206166 | 2208451 |
| Eagle Fire | Senior Secured Delayed Draw Term Loan | S+ | 5.10% | 8.75% | 7/15/2032 | Commercial Services & Supplies | 2204644 | 2204644 |
| Proceed | Senior Secured Delayed Draw Term Loan | S+ | 5.10% | 8.75% | 3/31/2028 | Professional Services | 2083334 |  |
| Beacon Communications | Senior Secured Delayed Draw Term Loan | S+ | 5.10% | 8.75% | 12/31/2049 | Commercial Services & Supplies | 2083334 |  |
| Clearway Pain Solutions | Senior Secured Tenth Amendment Delayed Draw Loan | S+ | 5.10% | 8.75% | 8/31/2030 | Health Care Providers & Services | 2041536 | 2041536 |
| Healthcare Linen Services Group | Senior Secured Delayed Draw Term Loan | S+ | 5.10% | 8.75% | 2/2/2033 | Commercial Services & Supplies | 2014925 |  |
| Cherry Bekaert | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.18% | 6/28/2030 | Financial Services | 2009546 | 2331260 |
| Taymax Group | Senior Secured Revolving Loan | S+ | 5.18% | 8.87% | 7/31/2026 | Hotels, Restaurants & Leisure | 1958377 | 1664338 |
| SIAA (Alliance Holdings) | Senior Secured Tenth Amendment Delayed Draw Loan | S+ | 4.75% | 8.43% | 4/30/2030 | Insurance | 1908750 | 1908750 |

---

------

**Audax Private Credit Fund, LLC** 

**Notes to Consolidated Financial Statements (continued)**

**March 31, 2026** 

**(unaudited)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** | **Investment Type** | **Index** | **Spread** | **Interest Rate** | **Maturity** | **Industry** | **March 31, 2026** | **December 31, 2025** |
| Magna Legal Services | Senior Secured Delayed Draw Term Loan | S+ | 4.50% | 8.18% | 11/22/2028 | Professional Services | $1859558 | $1859558 |
| O6 Environmental | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 8/5/2032 | Commercial Services & Supplies | 1854756 | 1854756 |
| Super-Sod | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 3/10/2032 | Diversified Consumer Services | 1818182 |  |
| PKWARE | Senior Secured Revolving Loan | S+ | 4.50% | 8.18% | 6/3/2030 | Software | 1807229 | 1807229 |
| Summit Spine & Joint Centers | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 3/25/2031 | Health Care Providers & Services | 1780037 | 1780037 |
| 80/20 | Senior Secured Delayed Draw Term Loan | S+ | 4.50% | 8.18% | 12/13/2032 | Machinery | 1714286 | 1714286 |
| FMG Suite | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 9/9/2032 | Software | 1698113 | 1698113 |
| PayByPhone | Senior Secured Revolving Credit | S+ | 4.75% | 8.43% | 3/31/2033 | Software | 1666667 |  |
| Riccobene Associates Family Dentistry | Senior Secured Initial Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 10/31/2030 | Health Care Providers & Services | 1636806 | 1977808 |
| Voeller Mixers | Senior Secured Initial Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 11/25/2032 | Machinery | 1627907 | 1627907 |
| O6 Environmental | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 8/5/2032 | Commercial Services & Supplies | 1622911 | 1622911 |
| Ned Stevens | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 11/1/2028 | Diversified Consumer Services | 1538560 | 1538560 |
| Gallo Mechanical | Senior Secured Initial Revolving Loan | S+ | 4.75% | 8.43% | 8/2/2032 | Construction & Engineering | 1523603 | 1523603 |
| Avalon | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.18% | 12/31/2031 | Health Care Technology | 1500000 | 1500000 |
| TRG Solutions | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.18% | 1/5/2032 | Electronic Equipment, Instruments & Components | 1500000 |  |
| Clearway Pain Solutions | Senior Secured Revolving Loan | S+ | 5.50% | 9.18% | 8/31/2030 | Health Care Providers & Services | 1457398 | 1457398 |
| Super-Sod | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 3/10/2032 | Diversified Consumer Services | 1454545 |  |
| Lindsay Precast | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 12/16/2032 | Construction & Engineering | 1448276 |  |
| Power Digital | Senior Secured Initial Revolving Loan | S+ | 4.75% | 8.43% | 3/11/2030 | Internet Software & Services | 1392871 | 1597705 |
| Steward Partners | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 10/14/2028 | Capital Markets | 1388889 | 1388889 |
| Certified Collision Group | Senior Secured Revolving Facility | S+ | 4.50% | 8.18% | 12/30/2032 | Commercial Services & Supplies | 1353791 |  |
| TryStar | Senior Secured Amendment No. 2 Incremental Revolver | S+ | 4.25% | 7.93% | 8/6/2031 | Electrical Equipment | 1333333 |  |
| Lindsay Precast | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 12/16/2032 | Construction & Engineering | 1327586 |  |
| Sequel Ortho (fka OrthoNebraska) | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 7/31/2028 | Health Care Providers & Services | 1318662 | 945045 |
| SavATree | Senior Secured Revolving Credit Loan | S+ | 5.00% | 8.68% | 6/6/2031 | Commercial Services & Supplies | 1315351 | 1434928 |
| Cumming Group | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 11/16/2027 | Construction & Engineering | 1312265 | 1312265 |
| Avita Pharmacy | Senior Secured Revolving Loan (2025) | S+ | 5.00% | 8.68% | 8/6/2030 | Consumer Staples Distribution & Retail | 1269231 | 1269231 |
| SupplyHouse | Senior Secured Revolving Credit Loan | S+ | 4.00% | 7.68% | 7/1/2032 | Trading Companies & Distributors | 1250000 | 1250000 |
| AmpliFi | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 4/23/2030 | Financial Services | 1202512 | 1202512 |
| Allied Power Group | Senior Secured Revolving Facility | S+ | 5.00% | 8.68% | 5/16/2030 | Energy Equipment & Services | 1200844 | 1200844 |
| Gallo Mechanical | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 8/2/2032 | Construction & Engineering | 1172002 | 1172002 |
| 80/20 | Senior Secured Revolving Loan | S+ | 4.50% | 8.18% | 12/13/2032 | Machinery | 1142857 | 1142857 |
| Industrial Electric Manufacturing | Senior Secured 2025 Incremental DDTL | S+ | 4.50% | 8.18% | 12/3/2031 | Electrical Equipment | 1137160 | 1137160 |
| AGS Health | Senior Secured Revolving Loan | S+ | 4.50% | 8.18% | 8/2/2032 | Health Care Technology | 1136400 | 1136400 |
| Dane Street | Senior Secured Revolving Loan | S+ | 4.50% | 8.18% | 3/28/2033 | Health Care Providers & Services | 1125000 |  |
| APT Healthcare | Senior Secured Delayed Draw Term Loan | S+ | 4.50% | 8.18% | 9/30/2031 | Health Care Providers & Services | 1111111 | 1111111 |
| APT Healthcare | Senior Secured Initial Revolving Credit Loan | S+ | 4.50% | 8.18% | 9/30/2031 | Health Care Providers & Services | 1111111 | 1111111 |
| Levata | Senior Secured Sixteenth Amendment Incremental Delayed Draw Term Loan | S+ | 5.00% | 8.68% | 8/20/2027 | Trading Companies & Distributors | 1104449 | 1104449 |
| Merchant Industry & Valor PayTech | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 9/19/2031 | Financial Services | 1057558 | 1223671 |
| Prime Pensions | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 2/26/2030 | Financial Services | 1047086 | 1047086 |
| Voeller Mixers | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 11/25/2032 | Machinery | 1031008 | 1302326 |
| Brown & Root | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 10/3/2030 | Commercial Services & Supplies | 1029193 | 964286 |
| FMG Suite | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 9/9/2032 | Software | 1018868 | 1018868 |
| BBB Industries | Senior Secured Delayed Draw Term Loan (First Lien) | S+ | 6.00% | 9.68% | 7/25/2029 | Automobile Components | 1000000 |  |
| Eagle Fire | Senior Secured Initial Revolving Loan | S+ | 4.50% | 8.18% | 7/15/2032 | Commercial Services & Supplies | 942308 | 942308 |
| Med Tech Solutions | Senior Secured Revolving Loan | S+ | 5.25% | 8.93% | 6/3/2032 | IT Services | 921922 | 921922 |
| Unison Global | Senior Secured Delayed Draw Term Loan | S+ | 5.00% | 8.68% | 9/19/2028 | Software | 913146 | 913146 |
| AIA Contract Documents | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 7/2/2031 | Software | 909092 | 909092 |
| Tronair 2025 | Senior Secured Revolving Loan | S+ | 3.75% | 7.43% | 12/22/2032 | Aerospace & Defense | 900000 | 900000 |
| RailPros | Senior Secured Delayed Draw Term Loan | S+ | 4.25% | 7.93% | 5/24/2032 | Construction & Engineering | 884211 | 1263158 |
| Cerity Partners | Senior Secured Initial Revolving Loan | S+ | 4.50% | 8.18% | 7/28/2031 | Capital Markets | 883689 | 1237164 |
| Aptive Environmental | Senior Secured Initial Revolving Loan | S+ | 4.75% | 8.43% | 10/15/2032 | Diversified Consumer Services | 852713 | 852713 |
| Riccobene Associates Family Dentistry | Senior Secured Initial Revolving Loan | S+ | 4.75% | 8.43% | 10/31/2030 | Health Care Providers & Services | 852503 | 852503 |
| Beacon Communications | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 12/31/2049 | Commercial Services & Supplies | 833333 |  |
| Forged Solutions | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 2/25/2033 | Metals & Mining | 833333 |  |
| Embark | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.18% | 9/2/2032 | Financial Services | 828000 | 864000 |
| HeartLand | Senior Secured Revolving Credit Loan | S+ | 4.75% | 8.43% | 12/12/2029 | Commercial Services & Supplies | 816856 | 863533 |
| Healthcare Linen Services Group | Senior Secured Revolving Credit Loan | S+ | 4.75% | 8.43% | 2/2/2033 | Commercial Services & Supplies | 805970 |  |
| A1 Garage Door Service | Senior Secured Revolving Loan | S+ | 4.50% | 8.18% | 12/22/2028 | Construction & Engineering | 788740 | 788740 |
| Accurate Neuromonitoring | Senior Secured DDTL | S+ | 5.25% | 8.93% | 3/13/2031 | Health Care Providers & Services | 727273 |  |
| Apex Companies | Senior Secured Fourth Amendment Delayed Draw Term Loan | S+ | 5.00% | 8.68% | 1/31/2030 | Commercial Services & Supplies | 726000 | 1000000 |
| MDpanel | Senior Secured Revolving Loan | S+ | 6.50% | 10.18% | 8/2/2029 | Health Care Providers & Services | 680354 | 680354 |
| VaxCare | Senior Secured Revolving Credit Loan | S+ | 4.50% | 8.18% | 6/17/2032 | Health Care Technology | 666667 | 666667 |
| PlayPower 2025 | Senior Secured Revolving Loan | S+ | 5.25% | 8.93% | 10/29/2030 | Leisure Products | 663077 | 795692 |
| RailPros | Senior Secured Revolving Loan | S+ | 4.25% | 7.93% | 5/24/2032 | Construction & Engineering | 662309 | 662309 |
| Legacy Service Partners | Senior Secured Tenth Amendment Delayed Draw Term Loan | S+ | 4.50% | 8.18% | 11/10/2031 | Construction & Engineering | 659217 | 659217 |
| Palmdale Oil | Senior Secured Fourth Amendment Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 12/12/2031 | Oil, Gas & Consumable Fuels | 652174 | 652174 |
| AGS Health | Senior Secured Delayed Draw Term Loan | S+ | 4.50% | 8.18% | 8/2/2032 | Health Care Technology | 625050 | 625050 |
| Denali Water Solutions 2025 | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 11/19/2032 | Commercial Services & Supplies | 615385 | 735577 |
| Cornerstone Caregiving | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 4/1/2032 | Health Care Providers & Services | 615385 |  |
| Specialized Dental | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 11/1/2028 | Health Care Providers & Services | 607477 | 607477 |
| GoldenSource | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 5/12/2028 | IT Services | 602498 | 602498 |
| Novvia Group | Senior Secured Initial Refinancing Revolving Loan | S+ | 5.25% | 8.93% | 1/31/2031 | Containers & Packaging | 597452 | 731210 |
| Vessco Water | Senior Secured Revolving Loan | S+ | 4.50% | 8.18% | 7/24/2031 | Water Utilities | 592308 | 592308 |
| Leaf Home | Senior Secured Revolving Credit Loan | S+ | 5.25% | 8.93% | 9/4/2031 | Building Products | 555000 | 660000 |
| Encore | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 12/5/2029 | Media | 518687 |  |

---

------

**Audax Private Credit Fund, LLC** 

**Notes to Consolidated Financial Statements (continued)**

**March 31, 2026** 

**(unaudited)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** | **Investment Type** | **Index** | **Spread** | **Interest Rate** | **Maturity** | **Industry** | **March 31, 2026** | **December 31, 2025** |
| Tribute Technology | Senior Secured Revolving Credit Loan | S+ | 6.50% | 10.18% | 10/30/2028 | Software | $518506 | $518506 |
| Novvia Group | Senior Secured 2025 Delayed Draw Term Loan | S+ | 5.25% | 8.93% | 1/31/2032 | Containers & Packaging | 508280 | 508280 |
| Dun & Bradstreet | Senior Secured Revolving Credit Loan | S+ | 5.50% | 9.18% | 8/26/2032 | Internet Software & Services | 500000 | 500000 |
| Industrial Service Group | Senior Secured Revolving Loan | S+ | 5.75% | 9.43% | 12/7/2028 | Trading Companies & Distributors | 497366 | 596839 |
| Precision Concepts | Senior Secured Revolving Credit Loan | S+ | 4.75% | 8.43% | 8/2/2032 | Containers & Packaging | 486553 | 564714 |
| Mitratech | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 12/2/2031 | Software | 458716 | 458716 |
| Russell Landscape Group | Senior Secured Revolving Loan | S+ | 5.50% | 9.18% | 4/11/2030 | Commercial Services & Supplies | 453553 | 282401 |
| RotoCo | Senior Secured Initial Revolving Loan | S+ | 5.50% | 9.18% | 6/30/2028 | Diversified Consumer Services | 451045 | 451045 |
| Aptive Environmental | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 10/15/2032 | Diversified Consumer Services | 426357 | 426357 |
| Accurate Neuromonitoring | Senior Secured Revolving Facility | S+ | 5.25% | 8.93% | 3/13/2031 | Health Care Providers & Services | 412121 |  |
| AGS Health | Senior Secured Tranche A Revolving Credit Loan | S+ | 4.50% | 8.18% | 8/2/2032 | Health Care Technology | 397800 | 397800 |
| Trace3 2025 | Senior Secured Revolving Loan | S+ | 4.00% | 7.68% | 10/29/2032 | IT Services | 380952 | 380952 |
| Mitratech | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 12/2/2031 | Software | 366972 | 366972 |
| Merchant Industry & Valor PayTech | Senior Secured Revolving Loan | S+ | 4.75% | 8.43% | 9/19/2031 | Financial Services | 359438 | 252938 |
| Alcresta | Senior Secured Revolving Loan | S+ | 5.50% | 9.18% | 3/12/2031 | Health Care Equipment & Supplies | 344323 | 419176 |
| R.F. Fager | Senior Secured Revolving Loan | S+ | 5.00% | 8.68% | 3/4/2030 | Trading Companies & Distributors | 341651 | 294199 |
| SavATree | Senior Secured Delayed Draw Term Loan | S+ | 5.00% | 8.68% | 6/6/2031 | Commercial Services & Supplies | 280500 | 549313 |
| National Trench Safety | Senior Secured Revolving Loan | S+ | 5.50% | 9.18% | 12/4/2028 | Construction & Engineering | 270961 | 812883 |
| AGS Health | Senior Secured Tranche A Revolving Credit Loan | S+ | 4.50% | 8.18% | 8/2/2032 | Health Care Technology | 227250 | 227250 |
| Proceed | Senior Secured Revolver | S+ | 4.50% | 8.18% | 12/31/2049 | Professional Services | 208333 |  |
| Aprio | Senior Secured 2025 Incremental Delayed Draw Term Loan | S+ | 4.75% | 8.43% | 8/1/2031 | Financial Services | 175767 | 687753 |
| Heritage Partners | Senior Secured Revolving Credit Loan | S+ | 0.00% | 3.68% | 12/22/2026 | Diversified Consumer Services | 156170 |  |
| R.F. Fager | Senior Secured Delayed Draw Term Loan | S+ | 5.00% | 8.68% | 3/4/2030 | Trading Companies & Distributors | 111037 | 501088 |
| Legacy Service Partners | Senior Secured Revolving Loan | S+ | 4.50% | 8.18% | 1/9/2029 | Construction & Engineering | 90783 | 90783 |
| Hilco Vision | Senior Secured Revolving Loan | S+ | 6.00% | 9.68% | 4/21/2030 | Health Care Providers & Services | 63809 | 251665 |
| Apex Service Partners | Senior Secured Second Amendment Incremental DDTL Loan | S+ | 5.00% | 8.68% | 10/24/2030 | Trading Companies & Distributors |  | 1745891 |
| Lindsay Precast | Senior Secured Delayed Draw Term Loan | S+ | 4.75% | 8.40% | 12/16/2032 | Construction & Engineering |  | 1448276 |
| Certified Collision Group | Senior Secured Revolving Facility | S+ | 4.50% | 8.15% | 12/30/2032 | Commercial Services & Supplies |  | 1353791 |
| Lindsay Precast | Senior Secured Incremental Revolving Loan | S+ | 4.75% | 8.40% | 12/16/2032 | Construction & Engineering |  | 1327586 |
| Innovative XCessories & Services | Senior Secured 2025 Refinancing Term Loan | S+ | 5.50% | 9.15% | 9/5/2029 | Automobile Components |  | 284998 |
| Palmdale Oil | Senior Secured T-Rex Delayed Draw Term Loan | S+ | 4.75% | 8.40% | 12/12/2031 | Oil, Gas & Consumable Fuels |  | 195653 |
|  |  |  |  |  |  | Total Unfunded Commitments | $256692229 | $200163719 |

---

**Note 9. Financial Highlights** 

The following is a schedule of financial highlights for the three months ended March 31, 2026.

---

| | |
|:---|:---|
|  | **Three Months Ended<br>March 31, 2026** |
| **<u>Per Share Data:</u>** |  |
| Net asset value, beginning of period | $25.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments and change in unrealized depreciation on<br> investments<sup>(b)(c)</sup> | (0.37) |
| Net increase in net assets resulting from operations | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions declared from net investment income | (0.42) |
| Net asset value at end of period | $24.69 |
| Total return<sup>(d)(i)</sup> | 0.19% |

---

------

**Audax Private Credit Fund, LLC** 

**Notes to Consolidated Financial Statements (continued)**

**March 31, 2026** 

**(unaudited)** 

The following is a schedule of financial highlights for the three months ended March 31, 2026 and 2025.

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31, 2026** | **Three Months Ended<br>March 31, 2025** <sup>(a)</sup> |
| Shares outstanding at end of period | 20905192 | N/A |
| **<u>Statement of Assets and Liabilities Data:</u>** |  |  |
| Net assets at end of period | $516096052 | $334675654 |
| Average net assets<sup>(e)</sup> | $520445079 | $338780995 |
| **<u>Ratio/Supplemental Data:</u>** |  |  |
| Ratio of net investment income to average net assets - annualized | 7.07% | 9.44% |
| Ratio of gross expenses before incentive fees to average net assets -<br> annualized<sup>(f)(g)</sup> | 7.46% | 9.84% |
| Ratio of gross expenses after incentive fees to average net assets -<br> annualized<sup>(f)(g)</sup> | 8.44% | 9.75% |
| Ratio of net expenses to average net assets - annualized<sup>(g)(h)</sup> | 8.52% | 9.23% |
| Portfolio turnover<sup>(i)</sup> | 4.61% | 4.05% |
| Average debt outstanding | $480978314 | $332742475 |
| Asset coverage ratio | 201.15% | 204.36% |
| Internal Rate of Return<sup>(j)</sup> | N/A | 15.82% |

---

(a)Prior to April 10, 2025, the Fund was not unitized.

(b)Based on weighted average basic per Share data.

(c)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.

(d)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 Fund's distribution reinvestment plan.

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

(f)Ratio of gross expenses to average net assets is computed using total expenses excluding expense support and waivers from the Adviser and Administrator which represents an impact of 0.08% and 0.00%, respectively, on average net assets for the three months ended March 31, 2026 and 0.00% and (0.27)% respectively, on average net assets for the three months ended March 31, 2025.

(g)For the three months ended March 31, 2025 the incentive fee was an allocation while the Fund was a Partnership.

(h)Ratio of net expenses to average net assets is computed using total expenses including expense support and waivers from the Adviser and Administrator which represents an impact of 0.08% and 0.00%, respectively, on average net assets for the three months ended March 31, 2026 and 0.00% and (0.27)% respectively, on average net assets for the three months ended March 31, 2025.

(i)Not annualized.

(j)The calculation of the internal rate of return assumes that contributions are made on the date that each capital call is due, and distributions are made on the actual date of distribution. The terminal cash flow is presumed to be the current capital account balance for the Limited Partners at March 31, 2025.

**Note 10. Operating Segments** 

The Fund 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 acts as the Fund's CODM.

The Fund operates through a single operating segment with a primary investment objective to generate current income and, to a lesser extent, capital appreciation. The Fund intends to invest primarily in senior secured first lien loans, with minority exposure to second lien loans, subordinated or mezzanine loans, and equity and equity-like investments, such as equity and/or warrant kickers, in privately owned U.S. middle market companies. The CODM monitors the performance of the Fund to make decisions about resources to be allocated using key factors such as the Fund's portfolio composition, as shown on the Consolidated Schedules of Investments, the changes in net assets resulting from operations, as reported on the Consolidated Statements of Operations, and returns and expense ratios, as reported in Note 9 — *Financial Highlights* of the accompanying Notes to the Consolidated Financial Statements.

------

**Audax Private Credit Fund, LLC** 

**Notes to Consolidated Financial Statements (continued)**

**March 31, 2026** 

**(unaudited)** 

**Note 11. Indemnifications** 

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

**Note 12. Subsequent Events** 

The Fund has considered the effects, if any, of events occurring after the date of the Fund's accompanying Consolidated Statements of Assets and Liabilities through May 12, 2026, the date the consolidated financial statements were issued.

Other than the item discussed below, the Fund has concluded there are no other material items that warrant disclosure.

Subsequent to March 31, 2026 and through May 12, 2026, on April 1, 2026, the Fund called $50,000,000 of unfunded capital commitments.

On April 10, 2026, the Fund entered into a senior secured credit facility (the "Facility") pursuant to a Senior Secured Credit Agreement (the "Agreement"), with JPMorgan Chase Bank, N.A. The initial principal amount of the Facility is $275,000,000, subject to availability under the borrowing base, which is based on the Fund's portfolio investments and other outstanding indebtedness, with the ability to increase the total facility amount up to $412,500,000. The Facility includes a $50,000,000 limit for swingline loans. Advances under the Facility drawn in U.S. dollars will initially bear interest at a per annum rate equal to 1.75% or 1.875% plus the Adjusted Term SOFR Rate in the case of any Loan other than an ABR Loan, and 0.75% or 0.875% plus an Alternate Base Rate in the case of any ABR Loan, in each case, depending on the Fund's rate option election and borrowing base (as of the most recently delivered borrowing base certificate delivered under the Agreement). Advances under the Facility drawn in currencies other than U.S. dollars will initially bear interest at a per annum rate equal to 1.75% or 1.875%, in each case depending on the Fund's borrowing base (as of the most recently delivered borrowing base certificate delivered under the Agreement), plus any applicable credit spread adjustment, plus certain local rates consistent with market standards, each as specified in the Agreement. The Fund will also pay a fee of 0.375% per annum on daily undrawn amounts under the Facility. The availability period of the revolving commitments under the Facility will terminate on April 10, 2030 (the "Commitment Termination Date") and the Facility will mature on April 10, 2031 (the "Maturity Date"). During the period from the Commitment Termination Date to the Maturity Date, the Fund will be obligated to make mandatory prepayments under the Facility out of the proceeds of certain asset sales, other recovery events and equity and debt issuances.

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

*In this quarterly report on Form 10-Q (the "Report"), except where the context suggests otherwise, the terms "we," "us," "our" and the "Fund" refer to Audax Private Credit Fund, LLC. The information contained in this section should be read in conjunction with the consolidated financial statements and Notes to the Consolidated Financial Statements appearing elsewhere in this Report. This discussion contains forward-looking statements and involves numerous risks, uncertainties, and other factors outside of the Fund*'*s control, including, but not limited to, those set forth in "Risk Factors" in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, as updated from time to time by the Fund*'*s periodic filings with the SEC.* 

**FORWARD-LOOKING STATEMENTS** 

The Report contains forward-looking statements that involve substantial known and unknown risks, uncertainties and other factors. Undue reliance should not be placed on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about the Fund, 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," "outlooks," "potential," "predicts," 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 without limitation:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our business prospects and the prospects of the companies in which we may invest;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to raise sufficient capital to execute our investment strategy;

&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;•general economic and political trends and other external factors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our current and expected financing arrangements and investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the general interest rate environment;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•actual and potential conflicts of interest with Audax Management Company (NY), LLC, Audax Management Company, LLC, and their affiliated entities ("Audax Group"), the Adviser and its affiliates, and its senior investment team;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the dependence of our future success on the general economy and its effect on the industries in which we may invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our use of financial leverage;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to qualify and maintain our qualification as a BDC and as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact on our business of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") and the rules and regulations issued thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the effect of changes to tax legislation and our tax position; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the tax status of the enterprises in which we may invest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in laws and regulations, changes in political, economic or industry conditions, changes in the interest rate environment or other conditions affecting the financial and capital markets and changes in the tariff policies of the U.S. and other nations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an economic downturn and the time period required for robust economic recovery therefrom, which will likely have a material impact on our portfolio companies' results of operations and financial condition for its duration, which could lead to the loss of some or all of our investments in such portfolio companies and have a material adverse effect on our results of operations and financial condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•upon entry into an agreement with a lender, a contraction of available credit and/or an inability to access capital markets or additional sources of liquidity could have a material adverse effect on our results of operations and financial condition and impair our lending and investment activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•interest rate volatility could adversely affect our results, particularly given that we use leverage as part of our investment strategy;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•risks associated with possible disruption in our or our portfolio companies' operations due to wars and other forms of conflict, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the risks, uncertainties and other factors we identify in "Item 1A. Risk Factors" in the Fund's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the "Annual Report"), and in our other filings with the SEC that we make from time to time.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of the 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 the 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 the section entitled "*Item 1A. Risk Factors*" in the Annual Report, as updated from time to time by the Fund's periodic filings with the SEC. You should not place undue reliance on these forward-looking statements, which apply only as of the date of the Report. Moreover, we assume no duty and do not undertake to update the forward-looking statements and projections contained in the Report, which are excluded from the safe harbor protection provided by Section 27A of the Securities Act and Section 21E of the Exchange Act.

**OVERVIEW**

We are organized as a Delaware limited liability company named Audax Private Credit Fund, LLC. We are a recently organized, non-diversified, closed-end management investment company that has elected to be regulated as a BDC under the Investment Company Act. In addition, we intend to elect to be treated and qualify as a RIC under Subchapter M of the Code. As a BDC and a RIC, we must comply with certain regulatory requirements.

Prior to converting to a Delaware limited liability company on April 10, 2025 (the "Conversion") and electing to be regulated as a BDC on April 23, 2025 (the "Conversion Effective Date"), we operated as Audax Private Credit Fund, LP, a Delaware limited partnership originally organized on July 23, 2024 (the "Partnership"), as a private fund in reliance on an exception from the definition of "investment company" under Section 3(c)(7) of the Investment Company Act. On April 7, 2025, pursuant to a plan of conversion (the "Plan of Conversion"), a majority of the limited partners and the general partner of the private fund approved, among other things, the Fund's Limited Liability Company Agreement (the "LLC Agreement"), the Fund's election to be regulated as a BDC under the Investment Company Act, an investment advisory agreement, dated April 10, 2025 (the "Investment Advisory Agreement"), the persons elected to the Board and an asset coverage ratio of 150%. Pursuant to subscription agreements with the private fund, investors in the private fund made commitments to purchase limited partner interests ("Capital Commitments") and were required to fund capital contributions to purchase limited partner interests. In addition, such subscription agreements required that, to the extent such investor had any unfunded Capital Commitments immediately prior to the Conversion (such investors, the "Anchor Investors"), such Anchor Investors would enter into a subscription agreement with the Fund that had a similar drawdown structure. Accordingly, Anchor Investors that had uncalled capital prior to the Conversion could have their unfunded Capital Commitments called, alongside monthly subscriptions or intra-month, during the 12-months following the Conversion Effective Date (the "Interim Period"). As of the date of this Report, the Fund and Anchor Investors agreed to extend the Interim Period to October 23, 2026. Accordingly, we may drawdown the remaining $84,391,869 in aggregated unfunded capital commitments from those Anchor Investors until October 23, 2026.

Our investment objective is to generate current income and, to a lesser extent, capital appreciation. The Fund intends to invest primarily in senior secured first lien loans, with minority exposure to second lien loans, subordinated or mezzanine loans, and equity and equity-like investments, such as equity and/or warrant kickers, in privately owned U.S. middle market companies. We use the term "middle market companies" to generally refer to companies with $15 million to $100 million of annual earnings before interest, taxes, depreciation and amortization ("EBITDA"), though we may invest in smaller or larger companies if attractive opportunities are available that are otherwise consistent with the strategy of the Fund. We expect that a majority of our investments will be in directly originated loans. While we may invest in second lien, subordinated or mezzanine loans, we do not expect these investments to comprise a material portion of our portfolio. Our investment strategy will also include a smaller allocation to more liquid credit investments such as broadly syndicated loans and corporate bonds which may be used for the purposes of maintaining liquidity for our share repurchase program and cash management. Most of our investments will be in private U.S. companies, however (subject to compliance with BDC requirements to invest at least 70% of assets in "eligible portfolio companies," which are generally privately offered securities issued by U.S. private or thinly-traded companies) we may also invest to some extent in non-U.S. companies. We may also invest in publicly traded loans or securities of larger corporate issuers on an opportunistic basis when market conditions create compelling potential return opportunities.

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Under normal circumstances, we will invest at least 80% of our total assets (which includes net assets plus borrowings for investment purposes) directly or indirectly in "private credit" instruments (which we define as loans, notes, bonds, preferred stock, other credit instruments issued in private offerings or by private companies and other instruments that provide exposure to such credit-related instruments), including any directly originated leveraged loans (collectively, "Private Credit Instruments"). Derivative instruments will be counted towards our 80% policy to the extent they have economic characteristics similar to Private Credit Instruments. To the extent the Fund determines to invest indirectly in Private Credit Instruments, it may invest through certain synthetic instruments, which will be valued at market value or, if no market value is ascertainable, at fair value for the purpose of complying with the above mentioned policy. "Synthetic instruments," as used herein, refer to derivatives and other synthetic investments, which may include rights, warrants, futures and options, designed to replicate the economic characteristics of an investment in Private Credit Instruments. The Fund will notify its shareholders at least 60 days prior to any change to the 80% investment policy described above.

To seek to enhance returns, the Fund intends to employ leverage as market conditions permit and at the discretion of the Adviser, but in no event will leverage employed exceed the limitations set forth in the Investment Company Act, which currently allows the Fund to borrow up to a 2:1 debt to equity ratio. In determining the amount of leverage we employ at any particular time, we expect to analyze the maturity, covenants and interest rate structure of the proposed borrowings, the risks of such borrowings within the context of our investment outlook, the underlying performance of our portfolio companies, and the impact of leverage on the Fund. Any such leverage, if incurred, would be expected to increase the total capital available for investment by the Fund. The amount of any leverage that we will employ as a BDC will be subject to oversight by our Board.

We generally intend to distribute, out of assets legally available for distribution, substantially all of our available earnings, on a quarterly basis, as determined by our Board, in its discretion.

We expect to conduct private offerings of our Shares to investors in reliance on exemptions from the registration requirements of the Securities Act.

***Revenues***

We generate revenue primarily in the form of interest on the debt investments that we hold. In addition, we may generate income from dividends on equity investments and capital gains on the sale of investments.

***Expenses***

The costs associated with the investment team and staff of the Adviser, when and to the extent engaged in providing investment advisory services and management services to us, will be paid for by the Adviser. We bear all other fees, costs and expenses of our activities, operations, administration and transactions, including, but not limited to: (a) investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Investment Advisory Agreement; (b) our allocable portion of compensation, overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) our Chief Compliance Officer, Chief Financial Officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that performs duties for us; and (iii) any internal audit group personnel of Audax Private Debt or any of its affiliates; and (c) all other expenses of our operations, administrations and transactions.

With respect to costs incurred in connection with our organization and initial private offering, the Adviser has agreed to advance all such costs on our behalf. Unless the Adviser elects to cover such expenses pursuant to the Reimbursement Agreement we entered into with the Adviser, we will be obligated to reimburse the Adviser for such advanced expenses in accordance with the terms of the Reimbursement Agreement. See "*Item 1. Financial Statements*."

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

All costs incurred by the Fund in connection with its initial Private Offering and organization have been advanced by the Adviser or its affiliates subject to recoupment. The Adviser or its affiliates may in some circumstances be reimbursed for past payments of organization and offering costs made on the Fund's behalf.

------

***Hedging***

The Fund may, but is not required to, enter into interest rate, foreign exchange or other derivative agreements to hedge interest rate, currency, credit or other risks, but the Fund does not generally intend to enter into any such derivative agreements for speculative purposes. Any derivative agreements entered into for speculative purposes are not expected to be material to the Fund's business or results of operations. These hedging activities, which will be in compliance with applicable legal and regulatory requirements, may include the use of futures, options and forward contracts. The Fund will bear the costs incurred in connection with entering into, administering and settling any such derivative contracts. There can be no assurance that any hedging strategy employed by the Fund will be successful.

***Leverage***

While as a BDC the amount of leverage that we are permitted to use is limited in significant respects, we use leverage to increase our ability to make investments. The amount of leverage we use in any period depends on a variety of factors,including cash available for investing, the cost of financing and general economic and market conditions, however, under the Investment Company Act, our total borrowings are limited so that our asset coverage ratio cannot fall below 150% immediately after any borrowing, as defined in the Investment Company Act. In any period, our interest expense will depend largely on the extent of our borrowing and we expect interest expense will increase as we increase leverage over time within the limits of the Investment Company Act. In addition, we may dedicate assets as collateral to financing facilities from time to time.

**PORTFOLIO COMPOSITION AND INVESTMENT ACTIVITY**

***Portfolio Composition***

The fair value of our investments, comprised of senior secured loans and equity as of March 31, 2026, was approximately $1,012,929,161 and held in 136 portfolio companies as of March 31, 2026. The fair value of our investments, comprised of senior secured loans and equity as of December 31, 2025, was approximately $949,824,441 and held in 116 portfolio companies as of December 31, 2025.

During the three months ended March 31, 2026, we invested in new and existing investments for a combined cost of $115,402,412. We also received $38,186,562 in repayments from investments and $6,833,241 from investments sold during the three months ended March 31, 2026. For the year ended December 31, 2025, we invested in new and existing investments for a combined cost of $474,113,052. We also received $166,539,107 in repayments from investments and $9,610,493 from investments sold during the year ended December 31, 2025.

In addition, for the three months ended March 31, 2026 and 2025, we had a change in unrealized depreciation of approximately $7,928,478 and $3,745,691, respectively, and realized gains of $75,963 and $856,495, respectively.

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

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| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31, 2026** | **Three Months Ended<br>March 31, 2025** |
| Beginning investment portfolio, at fair value | $949824441 | $650974766 |
| &nbsp;&nbsp;Investments in portfolio investments | 115402412 | 25859566 |
| &nbsp;&nbsp;Principal repayments | (45019803) | (76473372) |
| &nbsp;&nbsp;Change in premiums, discounts and amortization | 574626 | 746608 |
| &nbsp;&nbsp;Net change in unrealized (depreciation) appreciation on investments | (7928478) | (3745691) |
| &nbsp;&nbsp;Realized gain (loss) on investments | 75963 | 856495 |
| Ending portfolio investment activity, at fair value | $1012929161 | $598218372 |
| Number of portfolio investments | 136 | 44 |
| &nbsp;&nbsp;Average investment amount, at cost | $7505073 | $4389860 |
| Percentage of investments at floating rates | 99.45% | 99.01% |

---

------

Our portfolio composition and weighted average yields as of March 31, 2026 and December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Portfolio composition, at fair value: |  |  |
| Unitranche Debt | $605521920 | $589052937 |
| First Lien Debt | 348114163 | 295114774 |
| Second Lien Debt |  | 5141793 |
| Weighted average yields, at amortized cost: |  |  |
| Unitranche Debt | 5.26% | 5.59% |
| First Lien Debt | 2.96% | 2.69% |
| Second Lien Debt |  | 0.00% |
| Total portfolio | 8.22% | 8.28% |
| Interest rate type, at fair value: |  |  |
| Fixed rate amount | $— | $— |
| Floating rate amount | $953636083 | $889309504 |
| Fixed rate, as percentage of total | 0.00% | 0.00% |
| Floating rate, as percentage of total | 100.00% | 100.00% |
| Interest rate type, at amortized cost: |  |  |
| Fixed rate amount | $3973959 | $3973959 |
| Floating rate amount | $968499056 | $897802442 |
| Fixed rate, as percentage of total | 0.41% | 0.44% |
| Floating rate, as percentage of total | 99.59% | 99.56% |
| Hedging |  |  |

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**RESULTS OF OPERATIONS**

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

Operating results for the three months ended March 31, 2026 and 2025, were as follows:

***Investment Income***

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

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| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31, 2026** | **Three Months Ended<br>March 31, 2025** |
| Total interest income from non-controlled/non-affiliated investments | $19913119 | $15437776 |
| Total dividend income from non-controlled/non-affiliated investments |  | 307856 |
| Total interest income from affiliated investments | 93202 |  |
| &nbsp;&nbsp;Total investment income | $20006321 | $15745632 |

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***Expenses***

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

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31, 2026** | **Three Months Ended<br>March 31, 2025** |
| Interest expense and credit facility fees | $7048278 | $5749038 |
| Management fee<sup>(a)</sup> | 1611788 | 1068966 |
| Incentive fee<sup>(a)</sup> | 1253763 |  |
| Amortization of deferred financing costs | 356375 | 125000 |
| Professional fees | 160051 | 126911 |
| Directors' fees | 90314 |  |
| Administration fees<sup>(a)</sup> |  | 169441 |
| Investment expenses |  | 13538 |
| Other expenses | 309415 | 168677 |
| &nbsp;&nbsp;Total expenses | $10829984 | $7421571 |
| Expense support reimbursement | 400000 |  |
| Management fee waiver<sup>(a)</sup> |  | (913843) |
| &nbsp;&nbsp;Total expenses, net of waivers | $11229984 | $6507728 |

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

***Interest***

Interest expense, including other debt financing costs, increased from $5,749,038 for the three months ended March 31, 2025, to $7,048,278 for the three months ended March 31, 2026. This increase was primarily due to an increase in average debt outstanding from $332,742,475 for the three months ended March 31, 2025 to $480,978,314 for the three months ended March 31, 2026. The average interest rate on our debt outstanding decreased from 6.49% for the three months ended March 31, 2025, to 5.59% for the three months ended March 31, 2026 due to a change in the mix of our debt financing sources and a change in SOFR rates.

***Management Fees***

Management Fees (gross of waivers) increased from $1,068,966 for three months ended March 31, 2025, to $1,611,788 for the three months ended March 31, 2026, due to an increase in average net assets for the three months ended March 31, 2025, compared to the three months ended March 31, 2026. Management Fees (net of waivers) increased from $155,123 for the three months ended March 31, 2025, to $1,611,788 for the three months ended March 31, 2026. The Adviser waived Management Fees of $0 for the three months ended March 31, 2026. The Adviser waived Management Fees of $913,843 for the three months ended March 31, 2025.

***Incentive Fees***

For the three months ended March 31, 2026 and 2025, Incentive Fees related to pre-incentive net investment income were $1,253,763 and $0, respectively. For the three months ended March 31, 2026 and 2025, there was no accrual related to the capital gains incentive fee.

***Organizational and Offering Expense***

Organizational and offering expenses increased from $0 for the three months ended March 31, 2025, to $0 for the three months ended March 31, 2026.

***Professional Fees and Other General and Administrative Expenses***

Professional fees increased from $126,911 for the three months ended March 31, 2025, to $160,051 for the three months ended March 31, 2026. Director Fees increased from $0 for the three months ended March 31, 2025, to $90,314 for the three months ended March 31, 2026. Other general and administrative expenses decreased from $338,118 for the three months ended March 31, 2025, to $309,415 for the three months ended March 31, 2026.

------

***Income Taxes, Including Excise Taxes***

We intend to elect to be treated as a RIC under Subchapter M of the Code and operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify as a RIC, we must, among other things, distribute to our shareholders in each taxable year generally at least 90% of our investment company taxable income, as defined by the Code, and net tax-exempt income for that taxable year. To maintain our RIC status, we, among other things, have made and intend to continue to make the requisite distributions to our shareholders, which generally relieve us from corporate-level U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, we can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, we accrue excise tax on estimated excess taxable income.

For the three months ended March 31, 2026 and 2025, we recorded a net expense of $53,051 and $0, respectively, for U.S. federal excise tax and other taxes.

***Net Realized Gain (Loss)***

Net realized gain (loss) was comprised of the following:

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| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31, 2026** | **Three Months Ended<br>March 31, 2025** |
| Net realized gains (losses): |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliated investments | $75963 | $856495 |
| &nbsp;&nbsp;Foreign currency transactions |  | (3125) |
| Net realized gains (losses) | $75963 | $853370 |

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***Net Unrealized Gain (Loss)***

Net unrealized gain (loss) was comprised of the following:

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| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31, 2026** | **Three Months Ended<br>March 31, 2025** |
| Net change in unrealized appreciation (depreciation): |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliated investments | $(7640398) | $(3745691) |
| &nbsp;&nbsp;Affiliated investments | (288080) |  |
| &nbsp;&nbsp;Deferred tax liability | (15384) |  |
| &nbsp;&nbsp;Foreign currency transactions | (154) | 8 |
| Net unrealized gains (losses) | $(7944016) | $(3745683) |

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**FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES**

We expect to generate cash primarily from (i) the net proceeds of our private offerings of our Shares, (ii) cash flows from our operations, (iii) the Leverage Facility (as discussed in Note 8 – *Commitments and Contingencies*), (iv) any financing arrangements we may enter into in the future and (v) any future offerings of our equity or debt securities. Our primary uses of cash will be for (i) investments in portfolio companies and other investments, (ii) the cost of operations (including paying the Adviser and the Administrator), (iii) cost of any borrowings or other financing arrangements and (iv) cash distributions to the holders of our Shares. As of March 31, 2026 and December 31, 2025, we had cash and cash equivalents of $31,790,293 and $35,353,403, respectively. We believe that our liquidity and sources of capital are adequate to satisfy our anticipated cash requirements for the next twelve months and foreseeable future. We cannot, however, be certain that these sources of funds will be available at a time and upon terms acceptable to us in sufficient amounts in the future.

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***Operating Activities***

Net cash used in operating activities for the three months ended March 31, 2026 was $78,303,159. The primary operating activities during this period were investments in portfolio companies. The Fund invested $115,402,412 in new and existing portfolio investments during the three months ended March 31, 2026. This was offset by repayments of loans and sales of investments of $38,186,562 for the three months ended March 31, 2026. Net cash provided by operating activities for the three months ended March 31, 2025 was $60,106,702. The primary operating activities during this period were investments in portfolio companies. The Fund invested $25,859,566 in new and existing portfolio investments during the three months ended March 31, 2025. This was offset by repayments of loans and sales of investments of $76,473,372, respectively, for the three months ended March 31, 2025.

As of March 31, 2026, we had 144 investments with unfunded commitments of $256,692,229. As of March 31, 2025, we had 41 investments with unfunded commitments of $64,329,989. We believe that, as of both March 31, 2026 and March 31, 2025, we had sufficient assets to adequately cover any obligations under our unfunded commitments.

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

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| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31, 2026** | **Three Months Ended<br>March 31, 2025** |
| Beginning investment portfolio | $949824441 | $650974766 |
| Investments in portfolio investments | 115402412 | 25859566 |
| Principal repayments | (45019803) | (76473372) |
| Net change in unrealized depreciation (appreciation) on investments | (7928478) | (3745691) |
| Net realized gain (loss) on investments | 75963 | 856495 |
| Net change in premiums, discounts and amortization | 574626 | 746608 |
| &nbsp;&nbsp;**Investment Portfolio, at Fair Value** | $1012929161 | $598218372 |

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***Financing Activities***

Net cash provided by our financing activities for the three months ended March 31, 2026 was $74,740,049, which consisted of $62,000,000 of net capital contributions from shareholders, $7,373,590 of distributions paid to our common shareholders during the period, and net borrowings on the Leverage Facility of $22,493,778. Net cash used in our financing activities for the three months ended March 31, 2025 was $15,381,043, which consisted of $104,391,083 of net capital contributions from shareholders, $7,536,845 of distributions paid to our common shareholders during the period, and net borrowings on the Leverage Facility of $(7,844,198).

***Equity***

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

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| | |
|:---|:---|
| **Amount** | **Date** |
| $273737374 | October 1, 2024 |
| $100000000 | October 3, 2024 |
| $193939394 | February 24, 2025 |
| $8000000 | June 12, 2025 |
| $22500000 | August 1, 2025 |
| $19500000 | September 1, 2025 |
| $1500000 | November 3, 2025 |
| $13000000 | December 1, 2025 |
| $500000 | January 2, 2026 |
| $11500000 | February 1, 2026 |

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As of March 31, 2026, the Fund had unfunded capital commitments of $134,391,869.

The number of shares of our Shares issued and outstanding as of March 31, 2026 was 20,905,192.

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***Debt***

*Leverage Facility*

On October 10, 2024, the SPV entered into a Loan and Servicing Agreement ("LSA") with Wells Fargo Bank, National Association (the "Leverage Facility"). The LSA allows for an advance of up to $500,000,000 for loans acquired by the SPV. On September 30, 2025, the SPV executed an amendment to allow for an advance of up to $600,000,000. The Leverage Facility had a maturity date of October 10, 2029 and accrued interest at SOFR plus 2.15% through September 30, 2025. On September 30, 2025, the maturity date was extended to September 30, 2030 and the margin was decreased to SOFR plus 2.00%. On January 22, 2026 the Fund amended the Leverage Facility LSA, which extended the maturity date to January 22, 2031, decreased the margin to SOFR plus 1.90%and allows for an advance of up to $800,000,000. The average rate for the outstanding loans as of March 31, 2026 and December 31, 2025 was 5.59% and 6.37%, respectively, and weighted average outstanding balance for the periods was $480,978,314 and $355,056,744, respectively. As of March 31, 2026 and December 31, 2025, the Fund had $510,211,450 and $489,741,436 outstanding on its Leverage Facility, net of deferred financing costs, which totaled $6,586,009 and $4,562,245, respectively. The Fund incurred interest expense and unused commitment fees of $7,048,278 and $5,749,038 during the three months ended March 31, 2026 and 2025, respectively.

At March 31, 2026 and December 31, 2025, the carrying amount of the Fund's secured borrowings approximated their fair value. The fair values of the Fund's debt obligations are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Fund's borrowings is estimated based upon market interest rates for the Fund's own borrowings or entities with similar credit risk, adjusted for nonperformance risk, if any. As of March 31, 2026, the Fund's borrowings would be deemed to be Level 3, as defined in Note 3 — *Investments*.

Debt obligations consisted of the following as of March 31, 2026 and December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
|  | **Aggregate Principal** | **Outstanding** | **Amount** | **Carrying** |
|  | **Amount Committed** | **Principal** | **Available** <sup>(1)</sup> | **Value** <sup>(2)</sup> |
| Leverage Facility | 800000000 | 516797459 | 283202541 | 510211450 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Debt** | $800000000 | $516797459 | $283202541 | $510211450 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The amount available may be subject to limitations related to the borrowing base under the Leverage Facility and asset coverage requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The carrying values of the Leverage Facility are presented net deferred financing costs and original issue discounts totaling $6,586,009.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Aggregate Principal** | **Outstanding** | **Amount** | **Carrying** |
|  | **Amount Committed** | **Principal** | **Available** <sup>(1)</sup> | **Value** <sup>(2)</sup> |
| Leverage Facility | 600000000 | 494303680 | 105696320 | 489741436 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Debt** | $600000000 | $494303680 | $105696320 | $489741436 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The amount available may be subject to limitations related to the borrowing base under the Leverage Facility and asset coverage requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The carrying values of the Leverage Facility are presented net deferred financing costs and original issue discounts totaling $4,562,245.

As of March 31, 2026, we were in compliance with the terms of our debt arrangements. We intend to continue to utilize our credit facility to fund investments and for other general corporate purposes.

***Distributions to Shareholders – Share Distributions***

We intend to elect to be treated and to qualify 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 shareholders. 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 shareholders, we are required to distribute dividends to our shareholders 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 shareholders 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 shareholders 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 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 shareholders may be the original capital invested by the shareholder 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 Investment Company Act.

The determination of the tax attributes of the Fund's distributions, including distributions in connection with tender offers, are made annually at the end of the Fund's taxable year, based upon the Fund'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 shareholders will be reported to the Fund's shareholders subject to information reporting after the close of the calendar year.

***Tender Offers***

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

***Other 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.

The Fund intends to utilize leverage (including through the establishment of wholly-owned financing subsidiaries), to finance its investments and operations. The amount of leverage that the Fund employs will be subject to the restrictions of the Investment Company Act and the supervision of the Board. As of March 31, 2026, the Fund had $516,797,459 outstanding on the Leverage Facility.

Unfunded commitments to provide funds to portfolio companies are not reflected in our accompanying Consolidated Statements of Assets and Liabilities. Our unfunded commitments may be significant from time to time. These commitments are subject to the same underwriting and ongoing portfolio maintenance as are the on-balance sheet financial instruments that we hold. Since these commitments may expire without being drawn, the total commitment amount does not necessarily represent future cash requirements. We use cash flow from normal and early principal repayments and proceeds from borrowings and offerings to fund these commitments. As of March 31, 2026 we had 144 investments with unfunded commitments of $256,692,229. We believe that, as of March 31, 2026, we had sufficient assets to adequately cover any obligations under our unfunded commitments.

***Contractual Obligations*** 

A summary of our contractual payment obligations as of March 31, 2026 is as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
|  | **Total** | **Less than** | **1 year** | **1-3 years** | **3-5 years** | **After 5 years** |
| Leverage Facility |  |  |  |  | 516797459 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Contractual Obligations** | $— | $— | $— | $— | $516797459 | $— |

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A summary of our contractual payment obligations as of December 31, 2025 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
|  | **Total** | **Less than** | **1 year** | **1-3 years** | **3-5 years** | **After 5 years** |
| Leverage Facility |  |  |  |  | 494303680 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Contractual Obligations** | $— | $— | $— | $— | $494303680 | $— |

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***Distributions*** 

We intend to elect and to be treated and qualify for U.S. federal income tax purposes as a RIC under subchapter M of the Code. To maintain RIC status, we must distribute (or be treated as distributing) in each taxable year dividends for tax purposes equal to at least 90 percent of the sum of our:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•investment company taxable income (which is generally our ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses), determined without regard to the deduction for dividends paid, for such taxable year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•net tax-exempt interest income (which is the excess of our gross tax-exempt interest income over certain disallowed deductions) for such taxable year.

As a RIC, we (but not our shareholders) generally will not be subject to U.S. federal income tax on investment company taxable income and net capital gains that we distribute to our shareholders.

We intend to distribute annually all or substantially all of such income. To the extent that we retain our net capital gains or any investment company taxable income, we generally will be subject to corporate-level U.S. federal income tax. We may choose to retain our net capital gains or any investment company taxable income, and pay the U.S. federal excise tax described below.

Amounts not distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% U.S. federal excise tax payable by us. To avoid this tax, we must distribute (or be treated as distributing) during each calendar year an amount at least equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•98% of our net ordinary income excluding certain ordinary gains or losses for that calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•98.2% of our capital gain net income, adjusted for certain ordinary gains and losses, recognized for the twelve-month period ending on October 31 of that calendar year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•100% of any income or gains recognized, but not distributed, in preceding years.

While we intend to distribute any income and capital gains in the manner necessary to minimize imposition of the 4% U.S. federal excise tax, sufficient amounts of our taxable income and capital gains may not be distributed to avoid entirely the imposition of this tax. In that event, we will be liable for this tax only on the amount by which we do not meet the foregoing distribution requirement.

We intend to pay quarterly dividends to our shareholders out of assets legally available for distribution. All dividends will be paid at the discretion of our Board and will depend on our earnings, financial condition, maintenance of RIC status, compliance with applicable BDC regulations and such other factors as our Board may deem relevant from time to time.

To the extent our current taxable earnings for a year fall below the total amount of our distributions for that year, a portion of those distributions may be deemed a return of capital to our shareholders for U.S. federal income tax purposes. Thus, the source of a distribution to our shareholders may be the original capital invested by the shareholder rather than our income or gains. Shareholders should read any written disclosure carefully and should not assume that the source of any distribution is our ordinary income or gains.

We have adopted an "opt out" distribution reinvestment plan for our Common Shareholders. As a result, if we declare a cash dividend or other distribution, each shareholder that has not "opted out" of our distribution reinvestment plan will have their dividends or distributions automatically reinvested in additional shares of our Common Shares rather than receiving cash dividends. Shareholders who receive distributions in the form of Common Shares will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

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***Related-Party Transactions***

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Administration Agreement.

**RECENT DEVELOPMENTS**

Subsequent to March 31, 2026 through May 12, 2026, the Fund invested $143,338,088 at cost in 40 different portfolio companies.

On April 10, 2026, the Fund entered into a senior secured credit facility (the "Facility") pursuant to a Senior Secured Credit Agreement (the "Agreement"), with JPMorgan Chase Bank, N.A. The initial principal amount of the Facility is $275,000,000, subject to availability under the borrowing base, which is based on the Fund's portfolio investments and other outstanding indebtedness, with the ability to increase the total facility amount up to $412,500,000. The Facility includes a $50,000,000 limit for swingline loans. Advances under the Facility drawn in U.S. dollars will initially bear interest at a per annum rate equal to 1.75% or 1.875% plus the Adjusted Term SOFR Rate in the case of any Loan other than an ABR Loan, and 0.75% or 0.875% plus an Alternate Base Rate in the case of any ABR Loan, in each case, depending on the Fund's rate option election and borrowing base (as of the most recently delivered borrowing base certificate delivered under the Agreement). Advances under the Facility drawn in currencies other than U.S. dollars will initially bear interest at a per annum rate equal to 1.75% or 1.875%, in each case depending on the Fund's borrowing base (as of the most recently delivered borrowing base certificate delivered under the Agreement), plus any applicable credit spread adjustment, plus certain local rates consistent with market standards, each as specified in the Agreement. The Fund will also pay a fee of 0.375% per annum on daily undrawn amounts under the Facility. The availability period of the revolving commitments under the Facility will terminate on April 10, 2030 (the "Commitment Termination Date") and the Facility will mature on April 10, 2031 (the "Maturity Date"). During the period from the Commitment Termination Date to the Maturity Date, the Fund will be obligated to make mandatory prepayments under the Facility out of the proceeds of certain asset sales, other recovery events and equity and debt issuances.

**CRITICAL ACCOUNTING POLICIES**

The preparation of our consolidated financial statements requires us 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. Our critical accounting policies, including those relating to the valuation of our investment portfolio, are described below. The critical accounting policies should be read in connection with our risk factors as disclosed in "*Item 1A. Risk Factors*" of our Annual Report.

***Investments at Fair Value***

The Fund follows guidance in ASC 820, Fair Value Measurement ("ASC 820"), where fair value is defined 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 measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities.

In accordance with ASC 820, these inputs are summarized into the following hierarchy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 1: Quoted prices in available active markets for identical financial instruments that the Adviser has the ability to access at the measurement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 2: Quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3: Inputs that are unobservable and significant to the overall fair value measurement for the asset or liability.

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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. The Adviser's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

This includes investment securities that are valued using "bid" and "ask" prices obtained from independent third party pricing services or directly from brokers (described in further detail below). Classifying securities as Level 3 is based on reviewing ASC 820-10-35 (formerly FSP No. 157-3, issued on October 10, 2008). As quotes received from independent third party pricing services or directly from brokers are generally indicative and not binding, and may also not be based on actual transactions, these inputs typically do not qualify as Level 2 inputs and therefore, in most cases, will be considered Level 3 inputs.

Under ASC 820, the fair value measurement also assumes that the transaction to sell an asset occurs in the principal market for the asset or, in the absence of a principal market, the most advantageous market for the asset, which may be a hypothetical market, and excludes transaction costs. The principal market for any asset is the market with the greatest volume and level of activity for such asset in which the reporting entity would or could sell or transfer the asset. In determining the principal market for an asset or liability under ASC 820, it is assumed that the reporting entity has access to such market as of the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable and willing and able to transact.

The Adviser determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly market is available for the market participants at the measurement date. When available, the Adviser bases the fair value of a large portion of the Fund's investments on directly observable market prices or on market data derived from comparable assets. The Adviser's valuation policy considers the fact that no ready market exists for many of the securities in which the Fund invests and that fair value for the Fund's investments must be determined using unobservable inputs. The Adviser's valuation policy is intended to provide a consistent basis for determining the fair value of the Fund's portfolio.

Inputs used to measure the fair value of an investment reflect management's best estimate of assumptions that would be used by market participants in pricing such investment in a hypothetical transaction. 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 Fund's investments may differ from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Fund may ultimately realize upon the sale or liquidation of such investments.

***Investment Valuation Process***

The Fund's assets and liabilities will be valued in accordance with the valuation policies and procedures of the Fund and the Adviser, as may be amended from time to time. Such valuations will be made in accordance with Rule 2a-5 under the Investment Company Act, the SEC rule governing the valuation of a BDC's portfolio investments, and GAAP. The Board has designated the Adviser as its "valuation designee" pursuant to Rule 2a-5 under the Investment Company Act, and in that role the Adviser is responsible for performing fair value determinations relating to all of the Fund's investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Fund's Board. Even though the Board designated the Adviser as its "valuation designee," the Board's audit committee continues to be responsible for overseeing the processes for determining fair valuation.

When market prices are readily available, the Adviser shall value the Fund's investments at the current market price. Where it is possible to obtain independent third party market quotes for securities, the Adviser will use these quotes to obtain a value for those securities.

The Fund's investments are expected to include loans and other instruments that do not have readily ascertainable market prices. Assets that are not publicly traded or whose market prices are not readily available are valued at fair value as determined in good faith by the Adviser. The Adviser will determine fair value for those investments through a valuation process that will be conducted at the end of each fiscal quarter by the valuation committees of our Adviser with the assistance of the Adviser's investment and management personnel, finance and compliance teams, third-party valuation agents, and guidance from outside counsel, and reviewed by the audit committee of our Board.

The Adviser will utilize the following multi-step process each quarter in determining fair value for the Fund's investments for which market quotations are not readily available:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•First, 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;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Second, 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;•Third, the preliminary valuation conclusions will be presented to the Adviser's valuation committees as relevant, for consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fourth, the Adviser's 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;•Fifth, the valuation determinations of the Adviser's valuation committees will be presented to the Adviser and then shared with the Fund's chief executive officer and chief financial officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Sixth, the Adviser will provide certain quarterly and annual reports to the Board.

***Interest and Dividend Income Recognition***

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

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

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

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

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

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

We have elected to be treated as a BDC under the Investment Company Act. We also intend to elect to be treated as a RIC under the Code. So long as we maintain our status as a RIC, we will generally not pay corporate-level U.S. federal income or excise taxes on any ordinary income or capital gains that we distribute at least annually to our shareholders as dividends. As a result, any tax liability related to income earned and distributed by us represents obligations of our shareholders and will not be reflected in our consolidated financial statements. We evaluate tax positions taken or expected to be taken in the course of preparing our consolidated financial statements to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are reversed and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. As of December 31, 2025, the Fund did not have any uncertain tax positions that met the

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recognition or measurement criteria, nor did the Fund have any unrecognized tax benefits. Our accounting policy on income taxes is critical because if we are unable to maintain our status as a RIC, we would be required to record a provision for corporate-level U.S. federal income taxes which may be significant to our financial results.

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

We are subject to financial market risks, including valuation risk, interest rate risk and currency risk.

***Valuation Risk***. Because there is not a readily available market value for most of the investments in our portfolio, we value most of our portfolio investments at fair value as determined in good faith by the Adviser under the oversight of our Board based on, among other things, the input of our management and Audit Committee. Because fair valuations, and particularly fair valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and are often based to a large extent on estimates, comparisons and qualitative evaluations of private information, our determinations of fair value may differ materially from the values that would have been determined if a ready market for these securities existed. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.

***Interest Rate Risk***. Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. 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.

We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.

The impact of SOFR fluctuations on interest income and interest expense for the three months ended March 31, 2026 is presented in the table below:

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| | | | |
|:---|:---|:---|:---|
|  | **Increase** | **Increase** | **Increase** |
| ($ in thousands) | **(Decrease)** | **(Decrease)** | **(Decrease)** |
|  | **in Interest** | **in Interest** | **in Net Investment** |
| **Change in interest rates (bps)** | **Income** | **Expense** | **Income** |
| Up 300 basis points | $26224 | $(14413) | $11811 |
| Up 200 basis points | 17483 | (9609) | 7874 |
| Up 100 basis points | 8741 | (4804) | 3937 |
| Down 100 basis points | (8741) | 4804 | (3937) |
| Down 200 basis points | (17483) | 9609 | (7874) |
| Down 300 basis points | (26224) | 14413 | (11811) |

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

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

We may hedge against interest rate fluctuations from time-to-time by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the Investment Company Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to our portfolio of investments.

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**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.**

For information regarding factors that could affect our business, financial condition and/or operating results, see the risk factors discussed in *"Item 1A. Risk Factors"* in the Annual Report. There have been no material changes from the risk factors discussed in the Annual Report.

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

There were no unregistered sales of our equity securities during the quarter ended March 31, 2026, except as previously disclosed in certain Current Reports on Form 8-K filed with the SEC.

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

Not Applicable.

**Item 4. Mine Safety Disclosures.**

Not Applicable.

**Item 5. Other Information.**

During the three months ended March 31, 2026, no director or officer (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934) of the Fund adopted, terminated or modified 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 of the Securities Act.

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**Item 6. Exhibits.**

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 3.1 | [<u>Certificate of Conversion (incorporated by reference to Exhibit 3.1 to the Fund's Registration Statement on Form 10, filed on April 23, 2025).</u>](https://www.sec.gov/Archives/edgar/data/2033362/000119312525091212/d948530dex31.htm) |
| 3.2 | [<u>Certificate of Formation (incorporated by reference to Exhibit 3.2 to the Fund's Registration Statement on Form 10, filed on April 23, 2025).</u>](https://www.sec.gov/Archives/edgar/data/2033362/000119312525091212/d948530dex32.htm) |
| 3.3 | [<u>Limited Liability Company Agreement (incorporated by reference to Exhibit 3.3 to the Fund's Registration Statement on Form 10, filed on April 23, 2025).</u>](https://www.sec.gov/Archives/edgar/data/2033362/000119312525091212/d948530dex33.htm) |
| 10.1\* | [<u>Amendment No. 2 to Loan and Servicing Agreement, including the Loan Agreement (previously filed as an exhibit to Audax Private Credit Fund's Form 10/A, filed on September 19, 2025), dated as of January 22, 2026, by and among APCF SPV I, LLC, as borrower, Audax Management Company (NY), LLC, as collateral manager, Wells Fargo Bank, National Association, as a lender and the administrative agent, the other lenders party thereto and Computershare Trust Company, N.A., as collateral custodian and collateral agent (incorporated by reference to Exhibit 10.1 to the Fund's Form 8-K, filed on January 23, 2026).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0002033362/000119312526020905/ck0002033362-20260122.htm) |
| 31.1\* | [<u>Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](ck0002033362-ex31_1.htm) |
| 31.2\* | [<u>Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](ck0002033362-ex31_2.htm) |
| 32.1\* | [<u>Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](ck0002033362-ex32_1.htm) |
| 32.2\* | [<u>Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](ck0002033362-ex32_2.htm) |
| 101.INS\* | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents. |
| 104\* | Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101). |

---

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\* Filed herewith.

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**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
|  | **Audax Private Credit Fund, LLC** | **Audax Private Credit Fund, LLC** |
| Date: May 12, 2026 | By: | /s/ Kevin Magid |
|  |  | Kevin Magid |
|  |  | Director, Chairperson and Chief <br>Executive Officer (Authorized Signatory) |
| Date: May 12, 2026 | By: | /s/ Alexander Gardiner |
|  |  | Alexander Gardiner |
|  |  | Interim Chief Financial Officer (Principal Financial Officer) |

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## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

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

I, Kevin Magid, Chief Executive Officer of Audax Private Credit Fund, LLC, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Audax Private Credit Fund, LLC;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

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

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

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

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

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

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

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

Date: May 12, 2026

---

| | |
|:---|:---|
| By: | /s/ Kevin Magid |
|  | **Chief Executive Officer** |

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## Exhibit 31.2

**EXHIBIT 31.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

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

I, Alexander Gardiner, Chief Financial Officer of Audax Private Credit Fund, LLC, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Audax Private Credit Fund, LLC;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

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

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

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

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

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

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

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

Date: May 12, 2026

---

| | |
|:---|:---|
| By: | /s/ Alexander Gardiner |
|  | **Interim Chief Financial Officer** |

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## Exhibit 32.1

**EXHIBIT 32.1**

**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**

In connection with the Quarterly Report on Form 10-Q of Audax Private Credit Fund, LLC (the "Fund") for the quarterly period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Kevin Magid, as Chief Executive Officer of the Fund, 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 Fund.

---

| | |
|:---|:---|
| /s/ Kevin Magid | /s/ Kevin Magid |
| Name: | **Kevin Magid** |
| Title: | **Chief Executive Officer** |
| Date: May 12, 2026 | Date: May 12, 2026 |

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## Exhibit 32.2

**EXHIBIT 32.2**

**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**

In connection with the Quarterly Report on Form 10-Q of Audax Private Credit Fund, LLC (the "Fund") for the quarterly period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Alexander Gardiner, as Chief Financial Officer of the Fund, 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 Fund.

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| | |
|:---|:---|
| /s/ Alexander Gardiner | /s/ Alexander Gardiner |
| Name: | **Alexander Gardiner** |
| Title: | **Interim Chief Financial Officer** |
| Date: May 12, 2026 | Date: May 12, 2026 |

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