10-Q 1 tm2223891d1_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 September 30, 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     x    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 x    

 

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 46,376,456 shares of common stock, par value $0.001 per share, outstanding as of November 14, 2022.

 

 

 

 

 

 

AUDAX CREDIT BDC INC.

TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION:  
Item 1. Financial Statements  
  Statements of Assets and Liabilities as of September 30, 2022 (unaudited) and December 31, 2021 2
  Statements of Operations for the three and nine months ended September 30, 2022 (unaudited) and 2021 (unaudited) 3
  Statements of Changes in Net Assets for the nine months ended September 30, 2022 (unaudited) and 2021 (unaudited) 4
  Statements of Cash Flows for the nine months ended September 30, 2022 (unaudited) and 2021 (unaudited) 5
  Schedules of Investments as of September 30, 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 36
  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: 50
Item 1. Legal Proceedings 50
Item 1A. Risk Factors 50
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 51
Item 3. Defaults Upon Senior Securities 51
Item 4. Mine Safety Disclosures 51
Item 5. Other Information 51
Item 6. Exhibits 51
SIGNATURES 52

 

 

 

 

Audax Credit BDC Inc.

Statements of Assets and Liabilities

September 30, 2022 and December 31, 2021

(Expressed in U.S. Dollars)

 

   September 30, 2022     
   (unaudited)   December 31, 2021 
Assets          
Investments, at fair value          
Non-Control/Non-Affiliate investments (Cost of $443,479,369 and $404,292,618, respectively)  $437,641,601   $403,054,374 
Cash and cash equivalents   11,339,067    11,058,796 
Interest receivable   1,957,924    1,043,554 
Receivable from bank loan repayment   104,952    26,771 
Other assets   52,500    - 
Total assets  $451,096,044   $415,183,495 
           
Liabilities          
Accrued expenses and other liabilities  $614,172   $326,497 
Fee due to administrator(a)   132,500    66,250 
Fees due to investment advisor, net of waivers(a)   1,816,602    640,329 
Payable for investments purchased   2,940,000    40,203,085 
Payable for short-term borrowings(b)   18,681,667    - 
Total liabilities  $24,184,941   $41,236,161 
Commitments and contingencies(c)          
           
Net Assets          
Common stock, $0.001 par value per share, 100,000,000 shares authorized, 45,314,885 and 39,961,408 shares issued and outstanding, respectively  $45,315   $39,961 
Capital in excess of par value   428,666,834    378,672,161 
Total distributable (loss) gain   (1,801,046)   (4,764,788)
Total Net Assets  $426,911,103   $373,947,334 
           
Net Asset Value per Share of Common Stock at End of Period  $9.42   $9.36 
           
Shares Outstanding   45,314,885    39,961,408 

 

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

(b) Refer to Note 8-Borrowings for additional information.

(c) 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   Nine Months Ended   Nine Months Ended 
   September 30, 2022   September 30, 2021   September 30, 2022   September 30, 2021 
Investment Income                    
Interest income                    
Non-Control/Non-Affiliate  $8,067,475   $4,924,039   $19,519,603   $14,455,194 
Other   10,850    477    11,630    1,107 
Total interest income   8,078,325    4,924,516    19,531,233    14,456,301 
Other income                    
Non-Control/Non-Affiliate   196,474    20,772    374,849    83,774 
Total income   8,274,799    4,945,288    19,906,082    14,540,075 
                     
Expenses                    
Base management fee(a)  $1,174,798   $947,361   $3,295,451   $2,810,141 
Incentive fee(a)   1,027,544    260,092    2,201,758    647,839 
Administrative fee(a)   66,250    66,250    198,750    198,750 
Directors' fees   60,000    56,250    180,000    168,750 
Professional fees   134,052    108,251    426,588    345,947 
Other expenses   79,077    108,702    236,011    314,632 
Interest expense   322,175    -    458,976    - 
Expenses before waivers from investment adviser and administrator   2,863,896    1,546,906    6,997,534    4,486,059 
Base management fee waivers(a)   (411,179)   (331,576)   (1,153,408)   (983,548)
Incentive fee waivers(a)   (771,274)   (234,083)   (1,809,582)   (583,056)
Total expenses, net of waivers   1,681,443    981,247    4,034,544    2,919,455 
Net Investment Income   6,593,356    3,964,041    15,871,538    11,620,620 
                     
Realized and Unrealized Gain (Loss) on Investments                    
Net realized gain (loss) on investments   93,515    183,204    431,080    (450,168)
Net change in unrealized appreciation (depreciation) on investments   71,842    94,068    (4,599,524)   2,369,406 
Net realized and unrealized gain (loss) on investments   165,357    277,272    (4,168,444)   1,919,238 
                     
Net Increase in Net Assets Resulting from Operations  $6,758,713   $4,241,313   $11,703,094   $13,539,858 
                     
Basic and Diluted per Share of Common Stock:                    
Net investment income  $0.14   $0.10   $0.36   $0.30 
Net increase in net assets resulting from operations  $0.15   $0.11   $0.26   $0.34 
                     
Weighted average shares of common stock outstanding basic diluted           45,789,768               39,909,673               44,439,981               39,295,800    

 

(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)

 

   Nine Months Ended September 30, 2022   Nine Months Ended September 30, 2021 
Operations          
Net investment income  $15,871,538   $11,620,620 
Net realized gain (loss) on investments   431,080    (450,168)
Net change in unrealized (depreciation) appreciation on investments   (4,599,524)   2,369,406 
Net increase in net assets resulting from operations   11,703,094    13,539,858 
           
Distributions:          
Distributions of ordinary income to common stockholders   (8,739,352)   (7,656,579)
Return of capital to common stockholders   -    (145,326)
Total distributions   (8,739,352)   (7,801,905)
           
Capital Share Transactions:          
Issuance of common stock   85,000,000    15,100,000 
Repurchases of common stock   (35,000,000)   - 
Reinvestment of common stock   27    25 
Net increase in net assets from capital share transactions   50,000,027    15,100,025 
           
Net Increase in Net Assets   52,963,769    20,837,978 
           
Net Assets, Beginning of Period   373,947,334    356,882,861 
           
Net Assets, End of Period  $426,911,103   $377,720,839 

 

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)

 

   Nine Months Ended   Nine Months Ended 
   September 30, 2022   September 30, 2021 
Cash flows from operating activities:          
Net increase in net assets resulting from operations  $11,703,094   $13,539,858 
Adjustments to reconcile net increase in net assets from operations to net cash (used in) provided by operating activities:                                
Net realized (gain) loss on investments   (431,080)   450,168 
Net change in unrealized depreciation (appreciation) on investments   4,599,524    (2,369,406)
Accretion of original issue discount interest and payment-in-kind interest   (712,849)   (538,786)
Increase in receivable from investments sold   -    (3,714,278)
Increase in interest receivable   (914,370)   (111,810)
Increase in receivable from bank loan repayment   (78,181)   (35,553)
Increase in other assets   (52,500)   (48,750)
Increase (decrease) in accrued expenses and other liabilities   287,675    (30,400)
Increase in fee due to administrator(a)   66,250    - 
Increase in fees due to investment advisor (a)   1,176,273    26,950 
(Decrease) increase in payable for investments purchased   (37,263,085)   266,250 
Investment activity:          
Investments purchased   (94,344,641)   (89,312,556)
Proceeds from investments sold   4,047,932    17,331,786 
Repayment of bank loans   52,253,887    66,357,177 
Total investment activity   (38,042,822)   (5,623,593)
           
Net cash (used in) provided by operating activities   (59,662,071)   1,810,650 
           
Cash flows from financing activities:          
Issuance of shares of common stock   85,000,000    15,100,000 
Repurchases of shares of common stock   (35,000,000)   - 
Distributions paid to common stockholders   (8,739,325)   (7,801,880)
Short-term borrowings   18,681,667    - 
           
Net cash provided by financing activities   59,942,342    7,298,120 
           
Net increase in cash and cash equivalents   280,271    9,108,770 
           
Cash and cash equivalents:          
Cash and cash equivalents, beginning of period   11,058,796    4,289,122 
           
Cash and cash equivalents, end of period  $11,339,067   $13,397,892 
           
Supplemental cash flow information          
Interest paid on short-term financing  $261,872   $- 
           
Supplemental non-cash information          
Issuance of common shares in connection with dividend reinvestment plan  $27   $25 
Payment-in-kind ("PIK") interest income  $211,758   $200,382 

 

(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 September 30, 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 - (101.8%)(g)(h):                
                 
Healthcare & Pharmaceuticals            
American Vision Partners, Unitranche, 9.50% (LIBOR + 5.75%), maturity 9/30/27 (i)  9/22/2021  $4,960,901  $4,890,964  $4,721,788 
RevHealth, Senior Secured Revolving Loan, 6.79% (SOFR + 5.75%), maturity 7/21/28 (i) (j)  7/22/2022   4,280,822   4,196,463   4,195,205 
Radiology Partners, Senior Secured Term B Loan (First Lien), 8.00% (LIBOR + 4.25%), maturity 7/9/25 (j)  6/28/2018   4,215,792   4,358,478   3,825,406 
Young, Senior Secured Initial Term Loan (First Lien), 7.75% (LIBOR + 4.00%), maturity 11/7/24  11/6/2017   3,726,039   3,719,887   3,688,779 
PharMedQuest, Unitranche, 9.25% (LIBOR + 5.50%), maturity 11/6/24 (i)  11/6/2019   3,285,898   3,266,766   3,285,898 
Zest Dental, Senior Secured Initial Term Loan (First Lien), 7.25% (LIBOR + 3.50%), maturity 3/14/25  5/30/2018   3,222,954   3,232,192   3,222,954 
InHealth Medical Alliance, Senior Secured Initial Term Loan, 9.75% (LIBOR + 6.00%), maturity 6/28/28  6/25/2021   3,465,000   3,434,272   3,187,800 
Waystar, Senior Secured Initial Term Loan (First Lien), 7.75% (LIBOR + 4.00%), maturity 10/22/26  9/19/2019   2,927,456   2,921,812   2,905,500 
Advancing Eyecare, Senior Secured Initial Term Loan, 9.34% (SOFR + 5.75%), maturity 6/13/29  5/27/2022   2,500,000   2,432,175   2,487,500 
Zelis RedCard, Senior Secured Term B-1 Loan, 7.25% (LIBOR + 3.50%), maturity 9/30/26 (j)  9/27/2019   2,402,303   2,394,529   2,341,414 
Premise Health, Senior Secured Initial Term Loan (First Lien), 7.25% (LIBOR + 3.50%), maturity 7/10/25  8/15/2018   2,264,906   2,269,013   2,259,244 
Soliant, Senior Secured Initial Term Loan, 7.75% (LIBOR + 4.00%), maturity 3/31/28  3/26/2021   2,115,249   2,099,542   2,115,249 
nThrive, Senior Secured Initial Loan (Second Lien), 10.50% (LIBOR + 6.75%), maturity 12/17/29  11/19/2021   2,000,000   1,974,500   1,985,000 
CPS, Unitranche, 9.50% (LIBOR + 5.75%), maturity 6/1/28 (i)  5/18/2022   1,953,546   1,948,778   1,953,546 
Upstream Rehabilitation, Senior Secured August 2021 Incremental Term Loan (First Lien), 8.00% (LIBOR + 4.25%), maturity 11/20/26  10/24/2019   1,956,484   1,953,887   1,936,920 
Gastro Health, Senior Secured Initial Term Loan (First Lien), 8.25% (LIBOR + 4.50%), maturity 7/3/28  7/2/2021   1,979,525   1,969,525   1,934,986 
Avalign Technologies, Senior Secured Initial Term Loan (First Lien), 8.25% (LIBOR + 4.50%), maturity 12/22/25  12/19/2018   1,925,000   1,920,000   1,886,500 
Advanced Diabetes Supply, Senior Secured First Incremental Term Loan, 8.84% (SOFR + 5.25%), maturity 12/30/27  7/13/2021   1,858,306   1,841,680   1,839,723 
Press Ganey, Senior Secured Initial Term Loan (First Lien), 7.25% (LIBOR + 3.50%), maturity 7/24/26 (j)  7/23/2019   1,940,000   1,937,960   1,838,201 
Blue Cloud, Unitranche, 8.59% (SOFR + 5.00%), maturity 1/21/28  12/13/2021   1,492,500   1,471,063   1,477,575 
Mission Veterinary Partners, Senior Secured Initial Term Loan (First Lien), 7.75% (LIBOR + 4.00%), maturity 4/27/28  12/15/2021   1,485,000   1,471,585   1,477,575 
Quantum Health, Senior Secured Amendment No. 1 Refinancing Term Loan (First Lien), 8.25% (LIBOR + 4.50%), maturity 12/22/27  12/18/2020   1,481,250   1,462,508   1,473,844 
Therapy Brands, Senior Secured Initial Term Loan (First Lien), 7.75% (LIBOR + 4.00%), maturity 5/18/28  5/12/2021   1,485,000   1,478,547   1,470,150 
Symplr, Senior Secured Initial Term Loan (First Lien), 8.25% (LIBOR + 4.50%), maturity 12/22/27 (j)  11/23/2020   1,477,500   1,458,885   1,419,787 
Ivy Rehab, Senior Secured Initial Term Loan (First Lien), 8.34% (SOFR + 4.75%), maturity 4/23/29  3/11/2022   1,144,191   1,121,166   1,132,749 
Tecomet, Senior Secured 2017 Term Loan (First Lien), 7.25% (LIBOR + 3.50%), maturity 5/1/24  1/10/2019   1,146,777   1,146,181   1,115,240 
Solis Mammography, Senior Secured Initial Term Loan (First Lien), 8.50% (LIBOR + 4.75%), maturity 4/17/28  4/1/2021   1,073,333   1,064,881   1,067,967 
Paradigm Oral Health, Senior Secured Delayed Draw Term Loan, 8.34% (SOFR + 4.75%), maturity 7/9/26 (j)  4/11/2022   999,239   984,309   999,239 
Solis Mammography, Senior Secured Initial Term Loan (Second Lien), 11.75% (LIBOR + 8.00%), maturity 4/16/29  4/1/2021   1,000,000   987,022   992,500 
Micro Merchant Systems, Unitranche, 9.50% (LIBOR + 5.75%), maturity 12/14/27 (i)  3/2/2022   995,000   984,651   990,025 
Wedgewood Pharmacy, Senior Secured Initial Term Loan, 8.00% (LIBOR + 4.25%), maturity 3/31/28  2/24/2021   990,000   981,248   990,000 
nThrive, Senior Secured Initial Term Loan (First Lien), 7.75% (LIBOR + 4.00%), maturity 12/18/28  11/19/2021   995,000   990,750   987,538 
Allied Benefit Systems, Senior Secured Initial Term B Loan, 8.25% (LIBOR + 4.50%), maturity 11/18/26  10/21/2020   982,500   971,625   980,044 
Alcami, Senior Secured Initial Term Loan (First Lien), 8.00% (LIBOR + 4.25%), maturity 7/14/25  7/12/2018   960,000   957,812   928,800 
Forefront, Senior Secured Closing Date Term Loan, 7.84% (SOFR + 4.25%), maturity 4/2/29  3/23/2022   907,076   891,087   904,808 
Epic Staffing Group, Senior Secured Initial Term Loan, 9.59% (SOFR + 6.00%), maturity 6/28/29  6/27/2022   823,517   764,245   821,459 
UDG, Senior Secured Initial Dollar Term Loan (First Lien), 8.00% (LIBOR + 4.25%), maturity 8/19/28 (k)  8/6/2021   631,875   626,634   625,556 
ImageFirst, Senior Secured Initial Term Loan, 8.25% (LIBOR + 4.50%), maturity 4/27/28  4/26/2021   606,307   603,786   601,760 
MyEyeDr, Senior Secured Initial Term Loan (First Lien), 8.00% (LIBOR + 4.25%), maturity 8/31/26  8/2/2019   522,659   519,743   517,433 
Western Dental, Senior Secured Incremental Term Loan, 9.00% (LIBOR + 5.25%), maturity 8/18/28  6/21/2022   498,750   489,210   487,528 
AccentCare, Senior Secured 2021 Term Loan (First Lien), 7.75% (LIBOR + 4.00%), maturity 6/22/26  6/15/2021   493,750   493,750   485,109 
MedRisk, Senior Secured Initial Term Loan (First Lien), 7.50% (LIBOR + 3.75%), maturity 5/10/28 (j)  4/1/2021   495,000   490,642   473,908 
RMP & MedA/Rx, Senior Secured Term Loan, 8.25% (LIBOR + 4.50%), maturity 2/6/25  3/22/2021   471,875   467,995   470,695 
Press Ganey, Senior Secured 2020 Incremental Term Loan (First Lien), 7.75% (LIBOR + 4.00%), maturity 7/24/26 (j)  10/1/2020   492,516   488,797   466,672 
RMP & MedA/Rx, Senior Secured Term Loan (First Lien), 8.00% (LIBOR + 4.25%), maturity 2/6/25  2/27/2017   403,003   403,010   401,995 
CPS, Senior Secured Revolving Credit Loan, 9.50% (LIBOR + 5.75%), maturity 6/1/28 (i)  5/18/2022   -   (714)  - 
Paradigm Oral Health, Senior Secured Revolving Loan, 8.34% (SOFR + 4.75%), maturity 7/9/26 (j)  4/11/2022   -   (1,111)  - 
Ivy Rehab, Senior Secured Revolving Credit (First Lien), 8.34% (SOFR + 4.75%), maturity 4/23/29  3/11/2022   -   (3,367)  - 
                 
Services: Business                
LegalShield, Senior Secured Initial Term Loan (First Lien), 7.50% (LIBOR + 3.75%), maturity 12/15/28 (j)  12/7/2021   4,477,500   4,436,728   4,336,046 
InnovateMR, Unitranche, 9.25% (LIBOR + 5.50%), maturity 1/20/28 (i) (j)  12/16/2021   4,215,447   4,145,874   4,215,447 
CoAdvantage, Senior Secured Initial Term Loan (First Lien), 8.75% (LIBOR + 5.00%), maturity 9/23/25 (l)  9/26/2019   3,880,000   3,858,533   3,880,000 
RevSpring, Senior Secured Initial Term Loan (First Lien), 7.75% (LIBOR + 4.00%), maturity 10/11/25 (l)  10/5/2018   3,850,000   3,847,559   3,850,000 
Eliassen, Unitranche, 9.34% (SOFR + 5.75%), maturity 4/14/28  3/31/2022   3,370,370   3,316,568   3,361,944 
Veritext, Senior Secured Initial Term Loan (First Lien), 7.25% (LIBOR + 3.50%), maturity 8/1/25 (j)  8/14/2018   3,087,118   3,072,996   3,087,118 
Discovery Education, Unitranche, 9.34% (SOFR + 5.75%), maturity 3/10/29 (l)  3/25/2022   3,000,000   2,951,503   2,985,000 
Fleetwash, Senior Secured Incremental Term Loan, 8.34% (SOFR + 4.75%), maturity 10/1/24  9/25/2018   2,880,731   2,869,660   2,851,924 
The Facilities Group, Unitranche, 9.50% (LIBOR + 5.75%), maturity 11/30/27  12/10/2021   2,528,612   2,504,755   2,515,969 
CoolSys, Senior Secured Closing Date Initial Term Loan, 8.50% (LIBOR + 4.75%), maturity 8/11/28  8/4/2021   2,570,851   2,543,714   2,506,579 
Service Logic, Senior Secured Closing Date Initial Term Loan (First Lien), 7.75% (LIBOR + 4.00%), maturity 10/29/27  10/23/2020   2,508,655   2,488,499   2,489,840 
Duff & Phelps, Senior Secured Initial Dollar Term Loan (First Lien), 7.50% (LIBOR + 3.75%), maturity 4/9/27 (j)  3/6/2020   2,443,750   2,427,789   2,363,769 
TRC Companies, Senior Secured Initial Term Loan (Second Lien), 10.50% (LIBOR + 6.75%), maturity 12/7/29  11/19/2021   2,000,000   1,980,000   1,985,000 
Sterling Backcheck, Senior Secured Initial Term Loan (First Lien), 7.25% (LIBOR + 3.50%), maturity 6/19/24  6/30/2017   1,921,213   1,921,213   1,921,213 
Veregy, Senior Secured Initial Term Loan, 9.75% (LIBOR + 6.00%), maturity 11/3/27  11/2/2020   1,965,000   1,919,336   1,920,788 
Mediaocean, Senior Secured Initial Term Loan, 7.25% (LIBOR + 3.50%), maturity 12/15/28 (j)  12/9/2021   1,990,000   1,971,930   1,914,334 
ECi Software, Senior Secured Initial Term Loan (First Lien), 7.50% (LIBOR + 3.75%), maturity 11/9/27 (j)  9/17/2020   1,965,000   1,958,320   1,902,497 
Liberty Group, Unitranche, 9.34% (SOFR + 5.75%), maturity 6/15/28 (i)  6/6/2022   1,813,636   1,775,563   1,784,841 
Addison Group, Senior Secured Initial Term Loan, 7.84% (SOFR + 4.25%), maturity 12/29/28  1/19/2022   1,492,500   1,489,052   1,488,769 

 

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

 

6

 

 

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of September 30, 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)                
Insight Global, Unitranche, 9.75% (LIBOR + 6.00%), maturity 9/22/28  9/22/2021  $1,485,000  $1,457,270  $1,485,000 
OSG Billing Services, Senior Secured Term B Loan (First Lien), 8.25% (LIBOR + 4.50%), PIK, maturity 6/29/26  3/26/2018   1,440,325   1,438,500   1,353,906 
First Advantage, Senior Secured Term B-1 Loan (First Lien), 6.50% (LIBOR + 2.75%), maturity 1/31/27 (j)  1/23/2020   1,100,312   1,091,039   1,079,760 
Veritext, Senior Secured Initial Term Loan (Second Lien), 10.75% (LIBOR + 7.00%), maturity 7/31/26 (j)  8/14/2018   1,000,000   997,127   1,000,000 
Vistage, Senior Secured Term Loan, 8.84% (SOFR + 5.25%), maturity 7/13/29  7/18/2022   1,000,000   972,911   992,500 
trustaff Management, Senior Secured Initial Term Loan (First Lien), 7.50% (LIBOR + 3.75%), maturity 3/6/28  12/9/2021   989,950   987,717   989,950 
TRC Companies, Senior Secured Initial Term Loan (First Lien), 7.50% (LIBOR + 3.75%), maturity 12/8/28  11/19/2021   995,000   990,510   987,538 
Divisions Maintenance Group, Senior Secured Term B Loan, 8.50% (LIBOR + 4.75%), maturity 5/27/28  5/21/2021   990,000   981,545   987,525 
Restaurant Technologies, Senior Secured Initial Term Loan, 7.84% (SOFR + 4.25%), maturity 4/2/29 (j)  3/17/2022   995,000   972,012   974,306 
WCG, Senior Secured Initial Term Loan (First Lien), 7.75% (LIBOR + 4.00%), maturity 1/8/27 (j)  12/13/2019   977,500   970,988   940,054 
eResearch (ERT), Senior Secured Initial Term Loan (First Lien), 8.25% (LIBOR + 4.50%), maturity 2/4/27 (j)  12/1/2020   982,418   982,418   933,483 
Diversified, Senior Secured Initial Term Loan, 8.59% (SOFR + 5.00%), maturity 12/23/23  4/19/2019   899,347   897,202   870,118 
Secretariat International, Senior Secured Initial Term Loan (First Lien), 8.50% (LIBOR + 4.75%), maturity 12/29/28  12/16/2021   843,625   839,065   839,407 
VC3, Unitranche, 6.29% (SOFR + 5.25%), maturity 3/12/27 (i)  9/16/2022   744,288   696,212   740,567 
Therma Holdings, Senior Secured Initial Term Loan (2021), 7.50% (LIBOR + 3.75%), maturity 12/16/27  12/11/2020   501,585   500,516   494,061 
System One, Senior Secured Initial Term Loan, 7.75% (LIBOR + 4.00%), maturity 3/2/28  1/28/2021   493,750   491,794   490,047 
Liberty Group, Senior Secured Revolving Loan, 3.75%, maturity 12/15/28 (i)  6/6/2022   22,727   18,182   22,366 
VC3, Senior Secured Revolving Credit, 6.29% (SOFR + 5.25%), maturity 3/12/27 (i)  7/21/2022   -   (2,692)  - 
Discovery Education, Senior Secured Revolving Facility, 9.34% (SOFR + 5.75%), maturity 4/7/28  3/25/2022   -   (4,038)  - 
                 
High Tech Industries                
Qlik, Senior Secured 2021 Refinancing Term Loan, 7.75% (LIBOR + 4.00%), maturity 4/26/24 (j) (l)  3/29/2019   3,871,050   3,860,976   3,778,485 
Golden Source, Unitranche, 9.09% (SOFR + 5.50%), maturity 5/12/28 (i) (j)  3/25/2022   3,474,178   3,398,502   3,420,960 
Netsmart, Senior Secured Initial Term Loan (First Lien), 7.75% (LIBOR + 4.00%), maturity 10/1/27 (j)  9/29/2020   3,447,500   3,435,972   3,343,846 
Jaggaer, Senior Secured Initial Term Loan (First Lien), 7.50% (LIBOR + 3.75%), maturity 8/14/26 (j)  8/9/2019   3,067,383   3,064,120   2,997,132 
Infogroup, Senior Secured Term Loan (First Lien), 8.75% (LIBOR + 5.00%), maturity 4/3/23  3/28/2017   2,837,368   2,832,511   2,823,182 
Planview, Senior Secured Closing Date Term Loan (First Lien), 7.75% (LIBOR + 4.00%), maturity 12/17/27 (j)  12/11/2020   2,612,348   2,589,593   2,534,165 
Ivanti Software, Senior Secured 2021 Specified Refinancing Term Loan (First Lien), 8.00% (LIBOR + 4.25%), maturity 12/1/27 (j)  11/20/2020   2,970,075   2,937,450   2,482,661 
Idera, Senior Secured Term B-1 Loan (First Lien), 7.50% (LIBOR + 3.75%), maturity 3/2/28 (j)  6/27/2017   2,579,675   2,579,489   2,456,532 
PracticeTek, Unitranche, 9.25% (LIBOR + 5.50%), maturity 11/23/27 (i)  11/22/2021   2,391,729   2,334,599   2,319,738 
Precisely, Senior Secured Third Amendment Term Loan (First Lien), 7.75% (LIBOR + 4.00%), maturity 4/24/28 (j)  3/19/2021   2,475,000   2,463,100   2,305,261 
Flexera Software, Senior Secured Term B-1 Loan (First Lien), 7.50% (LIBOR + 3.75%), maturity 3/3/28 (j)  2/16/2020   2,364,197   2,364,197   2,285,864 
Barracuda, Senior Secured Second Lien Term Loan, 10.59% (SOFR + 7.00%), maturity 8/15/30  5/17/2022   2,000,000   1,940,000   1,985,000 
QuickBase, Senior Secured Term Loan (First Lien), 7.75% (LIBOR + 4.00%), maturity 4/2/26  3/29/2019   1,935,000   1,930,042   1,915,650 
Sophos, Senior Secured Dollar Tranche Term Loan (First Lien), 7.25% (LIBOR + 3.50%), maturity 3/5/27 (j) (m)  1/16/2020   1,955,021   1,877,724   1,903,494 
HelpSystems, Senior Secured Term Loan, 7.75% (LIBOR + 4.00%), maturity 11/19/26 (j)  12/19/2019   1,974,790   1,968,631   1,881,787 
Intermedia , Senior Secured New Term Loan (First Lien), 9.75% (LIBOR + 6.00%), maturity 7/21/25  7/13/2018   1,925,000   1,918,268   1,881,688 
MediaRadar, Unitranche, 9.34% (SOFR + 5.75%), maturity 6/1/29 (i) (j)  5/23/2022   1,837,037   1,791,111   1,783,704 
Bomgar, Senior Secured Initial Term Loan (First Lien), 7.75% (LIBOR + 4.00%), maturity 4/18/25  5/25/2018   1,614,897   1,619,803   1,610,859 
OEConnection, Senior Secured Initial Term Loan, 7.75% (LIBOR + 4.00%), maturity 9/25/26  9/24/2019   1,596,339   1,592,105   1,588,358 
Digital Room, Senior Secured Closing Date Term Loan (First Lien), 9.00% (LIBOR + 5.25%), maturity 12/21/28  12/16/2021   1,492,500   1,478,876   1,477,575 
Navex Global, Senior Secured Initial Term Loan (First Lien), 7.00% (LIBOR + 3.25%), maturity 9/5/25  8/15/2018   1,440,000   1,432,395   1,440,000 
WellSky, Senior Secured Incremental Term B-1 Loan (First Lien), 6.79% (SOFR + 5.75%), maturity 3/10/28  8/16/2022   1,000,000   970,441   992,500 
SmartBear, Senior Secured Initial Term Loan (First Lien), 8.00% (LIBOR + 4.25%), maturity 3/3/28  11/20/2020   987,500   979,131   985,031 
Imperva, Senior Secured Term Loan, 7.75% (LIBOR + 4.00%), maturity 1/12/26  9/23/2020   978,510   972,330   951,601 
ORBCOMM, Senior Secured Closing Date Term Loan (First Lien), 8.00% (LIBOR + 4.25%), maturity 9/1/28  6/17/2021   990,000   985,484   950,400 
Infoblox, Senior Secured Initial Term Loan (First Lien), 7.50% (LIBOR + 3.75%), maturity 12/1/27 (j)  10/7/2020   987,500   983,875   921,993 
Cloudera, Senior Secured Initial Term Loan (First Lien), 7.50% (LIBOR + 3.75%), maturity 10/8/28  8/10/2021   497,500   493,043   495,013 
Barracuda, Senior Secured First Lien Term Loan, 8.09% (SOFR + 4.50%), maturity 8/15/29 (j)  5/17/2022   500,000   485,000   480,308 
DigiCert, Senior Secured Initial Term Loan (First Lien), 7.75% (LIBOR + 4.00%), maturity 10/16/26 (j)  3/13/2020   487,500   469,145   471,888 
Golden Source, Senior Secured Revolving Credit, 9.09% (SOFR + 5.50%), maturity 5/12/28 (i) (j)  8/22/2022   35,211   25,822   34,672 
MediaRadar, Senior Secured Revolving Loan, 9.34% (SOFR + 5.75%), maturity 6/1/29 (i) (j)  9/16/2022   -   (7,407)  - 
PracticeTek, Senior Secured Revolving Loan, 9.25% (LIBOR + 5.50%), maturity 11/23/27 (i)  11/22/2021   -   (7,156)  - 
                 
Containers, Packaging & Glass                
InMark, Unitranche, 9.75% (LIBOR + 6.00%), maturity 12/23/26 (i)  12/10/2021   6,436,225   6,319,560   6,436,225 
Transcendia, Senior Secured 2017 Refinancing Term Loan (First Lien), 7.25% (LIBOR + 3.50%), maturity 5/30/24  5/11/2017   3,326,837   3,321,790   3,235,349 
Brook & Whittle, Senior Secured Initial Term Loan (First Lien), 7.59% (SOFR + 4.00%), maturity 12/14/28  12/9/2021   3,139,165   3,115,175   3,131,317 
Anchor Packaging, Senior Secured Initial Term Loan (First Lien), 7.75% (LIBOR + 4.00%), maturity 7/18/26  7/17/2019   2,497,197   2,488,772   2,484,711 
Packaging Coordinators, Senior Secured Term B Loan (First Lien), 7.50% (LIBOR + 3.75%), maturity 11/30/27 (j)  9/25/2020   2,450,157   2,442,886   2,375,097 
Paragon Films, Senior Secured Closing Date Term Loan (First Lien), 8.75% (LIBOR + 5.00%), maturity 12/16/28  12/15/2021   1,990,000   1,970,451   1,975,075 
Intertape Polymer, Senior Secured Initial Term Loan (First Lien), 8.09% (SOFR + 4.50%), maturity 6/28/28 (j)  6/15/2022   2,000,000   1,923,769   1,883,805 
Resource Label Group, Senior Secured Closing Date Initial Term Loan (First Lien), 7.75% (LIBOR + 4.00%), maturity 7/7/28  7/2/2021   1,865,649   1,857,279   1,865,649 
TricorBraun, Senior Secured Closing Date Initial Term Loan (First Lien), 7.00% (LIBOR + 3.25%), maturity 3/3/28 (j)  1/29/2021   1,814,977   1,807,220   1,744,569 
Potters Industries, Senior Secured Initial Term Loan, 7.75% (LIBOR + 4.00%), maturity 12/14/27  11/19/2020   1,477,500   1,466,634   1,466,419 
Technimark, Senior Secured Initial Term Loan (First Lien), 7.50% (LIBOR + 3.75%), maturity 7/7/28  6/30/2021   1,481,250   1,474,829   1,455,328 
Tekni-Plex, Senior Secured Tranche B-3 Initial Term Loan, 7.75% (LIBOR + 4.00%), maturity 9/15/28 (j)  7/29/2021   1,078,270   1,076,017   1,041,507 
Lacerta, Senior Secured Term Loan, 9.25% (LIBOR + 5.50%), maturity 12/30/26  2/8/2021   982,500   974,128   975,131 
Novolex, Senior Secured Term B Loan (First Lien), 7.84% (SOFR + 4.25%), maturity 4/13/29 (j)  3/30/2022   997,500   974,517   959,073 
Pregis Corporation, Senior Secured Initial Term Loan (First Lien), 7.75% (LIBOR + 4.00%), maturity 7/31/26 (j)  7/25/2019   972,500   971,081   941,138 
Applied Adhesives, Senior Secured Term A Loan, 8.75% (LIBOR + 5.00%), maturity 3/12/27  3/12/2021   594,664   589,774   593,178 
Five Star Holding Corp, Senior Secured Initial Term Loan (First Lien), 7.84% (SOFR + 4.25%), maturity 5/5/29  4/27/2022   500,000   492,859   496,250 
Pregis Corporation, Senior Secured Third Amendment Refinancing Term Loan (First Lien), 7.75% (LIBOR + 4.00%), maturity 7/31/26  12/9/2020   495,000   493,188   492,525 
Golden West Packaging, Senior Secured Initial Term Loan, 9.00% (LIBOR + 5.25%), maturity 12/1/27  11/29/2021   493,750   489,286   492,516 
Applied Adhesives, Senior Secured Revolving Loan, 8.75% (LIBOR + 5.00%), maturity 3/12/27  3/12/2021   -   (616)  - 

 

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

 

7

 

 

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of September 30, 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                
Cerity, Senior Secured Delayed Draw Term Loan, 9.34% (SOFR + 5.75%), maturity 5/31/29 (i) (j)  7/28/2022  $4,200,717  $4,130,085  $4,116,703 
Confluence, Senior Secured Initial Term Loan (First Lien), 7.50% (LIBOR + 3.75%), maturity 7/31/28  7/22/2021   3,970,000   3,950,985   3,930,300 
Ascensus, Senior Secured Initial Term Loan (First Lien), 7.25% (LIBOR + 3.50%), maturity 8/2/28  11/17/2021   2,985,000   2,972,244   2,955,150 
Cherry Bekaert, Unitranche, 9.09% (SOFR + 5.50%), maturity 6/30/28 (i)  6/13/2022   3,013,162   2,930,912   2,932,660 
EPIC Insurance, Unitranche, 9.00% (LIBOR + 5.25%), maturity 9/29/28  8/27/2021   2,280,897   2,247,906   2,269,492 
American Beacon Advisors, Senior Secured Tranche D Term Loan (Second Lien), 11.75% (LIBOR + 8.00%), maturity 4/30/25  10/31/2017   2,117,133   2,122,022   2,111,840 
BETA, Senior Secured Revolving Credit Facility, 8.84% (SOFR + 5.25%), maturity 7/1/27 (j)  6/24/2022   2,000,000   1,960,479   1,960,000 
Kestra Financial, Senior Secured Initial Term Loan, 8.00% (LIBOR + 4.25%), maturity 6/3/26  4/29/2019   1,940,000   1,928,890   1,930,300 
Orion, Senior Secured 2021 Refinancing Term Loan (First Lien), 7.50% (LIBOR + 3.75%), maturity 9/24/27 (j)  8/4/2020   1,473,806   1,461,056   1,416,818 
Alera, Unitranche, 10.09% (SOFR + 6.50%), maturity 10/2/28  8/31/2022   1,333,333   1,253,716   1,323,333 
SIAA, Unitranche, 10.00% (LIBOR + 6.25%), maturity 4/28/28  4/21/2021   1,163,701   1,145,332   1,163,701 
Advisor Group, Senior Secured Term B-1 Loan, 8.25% (LIBOR + 4.50%), maturity 7/31/26 (j)  1/31/2020   1,021,555   1,020,519   990,784 
Community Brands, Senior Secured Initial Term Loan, 9.34% (SOFR + 5.75%), maturity 2/24/28  2/23/2022   995,000   974,172   990,025 
LERETA, Senior Secured Initial Term Loan, 9.00% (LIBOR + 5.25%), maturity 7/30/28  7/27/2021   990,000   980,976   980,100 
Sedgwick Claims, Senior Secured Initial Term Loan, 7.00% (LIBOR + 3.25%), maturity 12/31/25 (j)  2/12/2020   486,111   485,712   471,634 
EdgeCo, Senior Secured Third Amendment Term Loan, 8.50% (LIBOR + 4.75%), maturity 6/1/26  3/29/2022   298,500   276,351   296,261 
Integro, Senior Secured Initial Term Loan (First Lien), 8.09% (SOFR + 4.50%), PIK, maturity 5/8/23  10/9/2015   228,698   232,323   228,698 
Cherry Bekaert, Senior Secured Revovling Credit, 3.75%, maturity 6/30/28 (i)  8/1/2022   61,647   61,647   60,000 
EPIC Insurance, Senior Secured Revolving Loan, 9.00% (LIBOR + 5.25%), maturity 9/30/27  8/27/2021   -   (269)  - 
BETA, Senior Secured Revolving Credit Facility, 8.84% (SOFR + 5.25%), maturity 7/1/27 (j)  6/24/2022   -   (6,216)  - 
                 
Capital Equipment                
Tank Holding, Unitranche, 9.59% (SOFR + 6.00%), maturity 3/31/28 (l)  3/25/2022   3,990,000   3,914,974   3,980,025 
FloWorks, Senior Secured Initial Term Loan (First Lien), 9.34% (SOFR + 5.75%), maturity 12/27/28  12/27/2021   3,990,000   3,862,500   3,970,050 
Plaskolite, Senior Secured 2021-1 Refinancing Term Loan (First Lien), 7.75% (LIBOR + 4.00%), maturity 12/15/25 (j)  12/12/2018   3,851,350   3,814,513   3,595,613 
Excelitas, Senior Secured Initial Euro Term Loan, 9.50% (Other + 5.75%), maturity 8/12/29  6/15/2022   2,969,565   3,011,498   2,947,293 
Burke Porter Group, Unitranche, 9.59% (SOFR + 6.00%), maturity 7/30/29  9/30/2022   2,333,333   2,269,207   2,315,833 
MW Industries, Senior Secured 2018 New Term Loan (First Lien), 7.50% (LIBOR + 3.75%), maturity 9/30/24  4/20/2018   2,037,185   2,037,185   2,037,185 
Flow Control Group, Senior Secured Initial Term Loan (First Lien), 7.50% (LIBOR + 3.75%), maturity 3/31/28 (j)  3/17/2021   1,670,433   1,668,036   1,619,688 
Radwell, Unitranche, 9.34% (SOFR + 5.75%), maturity 4/1/29  3/11/2022   1,496,250   1,472,466   1,485,028 
Edward Don, Senior Secured Initial Term Loan, 8.00% (LIBOR + 4.25%), maturity 7/2/25  6/26/2018   1,370,943   1,369,071   1,340,096 
Cleaver Brooks, Senior Secured Initial Term Loan, 9.34% (SOFR + 5.75%), maturity 7/18/28  7/18/2022   1,000,000   980,291   992,500 
Therm-O-Disc, Senior Secured Initial Term Loan (First Lien), 9.59% (SOFR + 6.00%), maturity 5/31/29  5/26/2022   1,000,000   923,622   992,500 
TriMark, Senior Secured Second Amendment Tranche B Loan (Super Senior priority), 7.25% (LIBOR + 3.50%), maturity 8/28/24  1/31/2022   966,053   966,053   685,898 
Culligan, Senior Secured 2022 Refinancing Term B Loan, 7.75% (LIBOR + 4.00%), maturity 7/31/28 (j)  6/17/2021   561,094   558,315   534,896 
Infinite Electronics, Senior Secured Initial Term Loan (First Lien), 7.00% (LIBOR + 3.25%), maturity 3/2/28  2/24/2021   493,750   492,775   492,516 
Duravant, Senior Secured Incremental Amendment No. 5 Term Loan (First Lien), 7.50% (LIBOR + 3.75%), maturity 5/19/28 (j)  3/5/2020   488,731   488,731   473,435 
SPX Flow, Senior Secured Term Loan, 8.09% (SOFR + 4.50%), maturity 4/5/29 (j)  3/18/2022   500,000   478,570   473,085 
Burke Porter Group, Senior Secured Revolving Credit Loan, 7.04% (SOFR + 6.00%), maturity 7/31/28  8/11/2022   25,658   15,262   25,465 
Cleaver Brooks, Senior Secured Revolving Credit, 9.59% (SOFR + 6.00%), maturity 7/18/28  7/21/2022   24,615   22,154   24,431 
Tank Holding, Senior Secured Revolving Credit Loan, 9.59% (SOFR + 6.00%), maturity 3/31/28  3/25/2022   -   (2,954)  - 
Radwell, Senior Secured Revolving Loan, 9.34% (SOFR + 5.75%), maturity 4/1/28  3/11/2022   -   (1,200)  - 
                 
Aerospace & Defense                
CPI International, Senior Secured Second Amendment Incremental Term Loan (First Lien), 8.50% (LIBOR + 4.75%), maturity 7/26/24  10/1/2019   5,182,544   5,148,694   5,182,544 
HDT Global, Senior Secured Initial Term Loan, 9.50% (LIBOR + 5.75%), maturity 7/8/27  6/30/2021   3,281,250   3,186,403   3,223,828 
StandardAero, Senior Secured 2020 Term B-1 Loan, 7.25% (LIBOR + 3.50%), maturity 4/6/26 (j)  1/24/2019   3,246,057   3,240,881   3,102,803 
CPI International, Senior Secured Term Loan, 9.09% (SOFR + 5.50%), maturity 4/14/30 (j)  5/18/2022   3,000,000   2,940,000   2,940,000 
Amentum, Senior Secured Tranche 3 Term Loan (First Lien), 7.59% (SOFR + 4.00%), maturity 2/15/29  2/10/2022   1,995,000   1,985,157   1,995,000 
Consolidated Precision Products, Senior Secured Initial Term Loan (Second Lien), 11.50% (LIBOR + 7.75%), maturity 4/30/26  5/10/2018   2,000,000   2,005,934   1,935,000 
Whitcraft, Unitranche, 9.75% (LIBOR + 6.00%), maturity 4/3/23  3/6/2020   1,947,357   1,940,973   1,884,068 
StandardAero, Senior Secured 2020 Term B-2 Loan, 7.25% (LIBOR + 3.50%), maturity 4/6/26 (j)  1/24/2019   1,745,192   1,742,409   1,668,174 
Tronair, Senior Secured Initial Term Loan (First Lien), 9.50% (LIBOR + 5.75%), PIK, maturity 9/8/23  9/30/2016   1,351,670   1,350,181   1,297,603 
Amentum, Senior Secured Tranche 1 Term Loan (First Lien), 7.50% (LIBOR + 3.75%), maturity 1/29/27 (j)  1/24/2020   977,500   956,475   951,940 
Peraton, Senior Secured Term B Loan (First Lien), 7.50% (LIBOR + 3.75%), maturity 2/1/28 (j)  2/23/2021   967,112   963,216   937,411 
API Technologies, Senior Secured Initial Term Loan (First Lien), 8.00% (LIBOR + 4.25%), maturity 5/9/26  1/15/2020   972,362   952,452   899,435 
BlueHalo, Unitranche, 9.75% (LIBOR + 6.00%), maturity 10/31/25  11/17/2021   495,268   488,531   490,315 
Novaria Group, Senior Secured Initial Term Loan, 9.25% (LIBOR + 5.50%), maturity 1/27/27  1/24/2020   481,818   478,577   472,182 
Consolidated Precision Products, Senior Secured Initial Term Loan (First Lien), 7.50% (LIBOR + 3.75%), maturity 4/30/25  7/18/2019   484,287   482,841   464,915 
BlueHalo, Senior Secured Revolving Loan, 9.75% (LIBOR + 6.00%), maturity 10/31/25  11/17/2021   54,502   53,013   53,957 
                 
Chemicals, Plastics & Rubber                
DuBois Chemicals, Senior Secured Term Loan (Second Lien) - 2019, 12.25% (LIBOR + 8.50%), maturity 9/30/27  10/8/2019   3,000,000   2,980,225   2,985,000 
Vertellus, Senior Secured Initial Term Loan, 9.34% (SOFR + 5.75%), maturity 12/22/27  12/18/2020   2,970,056   2,907,656   2,925,505 
Spectrum Plastics, Senior Secured Closing Date Term Loan (First Lien), 7.00% (LIBOR + 3.25%), maturity 1/31/25  1/26/2018   2,607,150   2,612,132   2,577,820 
Unifrax, Senior Secured USD Term Loan (First Lien), 7.50% (LIBOR + 3.75%), maturity 12/12/25 (j)  11/5/2018   2,407,456   2,388,825   2,240,042 
Boyd Corp, Senior Secured Initial Loan (Second Lien), 10.50% (LIBOR + 6.75%), maturity 9/6/26  8/16/2018   2,000,000   2,001,447   1,995,000 
USALCO, Unitranche, 9.75% (LIBOR + 6.00%), maturity 10/19/27  10/26/2021   1,968,871   1,950,959   1,949,182 
DuBois Chemicals, Senior Secured Term Loan B (First Lien), 8.25% (LIBOR + 4.50%), maturity 9/30/26  10/8/2019   1,763,820   1,737,006   1,750,591 
Vantage Specialty Chemicals, Senior Secured Closing Date Term Loan (First Lien), 7.25% (LIBOR + 3.50%), maturity 10/28/24 (j)  11/30/2018   959,698   951,849   934,568 
Ascensus Specialties, Senior Secured Initial Term Loan, 8.00% (LIBOR + 4.25%), maturity 6/30/28  12/3/2021   494,978   486,478   491,265 
Polytek, Senior Secured Term Loan, 9.34% (SOFR + 5.75%), maturity 9/20/24  12/23/2020   491,359   486,659   471,705 
Boyd Corp, Senior Secured Initial Term Loan (First Lien), 7.25% (LIBOR + 3.50%), maturity 9/6/25 (j)  11/7/2018   488,550   467,800   463,840 
USALCO, Senior Secured Revolving Loan, 9.75% (LIBOR + 6.00%), maturity 10/19/26  10/26/2021   161,290   158,065   159,677 
Vertellus, Senior Secured Revolving Credit Loan, 9.75% (LIBOR + 6.00%), maturity 12/22/25  12/18/2020   67,817   57,485   66,800 

 

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

 

8

 

 

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of September 30, 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                
Ned Stevens, Unitranche, 9.59% (SOFR + 6.00%), maturity 7/2/29 (i) (j)  6/22/2022  $3,781,954  $3,721,882  $3,781,954 
Weld North, Senior Secured 2021 Term Loan, 7.50% (LIBOR + 3.75%), maturity 12/21/27 (j)  12/21/2020   2,402,083   2,402,083   2,339,565 
A Place For Mom, Senior Secured Term Loan, 8.25% (LIBOR + 4.50%), maturity 2/10/26  7/28/2017   2,214,843   2,214,822   2,192,694 
Smart Start, Senior Secured Term B Loan (Second Lien), 11.50% (LIBOR + 7.75%), maturity 12/16/29  12/10/2021   2,000,000   1,966,000   1,977,500 
Smart Start, Senior Secured Term B Loan (First Lien), 8.25% (LIBOR + 4.50%), maturity 12/16/28  12/10/2021   1,985,000   1,970,607   1,962,669 
Mister Car Wash, Senior Secured Initial Term Loan (First Lien), 6.75% (LIBOR + 3.00%), maturity 5/14/26 (j)  5/8/2019   1,528,610   1,527,146   1,490,014 
FullBloom, Senior Secured Initial Term Loan (First Lien), 7.84% (SOFR + 4.25%), maturity 12/15/28  12/10/2021   1,496,250   1,482,561   1,481,288 
Teaching Strategies, Senior Secured Initial Term Loan (First Lien), 7.50% (LIBOR + 3.75%), maturity 8/31/28  8/19/2021   992,500   983,046   992,500 
Spring Education, Senior Secured Initial Term Loan (First Lien), 8.00% (LIBOR + 4.25%), maturity 7/30/25 (j)  7/26/2018   960,000   958,882   922,243 
Aegis Sciences, Senior Secured Initial Term Loan (2018) (First Lien), 9.25% (LIBOR + 5.50%), maturity 5/9/25  5/4/2018   607,811   604,170   607,811 
Ned Stevens, Senior Secured Revolving Credit, 9.59% (SOFR + 6.00%), maturity 6/30/28 (i) (j)  6/22/2022   36,311   32,226   36,311 
                 
Transportation: Cargo                
Evans Network, Senior Secured Initial Term Loan (First Lien), 8.00% (LIBOR + 4.25%), maturity 8/19/28  8/6/2021   3,636,735   3,600,503   3,636,735 
Odyssey Logistics & Technology , Senior Secured New Term Loan (First Lien), 7.75% (LIBOR + 4.00%), maturity 10/12/24 (j)  11/20/2018   3,544,010   3,541,904   3,442,851 
Capstone Logistics, Senior Secured Closing Date Term Loan (First Lien), 8.50% (LIBOR + 4.75%), maturity 11/12/27  11/12/2020   2,100,985   2,084,006   2,100,985 
AIT Worldwide Logistics, Senior Secured Initial Term Loan (First Lien), 8.50% (LIBOR + 4.75%), maturity 4/6/28  12/9/2021   1,980,000   1,975,496   1,980,000 
St. George Logistics, Senior Secured Initial Term Loan, 9.59% (SOFR + 6.00%), maturity 3/24/28  4/28/2022   1,492,500   1,471,013   1,492,500 
Worldwide Express, Senior Secured Initial Term Loan (First Lien), 7.75% (LIBOR + 4.00%), maturity 7/26/28 (j)  7/23/2021   1,488,750   1,478,601   1,405,254 
FLS Transportation, Senior Secured Term B Loan, 9.00% (LIBOR + 5.25%), maturity 12/18/28  4/14/2022   1,217,391   1,205,986   1,217,391 
Omni Logistics, Senior Secured Initial Term Loan (First Lien), 8.75% (LIBOR + 5.00%), maturity 12/30/26  11/24/2021   1,151,124   1,140,227   1,148,246 
Magnate, Senior Secured Initial Term Loan (First Lien), 9.25% (LIBOR + 5.50%), maturity 12/29/28  3/11/2022   921,607   904,466   921,607 
FLS Transportation, Senior Secured Revolving Loan, 9.00% (LIBOR + 5.25%), maturity 12/17/27  4/14/2022   -   (889)  - 
Omni Logistics, Senior Secured Revolving Credit Loan (First Lien), 8.75% (LIBOR + 5.00%), maturity 12/30/25  11/24/2021   -   (1,119)  - 
                 
Beverage, Food & Tobacco                
Bettcher Industries, Senior Secured Initial Term Loan (Second Lien), 10.84% (SOFR + 7.25%), maturity 12/14/29  12/13/2021   2,500,000   2,476,834   2,450,000 
Sovos Brands, Senior Secured Initial Term Loan (First Lien), 7.25% (LIBOR + 3.50%), maturity 6/8/28 (j)  6/8/2021   2,033,001   2,033,001   1,962,657 
Bettcher Industries, Senior Secured Initial Term Loan (First Lien), 7.59% (SOFR + 4.00%), maturity 12/14/28  12/13/2021   1,990,000   1,970,000   1,950,200 
Kettle Cuisine, Senior Secured Initial Term Loan (First Lien), 7.50% (LIBOR + 3.75%), maturity 8/25/25  8/22/2018   1,920,000   1,916,173   1,881,600 
Hissho Sushi, Unitranche, 9.59% (SOFR + 6.00%), maturity 5/18/28 (i)  4/7/2022   1,852,500   1,814,903   1,821,156 
Dessert Holdings, Senior Secured Initial Term Loan (First Lien), 7.75% (LIBOR + 4.00%), maturity 6/9/28  6/7/2021   1,485,000   1,475,104   1,468,294 
Monogram Foods, Senior Secured Initial Term Loan, 7.75% (LIBOR + 4.00%), maturity 8/28/28  8/13/2021   992,500   983,488   975,131 
Hissho Sushi, Senior Secured Revolving Credit Loan, 9.59% (SOFR + 6.00%), maturity 5/18/28 (i)  4/7/2022   9,524   8,857   9,363 
                 
Automotive                
BBB Industries, Senior Secured Initial Term Loan (First Lien), 6.29% (SOFR + 5.25%), maturity 7/25/29 (i) (j)  6/30/2022   3,000,000   2,704,515   2,830,138 
Highline, Senior Secured Initial Term Loan (First Lien), 8.25% (LIBOR + 4.50%), maturity 11/9/27  10/29/2020   2,820,682   2,763,588   2,729,010 
Rough Country, Senior Secured Initial Term Loan (First Lien), 7.25% (LIBOR + 3.50%), maturity 7/28/28  7/26/2021   1,975,000   1,970,521   1,965,125 
Truck Hero, Senior Secured Initial Term Loan, 7.25% (LIBOR + 3.50%), maturity 1/31/28 (j)  1/20/2021   1,477,500   1,477,500   1,334,169 
IXS, Senior Secured Initial Term Loan, 8.00% (LIBOR + 4.25%), maturity 3/5/27  2/27/2020   788,197   786,954   693,613 
Safe Fleet, Senior Secured Initial Term Loan (Second Lien), 10.34% (SOFR + 6.75%), maturity 2/2/26  2/23/2022   500,000   500,000   497,500 
Wheel Pros, Senior Secured Initial Term Loan (First Lien), 8.25% (LIBOR + 4.50%), maturity 5/11/28 (j)  4/23/2021   495,000   491,073   387,319 
                 
Construction & Building                
Tangent, Senior Secured Closing Date Term Loan (First Lien), 8.50% (LIBOR + 4.75%), maturity 11/30/27  10/2/2019   1,781,392   1,773,773   1,763,578 
PlayPower, Senior Secured Initial Term Loan, 9.25% (LIBOR + 5.50%), maturity 5/8/26  5/10/2019   1,742,333   1,742,333   1,620,370 
PlayCore, Senior Secured Initial Term Loan (Second Lien), 11.50% (LIBOR + 7.75%), maturity 9/29/25  2/7/2020   1,500,000   1,479,390   1,500,000 
Dodge Construction Network, Senior Secured Initial Term Loan (First Lien), 8.34% (SOFR + 4.75%), maturity 2/23/29  2/10/2022   997,500   983,689   997,500 
PlayCore, Senior Secured Initial Term Loan (First Lien), 7.50% (LIBOR + 3.75%), maturity 9/30/24  9/18/2017   949,429   948,408   949,429 
Specialty Products & Insulation, Senior Secured Tranche B-1 Term Loan, 8.84% (SOFR + 5.25%), maturity 12/21/27  3/16/2022   894,492   886,120   892,256 
Acuren, Senior Secured Initial Term Loan, 8.00% (LIBOR + 4.25%), maturity 1/23/27  1/17/2020   475,026   473,472   475,026 
Hoffman Southwest, Senior Secured Initial Term Loan, 9.25% (LIBOR + 5.50%), maturity 8/14/23  5/16/2019   428,365   430,679   427,294 
                 
Consumer Goods: Non-durable                
Hoffmaster Group, Senior Secured Tranche B-1 Term Loan (First Lien), 7.75% (LIBOR + 4.00%), maturity 11/21/23  11/9/2016   2,374,872   2,372,736   2,279,877 
Augusta Sportswear Group, Senior Secured Initial Term Loan, 8.25% (LIBOR + 4.50%), maturity 10/26/23  11/2/2016   2,001,028   1,997,219   1,991,023 
Badger Sportswear, Senior Secured Initial Term Loan (First Lien), 8.25% (LIBOR + 4.50%), maturity 9/11/23  9/29/2016   1,877,887   1,874,758   1,873,193 
Hoffmaster Group, Senior Secured Initial Term Loan (Second Lien), 13.25% (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, 9.75% (LIBOR + 6.00%), maturity 12/30/27 (i)  12/30/2021   4,094,205   4,020,464   3,975,064 
Denali Water Solutions, Senior Secured Closing Date Term Loan, 8.00% (LIBOR + 4.25%), maturity 3/27/28  3/18/2021   1,975,000   1,956,874   1,950,313 
Keter Environmental Services, Unitranche, 10.25% (LIBOR + 6.50%), maturity 10/29/27  11/5/2021   496,250   491,771   492,528 
Denali Water Solutions, Senior Secured Amendment No. 3 Term Loan, 8.22% (SOFR + 4.63%), maturity 3/27/28  5/5/2022   498,750   482,068   492,516 
Alliance Environmental Group, Senior Secured Revolving Loan, 9.75% (LIBOR + 6.00%), maturity 12/30/27 (i)  12/30/2021   149,007   142,384   144,671 
Keter Environmental Services, Unitranche, 10.25% (LIBOR + 6.50%), maturity 10/29/27  11/5/2021   13,680   12,905   13,577 
                 
Wholesale                
Carlisle FoodService, Senior Secured Initial Term Loan (First Lien), 6.75% (LIBOR + 3.00%), maturity 3/20/25 (l)  3/16/2018   3,819,731   3,820,324   3,776,759 
                 
Media: Diversified & Production                
Cast & Crew, Senior Secured Initial Term Loan (First Lien), 7.25% (LIBOR + 3.50%), maturity 2/9/26 (j)  1/16/2019   2,902,348   2,889,448   2,858,054 

 

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

 

9

 

 

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of September 30, 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, 7.38% (LIBOR + 3.63%) cash, 1.00% PIK maturity 6/7/24  5/8/2017  $1,312,848  $1,312,848  $1,270,180 
Auto Europe, Senior Secured Initial Dollar Term Loan, 8.75% (LIBOR + 5.00%), maturity 10/21/23  10/19/2016   1,119,231   1,116,737   895,385 
                 
Metals & Mining                
Dynatect, Senior Secured Term B Loan, 8.25% (LIBOR + 4.50%), maturity 9/30/24  8/16/2019   1,900,034   1,889,504   1,900,034 
                 
Forest Products & Paper                
Loparex, Senior Secured Initial Term Loan (First Lien), 8.25% (LIBOR + 4.50%), maturity 7/31/26  7/29/2019   1,455,000   1,446,244   1,455,000 
                 
Utilities: Electric                
Systems Control, Senior Secured Initial Term Loan, 8.50% (LIBOR + 4.75%), maturity 3/28/25  6/15/2021   1,479,355   1,477,515   1,449,768 
                 
Retail                
Varsity Brands, Senior Secured Initial Term Loan (First Lien), 7.25% (LIBOR + 3.50%), maturity 12/16/24 (j)  10/17/2018   959,738   963,055   922,085 
StubHub, Senior Secured USD Term B Loan, 7.25% (LIBOR + 3.50%), maturity 2/12/27 (j)  1/31/2020   486,250   484,654   442,360 
                 
Media: Advertising, Printing & Publishing                
Ansira, Unitranche, 10.25% (LIBOR + 6.50%) PIK, maturity 12/20/24  12/20/2016   2,271,632   2,268,262   999,518 
                 
Utilities: Water                
Aegion, Senior Secured Initial Term Loan, 8.50% (LIBOR + 4.75%), maturity 5/17/28  4/1/2021   989,999   985,795   982,574 
                 
Energy: Electricity                
Franklin Energy, Senior Secured Term B Loan (First Lien), 7.75% (LIBOR + 4.00%), maturity 8/14/26  8/14/2019   970,000   968,390   953,025 
                 
Consumer Goods: Durable                
Careismatic Brands, Senior Secured Initial Term Loan (First Lien), 7.00% (LIBOR + 3.25%), maturity 1/6/28  1/22/2021   493,750   492,650   474,000 
Total Bank Loans         $440,936,825  $434,592,673 

 

Portfolio Investments (a) (b) (c) (d) (e) (f)   Acquisition Date  Par  Cost  Value  
EQUITY AND PREFERRED SHARES:  NON-CONTROL/NON-AFFILIATE INVESTMENTS- (0.7%)(g)(h):                
                 
Services: Business                
InnovateMR, Class A Units (387,311 Class A Units, Fair value of $535,116) (i) (j) (n) (o)  12/16/2021      $387,311  $535,116 
Liberty Group, Series A-Preferred Units (113,636 Series A-Preferred Units, Fair value of $123,684) (i) (j) (n) (p)  6/6/2022       113,636   123,684 
VC3, Class A Units (29,846 Class A Units, Fair value of $29,846) (i) (n) (q)  9/16/2022       29,846   29,846 
               
High Tech Industries                
PracticeTek, Class A Units (347,322 Class A Units, Fair value of $379,979) (i) (n) (r)  11/22/2021       377,255   379,979 
Golden Source, Class A Units (117,371 Class A Units, Fair value of $153,755) (i) (j) (n) (s)  3/25/2022       117,371   153,755 
MediaRadar, Class A-1 Units (74,074 Class A-1 Units, Fair value of $74,074) (i) (j) (n) (t)  9/16/2022       74,074   74,074 
               
Services: Consumer                
Ned Stevens, Class B Common Units (261,438 Common B Units, Fair value of $489,507) (i) (n) (u) (v)  9/30/2019       261,438   489,507 
               
Environmental Industries                
Alliance Environmental Group, A-1 Preferred Units (331,126 A-1 Preferred Units, Fair value of $326,198) (i) (n) (w)  9/30/2019       331,126   326,198 
               
Healthcare & Pharmaceuticals                
RevHealth, Class A-1 Units (205,479 Class A-1 Units, Fair value of $205,479) (i) (n) (x)  7/22/2022       205,479   205,479 
Ivy Rehab, Class A Units (100 Class A Units, Fair value of $75,426) (i) (n) (y)  3/11/2022       100,000   75,426 
                 
Chemicals, Plastics & Rubber                
Vertellus, Series A Units (1,651 Series A Units, Fair value of $259,368) (i) (n) (v) (z)  12/22/2020       165,138   259,368 
               
Beverage, Food & Tobacco                
Hissho Sushi, Class A Units (25,000 Class A Units, Fair value of $251,404) (i) (j) (n) (aa)  4/7/2022       250,000   251,404 
               
Banking, Finance, Insurance & Real Estate                
Cherry Bekaert, Class A Units (129,870 Class A Units, Fair value of $145,091) (i) (n) (ab)  6/30/2022       129,870   145,091 
Total Equity and Preferred Shares         $2,542,544  $3,048,928 
               
Total Portfolio Investments (ac)         $443,479,369  $437,641,601 

 

(a)All companies are located in the United States of America, unless otherwise noted.
(b)Interest rate percentages represent actual interest rates as of September 30, 2022, 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 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)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.
(j)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.
(k)The borrower for UDG Healthcare, Congachant Limited, is located in Ireland.
(l)All or portion of this security has an open position related to short-term borrowings, as described in footnote 8.
(m)The borrower for Sophos, Surf Holdings S.a.r.l., is located in United Kingdom.
(n)Investment is non-income producing.
(o)Represents an investment in APD INN Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(p)Represents an investment in APD TLG Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(q)Represents an investment in APD VC3 Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(r)Represents an investment in APD Ptek Equity, 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 MDR Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(u)Represents an investment in APD NS Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(v)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.
(w)Represents an investment in APD AEG Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(x)Represents an investment in APD RH Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(y)Represents an investment in APD IVY Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(z)Represents an investment in ADP VERT Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(aa)Represents an investment in APD Sush Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(ab)Represents an investment in APD CBA Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(ac)At September 30, 2022, the cost of investments for income tax purposes was $443,479,369, the gross unrealized depreciation for federal tax purposes was $8,320,565, the gross unrealized appreciation for federal income tax purposes was $2,482,797, and the net unrealized depreciation was $5,837,768.

 

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)   -