10-Q 1 tm2211940d1_10q.htm FORM 10-Q

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 10-Q

 

 

(Mark One)

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

 

For the quarterly period ended March 31, 2022

 

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.)

 

101 HUNTINGTON AVENUE    
BOSTON, MASSACHUSETTS   02199
(Address of principal executive office)   (Zip Code)

 

(617) 859-1500 

(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   x     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 x 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  x

 

The registrant had 43,166,536 shares of common stock, par value $0.001 per share, outstanding as of May 12, 2022.

 

 

 

 

 

 

AUDAX CREDIT BDC INC.

TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION:  
     
Item 1. Financial Statements  
     
  Statements of Assets and Liabilities as of March 31, 2022 (unaudited) and December 31, 2021   2
     
  Statements of Operations for the three months ended March 31, 2022 (unaudited) and 2021 (unaudited) 3
     
  Statements of Changes in Net Assets for the three months ended March 31, 2022 (unaudited) and 2021 (unaudited) 4
     
  Statements of Cash Flows for the three months ended March 31, 2022 (unaudited) and 2021 (unaudited) 5
     
  Schedules of Investments as of March 31, 2022 (unaudited) and December 31, 2021 6
     
  Notes to Financial Statements (unaudited) 16
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations  
     
  Overview 37
  Results of Operations 39
  Financial Condition, Liquidity and Capital Resources 41
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 48
     
Item 4. Controls and Procedures 49
     
PART II. OTHER INFORMATION:  
     
Item 1. Legal Proceedings 51
     
Item 1A. Risk Factors 51
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 52
     
Item 3. Defaults Upon Senior Securities 52
     
Item 4. Mine Safety Disclosures 52
     
Item 5. Other Information 52
     
Item 6. Exhibits 52
   
SIGNATURES 53

 

 

 

 

Audax Credit BDC Inc.

Statements of Assets and Liabilities

March 31, 2022 and December 31, 2021

(Expressed in U.S. Dollars)

 

   March 31, 2022    
   (unaudited)   December 31, 2021 
Assets          
Investments, at fair value          
Non-Control/Non-Affiliate investments (Cost of $421,926,849 and $404,292,618, respectively)  $419,122,442   $403,054,374 
Cash and cash equivalents   11,581,409    11,058,796 
Interest receivable   1,513,151    1,043,554 
Receivable from bank loan repayment   97,517    26,771 
Other assets   157,500    - 
Total assets  $432,472,019   $415,183,495 
           
Liabilities          
Accrued expenses and other liabilities  $419,781   $326,497 
Fee due to administrator(a)   66,250    66,250 
Fees due to investment advisor, net of waivers(a)   1,424,197    640,329 
Payable for investments purchased   23,568,649    40,203,085 
Total liabilities  $25,478,877   $41,236,161 
Commitments and contingencies(b)          
           
Net Assets          
Common stock, $0.001 par value per share, 100,000,000 shares authorized, 43,166,536 and 39,961,408 shares issued and outstanding, respectively  $43,167   $39,961 
Capital in excess of par value   408,668,955    378,672,161 
Total distributable earnings   (1,718,980)   (4,764,788)
Total Net Assets  $406,993,142   $373,947,334 
           
Net Asset Value per Share of Common Stock at End of Period  $9.43   $9.36 
           
Shares Outstanding   43,166,536    39,961,408 

 

(a) Refer to Note 4-Related Party Transactions for additional information.
(b) Refer to Note 8-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, 2022   March 31, 2021 
Investment Income          
Interest income          
Non-Control/Non-Affiliate  $5,389,818   $4,768,685 
Other   384    274 
Total interest income   5,390,202    4,768,959 
Other income          
Non-Control/Non-Affiliate   38,118    47,514 
Total income   5,428,320    4,816,473 
           
Expenses          
Base management fee(a)  $1,038,439   $914,050 
Incentive fee(a)   426,322    291,293 
Administrative fee(a)   66,250    66,250 
Directors’ fees   56,250    56,250 
Professional fees   81,675    93,318 
Other expenses   79,177    89,223 
Interest expense   41,166    - 
Expenses before waivers from investment adviser and administrator   1,789,279    1,510,384 
Base management fee waivers(a)   (363,454)   (319,917)
Incentive fee waivers(a)   (383,690)   (262,164)
Total expenses, net of waivers   1,042,135    928,303 
Net Investment Income   4,386,185    3,888,170 
           
Realized and Unrealized Gain (Loss) on Investments          
Net realized gain on investments   225,786    63,270 
Net change in unrealized (depreciation) appreciation on investments   (1,566,163)   1,125,914 
Net realized and unrealized (loss) gain on investments   (1,340,377)   1,189,184 
           
Net Increase in Net Assets Resulting from Operations  $3,045,808   $5,077,354 
           
Basic and Diluted per Share of Common Stock:          
Net investment income  $0.10   $0.10 
Net increase in net assets resulting from operations  $0.07   $0.13 
           
Weighted average shares of common stock outstanding basic diluted   42,774,798    38,957,735 

 

(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 March 31, 2022   Three Months Ended March 31, 2021 
Operations          
Net investment income  $4,386,185   $3,888,170 
Net realized gain on investments   225,786    63,270 
Net change in unrealized (depreciation) appreciation on investments   (1,566,163)   1,125,914 
Net increase in net assets resulting from operations   3,045,808    5,077,354 
           
Capital Share Transactions:          
Issuance of common stock   30,000,000    6,200,000 
Net increase in net assets from capital share transactions   30,000,000    6,200,000 
           
Net Increase in Net Assets   33,045,808    11,277,354 
           
Net Assets, Beginning of Period   373,947,334    356,882,861 
           
Net Assets, End of Period  $406,993,142   $368,160,215 

 

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, 2022   March 31, 2021 
Cash flows from operating activities:          
Net increase in net assets resulting from operations  $3,045,808   $5,077,354 
Adjustments to reconcile net increase in net assets from operations to net cash (used in) provided by operating activities:          
Net realized gain on investments   (225,786)   (63,270)
Net change in unrealized depreciation (appreciation) on investments   1,566,163    (1,125,914)
Accretion of original issue discount interest and payment-in-kind interest   (206,238)   (159,050)
Increase in interest receivable   (469,597)   (165,263)
Increase in receivable from bank loan repayment   (70,746)   (34,970)
Increase in other assets   (157,500)   (146,250)
Increase (decrease) in accrued expenses and other liabilities   93,284    (3,374)
Increase in fees due to investment advisor(a)   783,868    8,418 
(Decrease) increase in payable for investments purchased   (16,634,436)   10,298,200 
Investment activity:          
Investments purchased   (33,568,785)   (31,758,494)
Proceeds from investments sold   4,047,932    5,113,536 
Repayment of bank loans   12,318,646    16,092,791 
Total investment activity   (17,202,207)   (10,552,167)
           
Net cash (used in) provided by operating activities   (29,477,387)   3,133,714 
           
Cash flows from financing activities:          
Issuance of shares of common stock   30,000,000    6,200,000 
           
Net cash provided by financing activities   30,000,000    6,200,000 
           
Net increase in cash and cash equivalents   522,613    9,333,714 
           
Cash and cash equivalents:          
Cash and cash equivalents, beginning of period   11,058,796    4,289,122 
           
Cash and cash equivalents, end of period  $11,581,409   $13,622,836 
           
Supplemental non-cash information          
Interest paid on short-term financing  $41,166   $- 
           
Supplemental non-cash information          
Payment-in-kind (“PIK”) interest income  $61,319   $40,499 

 

(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.

Schedule of Investments

As of March 31, 2022

(Expressed in U.S. Dollars)

(unaudited)

 

Portfolio Investments (a) (b) (c) (d) (e) (f)  Acquisition
Date		  Par   Cost   Value 
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS - (102.5%)(g)(h):               
                
Healthcare & Pharmaceuticals              
Radiology Partners, Senior Secured Term B Loan (First Lien), 5.21% (Libor + 4.25%), maturity 7/9/25 (i)  6/28/2018  $4,215,792   $4,346,660   $4,176,019 
Advarra, Senior Secured Initial Term Loan (First Lien), 5.25% (Libor + 4.25%), maturity 7/9/26  6/26/2019   4,135,031    4,108,030    4,135,031 
Young, Senior Secured Initial Term Loan (First Lien), 5.00% (Libor + 4.00%), maturity 11/7/24 (i)  11/6/2017   3,745,696    3,738,763    3,745,696 
American Vision Partners, Senior Secured Term Loan, 6.71% (Libor + 5.75%), maturity 9/30/27 (j)  9/22/2021   3,528,779    3,467,885    3,493,491 
InHealth Medical Alliance, Senior Secured Initial Term Loan, 7.00% (Libor + 6.00%), maturity 6/28/28  6/25/2021   3,482,500    3,450,105    3,369,319 
PharMedQuest, Senior Secured Initial Term Loan, 6.75% (Libor + 5.75%), maturity 10/31/24 (j)  11/6/2019   3,288,398    3,261,221    3,271,956 
Zest Dental, Senior Secured Initial Term Loan (First Lien), 4.46% (Libor + 3.50%), maturity 3/14/25 (i)  5/30/2018   3,239,110    3,251,031    3,171,425 
Waystar, Senior Secured Initial Term Loan (First Lien), 4.96% (Libor + 4.00%), maturity 10/22/26 (i)  9/19/2019   2,942,469    2,935,645    2,933,886 
Physicians Endoscopy, Senior Secured Initial Term Loan (First Lien), 5.75% (Libor + 4.75%) PIK, maturity 8/18/23  8/18/2016   2,853,037    2,840,626    2,810,241 
Zelis RedCard, Senior Secured Term B-1 Loan, 4.46% (Libor + 3.50%), maturity 9/30/26 (i)  9/27/2019   2,414,528    2,404,810    2,395,156 
Soliant, Senior Secured Initial Term Loan, 5.21% (Libor + 4.25%), maturity 3/31/28  3/26/2021   2,325,000    2,308,390    2,325,000 
Premise Health, Senior Secured Initial Term Loan (First Lien), 4.46% (Libor + 3.50%), maturity 7/10/25  8/15/2018   2,276,703    2,281,537    2,276,703 
Gastro Health, Senior Secured Initial Term Loan (First Lien), 5.46% (Libor + 4.50%), maturity 7/3/28 (i)  7/2/2021   1,990,000    1,980,500    1,990,000 
nThrive, Senior Secured Initial Loan (Second Lien), 7.71% (Libor + 6.75%), maturity 12/17/29 (i)  11/19/2021   2,000,000    1,971,500    1,975,828 
Upstream Rehabilitation, Senior Secured August 2021 Incremental Term Loan (First Lien), 5.21% (Libor + 4.25%), maturity 11/20/26  10/24/2019   1,966,391    1,963,648    1,956,559 
Press Ganey, Senior Secured Initial Term Loan (First Lien), 4.46% (Libor + 3.50%), maturity 7/24/26 (i)  7/23/2019   1,950,000    1,945,109    1,925,794 
Avalign Technologies, Senior Secured Initial Term Loan (First Lien), 5.46% (Libor + 4.50%), maturity 12/22/25  12/19/2018   1,935,000    1,924,801    1,872,113 
Advanced Diabetes Supply, Senior Secured Term Loan December 2020, 6.25% (Libor + 5.25%), maturity 12/30/26  7/13/2021   1,867,644    1,850,124    1,867,644 
Quantum Health, Senior Secured Amendment No. 1 Refinancing Term Loan (First Lien), 5.46% (Libor + 4.50%), maturity 12/22/27 (i)  12/18/2020   1,488,750    1,467,803    1,492,472 
Blue Cloud, Unitranche, 6.00% (Libor + 5.00%), maturity 1/21/28  12/13/2021   1,500,000    1,477,797    1,488,750 
Therapy Brands, Senior Secured Initial Term Loan (First Lien), 4.96% (Libor + 4.00%), maturity 5/18/28  5/12/2021   1,492,500    1,485,660    1,485,038 
Mission Veterinary Partners, Senior Secured Initial Term Loan (First Lien), 4.96% (Libor + 4.00%), maturity 4/27/28 (i)  12/15/2021   1,492,500    1,478,286    1,472,053 
Ivy Rehab, Senior Secured Initial Term Loan (First Lien), 5.71% (Libor + 4.75%), maturity 3/15/29 (i)  3/11/2022   1,500,000    1,470,000    1,470,000 
Symplr, Senior Secured Initial Term Loan (First Lien), 5.46% (Libor + 4.50%), maturity 12/22/27 (i)  11/23/2020   1,485,000    1,464,195    1,469,820 
CPS, Unitranche, 6.00% (Libor + 5.00%), maturity 2/28/25 (j)  3/1/2019   1,458,442    1,446,205    1,458,442 
Tecomet, Senior Secured 2017 Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 5/1/24  1/10/2019   1,152,861    1,150,808    1,115,393 
Solis Mammography, Senior Secured Initial Term Loan (First Lien), 5.71% (Libor + 4.75%), maturity 4/17/28  4/1/2021   1,058,333    1,049,403    1,050,396 
Wedgewood Pharmacy, Senior Secured Initial Term Loan, 5.21% (Libor + 4.25%), maturity 3/31/28 (i)  2/24/2021   995,000    985,785    997,488 
Solis Mammography, Senior Secured Initial Term Loan (Second Lien), 8.96% (Libor + 8.00%), maturity 4/16/29  4/1/2021   1,000,000    986,320    992,500 
nThrive, Senior Secured Initial Term Loan (First Lien), 4.96% (Libor + 4.00%), maturity 12/18/28 (i)  11/19/2021   1,000,000    995,250    990,881 
Micro Merchant Systems, Unitranche, 6.71% (Libor + 5.75%), maturity 12/14/27 (i) (j)  3/2/2022   1,000,000    988,889    990,000 
Allied Benefit Systems, Senior Secured Initial Term B Loan, 5.50% (Libor + 4.50%), maturity 11/18/26  10/21/2020   987,500    975,706    985,031 
CareCentrix, Senior Secured Initial Term Loan, 5.46% (Libor + 4.50%), maturity 4/3/25 (i)  4/2/2018   967,745    965,299    961,010 
Dermatologists of Central States, Senior Secured Term Loan, 9.50% (Libor + 8.50%), maturity 5/13/22 (i) (j)  3/12/2020   954,986    954,986    954,986 
Alcami, Senior Secured Initial Term Loan (First Lien), 5.21% (Libor + 4.25%), maturity 7/14/25  7/12/2018   965,000    962,402    926,400 
Forefront, Senior Secured Closing Date Term Loan, 5.21% (Libor + 4.25%), maturity 4/2/29 (i)  3/23/2022   842,520    825,669    825,669 
UDG, Senior Secured Initial Dollar Term Loan (First Lien), 5.21% (Libor + 4.25%), maturity 8/19/28 (i) (l)  8/6/2021   631,875    625,962    628,716 
ImageFirst, Senior Secured Initial Term Loan, 5.46% (Libor + 4.50%), maturity 4/27/28  4/26/2021   609,375    606,745    606,328 
MyEyeDr, Senior Secured Initial Term Loan (First Lien), 5.21% (Libor + 4.25%), maturity 8/31/26 (i)  8/2/2019   525,353    521,825    519,454 
MedRisk, Senior Secured Initial Term Loan (First Lien), 4.71% (Libor + 3.75%), maturity 5/10/28 (i)  4/1/2021   497,500    492,892    493,013 
AccentCare, Senior Secured 2021 Term Loan (First Lien), 4.96% (Libor + 4.00%), maturity 6/22/26 (i)  6/15/2021   496,250    496,250    490,446 
Press Ganey, Senior Secured 2020 Incremental Term Loan (First Lien), 4.96% (Libor + 4.00%), maturity 7/24/26 (i)  10/1/2020   495,009    491,001    488,865 
RMP & MedA/Rx, Senior Secured Term Loan, 5.50% (Libor + 4.50%), maturity 2/6/25  3/22/2021   484,375    479,853    484,375 
RMP & MedA/Rx, Senior Secured Term Loan (First Lien), 5.25% (Libor + 4.25%), maturity 2/6/25  2/27/2017   414,044    413,954    413,009 
Advarra, Senior Secured Initial Revolving Loan (First Lien), 5.25% (Libor + 4.25%), maturity 7/9/24  6/26/2019   -    (7,619)   - 
                   
Services: Business                  
LegalShield, Senior Secured Initial Term Loan (First Lien), 4.71% (Libor + 3.75%), maturity 12/15/28 (i)  12/7/2021   4,500,000    4,457,250    4,449,177 
InnovateMR, Unitranche, 6.75% (Libor + 5.75%), maturity 1/20/28 (i) (j)  12/16/2021   4,236,683    4,159,678    4,161,086 
CoAdvantage, Senior Secured Initial Term Loan (First Lien), 6.00% (Libor + 5.00%), maturity 9/23/25  9/26/2019   3,900,000    3,875,694    3,900,000 
RevSpring, Senior Secured Initial Term Loan (First Lien), 5.21% (Libor + 4.25%), maturity 10/11/25  10/5/2018   3,870,000    3,867,171    3,860,325 
Eliassen, Unitranche, 6.71% (Libor + 5.75%), maturity 4/7/28 (i)  3/31/2022   3,259,259    3,210,370    3,210,370 
Veritext, Senior Secured Initial Term Loan (First Lien), 4.21% (Libor + 3.25%), maturity 8/1/25 (i)  8/14/2018   3,113,027    3,099,541    3,072,878 
Discovery Education, Unitranche, 6.71% (Libor + 5.75%), maturity 3/10/29 (i)  3/25/2022   3,000,000    2,947,500    2,947,500 
Fleetwash, Senior Secured Incremental Term Loan, 5.75% (Libor + 4.75%), maturity 10/1/24  9/25/2018   2,895,619    2,881,428    2,866,663 
CoolSys, Senior Secured Closing Date Initial Term Loan, 5.71% (Libor + 4.75%), maturity 8/11/28  8/4/2021   2,583,802    2,554,724    2,538,586 
Duff & Phelps, Senior Secured Initial Dollar Term Loan (First Lien), 4.75% (Libor + 3.75%), maturity 4/9/27 (i)  3/6/2020   2,456,250    2,438,130    2,443,952 
Service Logic, Senior Secured Closing Date Initial Term Loan (First Lien), 4.96% (Libor + 4.00%), maturity 10/29/27  10/23/2020   2,358,505    2,337,349    2,346,712 
Vistage, Senior Secured Term B Loan (First Lien), 5.00% (Libor + 4.00%), maturity 2/10/25 (i)  2/6/2018   2,317,141    2,314,612    2,314,361 
The Facilities Group, Unitranche, 6.75% (Libor + 5.75%), maturity 11/30/27  12/10/2021   2,253,024    2,231,566    2,236,126 
TRC Companies, Senior Secured Initial Term Loan (Second Lien), 7.71% (Libor + 6.75%), maturity 12/7/29  11/19/2021   2,000,000    1,981,000    1,985,000 
Mediaocean, Senior Secured Initial Term Loan, 4.46% (Libor + 3.50%), maturity 12/15/28 (i)  12/9/2021   2,000,000    1,981,000    1,979,409 
ECi Software, Senior Secured Initial Term Loan (First Lien), 4.71% (Libor + 3.75%), maturity 11/9/27 (i)  9/17/2020   1,975,000    1,967,916    1,956,038 

 

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

 

6

 

 

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of March 31, 2022

(Expressed in U.S. Dollars)

(unaudited)

 

Portfolio Investments (a) (b) (c) (d) (e) (f)  Acquisition
Date		  Par   Cost   Value 
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS(h) (Continued):           
                
Services: Business (continued)                  
Veregy, Senior Secured Initial Term Loan, 7.00% (Libor + 6.00%), maturity 11/3/27  11/2/2020  $1,975,000   $1,926,139   $1,955,250 
Sterling Backcheck, Senior Secured Initial Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 6/19/24  6/30/2017   1,933,491    1,933,491    1,933,491 
Addison Group, Senior Secured Initial Term Loan, 5.21% (Libor + 4.25%), maturity 12/29/28 (i)  1/19/2022   1,500,000    1,496,438    1,491,529 
Insight Global, Senior Secured Closing Date Term Loan, 6.96% (Libor + 6.00%), maturity 9/22/28  9/22/2021   1,492,500    1,461,508    1,488,769 
Epic Staffing Group, Senior Secured Initial Term Loan, 7.00% (Libor + 6.00%), maturity 2/5/27  2/3/2021   1,486,222    1,458,292    1,486,222 
Eliassen Group, Senior Secured Initial Term B Loan, 5.21% (Libor + 4.25%), maturity 11/5/24  10/19/2018   1,476,241    1,472,480    1,472,550 
OSG Billing Services, Senior Secured Term B Loan (First Lien), 5.50% (Libor + 4.50%), maturity 3/27/24  3/26/2018   1,440,641    1,438,139    1,426,235 
First Advantage, Senior Secured Term B-1 Loan (First Lien), 3.71% (Libor + 2.75%), maturity 1/31/27 (i)  1/23/2020   1,100,312    1,089,708    1,094,031 
Restaurant Technologies, Senior Secured Initial Term Loan, 5.21% (Libor + 4.25%), maturity 4/2/29 (i)  3/17/2022   1,000,000    975,000    997,968 
Veritext, Senior Secured Initial Term Loan (Second Lien), 7.71% (Libor + 6.75%), maturity 7/31/26  8/14/2018   1,000,000    996,844    997,500 
trustaff Management, Senior Secured Initial Term Loan (First Lien), 4.71% (Libor + 3.75%), maturity 3/6/28 (i)  12/9/2021   994,975    992,606    990,509 
Divisions Maintenance Group, Senior Secured Term B Loan, 5.71% (Libor + 4.75%), maturity 5/27/28 (i)  5/21/2021   995,000    986,070    990,114 
TRC Companies, Senior Secured Initial Term Loan (First Lien), 4.71% (Libor + 3.75%), maturity 12/8/28 (i)  11/19/2021   1,000,000    995,250    987,208 
eResearch (ERT), Senior Secured Initial Term Loan (First Lien), 5.50% (Libor + 4.50%), maturity 2/4/27 (i)  12/1/2020   987,443    987,443    985,319 
WCG, Senior Secured Initial Term Loan (First Lien), 5.00% (Libor + 4.00%), maturity 1/8/27 (i)  12/13/2019   982,500    975,177    980,735 
Diversified, Senior Secured Initial Term Loan, 5.75% (Libor + 4.75%), maturity 12/23/23  4/19/2019   899,347    896,131    892,602 
Secretariat International, Senior Secured Initial Term Loan (First Lien), 5.71% (Libor + 4.75%), maturity 12/29/28  12/16/2021   847,875    843,166    841,516 
Therma Holdings, Senior Secured Initial Term Loan (2021), 4.96% (Libor + 4.00%), maturity 12/16/27  12/11/2020   500,135    499,018    500,135 
System One, Senior Secured Initial Term Loan, 4.96% (Libor + 4.00%), maturity 3/2/28  1/28/2021   497,500    495,410    495,013 
Insight Global, Senior Secured Revolving Loan, 6.96% (Libor + 6.00%), maturity 9/22/27  9/23/2021   26,836    26,836    26,768 
                   
High Tech Industries                  
Qlik, Senior Secured 2021 Refinancing Term Loan, 4.96% (Libor + 4.00%), maturity 4/26/24 (i)  3/29/2019   3,890,750    3,877,052    3,876,187 
Netsmart, Senior Secured Initial Term Loan (First Lien), 4.96% (Libor + 4.00%), maturity 10/1/27 (i)  9/29/2020   3,465,000    3,452,563    3,450,506 
Golden Source, Senior Secured , 6.50% (Libor + 5.50%), maturity 5/31/28 (i) (j)  3/25/2022   3,474,178    3,404,695    3,404,695 
Jaggaer, Senior Secured Initial Term Loan (First Lien), 4.96% (Libor + 4.00%), maturity 8/14/26 (i)  8/9/2019   3,083,195    3,079,585    3,063,782 
Ivanti Software, Senior Secured 2021 Specified Refinancing Term Loan (First Lien), 5.25% (Libor + 4.25%), maturity 12/1/27 (i)  11/20/2020   2,985,000    2,949,619    2,950,501 
Infogroup, Senior Secured Term Loan (First Lien), 6.00% (Libor + 5.00%), maturity 4/3/23 (i)  3/28/2017   2,852,381    2,842,393    2,717,865 
Planview, Senior Secured Closing Date Term Loan (First Lien), 4.96% (Libor + 4.00%), maturity 12/17/27 (i)  12/11/2020   2,625,643    2,601,982    2,599,945 
Idera, Senior Secured Term B-1 Loan (First Lien), 4.71% (Libor + 3.75%), maturity 3/2/28 (i)  6/27/2017   2,592,770    2,592,053    2,556,234 
Precisely, Senior Secured Third Amendment Term Loan (First Lien), 4.96% (Libor + 4.00%), maturity 4/24/28 (i)  3/19/2021   2,487,500    2,476,195    2,464,259 
PracticeTek, Unitranche, 6.46% (Libor + 5.50%), maturity 11/23/27 (i) (j)  11/22/2021   2,401,002    2,337,302    2,369,015 
Flexera Software, Senior Secured Term B-1 Loan (First Lien), 4.71% (Libor + 3.75%), maturity 3/3/28 (i)  2/16/2020   2,384,704    2,384,704    2,361,803 
HelpSystems, Senior Secured Term Loan, 4.96% (Libor + 4.00%), maturity 11/19/26 (i)  12/19/2019   1,984,917    1,977,819    1,964,893 
Sophos, Senior Secured Dollar Tranche Term Loan (First Lien), 4.46% (Libor + 3.50%), maturity 3/5/27 (i) (m)  1/16/2020   1,965,015    1,877,220    1,947,360 
QuickBase, Senior Secured Term Loan (First Lien), 4.96% (Libor + 4.00%), maturity 4/2/26  3/29/2019   1,945,000    1,939,142    1,935,275 
Intermedia , Senior Secured New Term Loan (First Lien), 7.00% (Libor + 6.00%), maturity 7/21/25  7/13/2018   1,935,000    1,926,643    1,901,138 
Bomgar, Senior Secured Initial Term Loan (First Lien), 4.96% (Libor + 4.00%), maturity 4/18/25 (i)  5/25/2018   1,636,949    1,642,961    1,621,073 
OEConnection, Senior Secured Initial Term Loan, 4.96% (Libor + 4.00%), maturity 9/25/26  9/24/2019   1,604,498    1,599,660    1,596,476 
Digital Room, Senior Secured Closing Date Term Loan (First Lien), 6.21% (Libor + 5.25%), maturity 12/21/28 (i)  12/16/2021   1,500,000    1,485,750    1,477,589 
Navex Global, Senior Secured Initial Term Loan (First Lien), 4.21% (Libor + 3.25%), maturity 9/5/25 (i)  8/15/2018   1,447,500    1,438,523    1,433,472 
ORBCOMM, Senior Secured Closing Date Term Loan (First Lien), 5.21% (Libor + 4.25%), maturity 9/1/28 (i)  6/17/2021   995,000    990,250    987,774 
SmartBear, Senior Secured Initial Term Loan (First Lien), 5.21% (Libor + 4.25%), maturity 3/3/28  11/20/2020   992,500    983,570    987,538 
Veracode, Senior Secured Initial Term Loan, 4.96% (Libor + 4.00%), maturity 11/5/27 (i)  10/30/2020   990,000    982,061    986,716 
Unison, Unitranche, 8.00% (Libor + 7.00%), maturity 6/25/26 (j)  6/25/2020   982,500    963,730    982,500 
Barracuda, Senior Secured 2020 Term Loan (First Lien), 4.71% (Libor + 3.75%), maturity 2/12/25 (i)  3/2/2018   985,000    985,000    981,218 
Infoblox, Senior Secured Initial Term Loan (First Lien), 4.71% (Libor + 3.75%), maturity 12/1/27 (i)  10/7/2020   992,500    988,569    980,850 
Imperva, Senior Secured Term Loan, 5.00% (Libor + 4.00%), maturity 1/12/26 (i)  9/23/2020   983,567    976,508    972,990 
Cloudera, Senior Secured Initial Term Loan (First Lien), 4.71% (Libor + 3.75%), maturity 10/8/28 (i)  8/10/2021   500,000    495,278    494,905 
DigiCert, Senior Secured Initial Term Loan (First Lien), 4.96% (Libor + 4.00%), maturity 10/16/26 (i)  3/13/2020   490,000    469,162    487,345 
PracticeTek, Senior Secured Revolving Loan, 6.46% (Libor + 5.50%), maturity 11/23/27 (i) (j)  11/22/2021   -    (7,156)   - 
                   
Chemicals, Plastics & Rubber                  
InMark, Senior Secured Incremental Term Loan, 7.00% (Libor + 6.00%), maturity 12/23/26 (i) (j)  12/10/2021   4,540,855    4,449,614    4,450,038 
Transcendia, Senior Secured 2017 Refinancing Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 5/30/24  5/11/2017   3,344,325    3,337,319    3,235,635 
Brook & Whittle, Senior Secured Initial Term Loan (First Lien), 4.96% (Libor + 4.00%), maturity 12/14/28 (i)  12/9/2021   2,556,581    2,534,753    2,531,015 
Anchor Packaging, Senior Secured Initial Term Loan (First Lien), 4.96% (Libor + 4.00%), maturity 7/18/26  7/17/2019   2,510,102    2,500,584    2,485,001 
Packaging Coordinators, Senior Secured Term B Loan (First Lien), 4.71% (Libor + 3.75%), maturity 11/30/27 (i)  9/25/2020   2,462,594    2,454,956    2,449,431 
Paragon Films, Senior Secured Closing Date Term Loan (First Lien), 5.96% (Libor + 5.00%), maturity 12/16/28 (i)  12/15/2021   2,000,000    1,979,589    1,980,000 
Resource Label Group, Senior Secured Closing Date Initial Term Loan (First Lien), 5.21% (Libor + 4.25%), maturity 7/7/28 (i)  7/2/2021   1,875,047    1,866,404    1,857,127 
TricorBraun, Senior Secured Closing Date Initial Term Loan (First Lien), 4.21% (Libor + 3.25%), maturity 3/3/28 (i)  1/29/2021   1,824,167    1,816,076    1,788,150 
Potters Industries, Senior Secured Initial Term Loan, 4.96% (Libor + 4.00%), maturity 12/14/27 (i)  11/19/2020   1,485,000    1,473,206    1,485,891 
Technimark, Senior Secured Initial Term Loan (First Lien), 4.71% (Libor + 3.75%), maturity 7/7/28  6/30/2021   1,488,750    1,481,910    1,477,584 
Tekni-Plex, Senior Secured Tranche B-3 Initial Term Loan, 4.96% (Libor + 4.00%), maturity 9/15/28 (i)  7/29/2021   1,083,713    1,081,315    1,072,366 
Lacerta, Senior Secured Term Loan, 6.46% (Libor + 5.50%), maturity 12/30/26  2/8/2021   987,500    978,143    987,500 
Novolex, Senior Secured Term B Loan (First Lien), 5.21% (Libor + 4.25%), maturity 4/13/29 (i)  3/30/2022   1,000,000    975,000    975,000 
Pregis Corporation, Senior Secured Initial Term Loan (First Lien), 4.96% (Libor + 4.00%), maturity 7/31/26 (i)  7/25/2019   977,500    975,903    959,738 
Applied Adhesives, Senior Secured Term A Loan, 5.96% (Libor + 5.00%), maturity 3/12/27  3/12/2021   561,908    556,712    557,693 
Golden West Packaging, Senior Secured Initial Term Loan, 6.21% (Libor + 5.25%), maturity 12/1/27  11/29/2021   500,000    495,250    496,250 
Pregis Corporation, Senior Secured Third Amendment Refinancing Term Loan (First Lien), 4.96% (Libor + 4.00%), maturity 7/31/26  12/9/2020   497,500    495,534    491,281 
Applied Adhesives, Senior Secured Revolving Loan, 5.96% (Libor + 5.00%), maturity 3/12/27  3/12/2021   4,267    3,591    4,235 

 

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

 

7

 

 

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of March 31, 2022

(Expressed in U.S. Dollars)

(unaudited)

 

Portfolio Investments (a) (b) (c) (d) (e) (f)  Acquisition
Date		  Par   Cost   Value 
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS(h) (Continued):              
                   
Banking, Finance, Insurance & Real Estate                  
Confluence, Senior Secured Initial Term Loan (First Lien), 4.71% (Libor + 3.75%), maturity 7/31/28  7/22/2021  $3,990,000   $3,971,000   $3,990,000 
Ascensus, Senior Secured Initial Term Loan (First Lien), 4.46% (Libor + 3.50%), maturity 8/2/28 (i)  11/17/2021   2,992,500    2,978,286    2,957,298 
AmeriLife, Senior Secured Initial Term Loan (First Lien), 4.96% (Libor + 4.00%), maturity 3/18/27  2/6/2020   2,456,593    2,443,998    2,438,169 
Newport Group, Senior Secured Term Loan, 4.46% (Libor + 3.50%), maturity 9/12/25  8/9/2018   2,414,925    2,406,677    2,414,925 
American Beacon Advisors, Senior Secured Tranche D Term Loan (Second Lien), 9.00% (Libor + 8.00%), maturity 4/30/25  10/31/2017   2,117,133    2,121,922    2,117,133 
EPIC Insurance, Unitranche, 6.21% (Libor + 5.25%), maturity 9/29/28 (i)  8/27/2021   2,115,962    2,082,521    2,100,093 
Kestra Financial, Senior Secured Initial Term Loan, 5.21% (Libor + 4.25%), maturity 6/3/26  4/29/2019   1,950,000    1,937,435    1,950,000 
Integro Insurance Brokers, Senior Secured Initial Term Loan (First Lien), 6.75% (Libor + 5.75%), maturity 10/31/22  10/9/2015   1,930,484    1,932,791    1,814,655 
Orion, Senior Secured 2021 Refinancing Term Loan (First Lien), 4.71% (Libor + 3.75%), maturity 9/24/27 (i)  8/4/2020   1,481,287    1,467,037    1,470,828 
SIAA, Unitranche, 7.25% (Libor + 6.25%), maturity 4/28/28  4/21/2021   1,169,578    1,150,606    1,169,578 
Advisor Group, Senior Secured Term B-1 Loan, 5.46% (Libor + 4.50%), maturity 7/31/26 (i)  1/31/2020   1,026,807    1,022,785    1,021,534 
LERETA, Senior Secured Initial Term Loan, 6.21% (Libor + 5.25%), maturity 7/30/28 (i)  7/27/2021   995,000    985,500    995,128 
Community Brands, Senior Secured Initial Term Loan, 6.50% (Libor + 5.75%), maturity 2/24/28  2/23/2022   1,000,000    977,975    992,500 
Sedgwick Claims, Senior Secured Initial Term Loan, 4.21% (Libor + 3.25%), maturity 12/31/25 (i)  2/12/2020   488,636    488,183    483,521 
EdgeCo, Senior Secured Third Amendment Term Loan, 5.75% (Libor + 4.75%), maturity 6/1/26 (i)  3/29/2022   300,000    295,500    295,500 
                   
Aerospace & Defense                  
CPI International, Senior Secured Second Amendment Incremental Term Loan (First Lien), 5.75% (Libor + 4.75%), maturity 7/26/24 (i)  10/1/2019   5,209,053    5,170,626    5,196,030 
HDT Global, Senior Secured Initial Term Loan, 6.71% (Libor + 5.75%), maturity 7/8/27  6/30/2021   3,368,750    3,269,000    3,309,797 
StandardAero, Senior Secured 2020 Term B-1 Loan, 4.46% (Libor + 3.50%), maturity 4/6/26 (i)  1/24/2019   3,262,789    3,256,331    3,169,957 
Amentum, Senior Secured Tranche 3 Term Loan (First Lien), 4.96% (Libor + 4.00%), maturity 2/15/29 (i)  2/10/2022   2,000,000    1,990,169    1,989,048 
Consolidated Precision Products, Senior Secured Initial Term Loan (Second Lien), 8.75% (Libor + 7.75%), maturity 4/30/26  5/10/2018   2,000,000    2,006,657    1,920,000 
Whitcraft, Unitranche, 7.00% (Libor + 6.00%), maturity 4/3/23  3/6/2020   1,957,384    1,950,137    1,908,450 
StandardAero, Senior Secured 2020 Term B-2 Loan, 4.46% (Libor + 3.50%), maturity 4/6/26 (i)  1/24/2019   1,754,188    1,750,716    1,704,278 
Tronair, Senior Secured Initial Term Loan (First Lien), 6.75% (Libor + 5.75%) cash, 0.50% PIK, maturity 9/8/23  9/30/2016   1,365,352    1,362,740    1,327,805 
Amentum, Senior Secured Tranche 1 Term Loan (First Lien), 4.46% (Libor + 3.50%), maturity 1/29/27 (i)  1/24/2020   982,500    958,779    974,400 
Peraton, Senior Secured Term B Loan (First Lien), 4.71% (Libor + 3.75%), maturity 2/1/28 (i)  2/23/2021   972,112    967,932    966,268 
API Technologies, Senior Secured Initial Term Loan (First Lien), 5.21% (Libor + 4.25%), maturity 5/9/26  1/15/2020   977,387    955,200    960,283 
BlueHalo, Unitranche, 7.00% (Libor + 6.00%), maturity 10/31/25  11/17/2021   497,774    490,649    495,285 
Novaria Group, Senior Secured Initial Term Loan, 6.50% (Libor + 5.50%), maturity 1/27/27  1/24/2020   481,818    478,163    466,159 
Consolidated Precision Products, Senior Secured Initial Term Loan (First Lien), 4.75% (Libor + 3.75%), maturity 4/30/25 (i)  7/18/2019   486,696    485,028    463,216 
BlueHalo, Senior Secured Revolving Loan, 7.00% (Libor + 6.00%), maturity 10/31/25  11/17/2021   54,502    53,087    54,230 
                   
Chemicals, Plastics & Rubber                  
DuBois Chemicals, Senior Secured Term Loan (Second Lien) - 2019, 9.46% (Libor + 8.50%), maturity 9/30/27  10/8/2019   3,000,000    2,976,586    2,985,000 
Vertellus, Senior Secured Initial Term Loan, 7.00% (Libor + 6.00%), maturity 12/22/27  12/18/2020   2,977,500    2,909,100    2,962,613 
Spectrum Plastics, Senior Secured Closing Date Term Loan (First Lien), 4.25% (Libor + 3.25%), maturity 1/31/25 (i)  1/26/2018   2,620,800    2,626,670    2,535,190 
Unifrax, Senior Secured USD Term Loan (First Lien), 4.71% (Libor + 3.75%), maturity 12/12/25 (i)  11/5/2018   2,419,962    2,402,263    2,343,946 
USALCO, Senior Secured Term Loan A, 7.00% (Libor + 6.00%), maturity 10/19/27  10/26/2021   1,995,000    1,976,000    1,980,038 
Meridian Adhesives Group, Senior Secured Initial Term Loan, 4.96% (Libor + 4.00%), maturity 7/24/28  7/16/2021   1,995,000    1,976,285    1,980,038 
Boyd Corp, Senior Secured Initial Loan (Second Lien), 7.71% (Libor + 6.75%), maturity 9/6/26 (i)  8/16/2018   2,000,000    2,001,590    1,968,942 
Q Holding, Senior Secured Term B Loan (2019), 6.00% (Libor + 5.00%), maturity 12/29/23  8/20/2019   1,950,000    1,943,934    1,930,500 
DuBois Chemicals, Senior Secured Term Loan B (First Lien), 5.46% (Libor + 4.50%), maturity 9/30/26  10/8/2019   1,772,773    1,742,753    1,759,477 
Prince Minerals, Senior Secured Initial Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 3/31/25  3/22/2018   960,000    957,591    955,200 
Vantage Specialty Chemicals, Senior Secured Closing Date Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 10/28/24 (i)  11/30/2018   964,736    954,817    930,792 
Ascensus Specialties, Senior Secured Initial Term Loan, 5.21% (Libor + 4.25%), maturity 6/30/28  12/3/2021   497,489    487,989    493,758 
Polytek, Senior Secured Term Loan, 6.00% (Libor + 5.00%), maturity 9/20/24  12/23/2020   493,840    489,375    490,137 
Boyd Corp, Senior Secured Initial Term Loan (First Lien), 4.46% (Libor + 3.50%), maturity 9/6/25 (i)  11/7/2018   491,094    465,680    481,022 
USALCO, Senior Secured Revolving Loan, 7.00% (Libor + 6.00%), maturity 10/19/26  10/26/2021   104,839    101,774    104,052 
Vertellus, Senior Secured Revolving Credit Loan, 7.00% (Libor + 6.00%), maturity 12/22/25  12/18/2020   -    (11,548)   - 
                   
Capital Equipment                  
FloWorks, Senior Secured Initial Term Loan (First Lien), 5.68% (Libor + 5.00%), maturity 12/27/28  12/27/2021   4,000,000    3,857,500    3,970,000 
Tank Holding, Unitranche, 6.96% (Libor + 6.00%), maturity 3/31/28 (i)  3/25/2022   4,000,000    3,920,000    3,920,000 
Plaskolite, Senior Secured 2021-1 Refinancing Term Loan (First Lien), 4.96% (Libor + 4.00%), maturity 12/15/25 (i)  12/12/2018   3,870,900    3,828,761    3,723,359 
MW Industries, Senior Secured 2018 New Term Loan (First Lien), 4.71% (Libor + 3.75%), maturity 9/30/24  4/20/2018   2,037,185    2,037,185    2,026,999 
Excelitas, Senior Secured Initial Term Loan (Second Lien), 8.50% (Libor + 7.50%), maturity 12/1/25 (i)  2/19/2020   1,500,000    1,483,692    1,499,454 
Radwell, Unitranche, 6.71% (Libor + 5.75%), maturity 4/1/29 (i)  3/11/2022   1,500,000    1,477,500    1,477,500 
Edward Don, Senior Secured Initial Term Loan, 5.25% (Libor + 4.25%), maturity 7/2/25  6/26/2018   1,370,943    1,368,121    1,302,395 
Flow Control Group, Senior Secured Initial Term Loan (First Lien), 4.71% (Libor + 3.75%), maturity 3/31/28 (i)  3/17/2021   1,181,568    1,179,062    1,164,734 
TriMark, Senior Secured Second Amendment Tranche B Loan (Super Senior priority), 4.50% (Libor + 3.50%), maturity 8/28/24  1/31/2022   970,982    970,982    796,205 
Culligan, Senior Secured 2022 Refinancing Term B Loan, 4.96% (Libor + 4.00%), maturity 7/31/28 (i)  6/17/2021   562,500    559,828    557,506 
Restaurant Technologies, Senior Secured Initial Loan (Second Lien), 7.46% (Libor + 6.50%), maturity 10/1/26  2/11/2020   500,000    502,857    498,750 
Infinite Electronics, Senior Secured Initial Term Loan (First Lien), 4.71% (Libor + 3.75%), maturity 3/2/28  2/24/2021   496,250    495,205    493,769 
Flow Control Group, Senior Secured Amendment No. 1 Delayed Draw Term Loan (First Lien), 4.71% (Libor + 3.75%), maturity 3/31/28 (i)  7/27/2021   497,324    496,136    490,237 
SPX Flow, Senior Secured Term Loan, 5.46% (Libor + 4.50%), maturity 4/5/29 (i)  3/18/2022   500,000    477,500    487,500 
Duravant, Senior Secured Incremental Amendment No. 5 Term Loan (First Lien), 4.71% (Libor + 3.75%), maturity 5/19/28 (i)  3/5/2020   491,193    491,193    486,294 
Excelitas, Senior Secured Initial USD Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 12/2/24 (i)  10/24/2018   482,368    484,632    480,846 

 

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

 

8

 

 

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of March 31, 2022

(Expressed in U.S. Dollars)

(unaudited)

 

Portfolio Investments (a) (b) (c) (d) (e) (f)  Acquisition
Date		  Par   Cost   Value 
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS(h) (Continued):                  
                   
Services: Consumer                  
Weld North, Senior Secured 2021 Term Loan, 4.75% (Libor + 3.75%), maturity 12/21/27 (i)  12/21/2020  $2,414,307   $2,414,307   $2,395,670 
A Place For Mom, Senior Secured Term Loan, 5.50% (Libor + 4.50%), maturity 2/10/26  7/28/2017   2,228,372    2,228,190    2,194,947 
Smart Start, Senior Secured Term B Loan (Second Lien), 8.71% (Libor + 7.75%), maturity 12/16/29  12/10/2021   2,000,000    1,962,000    1,985,000 
Smart Start, Senior Secured Term B Loan (First Lien), 5.46% (Libor + 4.50%), maturity 12/16/28  12/10/2021   1,995,000    1,976,000    1,980,038 
Mister Car Wash, Senior Secured Initial Term Loan (First Lien), 3.96% (Libor + 3.00%), maturity 5/14/26 (i)  5/8/2019   1,528,610    1,526,411    1,510,498 
FullBloom, Senior Secured Initial Term Loan (First Lien), 5.00% (Libor + 4.25%), maturity 12/15/28  12/10/2021   1,500,000    1,485,750    1,488,750 
Ned Stevens, Senior Secured Term A Loan, 6.25% (Libor + 5.25%), maturity 9/30/25 (j)  9/30/2019   1,398,693    1,382,539    1,398,693 
Teaching Strategies, Senior Secured Initial Term Loan (First Lien), 5.21% (Libor + 4.25%), maturity 8/31/28 (i)  8/19/2021   997,500    988,057    996,168 
Spring Education, Senior Secured Initial Term Loan (First Lien), 5.21% (Libor + 4.25%), maturity 7/30/25 (i)  7/26/2018   965,000    963,686    936,593 
Aegis Sciences, Senior Secured Initial Term Loan (2018) (First Lien), 6.50% (Libor + 5.50%), maturity 5/9/25  5/4/2018   647,324    642,073    647,324 
Ned Stevens, Senior Secured Revolving Loan, 6.25% (Libor + 5.25%), maturity 9/30/25 (j)  9/30/2019   -    (2,614)   - 
                   
Transportation: Cargo                  
Evans Network, Senior Secured Initial Term Loan (First Lien), 5.21% (Libor + 4.25%), maturity 8/19/28  8/6/2021   3,655,102    3,617,102    3,636,827 
Odyssey Logistics & Technology , Senior Secured New Term Loan (First Lien), 5.00% (Libor + 4.00%), maturity 10/12/24 (i)  11/20/2018   3,562,565    3,559,944    3,514,529 
Capstone Logistics, Senior Secured Closing Date Term Loan (First Lien), 5.75% (Libor + 4.75%), maturity 11/12/27  11/12/2020   2,111,672    2,093,592    2,106,393 
AIT Worldwide Logistics, Senior Secured Initial Term Loan (First Lien), 5.71% (Libor + 4.75%), maturity 4/6/28 (i)  12/9/2021   1,990,000    1,985,262    1,976,743 
Worldwide Express, Senior Secured Initial Term Loan (First Lien), 5.21% (Libor + 4.25%), maturity 7/26/28 (i)  7/23/2021   1,496,250    1,485,563    1,480,821 
Omni Logistics, Senior Secured Term Loan (First Lien), 6.00% (Libor + 5.00%), maturity 12/30/26  11/24/2021   1,159,719    1,148,336    1,156,819 
Magnate, Senior Secured Initial Term Loan (First Lien), 6.46% (Libor + 5.50%), maturity 12/29/28 (i)  3/11/2022   926,250    907,679    907,725 
Omni Logistics, Senior Secured Revolving Credit Loan (First Lien), 6.00% (Libor + 5.00%), maturity 12/30/25  11/24/2021   -    (1,119)   - 
                   
Beverage, Food & Tobacco                  
Bettcher Industries, Senior Secured Initial Term Loan (Second Lien), 7.93% (Libor + 7.25%), maturity 12/14/29  12/13/2021   2,500,000    2,476,250    2,481,250 
Sovos Brands, Senior Secured Initial Term Loan (First Lien), 4.71% (Libor + 3.75%), maturity 6/8/28 (i)  6/8/2021   2,033,001    2,033,001    2,019,702 
Bettcher Industries, Senior Secured Initial Term Loan (First Lien), 4.68% (Libor + 4.00%), maturity 12/14/28  12/13/2021   2,000,000    1,981,000    1,985,000 
Kettle Cuisine, Senior Secured Initial Term Loan (First Lien), 4.75% (Libor + 3.75%), maturity 8/25/25  8/22/2018   1,930,000    1,925,371    1,908,288 
Dessert Holdings, Senior Secured Initial Term Loan (First Lien), 4.96% (Libor + 4.00%), maturity 6/9/28  6/7/2021   1,492,500    1,482,097    1,481,306 
Monogram Foods, Senior Secured Initial Term Loan, 4.96% (Libor + 4.00%), maturity 8/28/28 (i)  8/13/2021   997,500    988,000    993,809 
                   
Construction & Building                  
Tangent, Senior Secured Closing Date Term Loan (First Lien), 5.71% (Libor + 4.75%), maturity 11/30/27  10/2/2019   1,790,471    1,781,479    1,785,995 
PlayPower, Senior Secured Initial Term Loan, 6.46% (Libor + 5.50%), maturity 5/8/26  5/10/2019   1,752,056    1,752,056    1,629,412 
PlayCore, Senior Secured Initial Term Loan (Second Lien), 8.75% (Libor + 7.75%), maturity 9/29/25  2/7/2020   1,500,000    1,476,429    1,500,000 
Dodge Construction Network, Senior Secured Initial Term Loan (First Lien), 5.43% (Libor + 4.75%), maturity 2/23/29  2/10/2022   1,000,000    985,238    987,500 
PlayCore, Senior Secured Initial Term Loan (First Lien), 4.75% (Libor + 3.75%), maturity 9/30/24  9/18/2017   954,426    953,237    952,040 
Specialty Products & Insulation, Senior Secured Tranche B-1 Term Loan, 6.25% (Libor + 5.25%), maturity 12/21/27 (i)  3/16/2022   796,954    788,985    788,985 
CHI Overhead Doors, Senior Secured Third Amendment Initial Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 7/31/25 (i)  7/28/2015   614,180    615,548    609,553 
Acuren, Senior Secured Initial Term Loan, 5.21% (Libor + 4.25%), maturity 1/23/27  1/17/2020   477,513    475,701    476,319 
Hoffman Southwest, Senior Secured Initial Term Loan, 6.50% (Libor + 5.50%), maturity 8/14/23  5/16/2019   440,619    441,047    437,314 
                   
Automotive                  
Highline, Senior Secured Initial Term Loan (First Lien), 5.46% (Libor + 4.50%), maturity 11/9/27  10/29/2020   2,835,000    2,773,083    2,785,388 
Rough Country, Senior Secured Initial Term Loan (First Lien), 4.46% (Libor + 3.50%), maturity 7/28/28  7/26/2021   1,975,000    1,970,250    1,960,188 
Truck Hero, Senior Secured Initial Term Loan, 4.21% (Libor + 3.25%), maturity 1/31/28 (i)  1/20/2021   1,485,000    1,485,000    1,435,178 
IXS, Senior Secured Initial Term Loan, 5.21% (Libor + 4.25%), maturity 3/5/27 (i)  2/27/2020   792,344    790,572    751,822 
Safe Fleet, Senior Secured Initial Term Loan (Second Lien), 7.75% (Libor + 6.75%), maturity 2/2/26  2/23/2022   500,000    500,000    496,250 
Wheel Pros, Senior Secured Initial Term Loan (First Lien), 5.46% (Libor + 4.50%), maturity 5/11/28 (i)  4/23/2021   497,500    493,320    475,356 
                   
Consumer Goods: Non-durable                  
Hoffmaster Group, Senior Secured Tranche B-1 Term Loan (First Lien), 5.00% (Libor + 4.00%), maturity 11/21/23 (i)  11/9/2016   2,387,471    2,383,260    2,283,313 
Augusta Sportswear Group, Senior Secured Initial Term Loan, 5.50% (Libor + 4.50%), maturity 10/26/23 (i)  11/2/2016   2,001,028    1,994,770    2,001,028 
Badger Sportswear, Senior Secured Initial Term Loan (First Lien), 5.75% (Libor + 4.50%), maturity 9/11/23  9/29/2016   1,881,139    1,875,914    1,871,733 
Hoffmaster Group, Senior Secured Initial Term Loan (Second Lien), 10.50% (Libor + 9.50%), maturity 11/21/24  2/7/2020   1,250,000    1,250,000    1,209,375 
                   
Environmental Industries                  
Alliance Environmental Group, Unitranche, 7.00% (Libor + 6.00%), maturity 12/30/27 (i) (j)  12/30/2021   3,964,321    3,881,904    3,895,872 
Denali Water Solutions, Senior Secured Closing Date Term Loan, 5.21% (Libor + 4.25%), maturity 3/27/28  3/18/2021   1,985,000    1,966,000    1,962,669 
Keter Environmental Services, Unitranche, 7.50% (Libor + 6.50%), maturity 10/29/27  11/5/2021   500,000    495,250    496,250 
Alliance Environmental Group, Senior Secured Revolving Loan, 7.00% (Libor + 6.00%), maturity 12/30/27 (i) (j)  12/30/2021   115,894    109,272    113,893 
Keter Environmental Services, Unitranche, 7.50% (Libor + 6.50%), maturity 10/29/27  11/5/2021   27,360    26,586    27,155 
Carlisle FoodService, Senior Secured Initial Term Loan (First Lien), 4.00% (Libor + 3.00%), maturity 3/20/25  3/16/2018   3,839,656    3,840,167    3,796,460 
PetroChoice, Senior Secured Initial Term Loan (First Lien), 6.00% (Libor + 5.00%), maturity 8/19/22 (i)  9/2/2015   1,870,184    1,864,905    1,764,283 
                   
Media: Diversified & Production                  
Cast & Crew, Senior Secured Initial Term Loan (First Lien), 4.46% (Libor + 3.50%), maturity 2/9/26 (i)  1/16/2019   2,917,386    2,903,193    2,900,594 

 

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

 

9

 

 

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of March 31, 2022

(Expressed in U.S. Dollars)

(unaudited)

 

Portfolio Investments (a) (b) (c) (d) (e) (f)  Acquisition
Date		  Par   Cost   Value 
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS(h) (Continued):                  
                   
Hotels, Gaming & Leisure                  
Northstar, Senior Secured Term Loan, 7.21% (Libor + 6.25%) cash, 1.00% PIK, maturity 6/7/24  5/8/2017  $1,348,463   $1,348,463   $1,304,638 
Auto Europe, Senior Secured Initial Dollar Term Loan, 6.00% (Libor + 5.00%), maturity 10/21/23  10/19/2016   1,119,231    1,115,316    895,385 
                   
Metals & Mining                  
Dynatect, Senior Secured Term B Loan, 5.50% (Libor + 4.50%), maturity 9/30/24  8/16/2019   1,932,059    1,922,056    1,927,229 
                   
Utilities: Electric                  
Systems Control, Senior Secured Initial Term Loan, 5.50% (Libor + 4.50%), maturity 3/28/25 (i)  6/15/2021   1,487,100    1,484,880    1,487,100 
                   
Forest Products & Paper                  
Loparex, Senior Secured Initial Term Loan (First Lien), 5.46% (Libor + 4.50%), maturity 7/31/26  7/29/2019   1,462,500    1,452,683    1,458,844 
                   
Retail                  
Varsity Brands, Senior Secured Initial Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 12/16/24 (i)  10/17/2018   964,770    968,755    929,315 
StubHub, Senior Secured USD Term B Loan, 4.46% (Libor + 3.50%), maturity 2/12/27 (i)  1/31/2020   488,750    486,938    481,051 
                   
Media: Advertising, Printing & Publishing                  
Ansira, Unitranche, 7.50% (Libor + 6.50%) PIK, maturity 12/20/24  12/20/2016   2,223,153    2,217,567    1,378,356 
                   
Utilities: Water                  
Aegion, Senior Secured Initial Term Loan, 5.71% (Libor + 4.75%), maturity 5/17/28  4/1/2021   995,000    990,535    992,513 
                   
Energy: Electricity                  
Franklin Energy, Senior Secured Term B Loan (First Lien), 4.96% (Libor + 4.00%), maturity 8/14/26  8/14/2019   975,000    973,221    960,375 
                   
Consumer Goods: Durable                  
Careismatic Brands, Senior Secured Initial Term Loan (First Lien), 4.21% (Libor + 3.25%), maturity 1/6/28 (i)  1/22/2021   496,250    495,205    483,077 
                   
Total Bank Loans          $420,316,183   $417,348,904 

 

Portfolio Investments (a) (b) (c) (d) (e) (f)  Acquisition
Date		  Par   Cost   Value 
EQUITY AND PREFERRED SHARES:  NON-CONTROL/NON-AFFILIATE INVESTMENTS- (0.4%)(g)(h):                  
                   
High Tech Industries                  
PracticeTek, Class A Units (318,350 Class A units, Fair value of $348,843)(j)(k)(n)  11/22/2021        348,282    348,843 
Golden Source, Class A Units (117,371 Class A units, Fair value of $117,371)(j)(k)(o)  3/25/2022        117,371    117,371 
                   
Services: Business                  
InnovateMR, Class A Units (387,311 Class A Units, Fair value of $387,311)(j)(k)(p)  12/16/2021        387,311    387,311 
                   
Environmental Industries                  
Alliance Environmental Group, A-1 Preferred Units (331,126 A-1 Preferred Units, Fair value of $367,737)(j)(k)(q)  9/30/2019        331,126    367,737 
                   
Services: Consumer                  
Ned Stevens, Class B Common Units (261,438 Common B units, Fair value of $319,753)(j)(k)(r)(t)  9/30/2019        261,438    319,753 
                   
Chemicals, Plastics & Rubber                  
Vertellus, Series A Units (1,651 Series A units, Fair value of $232,523)(j)(k)(s)(t)  12/22/2020        165,138    232,523 
                   
Total Equity and Preferred Shares          $1,610,666   $1,773,538 
                   
Total Portfolio Investments(u)         $421,926,849   $419,122,442 

 

(a)All companies are located in the United States of America, unless otherwise noted.
(b)Interest rate percentages represent actual interest rates which are indexed from then 30-day London Interbank Offered Rate (“LIBOR”) unless otherwise noted. LIBOR rates are subject to interest rate floors which can vary based on the contractual agreement with the borrower.  Due dates represent the contractual maturity date.
(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 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)Investment was valued using Level 2 inputs within the ASC 820 fair value hierarchy.  Refer to Note 3 – Investments in the accompanying Notes to Financial Statements for additional information.
(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 us in this portfolio company pursuant to an exemptive order granted by the U.S. Securities and Exchange Commission.
(k)Investment is non-income producing.
(l)The borrower for UDG Healthcare, Congachant Limited, is located in Ireland.
(m)The borrower for Sophos, Surf Holdings S.a.r.l., is located in United Kingdom.
(n)Represents an investment in APD Ptek Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(o)Represents an investment in APD Gol Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(p)Represents an investment in APD INN Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(q)Represents an investment in APD AEG Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(r)Represents an investment in APD NS Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(s)Represents an investment in ADP VERT Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(t)Other net assets of $0 at the aggregator levels are included in the fair value of the investments when using the net asset value as a practical expedient.
(u)At March 31, 2022, the cost of investments for income tax purposes was $421,926,848, the gross unrealized depreciation for federal tax purposes was $4,198,548, the gross unrealized appreciation for federal income tax purposes was $1,394,141, and the net unrealized depreciation was $2,804,407.

 

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

 

10

 

 

Audax Credit BDC Inc.

Schedule of Investments

As of December 31, 2021

(Expressed in U.S. Dollars)

 

Portfolio Investments (a) (b) (c) (d) (e) (f)  Acquisition
Date		  Par   Cost   Value 
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS - (107.4%)(g)(h):                  
                   
Healthcare & Pharmaceuticals                  
Radiology Partners, Senior Secured Term B Loan (First Lien), 4.46% (Libor + 4.25%), maturity 7/9/25 (i)  6/28/2018  $4,215,792   $4,353,545   $4,168,783 
Advarra, Senior Secured Initial Term Loan (First Lien), 5.25% (Libor + 4.25%), maturity 7/9/26  6/26/2019   4,145,626    4,117,204    4,145,626 
Young, Senior Secured Initial Term Loan (First Lien), 5.00% (Libor + 4.00%), maturity 11/7/24  11/6/2017   3,755,525    3,748,227    3,717,970 
American Vision Partners, Senior Secured Term Loan, 6.50% (Libor + 5.75%), maturity 9/30/27 (i)(k)  9/22/2021   3,537,645    3,473,547    3,475,319 
InHealth Medical Alliance, Senior Secured Initial Term Loan, 7.00% (Libor + 6.00%), maturity 6/28/28  6/25/2021   3,491,250    3,457,150    3,377,784 
PharMedQuest, Senior Secured Initial Term Loan, 6.75% (Libor + 5.75%), maturity 10/31/24 (k)  11/6/2019   3,290,898    3,262,290    3,266,217 
Zest Dental, Senior Secured Initial Term Loan (First Lien), 3.71% (Libor + 3.50%), maturity 3/14/25 (i)  5/30/2018   3,239,110    3,251,658    3,169,814 
Waystar, Senior Secured Initial Term Loan (First Lien), 4.21% (Libor + 4.00%), maturity 10/22/26 (i)  9/19/2019   2,949,975    2,942,792    2,955,024 
Physicians Endoscopy, Senior Secured Initial Term Loan (First Lien), 5.75% (Libor + 4.75%) PIK, maturity 8/18/23  8/18/2016   2,860,384    2,847,320    2,831,780 
Zelis RedCard, Senior Secured Term B-1 Loan, 3.71% (Libor + 3.50%), maturity 9/30/26 (i)  9/27/2019   2,420,641    2,410,411    2,410,524 
Soliant, Senior Secured Initial Term Loan, 5.00% (Libor + 4.25%), maturity 3/31/28  3/26/2021   2,331,250    2,313,766    2,331,250 
Premise Health, Senior Secured Initial Term Loan (First Lien), 3.71% (Libor + 3.50%), maturity 7/10/25  8/15/2018   2,282,601    2,287,690    2,282,601 
nThrive, Senior Secured Initial Loan (Second Lien), 7.25% (Libor + 6.75%), maturity 12/17/29 (i)  11/19/2021   2,000,000    1,970,000    2,005,377 
Advanced Diabetes Supply, Senior Secured Term Loan December 2020, 6.25% (Libor + 5.25%), maturity 12/30/26  7/13/2021   1,995,000    1,975,300    1,995,000 
Upstream Rehabilitation, Senior Secured August 2021 Incremental Term Loan (First Lien), 4.46% (Libor + 4.25%), maturity 11/20/26 (i)  10/24/2019   1,971,344    1,968,456    1,975,578 
Alpaca, Senior Secured Term Loan, 5.75% (Libor + 4.75%), maturity 4/19/24 (i)(k)  4/19/2019   1,962,032    1,944,465    1,962,032 
Press Ganey, Senior Secured Initial Term Loan (First Lien), 3.71% (Libor + 3.50%), maturity 7/24/26 (i)  7/23/2019   1,955,000    1,949,852    1,949,129 
Gastro Health, Senior Secured Initial Term Loan (First Lien), 5.25% (Libor + 4.50%), maturity 7/3/28  7/2/2021   1,900,025    1,890,025    1,881,025 
Avalign Technologies, Senior Secured Initial Term Loan (First Lien), 4.71% (Libor + 4.50%), maturity 12/22/25  12/19/2018   1,940,000    1,929,264    1,876,950 
CareCentrix, Senior Secured Initial Term Loan, 4.71% (Libor + 4.50%), maturity 4/3/25 (i) (j)  4/2/2018   1,604,069    1,599,839    1,600,168 
Symplr, Senior Secured Initial Term Loan (First Lien), 5.25% (Libor + 4.50%), maturity 12/22/27 (i)  11/23/2020   1,488,750    1,466,850    1,494,123 
Therapy Brands, Senior Secured Initial Term Loan (First Lien), 4.75% (Libor + 4.00%), maturity 5/18/28  5/12/2021   1,496,250    1,489,050    1,488,769 
Blue Cloud, Unitranche, 6.00% (Libor + 5.00%), maturity 12/31/27 (i)  12/13/2021   1,500,000    1,485,000    1,485,000 
Quantum Health, Senior Secured Amendment No. 1 Refinancing Term Loan (First Lien), 5.25% (Libor + 4.50%), maturity 12/22/27  12/18/2020   1,492,500    1,470,450    1,481,306 
Mission Veterinary Partners, Senior Secured Initial Term Loan (First Lien), 4.75% (Libor + 4.00%), maturity 4/27/28 (i)  12/15/2021   1,496,250    1,481,288    1,481,288 
CPS, Unitranche, 6.25% (Libor + 5.25%), maturity 2/28/25 (k)  3/1/2019   1,462,164    1,449,283    1,462,164 
Tecomet, Senior Secured 2017 Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 5/1/24  1/10/2019   1,155,903    1,153,742    1,124,116 
Solis Mammography, Senior Secured Initial Term Loan (First Lien), 5.50% (Libor + 4.75%), maturity 4/17/28 (i)  4/1/2021   1,060,833    1,051,433    1,059,560 
nThrive, Senior Secured Initial Term Loan (First Lien), 4.50% (Libor + 4.00%), maturity 12/18/28 (i)  11/19/2021   1,000,000    995,000    1,002,016 
Wedgewood Pharmacy, Senior Secured Initial Term Loan, 5.00% (Libor + 4.25%), maturity 3/31/28  2/24/2021   997,500    987,800    997,500 
Solis Mammography, Senior Secured Initial Term Loan (Second Lien), 8.75% (Libor + 8.00%), maturity 4/16/29  4/1/2021   1,000,000    985,600    992,500 
Allied Benefit Systems, Senior Secured Initial Term B Loan, 5.50% (Libor + 4.50%), maturity 11/18/26  10/21/2020   990,000    977,586    990,000 
Athena, Senior Secured Term B-1 Loan (First Lien), 4.46% (Libor + 4.25%), maturity 2/11/26 (i)  9/18/2019   980,038    973,278    981,573 
Dermatologists of Central States, Senior Secured Term Loan, 9.50% (Libor + 8.50%), maturity 4/20/22 (i)(k)  3/12/2020   957,461    957,461    957,461 
Alcami, Senior Secured Initial Term Loan (First Lien), 4.46% (Libor + 4.25%), maturity 7/14/25  7/12/2018   967,500    964,765    928,800 
UDG, Senior Secured Initial Dollar Term Loan (First Lien), 4.75% (Libor + 4.25%), maturity 8/19/28 (i) (m)  8/6/2021   631,875    625,651    634,124 
ImageFirst, Senior Secured Initial Term Loan, 5.25% (Libor + 4.50%), maturity 4/27/28  4/26/2021   588,182    585,414    585,241 
MyEyeDr, Senior Secured Initial Term Loan (First Lien), 4.46% (Libor + 4.25%), maturity 8/31/26 (i)  8/2/2019   526,700    522,986    527,034 
MedRisk, Senior Secured Initial Term Loan (First Lien), 4.50% (Libor + 3.75%), maturity 5/10/28 (i)  4/1/2021   498,750    493,900    499,590 
Press Ganey, Senior Secured 2020 Incremental Term Loan (First Lien), 4.75% (Libor + 4.00%), maturity 7/24/26 (i)  10/1/2020   496,256    492,037    497,719 
AccentCare, Senior Secured 2021 Term Loan (First Lien), 4.21% (Libor + 4.00%), maturity 6/22/26 (i)  6/15/2021   497,500    497,500    496,317 
RMP & MedA/Rx, Senior Secured Term Loan, 5.50% (Libor + 4.50%), maturity 2/6/25  3/22/2021   490,625    485,865    489,398 
AmeriVet, Senior Secured Incremental Delayed Draw Term Loan, 5.75% (Libor + 4.75%), maturity 6/5/24  8/27/2021   463,710    449,085    461,391 
RMP & MedA/Rx, Senior Secured Term Loan (First Lien), 5.25% (Libor + 4.25%), maturity 2/6/25  2/27/2017   419,565    419,470    417,467 
ATI Physical Therapy, Senior Secured Initial Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 5/10/23 (i)  6/28/2016   343,442    343,870    332,194 
Alpaca, Senior Secured Revolver, 6.00% (Libor + 5.00%), maturity 4/19/24 (i)(k)  9/30/2019   129,426    125,543    129,426 
Advarra, Senior Secured Initial Revolving Loan (First Lien), 5.25% (Libor + 4.25%), maturity 7/9/24  6/26/2019   -    (7,619)   - 
                   
Services: Business                  
LegalShield, Senior Secured Initial Term Loan (First Lien), 4.25% (Libor + 3.75%), maturity 12/15/28 (i)  12/7/2021   4,500,000    4,455,000    4,496,243 
InnovateMR, Unitranche, 6.75% (Libor + 5.75%), maturity 1/20/28 (i)(k)  12/16/2021   4,247,302    4,172,974    4,172,974 
CoAdvantage, Senior Secured Initial Term Loan (First Lien), 6.00% (Libor + 5.00%), maturity 9/23/25 (i)  9/26/2019   3,910,000    3,884,414    3,910,000 
RevSpring, Senior Secured Initial Term Loan (First Lien), 4.46% (Libor + 4.25%), maturity 10/11/25 (i)  10/5/2018   3,880,000    3,877,022    3,891,124 
Alliance Environmental Group, Unitranche, 7.00% (Libor + 6.00%), maturity 12/30/27 (i) (k)  12/30/2021   3,675,497    3,588,742    3,601,987 
Veritext, Senior Secured Initial Term Loan (First Lien), 3.46% (Libor + 3.25%), maturity 8/1/25 (i)  8/14/2018   3,121,087    3,106,891    3,104,654 
Fleetwash, Senior Secured Incremental Term Loan, 5.75% (Libor + 4.75%), maturity 10/1/24  9/25/2018   2,903,063    2,888,125    2,888,547 
CoolSys, Senior Secured Closing Date Initial Term Loan, 5.50% (Libor + 4.75%), maturity 8/11/28 (i)  8/4/2021   2,590,278    2,559,670    2,578,679 
Duff & Phelps, Senior Secured Initial Dollar Term Loan (First Lien), 4.75% (Libor + 3.75%), maturity 4/9/27 (i)  3/6/2020   2,462,500    2,443,427    2,470,032 
Service Logic, Senior Secured Closing Date Initial Term Loan (First Lien), 4.75% (Libor + 4.00%), maturity 10/29/27  10/23/2020   2,364,497    2,342,229    2,346,764 
Vistage, Senior Secured Term B Loan (First Lien), 5.00% (Libor + 4.00%), maturity 2/10/25  2/6/2018   2,323,414    2,320,751    2,317,605 

 

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

 

11

 

 

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of December 31, 2021

(Expressed in U.S. Dollars)

 

Portfolio Investments (a) (b) (c) (d) (e) (f)  Acquisition
Date		  Par   Cost   Value 
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS(h) (Continued):                  
                   
Services: Business (continued)                  
The Facilities Group, Unitranche, 6.75% (Libor + 5.75%), maturity 11/30/27 (i)  12/10/2021  $2,258,671   $2,236,084   $2,236,084 
Mediaocean, Senior Secured Initial Term Loan, 4.00% (Libor + 3.50%), maturity 12/15/28 (i)  12/9/2021   2,000,000    1,980,000    2,001,789 
TRC Companies, Senior Secured Initial Term Loan (Second Lien), 7.25% (Libor + 6.75%), maturity 12/7/29  11/19/2021   2,000,000    1,980,000    1,985,000 
ECi Software, Senior Secured Initial Term Loan (First Lien), 4.50% (Libor + 3.75%), maturity 11/9/27 (i)  9/17/2020   1,980,000    1,972,543    1,984,655 
Veregy, Senior Secured Initial Term Loan, 7.00% (Libor + 6.00%), maturity 11/3/27  11/2/2020   1,980,000    1,928,567    1,960,200 
Sterling Backcheck, Senior Secured Initial Term Loan (First Lien), 4.50% (Libor + 3.50%), maturity 6/19/24  6/30/2017   1,939,630    1,939,630    1,939,630 
Insight Global, Senior Secured Closing Date Term Loan, 6.75% (Libor + 6.00%), maturity 9/22/28 (j)  9/22/2021   1,496,250    1,463,626    1,492,509 
Epic Staffing Group, Senior Secured Initial Term Loan, 7.00% (Libor + 6.00%), maturity 2/5/27  2/3/2021   1,489,968    1,460,568    1,489,968 
Eliassen Group, Senior Secured Initial Term B Loan, 4.46% (Libor + 4.25%), maturity 11/5/24  10/19/2018   1,478,116    1,474,158    1,478,116 
OSG Billing Services, Senior Secured Term B Loan (First Lien), 5.50% (Libor + 4.50%), maturity 3/27/24  3/26/2018   1,444,391    1,441,757    1,429,947 
First Advantage, Senior Secured Term B-1 Loan (First Lien), 2.96% (Libor + 2.75%), maturity 1/31/27 (i)  1/23/2020   1,100,312    1,089,150    1,097,467 
Veritext, Senior Secured Initial Term Loan (Second Lien), 6.96% (Libor + 6.75%), maturity 7/31/26  8/14/2018   1,000,000    996,678    997,500 
Divisions Maintenance Group, Senior Secured Term B Loan, 5.50% (Libor + 4.75%), maturity 5/27/28 (i)  5/21/2021   997,500    988,100    997,500 
TRC Companies, Senior Secured Initial Term Loan (First Lien), 4.25% (Libor + 3.75%), maturity 12/8/28 (i)  11/19/2021   1,000,000    995,000    996,581 
trustaff Management, Senior Secured Initial Term Loan (First Lien), 4.50% (Libor + 3.75%), maturity 3/6/28 (i)  12/9/2021   997,487    994,994    994,994 
eResearch (ERT), Senior Secured Initial Term Loan (First Lien), 5.50% (Libor + 4.50%), maturity 2/4/27 (i)  12/1/2020   989,956    989,956    994,805 
WCG, Senior Secured Initial Term Loan (First Lien), 5.00% (Libor + 4.00%), maturity 1/8/27 (i)  12/13/2019   985,000    977,291    989,251 
Diversified, Senior Secured Initial Term Loan, 5.75% (Libor + 4.75%), maturity 12/23/23  4/19/2019   899,347    895,961    892,602 
Secretariat International, Senior Secured Initial Term Loan (First Lien), 5.50% (Libor + 4.75%), maturity 12/29/28 (i)  12/16/2021   850,000    845,750    845,750 
Therma Holdings, Senior Secured Initial Term Loan (2021), 4.75% (Libor + 4.00%), maturity 12/16/27 (i)  12/11/2020   498,750    497,600    499,234 
System One, Senior Secured Initial Term Loan, 4.75% (Libor + 4.00%), maturity 3/2/28 (i)  1/28/2021   497,500    495,300    497,500 
Insight Global, Senior Secured Revolving Loan, 6.75% (Libor + 6.00%), maturity 9/22/27  9/23/2021   67,089    67,089    66,921 
Alliance Environmental Group, Senior Secured Revolving Loan, 7.00% (Libor + 6.00%), maturity 12/30/27 (i) (k)  12/30/2021   -    (6,623)   - 
                   
High Tech Industries                  
Qlik, Senior Secured 2021 Refinancing Term Loan, 4.21% (Libor + 4.00%), maturity 4/26/24 (i)  3/29/2019   3,900,600    3,886,181    3,910,108 
Netsmart, Senior Secured Initial Term Loan (First Lien), 4.75% (Libor + 4.00%), maturity 10/1/27 (i)  9/29/2020   3,473,750    3,460,658    3,487,188 
Jaggaer, Senior Secured Initial Term Loan (First Lien), 4.21% (Libor + 4.00%), maturity 8/14/26 (i)  8/9/2019   3,091,100    3,087,301    3,091,058 
Ivanti Software, Senior Secured 2021 Specified Refinancing Term Loan (First Lien), 5.25% (Libor + 4.25%), maturity 12/1/27 (i)  11/20/2020   2,985,000    2,947,757    2,988,121 
Infogroup, Senior Secured Term Loan (First Lien), 6.00% (Libor + 5.00%), maturity 4/3/23 (i)  3/28/2017   2,859,887    2,849,374    2,736,884 
Planview, Senior Secured Closing Date Term Loan (First Lien), 4.75% (Libor + 4.00%), maturity 12/17/27 (i)  12/11/2020   2,632,290    2,607,384    2,637,045 
Idera, Senior Secured Term B-1 Loan (First Lien), 4.50% (Libor + 3.75%), maturity 3/2/28 (i)  6/27/2017   2,599,317    2,598,562    2,600,118 
Precisely, Senior Secured Third Amendment Term Loan (First Lien), 4.75% (Libor + 4.00%), maturity 4/24/28 (i)  3/19/2021   2,493,750    2,481,850    2,492,448 
Flexera Software, Senior Secured Term B-1 Loan (First Lien), 4.50% (Libor + 3.75%), maturity 3/3/28 (i)  2/16/2020   2,390,742    2,390,742    2,396,181 
PracticeTek, Unitranche, 5.71% (Libor + 5.50%), maturity 11/23/27 (i)(k)  11/22/2021   2,275,763