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, 2025

OR

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

For the transition period from to

Commission file number: 814-01154

AUDAX CREDIT BDC INC.

(Exact name of registrant as specified in its charter)

DELAWARE	47-3039124
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

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

(212) 703-2700

(Registrant’s telephone number, including area code)

Not Applicable

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

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

None.

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

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

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

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

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

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

The registrant had 47,020,457 shares of common stock, par value $0.001 per share, outstanding as of May 13, 2025.

1

AUDAX CREDIT BDC INC.

TABLE OF CONTENTS

PART I.	FINANCIAL INFORMATION:
Item 1.	Financial Statements
		Statements of Assets and Liabilities as of March 31, 2025 (unaudited) and December 31, 2024	2
		Statements of Operations for the three months ended March 31, 2025 (unaudited) and 2024 (unaudited)	3
		Statements of Changes in Net Assets for the three months ended March 31, 2025 (unaudited) and 2024 (unaudited)	4
		Statements of Cash Flows for the three months ended March 31, 2025 (unaudited) and 2024 (unaudited)	5
		Schedules of Investments as of March 31, 2025 (unaudited) and December 31, 2024	6
		Notes to Financial Statements (unaudited)	30
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations
		Overview	51
		Results of Operations	53
		Financial Condition, Liquidity and Capital Resources	55
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		61
Item 4.	Controls and Procedures		61
PART II.	OTHER INFORMATION:
Item 1.	Legal Proceedings		62
Item 1A.	Risk Factors		62
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		62
Item 3.	Defaults Upon Senior Securities		62
Item 4.	Mine Safety Disclosures		62
Item 5.	Other Information		62
Item 6.	Exhibits		63
SIGNATURES			64

1

Audax Credit BDC Inc.

Statements of Assets and Liabilities

March 31, 2025 and December 31, 2024

(Expressed in U.S. Dollars)

	March 31, 2025			December 31, 2024
	(unaudited)
Assets
Investments, at fair value
Non-Control/Non-Affiliate investments (Cost of $417,827,636 and $416,973,715, respectively)	$	408,233,009		$	410,031,275
Cash and cash equivalents		15,374,403			19,737,091
Interest receivable		2,848,111			2,867,021
Receivable from investments sold		—			412,083
Receivable from bank loan repayment		120,737			110,318
Other assets		238,554			—
Total Assets	$	426,814,814		$	433,157,788
Liabilities
Payable for investments purchased	$	1,083,511		$	4,820,442
Fees due to investment advisor, net of waivers(a)		1,168,935			1,196,448
Fee due to administrator(a)		66,250			66,250
Accrued expenses and other liabilities		383,316			432,243
Total Liabilities	$	2,702,012		$	6,515,383
Commitments and contingencies(b)
Net Assets
Common stock, $0.001 par value per share, 100,000,000 shares authorized, 47,020,457 and 47,020,454 shares issued and outstanding, respectively	$	47,020		$	47,020
Capital in excess of par value		442,384,781			442,395,577
Total distributable loss		(18,318,999	)		(15,800,192	)
Total Net Assets	$	424,112,802		$	426,642,405
Net Asset Value per Share of Common Stock at End of Period	$	9.02		$	9.07
Shares Outstanding		47,020,457			47,020,454

(a)Refer to Note 4-Related Party Transactions for additional information.

(b)Refer to Note 9-Commitments and Contingencies for additional information.

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

2

Audax Credit BDC Inc.

Statements of Operations

(Expressed in U.S. Dollars)

(unaudited)

	Three Months Ended			Three Months Ended
	March 31, 2025			March 31, 2024
Investment Income
Non-Control/Non-Affiliate
Interest income	$	9,916,756		$	10,584,397
Interest on cash		59,392			85,860
Total interest income		9,976,148			10,670,257
Non-Control/Non-Affiliate
Fee income		25,990			9,145
Total income		10,002,138			10,679,402
Expenses
Base management fee(a)	$	1,082,732		$	1,033,988
Incentive fee(a)		1,337,809			1,444,313
Professional fees		136,886			139,284
Directors' fees		72,750			69,000
Administrative fee(a)		66,250			66,250
Other expenses		104,461			104,687
Expenses before waivers from investment adviser and administrator		2,800,888			2,857,522
Base management fee waivers(a)		(378,956	)		(361,896	)
Incentive fee waivers(a)		(872,650	)		(890,590	)
Total expenses, net of waivers		1,549,282			1,605,036
Net Investment Income		8,452,856			9,074,366
Realized and Unrealized (Loss) Gain on Non-Control/Non-Affiliate Investments
Net realized gain (loss) on investments		133,380			(315,847	)
Net change in unrealized depreciation on investments		(2,652,187	)		(592,485	)
Net realized and unrealized loss on investments		(2,518,807	)		(908,332	)
Net Increase in Net Assets Resulting from Operations	$	5,934,049		$	8,166,034
Basic and Diluted per Share of Common Stock:
Net investment income	$	0.18		$	0.20
Net increase in net assets resulting from operations	$	0.13		$	0.18
Weighted average shares of common stock outstanding basic and diluted		47,020,454			44,518,989

(a)Refer to Note 4-Related Party Transactions for additional information

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

3

Audax Credit BDC Inc.

Statements of Changes in Net Assets

(Expressed in U.S. Dollars)

(unaudited)

	Three Months Ended			Three Months Ended
	March 31, 2025			March 31, 2024
Operations
Net investment income	$	8,452,856		$	9,074,366
Net realized gain (loss) on investments		133,380			(315,847	)
Net change in unrealized depreciation on investments		(2,652,187	)		(592,485	)
Net increase in net assets resulting from operations		5,934,049			8,166,034
Distributions:
Distributions of ordinary income to common stockholders (a)		(8,452,856	)		-
Return of capital to common stockholders (a)		(10,826	)		-
Total distributions		(8,463,682	)		—
Capital Share Transactions:
Reinvestment of common stock		30			0
Net increase in net assets from capital share transactions		30			—
Net (Decrease) Increase in Net Assets		(2,529,603	)		8,166,034
Net Assets, Beginning of Period		426,642,405			409,084,278
Net Assets, End of Period	$	424,112,802		$	417,250,312

(a)Refer to Note 6-Income Tax for additional information

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

4

Audax Credit BDC Inc.

Statements of Cash Flows

(Expressed in U.S. Dollars)

(unaudited)

	Three Months Ended			Three Months Ended
	March 31, 2025			March 31, 2024
Cash flows from operating activities:
Net increase in net assets resulting from operations	$	5,934,049		$	8,166,034
Adjustments to reconcile net increase in net assets from
operations to net cash provided by operating activities:
Net realized (gain) loss on investments		(133,380	)		315,847
Net change in unrealized depreciation on investments		2,652,187			592,485
Accretion of original issue discount interest and payment-in-kind interest		(541,463	)		(232,264	)
Decrease in interest receivable		18,910			58,011
Increase in other assets		(238,554	)		(180,000	)
Decrease in accrued expenses and other liabilities		(48,927	)		(66,140	)
Increase in fee due to administrator(a)		-			66,250
(Decrease) increase in fees due to investment advisor(a)		(27,513	)		1,225,815
Investments purchased		(26,913,160	)		(20,949,222	)
Proceeds from investments sold		2,775,026			14,703,808
Repayment of bank loans		20,623,789			21,356,412
Net cash provided by operating activities		4,100,964			25,057,036
Cash flows from financing activities:
Distributions paid to common stockholders		(8,463,652	)		-
Net cash used in financing activities		(8,463,652	)		-
Net (decrease) increase in cash and cash equivalents		(4,362,688	)		25,057,036
Cash and cash equivalents:
Cash and cash equivalents, beginning of period		19,737,091			20,940,279
Cash and cash equivalents, end of period	$	15,374,403		$	45,997,315
Supplemental non-cash information
Issuance of common shares in connection with dividend reinvestment plan		3			-
Payment-in-kind ("PIK") interest income	$	310,135		$	23,066

(a)Refer to Note 4-Related Party Transactions for additional information.

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

5

Audax Credit BDC Inc.

Schedules of Investments

As of March 31, 2025

(Expressed in U.S. Dollars)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par/ Shares		Amortized Cost		Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS - (94.6%) (g) (h) (i):
Services: Business
Vortex	(j)	Unitranche Initial Term Loan	S+	5.00%	9.29%	9/1/2023	9/4/2029	$	5,040,430	$	4,969,615	$	5,040,424
LegalShield	(k)	Senior Secured Initial Term Loan (First Lien)	S+	3.25%	7.54%	12/7/2021	12/15/2028		4,365,309		4,340,069		4,325,476
InnovateMR	(j)	Unitranche Initial Term Loan	S+	6.00%	10.29%	12/16/2021	1/20/2028		4,109,264		4,071,662		4,109,158
Industrial Services Group	(j)	Unitranche Initial Term Loan	S+	5.75%	10.04%	12/7/2022	12/7/2028		4,105,467		4,028,325		4,105,467
Amplix		Unitranche First Amendment Term Loan	S+	5.25%	9.54%	10/19/2023	10/18/2029		3,959,866		3,869,208		3,959,866
CoAdvantage	(k)	Senior Secured 2023 1L Refinancing Term Loan (First Lien)	S+	5.50%	9.79%	8/2/2023	8/2/2029		3,792,250		3,792,250		3,772,701
Golden Source		Unitranche Initial Term Loan	S+	4.75%	9.04%	3/25/2022	5/12/2028		3,365,410		3,303,132		3,365,410
Eliassen		Unitranche Initial Term Loan	S+	5.75%	10.04%	3/31/2022	4/14/2028		3,406,500		3,372,397		3,338,370
Kept Companies		Senior Secured Term Loan	S+	5.25%	9.54%	4/30/2024	4/30/2029		3,128,032		3,081,873		3,112,391
The Facilities Group		Unitranche Initial Term Loan	S+	5.75%	10.04%	12/10/2021	11/30/2027		2,926,472		2,909,384		2,897,207
Discovery Education		Unitranche Initial Term Loan (First Lien)	S+	2.88%, 6.02% PIK	13.18%	3/25/2022	4/9/2029		3,782,009		3,739,137		2,836,507
CoolSys	(k)	Senior Secured Closing Date Initial Term Loan	S+	4.75%	9.04%	8/4/2021	8/11/2028		2,963,105		2,946,336		2,701,359
Veregy		Senior Secured Initial Term Loan	S+	6.00%	10.29%	11/2/2020	11/3/2027		2,410,443		2,385,690		2,398,391
Paradigm Outcomes	(k)	Senior Secured 2024 Replacement Term Loan	S+	3.25%	7.54%	4/2/2024	5/6/2031		1,988,769		1,980,196		1,992,080
Epiq	(k)	Senior Secured 2025 Refinancing Term Loan (First Lien)	S+	4.00%	8.29%	7/17/2024	4/26/2029		1,989,822		1,985,311		1,976,391
Mediaocean	(k)	Senior Secured Initial Term Loan	S+	3.50%	7.79%	12/9/2021	12/15/2028		1,940,000		1,928,830		1,938,399
VC3	(j)	Senior Secured Delayed Draw Term Loan D	S+	5.00%	9.29%	9/16/2022	3/12/2027		1,886,180		1,854,764		1,886,180
Liberty Group	(j)	Unitranche Initial Term Loan	S+	5.75%	10.04%	6/6/2022	6/15/2028		1,901,136		1,877,034		1,878,077
InnovateMR	(j)	Unitranche First Amendment Term Loan	S+	6.50%	10.79%	12/23/2022	1/20/2028		1,832,782		1,796,822		1,832,782
Vensure		Senior Secured Initial Term Loan	S+	5.00%	9.29%	9/23/2024	9/27/2031		1,667,565		1,649,206		1,655,058
Duff & Phelps	(k)	Senior Secured Initial Dollar Term Loan (First Lien)	S+	3.75%	8.04%	3/6/2020	4/9/2027		1,720,975		1,715,531		1,637,258
Secretariat	(k)	Senior Secured Term Loan B	S+	4.00%	8.29%	2/24/2025	2/24/2032		1,500,000		1,492,500		1,492,500
Argano		Senior Secured Initial Term Loan	S+	5.75%	10.04%	9/13/2024	9/13/2029		1,492,500		1,461,805		1,485,038
Insight Global		Unitranche 2024 Refinancing Term Loan	S+	5.00%	9.29%	9/22/2021	9/22/2028		1,451,362		1,434,194		1,444,105
Addison Group	(k)	Senior Secured Initial Term Loan	S+	4.25%	8.54%	1/19/2022	12/29/2028		1,430,714		1,428,561		1,406,800
Divisions Maintenance Group		Senior Secured Term B Loan	S+	4.75%	9.04%	5/21/2021	5/27/2028		1,400,788		1,396,228		1,379,776
Aprio		Senior Secured Initial Term Loan	S+	4.75%	9.04%	8/1/2024	8/1/2031		1,393,036		1,378,876		1,375,623
Heartland		Senior Secured Initial Term Loan	S+	5.25%	9.54%	12/1/2023	12/12/2029		1,195,999		1,175,728		1,182,544
Health Management Associates		Senior Secured Term Loan A	S+	6.25%	10.54%	3/31/2023	3/30/2029		1,099,698		1,074,601		1,088,701
Allied Benefit Systems		Senior Secured Initial Term Loan	S+	5.25%	9.54%	10/20/2023	10/31/2030		989,964		977,242		987,489
Barton Associates		Unitranche Initial Term Loan	S+	6.50%	10.79%	11/18/2024	7/26/2028		994,898		985,374		987,436
Colibri	(k)	Senior Secured First Amendment Incremental Term Loan	S+	5.00%	9.29%	11/9/2023	3/12/2029		987,500		967,935		984,212
Ascend		Senior Secured Initial Term Loan	S+	4.50%	8.79%	10/22/2024	8/9/2031		741,018		737,390		741,018
trustaff		Senior Secured Initial Term Loan (First Lien)	S+	4.25%	8.54%	12/9/2021	3/6/2028		964,824		963,561		681,810
Geosyntec	(k)	Senior Secured Initial Term Loan	S+	3.75%	8.04%	7/24/2024	7/31/2031		498,750		496,415		499,373
Teneo	(k)	Senior Secured Initial Term Loan	S+	4.75%	9.04%	10/18/2024	3/13/2031		497,487		496,283		499,147

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

6

Audax Credit BDC Inc.

Schedules of Investments (continued)

As of March 31, 2025

(Expressed in U.S. Dollars)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par/ Shares		Amortized Cost			Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
Inmar	(k)	Senior Secured Initial Term Loan (First Lien)	S+	5.00%	9.29%	10/25/2024	10/30/2031		497,500		495,000			497,968
AI Fire & Safety		Senior Secured Initial Term Loan	S+	4.50%	8.79%	12/20/2024	2/2/2032		500,000		496,818			496,250
Perficient		Senior Secured Closing Date Term Loan	S+	3.50%	7.79%	8/2/2024	10/2/2031		500,000		497,632			496,250
S&P Engineering Solutions		Senior Secured 2024 Converted Term Loan	S+	5.00%	9.29%	3/31/2023	5/2/2030		492,500		481,142			492,500
Service Logic		Senior Secured Amendment No. 8 Refinancing Term Loan	S+	3.00%	7.29%	2/8/2024	10/30/2027		493,705		493,977			490,002
HireRight	(k)	Senior Secured 2025 Replacement Term Loan (First Lien)	S+	3.25%	7.54%	3/25/2024	9/27/2030		496,237		490,869			488,298
System One		Senior Secured 2024 Refinancing Term Loan	S+	3.75%	8.04%	1/28/2021	3/2/2028		481,250		480,152			477,641
Industrial Services Group	(j)	Senior Secured Revolving Loan	S+	5.75%	10.04%	12/7/2022	12/7/2028		392,381		375,238			392,381
OSG Billing Services		Senior Secured Last-Out Term Loan	S+	6.25%	10.54%	11/30/2023	11/30/2028		312,562		312,562			310,999
Golden Source		Senior Secured Revolving Loan	S+	4.75%	9.04%	3/25/2022	5/12/2028		300,469		291,080			300,469
OSG Billing Services		Senior Secured First-Out Term Loan	S+	8.00%	12.29%	11/30/2023	5/30/2028		219,341		209,666			218,244
Discovery Education		Senior Secured Revolving Credit Loan (First Lien)	S+	2.88%	7.16%	3/25/2022	4/9/2029		230,769		226,731			173,077
Aprio		Senior Secured Revolving Loan	S+	4.75%	9.04%	8/1/2024	8/1/2031		154,803		154,304			152,868
Kept Companies		Senior Secured Revolving Loan	S+	5.25%	9.54%	4/30/2024	4/30/2029		114,102		106,971			113,531
Liberty Group	(j)	Senior Secured Revolving Loan	S+	5.75%	10.04%	6/6/2022	12/15/2028		79,545		75,000			78,581
VC3	(j)	Senior Secured Revolving Credit	S+	5.00%	9.29%	7/21/2022	3/12/2027		61,538		58,846			61,538
Ascend		Senior Secured Revolving Credit Loan	S+	4.50%	8.79%	10/22/2024	8/9/2031		54,983		54,124			54,983
Vortex	(j)	Senior Secured Revolving Loan	S+	5.00%	9.29%	9/1/2023	9/4/2029		41,590		7,075			41,590
Heartland		Senior Secured Revolving Credit Loan	S+	5.25%	9.54%	12/1/2023	12/12/2029		39,655		35,517			39,209
Health Management Associates		Senior Secured Revolving Loan	S+	6.25%	10.54%	3/31/2023	3/30/2029		30,195		28,064			29,893
AI Fire & Safety	(k)	Senior Secured Revolving Credit Loan	S+	4.50%	8.79%	12/20/2024	2/2/2032		-		(449	)		-
S&P Engineering Solutions		Senior Secured Revolving Credit Loan	S+	5.00%	9.29%	3/31/2023	5/2/2029		—		(1,471	)		—
Amplix		Senior Secured Revolving Credit Loan	S+	5.25%	9.54%	10/19/2023	10/18/2029		—		(8,242	)		—
											83,424,071			82,400,796
Healthcare & Pharmaceuticals
American Vision Partners	(j)	Unitranche Initial Term Loan	S+	5.75%	10.04%	9/22/2021	9/30/2027		4,835,901		4,794,394			4,835,901
Minds + Assembly	(j)	Unitranche Initial Term Loan (First Lien)	S+	5.25%	9.54%	5/3/2023	5/3/2029		4,027,640		3,946,746			4,027,640
Radiology Partners	(k)	Senior Secured Term B Loan	S+	3.50%, 1.50% PIK	9.29%	6/28/2018	1/31/2029		3,771,739		3,792,114			3,645,027
OrthoNebraska	(j)	Unitranche Term Loan	S+	6.50%	10.79%	7/31/2023	7/31/2028		3,335,773		3,256,383			3,335,773
PharMedQuest	(j)	Unitranche Term A Loan	S+	5.25%	9.54%	11/6/2019	11/6/2026		3,258,398		3,258,398			3,258,398
Summit Spine	(k)	Unitranche Initial Term Loan	S+	5.00%	9.29%	3/21/2025	3/25/2031		3,280,695		3,214,647			3,223,283
InterMed	(j)	Unitranche Initial Term Loan	S+	6.50%	10.79%	12/22/2022	12/24/2029		2,970,842		2,907,251			2,924,776
RevHealth	(j)	Unitranche Initial Term Loan	S+	5.75%	10.04%	7/22/2022	7/21/2028		4,173,801		4,121,678			2,571,670
Paradigm Oral Health		Senior Secured Initial Term Loan	S+	4.75%	9.04%	9/30/2024	11/16/2028		2,470,695		2,440,594			2,470,695
Advancing Eyecare		Senior Secured Initial Term Loan	S+	5.75%	10.04%	5/27/2022	6/13/2029		2,474,550		2,428,798			2,148,608
TEAM Services		Senior Secured Incremental Term Loan (First Lien)	S+	5.25%	9.54%	6/28/2024	12/20/2027		1,995,000		1,962,181			1,995,000
U.S. Foot and Ankle Specialists		Senior Secured Term Loan	S+	5.50%	9.79%	4/17/2024	9/15/2026		2,006,099		1,990,181			1,991,054
Gastro Health		Senior Secured Initial Term Loan (First Lien)	S+	4.50%	8.79%	7/2/2021	7/3/2028		1,931,039		1,924,901			1,877,935
Advanced Diabetes Supply	(k)	Senior Secured First Incremental Term Loan	S+	5.00%	9.29%	7/13/2021	12/30/2027		1,811,615		1,802,383			1,811,615
Therapy Brands		Senior Secured Initial Term Loan (First Lien)	S+	4.00%	8.29%	5/12/2021	5/18/2028		1,820,808		1,815,965			1,770,735
Ivy Rehab		Senior Secured Initial Term Loan (First Lien)	S+	5.00%	9.29%	3/11/2022	4/23/2029		1,790,494		1,770,559			1,768,113
Blue Cloud		Senior Secured Closing Date Term Loan	S+	5.00%	9.29%	12/13/2021	1/21/2031		1,666,698		1,645,039			1,658,364
nThrive	(k)	Senior Secured Tranche C Term Loan	S+	4.00%	8.29%	11/18/2024	12/17/2028		1,613,125		1,613,125			1,612,117

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

7

Audax Credit BDC Inc.

Schedules of Investments (continued)

As of March 31, 2025

(Expressed in U.S. Dollars)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par/ Shares		Amortized Cost			Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
Upstream Rehabilitation	(k)	Senior Secured August 2021 Incremental Term Loan (First Lien)	S+	4.25%	8.54%	10/24/2019	11/20/2026		1,906,953		1,905,807			1,580,387
InHealth Medical Alliance	(o)	Unitranche Initial Term Loan	S+	7.00% PIK	11.29%	6/25/2021	6/28/2028		3,594,124		3,575,671			1,545,473
ImageFirst	(k)	Senior Secured Initial Term Loan	S+	3.25%	7.54%	3/12/2025	3/12/2032		1,500,000		1,496,250			1,496,250
MedRisk	(k)	Senior Secured 2025 Term Loan (First Lien)	S+	3.25%	7.54%	4/1/2021	5/10/2028		1,474,912		1,470,135			1,473,784
Quantum Health		Senior Secured Amendment No. 1 Refinancing Term Loan (First Lien)	S+	4.25%	8.54%	12/18/2020	12/22/2027		1,443,750		1,434,055			1,443,750
Forefront	(k)	Senior Secured Term B-1 Loan	S+	5.50%	9.79%	12/14/2023	3/30/2029		1,485,000		1,457,809			1,398,551
Symplr	(k)	Senior Secured Initial Term Loan (First Lien)	S+	4.50%	8.79%	11/23/2020	12/22/2027		1,440,000		1,430,291			1,255,997
Nvision		Senior Secured 2024 Initial Term Loan	S+	5.50%	9.79%	10/31/2024	12/31/2028		1,257,541		1,225,513			1,248,109
MB2 Dental		Unitranche Initial Term Loan	S+	5.50%	9.79%	2/5/2024	2/13/2031		1,202,111		1,190,674			1,202,111
Micro Merchant Systems		Unitranche Initial Term Loan	S+	4.50%	8.79%	3/2/2022	12/14/2027		1,161,551		1,153,789			1,158,647
Solis Mammography		Senior Secured Initial Term Loan (First Lien)	S+	4.50%	8.79%	4/1/2021	4/17/2028		1,045,563		1,040,658			1,042,949
Solis Mammography		Senior Secured Initial Term Loan (Second Lien)	S+	8.00%	12.29%	4/1/2021	4/16/2029		1,000,000		991,491			997,500
Press Ganey	(k)	Senior Secured Initial Term Loan (First Lien)	S+	3.25%	7.54%	4/24/2024	4/30/2031		995,000		986,072			990,751
PharMedQuest		Unitranche Fifth Amendment Incremental Term Loan	S+	5.25%	9.54%	10/27/2023	11/6/2026		985,000		979,570			985,000
Cirtec Medical		Senior Secured U.S. Dollar Term Loan	S+	4.75%	9.04%	1/30/2023	1/30/2029		980,000		957,758			977,550
NSM	(k)	Senior Secured Amendment No. 6 Incremental Term Loan	S+	5.25%	9.54%	8/5/2024	5/14/2029		950,225		948,188			957,352
Epic Staffing Group		Senior Secured Initial Term Loan	S+	6.00%	10.29%	6/27/2022	6/28/2029		974,593		932,890			952,664
Wedgewood		Senior Secured Initial Term Loan	S+	4.25%	8.54%	2/24/2021	3/31/2028		965,022		959,962			950,547
Forefront	(k)	Senior Secured Closing Date Term Loan	S+	4.25%	8.54%	3/23/2022	3/30/2029		972,796		962,020			916,164
InterMed	(j)	Senior Secured Revolving Loan	S+	6.50%	10.79%	12/22/2022	12/22/2028		863,931		842,333			850,535
Solis Mammography		Senior Secured 2024 Incremental Term Loan (First Lien)	S+	4.50%	8.79%	3/23/2024	4/17/2028		796,500		794,198			794,509
Viant	(k)	Senior Secured Closing Date Initial Term Loan (First Lien)	S+	4.00%	8.29%	10/16/2024	10/29/2031		553,759		551,074			554,797
MyEyeDr	(k)	Senior Secured Ninth Amendment Refinancing Term Loan (First Lien)	S+	3.50%	7.79%	4/15/2024	4/15/2031		512,004		512,004			511,899
Cirtec Medical		Senior Secured Amendment No. 1 Incremental Term Loan	S+	4.75%	9.04%	7/2/2024	1/30/2029		496,250		490,511			495,009
Performance Health	(k)	Senior Secured Term Loan	S+	3.75%	8.04%	2/28/2025	3/19/2032		500,000		495,000			495,000
TEAM Services		Senior Secured Term Loan (First Lien)	S+	5.00%	9.29%	1/25/2024	12/20/2027		493,573		491,675			493,573
nThrive	(k)	Senior Secured Tranche D Term Loan	S+	6.75%	11.04%	11/18/2024	12/17/2029		490,000		490,000			489,694
Confluent Health		Senior Secured Amendment No. 1 Term Loan	S+	7.50%	11.79%	4/11/2023	11/30/2028		490,000		465,983			477,750
AccentCare	(k)	Senior Secured Tranche B Term Loan	S+	4.00%	8.29%	6/15/2021	9/20/2028		481,406		481,406			422,434
nThrive	(k)	Senior Secured Tranche B Term Loan	S+	4.00%	8.29%	11/18/2024	12/17/2028		413,339		413,339			413,081
TEAM Services		Senior Secured Term Loan (Second Lien)	S+	9.00%	13.29%	1/5/2024	12/18/2028		410,000		407,950			410,000
RMP & MedA/Rx		Senior Secured Term Loan	S+	4.75%	9.04%	3/22/2021	2/6/2026		377,041		377,134			371,385
RMP & MedA/Rx		Senior Secured Term Loan (First Lien)	S+	4.75%	9.04%	2/27/2017	2/6/2026		321,058		321,058			316,242
UDG	(l)	Senior Secured Initial Dollar Term Loan (First Lien)	S+	4.25%	8.54%	8/6/2021	8/19/2028		315,938		314,477			311,198
Western Dental		Senior Secured Second-Out Term Loan (Tranche B)	S+	1.00%, 6.25% PIK	11.54%	6/14/2024	8/18/2028		521,607		418,853			260,803
Nvision		Senior Secured Fourth Amendment Incremental Term Loan	S+	5.50%	9.79%	10/30/2024	12/31/2028		242,700		239,251			240,880
RevHealth	(j)	Senior Secured Revolving Loan	S+	5.75%	10.04%	7/22/2022	7/21/2028		256,849		256,849			158,257
Midwest Eye Services		Senior Secured Initial Term Loan	S+	4.50%	8.79%	12/31/2024	8/20/2027		157,333		142,044			156,547
nThrive	(k)	Senior Secured Tranche A Term Loan	S+	5.25%	9.54%	11/20/2024	12/17/2028		117,391		116,214			117,318
AccentCare		Senior Secured Tranche A Term Loan	S+	5.50%	9.79%	2/5/2024	6/20/2028		119,820		116,006			115,926
Western Dental		Senior Secured First-Out Term Loan (Tranche A-1)	S+	6.50%	10.79%	6/18/2024	5/18/2028		93,032		88,346			93,032
Ivy Rehab		Senior Secured Revolving Credit Loan (First Lien)	S+	4.75%	9.04%	3/11/2022	4/21/2028		67,003		63,636			66,166
Summit Spine	(k)	Senior Secured Revolving Loan	S+	5.00%	9.29%	3/21/2025	3/25/2031		29,609		20,973			29,091
EyeSouth Partners		Unitranche Amendment No.2 Term Loan (First Lien)	S+	5.50%	9.79%	11/15/2024	10/5/2029		25,300		25,056			25,047
Nvision		Senior Secured 2024 Revolving Credit	S+	5.50%	9.79%	10/31/2024	12/31/2028		11,734		11,734			11,646
Blue Cloud		Senior Secured Revolving Loan	S+	5.00%	9.29%	12/13/2021	1/21/2031		-		(1,136	)		-
Midwest Eye Services		Senior Secured Fourth Amendment Incremental Revolving Loan	S+	4.50%	8.79%	12/31/2024	8/20/2027		-		(3,220	)		-
OrthoNebraska	(j)	Senior Secured Revolving Loan	S+	6.50%	10.79%	7/31/2023	7/31/2028		—		(13,724	)		—
Minds + Assembly	(j)	Senior Secured Revolving Loan (First Lien)	S+	5.25%	9.54%	5/3/2023	5/3/2029		—		(18,789	)		—
											82,694,175			78,182,059

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

8

Audax Credit BDC Inc.

Schedules of Investments (continued)

As of March 31, 2025

(Expressed in U.S. Dollars)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par/ Shares		Amortized Cost			Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
Banking, Finance, Insurance & Real Estate
Cherry Bekaert	(j)	Unitranche Term B Loan	S+	5.25%	9.54%	6/13/2022	6/30/2028	$	4,975,495	$	4,900,123		$	4,975,495
Cerity Partners		Unitranche Initial Term Loan	S+	5.25%	9.54%	7/28/2022	7/28/2029		4,543,011		4,492,167			4,543,011
Alera		Unitranche 2022 Incremental Term Loan	S+	5.25%	9.54%	8/31/2022	10/2/2028		3,907,833		3,853,830			3,898,064
Confluence		Senior Secured Initial Term Loan (First Lien)	S+	3.75%	8.04%	7/22/2021	7/31/2028		3,870,000		3,857,914			3,588,622
Prime Pensions	(j)	Unitranche Initial Term Loan	S+	5.25%	9.54%	2/20/2024	2/26/2030		2,686,438		2,615,505			2,686,438
EPIC Insurance		Unitranche Refinancing Tranche B Term Loan	S+	4.50%	8.79%	8/27/2021	9/29/2028		2,129,150		2,108,118			2,107,858
Beta+		Senior Secured Initial Term Loan	S+	5.75%	10.04%	6/24/2022	7/2/2029		1,950,000		1,864,388			1,901,250
OneDigital	(k)	Senior Secured 2025 Refinancing Term Loan (First Lien)	S+	3.00%	7.29%	6/13/2024	7/2/2031		1,490,616		1,483,489			1,482,879
EdgeCo		Senior Secured Third Amendment Term Loan (First Lien)	S+	4.50%	8.79%	3/29/2022	6/1/2028		1,480,433		1,471,344			1,480,433
Orion	(k)	Senior Secured 2024 Refinancing Term Loan	S+	3.75%	8.04%	8/4/2020	9/24/2030		1,436,661		1,430,294			1,438,242
Steward Partners		Senior Secured Closing Date Term B Loan	S+	4.75%	9.04%	12/8/2023	10/14/2028		1,349,287		1,326,211			1,345,913
SIAA	(j)	Unitranche Initial Term Loan	S+	6.25%	10.54%	4/21/2021	4/30/2030		1,137,253		1,126,118			1,137,253
Osaic	(k)	Senior Secured Term B-4 Loan	S+	3.50%	7.79%	8/16/2023	8/17/2028		1,003,572		996,364			997,395
LERETA		Senior Secured Initial Term Loan	S+	5.25%	9.54%	7/27/2021	7/30/2028		965,000		959,556			926,400
Cherry Bekaert		Unitranche Amendment No. 1 Term Loan	S+	5.25%	9.54%	10/11/2023	6/30/2028		717,285		706,310			717,285
Confluence		Senior Secured Term Loan (Priority)	S+	5.00%	9.29%	2/14/2025	7/30/2028		377,264		377,264			349,834
Cerity Partners		Senior Secured Initial Revolving Loan	S+	5.25%	9.54%	7/28/2022	7/28/2028		165,771		165,771			165,771
Beta+		Senior Secured Revolving Credit Loan	S+	4.50%	8.79%	6/24/2022	7/1/2027		163,010		156,794			158,935
SIAA		Unitranche Seventh Amendment Incremental Term Loan	S+	4.75%	9.04%	3/24/2025	4/30/2030		140,045		135,801			140,045
EPIC Insurance		Senior Secured Refinancing Revolving Loan	S+	4.50%	8.79%	8/27/2021	9/29/2028		71,217		70,948			70,505
Steward Partners		Senior Secured Revolving Loan	S+	4.75%	9.04%	12/20/2023	10/14/2028		—		(5,389	)		—
Prime Pensions	(j)	Senior Secured Revolving Credit	S+	5.25%	9.54%	2/20/2024	2/26/2030		—		(7,619	)		—
											34,085,301			34,111,628
Capital Equipment
Tank Holding		Unitranche Initial Term Loan	S+	5.75%	10.04%	3/25/2022	3/31/2028		3,890,000		3,845,558			3,860,825
Plaskolite	(k)	Senior Secured 2021-1 Refinancing Term Loan (First Lien)	S+	4.00%	8.29%	12/12/2018	12/15/2025		3,753,600		3,744,938			3,677,195
Flow Control Group	(k)	Senior Secured Amendment No. 11 Term Loan (First Lien)	S+	3.25%	7.54%	3/17/2021	3/31/2028		3,607,578		3,601,713			3,586,149
Excelitas		Unitranche Closing Date Euro Term Loan	S+	5.25%	0.00%	6/15/2022	8/12/2029		2,902,750		2,936,610			2,888,236
Burke Porter Group		Senior Secured Closing Date Term Loan	S+	6.00%	10.29%	9/30/2022	7/29/2029		2,280,833		2,237,254			2,206,706
Shaw		Senior Secured Initial Senior Term Facility	S+	6.00%	10.29%	9/30/2023	10/30/2029		1,769,362		1,739,615			1,747,245
Radwell		Unitranche Initial Term Loan	S+	5.50%	9.79%	3/11/2022	4/1/2029		1,623,974		1,608,297			1,611,794
Trystar		Senior Secured Initial Term Loan	S+	4.50%	8.79%	7/31/2024	8/6/2031		997,500		986,513			990,019
Air Control Concepts	(k)	Senior Secured Closing Date Term Loan	S+	2.75%	7.04%	7/16/2024	7/23/2031		999,773		997,654			987,276
MW Industries		Senior Secured Initial Term Loan	S+	7.00%	11.29%	3/31/2023	3/31/2030		945,910		924,416			929,357
Therm-O-Disc		Senior Secured Initial Term Loan (First Lien)	S+	6.00%	10.29%	5/26/2022	5/31/2029		975,000		923,990			858,000
Associated Springs		Senior Secured Initial Term Loan	S+	5.75%	10.04%	3/7/2024	4/4/2030		711,559		696,594			711,559
Ohio Transmission		Unitranche Initial Term Loan	S+	5.50%	9.79%	12/12/2023	12/19/2030		548,417		537,747			542,933
TriMark		Senior Secured Initial Tranche B Loan	S+	2.00%, 3.25% PIK	9.54%	1/16/2024	6/30/2029		678,528		678,528			541,975

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

9

Audax Credit BDC Inc.

Schedules of Investments (continued)

As of March 31, 2025

(Expressed in U.S. Dollars)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par/ Shares		Amortized Cost			Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
nVent	(k)	Senior Secured Initial Term Loan	S+	3.50%	7.79%	9/30/2024	1/30/2032		500,000		497,500			500,520
Circor	(k)	Senior Secured Initial Term Loan	S+	3.50%	7.79%	10/9/2024	10/17/2031		500,000		498,791			497,293
Associated Springs		Senior Secured Amendment No. 1 Incremental Term Loan	S+	5.75%	10.04%	11/25/2024	4/4/2030		496,875		486,875			496,875
AGCO G&P		Senior Secured Initial Term Loan	S+	5.00%	9.29%	10/8/2024	10/31/2031		500,000		495,157			496,250
Chromalloy	(k)	Senior Secured Term Loan	S+	3.75%	8.04%	3/22/2024	3/27/2031		496,250		491,810			495,322
Trystar		Senior Secured Amendment No. 1 Incremental Term Loan	S+	4.50%	8.79%	9/5/2024	8/6/2031		498,750		493,191			495,009
Bad Boy Mowers	(k)	Senior Secured Initial Term Loan (First Lien)	S+	6.00%	10.29%	11/29/2023	11/9/2029		493,750		483,578			493,750
Duravant	(k)	Senior Secured Incremental Amendment No. 5 Term Loan (First Lien)	S+	3.75%	8.04%	3/5/2020	5/19/2028		476,420		476,420			477,278
Infinite Electronics	(k)	Senior Secured Initial Term Loan (First Lien)	S+	3.75%	8.04%	2/24/2021	3/2/2028		481,419		480,877			456,448
Pegasus		Senior Secured Initial Term Loan	S+	4.75%	9.04%	1/24/2024	1/19/2031		384,246		377,592			383,286
Burke Porter Group		Senior Secured Revolving Credit Loan	S+	6.00%	10.29%	8/11/2022	7/29/2028		215,191		204,786			208,197
Ohio Transmission		Senior Secured Initial Revolving Loan	S+	5.50%	9.79%	12/19/2023	12/19/2029		24,267		23,573			24,024
Radwell		Senior Secured Revolving Loan	S+	5.50%	9.79%	3/11/2022	4/1/2029		21,333		20,133			21,173
Associated Springs		Senior Secured Revolving Loan	S+	5.75%	10.04%	3/7/2024	4/4/2030		—		(1,888	)		—
Trystar		Senior Secured Revolving Credit Loan	S+	4.50%	8.79%	7/31/2024	8/6/2031		—		(2,727	)		—
Tank Holding		Senior Secured Revolving Credit Loan	S+	5.75%	10.04%	3/25/2022	3/31/2028		—		(2,954	)		—
											30,482,141			30,184,694
Services: Consumer
Ned Stevens 2022-2	(j)	Unitranche Initial Term Loan	S+	5.00%	9.29%	11/1/2022	11/1/2029		4,304,299		4,214,106			4,304,299
Smart Start	(k)	Senior Secured 2025 Refinancing Term B Loan (First Lien)	S+	4.25%	8.54%	12/10/2021	12/16/2028		2,940,000		2,932,682			2,936,325
Apex Service Partners		Unitranche 2024 Term Loan	S+	5.00%	9.29%	10/16/2023	10/24/2030		2,499,394		2,475,723			2,486,897
A Place For Mom		Senior Secured Term Loan	S+	4.50%	8.79%	7/28/2017	2/10/2026		2,146,015		2,146,048			2,140,650
Rover		Senior Secured Initial Term Loan	S+	4.75%	9.04%	2/16/2024	2/27/2031		1,988,731		1,964,029			1,988,731
Smart Start		Senior Secured Term B Loan (Second Lien)	S+	7.75%	12.04%	12/10/2021	12/16/2029		2,000,000		1,977,239			1,985,000
Taxwell		Senior Secured Initial Term Loan	S+	4.25%	8.54%	6/17/2024	6/26/2031		1,989,927		1,971,644			1,975,003
FullBloom		Senior Secured Initial Term Loan (First Lien)	S+	4.25%	8.54%	12/10/2021	12/15/2028		1,458,750		1,450,224			1,447,809
United Air Temp	(j)	Unitranche Initial Term Loan	S+	5.50%	9.79%	2/14/2024	3/28/2030		1,115,828		1,084,081			1,066,798
Legacy Service Partners		Unitranche Closing Date Term Loan	S+	5.25%	9.54%	10/25/2023	1/9/2029		1,039,116		1,023,761			1,027,426
Teaching Strategies		Senior Secured Initial Term Loan (First Lien)	S+	3.75%	8.04%	8/19/2021	8/31/2028		967,500		961,412			957,825
Spring Education	(k)	Senior Secured Initial Term Loan	S+	4.00%	8.29%	10/5/2023	10/4/2030		938,125		938,125			938,209
Crash Champions	(k)	Senior Secured Initial Term Loan	S+	4.75%	9.04%	2/7/2024	2/23/2029		992,500		990,452			897,175
Ned Stevens 2022-2		Unitranche 2023 Incremental Delayed Draw Term Loan	S+	5.00%	9.29%	1/18/2024	11/1/2029		732,826		730,363			732,826
Aegis Sciences		Senior Secured Initial Term Loan (2018) (First Lien)	S+	5.50%	9.79%	5/4/2018	5/9/2025		564,208		564,091			541,640
All My Sons		Senior Secured Closing Date Term Loan (First Lien)	S+	5.00%	9.29%	6/4/2024	10/25/2028		494,559		488,062			488,377
United Air Temp		Senior Secured Revolving Loan	S+	5.50%	9.79%	2/14/2024	3/28/2030		210,799		210,799			201,536
Apex Service Partners		Senior Secured 2024 Revolving Credit Loan	S+	5.00%	9.29%	10/16/2023	10/24/2029		123,723		122,261			123,104
Ned Stevens 2022-2	(j)	Senior Secured Revolving Loan	S+	5.00%	9.29%	11/1/2022	11/1/2028		84,617		74,463			84,617
Rover		Senior Secured Revolving Loan	S+	4.75%	9.04%	2/16/2024	2/27/2031		—		(2,250	)		—
											26,317,315			26,324,247

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

10

Audax Credit BDC Inc.

Schedules of Investments (continued)

As of March 31, 2025

(Expressed in U.S. Dollars)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par/ Shares		Amortized Cost			Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
High Tech Industries
Planview	(k)	Senior Secured 2024-B Incremental Term Loan (First Lien)	S+	3.50%	7.79%	12/11/2020	12/17/2027		3,053,200		3,039,165			3,026,485
Ivanti Software		Senior Secured 2021 Specified Refinancing Term Loan (First Lien)	S+	4.25%	8.54%	11/20/2020	12/1/2027		2,895,450		2,874,315			2,454,350
Idera	(k)	Senior Secured Incremental Term Loan (First Lien)	S+	3.50%	7.79%	6/27/2017	3/2/2028		2,521,337		2,521,472			2,343,659
Precisely	(k)	Senior Secured Third Amendment Term Loan (First Lien)	S+	4.00%	8.29%	3/19/2021	4/24/2028		2,412,500		2,405,876			2,333,008
Barracuda		Senior Secured Initial Term Loan (Second Lien)	S+	7.00%	11.29%	5/17/2022	8/15/2030		2,000,000		1,952,409			1,920,000
Intermedia		Unitranche 2024 Refinancing Term Loan (First Lien)	S+	5.25%	9.54%	4/4/2024	4/4/2029		1,895,000		1,895,000			1,895,000
HelpSystems	(k)	Senior Secured Term Loan	S+	4.00%	8.29%	12/19/2019	11/19/2026		1,924,155		1,921,615			1,766,374
Xplor Technologies		Senior Secured First Amendment Refinancing Term Loan	S+	3.50%	7.79%	6/14/2024	6/24/2031		1,492,500		1,485,647			1,492,500
Digital Room		Senior Secured Closing Date Term Loan (First Lien)	S+	5.25%	9.54%	12/16/2021	12/21/2028		1,455,000		1,446,411			1,440,450
ORBCOMM	(k)	Senior Secured Closing Date Term Loan (First Lien)	S+	4.25%	8.54%	6/17/2021	9/1/2028		1,462,423		1,418,101			1,277,178
SmartBear	(k)	Senior Secured 2024 Term Loan	S+	4.00%	8.29%	11/20/2020	3/3/2028		967,500		962,799			965,081
Options IT		Senior Secured Initial Term Loan	S+	4.50%	8.79%	9/20/2024	9/30/2031		741,731		729,479			738,022
Aptean		Unitranche Initial Term Loan	S+	5.25%	9.54%	1/1/2024	1/30/2031		572,219		567,321			569,358
Qlik	(k)	Senior Secured Add-on Cov-Lite TLB	S+	3.25%	7.54%	12/31/2024	10/26/2030		500,000		498,750			498,750
LightBox		Senior Secured Initial Term Loan	S+	5.50%	9.79%	1/10/2025	1/13/2030		500,000		492,500			496,250
Inhabit		Senior Secured Initial Term Loan	S+	4.50%	8.79%	12/10/2024	1/12/2032		500,000		497,199			496,250
NCR Voyix	(k)	Senior Secured Term Loan	S+	3.00%	7.29%	9/24/2024	9/30/2031		498,750		496,391			495,633
Cloudera	(k)	Senior Secured Initial Term Loan (First Lien)	S+	3.75%	8.04%	8/10/2021	10/8/2028		485,000		482,310			479,316
Barracuda	(k)	Senior Secured Initial Term Loan (First Lien)	S+	4.50%	8.79%	5/17/2022	8/15/2029		488,750		478,779			425,457
insightsoftware		Unitranche Initial Term Loan	S+	5.25%	9.54%	7/16/2024	5/25/2028		368,825		367,542			365,137
Options IT		Senior Secured Revolving Loan	S+	4.50%	8.79%	9/20/2024	3/31/2031		24,124		22,784			24,004
Inhabit		Senior Secured Revolving Credit Loan	S+	4.50%	8.79%	12/10/2024	1/12/2032		-		(439	)		-
LightBox		Senior Secured Revolving Loan	S+	5.50%	9.79%	1/10/2025	1/13/2030		-		(494	)		-
insightsoftware		Senior Secured Revolving Loan	S+	5.25%	9.54%	3/26/2024	5/25/2028		-		(655	)		-
											26,554,277			25,502,262
Containers, Packaging & Glass
Brook & Whittle	(k)	Senior Secured Initial Term Loan (First Lien)	S+	4.00%	8.29%	12/9/2021	12/14/2028	$	3,060,165	$	3,044,832		$	2,562,460
Anchor Packaging	(k)	Senior Secured Amendment No.5 Term Loan (First Lien)	S+	3.25%	7.54%	7/17/2019	7/18/2029		2,440,042		2,432,391			2,441,567
Paragon Films		Senior Secured Closing Date Term Loan (First Lien)	S+	4.25%	8.54%	12/15/2021	12/16/2028		2,005,378		1,992,732			1,995,351
TricorBraun	(k)	Senior Secured Closing Date Initial Term Loan (First Lien)	S+	3.25%	7.54%	1/29/2021	3/3/2028		1,769,040		1,764,583			1,755,613
Resource Label Group	(k)	Senior Secured Closing Date Initial Term Loan (First Lien)	S+	4.25%	8.54%	7/2/2021	7/7/2028		1,818,655		1,813,751			1,651,939
Tekni-Plex	(k)	Senior Secured Tranche B-7 Initial Term Loan	S+	3.75%	8.04%	3/27/2024	9/15/2028		1,606,021		1,604,290			1,554,829
Technimark	(k)	Senior Secured 2024-1 Refinancing Term Loan (First Lien)	S+	3.25%	7.54%	6/30/2021	4/14/2031		1,447,828		1,444,078			1,442,398
Intertape Polymer	(k)(m)	Senior Secured Initial Term Loan (First Lien)	S+	4.75%	9.04%	6/15/2022	6/28/2028		1,371,593		1,332,472			1,299,585
Balcan	(n)	Senior Secured Initial Term B Loan (First Lien)	S+	4.75%	9.04%	10/10/2024	10/18/2031		1,000,000		980,633			992,500
Transcendia		Unitranche Term Loan (2024)	S+	6.50%	10.79%	5/23/2024	11/23/2029		995,000		977,589			990,025
Five Star Packaging		Senior Secured Initial Term Loan (First Lien)	S+	4.25%	8.54%	4/27/2022	5/5/2029		986,221		975,358			973,893
Lacerta		Senior Secured Term Loan	S+	5.50%	9.79%	2/8/2021	12/30/2026		957,500		953,594			926,381
Applied Adhesives	(k)	Senior Secured Term A Loan	S+	4.50%	8.79%	3/12/2021	3/12/2027		607,444		605,025			607,444
SupplyOne	(k)	Senior Secured Term B Loan	S+	3.75%	8.04%	3/27/2024	4/19/2031		495,000		490,595			496,391
Industrial Physics		Senior Secured Initial Term Loan	S+	6.25%	10.54%	7/18/2023	7/19/2029		493,750		480,407			480,172
Golden West Packaging		Senior Secured Initial Term Loan	S+	5.25%	9.54%	11/29/2021	12/1/2027		437,500		435,025			420,000
Applied Adhesives	(k)	Senior Secured Revolving Loan	S+	4.50%	8.79%	3/12/2021	3/12/2027		—		(616	)		—
Industrial Physics		Senior Secured Revolving Credit Loan	S+	6.25%	10.54%	7/18/2023	7/19/2028		—		(3,233	)		—
											21,323,506			20,590,548

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

11

Audax Credit BDC Inc.

Schedules of Investments (continued)

As of March 31, 2025

(Expressed in U.S. Dollars)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par/ Shares		Amortized Cost			Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
Beverage, Food & Tobacco
Beverage, Food & Tobacco
Dessert Holdings	(k)	Senior Secured Initial Term Loan (First Lien)	S+	4.00%	8.29%	6/7/2021	6/9/2028		2,916,184		2,880,599			2,853,297
Bettcher Industries		Senior Secured Initial Term Loan (Second Lien)	S+	7.25%	11.54%	12/13/2021	12/14/2029		2,500,000		2,483,852			2,475,000
Purfoods		Senior Secured 2024 Term Loan	S+	5.25%	9.54%	6/24/2024	8/12/2027		2,000,000		1,984,554			1,995,000
Bettcher Industries		Senior Secured Initial Term Loan (First Lien)	S+	4.00%	8.29%	12/13/2021	12/14/2028		1,940,000		1,927,298			1,918,175
Hissho Sushi	(j)	Unitranche Term Loan	S+	4.50%	8.79%	4/7/2022	5/18/2029		1,806,071		1,783,266			1,806,071
Monogram Foods		Senior Secured Initial Term Loan	S+	4.00%	8.29%	8/13/2021	8/28/2028		967,500		962,073			955,406
Hissho Sushi		Unitranche Amendment No. 1 Incremental Term Loan	S+	4.50%	8.79%	8/7/2024	5/18/2029		521,190		515,580			521,190
Golden State Foods	(k)	Senior Secured Initial Term Loan	S+	4.25%	8.54%	10/7/2024	12/4/2031		497,512		493,872			499,741
MBC Companies		Senior Secured Second Amendment Term B Loan	S+	4.75%	9.04%	1/6/2025	7/9/2029		498,750		493,750			495,009
Rise Baking		Senior Secured Senior Secured Term Loan B	S+	5.00%	9.29%	10/24/2024	11/4/2031		498,750		491,484			495,009
Trilliant 2024		Senior Secured 2024 Refinancing Term Loan	S+	6.50%	10.79%	11/20/2024	11/30/2029		496,875		487,304			490,664
Hometown Food		Senior Secured First Amendment Term A Loan	S+	3.50%	7.79%	11/7/2024	8/16/2028		477,273		474,932			476,080
Hometown Food		Senior Secured First Amendment Term B-1 Loan	S+	4.50%	8.79%	11/7/2024	8/16/2029		477,273		473,725			476,080
Hissho Sushi	(j)	Senior Secured Revolving Credit Loan	S+	4.50%	8.79%	4/7/2022	5/18/2029		-		(667	)		-
											15,451,622			15,456,722
Transportation: Cargo
Evans Network		Senior Secured Initial Term Loan (First Lien)	S+	4.25%	8.54%	8/6/2021	8/19/2028		3,388,767		3,368,058			3,278,633
Kenco		Senior Secured Initial Term Loan	S+	4.75%	9.04%	6/5/2024	11/15/2029		2,599,333		2,589,912			2,592,835
Capstone Logistics		Senior Secured 2024 Term Loan (First Lien)	S+	4.50%	8.79%	11/12/2020	11/13/2029		2,053,263		2,044,055			2,037,864
AIT Worldwide Logistics	(k)	Senior Secured Fifth Amendment Extended Term Loan (First Lien)	S+	4.00%	8.29%	11/7/2024	4/8/2030		1,935,150		1,932,252			1,936,156
Worldwide Express	(k)	Senior Secured Amendment No. 2 Incremental Term Loan	S+	4.00%	8.29%	11/8/2024	7/26/2028		1,451,250		1,451,250			1,434,807
FLS Transportation		Senior Secured Term B Loan	S+	5.25%	9.54%	4/14/2022	12/15/2028		1,190,000		1,182,814			1,142,400
Magnate		Senior Secured Initial Term Loan (First Lien)	S+	5.50%	9.79%	3/11/2022	12/29/2028		951,342		939,444			934,693
St. George Logistics		Senior Secured Second-Out Closing Date Purchased Term Loan	S+	1.00%, 6.50% PIK	11.79%	10/3/2024	10/3/2029		901,686		901,686			901,686
St. George Logistics		Senior Secured Third-Out Closing Date Purchased Term Loan	S+	1.00%, 6.00% PIK	11.29%	10/3/2024	10/3/2029		449,904		449,904			251,946
Kenco		Senior Secured Revolving Credit Loan	S+	4.75%	9.04%	6/5/2024	11/15/2029		136,976		134,693			136,633
FLS Transportation		Senior Secured Revolving Credit Loan	S+	5.25%	9.54%	4/14/2022	12/17/2027		44,444		43,556			42,667
											15,037,624			14,690,320
Construction & Building
PlayPower		Unitranche Initial Term Loan	S+	5.00%	9.29%	8/26/2024	8/28/2030		2,487,500		2,452,738			2,487,500
A1 Garage Door Service	(j)	Unitranche Term Loan A	S+	4.75%	9.04%	12/22/2022	12/22/2028		2,234,768		2,185,499			2,234,768
Cook & Boardman		Senior Secured Amendment No. 2 Incremental DDTL	S+	6.00%	10.29%	5/29/2024	3/4/2030		1,846,182		1,828,742			1,836,951
Tangent		Senior Secured Closing Date Term Loan (First Lien)	S+	4.75%	9.04%	10/2/2019	11/30/2027		1,736,080		1,732,500			1,666,637
Specialty Products & Insulation		Senior Secured Tranche B-1 Term Loan	S+	4.50%	8.79%	3/16/2022	12/21/2027		971,523		966,076			966,665
Dodge Construction Network		Senior Secured Tranche B Term Loan (First Lien)	S+	4.75%	9.04%	11/14/2024	2/28/2029		608,039		608,039			604,999
Electric Power Engineers		Senior Secured Term Loan	S+	4.50%	8.79%	11/27/2024	12/15/2031		500,000		494,007			496,250
DynaGrid		Senior Secured Initial Term Loan	S+	4.75%	9.04%	1/7/2025	2/13/2032		500,000		490,000			496,250
Playcore	(k)	Senior Secured Initial Term Loan (First Lien)	S+	3.75%	8.04%	2/14/2024	2/20/2030		495,009		488,644			495,938
Terra Millennium		Senior Secured Initial Term Loan	S+	5.00%	9.29%	10/25/2024	11/1/2030		498,750		493,499			495,009
Dodge Construction Network		Senior Secured Tranche A New Money Term Loan (First Lien)	S+	6.25%	10.54%	11/14/2024	1/31/2029		438,462		434,279			436,270
DynaGrid		Senior Secured Revolving Credit Facility	S+	4.75%	9.04%	1/7/2025	1/7/2031		25,862		25,323			25,668
Electric Power Engineers		Senior Secured Revolving Loan	S+	4.50%	8.79%	11/27/2024	12/15/2031		-		(968	)		-
PlayPower		Senior Secured Revolving Loan	S+	5.00%	9.29%	8/26/2024	8/28/2030		-		(5,768	)		-
A1 Garage Door Service	(j)	Senior Secured Revolving Loan	S+	4.75%	9.04%	12/22/2022	12/22/2028		—		(8,264	)		—
											12,184,346			12,242,905

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

12

Audax Credit BDC Inc.

Schedules of Investments (continued)

As of March 31, 2025

(Expressed in U.S. Dollars)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par/ Shares		Amortized Cost			Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
Automotive
Engine & Transmission Exchange	(j)	Senior Secured Term Loan A	S+	5.25%	9.54%	5/26/2023	5/28/2029		4,200,830		4,106,104			4,200,830
Highline	(k)	Senior Secured 2025-1 Term Loan (First Lien)	S+	3.50%	7.79%	2/13/2025	2/19/2030		1,995,000		1,990,000			1,990,013
Rough Country	(k)	Senior Secured Initial Term Loan (First Lien)	S+	3.50%	7.79%	7/26/2021	7/28/2028		1,929,681		1,927,040			1,889,881
BBB Industries	(k)	Senior Secured Initial Term Loan (First Lien)	S+	5.25%	9.54%	6/30/2022	7/25/2029		2,073,445		1,935,060			1,851,846
Truck Hero	(k)	Senior Secured Initial Term Loan	S+	3.50%	7.79%	1/20/2021	1/31/2028		1,440,000		1,440,000			1,379,002
Engine & Transmission Exchange	(j)	Senior Secured Amendment No. 2 Incremental Term Loan	S+	5.25%	9.54%	3/21/2025	5/28/2029		342,052		337,777			342,052
Engine & Transmission Exchange	(j)	Senior Secured Revolving Loan	S+	5.25%	9.54%	5/26/2023	5/28/2029		119,718		104,326			119,718
											11,840,307			11,773,342
Aerospace & Defense
Electro Methods		Senior Secured Initial Term Loans	S+	4.75%	9.04%	2/6/2025	2/23/2032		3,000,000		2,955,000			2,977,500
HDT Global		Senior Secured Initial Term Loan	S+	1.00%, 5.50% PIK	10.79%	6/30/2021	1/7/2028		3,326,705		3,276,910			2,328,694
Whitcraft		Senior Secured Initial Term Loan	S+	6.50%	10.79%	3/31/2023	2/15/2029		1,960,000		1,903,567			1,945,300
SMX	(k)	Senior Secured Term Loan	S+	4.50%	8.79%	2/6/2025	2/6/2032		1,000,000		990,000			1,000,000
Novaria Group		Senior Secured Initial Term Loan	S+	3.50%	7.79%	6/4/2024	6/6/2031		995,006		990,495			990,031
API Technologies		Senior Secured Term B-2 Loan (First Lien)	S+	1.00%, 6.00% PIK	11.29%	1/15/2020	5/9/2027		1,075,584		1,069,026			914,246
BlueHalo		Unitranche Initial Term Loan	S+	6.00%	10.29%	11/17/2021	10/31/2025		483,330		481,752			479,705
Whitcraft		Senior Secured Revolving Loan	S+	6.50%	10.79%	3/31/2023	2/15/2029		178,214		167,500			176,878
BlueHalo		Senior Secured Revolving Loan	S+	6.00%	10.29%	11/17/2021	10/31/2025		87,593		86,104			86,936
API Technologies		Senior Secured Term B-1 Loan (First Lien)	S+	1.00%, 6.00% PIK	11.29%	11/3/2023	3/25/2027		94,780		93,819			80,563
Electro Methods		Senior Secured Revolving Credit Facility	S+	4.75%	9.04%	2/6/2025	2/23/2032		—		(12,191	)		—
											12,001,982			10,979,853
Environmental Industries
Alliance Environmental Group	(j)	Unitranche Initial Term Loan	S+	6.00%	10.29%	12/30/2021	12/30/2027		4,591,556		4,547,260			3,277,140
Denali Water Solutions		Senior Secured Closing Date Term Loan	S+	4.25%	8.54%	3/18/2021	3/27/2028		1,925,000		1,914,502			1,848,000
Crystal Clean	(k)	Senior Secured Initial Term Loan	S+	4.00%	8.29%	10/5/2023	10/17/2030		1,482,487		1,461,489			1,485,275
Miller Environmental		Senior Secured Initial Term Loan	S+	4.75%	9.04%	9/4/2024	9/10/2031		1,417,500		1,389,186			1,410,413
Keter Environmental Services		Unitranche Closing Date Term Loan	S+	5.25%	9.54%	11/5/2021	10/29/2027		483,750		481,304			474,075
Denali Water Solutions		Senior Secured Amendment No. 3 Term Loan	S+	4.63%	8.91%	5/5/2022	3/27/2028		459,223		449,997			440,854
Alliance Environmental Group	(j)	Senior Secured Revolving Loan	S+	6.00%	10.29%	12/30/2021	12/30/2027		331,126		324,503			236,335
Keter Environmental Services		Senior Secured Revolving Loan	S+	5.25%	9.54%	11/5/2021	10/29/2027		24,548		23,773			24,057
Miller Environmental		Senior Secured Revolving Loan (USD)	S+	4.75%	9.04%	9/4/2024	9/10/2031		—		(6,014	)		—
											10,586,000			9,196,149
Chemicals, Plastics & Rubber
Vertellus		Senior Secured Initial Term Loan	S+	5.75%	10.04%	12/18/2020	12/22/2027		2,895,619		2,860,300			2,750,838
Shrieve		Unitranche Initial Term Loan	S+	6.00%	10.29%	9/23/2024	10/30/2030		2,493,750		2,441,976			2,481,281
USALCO	(k)	Senior Secured Initial Term Loan	S+	4.00%	8.29%	9/17/2024	9/30/2031		997,500		992,833			998,981
Boyd Group	(k)	Senior Secured 2024 Term Loan (First Lien)	S+	4.25%	8.54%	7/19/2024	7/29/2029		995,000		981,372			993,547
Americhem		Senior Secured Initial Term Loan	S+	4.75%	9.04%	2/5/2025	2/28/2032		500,000		494,357			496,250
Ascensus Specialties		Senior Secured Initial Term Loan	S+	4.25%	8.54%	12/3/2021	6/30/2028		482,422		477,736			458,301
Vertellus		Senior Secured Revolving Credit Loan	S+	5.75%	10.04%	12/18/2020	12/22/2027		355,722		345,592			337,936
Polytek	(o)	Senior Secured Term Loan	S+	8.25% PIK	12.54%	12/23/2020	8/31/2026		482,675		482,675			323,392
Mold-Rite		Senior Secured New Money Tranche A-1 Term Loan	S+	5.25%	9.54%	6/11/2024	10/4/2028		136,841		129,680			136,841
Shrieve		Senior Secured Revolving Credit	S+	6.00%	10.29%	9/23/2024	10/30/2030		36,558		36,558			36,375
Americhem		Senior Secured Revolving Loan	S+	4.75%	9.04%	2/5/2025	2/28/2032		-		(909	)		-
											9,242,170			9,013,742
Wholesale
GME Supply		Unitranche Initial Term Loan	S+	6.25%	10.54%	7/5/2023	7/6/2029		3,746,903		3,680,625			3,746,903
Carlisle Foodservice		Senior Secured Initial Term Loan	S+	5.00%	9.29%	9/29/2023	10/2/2030		1,089,038		1,067,523			1,083,593
GME Supply		Senior Secured Revolving Loan	S+	6.25%	10.54%	7/5/2023	7/6/2029		88,013		74,183			88,013
Carlisle Foodservice		Senior Secured Revolving Loan	S+	5.00%	9.29%	9/29/2023	10/2/2029		—		(3,223	)		—
											4,819,108			4,918,509

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

13

Audax Credit BDC Inc.

Schedules of Investments (continued)

As of March 31, 2025

(Expressed in U.S. Dollars)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par/ Shares		Amortized Cost			Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
Consumer Goods: Non-durable
Augusta Sportswear		Senior Secured Initial Term Loan	S+	6.50%	10.79%	11/21/2023	11/21/2029	$	4,455,000	$	4,381,682		$	4,410,450
Augusta Sportswear		Senior Secured Revolving Credit Loan	S+	6.50%	10.79%	11/21/2023	11/21/2028		—		(5,565	)		—
											4,376,117			4,410,450
Media: Advertising, Printing & Publishing
MediaRadar	(j)	Unitranche Closing Date Term A Loan	S+	6.25%	10.54%	5/23/2022	9/17/2029		1,791,111		1,763,022			1,791,111
MediaRadar		Unitranche 2023 Incremental Term Loan	S+	6.25%	10.54%	10/31/2023	9/17/2029		945,185		925,765			945,185
MediaRadar	(j)	Senior Secured Revolving Loan	S+	6.25%	10.54%	9/16/2022	9/17/2029		92,968		82,800			92,968
											2,771,587			2,829,264
Metals & Mining
Dynatect (A&A)		Senior Secured Term B Loan	S+	4.50%	8.79%	8/16/2019	9/30/2026		1,646,443		1,646,443			1,638,210
											1,646,443			1,638,210
Retail
Varsity Brands	(k)	Senior Secured 2025 Replacement Term Loan	S+	3.50%	7.79%	7/26/2024	8/26/2031		1,000,000		995,326			982,190
StubHub	(k)	Senior Secured Extended USD Term B Loan	S+	4.75%	9.04%	1/31/2020	3/15/2030		469,294		465,130			468,121
											1,460,456			1,450,311
Media: Diversified & Production
Cast & Crew	(k)	Senior Secured Incremental Facility No. 2 Incremental Term Loan (First Lien)	S+	3.75%	8.04%	4/30/2024	12/30/2028		989,767		984,767			955,883
Spectrum Science		Senior Secured 2024 Incremental Term Loan	S+	5.00%, 2.75% PIK	12.04%	1/17/2024	2/1/2029		505,631		491,821			485,406
											1,476,588			1,441,289
Hotels, Gaming & Leisure
Auto Europe		Senior Secured Initial Dollar Term Loan	S+	7.50%	11.79%	10/19/2016	4/21/2025		873,707		868,972			786,336
Encore		Senior Secured Initial Term Loan	S+	5.00%	9.29%	11/18/2024	12/5/2031		500,000		490,295			496,250
Encore		Senior Secured Revolving Loan	S+	5.00%	9.29%	11/18/2024	12/5/2029		4,377		3,283			4,344
											1,362,550			1,286,930
Utilities: Electric
Power Grid Components		Senior Secured Initial Term Loan	S+	4.75%	9.04%	7/24/2024	12/2/2030		994,981		994,981			992,494
											994,981			992,494
Energy: Electricity
Franklin Energy	(k)	Senior Secured Term B Loan (First Lien)	S+	4.00%	8.29%	8/14/2019	8/14/2026		945,000		944,394			928,170
											944,394			928,170
Energy: Oil & Gas
AmSpec		Senior Secured Closing Date Term Loan	S+	4.25%	8.54%	12/12/2024	12/22/2031		500,000		497,534			497,500
											497,534			497,500
	Total Bank Loans									$	411,574,595		$	401,042,394

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

14

Audax Credit BDC Inc.

Schedules of Investments (continued)

As of March 31, 2025

(Expressed in U.S. Dollars)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par/Shares		Amortized Cost		Market Value
EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS - (1.7%) (g) (h) (Continued):
Services: Business
Vortex	(j) (o) (p)	LP Common Units				9/1/2023			190	$	189,759	$	462,988
InnovateMR	(j) (o) (q)	Class A Units				12/16/2021			387		387,311		405,910
Industrial Services Group	(j) (o) (r)	Class A Units				12/7/2022			238		238,095		383,010
Amplix	(j) (o) (s)	Class A-2 Units				10/19/2023			23,810		238,095		278,353
Golden Source	(j) (o) (t)	Class A Units				3/25/2022			117,371		117,371		251,182
AI Fire & Safety	(j) (o) (u)	Class A Units				12/20/2024			245,902		245,902		245,902
Heartland	(o) (v)	Co-Invest Units				12/12/2023			889		88,889		76,236
VC3	(j) (o) (w)	Class A Units				9/16/2022			16,958		70,778		54,354
Liberty Group	(j) (o) (x)	Series A-Preferred Units				6/6/2022			113,636		113,636		42,049
Industrial Services Group	(j) (o) (y)	Class A-1 Units				3/10/2025			7		9,942		9,941
OSG Billing Services	(o) (z)	Class A Units				11/30/2023			27,208		—		—
											1,699,778		2,209,925
Healthcare & Pharmaceuticals
OrthoNebraska	(j) (o) (aa)	Class A Units				7/31/2023			24,245		242,452		325,593
Minds + Assembly	(j) (o) (ab)	Class A Units				5/3/2023			217		217,391		325,571
Summit Spine	(o) (ac)	Class A Units				3/21/2025			2,388		238,847		238,847
Ivy Rehab	(o) (ad)	Class A Units				3/11/2022			100		100,000		110,943
InterMed	(j) (o) (ae)	Class A Units				12/22/2022			2,484		248,380		95,400
RevHealth	(j) (o) (af)	Class A-1 Units				7/22/2022			20,548		205,479		—
											1,252,549		1,096,354
Banking, Finance, Insurance & Real Estate
Cherry Bekaert	(j) (o) (ag)	Class A Units				6/30/2022			129,870		129,870		342,233
American Beacon Advisors	(o) (ah)	Common Units				12/29/2023			16,071		-		273,207
Prime Pensions	(j) (o) (ai)	LP Interest				2/20/2024			238,095		238,095		220,022
Beta+	(o) (aj)	Class A-2 Common Stock				9/15/2023			2,470		24,700		15,084
											392,665		850,546
High Tech Industries
PracticeTek	(j) (o) (ak)	Class A Units				11/22/2021			616,814		649,236		774,690
											649,236		774,690
Construction & Building
A1 Garage Door Service	(j) (o) (al)	Class A Common Units				12/22/2022			273		272,727		569,595
DynaGrid	(j) (o) (am)	Class A-2 Units				1/7/2025			59,524		59,524		59,524
											332,251		629,119
Beverage, Food & Tobacco
Hissho Sushi	(j) (o) (an)	Class A Units				4/7/2022			25,000		200,046		511,060
											200,046		511,060

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

15

Audax Credit BDC Inc.

Schedules of Investments (continued)

As of March 31, 2025

(Expressed in U.S. Dollars)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par/ Shares		Amortized Cost		Market Value
EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (Continued):
Services: Consumer
Ned Stevens 2022-2	(j) (o) (ao)	Class B Common Units				11/1/2022			279		278,990		324,357
United Air Temp	(j) (o) (ap)	Class A Units				2/14/2024			110,947		110,947		55,270
											389,937		379,627
Automotive
Engine & Transmission Exchange	(j) (o) (aq)	Class A-1 Units				5/26/2023			211,268		211,268		215,073
											211,268		215,073
Wholesale
GME Supply	(j) (o) (ar)	Class A Units				6/30/2023			272		272,422		147,612
											272,422		147,612
Media: Advertising, Printing & Publishing
MediaRadar	(j) (o) (as)	Class A-1 Units				9/16/2022			147,000		147,000		133,804
											147,000		133,804
Consumer Goods: Durable
Careismatic	(o) (at)	Class A Units				6/13/2024			3,522		209,625		126,279
											209,625		126,279
Chemicals, Plastics & Rubber
Vertellus	(o) (au)	Series A Units				12/22/2020			1,651		165,138		116,526
											165,138		116,526
Environmental Industries
Alliance Environmental Group	(j) (o) (av)	A-1 Preferred Units				9/30/2019			331		331,126		-
											331,126		-
	Total Equity and Preferred Shares									$	6,253,041	$	7,190,615
Total Portfolio Investments (aw)										$	417,827,636	$	408,233,009

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(o) Investment is non-income producing.

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

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

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

16

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(aw) At March 31, 2025, the cost of investments for income tax purposes was $417,558,471, the gross unrealized depreciation for federal tax purposes was $14,314,916, the gross unrealized appreciation for federal income tax purposes was $4,989,454, and the net unrealized depreciation was $9,325,462.

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

17

Audax Credit BDC Inc.

Schedules of Investments

As of December 31, 2024

(Expressed in U.S. Dollars)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par/ Shares		Amortized Cost		Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS - (94.6%) (g) (h) (i):
Services: Business
Vortex	(j)	Unitranche Initial Term Loan	S+	5.00%	9.31%	9/1/2023	9/4/2029	$	5,053,186	$	4,978,400	$	5,053,180
LegalShield	(k)	Senior Secured Initial Term Loan (First Lien)	S+	3.75%	8.06%	12/7/2021	12/15/2028		4,376,250		4,349,399		4,411,019
Industrial Services Group	(j)	Unitranche Initial Term Loan	S+	5.75%	10.06%	12/7/2022	12/7/2028		4,115,943		4,034,168		4,115,943
InnovateMR	(j)	Unitranche Initial Term Loan	S+	6.00%	10.31%	12/16/2021	1/20/2028		4,119,883		4,079,163		4,079,589
Amplix		Unitranche First Amendment Term Loan	S+	5.25%	9.56%	10/19/2023	10/18/2029		3,889,047		3,796,189		3,889,047
CoAdvantage	(k)	Senior Secured 2023 1L Refinancing Term Loan (First Lien)	S+	5.50%	9.81%	8/2/2023	8/2/2029		3,801,875		3,801,875		3,813,167
Golden Source		Unitranche Initial Term Loan	S+	5.25%	9.56%	3/25/2022	5/12/2028		3,375,298		3,309,616		3,375,298
Eliassen		Unitranche Initial Term Loan	S+	5.75%	10.06%	3/31/2022	4/14/2028		3,415,231		3,378,524		3,346,927
Kept Companies		Senior Secured Term Loan	S+	5.25%	9.56%	4/30/2024	4/30/2029		3,135,911		3,087,272		3,112,391
Discovery Education		Unitranche Initial Term Loan (First Lien)	S+	5.75%	10.06%	3/25/2022	4/9/2029		3,729,994		3,684,779		2,983,995
The Facilities Group		Unitranche Initial Term Loan	S+	5.75%	10.06%	12/10/2021	11/30/2027		2,934,015		2,915,448		2,904,675
CoolSys		Senior Secured Closing Date Initial Term Loan	S+	4.75%	9.06%	8/4/2021	8/11/2028		2,970,762		2,952,830		2,889,066
Veregy		Senior Secured Initial Term Loan	S+	6.00%	10.31%	11/2/2020	11/3/2027		2,415,986		2,389,021		2,403,906
Epiq	(k)	Senior Secured Initial Term Loan (First Lien)	S+	4.75%	9.06%	7/17/2024	4/26/2029		1,989,822		1,985,065		2,008,476
Mediaocean	(k)	Senior Secured Initial Term Loan	S+	3.50%	7.81%	12/9/2021	12/15/2028		1,945,000		1,933,117		1,954,317
Liberty Group	(j)	Unitranche Initial Term Loan	S+	5.75%	10.06%	6/6/2022	6/15/2028		1,906,023		1,880,189		1,906,023
VC3	(j)	Senior Secured Delayed Draw Term Loan D	S+	5.00%	9.31%	9/16/2022	3/12/2027		1,890,987		1,855,933		1,890,987
InnovateMR	(j)	Unitranche First Amendment Term Loan	S+	6.50%	10.81%	12/23/2022	1/20/2028		1,832,782		1,793,870		1,832,782
Duff & Phelps	(k)	Senior Secured Initial Dollar Term Loan (First Lien)	S+	3.75%	8.06%	3/6/2020	4/9/2027		1,725,492		1,719,327		1,691,526
Vensure		Senior Secured Initial Term Loan	S+	5.00%	9.31%	9/23/2024	9/27/2031		1,656,118		1,637,837		1,643,697
Paradigm Outcomes	(k)	Senior Secured 2024 Replacement Term Loan	S+	3.25%	7.56%	4/2/2024	5/6/2031		1,492,509		1,485,544		1,510,419
Argano		Senior Secured Initial Term Loan	S+	5.75%	10.06%	9/13/2024	9/13/2029		1,496,250		1,463,955		1,488,769
Vistage		Senior Secured Initial Term Loan	S+	4.75%	9.06%	7/18/2022	7/13/2029		1,472,437		1,451,208		1,461,393
Insight Global		Unitranche 2024 Refinancing Term Loan	S+	5.00%	9.31%	9/22/2021	9/22/2028		1,455,000		1,436,711		1,447,725
Addison Group	(k)	Senior Secured Initial Term Loan	S+	4.25%	8.56%	1/19/2022	12/29/2028		1,434,464		1,432,177		1,445,000
Divisions Maintenance Group	(k)	Senior Secured Term B Loan	S+	4.75%	9.06%	5/21/2021	5/27/2028		1,400,788		1,395,883		1,400,788
Aprio		Senior Secured Initial Term Loan	S+	4.75%	9.06%	8/1/2024	8/1/2031		1,200,655		1,186,930		1,191,650
Heartland		Senior Secured Initial Term Loan	S+	5.25%	9.56%	12/1/2023	12/12/2029		1,199,017		1,177,803		1,185,528
Health Management Associates		Senior Secured Term Loan A	S+	6.25%	10.56%	3/31/2023	3/30/2029		1,060,622		1,034,137		1,060,622
Allied Benefit Systems		Senior Secured Initial Term Loan	S+	5.25%	9.56%	10/20/2023	10/31/2030		992,463		979,255		989,982
Barton Associates	(k)	Unitranche Initial Term Loan	S+	6.50%	10.81%	11/18/2024	7/26/2028		997,449		987,449		987,474
Colibri	(k)	Senior Secured First Amendment Incremental Term Loan	S+	5.00%	9.31%	11/9/2023	3/12/2029		990,000		969,325		985,298
TRC Companies	(k)	Senior Secured Initial Term Loan (First Lien)	S+	3.75%	8.06%	11/19/2021	12/8/2028		972,502		969,554		982,349
eResearch	(k)	Senior Secured Tranche B-1 Term Loan (First Lien)	S+	4.00%	8.31%	12/1/2020	2/4/2027		959,805		959,805		966,927
WIRB-Copernicus Group	(k)	Senior Secured 2024 Refinancing Term Loan	S+	3.50%	7.81%	12/13/2019	1/8/2027		955,000		951,898		960,200
Secretariat International		Senior Secured Initial Term Loan (First Lien)	S+	4.75%	9.06%	12/16/2021	12/29/2028		956,026		952,930		951,246

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

18

Audax Credit BDC Inc.

Schedules of Investments (Continued)

As of December 31, 2024

(Expressed in U.S. Dollars)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par/ Shares		Amortized Cost			Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS - (94.3%) (g) (h) (i) (Continued):
trustaff		Senior Secured Initial Term Loan (First Lien)	S+	4.25%	8.56%	12/9/2021	3/6/2028		967,337		965,971			755,328
Teneo	(k)	Senior Secured Initial Term Loan	S+	4.75%	9.06%	10/18/2024	3/13/2031		498,744		497,494			503,941
HireRight	(k)	Senior Secured 2024 Incremental Term Loan (First Lien)	S+	4.00%	8.31%	3/25/2024	9/27/2030		497,481		491,906			503,700
Ahead	(k)	Senior Secured Term B-3 Loan (First Lien)	S+	3.50%	7.81%	8/2/2024	2/1/2031		497,500		496,334			501,542
Inmar	(k)	Senior Secured Initial Term Loan (First Lien)	S+	5.00%	9.31%	10/25/2024	10/30/2031		498,750		496,250			501,009
AI Fire & Safety	(k)	Senior Secured Initial Term Loan	S+	4.50%	8.81%	12/20/2024	12/31/2031		500,000		497,500			497,500
Geosyntec		Senior Secured Initial Term Loan	S+	3.75%	8.06%	7/24/2024	7/31/2031		500,000		497,581			497,500
Industrial Services Group	(j)	Senior Secured Revolving Loan	S+	5.75%	10.06%	12/7/2022	12/7/2028		497,143		480,000			497,143
Ascend		Senior Secured Initial Term Loan	S+	4.50%	8.81%	10/22/2024	8/9/2031		500,000		497,500			496,250
Perficient		Senior Secured Closing Date Term Loan	S+	3.50%	7.81%	8/2/2024	10/2/2031		500,000		497,549			496,250
S&P Engineering Solutions		Senior Secured Initial Term Loan	S+	5.00%	9.31%	3/31/2023	5/2/2030		493,750		481,921			493,750
Service Logic		Senior Secured Relevant Term Loan	S+	3.50%	7.81%	2/8/2024	10/30/2027		494,942		495,159			489,374
System One		Senior Secured 2024 Refinancing Term Loan	S+	3.75%	8.06%	1/28/2021	3/2/2028		482,500		481,313			477,675
OSG Billing Services		Senior Secured Last-Out Term Loan	S+	6.25%	10.56%	11/30/2023	11/30/2028		312,562		312,562			310,999
Golden Source		Senior Secured Revolving Loan	S+	5.25%	9.56%	3/25/2022	5/12/2028		300,469		291,080			300,469
OSG Billing Services		Senior Secured First-Out Term Loan	S+	8.00%	12.31%	11/30/2023	5/30/2028		219,341		209,666			218,244
Discovery Education		Senior Secured Revolving Credit Loan (First Lien)	S+	5.75%	10.06%	3/25/2022	4/9/2029		170,940		166,902			136,752
Ascend		Senior Secured Revolving Credit Loan	S+	4.50%	8.81%	10/22/2024	8/9/2031		103,093		102,234			102,320
Liberty Group	(j)	Senior Secured Revolving Loan	S+	5.75%	10.06%	6/6/2022	12/15/2028		79,545		75,000			79,545
Aprio		Senior Secured Revolving Loan	S+	4.75%	9.06%	8/1/2024	8/1/2031		79,898		79,399			79,299
VC3	(j)	Senior Secured Revolving Credit	S+	5.00%	9.31%	7/21/2022	3/12/2027		76,923		74,231			76,923
Vortex	(j)	Senior Secured Revolving Loan	S+	5.00%	9.31%	9/1/2023	9/4/2029		72,783		38,267			72,783
Kept Companies		Senior Secured Revolving Loan	S+	5.25%	9.56%	4/30/2024	4/30/2029		57,051		49,920			56,623
Health Management Associates		Senior Secured Revolving Loan	S+	6.25%	10.56%	3/31/2023	3/30/2029		33,748		31,617			33,748
Heartland		Senior Secured Revolving Credit Loan	S+	5.25%	9.56%	12/1/2023	12/12/2029		22,759		18,621			22,503
S&P Engineering Solutions		Senior Secured Revolving Credit Loan	S+	5.00%	9.31%	3/31/2023	5/2/2029		—		(1,471	)		—
Amplix		Senior Secured Revolving Credit Loan	S+	5.25%	9.56%	10/19/2023	10/18/2029		—		(8,242	)		—
											86,712,850			86,522,551
Healthcare & Pharmaceuticals
American Vision Partners	(j)	Unitranche Initial Term Loan	S+	6.00%	10.31%	9/22/2021	9/30/2027		4,848,401		4,803,020			4,848,401
Minds + Assembly	(j)	Unitranche Initial Term Loan	S+	5.25%	9.56%	5/3/2023	5/3/2029		4,037,888		3,952,647			4,037,888
Radiology Partners	(k)	Senior Secured Term B Loan	S+	3.50%, 1.50% PIK	9.31%	6/28/2018	1/31/2029		3,766,361		3,805,128			3,731,522
OrthoNebraska	(j)	Unitranche Term Loan	S+	6.50%	10.81%	7/31/2023	7/31/2028		3,344,007		3,257,217			3,344,007
PharMedQuest	(j)	Unitranche Term A Loan	S+	5.25%	9.56%	11/6/2019	11/6/2026		3,260,898		3,260,898			3,260,898
InterMed	(j)	Unitranche Initial Term Loan	S+	6.50%	10.81%	12/22/2022	12/24/2029		2,978,402		2,911,907			2,944,293
RevHealth	(j)	Unitranche Initial Term Loan	S+	5.75%	10.06%	7/22/2022	7/21/2028		4,184,503		4,128,782			2,748,382
Advancing Eyecare		Senior Secured Initial Term Loan	S+	5.75%	10.06%	5/27/2022	6/13/2029		2,480,895		2,432,739			2,183,188
TEAM Services	(k)	Senior Secured Incremental Term Loan (First Lien)	S+	5.25%	9.56%	6/28/2024	12/20/2027		2,000,000		1,964,457			2,011,670
U.S. Foot and Ankle Specialists		Senior Secured Term Loan	S+	5.50%	9.81%	4/17/2024	9/15/2026		2,011,202		1,993,032			1,996,118
Paradigm Oral Health		Senior Secured Initial Term Loan	S+	4.75%	9.06%	9/30/2024	11/16/2028		1,977,143		1,948,229			1,977,143
Gastro Health		Senior Secured Initial Term Loan (First Lien)	S+	4.50%	8.81%	7/2/2021	7/3/2028		1,936,041		1,929,460			1,882,800
Advanced Diabetes Supply		Senior Secured First Incremental Term Loan	S+	5.00%	9.31%	7/13/2021	12/30/2027		1,816,284		1,806,254			1,816,284
InHealth Medical Alliance	(o)	Unitranche Initial Term Loan	S+	7.00% PIK	11.31%	6/25/2021	6/28/2028		3,594,124		3,574,372			1,797,062
Therapy Brands		Senior Secured Initial Term Loan (First Lien)	S+	4.00%	8.31%	5/12/2021	5/18/2028		1,825,525		1,820,315			1,775,323
Ivy Rehab		Senior Secured Initial Term Loan (First Lien)	S+	5.00%	9.31%	3/11/2022	4/23/2029		1,795,061		1,774,040			1,772,623
Blue Cloud	(k)	Senior Secured Closing Date Term Loan	S+	5.00%	9.06%	12/13/2021	1/21/2031		1,670,875		1,656,462			1,654,166
nThrive	(k)	Senior Secured Tranche C Term Loan	S+	4.00%	8.31%	11/18/2024	12/17/2028		1,613,125		1,613,125			1,596,994

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

19

Audax Credit BDC Inc.

Schedules of Investments (Continued)

As of December 31, 2024

(Expressed in U.S. Dollars)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par/ Shares		Amortized Cost			Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS - (94.3%) (g) (h) (i) (Continued):
Upstream Rehabilitation	(k)	Senior Secured August 2021 Incremental Term Loan (First Lien)	S+	4.25%	8.56%	10/24/2019	11/20/2026		1,911,906		1,910,591			1,592,752
MedRisk	(k)	Senior Secured Initial Term Loan (First Lien)	S+	3.75%	8.06%	4/1/2021	5/10/2028		1,478,609		1,473,513			1,489,935
Quantum Health		Senior Secured Amendment No. 1 Refinancing Term Loan (First Lien)	S+	4.25%	8.56%	12/18/2020	12/22/2027		1,447,500		1,436,963			1,443,881
Forefront	(k)	Senior Secured Term B-1 Loan	S+	5.50%	9.81%	12/14/2023	3/30/2029		1,488,750		1,460,125			1,440,135
Symplr	(k)	Senior Secured Initial Term Loan (First Lien)	S+	4.50%	8.81%	11/23/2020	12/22/2027		1,443,750		1,433,198			1,325,204
Nvision		Senior Secured 2024 Initial Term Loan	S+	5.50%	9.81%	10/31/2024	12/31/2028		1,260,692		1,226,805			1,257,541
MB2 Dental		Unitranche Initial Term Loan	S+	5.50%	9.81%	2/5/2024	2/13/2031		1,166,815		1,155,368			1,166,815
Micro Merchant Systems		Unitranche Initial Term Loan	S+	4.75%	9.06%	3/2/2022	12/14/2027		1,164,630		1,156,230			1,161,718
Solis Mammography		Senior Secured Initial Term Loan (First Lien)	S+	4.50%	8.81%	4/1/2021	4/17/2028		1,048,271		1,042,989			1,045,651
Press Ganey	(k)	Senior Secured Initial Term Loan (First Lien)	S+	3.25%	7.56%	4/24/2024	4/30/2031		997,500		988,214			1,001,555
Solis Mammography		Senior Secured Initial Term Loan (Second Lien)	S+	8.00%	12.31%	4/1/2021	4/16/2029		1,000,000		991,040			997,500
PharMedQuest		Unitranche Fifth Amendment Incremental Term Loan	S+	5.25%	9.56%	10/27/2023	11/6/2026		987,500		980,106			987,500
Cirtec Medical		Senior Secured U.S. Dollar Term Loan	S+	4.75%	9.06%	1/30/2023	1/30/2029		982,500		958,962			980,044
NSM	(k)	Senior Secured Amendment No. 6 Incremental Term Loan	S+	5.25%	9.56%	8/5/2024	5/14/2029		952,613		950,399			964,520
Epic Staffing Group		Senior Secured Initial Term Loan	S+	6.00%	10.31%	6/27/2022	6/28/2029		977,093		933,453			955,108
Wedgewood		Senior Secured Initial Term Loan	S+	4.25%	8.56%	2/24/2021	3/31/2028		967,500		962,041			952,988
Forefront	(k)	Senior Secured Closing Date Term Loan	S+	4.25%	8.56%	3/23/2022	3/30/2029		975,297		963,896			943,448
InterMed	(j)	Senior Secured Revolving Loan	S+	6.50%	10.81%	12/22/2022	12/22/2028		863,931		842,333			854,037
Solis Mammography		Senior Secured 2024 Incremental Term Loan (First Lien)	S+	4.50%	8.81%	3/23/2024	4/17/2028		798,500		796,020			796,504
ImageFirst		Senior Secured 2024 Refinancing Term Loan	S+	4.25%	8.56%	4/26/2021	4/27/2028		592,650		591,045			591,168
Viant	(k)	Senior Secured Closing Date Initial Term Loan (First Lien)	S+	4.00%	8.31%	10/16/2024	10/29/2031		555,147		552,371			562,000
MyEyeDr	(k)	Senior Secured Ninth Amendment Refinancing Term Loan (First Lien)	S+	3.50%	7.81%	4/15/2024	4/15/2031		513,290		513,290			518,049
TEAM Services	(k)	Senior Secured Term Loan (First Lien)	S+	5.00%	9.31%	1/25/2024	12/20/2027		494,859		492,807			498,159
Cirtec Medical		Senior Secured Amendment No. 1 Incremental Term Loan	S+	4.75%	9.06%	7/2/2024	1/30/2029		497,500		491,435			496,256
nThrive	(k)	Senior Secured Tranche D Term Loan	S+	6.75%	11.06%	11/18/2024	12/17/2029		490,000		490,000			485,100
Confluent Health		Senior Secured Amendment No. 1 Term Loan	S+	7.50%	11.81%	4/11/2023	11/30/2028		491,250		465,825			478,969
AccentCare		Senior Secured Tranche B Term Loan	S+	4.00%	8.31%	6/15/2021	9/20/2028		482,625		482,625			466,940
nThrive	(k)	Senior Secured First Out Tranche B Term Loan	S+	4.00%	8.31%	11/18/2024	12/17/2028		414,375		414,375			410,231
TEAM Services	(k)	Senior Secured Term Loan (Second Lien)	S+	9.00%	13.31%	1/5/2024	12/18/2028		410,000		407,950			407,950
RMP & MedA/Rx		Senior Secured Term Loan	S+	4.75%	9.06%	3/22/2021	2/6/2026		377,041		376,952			367,615
RMP & MedA/Rx		Senior Secured Term Loan (First Lien)	S+	4.75%	9.06%	2/27/2017	2/6/2026		321,058		321,058			313,032
UDG	(l)	Senior Secured Initial Dollar Term Loan (First Lien)	S+	4.25%	8.56%	8/6/2021	8/19/2028		315,938		314,359			311,198
Western Dental		Senior Secured Second-Out Term Loan (Tranche B)	S+	1.00%, 6.25% PIK	11.56%	6/14/2024	8/18/2028		513,494		410,741			282,422
Nvision		Senior Secured Fourth Amendment Incremental Term Loan	S+	5.50%	9.81%	10/30/2024	12/31/2028		243,307		239,658			242,699
RevHealth	(j)	Senior Secured Revolving Loan	S+	5.75%	10.06%	7/22/2022	7/21/2028		231,164		231,164			151,829
nThrive	(k)	Senior Secured TLA	S+	5.25%	9.56%	11/20/2024	12/17/2028		117,685		116,508			116,508
AccentCare		Senior Secured Tranche A Term Loan	S+	5.50%	9.81%	2/5/2024	6/20/2028		119,820		116,006			115,926
Minds + Assembly	(j)	Senior Secured Revolving Loan	S+	5.25%	9.56%	5/3/2023	5/3/2029		102,484		83,696			102,484
Western Dental		Senior Secured First-Out Term Loan (Tranche A-1)	S+	6.50%	10.81%	6/18/2024	5/18/2028		93,267		88,307			93,267
Ivy Rehab		Senior Secured Revolving Credit Loan (First Lien)	S+	4.75%	9.06%	3/11/2022	4/21/2028		61,953		58,586			61,178
Blue Cloud	(k)	Senior Secured Revolving Loan	S+	5.00%	9.06%	12/13/2021	1/21/2031		34,091		34,091			33,750
EyeSouth Partners		Unitranche Amendment No.2 Term Loan (First Lien)	S+	5.50%	9.81%	11/15/2024	10/5/2029		25,363		25,109			25,173
Midwest Eye Services		Senior Secured Fourth Amendment Incremental Revolving Loan	S+	4.50%	8.81%	12/31/2024	8/20/2027		-		(3,220	)		-
OrthoNebraska	(j)	Senior Secured Revolving Loan	S+	6.50%	10.81%	7/31/2023	7/31/2028		—		(13,724	)		—
Midwest Eye Services		Senior Secured Initial Term Loan	S+	4.50%	8.81%	12/31/2024	8/20/2027		—		(15,000	)		—
											77,580,344			73,867,501

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

20

Audax Credit BDC Inc.

Schedules of Investments (Continued)

As of December 31, 2024

(Expressed in U.S. Dollars)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par/ Shares		Amortized Cost			Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
Banking, Finance, Insurance & Real Estate
Cherry Bekaert	(j)	Unitranche Term B Loan	S+	5.25%	9.56%	6/13/2022	6/30/2028	$	4,988,205	$	4,907,747		$	4,988,205
Cerity Partners		Unitranche Initial Term Loan	S+	5.25%	9.56%	7/28/2022	7/28/2029		4,554,659		4,501,192			4,554,659
Alera		Unitranche 2022 Incremental Term Loan	S+	5.25%	9.56%	8/31/2022	10/2/2028		3,917,833		3,860,374			3,908,039
Confluence		Senior Secured Initial Term Loan (First Lien)	S+	3.75%	8.06%	7/22/2021	7/31/2028		3,880,000		3,867,050			3,457,361
Prime Pensions	(j)	Unitranche Initial Term Loan	S+	5.25%	9.56%	2/20/2024	2/26/2030		2,693,219		2,622,286			2,693,219
EPIC Insurance		Unitranche Refinancing Tranche B Term Loan	S+	4.50%	8.81%	8/27/2021	9/29/2028		2,117,932		2,095,501			2,096,753
Kestra Financial	(k)	Senior Secured A&R Amendment No. 1 Term Loan	S+	3.00%	7.31%	3/19/2024	3/22/2031		1,995,000		1,990,434			1,999,778
Beta+		Senior Secured Initial Term Loan	S+	5.75%	10.06%	6/24/2022	7/2/2029		1,955,000		1,864,925			1,906,125
OneDigital	(k)	Senior Secured Closing Date Term Loan (First Lien)	S+	3.25%	7.56%	6/13/2024	7/2/2031		1,494,370		1,486,994			1,500,019
EdgeCo	(k)	Senior Secured Third Amendment Term Loan (First Lien)	S+	4.50%	9.06%	3/29/2022	6/1/2028		1,484,183		1,473,220			1,469,341
Orion	(k)	Senior Secured 2024 Refinancing Term Loan	S+	3.75%	8.06%	8/4/2020	9/24/2030		1,440,271		1,433,289			1,455,797
Steward Partners		Senior Secured Closing Date Term B Loan	S+	4.75%	9.06%	12/8/2023	10/14/2028		1,192,290		1,169,465			1,189,309
SIAA	(j)	Unitranche Initial Term Loan	S+	6.25%	10.56%	4/21/2021	4/28/2028		1,137,253		1,125,292			1,137,253
Osaic	(k)	Senior Secured Term B-4 Loan	S+	3.50%	7.81%	8/16/2023	8/17/2028		1,006,093		998,386			1,011,410
LERETA		Senior Secured Initial Term Loan	S+	5.25%	9.56%	7/27/2021	7/30/2028		967,500		961,678			928,800
Cherry Bekaert		Unitranche Amendment No. 1 Term Loan	S+	5.25%	9.56%	10/11/2023	6/30/2028		719,105		707,394			719,105
Beta+		Senior Secured Revolving Credit Loan	S+	4.50%	8.81%	6/24/2022	7/1/2027		116,041		109,825			113,140
EPIC Insurance		Senior Secured Refinancing Revolving Loan	S+	4.50%	8.81%	8/27/2021	9/29/2028		18,218		17,949			18,036
Steward Partners		Senior Secured Revolving Loan	S+	4.75%	9.06%	12/20/2023	10/14/2028		—		(5,389	)		—
Prime Pensions	(j)	Senior Secured Revolving Credit	S+	5.25%	9.56%	2/20/2024	2/26/2030		—		(7,619	)		—
											35,179,993			35,146,349
Capital Equipment
Tank Holding		Unitranche Initial Term Loan	S+	5.75%	10.06%	3/25/2022	3/31/2028		3,900,000		3,852,160			3,870,750
Plaskolite	(k)	Senior Secured 2021-1 Refinancing Term Loan (First Lien)	S+	4.00%	8.31%	12/12/2018	12/15/2025		3,763,375		3,751,708			3,655,178
Flow Control Group	(k)	Senior Secured Initial Term Loan (First Lien)	S+	3.75%	8.06%	3/17/2021	3/31/2028		3,616,949		3,610,715			3,646,788
Excelitas		Unitranche Closing Date Euro Term Loan	S+	5.25%	9.56%	6/15/2022	8/12/2029		2,910,174		2,945,781			2,895,623
Burke Porter Group		Senior Secured Closing Date Term Loan	S+	6.00%	10.31%	9/30/2022	7/29/2029		2,286,667		2,240,859			2,212,350
Shaw		Senior Secured Initial Senior Term Facility	S+	6.00%	10.31%	9/30/2023	10/30/2029		1,773,830		1,742,593			1,751,657
Radwell		Unitranche Initial Term Loan	S+	5.50%	9.81%	3/11/2022	4/1/2029		1,628,141		1,611,581			1,615,930
Air Control Concepts	(k)	Senior Secured Closing Date Term Loan	S+	3.25%	7.56%	7/16/2024	7/23/2031		999,773		997,577			1,006,491
Trystar		Senior Secured Initial Term Loan	S+	4.50%	8.81%	7/31/2024	8/6/2031		1,000,000		988,631			995,000
MW Industries		Senior Secured Initial Term Loan	S+	7.00%	11.31%	3/31/2023	3/31/2030		945,910		923,503			929,357
Therm-O-Disc		Senior Secured Initial Term Loan (First Lien)	S+	6.00%	10.31%	5/26/2022	5/31/2029		977,500		923,824			860,200
Associated Springs		Senior Secured Initial Term Loan	S+	5.75%	10.06%	3/7/2024	4/4/2030		715,159		699,573			715,159
Ohio Transmission		Unitranche Initial Term Loan	S+	5.50%	9.81%	12/12/2023	12/19/2030		529,937		518,858			525,962
Circor	(k)	Senior Secured Initial Term Loan	S+	3.50%	7.81%	10/9/2024	10/17/2031		500,000		498,750			503,958

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

21

Audax Credit BDC Inc.

Schedules of Investments (Continued)

As of December 31, 2024

(Expressed in U.S. Dollars)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par/ Shares		Amortized Cost			Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
TriMark		Senior Secured Initial Tranche B Loan	S+	5.25% PIK	9.56%	1/16/2024	6/30/2029		670,512		670,512			503,722
Associated Springs		Senior Secured Incremental Term Loan	S+	5.75%	10.06%	11/25/2024	4/4/2030		500,000		490,000			500,000
Chromalloy	(k)	Senior Secured Term Loan	S+	3.75%	8.06%	3/22/2024	3/27/2031		497,500		492,893			498,744
nVent	(k)	Senior Secured Term Loan B	S+	3.50%	7.81%	9/30/2024	9/17/2031		500,000		497,500			497,500
Trystar		Senior Secured Amendment No. 1 Incremental Term Loan	S+	4.50%	8.81%	9/5/2024	8/6/2031		500,000		494,248			497,500
AGCO G&P		Senior Secured TL	S+	5.00%	9.31%	10/8/2024	10/31/2031		500,000		495,000			496,250
Bad Boy Mowers		Senior Secured Initial Term Loan (First Lien)	S+	6.00%	10.31%	11/29/2023	11/9/2029		495,000		484,350			490,050
Duravant	(k)	Senior Secured Incremental Amendment No. 5 Term Loan (First Lien)	S+	3.75%	8.06%	3/5/2020	5/19/2028		477,652		477,652			481,981
Infinite Electronics	(k)	Senior Secured Initial Term Loan (First Lien)	S+	3.75%	8.06%	2/24/2021	3/2/2028		482,650		482,064			479,754
Pegasus		Senior Secured Initial Term Loan	S+	5.25%	9.56%	1/24/2024	1/19/2031		411,239		404,585			408,155
Burke Porter Group		Senior Secured Revolving Credit Loan	S+	6.00%	10.31%	8/11/2022	7/29/2028		125,658		115,253			121,574
Ohio Transmission		Senior Secured Initial Revolving Loan	S+	5.50%	9.81%	12/19/2023	12/19/2029		17,333		16,640			17,203
Radwell		Senior Secured Revolving Loan	S+	5.50%	9.81%	3/11/2022	4/1/2029		16,000		14,800			15,880
Tank Holding		Senior Secured Revolving Credit Loan	S+	5.75%	10.06%	3/25/2022	3/31/2028		—		(2,954	)		—
Trystar		Senior Secured Revolving Credit Loan	S+	4.50%	8.81%	7/31/2024	8/6/2031		—		(2,727	)		—
Associated Springs		Senior Secured Revolving Loan	S+	5.75%	10.06%	3/7/2024	4/4/2030		—		(1,888	)		—
											30,434,041			30,192,716
Containers, Packaging & Glass
InMark	(j)	Unitranche Incremental Term Loan	S+	6.00%	10.31%	12/10/2021	12/23/2026		6,285,612		6,219,021			6,285,612
Brook & Whittle	(k)	Senior Secured Initial Term Loan (First Lien)	S+	4.00%	8.31%	12/9/2021	12/14/2028		3,068,065		3,051,757			2,740,795
Anchor Packaging	(k)	Senior Secured Amendment No.5 Term Loan (First Lien)	S+	3.25%	7.56%	7/17/2019	7/18/2029		2,446,188		2,437,466			2,463,263
Paragon Films	(k)	Senior Secured Closing Date Term Loan (First Lien)	S+	4.25%	8.56%	12/15/2021	12/16/2028		2,010,404		1,996,973			2,009,300
Resource Label Group	(k)	Senior Secured Closing Date Initial Term Loan (First Lien)	S+	4.25%	8.56%	7/2/2021	7/8/2028		1,823,354		1,818,096			1,801,702
TricorBraun	(k)	Senior Secured Closing Date Initial Term Loan (First Lien)	S+	3.25%	7.56%	1/29/2021	3/3/2028		1,773,623		1,768,799			1,774,563
Tekni-Plex	(k)	Senior Secured Tranche B-7 Initial Term Loan	S+	3.75%	8.06%	3/27/2024	9/15/2028		1,610,046		1,608,315			1,626,508
Technimark	(k)	Senior Secured Initial Term Loan (First Lien)	S+	3.50%	7.81%	6/30/2021	4/14/2031		1,451,465		1,447,442			1,451,015
Intertape Polymer	(k)(m)	Senior Secured Initial Term Loan (First Lien)	S+	4.75%	9.06%	6/15/2022	6/28/2028		1,375,110		1,333,105			1,328,700
Balcan	(n)	Senior Secured Term Loan B	S+	4.75%	9.06%	10/10/2024	10/18/2031		1,000,000		980,000			992,500
Transcendia		Unitranche Term Loan (2024)	S+	6.50%	10.81%	5/23/2024	11/23/2029		997,500		979,221			986,278
Lacerta		Senior Secured Term Loan	S+	5.50%	9.81%	2/8/2021	12/30/2026		960,000		955,561			928,800
Applied Adhesives		Senior Secured Term A Loan	S+	4.50%	8.81%	3/12/2021	3/12/2027		609,004		606,288			604,436
SupplyOne	(k)	Senior Secured Term B Loan	S+	3.75%	8.06%	3/27/2024	4/19/2031		496,250		491,666			501,007
Industrial Physics		Senior Secured Initial Term Loan	S+	6.25%	10.56%	7/18/2023	7/19/2029		495,000		481,002			485,100
Five Star Packaging		Senior Secured Initial Term Loan (First Lien)	S+	4.25%	8.56%	4/27/2022	5/5/2029		488,750		483,875			481,419
Golden West Packaging		Senior Secured Initial Term Loan	S+	5.25%	9.56%	11/29/2021	12/1/2027		443,750		441,057			426,000
Applied Adhesives		Senior Secured Revolving Loan	S+	4.50%	8.81%	3/12/2021	3/12/2027		—		(616	)		—
Industrial Physics		Senior Secured Revolving Credit Loan	S+	6.25%	10.56%	7/18/2023	7/19/2028		—		(3,233	)		—
											27,095,795			26,886,998

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

22

Audax Credit BDC Inc.

Schedules of Investments (Continued)

As of December 31, 2024

(Expressed in U.S. Dollars)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par/ Shares		Amortized Cost			Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
High Tech Industries
Planview	(k)	Senior Secured 2024-B Incremental Term Loan (First Lien)	S+	3.50%	7.81%	12/11/2020	12/17/2027		3,058,369		3,043,141			3,084,013
Idera	(k)	Senior Secured Incremental Term Loan (First Lien)	S+	3.50%	7.81%	6/27/2017	3/2/2028		2,527,688		2,527,833			2,487,245
Ivanti Software		Senior Secured 2021 Specified Refinancing Term Loan (First Lien)	S+	4.25%	8.56%	11/20/2020	12/1/2027		2,902,913		2,879,914			2,418,489
Precisely	(k)	Senior Secured Third Amendment Term Loan (First Lien)	S+	4.00%	8.31%	3/19/2021	4/24/2028		2,418,750		2,411,615			2,386,097
Barracuda		Senior Secured Initial Term Loan (Second Lien)	S+	7.00%	11.31%	5/17/2022	8/15/2030		2,000,000		1,950,555			1,935,000
Intermedia		Unitranche 2024 Refinancing Term Loan (First Lien)	S+	5.25%	9.56%	4/4/2024	4/4/2029		1,895,000		1,895,000			1,895,000
HelpSystems	(k)	Senior Secured Term Loan	S+	4.00%	8.31%	12/19/2019	11/19/2026		1,929,218		1,926,304			1,705,853
BMC	(k)	Senior Secured 2031 New Dollar Term Loan	S+	3.75%	8.06%	7/3/2024	7/30/2031		1,500,000		1,494,564			1,514,235
Xplor Technologies		Senior Secured TLB	S+	3.50%	7.81%	6/14/2024	6/24/2031		1,496,250		1,489,152			1,496,250
Digital Room		Senior Secured Closing Date Term Loan (First Lien)	S+	5.25%	9.56%	12/16/2021	12/21/2028		1,458,750		1,449,633			1,447,809
ORBCOMM	(k)	Senior Secured Closing Date Term Loan (First Lien)	S+	4.25%	8.56%	6/17/2021	9/1/2028		1,466,211		1,419,655			1,311,159
SmartBear	(k)	Senior Secured 2024 Term Loan	S+	4.00%	8.31%	11/20/2020	3/3/2028		967,500		962,417			977,175
Options IT		Senior Secured Initial Term Loan	S+	4.50%	8.81%	9/20/2024	9/30/2031		743,590		730,924			739,872
Aptean		Unitranche Initial Term Loan	S+	5.00%	9.31%	1/1/2024	1/30/2031		562,538		557,460			559,725
NCR Voyix	(k)	Senior Secured Term Loan	S+	3.25%	7.56%	9/24/2024	9/30/2031		500,000		497,556			501,665
Qlik	(k)	Senior Secured Add-on Cov-Lite TLB	S+	3.25%	7.56%	12/31/2024	10/26/2030		500,000		498,750			498,750
Inhabit	(k)	Senior Secured Initial Term Facility	S+	4.50%	8.81%	12/10/2024	12/31/2031		500,000		497,500			497,500
Cloudera	(k)	Senior Secured Initial Term Loan (First Lien)	S+	3.75%	8.06%	8/10/2021	10/8/2028		486,250		483,379			485,871
Barracuda	(k)	Senior Secured Initial Term Loan (First Lien)	S+	4.50%	8.81%	5/17/2022	8/15/2029		490,000		479,508			454,568
insightsoftware		Unitranche Initial Term Loan	S+	5.25%	9.56%	7/16/2024	5/25/2028		369,792		368,509			366,094
Options IT		Senior Secured Revolver	S+	4.50%	8.81%	9/20/2024	3/31/2031		24,124		22,784			24,004
insightsoftware		Senior Secured Revolving Loan	S+	5.25%	9.56%	3/26/2024	5/25/2028		-		(655	)		-
											27,585,498			26,786,374
Services: Consumer
Ned Stevens 2022-2	(j)	Unitranche Initial Term Loan	S+	6.50%	10.81%	11/1/2022	11/1/2029	$	4,315,092	$	4,219,773		$	4,315,092
Apex Service Partners		Unitranche 2024 Term Loan	S+	5.00%	9.31%	10/16/2023	10/24/2030		2,331,262		2,307,630			2,313,778
A Place For Mom		Senior Secured Term Loan	S+	4.50%	8.81%	7/28/2017	2/10/2026		2,153,173		2,153,215			2,147,790
Rover		Senior Secured Initial Term Loan	S+	4.75%	9.06%	2/16/2024	2/27/2031		1,993,741		1,968,198			1,993,741
Smart Start		Senior Secured Term B Loan (Second Lien)	S+	7.75%	12.06%	12/10/2021	12/16/2029		2,000,000		1,976,220			1,985,000
Taxwell		Senior Secured Initial Term Loan	S+	4.25%	8.56%	6/17/2024	6/26/2031		1,995,000		1,976,067			1,980,038
Smart Start		Senior Secured Term B Loan (First Lien)	S+	4.50%	8.81%	12/10/2021	12/16/2028		1,940,000		1,933,551			1,925,450
FullBloom		Senior Secured Initial Term Loan (First Lien)	S+	4.25%	8.56%	12/10/2021	12/15/2028		1,462,500		1,453,435			1,451,531
United Air Temp	(j)	Unitranche Initial Term Loan	S+	5.25%	9.56%	2/14/2024	3/28/2030		1,118,639		1,085,489			1,089,323
Legacy Service Partners		Unitranche Closing Date Term Loan	S+	5.25%	9.56%	10/25/2023	1/9/2029		1,041,738		1,025,619			1,031,321
Teaching Strategies		Senior Secured Initial Term Loan (First Lien)	S+	3.75%	8.06%	8/19/2021	8/31/2028		970,000		963,492			959,088
Spring Education	(k)	Senior Secured Initial Term Loan	S+	4.00%	8.31%	10/5/2023	10/4/2030		940,500		940,500			947,554
Crash Champions	(k)	Senior Secured Initial Term Loan	S+	4.75%	9.06%	2/7/2024	2/23/2029		995,000		992,836			944,942
Ned Stevens 2022-2		Unitranche 2023 Incremental Delayed Draw Term Loan	S+	5.75%	11.07%	1/18/2024	11/1/2029		709,092		706,629			709,092
Aegis Sciences		Senior Secured Initial Term Loan (2018) (First Lien)	S+	5.50%	9.81%	5/4/2018	5/9/2025		566,785		566,399			544,113
All My Sons		Senior Secured Closing Date Term Loan (First Lien)	S+	5.00%	9.31%	6/4/2024	10/25/2028		495,919		489,084			489,720
Apex Service Partners		Senior Secured 2024 Revolving Credit Loan	S+	5.00%	9.31%	10/16/2023	10/24/2029		99,368		97,906			98,622
United Air Temp		Senior Secured Revolving Loan	S+	5.50%	9.81%	2/14/2024	3/28/2030		63,240		63,240			61,582
Rover		Senior Secured Revolving Loan	S+	4.75%	9.06%	2/16/2024	2/27/2031		—		(2,250	)		—
Ned Stevens 2022-2	(j)	Senior Secured Revolving Loan	S+	6.50%	10.81%	11/1/2022	11/1/2028		—		(10,154	)		—
											24,906,879			24,987,777

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

23

Audax Credit BDC Inc.

Schedules of Investments (Continued)

As of December 31, 2024

(Expressed in U.S. Dollars)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par/ Shares		Amortized Cost			Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
Beverage, Food & Tobacco
Beverage, Food & Tobacco
Dessert Holdings	(k)	Senior Secured Initial Term Loan (First Lien)	S+	4.00%	8.31%	6/7/2021	6/9/2028		2,923,734		2,885,971			2,820,673
Bettcher Industries		Senior Secured Initial Term Loan (Second Lien)	S+	7.25%	11.56%	12/13/2021	12/14/2029		2,500,000		2,483,141			2,475,000
Purfoods		Senior Secured 2024 Term Loan	S+	5.25%	9.56%	6/24/2024	8/12/2027		2,000,000		1,983,019			2,000,000
Bettcher Industries		Senior Secured Initial Term Loan (First Lien)	S+	4.00%	8.31%	12/13/2021	12/14/2028		1,945,000		1,931,491			1,923,119
Hissho Sushi	(j)	Unitranche Term Loan	S+	4.75%	9.06%	4/7/2022	5/18/2029		1,810,714		1,786,245			1,810,714
Monogram Foods		Senior Secured Initial Term Loan	S+	4.00%	8.31%	8/13/2021	8/28/2028		970,000		964,197			957,875
Hissho Sushi		Unitranche Amendment No. 1 Incremental Term Loan	S+	4.75%	9.06%	8/7/2024	5/18/2029		522,500		516,598			522,500
Golden State Foods	(k)	Senior Secured TLB	S+	4.25%	8.56%	10/7/2024	10/15/2031		500,000		496,250			505,078
Rise Baking		Senior Secured Senior Secured Term Loan B	S+	5.00%	9.31%	10/24/2024	11/4/2031		500,000		492,500			496,250
Trilliant 2024		Senior Secured 2024 Refinancing Term Loan	S+	6.50%	10.81%	11/20/2024	11/30/2029		500,000		490,000			496,250
Hometown Food	(k)	Senior Secured First Amendment Term A Loan	S+	3.75%	8.06%	11/7/2024	8/16/2028		488,636		486,193			486,193
Hometown Food	(k)	Senior Secured First Amendment Term B-1 Loan	S+	4.50%	8.81%	11/7/2024	8/16/2029		488,636		484,972			484,972
											14,999,910			14,978,624
Transportation: Cargo
Evans Network		Senior Secured Initial Term Loan (First Lien)	S+	4.25%	8.56%	8/6/2021	8/19/2028		3,388,767		3,366,600			3,278,633
Kenco		Senior Secured Initial Term Loan	S+	4.25%	8.56%	6/5/2024	11/15/2029		2,481,013		2,471,208			2,474,810
Capstone Logistics		Senior Secured 2024 Term Loan (First Lien)	S+	4.50%	8.81%	11/12/2020	11/13/2029		2,058,422		2,048,380			2,042,984
AIT Worldwide Logistics	(k)	Senior Secured Fifth Amendment Extended Term Loan (First Lien)	S+	4.75%	9.06%	11/7/2024	4/8/2030		1,940,000		1,936,975			1,956,364
Worldwide Express	(k)	Senior Secured Amendment No. 2 Incremental Term Loan	S+	4.00%	8.31%	11/8/2024	7/26/2028		1,455,000		1,455,000			1,465,709
FLS Transportation		Senior Secured Term B Loan	S+	5.25%	9.56%	4/14/2022	12/15/2028		1,193,043		1,185,412			1,145,322
Magnate		Senior Secured Initial Term Loan (First Lien)	S+	5.50%	9.81%	3/11/2022	12/29/2028		951,342		938,721			932,315
St. George Logistics		Senior Secured Second-Out Closing Date Purchased Term Loan	S+	1.00%, 6.50% PIK	11.81%	10/3/2024	10/3/2029		887,351		887,351			887,351
St. George Logistics		Senior Secured Third-Out Closing Date Purchased Term Loan	S+	1.00%, 6.00% PIK	11.31%	10/3/2024	10/3/2029		443,295		443,295			288,142
FLS Transportation		Senior Secured Revolving Credit Loan	S+	5.25%	9.56%	4/14/2022	12/17/2027		44,444		43,556			42,667
Kenco		Senior Secured Revolving Credit Loan	S+	4.25%	8.56%	6/5/2024	11/15/2029		-		(2,283	)		-
											14,774,215			14,514,297
Automotive
Engine & Transmission Exchange	(j)	Senior Secured Term Loan A	S+	6.50%	10.81%	5/26/2023	5/29/2029		4,211,519		4,111,790			4,211,519
Highline		Senior Secured 2024-1 Refinancing Term Loan (First Lien)	S+	4.00%	8.31%	10/29/2020	11/9/2027		2,756,715		2,723,811			2,729,148
Rough Country	(k)	Senior Secured Initial Term Loan (First Lien)	S+	3.50%	7.81%	7/26/2021	7/28/2028		1,934,776		1,931,945			1,928,033
BBB Industries	(k)	Senior Secured Initial Term Loan (First Lien)	S+	5.25%	9.56%	6/30/2022	7/25/2029		2,078,748		1,933,254			1,864,543
Truck Hero	(k)	Senior Secured Initial Term Loan	S+	3.50%	7.81%	1/20/2021	1/31/2028		1,443,750		1,443,750			1,403,448
Engine & Transmission Exchange	(j)	Senior Secured Revolving Loan	S+	6.50%	10.81%	5/26/2023	5/29/2029		444,668		429,276			444,668
Innovative XCessories	(k)	Senior Secured Initial Term Loan	S+	4.25%	8.56%	2/27/2020	3/5/2027		378,704		379,832			366,653
											12,953,658			12,948,012

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

24

Audax Credit BDC Inc.

Schedules of Investments (Continued)

As of December 31, 2024

(Expressed in U.S. Dollars)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par/ Shares		Amortized Cost			Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
Construction & Building
PlayPower		Unitranche Initial Term Loan	S+	5.25%	9.56%	8/26/2024	8/28/2030		2,493,750		2,457,612			2,493,750
A1 Garage Door Service	(j)	Unitranche Term Loan A	S+	4.75%	9.06%	12/22/2022	12/22/2028		2,240,480		2,188,284			2,240,480
Tangent		Senior Secured Closing Date Term Loan (First Lien)	S+	4.75%	9.06%	10/2/2019	11/30/2027		1,740,539		1,736,641			1,683,971
Cook & Boardman		Senior Secured Amendment No. 2 Incremental DDTL	S+	6.00%	10.31%	5/29/2024	3/4/2030		1,258,432		1,240,138			1,252,140
Specialty Products & Insulation		Senior Secured Tranche B-1 Term Loan	S+	4.75%	9.06%	3/16/2022	12/21/2027		974,023		968,107			969,153
Dodge Construction Network		Senior Secured Tranche B Term Loan (First Lien)	S+	4.75%	9.06%	11/14/2024	2/28/2029		609,567		609,567			606,519
Playcore	(k)	Senior Secured Amendment No. 3 Term Loan (First Lien)	S+	4.50%	8.81%	2/14/2024	2/20/2030		496,250		489,597			501,679
Electric Power Engineers	(k)	Senior Secured Term Loan	S+	4.50%	8.81%	11/27/2024	12/15/2031		500,000		493,810			495,000
Terra Millennium	(k)	Senior Secured Initial Term Loan	S+	5.00%	9.31%	10/25/2024	11/1/2030		500,000		494,545			495,000
Dodge Construction Network		Senior Secured Tranche A New Money Term Loan (First Lien)	S+	6.25%	10.56%	11/14/2024	1/31/2029		439,561		435,165			437,363
Electric Power Engineers	(k)	Senior Secured Revolving Loan	S+	4.50%	8.81%	11/27/2024	12/15/2031		-		(968	)		-
PlayPower		Senior Secured Revolving Loan	S+	5.25%	9.56%	8/26/2024	8/28/2030		—		(5,768	)		—
A1 Garage Door Service	(j)	Senior Secured Revolving Loan	S+	4.75%	9.06%	12/22/2022	12/22/2028		—		(8,264	)		—
											11,098,466			11,175,055
Environmental Industries
Alliance Environmental Group	(j)	Unitranche Initial Term Loan	S+	3.00% PIK	7.31%	12/30/2021	12/30/2027		4,493,030		4,445,031			3,369,772
Denali Water Solutions		Senior Secured Closing Date Term Loan	S+	4.25%	8.56%	3/18/2021	3/27/2028		1,930,000		1,918,671			1,864,057
Crystal Clean	(k)	Senior Secured Initial Term Loan	S+	4.00%	8.31%	10/5/2023	10/17/2030		1,486,241		1,464,426			1,499,706
Miller Environmental	(k)	Senior Secured Initial Term Loan	S+	4.75%	9.06%	9/4/2024	9/10/2031		1,421,053		1,391,785			1,399,737
Keter Environmental Services		Unitranche Closing Date Term Loan	S+	5.25%	9.56%	11/5/2021	10/29/2027		485,000		482,335			475,300
Denali Water Solutions		Senior Secured Amendment No. 3 Term Loan	S+	4.63%	8.93%	5/5/2022	3/27/2028		460,473		450,524			444,740
Alliance Environmental Group	(j)	Senior Secured Revolving Loan	S+	3.00% PIK	7.31%	12/30/2021	12/30/2027		331,126		324,503			248,344
Keter Environmental Services		Senior Secured Revolving Loan	S+	5.25%	9.56%	11/5/2021	10/29/2027		19,380		18,605			18,992
Miller Environmental	(k)	Senior Secured Revolving Loan (USD)	S+	4.75%	9.06%	9/4/2024	9/10/2031		—		(6,014	)		—
											10,489,866			9,320,648
Chemicals, Plastics & Rubber
Vertellus		Senior Secured Initial Term Loan	S+	5.75%	10.06%	12/18/2020	12/22/2027		2,903,063		2,864,754			2,757,909
Shrieve		Unitranche Initial Term Loan	S+	6.00%	10.31%	9/23/2024	10/30/2030		2,500,000		2,446,237			2,481,250
USALCO	(k)	Senior Secured Initial Term Loan	S+	4.00%	8.31%	9/17/2024	9/30/2031		1,000,000		995,166			1,009,790
Boyd Group	(k)	Senior Secured 2024 Term Loan (First Lien)	S+	4.75%	9.06%	7/19/2024	7/29/2029		997,500		983,182			1,000,368
Ascensus Specialties		Senior Secured Initial Term Loan	S+	4.25%	8.56%	12/3/2021	6/30/2028		483,677		478,652			459,494
Polytek		Senior Secured Term Loan	S+	6.75%	11.06%	12/23/2020	1/31/2025		482,675		482,675			362,006
Vertellus		Senior Secured Revolving Credit Loan	S+	5.75%	10.06%	12/18/2020	12/22/2025		284,066		273,936			269,862
Mold-Rite		Senior Secured New Money Tranche A-1 Term Loan	S+	5.25%	9.56%	6/11/2024	10/4/2028		136,841		129,225			136,841
											8,653,827			8,477,520
Aerospace & Defense
HDT Global		Senior Secured Initial Term Loan	S+	1.00%, 5.50% PIK	10.81%	6/30/2021	1/7/2028		3,249,411		3,194,494			2,274,588
Whitcraft		Senior Secured Initial Term Loan	S+	6.50%	10.81%	3/31/2023	2/15/2029		1,965,000		1,905,395			1,945,350
Novaria Group	(k)	Senior Secured Initial Term Loan	S+	4.00%	8.31%	6/4/2024	6/6/2031		997,500		992,824			997,500
API Technologies		Senior Secured Term B-2 Loan (First Lien)	S+	1.00%, 6.00% PIK	11.31%	1/15/2020	5/9/2027		1,059,689		1,051,687			784,170
BlueHalo		Unitranche Initial Term Loan	S+	6.00%	10.31%	11/17/2021	10/31/2025		484,125		481,887			480,494
Whitcraft		Senior Secured Revolving Loan	S+	6.50%	10.81%	3/31/2023	2/15/2029		141,071		130,357			139,661
BlueHalo		Senior Secured Revolving Loan	S+	6.00%	10.31%	11/17/2021	10/31/2025		87,593		86,104			86,936
API Technologies		Senior Secured Term B-1 Loan (First Lien)	S+	1.00%, 6.00% PIK	11.31%	11/3/2023	3/25/2027		93,379		92,303			69,101
											7,935,051			6,777,800
Wholesale
GME Supply		Unitranche Initial Term Loan	S+	6.25%	10.56%	7/5/2023	7/6/2029		3,756,413		3,683,428			3,746,171
Carlisle Foodservice		Senior Secured Initial Term Loan	S+	5.00%	9.31%	9/29/2023	10/2/2030		1,039,242		1,017,727			1,034,046
GME Supply		Senior Secured Revolving Loan	S+	6.25%	10.56%	7/5/2023	7/6/2029		88,013		74,183			87,773
Carlisle Foodservice		Senior Secured Revolving Loan	S+	5.00%	9.31%	9/29/2023	10/2/2029		—		(3,223	)		—
											4,772,115			4,867,990

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

25

Audax Credit BDC Inc.

Schedules of Investments (Continued)

As of December 31, 2024

(Expressed in U.S. Dollars)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par/ Shares		Amortized Cost			Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
Consumer Goods: Non-durable
Augusta Sportswear		Senior Secured Initial Term Loan	S+	6.50%	10.81%	11/21/2023	11/21/2029	$	4,466,250	$	4,389,501		$	4,421,588
Augusta Sportswear		Senior Secured Revolving Credit Loan	S+	6.50%	10.81%	11/21/2023	11/21/2028		—		(5,565	)		—
											4,383,936			4,421,588
Media: Advertising, Printing & Publishing
MediaRadar	(j)	Unitranche Closing Date Term A Loan	S+	6.25%	10.56%	5/23/2022	9/17/2029		1,795,704		1,765,688			1,795,704
MediaRadar		Unitranche 2023 Incremental Term Loan	S+	6.25%	10.56%	10/31/2023	9/17/2029		947,578		927,232			947,578
MediaRadar	(j)	Senior Secured Revolving Loan	S+	6.25%	10.56%	9/16/2022	9/17/2029		162,695		152,526			162,695
											2,845,446			2,905,977
Metals & Mining
Dynatect (A&A)	(k)	Senior Secured Term B Loan	S+	4.50%	8.81%	8/16/2019	9/30/2026		1,652,126		1,652,126			1,643,865
											1,652,126			1,643,865
Retail
Varsity Brands	(k)	Senior Secured Initial Term Loan	S+	3.75%	8.06%	7/26/2024	8/26/2031		1,000,000		995,161			1,002,375
StubHub	(k)	Senior Secured Extended USD Term B Loan	S+	4.75%	9.06%	1/31/2020	3/15/2030		470,494		465,912			472,258
											1,461,073			1,474,633
Media: Diversified & Production
Cast & Crew	(k)	Senior Secured Incremental Facility No. 2 Incremental Term Loan (First Lien)	S+	3.75%	8.06%	4/30/2024	12/30/2028		992,326		987,326			964,188
Spectrum Science		Senior Secured 2024 Incremental Term Loan	S+	5.00%, 2.75% PIK	12.06%	1/17/2024	2/1/2029		503,270		489,460			483,139
											1,476,786			1,447,327
Hotels, Gaming & Leisure
Auto Europe		Senior Secured Initial Dollar Term Loan	S+	7.50%	11.81%	10/19/2016	4/21/2025		886,629		886,629			864,463
Encore	(k)	Senior Secured Term Facility	S+	5.00%	9.31%	11/18/2024	12/5/2031		500,000		490,000			490,000
Encore	(k)	Senior Secured Revolving Facility	S+	5.00%	9.31%	11/18/2024	12/5/2029		—		(1,094	)		—
											1,375,535			1,354,463
Utilities: Water
Aegion	(k)	Senior Secured 2024 Second Replacement Term Loan	S+	3.75%	8.06%	4/1/2021	5/17/2028		968,325		965,699			977,403
											965,699			977,403
Energy: Electricity
Franklin Energy		Senior Secured Term B Loan (First Lien)	S+	4.00%	8.31%	8/14/2019	8/14/2026		947,500		946,786			933,288
											946,786			933,288
Energy: Oil & Gas
AmSpec	(k)	Senior Secured Term Loan B	S+	4.25%	8.56%	12/12/2024	12/20/2031		500,000		497,500			497,500
											497,500			497,500
Utilities: Electric
Power Grid Components		Senior Secured Initial Term Loan	S+	4.75%	9.06%	7/24/2024	12/2/2030		497,494		497,494			496,250
											497,494			496,250
	Total Bank Loans									$	411,274,889		$	403,602,506

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

26

Audax Credit BDC Inc.

Schedules of Investments (Continued)

As of December 31, 2024

(Expressed in U.S. Dollars)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par/Shares		Amortized Cost		Market Value
EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS- (1.5%) (g) (h) (Continued):
Services: Business
Vortex	(j) (o) (p)	LP Common Units				9/1/2023		$	190	$	189,759	$	396,459
InnovateMR	(j) (o) (q)	Class A Units				12/16/2021			387		387,311		394,415
Industrial Services Group	(j) (o) (r)	Class A Units				12/7/2022			238		238,095		383,010
Golden Source	(j) (o) (s)	Class A Units				3/25/2022			117,371		117,371		259,320
Amplix	(j) (o) (t)	Class A-2 Units				10/19/2023			23,810		238,095		256,094
Liberty Group	(j) (o) (u)	Series A-Preferred Units				6/6/2022			113,636		113,636		77,606
Heartland	(o) (v)	Co-Invest Units				12/12/2023			889		88,889		76,236
VC3	(j) (o) (w)	Class A Units				9/16/2022			16,958		70,778		51,962
OSG Billing Services	(o) (x)	Class A Units				11/30/2023			27,208		—		—
											1,443,934		1,895,102
High Tech Industries
PracticeTek	(j) (o) (y)	Class A Units				11/22/2021			616,814		649,236		822,775
											649,236		822,775
Healthcare & Pharmaceuticals
OrthoNebraska	(j) (o) (z)	Class A Units				7/31/2023			24,245		242,452		319,225
Minds + Assembly	(j) (o) (aa)	Class A Units				5/3/2023			217		217,391		282,609
Ivy Rehab	(o) (ab)	Class A Units				3/11/2022			100		100,000		110,943
InterMed	(j) (o) (ac)	Class A Units				12/22/2022			2,484		248,380		104,840
RevHealth	(j) (o) (ad)	Class A-1 Units				7/22/2022			20,548		205,479		—
											1,013,702		817,617
Banking, Finance, Insurance & Real Estate
Cherry Bekaert	(j) (o) (ae)	Class A Units				6/30/2022			129,870		129,870		298,109
American Beacon Advisors	(o) (af)	Common Units				12/29/2023			16,071		-		273,207
Prime Pensions	(j) (o) (ag)	LP Interest				2/20/2024			238,095		238,095		211,490
Beta+	(o) (ah)	Class A-2 Common Stock				9/15/2023			2,470		24,700		15,084
											392,665		797,890
Construction & Building
A1 Garage Door Service	(j) (o) (ai)	Class A Common Units				12/22/2022			273		272,727		577,749
											272,727		577,749
Beverage, Food & Tobacco
Hissho Sushi	(j) (o) (aj)	Class A Units				4/7/2022			25,000		200,046		452,633
											200,046		452,633

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

27

Audax Credit BDC Inc.

Schedules of Investments (Continued)

As of December 31, 2024

(Expressed in U.S. Dollars)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (^)	Spread	Interest Rate	Acquisition Date	Maturity Date	Par/ Shares		Amortized Cost		Market Value
EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS- (1.6%) (g) (h) (Continued):
Services: Consumer
Ned Stevens 2022-2	(j) (o) (ak)	Class B Common Units				11/1/2022			279		278,990		301,691
United Air Temp	(j) (o) (al)	Class A Units				2/14/2024			110,947		110,947		69,475
											389,937		371,166
Automotive
Engine & Transmission Exchange	(j) (o) (am)	Class A-1 Units				5/26/2023			211,268		211,268		189,336
											211,268		189,336
Media: Advertising, Printing & Publishing
MediaRadar	(j) (o) (an)	Class A-1 Units				9/16/2022			147,000		147,000		153,151
											147,000		153,151
Wholesale
GME Supply	(j) (o) (ao)	Class A Units				6/30/2023			272		272,422		140,990
											272,422		140,990
Chemicals, Plastics & Rubber
Vertellus	(o) (ap)	Series A Units				12/22/2020			1,651		165,138		116,526
											165,138		116,526
Consumer Goods: Durable
Careismatic	(o) (aq)	Class A Units				6/13/2024			3,522		209,625		93,834
											209,625		93,834
Environmental Industries
Alliance Environmental Group	(j) (o) (ar)	A-1 Preferred Units				9/30/2019			331		331,126		-
											331,126		-
	Total Equity and Preferred Shares									$	5,698,826	$	6,428,769
Total Portfolio Investments (as)										$	416,973,715	$	410,031,275

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

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

(b) Interest rate percentages represent actual interest rates as of December 31, 2024, which are indexed to the noted reference rate. The referenced rates are subject to interest floors which can vary based on contractual agreements with the borrower.

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

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

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

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

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

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

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

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

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

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

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

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

(o) Investment is non-income producing.

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

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

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

28

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

29

30Audax Credit BDC Inc.

Notes to Financial Statements

September 30, 2024

(unaudited)

Note 1. Organization

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

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

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

Note 2. Significant Accounting Policies

Basis of Presentation

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

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

Use of Estimates

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

Cash and Cash Equivalents

Cash and cash equivalents are stated at fair value. The Company considers all highly liquid investments purchased with maturities of three months or less and money market mutual funds to be cash equivalents. No cash equivalent balances were held as of March 31, 2025 or December 31, 2024. At such dates, cash was not subject to any restrictions on withdrawal.

Expenses

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

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Investment Valuation Policy

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

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

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

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

•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;

•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;

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

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

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

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

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different from the valuations currently assigned.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

•securities whose prices are stale; and

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•securities affected by significant events.

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

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

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

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

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

Interest Income Recognition

Interest income, adjusted for amortization of premium, acquisition costs, and amendment fees and the accretion of original issue discount (“OID”), are recorded on an accrual basis to the extent that such amounts are expected to be collected. Generally, when a loan becomes 120 days or more past due, or if the Company’s qualitative assessment indicates that the debtor is unable to service its debt or other obligations, the Company will place the loan on non-accrual status and cease recognizing interest income on that loan for financial reporting purposes until the borrower has demonstrated the ability and intent to pay contractual amounts due. However, the Company will remain contractually entitled to this interest. Interest payments received on non-accrual loans are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current or, due to a restructuring, the interest income is deemed to be collectible. As of March 31, 2025, the Company held two investments on non-accrual, which represented 0.97% and 0.46% of the Company’s total portfolio at cost and fair market value, respectively. As of December 31, 2024, the Company had two investments on non-accrual, which represented 0.97% and 0.53% of the Company’s total portfolio at cost and fair market value, respectively.

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

As of March 31, 2025 and December 31, 2024, the Company held 305 and 295 investments in loans with OID, respectively. The unamortized balance of OID investments as of March 31, 2025 and December 31, 2024 totaled $4,810,529 and $4,948,990, respectively. For the three months ended March 31, 2025, the Company accrued OID income in the amount of $231,328. For the three months ended March 31, 2024, the Company accrued OID income in the amount of $209,198.

As of March 31, 2025, the Company held 11 investments that had a PIK interest component. As of December 31, 2024, the Company held 12 investments that had a PIK interest component. During the three months ended March 31, 2025, the Company accrued PIK income in the amount of $310,135. During the three months ended March 31, 2024, the Company accrued PIK income in the amount of $23,066.

As of March 31, 2025 and December 31, 2024, the Company held $15,374,403 and $19,737,091 cash and cash equivalents, respectively. For the three months ended March 31, 2025, the Company earned $59,392 of interest income related to cash, which is included in interest on cash within the accompanying statement of operations. For the three months ended March 31, 2024, the Company earned $85,860 of interest income related to cash, which is included in interest on cash within the accompanying statement of operations.

Other Income Recognition

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

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

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

For the three months ended March 31, 2025, the Company accrued $25,990 related to amendment fees. For the three months ended March 31, 2024, the Company accrued $9,145 related to amendment fees.

New Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09 "Improvements to Income Tax Disclosures" ("ASU 2023-09"). ASU 2023-09 intends to improve the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. We are currently assessing the impact of this guidance; however, we do not expect a material impact to our financial statements.

Operating Segments

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

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

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

Note 3. Investments

Fair Value

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

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

As of March 31, 2025, $291,198,990 of the Company’s investments were valued using unobservable inputs, and $117,272,865 were valued using observable inputs. During the three months ended March 31, 2025, $20,751,144 transferred into Level 3 due to a decrease in observable price inputs in the market for these securities and a corresponding need to utilize unobservable inputs, and $9,623,013 transferred out of Level 3 due to additional liquidity in the market for these securities, which provided more observable inputs.

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As of December 31, 2024, $285,194,721 of the Company’s investments were valued using unobservable inputs, and $124,836,554 were valued using observable inputs. During the three months ended March 31, 2024, $16,516,705 transferred into Level 3 due to a decrease in observable price inputs in the market for these securities and a corresponding need to utilize unobservable inputs, and $23,803,944 transferred out of Level 3 due to additional liquidity in the market for these securities, which provided more observable inputs.

The following table presents the Company’s investments carried at fair value as of March 31, 2025 and December 31, 2024, by caption on the Company’s accompanying statements of assets and liabilities and by security type.

	Assets at Fair Value as of March 31, 2025
	Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	111,679,834	$	159,195,987	$	270,875,821
Unitranche Debt		—		3,252,374		117,024,888		120,277,262
Second Lien Debt		—		2,101,811		7,787,500		9,889,311
Equity and Preferred Shares		—		—		7,190,615		7,190,615
Total	$	—	$	117,034,019	$	291,198,990	$	408,233,009

	Assets at Fair Value as of December 31, 2024
	Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	120,658,594	$	149,557,665	$	270,216,259
Unitranche Debt		—		1,687,916		121,815,787		123,503,703
Second Lien Debt		—		2,490,044		7,392,500		9,882,544
Equity and Preferred Shares		—		—		6,428,769		6,428,769
Total	$	—	$	124,836,554	$	285,194,721	$	410,031,275

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

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					As of March 31, 2025
	Fair Value		Valuation Technique	Unobservable Inputs (1)	Range (2)	Weighted Average (3)
First Lien Debt	$	126,138,755	Matrix Pricing	Senior Leverage	1.12x - 11.07x	4.99x
				Total Leverage	2.36x - 11.07x	5.39x
				Interest Coverage	0.32x - 4.03x	1.70x
				Debt Service Coverage	0.25x - 2.82x	1.42x
				TEV Coverage	0.79x - 5.89x	2.60x
				Liquidity	0.00% - 631.64%	143.34%
				Spread Comparison	300bps - 800bps	503bps
First Lien Debt		14,634,597	Analysis of Trend in Leverage	Maturity Modified Market Yield (4)	8.61% - 10.39%	9.38%
First Lien Debt		12,840,389	Matrix Pricing/Market Analysis (5)	Senior Leverage	5.50x - 18.39x	8.03x
				Total Leverage	5.50x - 22.18x	9.19x
				Interest Coverage	0.59x - 1.30x	1.00x
				Debt Service Coverage	0.50x - 1.06x	0.84x
				TEV Coverage	0.52x - 2.45x	1.84x
				Liquidity	12.48% - 269.54%	65.83%
				Spread Comparison	375bps - 750bps	462bps
First Lien Debt		6,149,204	Enterprise Value	EV/EBITDA Multiple	7.00x - 10.10x	8.17x
Unitranche Debt		72,652,970	Analysis of Trend in Leverage	Maturity Modified Market Yield (4)	6.74% - 23.62%	9.30%
Unitranche Debt		36,519,976	Matrix Pricing	Senior Leverage	2.76x - 6.86x	5.81x
				Total Leverage	2.76x - 7.49x	5.93x
				Interest Coverage	1.07x - 3.33x	1.57x
				Debt Service Coverage	0.97x - 1.84x	1.28x
				TEV Coverage	1.43x - 3.76x	2.18x
				Liquidity	64.25% - 187.20%	122.79%
				Spread Comparison	450bps - 650bps	544bps
Unitranche Debt		7,284,984	Enterprise Value	EV/EBITDA Multiple	0.09x - 12.70x	7.91x
Second Lien Debt		7,787,500	Matrix Pricing	Senior Leverage	5.08x - 12.59x	7.16x
				Total Leverage	5.08x - 12.59x	7.16x
				Interest Coverage	0.75x - 1.79x	1.42x
				Debt Service Coverage	0.63x - 1.62x	1.21x
				TEV Coverage	1.02x - 2.76x	1.79x
				Liquidity	58.51% - 631.64%	162.35%
				Spread Comparison	700bps - 900bps	750bps
Equity and Preferred		7,190,615	Enterprise Value	EV/EBITDA Multiple	0.00x - 19.50x	13.47x
Total	$	291,198,990

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

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

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

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

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

In accordance with ASC 820, the following table provides quantitative information about the Level 3 fair value measurements of the Company’s investments as of December 31, 2024. The weighted average calculations in the table below are based on the fair value balances for all debt related calculations for the particular input.

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					As of December 31, 2024
	Fair Value		Valuation Technique	Unobservable Inputs(1)	Range(2)	Weighted Average(3)
First Lien Debt	$	117,254,688	Matrix Pricing	Senior Leverage	1.12x - 11.07x	5.03x
				Total Leverage	2.78x - 11.07x	5.56x
				Interest Coverage	0.32x - 2.99x	1.65x
				Debt Service Coverage	0.25x - 2.54x	1.40x
				TEV Coverage	0.79x - 5.72x	2.54x
				Liquidity	0.00% - 630.05%	139.23%
				Spread Comparison	350bps - 800bps	504bps
First Lien Debt		14,638,006	Analysis of Trend in Leverage	Maturity Modified Market Yield (4)	9.19% - 10.84%	9.84%
First Lien Debt		11,626,885	Matrix Pricing/Market Analysis (5)	Senior Leverage	6.20x - 20.32x	8.32x
				Total Leverage	6.54x - 24.29x	9.50x
				Interest Coverage	0.58x - 1.23x	0.98x
				Debt Service Coverage	0.48x - 1.06x	0.83x
				TEV Coverage	0.45x - 2.45x	1.87x
				Liquidity	3.98% - 174.49%	53.35%
				Spread Comparison	375bps - 575bps	443bps
First Lien Debt		6,038,086	Enterprise Value	EV/EBITDA Multiple	6.90x - 10.00x	7.89x
Unitranche Debt		82,495,660	Analysis of Trend in Leverage	Maturity Modified Market Yield (4)	7.12% - 81.75%	11.86%
Unitranche Debt		34,402,317	Matrix Pricing	Senior Leverage	2.96x - 6.86x	5.94x
				Total Leverage	2.96x - 7.49x	6.06x
				Interest Coverage	1.07x - 2.94x	1.50x
				Debt Service Coverage	0.97x - 2.05x	1.24x
				TEV Coverage	1.43x - 3.65x	2.12x
				Liquidity	48.10% - 169.00%	125.84%
				Spread Comparison	450bps - 650bps	547bps
Unitranche Debt		4,917,810	Enterprise Value	EV/EBITDA Multiple	12.80x - 13.90x	10.75x
Second Lien Debt		7,392,500	Matrix Pricing	Senior Leverage	5.12x - 11.15x	6.90x
				Total Leverage	5.12x - 11.15x	6.91x
				Interest Coverage	0.83x - 1.76x	1.42x
				Debt Service Coverage	0.71x - 1.56x	1.21x
				TEV Coverage	1.14x - 2.13x	1.76x
				Liquidity	80.08% - 329.20%	141.75%
				Spread Comparison	700bps - 800bps	742bps
Equity and Preferred		6,428,769	Enterprise Value	EV/EBITDA Multiple	7.06x - 21.25x	14.83x
Total	$	285,194,721

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

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

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

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

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

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

The following tables provide the changes in fair value, broken out by security type, during the three months ended March 31, 2025 and 2024 for all investments for which the Company determines fair value using unobservable (Level 3) factors.

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Three Months Ended March 31, 2025	First Lien Debt			Unitranche Debt			Second Lien Debt			Equity and Preferred Shares		Total
Fair Value as of December 31, 2024	$	149,557,665		$	121,815,787		$	7,392,500		$	6,428,769	$	285,194,721
Transfers into Level 3		18,655,278			1,687,916			407,950			—		20,751,144
Transfers out of Level 3		(9,623,013	)		—			—			—		(9,623,013	)
Total gains:
Net realized gain (a)		47,553			66,591			—			—		114,144
Net unrealized (depreciation) appreciation (b)		(82,822	)		(1,019,330	)		(16,985	)		207,633		(911,504	)
New investments, repayments and settlements:(c)
Purchases		9,888,941			1,530,582			—			554,213		11,973,736
Settlements/repayments		(9,124,625	)		(7,313,848	)		—			—		(16,438,473	)
Net amortization of premiums, PIK, discounts and fees		242,459			257,190			4,035			—		503,684
Sales		(365,449	)		—			—			—		(365,449	)
Fair Value as of March 31, 2025	$	159,195,987		$	117,024,888		$	7,787,500		$	7,190,615	$	291,198,990

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

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

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

Three Months Ended March 31, 2024	First Lien Debt			Unitranche Debt			Second Lien Debt			Equity and Preferred Shares		Total
Fair Value as of December 31, 2023	$	132,718,165		$	123,000,592		$	14,808,750		$	5,431,201	$	275,958,708
Transfers into Level 3		9,974,992			6,541,713			—			—		16,516,705
Transfers out of Level 3		(13,764,079	)		(8,069,865	)		(1,970,000	)		—		(23,803,944	)
Total gains:
Net realized (loss) gain (a)		(333,883	)		4,611			—			—		(329,272	)
Net unrealized appreciation (depreciation) (b)		41,297			(1,049,818	)		(6,477	)		275,666		(739,332	)
New investments, repayments and settlements:(c)
Purchases		10,105,557			4,951,951			—			355,481		15,412,989
Settlements/repayments		(12,204,052	)		(2,342,513	)		(500,000	)		—		(15,046,565	)
Net amortization of premiums, PIK, discounts and fees		98,408			107,244			5,227			—		210,879
Sales		(315,938	)		—			—			—		(315,938	)
Fair Value as of March 31, 2024	$	126,320,467		$	123,143,915		$	12,337,500		$	6,062,348	$	267,864,230

(a)Included in net realized (loss) gain on the accompanying Statement of Operations for the three months ended March 31, 2024.

(b)Included in net change in unrealized appreciation (depreciation) on the accompanying Statement of Operations for the three months ended March 31, 2024.

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

The change in unrealized value attributable to investments held at March 31, 2025 and 2024 was ($844,667) and ($1,059,453), respectively.

Investment Activities

The Company held a total of 291 syndicated investments with an aggregate fair value of $408,233,009 as of March 31, 2025. During the three months ended March 31, 2025, the Company invested in 25 new syndicated investments for a combined cost of $16,052,763 and in existing investments for a combined cost of $7,123,466. The Company also received $20,634,208 in repayments from investments and $2,362,943 from investments sold during the three months ended March 31, 2025.

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

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

Investment Concentrations

As of March 31, 2025, the Company’s investment portfolio consisted of investments in 241 companies located in 38 states across 25 different industries, with an aggregate fair value of $408,233,009. The five largest investments at fair value as of March 31, 2025 totaled $23,805,287, or 5.83% of the Company’s total investment portfolio as of such date. As of March 31, 2025, the Company’s average investment was $1,435,834 at cost.

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

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

	March 31, 2025
	Cost		Percentage of Total Investments			Fair Value		Percentage of Total Investments
First Lien Debt	$	276,599,718		66.20	%	$	270,875,821		66.36	%
Unitranche Debt		125,058,810		29.93	%		120,277,262		29.46	%
Second Lien Debt		9,916,067		2.37	%		9,889,311		2.42	%
Total Debt Investments		411,574,595		98.50	%		401,042,394		98.24	%
Equity and Preferred Shares		6,253,041		1.50	%		7,190,615		1.76	%
Total Equity Investments		6,253,041		1.50	%		7,190,615		1.76	%
Total Investment	$	417,827,636		100.00	%	$	408,233,009		100.00	%

	December 31, 2024
	Cost		Percentage of Total Investments			Fair Value		Percentage of Total Investments
First Lien Debt	$	274,080,183		65.72	%	$	270,216,259		65.90	%
Unitranche Debt		127,282,675		30.53	%		123,503,703		30.12	%
Second Lien Debt		9,912,031		2.38	%		9,882,544		2.41	%
Total Debt Investments		411,274,889		98.63	%		403,602,506		98.43	%
Equity and Preferred Shares		5,698,826		1.37	%		6,428,769		1.57	%
Total Equity Investments		5,698,826		1.37	%		6,428,769		1.57	%
Total Investments	$	416,973,715		100.00	%	$	410,031,275		100.00	%

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

	March 31, 2025					December 31, 2024
Industry	Fair Value		Percentage of Total Investments			Fair Value		Percentage of Total Investments
Services: Business	$	84,610,721		20.73	%	$	88,417,653		21.58	%
Healthcare & Pharmaceuticals		79,278,413		19.42			74,685,118		18.21
Banking, Finance, Insurance & Real Estate		34,962,174		8.56			35,944,239		8.77
Capital Equipment		30,184,694		7.39			30,192,716		7.36
Services: Consumer		26,703,874		6.54			25,358,943		6.18
High Tech Industries		26,276,952		6.44			27,609,149		6.73
Containers, Packaging & Glass		20,590,548		5.04			26,886,998		6.56
Beverage, Food & Tobacco		15,967,782		3.91			15,431,257		3.76
Transportation: Cargo		14,690,320		3.60			14,514,297		3.54
Construction & Building		12,872,024		3.15			11,752,804		2.87
Automotive		11,988,415		2.94			13,137,348		3.20
Aerospace & Defense		10,979,853		2.69			6,777,800		1.65
Environmental Industries		9,196,149		2.25			9,320,648		2.27
Chemicals, Plastics & Rubber		9,130,268		2.24			8,594,046		2.10
Wholesale		5,066,121		1.24			5,008,980		1.22
Consumer Goods: Non-Durable		4,410,450		1.08			4,421,588		1.08
Media: Advertising, Printing & Publishing		2,963,068		0.73			3,059,128		0.75
Metals & Mining		1,638,210		0.40			1,643,865		0.40
Retail		1,450,311		0.36			1,474,633		0.36
Media: Diversified & Production		1,441,289		0.35			1,447,327		0.35
Hotels, Gaming & Leisure		1,286,930		0.32			1,354,463		0.33
Utilities: Electric		992,494		0.24			496,250		0.12
Energy: Electricity		928,170		0.23			933,288		0.23
Energy: Oil & Gas		497,500		0.12			497,500		0.12
Consumer Goods: Durable		126,279		0.03			93,834		0.02
Utilities: Water		-		-			977,403		0.24
	$	408,233,009		100.00	%	$	410,031,275		100.00	%

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

	March 31, 2025					December 31, 2024
Geographic Region	Fair Value		Percentage of Total Investments			Fair Value		Percentage of Total Investments
Northeast	$	100,654,926		24.65	%	$	98,812,847		24.10	%
Midwest		94,771,553		23.22			94,153,987		22.96
Southeast		56,774,403		13.91			58,657,115		14.31
West		55,029,702		13.48			58,261,896		14.21
Southwest		48,763,617		11.95			49,175,730		11.99
East		37,849,791		9.27			36,147,211		8.82
South		6,263,359		1.53			6,656,751		1.62
Northwest		5,522,375		1.35			5,533,339		1.35
Other(a)		2,603,283		0.64			2,632,399		0.64
Total Investments	$	408,233,009		100.00	%	$	410,031,275		100.00	%

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

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

Investment Principal Repayments

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

For the Fiscal Years Ending December 31:	Amount
2025	$	9,868,664
2026		20,723,437
2027		47,198,056
2028		145,608,361
2029		114,180,721
Thereafter		78,805,885
Total contractual repayments		416,385,124
Adjustments to cost basis on debt investments(a)		(4,810,529	)
Total Cost Basis of Debt Investments Held at March 31, 2025:	$	411,574,595

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

Note 4. Related Party Transactions

Investment Advisory Agreement

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

Management Fee

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

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

For the three months ended March 31, 2025, the Company recorded base management fees of $1,082,732 and waivers to the base management fees of $378,956, as set forth within the accompanying statements of operations. For the three months ended March 31, 2024, the Company recorded base management fees of $1,033,988 and waivers to the base management fees of $361,896 as set forth within the accompanying statements of operations.

Incentive Fee

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

The Company determines pre-incentive fee net investment income in accordance with GAAP, including, in the case of investments with a deferred interest feature, such as debt instruments with PIK interest, OID securities and accrued income that the Company has not yet received in cash. Pre-incentive fee net investment income does not include any realized capital gains, computed net of all realized capital losses or unrealized capital appreciation or depreciation. Pre-incentive fee net investment income, expressed as a rate of return on the value of the Company’s net assets at the end of the immediately preceding calendar quarter, is compared to a hurdle of 1.0% per quarter (4.0% annualized). The Company determines its average gross assets during each fiscal quarter and calculates the base management fee payable with respect to such amount at the end of each fiscal quarter. As a result, a portion of the Company’s net investment income is included in its gross assets for the period between the date on which such income is earned and

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the date on which such income is distributed. Therefore, the Company’s net investment income used to calculate part of the Incentive Fee is also included in the amount of the Company’s gross assets used to calculate the 1.0% annual base management fee. The Company pays its Adviser an Incentive Fee with respect to its pre-incentive fee net investment income in each calendar quarter as follows:

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

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

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

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

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

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

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

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

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

Pursuant to a First Amendment to the Fee Waiver Agreement between the Company and the Adviser, entered into as of January 1, 2025, between the Company and the Adviser, the Adviser has agreed to waive the right to Incentive Fees to the extent necessary so as not to receive any Incentive Fee that would result in the payment of expenses by the Company pursuant to the Investment Advisory Agreement exceeding 1.4% per annum of the Company's assets as of the last day of the most recently ended fiscal year (the "Partial Expense Cap"); provided, however, if the Adviser is not entitled to Incentive Fees during such fiscal year or such Incentive Fees are fully waived during such fiscal year, the Company shall remain liable for expenses payable by the Company pursuant to Section 2 of the Investment Advisory Agreement, notwithstanding the Partial Expense Cap. The following expenses of the Company are not subject to the Partial Expense Cap: (i) litigation costs payable by the Company, including indemnification expenses payable pursuant to Section 8 of the Investment Advisory Agreement; (ii) other extraordinary expenses incurred by the Company; and (iii) costs payable by the Company in connection with its incurrence of leverage.

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For the three months ended March 31, 2025, the Company recorded Incentive Fees related to net investment income of $1,337,809. Offsetting the Incentive Fees for the three months ended March 31, 2025, were waivers of the Incentive Fees of $872,650, as set forth within the accompanying statements of operations. For the three months ended March 31, 2024, the Company recorded Incentive Fees related to net investment income of $1,444,313. Offsetting the Incentive Fees for the three months ended March 31, 2024, were waivers of the Incentive Fees of $890,590, as set forth within the accompanying statements of operations.

Administration Agreement and Administrative Fee

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

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

The Company accrued administrative fees of $66,250 for both the three months ended March 31, 2025 and 2024, as set forth within the accompanying statements of operations.

Related Party Fees

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

	March 31, 2025		December 31, 2024
Net base management fee due to Adviser	$	703,776	$	686,366
Net incentive fee due to Adviser		465,159		510,082
Total fees due to Adviser, net of waivers		1,168,935		1,196,448
Fee due to Administrator, net of waivers		66,250		66,250
Total Related Party Fees Due	$	1,235,185	$	1,262,698

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

The following table sets forth the computation of basic and diluted net increase in net assets resulting from operations per weighted average share of the Company’s common stock, par value $0.001 per share (the “Common Stock”), for the three months ended March 31, 2025 and 2024:

	Three Months Ended March 31, 2025		Three Months Ended March 31, 2024
Numerator for basic and diluted net increase in net assets resulting from operations per common share	$	5,934,049	$	8,166,034
Denominator for basic and diluted weighted average common shares		47,020,454		44,518,989
Basic and diluted net increase in net assets resulting from operations per common share	$	0.13	$	0.18

Note 6. Income Tax

The Company has elected to be regulated as a BDC under the 1940 Act, as well as elected to be treated, and intends to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code. As a RIC, the Company generally is not subject to corporate-level U.S. federal income taxes on any ordinary income or capital gains that it timely distributes as dividends for U.S. federal income tax purposes to its stockholders. To qualify to be treated as a RIC, the Company is required to meet certain source of income and asset diversification requirements, and to timely distribute dividends out of assets legally available for distributions to its stockholders of an amount generally equal to at least 90% of the sum of its net ordinary income and net short-term capital gains in

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excess of net long-term capital losses, if any (i.e., “investment company taxable income,” determined without regard to any deduction for dividends paid), for each taxable year. The amount to be paid out as distributions to the Company’s stockholders is determined by the Board of Directors and is based on management’s estimate of the fiscal year earnings. Based on that estimate, the Company intends to make the requisite distributions to its stockholders, which will generally relieve the Company from corporate-level U.S. federal income taxes. Although the Company currently intends to distribute its net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, recognized in respect of each taxable year as dividends out of the Company’s assets legally available for distribution, the Company in the future may decide to retain for investment and be subject to entity-level income tax on such net capital gains. Additionally, depending on the level of taxable income earned in a taxable year, the Company may choose to carry forward taxable income in excess of current year distributions into the next taxable year and incur a 4% excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year distributions, the Company will accrue an excise tax, if any, on estimated excess taxable income as such excess taxable income is earned.

During the year ended December 31, 2024, the Company executed a total of $80,000,000 in Tender Offers that resulted in differing GAAP vs. tax treatment of proceeds distributed. For GAAP purposes the transaction is treated as a redemption of shares whereas tax regulations dictate dividend distribution treatment to the extent of fund level earnings and profits. Given that the fund did not have sufficient earnings and profits to support the distribution, the entire value of the Tender Offer is treated as a return of capital for tax purposes.

During the three months ended March 31, 2025, the Company declared distributions of $8,463,682, or $0.18 per share. The tax character of the distributions declared and paid represented $8,452,856, or $0.18 per share, from ordinary income and $10,826, or $0.00 per share, from tax return of capital. During the three months ended March 31, 2024, the Company did not declare any distributions.

The Company had aggregate distributions declared and paid to its stockholders for the year ended December 31, 2024 of $37,051,473, or $0.80 per share. The tax character of the distributions declared and paid represented $36,162,651, or $0.78 per share, from ordinary income and $888,822, or $0.02 per share, from tax return of capital. The Company had aggregate distributions declared and paid to its stockholders for the year ended December 31, 2023 of $36,170,582, or $0.82 per share. The tax character of the distributions declared and paid represented $36,170,582, or $0.82 per share, from ordinary income and $0 from tax return of capital.

During the year ended December 31, 2024, given that the Company did not have sufficient earnings and profits, $80,888,822 of the distributions and Tender Offers is treated as a return of capital for tax purposes. This information will be reported in a Form 1042-S or Form 1099-DIV. During the year ended December 31, 2023, given that the Company did not have sufficient earnings and profits, $47,480,752 of the distributions and Tender Offers is treated as a return of capital for tax purposes. This information will be reported in a Form 1042-S or Form 1099-DIV.

GAAP require adjustments to certain components of net assets to reflect permanent differences between financial and tax reporting. These adjustments have no effect on net asset value per share. For the years ended December 31, 2024 and 2023, the Company recorded the following adjustments for permanent book to tax differences to reflect their tax characteristics. The adjustments only change the classification in net assets in the statements of assets and liabilities. During the year ended December 31, 2024 and 2023, the Company reclassified for book purposes amounts arising from permanent book/tax differences primarily related to distribution redesignations and return of capital distributions.

	Year Ended December 31, 2024			Year Ended December 31, 2023
Capital in excess of par value	$	155,433		$	(30,906	)
Accumulated net investment income		34,982			34,983
Accumulated net realized gain (loss)		(190,415	)		(4,077	)

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

	As of December 31, 2024			As of December 31, 2023
Other temporary book/tax differences	$	(111,731	)	$	(101,140	)
Net tax basis unrealized depreciation		(6,751,851	)		(3,272,539	)
Accumulated net realized loss		(8,936,610	)		(8,028,768	)
Components of tax distributable (deficit) earnings at period end	$	(15,800,192	)	$	(11,402,447	)

44

Certain losses incurred by the Company after October 31 of a taxable year are deemed to arise on the first business day of the Company’s next taxable year. The Company did not incur such losses after October 31 of the Company’s taxable year ended December 31, 2024.

Capital losses are generally eligible to be carried forward indefinitely, and retain their status as short-term or long-term in the manner originally incurred by the Company. As of December 31, 2024, the Company had long-term capital loss carryforward of $8,936,610. The Company has evaluated tax positions it has taken, expects to take, or that are otherwise relevant to the Company for purposes of determining whether any relevant tax positions would “more-likely-than-not” be sustained by the applicable tax authority in accordance with ASC Topic 740, “Income Taxes,” as modified by ASC Topic 946. The Company has analyzed such tax positions and has concluded that no unrecognized tax benefits should be recorded for uncertain tax positions for taxable years that may be open. The Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Company’s U.S. federal tax returns for fiscal years 2024, 2023, and 2022 remain subject to examination by the Internal Revenue Service. The Company records tax positions that are not deemed to meet a more-likely-than-not threshold as tax expenses as well as any applicable penalties or interest associated with such positions. During each of the years ended December 31, 2024, 2023, and 2022, no tax expense or any related interest or penalties were incurred.

Note 7. Equity

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

Amount			Date
	$	140,000,000	June 23, 2015
	$	50,000,000	December 2, 2016
	$	100,000,000	On December 7, 2017
	$	40,000,000	March 22, 2019
	$	30,000,000	September 23, 2019
	$	11,200,000	March 20, 2020
	$	8,900,000	May 28, 2021
	$	110,000,000	December 15, 2021
	$	30,000,000	June 13, 2023
	$	37,000,000	March 25, 2024
	$	66,000,000	October 1, 2024

As of March 31, 2025, there were no unfunded capital commitments by the Company’s investors.

The number of shares of Common Stock issued and outstanding as of March 31, 2025 and December 31, 2024, were 47,020,457 and 47,020,454, respectively.

The following table details the activity of Stockholders’ Equity for the three months ended March 31, 2025 and 2024:

Three Months Ended March 31, 2025	Common Stock		Capital in Excess of Par Value			Total Distributable (Loss) Earnings			Total Stockholders' Equity
Balance as of December 31, 2024	$	47,020	$	442,395,577		$	(15,800,192	)	$	426,642,405
Net investment income		—		—			8,452,856			8,452,856
Net realized gain from investment transactions		—		—			133,380			133,380
Net change in unrealized depreciation on investments		—		—			(2,652,187	)		(2,652,187	)
Distributions to Stockholders		—		(10,826	)		(8,452,856	)		(8,463,682	)
Reinvested Dividends		—		30			—			30
Balance as of March 31, 2025	$	47,020	$	442,384,781		$	(18,318,999	)	$	424,112,802

45

Three Months Ended March 31, 2024	Common Stock		Capital in Excess of Par Value		Total Distributable (Loss) Earnings			Total Stockholders' Equity
Balance as of December 31, 2023	$	44,519	$	420,442,206	$	(11,402,447	)	$	409,084,278
Net investment income		—		—		9,074,366			9,074,366
Net realized loss from investment transactions		—		—		(315,847	)		(315,847	)
Net change in unrealized appreciation on investments		—		—		(592,485	)		(592,485	)
Balance as of March 31, 2024	$	44,519	$	420,442,206	$	(3,236,413	)	$	417,250,312

Note 8. Borrowings

Short-Term Borrowings

From time to time, the Company finances the purchase of certain investments through repurchase agreements. In the repurchase agreements, the Company enters into a trade to sell an investment and contemporaneously enters into a trade to buy the same investment back on a specified date in the future with the same counterparty. Investments sold under repurchase agreements are accounted for as collateralized borrowings as the sale of the investment does not qualify for sale accounting under ASC Topic 860—Transfers and Servicing and remains as an investment on the Statement of Assets and Liabilities. The Company uses repurchase agreements as a short-term financing alternative. As of March 31, 2025, the Company had no short-term borrowings. For the three months ended March 31, 2025, the Company recorded no interest expense in connection with short-term borrowings. As of December 31, 2024, the Company had no short-term borrowings. For the three months ended March 31, 2024, the Company recorded no interest expense in connection with short-term borrowings.

46

Note 9. Commitments and Contingencies

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

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

							Unfunded Commitment Balances
Investment	Investment Type	Index (^)	Spread	Interest Rate	Maturity	Industry	March 31, 2025		December 31, 2024
EyeSouth Partners	Senior Secured Amendment No.2 Delayed Draw Term Loan (First Lien)	S+	5.50%	9.79%	10/5/2029	Healthcare & Pharmaceuticals	$	2,474,573	$	—
Midwest Eye Services	Senior Secured Fourth Amendment Delayed Draw Term Loan	S+	4.50%	8.79%	8/20/2027	Healthcare & Pharmaceuticals		1,842,667		—
Prime Pensions	Senior Secured Delayed Draw Term Loan	S+	5.25%	9.54%	2/26/2030	Banking, Finance, Insurance & Real Estate		1,668,571		—
Paradigm Oral Health	Senior Secured Second Amendment Incremental Delayed Draw Term Loan	S+	4.75%	9.04%	11/16/2028	Healthcare & Pharmaceuticals		1,523,810		—
Summit Spine	Senior Secured Delayed Draw Term Loan	S+	5.00%	9.29%	3/25/2031	Healthcare & Pharmaceuticals		986,972		—
U.S. Foot and Ankle Specialists	Senior Secured Delayed TL	S+	5.50%	9.79%	9/15/2026	Healthcare & Pharmaceuticals		976,875		—
Legacy Service Partners	Senior Secured Delayed Draw Term Loan B	S+	5.25%	9.54%	1/9/2029	Services: Consumer		951,200		—
Nvision	Senior Secured Fourth Amendment Delayed Draw Term Loan (First Lien)	S+	5.50%	9.79%	12/31/2028	Healthcare & Pharmaceuticals		817,121		—
Electro Methods	Senior Secured Revolving Credit Facility	S+	4.75%	9.04%	2/23/2032	Aerospace & Defense		812,714		—
Miller Environmental	Senior Secured Delayed Draw Term Loan	S+	4.75%	9.04%	9/10/2031	Environmental Industries		789,474		—
Kenco	Senior Secured Revolving Credit Loan	S+	4.75%	9.04%	11/15/2029	Transportation: Cargo		776,195		913,170
Rover	Senior Secured Amendment No. 1 Incremental Delayed Draw Term Loan	S+	4.75%	9.04%	2/27/2031	Services: Consumer		750,000		—
Minds + Assembly	Senior Secured Revolving Loan (First Lien)	S+	5.25%	9.54%	5/3/2029	Healthcare & Pharmaceuticals		683,230		580,745
Steward Partners	Senior Secured Delayed Draw Term B Loan (First Lien)	S+	4.75%	9.04%	10/14/2028	Banking, Finance, Insurance & Real Estate		638,667		—
United Air Temp	Senior Secured Delayed Draw Term Loan	S+	5.50%	9.79%	3/28/2030	Services: Consumer		632,396		—
Ascend	Senior Secured Closing Date Delayed Draw Term Loan	S+	4.50%	8.79%	8/9/2031	Services: Business		616,838		—
Cherry Bekaert	Senior Secured Revolving Credit Loan	S+	5.25%	9.54%	6/30/2028	Banking, Finance, Insurance & Real Estate		616,472		616,472
Trystar	Senior Secured Delayed Draw Term Loan	S+	4.50%	8.79%	8/6/2031	Capital Equipment		537,382		—
Summit Spine	Senior Secured Revolving Loan	S+	5.00%	9.29%	3/25/2031	Healthcare & Pharmaceuticals		463,877		—
OrthoNebraska	Senior Secured Revolving Loan	S+	6.50%	10.79%	7/31/2028	Healthcare & Pharmaceuticals		457,457		457,457
Ned Stevens 2022-2	Senior Secured Revolving Loan	S+	5.00%	9.29%	11/1/2028	Services: Consumer		423,086		507,703
GME Supply	Senior Secured Delayed Draw Term Loan	S+	6.25%	10.54%	7/6/2029	Wholesale		420,682		—
EPIC Insurance	Senior Secured Refinancing Third Amendment Delayed Draw Term Loan	S+	4.50%	8.79%	9/29/2028	Banking, Finance, Insurance & Real Estate		418,926		—
Kept Companies	Senior Secured DDTAL Loan	S+	5.25%	9.54%	4/30/2029	Services: Business		416,333		—
GME Supply	Senior Secured Revolving Loan	S+	6.25%	10.54%	7/6/2029	Wholesale		414,920		414,920
Amplix	Senior Secured DDTL 3	S+	5.25%	9.54%	10/18/2029	Services: Business		410,562		—
Miller Environmental	Senior Secured Revolving Loan (USD)	S+	4.75%	9.04%	9/10/2031	Environmental Industries		400,916		400,916
Engine & Transmission Exchange	Senior Secured Revolving Loan	S+	5.25%	9.54%	5/28/2029	Automotive		393,360		307,847
PlayPower	Senior Secured Revolving Loan	S+	5.00%	9.29%	8/28/2030	Construction & Building		384,547		384,547
Prime Pensions	Senior Secured Revolving Credit	S+	5.25%	9.54%	2/26/2030	Banking, Finance, Insurance & Real Estate		380,952		380,952
Vortex	Senior Secured Revolving Loan	S+	5.00%	9.29%	9/4/2029	Services: Business		380,096		380,096
Associated Springs	Senior Secured Amendment No. 1 Delayed Draw Term Loan	S+	5.75%	10.04%	4/4/2030	Capital Equipment		378,788		—
InnovateMR	Senior Secured Revolving Loan	S+	6.00%	10.29%	1/20/2028	Services: Business		365,388		365,388
Kept Companies	Senior Secured Revolving Loan	S+	5.25%	9.54%	4/30/2029	Services: Business		361,323		418,374
Amplix	Senior Secured Revolving Credit Loan	S+	5.25%	9.54%	10/18/2029	Services: Business		329,670		329,670
Vensure	Senior Secured Initial Delayed Draw Term Loan	S+	5.00%	9.29%	9/27/2031	Services: Business		328,256		—
Argano	Senior Secured Delayed Draw Term Loan	S+	5.75%	10.04%	9/13/2029	Services: Business		327,273		—
Midwest Eye Services	Senior Secured Fourth Amendment Incremental Revolving Loan	S+	4.50%	8.79%	8/20/2027	Healthcare & Pharmaceuticals		322,034		322,034
Kenco	Senior Secured Delayed Draw Term Loan	S+	4.75%	9.04%	11/15/2029	Transportation: Cargo		320,528		—
Kenco	Senior Secured 2024-1 Delayed Draw Term Loan	S+	4.75%	9.04%	11/15/2029	Transportation: Cargo		319,523		—
MediaRadar	Senior Secured Revolving Loan	S+	6.25%	10.54%	9/17/2029	Media: Advertising, Printing & Publishing		313,768		244,042
AI Fire & Safety	Senior Secured Delayed Draw Term Loan	S+	4.50%	8.79%	2/2/2032	Services: Business		294,118		—
Augusta Sportswear	Senior Secured Revolving Credit Loan	S+	6.50%	10.79%	11/21/2028	Consumer Goods: Non-Durable		278,270		278,270
A1 Garage Door Service	Senior Secured Revolving Loan	S+	4.75%	9.04%	12/22/2028	Construction & Building		275,482		275,482
Trystar	Senior Secured Revolving Credit Loan	S+	4.50%	8.79%	8/6/2031	Capital Equipment		272,724		272,724
RevHealth	Senior Secured Revolving Loan	S+	5.75%	10.04%	7/21/2028	Healthcare & Pharmaceuticals		256,849		282,534
Options IT	Senior Secured Effective Date Delayed Draw Term Loan	S+	4.50%	8.79%	9/30/2031	High Tech Industries		256,410		—

47

Investment	Investment Type	Index (^)	Spread	Interest Rate	Maturity	Industry	March 31, 2025		December 31, 2024
Electric Power Engineers	Senior Secured Delayed Draw Term Loan	S+	4.50%	8.79%	12/15/2031	Construction & Building	$	238,095	$	—
Hissho Sushi	Senior Secured Revolving Credit Loan	S+	4.50%	8.79%	5/18/2029	Beverage, Food & Tobacco		238,095		238,095
Blue Cloud	Senior Secured Revolving Loan	S+	5.00%	9.29%	1/21/2031	Healthcare & Pharmaceuticals		227,273		—
MB2 Dental	Senior Secured Tranche 1 Delayed Draw Term Loan	S+	5.50%	9.79%	2/13/2031	Healthcare & Pharmaceuticals		225,936		—
Shaw	Senior Secured Delayed Draw Term Facility	S+	6.00%	10.29%	10/30/2029	Capital Equipment		212,766		—
Solis Mammography	Senior Secured 2024 Incremental Delayed Draw Term Loan	S+	4.50%	8.79%	4/17/2028	Healthcare & Pharmaceuticals		200,000		—
Shrieve	Senior Secured Revolving Credit	S+	6.00%	10.29%	10/30/2030	Chemicals, Plastics & Rubber		182,790		219,348
Apex Service Partners	Senior Secured First Amendment Incremental DDTL Loan	S+	5.00%	9.29%	10/24/2030	Services: Consumer		180,868		—
Secretariat	Senior Secured Delayed Draw Term Loan	S+	4.00%	8.29%	2/24/2032	Services: Business		180,723		—
Industrial Services Group	Senior Secured Revolving Loan	S+	5.75%	10.04%	12/7/2028	Services: Business		179,048		74,286
Golden Source	Senior Secured Revolving Loan	S+	4.75%	9.04%	5/12/2028	Services: Business		169,014		169,014
Heartland	Senior Secured Revolving Credit Loan	S+	5.25%	9.54%	12/12/2029	Services: Business		167,241		184,138
Carlisle Foodservice	Senior Secured Revolving Loan	S+	5.00%	9.29%	10/2/2029	Wholesale		161,152		161,152
Rover	Senior Secured Revolving Loan	S+	4.75%	9.04%	2/27/2031	Services: Consumer		150,000		150,000
Liberty Group	Senior Secured Revolving Loan	S+	5.75%	10.04%	12/15/2028	Services: Business		147,727		147,727
Tank Holding	Senior Secured Revolving Credit Loan	S+	5.75%	10.04%	3/31/2028	Capital Equipment		147,692		147,692
EPIC Insurance	Senior Secured Refinancing Revolving Loan	S+	4.50%	8.79%	9/29/2028	Banking, Finance, Insurance & Real Estate		146,574		199,573
Cook & Boardman	Senior Secured Amendment No. 2 Incremental DDTL	S+	6.00%	10.29%	3/4/2030	Construction & Building		145,455		736,364
Industrial Physics	Senior Secured Delayed Draw Term Loan	S+	6.25%	10.54%	7/19/2029	Containers, Packaging & Glass		142,857		—
Cirtec Medical	Senior Secured Revolving Credit (First Lien)	S+	4.75%	9.04%	10/31/2028	Healthcare & Pharmaceuticals		138,889		138,889
Inhabit	Senior Secured Delayed Draw Term Loan	S+	4.50%	8.79%	1/12/2032	High Tech Industries		138,889		—
Nvision	Senior Secured 2024 Revolving Credit	S+	5.50%	9.79%	12/31/2028	Healthcare & Pharmaceuticals		134,940		146,674
Insight Global	Senior Secured Revolving Loan	S+	5.00%	9.29%	9/22/2028	Services: Business		134,178		134,178
insightsoftware	Senior Secured Revolving Loan	S+	5.25%	9.54%	5/25/2028	High Tech Industries		130,952		130,952
Vertellus	Senior Secured Revolving Credit Loan	S+	5.75%	10.04%	12/22/2027	Chemicals, Plastics & Rubber		130,517		202,173
Americhem	Senior Secured Delayed Draw Term Loan	S+	4.75%	9.04%	2/28/2032	Chemicals, Plastics & Rubber		128,571		—
insightsoftware	Senior Secured Seventh Supplemental DDTL	S+	5.25%	9.54%	5/25/2028	High Tech Industries		128,333		—
Heartland	Senior Secured Delayed Draw Term Loan	S+	5.25%	9.54%	12/12/2029	Services: Business		126,346		—
Cerity Partners	Senior Secured Initial Revolving Loan	S+	5.25%	9.54%	7/28/2028	Banking, Finance, Insurance & Real Estate		120,968		286,738
Ascend	Senior Secured Revolving Credit Loan	S+	4.50%	8.79%	8/9/2031	Services: Business		116,839		68,729
Beta+	Senior Secured Revolving Credit Loan	S+	4.50%	8.79%	7/1/2027	Banking, Finance, Insurance & Real Estate		113,278		160,247
Burke Porter Group	Senior Secured Revolving Credit Loan	S+	6.00%	10.29%	7/29/2028	Capital Equipment		112,341		220,000
Micro Merchant Systems	Senior Secured Revolving Loan	S+	4.50%	8.79%	12/14/2027	Healthcare & Pharmaceuticals		111,111		111,111
Industrial Physics	Senior Secured Revolving Credit Loan	S+	6.25%	10.54%	7/19/2028	Containers, Packaging & Glass		107,759		107,759
Cherry Bekaert	Senior Secured Amendment No. 1 Delayed Draw Term Loan	S+	5.25%	9.54%	6/30/2028	Banking, Finance, Insurance & Real Estate		106,110		—
USALCO	Senior Secured Delayed Draw Term Loan	S+	4.00%	8.29%	9/30/2031	Chemicals, Plastics & Rubber		103,030		—
Ivy Rehab	Senior Secured Revolving Credit Loan (First Lien)	S+	4.75%	9.04%	4/21/2028	Healthcare & Pharmaceuticals		101,347		106,397
Ned Stevens 2022-2	Senior Secured 2023 Incremental Delayed Draw Term Loan	S+	5.00%	9.29%	11/1/2029	Services: Consumer		98,917		135,303
Electric Power Engineers	Senior Secured Revolving Loan	S+	4.50%	8.79%	12/15/2031	Construction & Building		96,774		96,774
Aprio	Senior Secured Revolving Loan	S+	4.75%	9.04%	8/1/2031	Services: Business		94,879		169,784
Associated Springs	Senior Secured Revolving Loan	S+	5.75%	10.04%	4/4/2030	Capital Equipment		94,406		94,406
VC3	Senior Secured Revolving Credit	S+	5.00%	9.29%	3/12/2027	Services: Business		92,308		—
Americhem	Senior Secured Revolving Loan	S+	4.75%	9.04%	2/28/2032	Chemicals, Plastics & Rubber		90,909		—
AI Fire & Safety	Senior Secured Revolving Credit Loan	S+	4.50%	8.79%	2/2/2032	Services: Business		89,820		—
Whitcraft	Senior Secured Revolving Loan	S+	6.50%	10.79%	2/15/2029	Aerospace & Defense		89,643		126,786
Inhabit	Senior Secured Revolving Credit Loan	S+	4.50%	8.79%	1/12/2032	High Tech Industries		87,715		—
Pegasus	Senior Secured Amendment No. 1 Delayed Draw Term Loan	S+	4.75%	9.04%	1/19/2031	Capital Equipment		85,789		—
DynaGrid	Senior Secured Revolving Credit Facility	S+	4.75%	9.04%	1/7/2031	Construction & Building		81,897		—
AmSpec	Senior Secured Delayed Draw Term Loan	S+	4.25%	8.54%	12/22/2031	Energy: Oil & Gas		76,923		—
Applied Adhesives	Senior Secured Revolving Loan	S+	4.50%	8.79%	3/12/2027	Containers, Packaging & Glass		71,111		71,111
Steward Partners	Senior Secured Revolving Loan	S+	4.75%	9.04%	10/14/2028	Banking, Finance, Insurance & Real Estate		69,444		69,444
MB2 Dental	Senior Secured Revolving Loan	S+	5.50%	9.79%	2/13/2031	Healthcare & Pharmaceuticals		66,845		66,845
Options IT	Senior Secured Revolving Loan	S+	4.50%	8.79%	3/31/2031	High Tech Industries		65,225		78,628
Radwell	Senior Secured Revolving Loan	S+	5.50%	9.79%	4/1/2029	Capital Equipment		58,665		63,999
Argano	Senior Secured Revolving Credit Loan	S+	5.75%	10.04%	9/13/2029	Services: Business		55,647		55,647
Keter Environmental Services	Senior Secured Revolving Loan	S+	5.25%	9.54%	10/29/2027	Environmental Industries		52,972		58,140
Encore	Senior Secured Revolving Loan	S+	5.00%	9.29%	12/5/2029	Hotels, Gaming & Leisure		50,332		54,709

48

Investment	Investment Type	Index (^)	Spread	Interest Rate	Maturity	Industry	March 31, 2025		December 31, 2024
Health Management Associates	Senior Secured Delay Draw Term Loan	S+	6.25%	10.54%	3/30/2029	Services: Business	$	49,734	$	—
S&P Engineering Solutions	Senior Secured Revolving Credit Loan	S+	5.00%	9.29%	5/2/2029	Services: Business		49,020		49,020
Terra Millennium	Senior Secured Delayed Draw Term Loan	S+	5.00%	9.29%	11/1/2030	Construction & Building		45,455		—
Ohio Transmission	Senior Secured Initial Revolving Loan	S+	5.50%	9.79%	12/19/2029	Capital Equipment		45,067		52,000
FLS Transportation	Senior Secured Revolving Credit Loan	S+	5.25%	9.54%	12/17/2027	Transportation: Cargo		44,444		44,444
Ohio Transmission	Senior Secured Delayed Draw Term Loan	S+	5.50%	9.79%	12/19/2030	Capital Equipment		43,618		—
Health Management Associates	Senior Secured Revolving Loan	S+	6.25%	10.54%	3/30/2029	Services: Business		40,853		37,300
Aprio	Senior Secured Initial Delayed Draw Term Loan	S+	4.75%	9.04%	8/1/2031	Services: Business		38,745		—
Nvision	Senior Secured 2024 First Amendment Delayed Draw Term	S+	5.50%	9.79%	12/31/2028	Healthcare & Pharmaceuticals		34,665		—
Radwell	Senior Secured Closing Date Delayed Draw Term Loan	S+	5.50%	9.79%	4/1/2029	Capital Equipment		33,333		—
LightBox	Senior Secured Revolving Loan	S+	5.50%	9.79%	1/13/2030	High Tech Industries		32,960		—
Apex Service Partners	Senior Secured 2024 Revolving Credit Loan	S+	5.00%	9.29%	10/24/2029	Services: Consumer		22,406		73,701
Aptean	Senior Secured Delayed Draw Term Loan	S+	5.25%	9.54%	1/30/2031	High Tech Industries		14,307		—
BlueHalo	Senior Secured Revolving Loan	S+	6.00%	10.29%	10/31/2025	Aerospace & Defense		11,679		11,679
EyeSouth Partners	Unitranche Amendment No.2 Term Loan (First Lien)	S+	5.50%	9.79%	10/5/2029	Healthcare & Pharmaceuticals		—		2,474,573
Paradigm Oral Health	Senior Secured Initial Term Loan	S+	4.75%	9.04%	11/16/2028	Healthcare & Pharmaceuticals		—		2,022,857
Midwest Eye Services	Senior Secured Initial Term Loan	S+	4.50%	8.79%	8/20/2027	Healthcare & Pharmaceuticals		—		2,000,000
Prime Pensions	Unitranche Initial Term Loan	S+	5.25%	9.54%	2/26/2030	Banking, Finance, Insurance & Real Estate		—		1,668,571
Miller Environmental	Senior Secured Initial Term Loan	S+	4.75%	9.04%	9/10/2031	Environmental Industries		—		1,184,211
United Air Temp	Unitranche Initial Term Loan	S+	5.50%	9.79%	3/28/2030	Services: Consumer		—		1,053,994
U.S. Foot and Ankle Specialists	Senior Secured Term Loan	S+	5.50%	9.79%	9/15/2026	Healthcare & Pharmaceuticals		—		976,875
Legacy Service Partners	Unitranche Closing Date Term Loan	S+	5.25%	9.54%	1/9/2029	Services: Consumer		—		951,200
OrthoNebraska	Unitranche Term Loan	S+	6.50%	10.79%	7/31/2028	Healthcare & Pharmaceuticals		—		914,913
Ascend	Senior Secured Initial Term Loan	S+	4.50%	8.79%	8/9/2031	Services: Business		—		859,107
Nvision	Senior Secured Fourth Amendment Incremental Term Loan	S+	5.50%	9.79%	12/31/2028	Healthcare & Pharmaceuticals		—		817,121
Steward Partners	Senior Secured Closing Date Term B Loan	S+	4.75%	9.04%	10/14/2028	Banking, Finance, Insurance & Real Estate		—		798,667
Kenco	Senior Secured Initial Term Loan	S+	4.75%	9.04%	11/15/2029	Transportation: Cargo		—		764,701
Rover	Senior Secured Initial Term Loan	S+	4.75%	9.04%	2/27/2031	Services: Consumer		—		750,000
Trystar	Senior Secured Initial Term Loan	S+	4.50%	8.79%	8/6/2031	Capital Equipment		—		537,382
Amplix	Unitranche First Amendment Term Loan	S+	5.25%	9.54%	10/18/2029	Services: Business		—		491,453
EPIC Insurance	Unitranche Refinancing Tranche B Term Loan	S+	4.50%	8.79%	9/29/2028	Banking, Finance, Insurance & Real Estate		—		436,057
GME Supply	Unitranche Initial Term Loan	S+	6.25%	10.54%	7/6/2029	Wholesale		—		420,682
Kept Companies	Senior Secured Term Loan	S+	5.25%	9.54%	4/30/2029	Services: Business		—		416,333
Associated Springs	Senior Secured Amendment No. 1 Incremental Term Loan	S+	5.75%	10.04%	4/4/2030	Capital Equipment		—		378,788
Apex Service Partners	Unitranche 2024 Term Loan	S+	5.00%	9.29%	10/24/2030	Services: Consumer		—		355,292
Vensure	Senior Secured Initial Term Loan	S+	5.00%	9.29%	9/27/2031	Services: Business		—		343,882
Argano	Senior Secured Initial Term Loan	S+	5.75%	10.04%	9/13/2029	Services: Business		—		327,273
MB2 Dental	Unitranche Initial Term Loan	S+	5.50%	9.79%	2/13/2031	Healthcare & Pharmaceuticals		—		266,043
Options IT	Senior Secured Initial Term Loan	S+	4.50%	8.79%	9/30/2031	High Tech Industries		—		256,410
Electric Power Engineers	Senior Secured Term Loan	S+	4.50%	8.79%	12/15/2031	Construction & Building		—		238,095
Aprio	Senior Secured Initial Term Loan	S+	4.75%	9.04%	8/1/2031	Services: Business		—		234,128
Shaw	Senior Secured Initial Senior Term Facility	S+	6.00%	10.29%	10/30/2029	Capital Equipment		—		212,766
Liberty Group	Unitranche Initial Term Loan	S+	5.75%	10.04%	6/15/2028	Services: Business		—		204,545
Solis Mammography	Senior Secured 2024 Incremental Term Loan (First Lien)	S+	4.50%	8.79%	4/17/2028	Healthcare & Pharmaceuticals		—		200,000
A1 Garage Door Service	Unitranche Term Loan A	S+	4.75%	9.04%	12/22/2028	Construction & Building		—		166,970
United Air Temp	Senior Secured Revolving Loan	S+	5.50%	9.79%	3/28/2030	Services: Consumer		—		147,559
AmSpec	Senior Secured Revolving Loan	S+	5.50%	9.79%	12/5/2029	Energy: Oil & Gas		—		145,363
Industrial Physics	Senior Secured Initial Term Loan	S+	6.25%	10.54%	7/19/2029	Containers, Packaging & Glass		—		142,857
insightsoftware	Unitranche Initial Term Loan	S+	5.25%	9.54%	5/25/2028	High Tech Industries		—		128,333
Heartland	Senior Secured Initial Term Loan	S+	5.25%	9.54%	12/12/2029	Services: Business		—		126,346
Cherry Bekaert	Unitranche Term B Loan	S+	5.25%	9.54%	6/30/2028	Banking, Finance, Insurance & Real Estate		—		106,110
USALCO	Senior Secured Initial Term Loan	S+	4.00%	8.29%	9/30/2031	Chemicals, Plastics & Rubber		—		103,030
Health Management Associates	Senior Secured Term Loan A	S+	6.25%	10.54%	3/30/2029	Services: Business		—		88,810
Pegasus	Senior Secured Initial Term Loan	S+	4.75%	9.04%	1/19/2031	Capital Equipment		—		85,789
Ohio Transmission	Unitranche Initial Term Loan	S+	5.50%	9.79%	12/19/2030	Capital Equipment		—		63,487
Discovery Education	Senior Secured Revolving Credit Loan (First Lien)	S+	2.88%	7.16%	4/9/2029	Services: Business		—		59,829
Carlisle Foodservice	Senior Secured Initial Term Loan	S+	5.00%	9.29%	10/2/2030	Wholesale		—		52,551
Terra Millennium	Senior Secured Initial Term Loan	S+	5.00%	9.29%	11/1/2030	Construction & Building		—		45,455
Nvision	Senior Secured 2024 Initial Term Loan	S+	5.50%	9.79%	12/31/2028	Healthcare & Pharmaceuticals		—		34,665
Radwell	Unitranche Initial Term Loan	S+	5.50%	9.79%	4/1/2029	Capital Equipment		—		33,333
Aptean	Unitranche Initial Term Loan	S+	5.25%	9.54%	1/30/2031	High Tech Industries		—		25,301
							$	36,165,486	$	37,896,006

Unfunded commitments represent all amounts unfunded as of March 31, 2025 and December 31, 2024. These amounts may or may not be funded to the borrowing party now or in the future.

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Note 10. Financial Highlights

	Three Months Ended March 31, 2025			Three Months Ended March 31, 2024
Per Share Data:
Net asset value, beginning of period	$	9.07		$	9.19
Net investment income(a)		0.18			0.20
Net realized gain (loss) on investments and change in unrealized depreciation on investments(a)(b)		(0.05	)		(0.02	)
Net increase in net assets resulting from operations	$	0.13		$	0.18
Effect of equity capital activity
Distributions to stockholders from net investment income(a)		(0.18	)		—
Distributions to stockholders from return of capital(a)		(0.00	)		—
Net asset value at end of period	$	9.02		$	9.37
Total return(c) (g)		1.42	%		1.96	%
Shares of common stock outstanding at end of period		47,020,457			44,518,989
Statement of Assets and Liabilities Data:
Net assets at end of period	$	424,112,802		$	417,250,312
Average net assets(d)		425,799,204			412,355,887
Ratio/Supplemental Data:
Ratio of gross expenses before incentive fees to average net assets - annualized(e)		1.39	%		1.39	%
Ratio of gross expenses after incentive fees to average net assets - annualized(e)		2.67	%		2.81	%
Ratio of net expenses to average net assets - annualized(f)		1.48	%		1.57	%
Ratio of net investment income to average net assets - annualized		8.05	%		8.85	%
Portfolio turnover(g)		0.58	%		3.11	%

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

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

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

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

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

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

(g)Not annualized.

Note 11. Indemnification

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

Note 12. Subsequent Events

The Company has evaluated subsequent events through May 13, 2025, the date of which the financial statements were issued. Other than the items discussed below, the Company has concluded there are no material items that warrant disclosure. Subsequent to March 31, 2025 and through May 13, 2025, the Company invested $4,842,188 at cost in 40 different portfolio companies.

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

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

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

•our future operating results;

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

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

•the state of and changes in the general economy, including a possible slowdown in the economy;

•the risk of recession;

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

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

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

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

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

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

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

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

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

•the effect of investments that we expect to make;

•our contractual arrangements and relationships with third parties;

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

•the adequacy of our financing sources and working capital;

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

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

•the risks, uncertainties and other factors we identify in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10‑K for the year ended December 31, 2024 filed with the SEC on March 24, 2025 (the “Annual Report”).

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

OVERVIEW

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

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

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

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

PORTFOLIO COMPOSITION AND INVESTMENT ACTIVITY

Portfolio Composition

The fair value of our investments, comprised of syndicated loans and equity, as of March 31, 2025, was approximately $408,233,009 and held in 241 portfolio companies as of March 31, 2025. The fair value of our investments, comprised of syndicated loans and equity, as of December 31, 2024, was approximately $410,031,275, and we held investments in 244 portfolio companies as of December 31, 2024

During the three months ended March 31, 2025, we invested in 25 new syndicated investments for a combined $16,052,763 and in existing investments for a combined $7,123,466. We also received $20,634,208 in repayments from investments and $2,362,943 from investments sold during the three months ended March 31, 2025. During the three months ended March 31, 2024, we invested in 29 new syndicated investments for a combined $16,981,064 and in existing investments for a combined $6,464,271. We also received $21,421,870 in repayments from investments and $12,284,058 from investments sold during the three months ended March 31, 2024.

In addition, for the three months ended March 31, 2025, we had a change in unrealized depreciation of approximately $2,652,187, and realized gains of $133,380. For the three months ended March 31, 2024, we had a change in unrealized depreciation of approximately $592,485, and realized losses of $315,847.

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Our investment activity for the three months ended March 31, 2025 and 2024, is presented below:

	Three Months Ended March 31, 2025			Three Months Ended March 31, 2024
Beginning investment portfolio, at fair value	$	410,031,275		$	387,194,568
Investments in new portfolio investments		16,052,763			16,981,064
Investments in existing portfolio investments		7,123,466			6,464,271
Principal repayments		(20,634,208	)		(21,421,870	)
Proceeds from investments sold		(2,362,943	)		(12,284,058	)
Change in premiums, discounts and amortization		541,463			232,264
Net change in unrealized depreciation on investments		(2,652,187	)		(592,485	)
Realized gain (loss) on investments		133,380			(315,847	)
Ending portfolio investment activity, at fair value	$	408,233,009		$	376,257,907
Number of portfolio investments		291			250
Average investment amount, at cost	$	1,435,834		$	1,520,509
Percentage of investments at floating rates		100.00	%		99.17	%

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

RECENT DEVELOPMENTS

Subsequent to March 31, 2025 through May 13, 2025, the Company invested $4,842,188 at cost in 40 different portfolio companies.

RESULTS OF OPERATIONS

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

Revenue

Total investment income for the three months ended March 31, 2025 and 2024 is presented in the table below.

	Three Months Ended March 31, 2025		Three Months Ended March 31, 2024
Total interest income from non-controlled/non-affiliated investments	$	9,916,756	$	10,584,397
Total other interest income		59,392		85,860
Total other income		25,990		9,145
Total investment income	$	10,002,138	$	10,679,402

Total investment income for the three months ended March 31, 2025 decreased to $9,916,756 from $10,584,397 for the three months ended March 31, 2024, and was primarily driven by a decrease in interest rate spreads over the period. As of March 31, 2025 and 2024, the size of our debt portfolio was $411,574,595 and $374,591,268 at amortized cost, respectively, with total debt principal amount outstanding of $416,385,124 and $379,566,089, respectively.

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Expenses

Total expenses net of waivers for the three months ended March 31, 2025 and 2024, were as follows:

	Three Months Ended March 31, 2025			Three Months Ended March 31, 2024
Base management fee(a)	$	1,082,732		$	1,033,988
Incentive fee(a)		1,337,809			1,444,313
Professional fees		136,886			139,284
Directors' fees		72,750			69,000
Administrative fee(a)		66,250			66,250
Other expenses		104,461			104,687
Total expenses		2,800,888			2,857,522
Base management fee waivers(a)		(378,956	)		(361,896	)
Incentive fee waivers(a)		(872,650	)		(890,590	)
Total expenses, net of waivers	$	1,549,282		$	1,605,036

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

The increase in base management fees before waivers for the three months ended March 31, 2025 in comparison to the three months ended March 31, 2024 was driven by our increasing average gross assets balance. For the three months ended March 31, 2025 and 2024, we accrued gross base management fees before waivers of $1,082,732 and $1,033,988, respectively. Offsetting those fees, we recognized base management fee waivers of $378,956 and $361,896 for three months ended March 31, 2025 and 2024, respectively.

The decrease in incentive fees before waivers for the three months ended March 31, 2025 in comparison to the three months ended March 31, 2024 was driven by our decrease in net investment income. For the three months ended March 31, 2025 and 2024, we accrued incentive fees related to net investment income before waivers of $1,337,809 and $1,444,313, respectively. Offsetting those fees, we recognized incentive fee waivers of $872,650 and $890,590, respectively.

Additionally, we accrued $66,250 of administrative fees for each of the three months ended March 31, 2025 and 2024. Refer to Note 4 — Related Party Transactions in the notes accompanying our financial statements for more information related to base management fees, incentive fees and waivers.

During the three months ended March 31, 2025, we incurred professional fees of $136,886 related to audit fees, tax fees, and legal fees. During the three months ended March 31, 2024, we incurred professional fees of $139,284 related to audit fees, tax fees, and legal fees.

During the three months ended March 31, 2025, we incurred expenses related to fees paid to our independent directors of $72,750. During the three months ended March 31, 2024, we incurred expenses related to fees paid to our independent directors of $69,000.

During the three months ended March 31, 2025, we incurred no interest expense in connection with our short-term borrowings. During the three months ended March 31, 2024, we incurred no interest expense in connection with our short-term borrowings. Refer to Note 8 — Borrowings in the notes accompanying our financial statements for more information related to interest expense.

Realized and Unrealized Gains and Losses

We recognized $133,380 and $(315,847) in net realized gains (losses) for the three months ended March 31, 2025 and 2024, respectively.

Net change in unrealized appreciation (depreciation) on investments for the three months ended March 31, 2025 and 2024 was as follows:

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Type	Three Months Ended March 31, 2025			Three Months Ended March 31, 2024
First Lien Debt	$	(1,917,992	)	$	770,105
Unitranche Debt		(944,560	)		(1,013,730	)
Second Lien Debt		2,732			(624,526	)
Equity and Preferred Shares		207,633			275,666
Net change in unrealized depreciation on investments	$	(2,652,187	)	$	(592,485	)

Net change in unrealized depreciation on investments during the three months ended March 31, 2025 was primarily due to the change in the results and financial position of the portfolio companies. Net change in unrealized appreciation on investments during the three months ended March 31, 2024 was primarily due to the change in the results and financial position of the portfolio companies.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

We generate cash primarily from the net proceeds of any offering of shares of our Common Stock, from cash flows from interest and fees earned from our investments, and from principal repayments and proceeds from sales of our investments. Our primary use of cash is investments in portfolio companies, payments of our expenses, cash distributions to our stockholders, and repurchases of common stock from our stockholders. As of March 31, 2025 and December 31, 2024, we had cash of $15,374,403 and $19,737,091, respectively.

Operating Activities

Net cash provided by operating activities for the three months ended March 31, 2025 was $4,100,964. The primary operating activities during this period were investments in portfolio companies. The Company invested $16,052,763 in new portfolio investments and $7,123,466 in existing portfolio investments during the three months ended March 31, 2025. This was offset by repayments of bank loans and sales of investments of $20,634,208 and $2,362,943, respectively. Net cash provided by operating activities for the three months ended March 31, 2024 was $25,057,036. The primary operating activities during this period were investments in portfolio companies. The Company invested $16,981,064 in new portfolio investments and $6,464,271 in existing portfolio investments during the three months ended March 31, 2024. This was offset by repayments of bank loans and sales of investments of $21,421,870 and $12,284,058, respectively.

As of March 31, 2025, we had 118 investments with unfunded commitments of $36,165,486. As of December 31, 2024, we had 109 investments with unfunded commitments of $37,896,006. We believe that, as of both March 31, 2025 and December 31, 2024, we had sufficient assets to adequately cover any obligations under our unfunded commitments.

The following table summarizes our total portfolio activity during the three months ended March 31, 2025 and 2024:

	Three Months Ended March 31, 2025			Three Months Ended March 31, 2024
Beginning investment portfolio	$	410,031,275		$	387,194,568
Investments in new portfolio investments		16,052,763			16,981,064
Investments in existing portfolio investments		7,123,466			6,464,271
Principal repayments		(20,634,208	)		(21,421,870	)
Proceeds from sales of investments		(2,362,943	)		(12,284,058	)
Net change in unrealized depreciation on investments		(2,652,187	)		(592,485	)
Net realized gain (loss) on investments		133,380			(315,847	)
Net change in premiums, discounts and amortization		541,463			232,264
Investment Portfolio, at Fair Value	$	408,233,009		$	376,257,907

Financing Activities

Net cash used in our financing activities for the three months ended March 31, 2025 was $8,463,652, which consisted of $8,463,652 of distributions paid to our common stockholders during the period. Net cash used in our financing activities for the three months ended March 31, 2024 was $0.

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Equity Activity

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

Amount	Date
$140,000,000	June 23, 2015
$50,000,000	December 2, 2016
$100,000,000	On December 7, 2017
$40,000,000	March 22, 2019
$30,000,000	September 23, 2019
$11,200,000	March 20, 2020
$8,900,000	May 28, 2021
$110,000,000	December 15, 2021
$30,000,000	June 13, 2023
$37,000,000	March 25, 2024
$66,000,000	October 1, 2024

As of March 31, 2025, there were no unfunded capital commitments by the Company’s investors.

The number of shares of our Common Stock issued and outstanding as of March 31, 2025 and December 31, 2024, were 47,020,457 and 47,020,454, respectively.

Distributions to Stockholders – Common Stock Distributions

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

We may fund our cash distributions from any sources of funds available, including offering proceeds, borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, dividends or other distributions paid to us on account of preferred and common equity investments in portfolio companies and fee waivers from our Adviser. Our distributions may exceed our earnings, especially during the period before we have substantially invested the proceeds from an offering. As a result, a portion of the distributions may represent a return of capital for U.S. federal income tax purposes. Thus, the source of a distribution to our stockholders may be the original capital invested by the stockholder rather than our income or gains. In addition, we may be limited in our ability to make distributions due to the asset coverage test for borrowings applicable to us as a BDC under the 1940 Act. We declared distributions of $8,463,682, or $0.180 per share during the three months ended March 31, 2025. We did not declare a distribution during the three months ended March 31, 2024.

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

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Related Party Fees

For the three months ended March 31, 2025 and 2024, we recorded base management fees of $1,082,732 and $1,033,988, respectively. Offsetting these fees were waivers to the base management fees of $378,956 and $361,896, respectively, as set forth within the accompanying statements of operations.

For the three months ended March 31, 2025 and 2024, we recorded incentive fees of $1,337,809 and $1,444,313, respectively. Offsetting these waivers to the incentive fees of $872,650 and $890,590, respectively, as set forth within the accompanying statements of operations.

For both the three months ended March 31, 2025 and 2024, we recorded administrative fees of $66,250, as set forth within the accompanying statements of operations.

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

	March 31, 2025		December 31, 2024
Net base management fee due to Adviser	$	703,776	$	686,366
Net incentive fee due to Adviser		465,159		510,082
Total fees due to Adviser, net of waivers		1,168,935		1,196,448
Fee due to Administrator, net of waivers		66,250		66,250
Total Related Party Fees Due	$	1,235,185	$	1,262,698

Tender Offers

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

CRITICAL ACCOUNTING POLICIES

This discussion of our operations is based upon our financial statements, which are prepared in accordance with GAAP. The preparation of these financial statements requires our management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses.

Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ. In addition to the discussion below, we describe our critical accounting policies in the notes to our financial statements.

Valuation of Investments

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

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

As part of the valuation process, the Valuation Designee may take into account the following types of factors, if relevant, in determining the fair value of our investments: applicable market yields and multiples; security covenants; call protection provisions; information rights; comparisons of financial ratios of the portfolio companies that issued such private equity securities to peer companies that are public; comparable merger and acquisition transactions; the nature and realizable value of any collateral; the

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portfolio company’s ability to make payments and its earnings and discounted cash flow; available current market data, including relevant and applicable markets in which the portfolio company does business; and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Valuation Designee will consider the pricing indicated by the external event in its valuation of the portfolio investment.

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

•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;

•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;

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

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

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

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

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different from the valuations currently assigned.

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

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

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

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

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

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

Level 3 — Inputs to the valuation methodology are unobservable and significant to the overall fair value measurement, and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. The types of financial instruments in this category include

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investments in privately held entities, non-investment grade residual interests in securitizations, collateralized loan obligations, and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

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

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

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

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

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

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

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

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

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

•securities whose prices are stale; and

•securities affected by significant events.

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

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

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

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

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

Revenue Recognition

We record interest income on an accrual basis to the extent that we expect to collect such amounts. For loans and debt securities with contractual PIK interest, which represents contractual interest accrued and added to the principal balance, we generally will not accrue PIK interest for accounting purposes if the portfolio company valuation indicates that such PIK interest is not collectible. We do not accrue as a receivable interest on loans and debt securities for accounting purposes if we have reason to doubt

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our ability to collect such interest. OID, market discounts or premiums are accreted or amortized using the effective interest method as interest income. We record prepayment premiums on loans and debt securities as interest income.

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

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

PIK Interest

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

U.S. Income Taxes

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

Depending on the level of taxable income earned in a taxable year, we may choose to retain taxable income in excess of current year distributions into the next taxable year. We would then incur a 4% excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income may exceed estimated current year distributions, we will accrue an excise tax, if any, on estimated excess taxable income as taxable income is earned. We did not accrue any excise tax for the fiscal years ended December 31, 2024, 2023, and 2022.

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

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

COMMITMENTS AND CONTINGENCIES

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

Unfunded commitments to provide funds to portfolio companies are not reflected in our accompanying statements of assets and liabilities. Our unfunded commitments may be significant from time to time. These commitments are subject to the same underwriting and ongoing portfolio maintenance as are the on-balance sheet financial instruments that we hold. Since these commitments may expire without being drawn, the total commitment amount does not necessarily represent future cash requirements. We use cash flow from normal and early principal repayments and proceeds from borrowings and offerings to fund these commitments. As of March 31, 2025, we had 118 investments with unfunded commitments of $36,165,486. As of December 31,

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2024, we had 109 investments with unfunded commitments of $37,896,006. We believe that, as of March 31, 2025 and December 31, 2024, we had sufficient assets to adequately cover any obligations under our unfunded commitments.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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

Change in interest rates	Increase (decrease) in investment income
Up 300 basis points		12,491,554
Up 200 basis points		8,327,703
Up 100 basis points		4,163,851
Down 100 basis points		(4,163,851	)
Down 200 basis points		(8,327,703	)
Down 300 basis points		(12,491,554	)

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

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

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

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

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

Changes in Internal Control Over Financial Reporting

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

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PART II–OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We are not currently subject to any material legal proceeding, nor, to our knowledge, is any material legal proceeding threatened against us.

From time to time, we, our Adviser or Administrator may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.

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

ITEM 1A. RISK FACTORS

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

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

Not applicable.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

During the three months ended March 31, 2025, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

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ITEM 6. EXHIBITS

3.1	Amended and Restated Certificate of Incorporation (Incorporated by reference to Exhibit 3.1 to the Registration Statement on Form 10 (File no. 000-55426), filed on April 17, 2015).
3.2	Form of Bylaws (Incorporated by reference to Exhibit 3.2 to the Registration Statement on Form 10 (File no. 000-55426), filed on April 17, 2015).
10.1	Amendment to the Management Fee Waiver Agreement, dated as of January 1, 2025, by and between the Company and the Adviser (Incorporated by reference to Exhibit 10.13 to the Company's Annual Report on Form 10-K (File no. 814-01154), filed on March 24, 2025)
31.1*	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended.
31.2*	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended.
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, as amended (18 U.S.C. 1350).
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, as amended (18 U.S.C. 1350).
99.1	Code of Ethics (Incorporated by reference to Exhibit 99.1 to Pre-Effective Amendment No. 1 to the Registration Statement on Form 10, File No. 000-55426, filed on June 5, 2015).
101.INS*	Inline XBRL Instance Document–the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document
101.SCH*	Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
104*	Cover page formatted as Inline XBRL and contained in Exhibit 101

* Filed herewith

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SIGNATURES

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

	Audax Credit BDC Inc.
Date: May 13, 2025	By:	/s/ Michael P. McGonigle
		Michael P. McGonigle
		Chief Executive Officer
Date: May 13, 2025	By:	/s/ Richard T. Joseph
		Richard T. Joseph
		Chief Financial Officer

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