10-Q 1 tm2311537d2_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, 2023

 

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 43,159,035 shares of common stock, par value $0.001 per share, outstanding as of May 12, 2023.

 

 

 

 

 

AUDAX CREDIT BDC INC.

TABLE OF CONTENTS

 

PART I.  FINANCIAL INFORMATION:   
       
Item 1.  Financial Statements   
       
   Statements of Assets and Liabilities as of March 31, 2023 (unaudited) and December 31, 2022  2
       
   Statements of Operations for the three months ended March 31, 2023 (unaudited) and 2022 (unaudited)  3
       
   Statements of Changes in Net Assets for the three months ended March 31, 2023 (unaudited) and 2022 (unaudited)  4
       
   Statements of Cash Flows for the three months ended March 31, 2023 (unaudited) and 2022 (unaudited)  5
       
   Schedules of Investments as of March 31, 2023 (unaudited) and December 31, 2022  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  40
       
Item 3.  Quantitative and Qualitative Disclosures About Market Risk  47
       
Item 4.  Controls and Procedures  48
       
PART II.  OTHER INFORMATION:   
       
Item 1.  Legal Proceedings  49
       
Item 1A.  Risk Factors  49
       
Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds  50
       
Item 3.  Defaults Upon Senior Securities  50
       
Item 4.  Mine Safety Disclosures  50
       
Item 5.  Other Information  50
       
Item 6.  Exhibits  50
       
SIGNATURES  51

 

 

 

Audax Credit BDC Inc.

Statements of Assets and Liabilities

March 31, 2023 and December 31, 2022

(Expressed in U.S. Dollars)

 

   March 31, 2023   December 31, 2022 
   (unaudited)     
Assets          
Investments, at fair value          
Non-Control/Non-Affiliate investments (Cost of $406,272,865 and $427,700,856, respectively)  $398,843,940   $420,828,658 
Cash and cash equivalents   32,284,422    15,923,163 
Interest receivable   2,441,253    2,421,871 
Receivable from bank loan repayment   126,627    61,072 
Other assets   168,750    - 
Receivable from investments sold   -    4,415,431 
Total assets  $433,864,992   $443,650,195 
           
Liabilities          
Payable for short-term borrowings(a)  $8,724,062   $13,178,611 
Payable for investments purchased   1,677,500    - 
Fees due to investment advisor, net of waivers(b)   1,164,564    1,137,309 
Fee due to administrator(b)   66,250    66,250 
Accrued expenses and other liabilities   912,803    790,347 
Total liabilities  $12,545,179   $15,172,517 
Commitments and contingencies(c)          
           
Net Assets          
Common stock, $0.001 par value per share, 100,000,000 shares authorized, 44,753,084 and 46,376,461 shares issued and outstanding, respectively  $44,753   $46,376 
Capital in excess of par value   422,957,588    437,955,965 
Total distributable loss   (1,682,528)   (9,524,663)
Total Net Assets  $421,319,813   $428,477,678 
           
Net Asset Value per Share of Common Stock at End of Period  $9.41   $9.24 
           
Shares Outstanding   44,753,084    46,376,461 

 

(a)Refer to Note 8-Borrowings for additional information.
(b)Refer to Note 4-Related Party Transactions 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 
   March 31, 2023   March 31, 2022 
Investment Income          
Interest income          
Non-Control/Non-Affiliate  $10,011,292   $5,389,818 
Other   64,550    384 
Total interest income   10,075,842    5,390,202 
Other income          
Non-Control/Non-Affiliate   62,635    38,118 
Total income   10,138,477    5,428,320 
           
Expenses          
Base management fee(a)  $1,108,854   $1,038,439 
Incentive fee(a)   1,333,105    426,322 
Interest expense(b)   227,652    41,166 
Professional fees   98,636    81,675 
Other expenses   74,766    79,177 
Administrative fee(a)   66,250    66,250 
Directors' fees   63,750    56,250 
Expenses before waivers from investment adviser and administrator   2,973,013    1,789,279 
Base management fee waivers(a)   (388,099)   (363,454)
Incentive fee waivers(a)   (889,296)   (383,690)
Total expenses, net of waivers   1,695,618    1,042,135 
Net Investment Income   8,442,859    4,386,185 
           
Realized and Unrealized (Loss) Gain on Investments          
Net realized (loss) gain on investments   (43,997)   225,786 
Net change in unrealized depreciation on investments   (556,727)   (1,566,163)
Net realized and unrealized loss on investments   (600,724)   (1,340,377)
           
Net Increase in Net Assets Resulting from Operations  $7,842,135   $3,045,808 
           
Basic and Diluted per Share of Common Stock:          
Net investment income  $0.19   $0.10 
Net increase in net assets resulting from operations  $0.17   $0.07 
           
Weighted average shares of common stock outstanding basic and diluted   45,420,472    42,774,798 

 

(a)Refer to Note 4-Related Party Transactions for additional information
(b)Refer to Note 8-Borrowings 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, 2023
   Three Months Ended
March 31, 2022
 
Operations          
Net investment income  $8,442,859   $4,386,185 
Net realized (loss) gain on investments   (43,997)   225,786 
Net change in unrealized depreciation on investments   (556,727)   (1,566,163)
Net increase in net assets resulting from operations   7,842,135    3,045,808 
           
Capital Share Transactions:          
Issuance of common stock   -    30,000,000 
Repurchases of common stock   (15,000,000)   - 
Net increase in net assets from capital share transactions   (15,000,000)   30,000,000 
           
Net (Decrease) Increase in Net Assets   (7,157,865)   33,045,808 
Net Assets, Beginning of Period   428,477,678    373,947,334 
Net Assets, End of Period  $421,319,813   $406,993,142 

 

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, 2023   March 31, 2022 
Cash flows from operating activities:          
Net increase in net assets resulting from operations  $7,842,135   $3,045,808 
Adjustments to reconcile net increase in net assets from operations to net cash provided by (used in) operating activities:          
Net realized loss (gain) on investments   43,997    (225,786)
Net change in unrealized depreciation on investments   556,727    1,566,163 
Accretion of original issue discount interest and payment-in-kind interest   (253,136)   (206,238)
Decrease in receivable from investments sold   4,415,431    - 
Increase in interest receivable   (19,382)   (469,597)
Increase in receivable from bank loan repayment   (65,555)   (70,746)
Increase in other assets   (168,750)   (157,500)
Increase in accrued expenses and other liabilities   122,456    93,284 
Increase in fees due to investment advisor(a)   27,255    783,868 
(Increase) decrease in payable for investments purchased   1,677,500    (16,634,436)
           
Investment activity:          
Investments purchased   (8,376,737)   (33,568,785)
Proceeds from investments sold   9,262,833    4,047,932 
Repayment of bank loans   20,751,034    12,318,646 
Total investment activity   21,637,130    (17,202,207)
           
Net cash provided by (used in) operating activities   35,815,808    (29,477,387)
           
Cash flows from financing activities:          
Issuance of shares of common stock   -    30,000,000 
Repurchases of shares of common stock   (15,000,000)   - 
Repayments of short-term borrowings(b)   (4,454,549)   - 
           
Net cash (used in) provided by financing activities   (19,454,549)   30,000,000 
           
Net increase in cash and cash equivalents   16,361,259    522,613 
           
Cash and cash equivalents:          
Cash and cash equivalents, beginning of period   15,923,163    11,058,796 
           
Cash and cash equivalents, end of period  $32,284,422   $11,581,409 
           
Supplemental cash flow information Interest paid on short-term financing  $119,524   $41,166 
           
           
Supplemental non-cash information Payment-in-kind ("PIK") interest income  $87,506   $61,319 

 

(a)Refer to Note 4-Related Party Transactions for additional information
(b)Refer to Note 8-Borrowings 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, 2023

(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 - (93.8%)(g)(h)(i):                  
                   
Healthcare & Pharmaceuticals                  
American Vision Partners, Unitranche Initial Term Loan, 10.94% (LIBOR + 5.75%), maturity 9/30/27(j)  9/22/2021  $4,935,901   $4,867,782   $4,789,706 
RevHealth, Unitranche Initial Term Loan, 10.66% (SOFR + 5.75%), maturity 7/22/28(j)  7/22/2022   4,259,418    4,180,330    4,168,698 
Radiology Partners, Senior Secured Term B Loan (First Lien), 9.44% (LIBOR + 4.25%), maturity 7/9/25  6/28/2018   4,215,792    4,360,152    3,793,548 
Young Innovations, Senior Secured Initial Term Loan (First Lien), 9.19% (LIBOR + 4.00%), maturity 11/7/24  11/6/2017   3,706,381    3,700,647    3,660,052 
PharMedQuest, Unitranche Term A Loan, 10.41% (SOFR + 5.50%), maturity 11/6/24(j)  11/6/2019   3,278,398    3,276,101    3,266,993 
InHealth Medical Alliance, Unitranche Initial Term Loan, 8.41% (SOFR + 3.50%), 3.50% PIK, maturity 6/28/28  6/25/2021   3,526,186    3,497,787    3,173,567 
InterMed, Unitranche Initial Term Loan, 11.41% (SOFR + 6.50%), maturity 12/24/29(j)  12/22/2022   3,023,758    2,938,440    2,963,585 
Waystar, Senior Secured Initial Term Loan (First Lien), 9.19% (LIBOR + 4.00%), maturity 10/22/26(k)  9/19/2019   2,912,443    2,907,844    2,907,448 
Advancing Eyecare, Senior Secured Initial Term Loan, 10.66% (SOFR + 5.75%), maturity 6/29/29  5/27/2022   2,525,310    2,461,363    2,518,997 
Premise Health, Senior Secured Initial Term Loan (First Lien), 8.41% (SOFR + 3.50%), maturity 7/10/25  8/15/2018   2,253,110    2,256,549    2,247,477 
Soliant, Senior Secured Initial Term Loan, 9.19% (LIBOR + 4.00%), maturity 3/31/28  3/26/2021   2,115,249    2,100,755    2,115,249 
nThrive, Senior Secured Initial Loan (Second Lien), 11.94% (LIBOR + 6.75%), maturity 12/17/29  11/19/2021   2,000,000    1,976,551    1,977,500 
CPS, Unitranche Closing Date Term Loan, 10.69% (LIBOR + 5.50%), maturity 6/1/28(j)  5/18/2022   1,943,754    1,939,304    1,943,754 
Gastro Health, Senior Secured Initial Term Loan (First Lien), 9.69% (LIBOR + 4.50%), maturity 7/3/28  7/2/2021   1,970,538    1,961,132    1,916,348 
Avalign Technologies, Senior Secured Initial Term Loan (First Lien), 9.41% (SOFR + 4.50%), maturity 12/22/25  12/19/2018   1,915,000    1,913,906    1,881,488 
Therapy Brands, Senior Secured Initial Term Loan (First Lien), 9.19% (LIBOR + 4.00%), maturity 5/18/28  5/12/2021   1,858,544    1,850,838    1,826,020 
Advanced Diabetes Supply, Senior Secured First Incremental Term Loan, 10.16% (SOFR + 5.25%), maturity 12/30/27  7/13/2021   1,848,968    1,833,633    1,821,233 
Press Ganey, Senior Secured Initial Term Loan (First Lien), 8.69% (LIBOR + 3.50%), maturity 7/24/26(k)  7/23/2019   1,930,000    1,933,010    1,807,570 
Upstream Rehabilitation, Senior Secured August 2021 Incremental Term Loan (First Lien), 9.16% (SOFR + 4.25%), maturity 11/20/26  10/24/2019   1,946,578    1,944,178    1,728,401 
Blue Cloud, Senior Secured Closing Date Term Loan, 9.91% (SOFR + 5.00%), maturity 1/21/28  12/13/2021   1,485,000    1,464,689    1,459,013 
Quantum Health, Senior Secured Amendment No. 1 Refinancing Term Loan (First Lien), 9.69% (LIBOR + 4.50%), maturity 12/22/27  12/18/2020   1,473,750    1,457,213    1,444,275 
Mission Vet Partners, Senior Secured Initial Term Loan (First Lien), 9.19% (LIBOR + 4.00%), maturity 4/27/28  12/15/2021   1,477,500    1,465,148    1,414,706 
Symplr, Senior Secured Initial Term Loan (First Lien), 9.41% (SOFR + 4.50%), maturity 12/22/27  11/23/2020   1,470,000    1,453,494    1,322,768 
Ivy Rehab, Senior Secured Initial Term Loan (First Lien), 9.66% (SOFR + 4.75%), maturity 4/23/29  3/11/2022   1,280,605    1,257,487    1,264,597 
Tecomet, Senior Secured 2017 Term Loan (First Lien), 8.69% (LIBOR + 3.50%), maturity 5/1/24  1/10/2019   1,140,692    1,140,627    1,109,323 
Solis Mammography, Senior Secured Initial Term Loan (First Lien), 9.94% (LIBOR + 4.75%), maturity 4/17/28  4/1/2021   1,067,232    1,059,427    1,059,228 
Cirtec Medical, Senior Secured (USD) Initial Term Loan, 11.16% (SOFR + 6.25%), maturity 1/24/29  1/30/2023   1,000,000    968,055    992,500 
Solis Mammography, Senior Secured Initial Term Loan (Second Lien), 13.19% (LIBOR + 8.00%), maturity 4/16/29  4/1/2021   1,000,000    987,992    992,500 
Micro Merchant Systems, Unitranche Initial Term Loan, 10.66% (SOFR + 5.75%), maturity 12/14/27  3/2/2022   990,000    980,283    985,050 
Wedgewood, Senior Secured Initial Term Loan, 9.16% (SOFR + 4.25%), maturity 3/31/28  2/24/2021   985,000    976,895    985,000 
nThrive, Senior Secured Initial Term Loan (First Lien), 9.19% (LIBOR + 4.00%), maturity 12/18/28  11/19/2021   990,000    986,250    980,100 
Forefront, Senior Secured Closing Date Term Loan, 9.16% (SOFR + 4.25%), maturity 4/1/29  3/23/2022   988,021    972,529    978,141 
Allied Benefit Systems, Senior Secured Initial Term B Loan, 9.69% (LIBOR + 4.50%), maturity 11/18/26  10/21/2020   977,500    967,671    970,169 
Epic Staffing Group, Senior Secured Initial Term Loan, 10.91% (SOFR + 6.00%), maturity 6/28/29  6/27/2022   819,390    763,167    817,341 
UDG, Senior Secured Initial Dollar Term Loan (First Lien), 9.44% (LIBOR + 4.25%), maturity 8/19/28(k)(l)  8/6/2021   631,875    627,302    621,607 
ImageFirst, Senior Secured Initial Term Loan, 9.69% (LIBOR + 4.50%), maturity 4/27/28  4/26/2021   603,239    600,888    598,714 
Western Dental, Senior Secured 2022 Incremental Term Loan, 10.44% (LIBOR + 5.25%), maturity 8/18/28  6/21/2022   496,250    487,343    483,844 
AccentCare, Senior Secured 2021 Term Loan (First Lien), 9.19% (LIBOR + 4.00%), maturity 6/22/26  6/15/2021   491,250    491,250    478,969 
MedRisk, Senior Secured Initial Term Loan (First Lien), 8.94% (LIBOR + 3.75%), maturity 5/10/28(k)  4/1/2021   492,500    488,477    475,918 
Confluent Health, Senior Secured Amendment No. 1 Term Loan, 12.41% (SOFR + 7.50%), maturity 11/28/28(k)  4/11/2023   500,000    465,000    465,000 
Press Ganey, Senior Secured 2020 Incremental Term Loan (First Lien) Retired 05/25/2021, 8.94% (LIBOR + 3.75%), maturity 7/24/26(k)  10/1/2020   490,022    486,644    458,937 
MyEyeDr, Senior Secured Initial Term Loan (First Lien), 9.44% (LIBOR + 4.25%), maturity 8/31/26(k)  8/2/2019   519,965    517,591    458,513 
RMP & MedA/Rx, Senior Secured Term Loan, 9.41% (SOFR + 4.50%), maturity 2/6/25  3/22/2021   459,375    456,092    454,781 
RMP & MedA/Rx, Senior Secured Term Loan (First Lien), 9.16% (SOFR + 4.25%), maturity 2/6/25  2/27/2017   391,962    391,969    388,042 
RevHealth, Senior Secured Revolving Loan, 10.66% (SOFR + 5.75%), maturity 7/22/28(j)  1/24/2023   107,877    107,877    105,579 
Blue Cloud, Senior Secured Revolving Loan, 9.91% (SOFR + 5.00%), maturity 1/21/28  12/14/2022   72,727    72,727    71,455 
CPS, Senior Secured Revolving Credit Loan, 10.69% (LIBOR + 5.50%), maturity 6/1/28(j)  5/18/2022   -    (714)   - 
Ivy Rehab, Senior Secured Revolving Credit Loan (First Lien), 9.66% (SOFR + 4.75%), maturity 4/21/28  3/11/2022   -    (3,367)   - 
InterMed, Senior Secured Revolving Loan, 11.41% (SOFR + 6.50%), maturity 12/24/28(j)  12/22/2022   -    (21,598)   - 
                   
Services: Business                  
LegalShield, Senior Secured Initial Term Loan (First Lien), 8.94% (LIBOR + 3.75%), maturity 12/15/28(k)  12/7/2021   4,455,000    4,417,214    4,391,427 
InnovateMR, Unitranche Initial Term Loan, 11.19% (LIBOR + 6.00%), maturity 1/20/28(j)  12/16/2021   4,194,210    4,132,070    4,142,955 
CoAdvantage, Senior Secured Initial Term Loan (First Lien), 10.19% (LIBOR + 5.00%), maturity 9/23/25(m)  9/26/2019   3,860,000    3,841,363    3,860,000 
RevSpring, Senior Secured Initial Term Loan (First Lien), 9.19% (LIBOR + 4.00%), maturity 10/11/25(m)  10/5/2018   3,830,000    3,827,927    3,830,000 
Eliassen, Unitranche Initial Term Loan, 10.66% (SOFR + 5.75%), maturity 4/7/28  3/31/2022   3,353,519    3,301,749    3,336,751 
Veritext, Senior Secured Initial Term Loan (First Lien), 8.69% (LIBOR + 3.50%), maturity 8/1/25  8/14/2018   3,070,998    3,056,927    3,063,321 
Discovery Education, Unitranche Initial Term Loan (First Lien), 10.66% (SOFR + 5.75%), maturity 4/6/29  3/25/2022   2,985,000    2,939,820    2,970,075 
Fleetwash, Senior Secured Incremental Term Loan, 9.66% (SOFR + 4.75%), maturity 10/1/24  9/25/2018   2,865,844    2,857,427    2,844,350 
The Facilities Group, Unitranche Initial Term Loan, 10.94% (LIBOR + 5.75%), maturity 11/30/27  12/10/2021   2,800,116    2,774,484    2,772,115 
Industrial Services Group, Unitranche Initial Term Loan, 11.16% (SOFR + 6.25%), maturity 12/7/28(j)  12/7/2022   2,755,000    2,651,902    2,693,656 
Service Logic, Senior Secured Closing Date Initial Term Loan (First Lien), 9.19% (LIBOR + 4.00%), maturity 10/29/27  10/23/2020   2,529,117    2,510,392    2,516,471 
CoolSys, Senior Secured Closing Date Initial Term Loan, 9.94% (LIBOR + 4.75%), maturity 8/11/28  8/4/2021   2,557,899    2,532,391    2,506,741 
Duff & Phelps, Senior Secured Initial Dollar Term Loan (First Lien), 8.66% (SOFR + 3.75%), maturity 4/9/27(k)  3/6/2020   2,431,250    2,417,414    2,360,343 
TRC Companies, Senior Secured Initial Term Loan (Second Lien), 11.94% (LIBOR + 6.75%), maturity 12/7/29  11/19/2021   2,000,000    1,980,000    1,980,000 
ECi Software, Senior Secured Initial Term Loan (First Lien), 8.94% (LIBOR + 3.75%), maturity 11/9/27(k)  9/17/2020   1,955,000    1,948,852    1,914,434 
Veregy, Senior Secured Initial Term Loan, 11.19% (LIBOR + 6.00%), maturity 11/3/27  11/2/2020   1,955,000    1,913,330    1,906,125 
Liberty Group, Unitranche Initial Term Loan, 10.66% (SOFR + 5.75%), maturity 6/9/28(j)  6/6/2022   1,940,227    1,903,213    1,901,738 
Mediaocean, Senior Secured Initial Term Loan, 8.41% (SOFR + 3.50%), maturity 12/15/28(k)  12/9/2021   1,980,000    1,963,267    1,880,178 
InnovateMR, Unitranche First Amendment Term Loan, 11.69% (LIBOR + 6.50%), maturity 1/20/28(j)  12/23/2022   1,881,564    1,824,025    1,858,571 
Insight Global, Unitranche Closing Date Term Loan, 11.19% (LIBOR + 6.00%), maturity 9/22/28  9/22/2021   1,477,500    1,451,843    1,477,500 
Addison Group, Senior Secured Initial Term Loan, 9.16% (SOFR + 4.25%), maturity 12/29/28  1/19/2022   1,485,000    1,481,800    1,473,863 
OSG Billing Services, Senior Secured Amended and Restated Term A Loan, 10.41% (SOFR + 5.50%), 1.50% PIK, maturity 6/26/26  8/31/2022   1,443,704    1,441,970    1,111,652 
Veritext, Senior Secured Initial Term Loan (Second Lien), 11.94% (LIBOR + 6.75%), maturity 7/31/26  8/14/2018   1,000,000    997,442    997,500 
Vistage, Senior Secured Initial Term Loan, 10.16% (SOFR + 5.25%), maturity 7/13/29  7/18/2022   995,000    969,630    990,025 
trustaff, Senior Secured Initial Term Loan (First Lien), 8.94% (LIBOR + 3.75%), maturity 3/6/28  12/9/2021   984,925    982,871    984,925 
Divisions Maintenance Group, Senior Secured Term B Loan, 9.94% (LIBOR + 4.75%), maturity 5/27/28  5/21/2021   985,000    977,191    977,613 
Health Management Associates, Senior Secured Term Loan A, 11.16% (SOFR + 6.25%), maturity 3/31/29(k)  3/31/2023   1,000,000    964,671    970,000 
Secretariat International, Senior Secured Initial Term Loan (First Lien), 9.94% (LIBOR + 4.75%), maturity 12/29/28  12/16/2021   973,250    968,964    963,517 
TRC Companies, Senior Secured Initial Term Loan (First Lien), 8.94% (LIBOR + 3.75%), maturity 12/8/28(k)  11/19/2021   990,025    985,866    961,151 
eResearch, Senior Secured Initial Term Loan (First Lien), 9.69% (LIBOR + 4.50%), maturity 2/4/27(k)  12/1/2020   977,393    977,393    924,863 
WIRB-Copernicus Group, Senior Secured Initial Term Loan (First Lien), 9.19% (LIBOR + 4.00%), maturity 1/8/27(k)  12/13/2019   972,500    966,803    921,449 
Diversified, Senior Secured Initial Term Loan, 9.91% (SOFR + 5.00%), 1.50% PIK, maturity 12/23/23  4/19/2019   904,750    903,454    875,346 
Accolite, Senior Secured Initial Term Loan, 10.91% (SOFR + 6.00%), maturity 4/10/29(k)  3/31/2023   750,000    727,500    727,500 

 

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

 

6

 

 

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of March 31, 2023

(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)(i) (Continued):                  
                   
Services: Business (continued)                  
VC3, Senior Secured Delayed Draw Term Loan D, 10.16% (SOFR + 5.25%), maturity 3/12/27(j)  9/16/2022  $742,423   $694,346   $713,736 
Therma Holdings, Senior Secured Initial Term Loan (2021), 8.94% (LIBOR + 3.75%), maturity 12/16/27(k)  12/11/2020   588,852    587,028    580,755 
System One, Senior Secured Initial Term Loan, 8.91% (SOFR + 4.00%), maturity 3/2/28  1/28/2021   491,250    489,460    488,794 
Engineering Solutions, Senior Secured Term Loan (First Lien), 11.91% (SOFR + 7.00%), maturity 4/1/30(k)  3/31/2023   500,000    485,000    485,000 
Industrial Services Group, Senior Secured Revolving Loan, 11.16% (SOFR + 6.25%), maturity 12/7/28(j)  12/7/2022   95,238    78,095    93,117 
Health Management Associates, Senior Secured Revolving Loan, 11.16% (SOFR + 6.25%), maturity 3/31/29(k)  3/31/2023   -    (2,131)   - 
VC3, Senior Secured Revolving Credit, 10.16% (SOFR + 5.25%), maturity 3/12/27(j)  7/21/2022   -    (2,692)   - 
Discovery Education, Senior Secured Revolving Credit Loan (First Lien), 10.66% (SOFR + 5.75%), maturity 4/7/28  3/25/2022   -    (4,038)   - 
Liberty Group, Senior Secured Revolving Loan, 10.66% (SOFR + 5.75%), maturity 6/9/28(j)  6/6/2022   -    (4,545)   - 
                   
High Tech Industries                  
Netsmart, Senior Secured Initial Term Loan (First Lien), 9.19% (LIBOR + 4.00%), maturity 10/1/27(k)  9/29/2020   3,430,000    3,419,539    3,394,637 
Golden Source, Unitranche Initial Term Loan, 10.41% (SOFR + 5.50%), maturity 5/12/28(j)  3/25/2022   3,444,514    3,373,232    3,378,952 
Planview, Senior Secured Closing Date Term Loan (First Lien), 9.19% (LIBOR + 4.00%), maturity 12/17/27(k)  12/11/2020   2,599,054    2,577,765    2,468,568 
Idera, Senior Secured Term B-1 Loan (First Lien), 8.94% (LIBOR + 3.75%), maturity 3/2/28(k)  6/27/2017   2,566,580    2,566,589    2,455,896 
Ivanti Software, Senior Secured 2021 Specified Refinancing Term Loan (First Lien), 9.44% (LIBOR + 4.25%), maturity 12/1/27(k)  11/20/2020   2,955,150    2,924,088    2,437,216 
Flexera, Senior Secured Term B-1 Loan (First Lien), 8.94% (LIBOR + 3.75%), maturity 3/3/28(k)  2/16/2020   2,352,123    2,352,123    2,322,721 
PracticeTek, Unitranche Initial Term Loan, 10.44% (LIBOR + 5.25%), maturity 11/23/27(j)  11/22/2021   2,376,956    2,326,395    2,318,177 
Precisely, Senior Secured Third Amendment Term Loan (First Lien), 9.19% (LIBOR + 4.00%), maturity 4/24/28(k)  3/19/2021   2,462,500    2,451,790    2,197,781 
Barracuda, Senior Secured Initial Term Loan (Second Lien), 11.91% (SOFR + 7.00%), maturity 5/31/30  5/17/2022   2,000,000    1,940,000    1,980,000 
Sophos, Senior Secured Dollar Tranche Term Loan (First Lien), 8.69% (LIBOR + 3.50%), maturity 3/5/27(k)(o)  1/16/2020   1,945,027    1,878,025    1,930,440 
QuickBase, Senior Secured Term Loan (First Lien), 9.19% (LIBOR + 4.00%), maturity 4/2/26  3/29/2019   1,925,000    1,920,863    1,900,938 
Intermedia, Senior Secured New Term Loan (First Lien), 11.19% (LIBOR + 6.00%), maturity 7/21/25  7/13/2018   1,915,000    1,909,695    1,876,700 
HelpSystems, Senior Secured Term Loan, 8.91% (SOFR + 4.00%), maturity 11/19/26  12/19/2019   1,964,663    1,959,217    1,856,361 
OEConnection, Senior Secured Initial Term Loan, 9.19% (LIBOR + 4.00%), maturity 9/25/26  9/24/2019   1,588,180    1,584,527    1,580,239 
Bomgar, Senior Secured Initial Term Loan (First Lien), 9.19% (LIBOR + 4.00%), maturity 4/18/25(k)  5/25/2018   1,606,294    1,610,255    1,575,509 
Digital Room, Senior Secured Closing Date Term Loan (First Lien), 10.44% (LIBOR + 5.25%), maturity 12/21/28  12/16/2021   1,485,000    1,472,340    1,470,150 
SmartBear, Senior Secured Initial Term Loan (First Lien), 9.44% (LIBOR + 4.25%), maturity 3/3/28  11/20/2020   982,500    974,834    977,588 
WellSky, Senior Secured Incremental Term B-1 Loan (First Lien), 10.66% (SOFR + 5.75%), maturity 3/10/28  8/16/2022   995,000    967,288    972,613 
ORBCOMM, Senior Secured Closing Date Term Loan (First Lien), 9.44% (LIBOR + 4.25%), maturity 9/1/28  6/17/2021   985,000    980,814    952,988 
Imperva, Senior Secured Term Loan, 9.19% (LIBOR + 4.00%), maturity 1/12/26  9/23/2020   973,453    968,119    941,816 
Infoblox, Senior Secured Initial Term Loan (First Lien), 8.66% (SOFR + 3.75%), maturity 12/1/27(k)  10/7/2020   982,500    979,224    913,312 
Barracuda, Senior Secured Initial Term Loan (First Lien), 9.41% (SOFR + 4.50%), maturity 5/31/29(k)  5/17/2022   498,750    484,734    481,451 
DigiCert, Senior Secured Initial Term Loan (First Lien), 8.91% (SOFR + 4.00%), maturity 10/16/26(k)  3/13/2020   485,000    469,089    475,984 
Cloudera, Senior Secured Initial Term Loan (First Lien), 8.66% (SOFR + 3.75%), maturity 10/8/28(k)  8/10/2021   495,000    490,892    473,963 
PracticeTek, Senior Secured Revolving Loan, 10.44% (LIBOR + 5.25%), maturity 11/23/27(j)  11/22/2021   -    (7,156)   - 
Golden Source, Senior Secured Revolving Loan, 10.41% (SOFR + 5.50%), maturity 5/12/28(j)  8/22/2022   -    (9,390)   - 
                   
Containers, Packaging & Glass                  
InMark, Unitranche Incremental Term Loan, 10.91% (SOFR + 6.00%), maturity 12/23/26(j)  12/10/2021   6,403,679    6,290,130    6,373,564 
Transcendia, Senior Secured 2017 Refinancing Term Loan (First Lien), 8.69% (LIBOR + 3.50%), maturity 5/30/24  5/11/2017   3,309,350    3,305,891    3,143,882 
Brook & Whittle, Senior Secured Initial Term Loan (First Lien), 8.91% (SOFR + 4.00%), maturity 12/14/28  12/9/2021   3,123,365    3,100,691    3,123,365 
Anchor Packaging, Senior Secured Initial Term Loan (First Lien), 9.19% (LIBOR + 4.00%), maturity 7/18/26  7/17/2019   2,484,291    2,476,895    2,478,081 
PCI, Senior Secured Term B Loan (First Lien), 8.69% (LIBOR + 3.50%), maturity 11/30/27(k)  9/25/2020   2,437,719    2,430,972    2,388,100 
Paragon Films, Senior Secured Closing Date Term Loan (First Lien), 10.19% (LIBOR + 5.00%), maturity 12/16/28  12/15/2021   1,980,000    1,961,731    1,970,100 
Resource Label Group, Senior Secured Closing Date Initial Term Loan (First Lien), 9.19% (LIBOR + 4.00%), maturity 7/7/28  7/2/2021   1,856,250    1,848,572    1,856,250 
Intertape Polymer, Senior Secured Initial Term Loan (First Lien), 9.66% (SOFR + 4.75%), maturity 6/28/28(p)  6/15/2022   1,990,000    1,918,937    1,844,173 
TricorBraun, Senior Secured Closing Date Initial Term Loan (First Lien), 8.44% (LIBOR + 3.25%), maturity 3/3/28(k)  1/29/2021   1,805,787    1,798,545    1,767,414 
Potters Industries, Senior Secured Initial Term Loan, 9.19% (LIBOR + 4.00%), maturity 12/14/27  11/19/2020   1,470,000    1,460,195    1,458,975 
Technimark, Senior Secured Initial Term Loan (First Lien), 8.94% (LIBOR + 3.75%), maturity 7/7/28  6/30/2021   1,473,750    1,467,858    1,440,591 
Tekni-Plex, Senior Secured Tranche B-3 Initial Term Loan, 9.19% (LIBOR + 4.00%), maturity 9/15/28(k)  7/29/2021   1,125,363    1,123,159    1,090,724 
Novolex, Senior Secured Term B Loan (First Lien), 9.16% (SOFR + 4.25%), maturity 4/13/29(k)  3/30/2022   992,500    971,178    971,533 
Lacerta, Senior Secured Term Loan, 10.69% (LIBOR + 5.50%), maturity 12/30/26  2/8/2021   977,500    969,585    967,725 
Pregis, Senior Secured Initial Term Loan (First Lien), 8.66% (SOFR + 3.75%), maturity 7/31/26(k)  7/25/2019   967,500    966,259    946,215 
Applied Adhesives, Senior Secured Term A Loan, 9.69% (LIBOR + 4.50%), maturity 3/12/27  3/12/2021   619,917    615,285    618,367 
Five Star Packaging, Senior Secured Initial Term Loan (First Lien), 9.16% (SOFR + 4.25%), maturity 5/5/29(k)  4/27/2022   497,500    490,850    492,214 
Golden West Packaging, Senior Secured Initial Term Loan, 10.44% (LIBOR + 5.25%), maturity 12/1/27  11/29/2021   487,500    483,377    486,281 
Pregis, Senior Secured Third Amendment Refinancing Term Loan (First Lien), 8.94% (LIBOR + 3.75%), maturity 7/31/26(k)  12/9/2020   492,500    490,862    480,343 
Applied Adhesives, Senior Secured Revolving Loan, 9.94% (LIBOR + 4.75%), maturity 3/12/27  3/12/2021   -    (616)   - 
                   
Banking, Finance, Insurance & Real Estate                  
Cerity Partners, Unitranche Initial Term Loan, 10.66% (SOFR + 5.75%), maturity 7/27/29  7/28/2022   4,636,201    4,565,395    4,636,201 
Confluence, Senior Secured Initial Term Loan (First Lien), 8.66% (SOFR + 3.75%), maturity 7/31/28  7/22/2021   3,950,000    3,931,655    3,905,563 
Cherry Bekaert, Unitranche Term B Loan, 10.41% (SOFR + 5.50%), maturity 6/30/28(j)  6/13/2022   3,541,657    3,457,833    3,457,498 
Alera, Unitranche 2022 Incremental Term Loan, 11.41% (SOFR + 6.50%), maturity 9/30/28  8/31/2022   3,444,283    3,366,270    3,418,451 
Ascensus, Senior Secured Initial Term Loan (First Lien), 8.69% (LIBOR + 3.50%), maturity 8/2/28(k)  11/17/2021   2,970,000    2,958,741    2,892,038 
EPIC Insurance, Unitranche Closing Date Term Loan, 10.44% (LIBOR + 5.25%), maturity 9/29/28  8/27/2021   2,365,835    2,334,103    2,342,177 
American Beacon Advisors, Senior Secured Tranche D Term Loan (Second Lien), 13.19% (LIBOR + 8.00%), maturity 4/30/25  10/31/2017   2,117,133    2,121,918    2,090,669 
Kestra Financial, Senior Secured Initial Term Loan, 9.16% (SOFR + 4.25%), maturity 6/3/26(k)  4/29/2019   1,930,000    1,920,327    1,895,019 
Beta+, Senior Secured Initial Term Loan, 10.16% (SOFR + 5.25%), maturity 7/1/29(k)  6/24/2022   1,990,000    1,873,037    1,751,200 
Orion, Senior Secured 2021 Refinancing Term Loan (First Lien), 8.94% (LIBOR + 3.75%), maturity 9/24/27(k)  8/4/2020   1,466,325    1,455,027    1,379,130 
SIAA, Unitranche Initial Term Loan, 11.44% (LIBOR + 6.25%), maturity 4/28/28(j)  4/21/2021   1,157,824    1,140,564    1,133,126 
Advisor Group, Senior Secured Term B-1 Loan, 9.69% (LIBOR + 4.50%), maturity 7/31/26(k)  1/31/2020   1,016,303    1,016,343    1,002,461 
Community Brands, Unitranche Initial Term Loan, 10.66% (SOFR + 5.75%), maturity 2/24/28  2/23/2022   990,000    970,436    980,100 
LERETA, Senior Secured Initial Term Loan, 10.44% (LIBOR + 5.25%), maturity 7/30/28  7/27/2021   985,000    976,648    970,225 
EdgeCo, Senior Secured Third Amendment Term Loan (First Lien), 9.94% (LIBOR + 4.75%), maturity 6/1/26  3/29/2022   297,000    275,141    294,030 
Integro, Senior Secured 2022 Refinancing Term Loan (First Lien), 12.25% (Fixed), 12,25% PIK, maturity 5/8/23(q)  10/9/2015   221,287    224,508    221,287 
Cherry Bekaert, Senior Secured Revolving Credit Loan, 10.41% (SOFR + 5.50%), maturity 6/30/28(j)  8/1/2022   184,942    184,942    180,547 
Beta+, Senior Secured Revolving Credit Loan, 10.16% (SOFR + 5.25%), maturity 7/1/27(k)  6/24/2022   83,715    77,499    73,670 
EPIC Insurance, Senior Secured Revolving Loan, 10.44% (LIBOR + 5.25%), maturity 9/30/27  8/27/2021   34,796    34,526    34,448 

 

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

 

7

 

 

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of March 31, 2023

(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)(i) (Continued):                  
                   
Capital Equipment                  
Tank Holding, Unitranche Initial Term Loan, 10.91% (SOFR + 6.00%), maturity 3/31/28(n)  3/25/2022  $3,970,000   $3,900,081   $3,960,075 
Plaskolite, Senior Secured 2021-1 Refinancing Term Loan (First Lien), 9.19% (LIBOR + 4.00%), maturity 12/15/25  12/12/2018   3,831,800    3,800,083    3,606,279 
Excelitas, Unitranche Closing Date Euro Term Loan,  (Other + 5.75%), maturity 8/12/29  6/15/2022   2,969,565    3,013,358    2,947,293 
Burke Porter Group, Senior Secured Closing Date Term Loan, 10.91% (SOFR + 6.00%), maturity 7/29/29  9/30/2022   2,328,333    2,267,873    2,305,050 
Flow Control Group, Senior Secured Initial Term Loan (First Lien), 8.94% (LIBOR + 3.75%), maturity 3/31/28(k)  3/17/2021   1,661,975    1,659,741    1,611,426 
Radwell, Unitranche Initial Term Loan, 10.66% (SOFR + 5.75%), maturity 4/1/29  3/11/2022   1,488,750    1,466,387    1,488,750 
Edward Don, Senior Secured Initial Term Loan, 9.44% (LIBOR + 4.25%), maturity 7/2/25  6/26/2018   1,370,943    1,369,824    1,313,363 
Therm-O-Disc, Senior Secured Initial Term Loan (First Lien), 10.91% (SOFR + 6.00%), maturity 5/31/29  5/26/2022   995,000    923,611    985,050 
Cleaver Brooks, Senior Secured Initial Term Loan, 10.66% (SOFR + 5.75%), maturity 7/31/28  7/18/2022   987,500    969,013    982,563 
MW Industries, Senior Secured Initial Term Loan, 11.91% (SOFR + 7.00%), maturity 3/31/30(k)  3/31/2023   1,000,000    970,000    970,000 
TriMark, Senior Secured Second Amendment Tranche B Loan (Super Senior Priority), 8.69% (LIBOR + 3.50%), maturity 8/28/24  1/31/2022   961,124    961,124    624,731 
Culligan, Senior Secured 2022 Refinancing Term B Loan, 8.94% (LIBOR + 3.75%), maturity 7/31/28(k)  6/17/2021   558,281    555,526    540,489 
Infinite Electronics, Senior Secured Initial Term Loan (First Lien), 8.44% (LIBOR + 3.25%), maturity 3/2/28  2/24/2021   491,269    490,379    490,041 
Duravant, Senior Secured Incremental Amendment No. 5 Term Loan (First Lien), 8.69% (LIBOR + 3.50%), maturity 5/19/28(k)  3/5/2020   486,269    486,269    480,494 
SPX Flow, Senior Secured Term Loan, 9.41% (SOFR + 4.50%), maturity 4/5/29(k)  3/18/2022   435,707    418,334    416,919 
Tank Holding, Senior Secured Revolving Credit Loan, 10.91% (SOFR + 6.00%), maturity 3/31/28  3/25/2022   41,846    38,892    41,742 
Burke Porter Group, Senior Secured Revolving Credit Loan, 10.91% (SOFR + 6.00%), maturity 7/29/28  8/11/2022   38,991    28,586    38,601 
Radwell, Senior Secured Revolving Loan, 10.66% (SOFR + 5.75%), maturity 4/1/28  3/11/2022   10,666    9,466    10,666 
Cleaver Brooks, Senior Secured Revolving Loan, 10.66% (SOFR + 5.75%), maturity 7/31/28  7/21/2022   -    (2,462)   - 
                   
Aerospace & Defense                  
StandardAero, Senior Secured 2020 Term B-1 Loan, 8.69% (LIBOR + 3.50%), maturity 4/6/26(k)  1/24/2019   3,229,324    3,225,247    3,164,027 
CPI International, Unitranche Initial Term Loan, 10.41% (SOFR + 5.50%), maturity 10/6/29  5/18/2022   3,000,000    2,935,553    2,962,500 
HDT Global, Senior Secured Initial Term Loan, 10.94% (LIBOR + 5.75%), maturity 7/8/27  6/30/2021   3,193,750    3,105,909    2,874,375 
Whitcraft, Senior Secured Term Loan, 11.91% (SOFR + 7.00%), maturity 2/15/29  3/31/2023   2,000,000    1,920,000    1,985,000 
Amentum, Senior Secured Tranche 3 Term Loan (First Lien), 8.91% (SOFR + 4.00%), maturity 2/15/29(k)  2/10/2022   1,985,000    1,975,811    1,945,300 
Consolidated Precision Products, Senior Secured Initial Term Loan (Second Lien), 12.94% (LIBOR + 7.75%), maturity 4/30/26  5/10/2018   2,000,000    2,005,185    1,920,000 
StandardAero, Senior Secured 2020 Term B-2 Loan, 8.69% (LIBOR + 3.50%), maturity 4/6/26(k)  1/24/2019   1,736,196    1,734,004    1,701,090 
Peraton, Senior Secured Term B Loan (First Lien), 8.66% (SOFR + 3.75%), maturity 2/1/28(k)  2/23/2021   962,112    958,559    952,092 
API Technologies, Senior Secured Initial Term Loan (First Lien), 9.44% (LIBOR + 4.25%), maturity 5/9/26  1/15/2020   967,337    949,766    870,603 
BlueHalo, Unitranche Initial Term Loan, 11.69% (LIBOR + 6.50%), maturity 10/31/25  11/17/2021   492,763    486,502    481,676 
Novaria Group, Senior Secured Initial Term Loan, 10.41% (SOFR + 5.50%), maturity 1/27/27  1/24/2020   481,818    478,991    477,000 
Consolidated Precision Products, Senior Secured Initial Term Loan (First Lien), 8.94% (LIBOR + 3.75%), maturity 4/30/25  7/18/2019   481,878    480,642    457,784 
BlueHalo, Senior Secured Revolving Loan, 11.69% (LIBOR + 6.50%), maturity 10/31/25  11/17/2021   13,314    11,825    13,015 
Whitcraft, Senior Secured Revolving Credit Loan, 11.91% (SOFR + 7.00%), maturity 2/15/29  3/31/2023   -    (10,714)   - 
                   
Chemicals, Plastics & Rubber                  
DuBois Chemicals, Senior Secured Term Loan (Second Lien) - 2019, 13.69% (LIBOR + 8.50%), maturity 9/30/27  10/8/2019   3,000,000    2,983,545    2,985,000 
Vertellus, Senior Secured Initial Term Loan, 10.66% (SOFR + 5.75%), maturity 12/22/27  12/18/2020   2,955,169    2,897,379    2,888,677 
Spectrum Plastics, Senior Secured Closing Date Term Loan (First Lien), 8.44% (LIBOR + 3.25%), maturity 1/31/25  1/26/2018   2,593,500    2,597,669    2,504,024 
Unifrax, Senior Secured USD Term Loan (First Lien), 8.94% (LIBOR + 3.75%), maturity 12/12/25(k)  11/5/2018   2,394,950    2,376,629    2,178,842 
USALCO, Unitranche Term Loan A, 11.19% (LIBOR + 6.00%), maturity 10/19/27  10/26/2021   1,975,000    1,958,531    1,960,188 
Boyd Corp, Senior Secured Initial Loan (Second Lien), 11.94% (LIBOR + 6.75%), maturity 9/6/26(k)  8/16/2018   2,000,000    2,001,289    1,775,000 
DuBois Chemicals, Senior Secured Term Loan B (First Lien), 9.69% (LIBOR + 4.50%), maturity 9/30/26(k)  10/8/2019   1,754,866    1,731,324    1,706,607 
Ascensus Specialties, Senior Secured Initial Term Loan, 9.16% (SOFR + 4.25%), maturity 6/30/28  12/3/2021   492,467    484,967    487,542 
Boyd Corp, Senior Secured Initial Term Loan (First Lien), 8.69% (LIBOR + 3.50%), maturity 9/6/25(k)  11/7/2018   486,005    470,510    470,514 
Polytek, Senior Secured Term Loan, 10.66% (SOFR + 5.75%), maturity 9/20/24  12/23/2020   488,878    484,565    464,434 
USALCO, Senior Secured Revolving Loan, 11.19% (LIBOR + 6.00%), maturity 10/19/26  10/26/2021   96,774    93,548    96,048 
Vertellus, Senior Secured Revolving Credit Loan, 10.66% (SOFR + 5.75%), maturity 12/22/25  12/18/2020   74,215    64,085    72,546 
                   
Transportation: Cargo                  
Evans Network, Senior Secured Initial Term Loan (First Lien), 9.44% (LIBOR + 4.25%), maturity 8/19/28  8/6/2021   3,618,367    3,584,708    3,618,367 
Capstone Logistics, Senior Secured Closing Date Term Loan (First Lien), 9.66% (SOFR + 4.75%), maturity 11/12/27  11/12/2020   2,090,298    2,074,714    2,090,298 
AIT Worldwide Logistics, Senior Secured Initial Term Loan (First Lien), 9.94% (LIBOR + 4.75%), maturity 4/6/28(k)  12/9/2021   1,970,000    1,965,826    1,907,610 
St. George Logistics, Senior Secured Initial Term Loan, 10.91% (SOFR + 6.00%), maturity 3/24/26  4/28/2022   1,485,000    1,464,909    1,485,000 
Worldwide Express, Senior Secured Initial Term Loan (First Lien), 9.19% (LIBOR + 4.00%), maturity 7/26/28(k)  7/23/2021   1,481,250    1,471,849    1,438,664 
FLS Transportation, Senior Secured Term B Loan, 10.44% (LIBOR + 5.25%), maturity 12/15/28  4/14/2022   1,214,348    1,203,738    1,214,348 
Omni Logistics, Senior Secured Initial Term Loan (First Lien), 10.19% (LIBOR + 5.00%), maturity 12/30/26  11/24/2021   1,213,886    1,203,670    1,189,608 
Magnate, Senior Secured Initial Term Loan (First Lien), 10.69% (LIBOR + 5.50%), maturity 12/29/28  3/11/2022   914,734    898,080    912,448 
FLS Transportation, Senior Secured Revolving Credit Loan, 10.44% (LIBOR + 5.25%), maturity 12/17/27  4/14/2022   -    (889)   - 
Omni Logistics, Senior Secured Revolving Credit Loan (First Lien), 10.19% (LIBOR + 5.00%), maturity 12/30/25  11/24/2021   -    (1,119)   - 
                   
Services: Consumer                  
Ned Stevens 2022-2, Unitranche Initial Term Loan, 11.66% (SOFR + 6.75%), maturity 11/1/29(j)  11/1/2022   3,659,828    3,532,029    3,562,810 
A Place For Mom, Senior Secured Term Loan, 9.69% (LIBOR + 4.50%), maturity 2/10/26  7/28/2017   2,201,313    2,201,351    2,157,287 
Smart Start, Senior Secured Term B Loan (Second Lien), 12.94% (LIBOR + 7.75%), maturity 12/16/29  12/10/2021   2,000,000    1,969,176    1,960,000 
Smart Start, Senior Secured Term B Loan (First Lien), 9.69% (LIBOR + 4.50%), maturity 12/16/28  12/10/2021   1,975,000    1,964,401    1,935,500 
FullBloom, Senior Secured Initial Term Loan (First Lien), 9.16% (SOFR + 4.25%), maturity 12/15/28  12/10/2021   1,488,750    1,476,045    1,473,863 
Teaching Strategies, Senior Secured Initial Term Loan (First Lien), 8.66% (SOFR + 3.75%), maturity 8/31/28  8/19/2021   987,500    978,377    980,094 
Spring Education, Senior Secured Initial Term Loan (First Lien), 9.19% (LIBOR + 4.00%), maturity 7/30/25(k)  7/26/2018   955,000    954,063    949,031 
Aegis Sciences, Senior Secured Initial Term Loan (2018) (First Lien), 10.69% (LIBOR + 5.50%), maturity 5/9/25  5/4/2018   584,823    582,311    584,823 
Ned Stevens 2022-2, Senior Secured Revolving Loan, 11.66% (SOFR + 6.75%), maturity 11/1/29(j)  11/1/2022   -    (10,154)   - 
                   
Beverage, Food & Tobacco                  
Bettcher Industries, Senior Secured Initial Term Loan (Second Lien), 12.16% (SOFR + 7.25%), maturity 12/14/29  12/13/2021   2,500,000    2,478,362    2,450,000 
Sovos Brands, Senior Secured Initial Term Loan (First Lien), 8.69% (LIBOR + 3.50%), maturity 6/8/28(k)  6/8/2021   2,033,001    2,033,001    2,020,295 
Bettcher Industries, Senior Secured Initial Term Loan (First Lien), 8.91% (SOFR + 4.00%), maturity 12/14/28  12/13/2021   1,980,000    1,961,105    1,940,400 
Hissho Sushi, Unitranche Term Loan, 10.91% (SOFR + 6.00%), maturity 5/18/28(j)  4/7/2022   1,843,214    1,808,000    1,843,214 
Dessert Holdings, Senior Secured Initial Term Loan (First Lien), 9.19% (LIBOR + 4.00%), maturity 6/9/28  6/7/2021   1,757,335    1,746,054    1,674,411 
Monogram Foods, Senior Secured Initial Term Loan, 9.19% (LIBOR + 4.00%), maturity 8/28/28  8/13/2021   987,500    979,160    962,813 
Hissho Sushi, Senior Secured Revolving Credit Loan, 10.91% (SOFR + 6.00%), maturity 5/18/28(j)  4/7/2022   9,524    8,857    9,524 

 

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

 

8

 

 

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of March 31, 2023

(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)(i) (Continued):                  
                   
Construction & Building                  
A1 Garage Door Service, Unitranche Term Loan A, 11.41% (SOFR + 6.50%), maturity 12/23/28(j)  12/22/2022  $1,875,534   $1,811,282   $1,831,157 
Tangent, Senior Secured Closing Date Term Loan (First Lien), 9.94% (LIBOR + 4.75%), maturity 11/30/27  10/2/2019   1,772,314    1,765,942    1,728,006 
PlayPower, Senior Secured Initial Term Loan, 10.69% (LIBOR + 5.50%), maturity 5/8/26  5/10/2019   1,732,611    1,732,611    1,559,350 
PlayCore, Senior Secured Initial Term Loan (Second Lien), 12.94% (LIBOR + 7.75%), maturity 9/29/25  2/7/2020   1,500,000    1,482,259    1,500,000 
Specialty Products & Insulation, Senior Secured Tranche B-1 Term Loan, 10.16% (SOFR + 5.25%), maturity 12/21/27  3/16/2022   991,523    982,642    991,523 
Dodge Construction Network, Senior Secured Initial Term Loan (First Lien), 9.66% (SOFR + 4.75%), maturity 2/23/29  2/10/2022   992,500    979,667    982,575 
PlayCore, Senior Secured Initial Term Loan (First Lien), 8.94% (LIBOR + 3.75%), maturity 9/30/24  9/18/2017   944,432    943,567    944,432 
Acuren, Senior Secured Initial Term Loan, 9.19% (LIBOR + 4.00%), maturity 1/23/27(k)  1/17/2020   472,540    471,226    471,505 
Hoffman Southwest, Senior Secured Initial Term Loan, 10.69% (LIBOR + 5.50%), maturity 8/14/23  5/16/2019   409,984    412,934    407,934 
A1 Garage Door Service, Senior Secured Revolving Loan, 11.41% (SOFR + 6.50%), maturity 12/23/28(j)  12/22/2022   -    (8,264)   - 
                   
Automotive                  
BBB Industries, Senior Secured Initial Term Loan (First Lien), 10.16% (SOFR + 5.25%), maturity 7/31/29(k)  6/30/2022   2,992,500    2,715,912    2,862,326 
Highline, Senior Secured Initial Term Loan (First Lien), 9.69% (LIBOR + 4.50%), maturity 11/9/27  10/29/2020   2,806,364    2,754,762    2,757,252 
Rough Country, Senior Secured Initial Term Loan (First Lien), 8.69% (LIBOR + 3.50%), maturity 7/28/28  7/26/2021   1,955,000    1,950,875    1,945,225 
Truck Hero, Senior Secured Initial Term Loan, 8.94% (LIBOR + 3.75%), maturity 1/31/28(k)  1/20/2021   1,470,000    1,470,000    1,313,555 
Innovative XCessories, Senior Secured Initial Term Loan, 9.44% (LIBOR + 4.25%), maturity 3/5/27  2/27/2020   784,050    783,233    689,964 
Safe Fleet, Senior Secured Initial Term Loan (Second Lien), 11.66% (SOFR + 6.75%), maturity 2/2/26  2/23/2022   500,000    500,000    495,000 
Wheel Pros, Senior Secured Initial Term Loan (First Lien), 9.69% (LIBOR + 4.50%), maturity 5/11/28(k)  4/23/2021   492,500    488,897    351,901 
                   
Environmental Industries                  
Alliance Environmental Group, Unitranche Initial Term Loan, 11.19% (LIBOR + 6.00%), maturity 12/30/27(j)  12/30/2021   4,105,339    4,039,973    3,933,474 
Denali Water Solutions, Senior Secured Closing Date Term Loan, 9.44% (LIBOR + 4.25%), maturity 3/27/28  3/18/2021   1,965,000    1,948,165    1,930,613 
Keter Environmental Services, Unitranche Closing Date Term Loan, 11.69% (LIBOR + 6.50%), maturity 10/29/27  11/5/2021   493,750    489,642    491,281 
Denali Water Solutions, Senior Secured Amendment No. 3 Term Loan, 9.53% (SOFR + 4.63%), maturity 3/27/28  5/5/2022   496,250    480,690    487,566 
Alliance Environmental Group, Senior Secured Revolving Loan, 11.19% (LIBOR + 6.00%), maturity 12/30/27(j)  12/30/2021   298,013    291,391    285,537 
Keter Environmental Services, Senior Secured Revolving Loan, 11.69% (LIBOR + 6.50%), maturity 10/29/27  11/5/2021   27,360    26,585    27,223 
                   
Wholesale                  
Carlisle FoodService, Senior Secured Initial Term Loan (First Lien), 8.19% (LIBOR + 3.00%), maturity 3/20/25  3/16/2018   3,799,805    3,800,418    3,761,807 
                   
Media: Advertising, Printing & Publishing                  
MediaRadar, Unitranche Closing Date Term A Loan, 10.91% (SOFR + 6.00%), maturity 7/22/28(j)  5/23/2022   1,827,852    1,785,374    1,758,020 
Ansira, Unitranche Legacy Term Loan, 6.50% (Fixed), maturity 12/20/24(r)  12/20/2016   2,266,689    2,263,320    861,342 
MediaRadar, Senior Secured Revolving Loan, 10.91% (SOFR + 6.00%), maturity 7/22/28(j)  9/16/2022   -    (7,407)   - 
                   
Hotels, Gaming & Leisure                  
Northstar, Senior Secured Term Loan, 12.44% (LIBOR + 7.25%), 1.00% PIK, maturity 6/7/24  5/8/2017   1,277,015    1,277,015    1,235,512 
Auto Europe, Senior Secured Initial Dollar Term Loan, 9.91% (SOFR + 5.00%), maturity 10/21/23  10/19/2016   1,119,231    1,117,832    895,385 
                   
Consumer Goods: Non-durable                  
Augusta Sportswear, Senior Secured Initial Term Loan, 10.41% (SOFR + 5.50%), maturity 4/25/25  11/2/2016   2,001,028    1,999,579    1,991,023 
                   
Metals & Mining                  
Dynatect (A&A), Senior Secured Term B Loan, 9.69% (LIBOR + 4.50%), maturity 9/30/24  8/16/2019   1,689,870    1,680,609    1,689,870 
                   
Utilities: Electric                  
Systems Control, Senior Secured Initial Term Loan, 9.69% (LIBOR + 4.50%), maturity 3/28/25  6/15/2021   1,471,609    1,470,110    1,456,893 
                   
Forest Products & Paper                  
Loparex, Senior Secured Initial Term Loan (First Lien), 9.69% (LIBOR + 4.50%), maturity 7/31/26  7/29/2019   1,447,500    1,439,814    1,447,500 
                   
Retail                  
Varsity Brands, Senior Secured Third Amendment Extended Term Loan (First Lien), 9.91% (SOFR + 5.00%), maturity 12/15/26  10/17/2018   954,828    957,550    942,893 
StubHub, Senior Secured USD Term B Loan, 8.41% (SOFR + 3.50%), maturity 2/12/27(k)  1/31/2020   483,750    482,366    353,140 
                   
Utilities: Water                  
Aegion, Senior Secured Initial Term Loan, 9.94% (LIBOR + 4.75%), maturity 5/17/28  4/1/2021   984,998    981,133    967,761 
                   
Energy: Electricity                  
Franklin Energy, Senior Secured Term B Loan (First Lien), 9.19% (LIBOR + 4.00%), maturity 8/14/26  8/14/2019   965,000    963,567    945,700 
                   
Consumer Goods: Durable                  
Careismatic, Senior Secured Initial Term Loan (First Lien), 8.44% (LIBOR + 3.25%), maturity 1/6/28  1/22/2021   491,250    490,260    471,600 
                   
Total Bank Loans          $402,971,119   $395,014,667 

 

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

 

9

 

 

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of March 31, 2023

(Expressed in U.S. Dollars)

(unaudited)

 

Portfolio Investments (a) (b) (c) (d) (e) (f)  Acquisition
Date
  Par  Cost   Value 
EQUITY AND PREFERRED SHARES:  NON-CONTROL/NON-AFFILIATE INVESTMENTS- (0.9%)(g)(h):                
                 
Services: Business                
InnovateMR, Class A Units (387.31 Class A Units) (j) (s) (t)  12/16/2021     $387,311   $588,723 
Industrial Services Group, Class A Units (238.10 Class A Units) (j) (s) (u)  12/7/2022      238,095    239,347 
Liberty Group, Series A-Preferred Units (113,636.36 Series A-Preferred Units) (j) (s) (v)  6/6/2022      113,636    165,801 
VC3, Class A Units (7,499.03 Class A Units) (j) (s) (w)  9/16/2022      29,846    29,846 
                 
High Tech Industries                
PracticeTek, Class A Units (344,833.35 Class A Units) (j) (s) (x)  11/22/2021      377,255    354,188 
Golden Source, Class A Units (117,370.89 Class A Units) (j) (s) (y)  3/25/2022      117,371    248,067 
                 
Healthcare & Pharmaceuticals                
InterMed, Class A Units (2,484.00 Class A Units) (j) (s) (z)  12/22/2022      248,380    238,705 
RevHealth, Class A-1 Units (20,547.95 Class A-1 Units) (j) (s) (aa)  7/22/2022      205,479    210,811 
Ivy Rehab, Class A Units (100.00 Class A Units) (j) (s) (ab)  3/11/2022      100,000    74,010 
                 
Beverage, Food & Tobacco                
Hissho Sushi, Class A Units (25,000.00 Class A Units) (j) (s) (ac)  4/7/2022      250,000    350,485 
                 
Environmental Industries                
Alliance Environmental Group, A-1 Preferred Units (331.13 A-1 Preferred Units) (j) (s) (ad)  9/30/2019      331,126    303,067 
                 
Chemicals, Plastics & Rubber  12/22/2020      165,138    283,916 
Vertellus, Series A Units (1,651.00 Series A Units) (j) (s) (ae)                
                 
Construction & Building                
A1 Garage Door Service, Class A Common Units (272.73 Class A Common Units) (j) (s) (af)  12/22/2022      272,727    274,638 
                 
Services: Consumer                
Ned Stevens, Class B Common Units (261.44 Class B Common Units) (j) (s) (ag)  11/1/2022      261,438    226,201 
                 
Banking, Finance, Insurance & Real Estate                
Cherry Bekaert, Class A Units (129,870.13 Class A Units) (j) (s) (ah)  6/30/2022      129,870    167,153 
                 
Media: Advertising, Printing & Publishing                
MediaRadar, Class A-1 Units (74,074.07 Class A-1 Units) (j) (s) (ai)  9/16/2022      74,074    74,315 
                 
Total Equity and Preferred Shares        $3,301,746   $3,829,273 
                 
Total Portfolio Investments (aj)        $406,272,865   $398,843,940 

 

(a)All companies are located in the United States of America, unless otherwise noted.
(b)Interest rate percentages represent actual interest rates as of March 31, 2023, 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)The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the unfunded loan commitment.
(j)Three of our affiliated funds, Audax Direct Lending Solutions Fund - A, L.P., Audax Direct Lending Solutions Fund - C, L.P., and Audax Direct Lending Solutions Fund - D, L.P., co-invested with us in this portfolio company pursuant to an exemptive order granted by the U.S. Securities and Exchange Commission.
(k)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.
(l)The Company headquarters for UDG is located in Ireland.
(m)The Company purchased the investment, pursuant to a repurchase agreement with a rate of 1.9626 basis points per day with Macquarie US Trading LLC, dated June 21, 2022, due June 16, 2023.
(n)The Company purchased the investment, pursuant to a repurchase agreement with a rate of 1.9530 bais points per day with Macquarie US Trading LLC, dated July 19, 2022, due June 12, 2023.
(o)The Company headquarters for Sophos is located in United Kingdom.
(p)The Company headquarters for Intertape Polymer is located in Canada.
(q)The Company headquarters for Integro is located in United Kingdom.
(r)Investment is on non-accrual
(s)Investment is non-income producing.
(t)Represents an investment in APD INN Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(u)Represents an investment in APD ISG Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(v)Represents an investment in APD TLG Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(w)Represents an investment in APD VC3 Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(x)Represents an investment in APD Ptek Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(y)Represents an investment in APD Gol Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(z)Represents an investment in APD IMD Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(aa)Represents an investment in APD RH Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(ab)Represents an investment in APD IVY Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(ac)Represents an investment in APD Sush Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(ad)Represents an investment in APD AEG Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(ae)Represents an investment in ADP VERT Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(af)Represents an investment in APD GAR Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(ag)Represents an investment in APD NS Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(ah)Represents an investment in APD CBA Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(ai)Represents an investment in APD MDR Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(aj)At March 31, 2023, the cost of investments for income tax purposes was $406,272,865, the gross unrealized depreciation for federal tax purposes was $9,776,480, the gross unrealized appreciation for federal income tax purposes was $2,347,555, and the net unrealized depreciation was $7,428,925.

 

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

 

10

 

 

Audax Credit BDC Inc.

Schedule of Investments

As of December 31, 2022

(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 - (97.4%)(g)(h):                  
                   
Healthcare & Pharmaceuticals                  
American Vision Partners, Unitranche Initial Term Loan, 10.52% (LIBOR + 5.75%), maturity 9/30/27 (i)  9/22/2021  $4,948,401   $4,879,828   $4,856,470 
RevHealth, Unitranche Initial Term Loan, 10.34% (SOFR + 5.75%), maturity 7/22/28 (i)  7/22/2022   4,270,120    4,188,380    4,150,791 
Radiology Partners, Senior Secured Term B Loan (First Lien), 9.02% (LIBOR + 4.25%), maturity 7/9/25  6/28/2018   4,215,792    4,360,152    3,863,383 
Young Innovations, Senior Secured Initial Term Loan (First Lien), 8.77% (LIBOR + 4.00%), maturity 11/7/24  11/6/2017   3,716,210    3,710,302    3,674,403 
PharMedQuest, Unitranche Term A Loan, 10.09% (SOFR + 5.50%), maturity 11/6/24 (i)  11/6/2019   3,280,898    3,270,149    3,273,829 
Zest Dental, Senior Secured Initial Term Loan (First Lien), 8.27% (LIBOR + 3.50%), maturity 3/14/25 (j)  5/30/2018   3,222,954    3,231,080    3,222,954 
InHealth Medical Alliance, Unitranche Initial Term Loan, 8.09% (SOFR + 3.50%) 3.50% PIK, maturity 6/28/28  6/25/2021   3,473,575    3,444,004    3,126,218 
InterMed, Unitranche Initial Term Loan, 11.09% (SOFR + 6.50%), maturity 12/24/29 (i) (j)  12/22/2022   3,023,758    2,937,365    2,948,164 
Waystar, Senior Secured Initial Term Loan (First Lien), 8.77% (LIBOR + 4.00%), maturity 10/22/26  9/19/2019   2,919,950    2,914,826    2,905,350 
Advancing Eyecare, Senior Secured Initial Term Loan, 10.34% (SOFR + 5.75%), maturity 6/29/29  5/27/2022   2,531,655    2,465,757    2,525,326 
Premise Health, Senior Secured Initial Term Loan (First Lien), 8.09% (SOFR + 3.50%), maturity 7/10/25  8/15/2018   2,259,008    2,262,783    2,253,361 
Soliant, Senior Secured Initial Term Loan, 8.77% (LIBOR + 4.00%), maturity 3/31/28  3/26/2021   2,115,249    2,100,146    2,115,249 
nThrive, Senior Secured Initial Loan (Second Lien), 11.52% (LIBOR + 6.75%), maturity 12/17/29  11/19/2021   2,000,000    1,975,615    1,977,500 
CPS, Unitranche Closing Date Term Loan, 10.52% (LIBOR + 5.75%), maturity 6/1/28 (i)  5/18/2022   1,953,546    1,948,936    1,945,105 
Gastro Health, Senior Secured Initial Term Loan (First Lien), 9.27% (LIBOR + 4.50%), maturity 7/3/28  7/2/2021   1,974,288    1,964,641    1,919,995 
Upstream Rehabilitation, Senior Secured August 2021 Incremental Term Loan (First Lien), 8.84% (SOFR + 4.25%), maturity 11/20/26  10/24/2019   1,951,531    1,949,032    1,917,379 
Avalign Technologies, Senior Secured Initial Term Loan (First Lien), 9.09% (SOFR + 4.50%), maturity 12/22/25  12/19/2018   1,920,000    1,916,944    1,886,400 
Therapy Brands, Senior Secured Initial Term Loan (First Lien), 8.77% (LIBOR + 4.00%), maturity 5/18/28  5/12/2021   1,863,262    1,855,208    1,835,313 
Advanced Diabetes Supply, Senior Secured First Incremental Term Loan, 9.84% (SOFR + 5.25%), maturity 12/30/27  7/13/2021   1,853,637    1,837,653    1,835,101 
Press Ganey, Senior Secured Initial Term Loan (First Lien), 8.27% (LIBOR + 3.50%), maturity 7/24/26 (j)  7/23/2019   1,935,000    1,938,010    1,778,391 
Blue Cloud, Unitranche Closing Date Term Loan, 9.59% (SOFR + 5.00%), maturity 1/21/28  12/13/2021   1,488,750    1,467,872    1,470,141 
Quantum Health, Senior Secured Amendment No. 1 Refinancing Term Loan (First Lien), 9.27% (LIBOR + 4.50%), maturity 12/22/27  12/18/2020   1,477,500    1,459,860    1,460,878 
Mission Vet Partners, Senior Secured Initial Term Loan (First Lien), 8.77% (LIBOR + 4.00%), maturity 4/27/28  12/15/2021   1,481,250    1,468,364    1,447,922 
Symplr, Senior Secured Initial Term Loan (First Lien), 9.09% (SOFR + 4.50%), maturity 12/22/27  11/23/2020   1,473,750    1,456,190    1,342,955 
Ivy Rehab, Senior Secured Initial Term Loan (First Lien), 9.34% (SOFR + 4.75%), maturity 4/23/29  3/11/2022   1,147,092    1,124,711    1,132,753 
Solis Mammography, Senior Secured Initial Term Loan (First Lien), 9.52% (LIBOR + 4.75%), maturity 4/17/28  4/1/2021   1,069,941    1,061,811    1,061,916 
Tecomet, Senior Secured 2017 Term Loan (First Lien), 8.27% (LIBOR + 3.50%), maturity 5/1/24  1/10/2019   1,143,735    1,143,669    1,034,162 
Solis Mammography, Senior Secured Initial Term Loan (Second Lien), 12.77% (LIBOR + 8.00%), maturity 4/16/29  4/1/2021   1,000,000    987,505    992,500 
Micro Merchant Systems, Unitranche Initial Term Loan, 10.34% (SOFR + 5.75%), maturity 12/14/27  3/2/2022   992,500    982,465    990,019 
Wedgewood, Senior Secured Initial Term Loan, 9.02% (LIBOR + 4.25%), maturity 3/31/28  2/24/2021   987,500    979,070    987,500 
nThrive, Senior Secured Initial Term Loan (First Lien), 8.77% (LIBOR + 4.00%), maturity 12/18/28  11/19/2021   992,500    988,500    982,575 
Allied Benefit Systems, Senior Secured Initial Term B Loan, 9.27% (LIBOR + 4.50%), maturity 11/18/26  10/21/2020   980,000    969,646    980,000 
Forefront, Senior Secured Closing Date Term Loan, 8.84% (SOFR + 4.25%), maturity 4/1/29  3/23/2022   978,236    962,181    968,454 
Epic Staffing Group, Senior Secured Initial Term Loan, 10.59% (SOFR + 6.00%), maturity 6/28/29  6/27/2022   821,454    763,696    819,400 
UDG, Senior Secured Initial Dollar Term Loan (First Lien), 9.02% (LIBOR + 4.25%), maturity 8/19/28 (k)  8/6/2021   631,875    626,966    624,766 
ImageFirst, Senior Secured Initial Term Loan, 9.27% (LIBOR + 4.50%), maturity 4/27/28  4/26/2021   604,773    602,336    600,237 
MyEyeDr, Senior Secured Initial Term Loan (First Lien), 9.02% (LIBOR + 4.25%), maturity 8/31/26  8/2/2019   521,312    518,666    515,447 
Western Dental, Senior Secured 2022 Incremental Term Loan, 10.02% (LIBOR + 5.25%), maturity 8/18/28  6/21/2022   497,500    488,274    485,063 
AccentCare, Senior Secured 2021 Term Loan (First Lien), 8.77% (LIBOR + 4.00%), maturity 6/22/26  6/15/2021   492,500    492,500    480,188 
MedRisk, Senior Secured Initial Term Loan (First Lien), 8.52% (LIBOR + 3.75%), maturity 5/10/28 (j)  4/1/2021   493,750    489,558    467,334 
RMP & MedA/Rx, Senior Secured Term Loan, 9.27% (LIBOR + 4.50%), maturity 2/6/25  3/22/2021   465,625    462,043    462,133 
Press Ganey, Senior Secured 2020 Incremental Term Loan (First Lien) Retired 05/25/2021, 8.52% (LIBOR + 3.75%), maturity 7/24/26 (j)  10/1/2020   491,269    487,720    451,508 
RMP & MedA/Rx, Senior Secured Term Loan (First Lien), 9.02% (LIBOR + 4.25%), maturity 2/6/25  2/27/2017   397,482    397,490    394,501 
Blue Cloud, Senior Secured Revolving Loan, 9.59% (SOFR + 5.00%), maturity 1/21/28  12/14/2022   50,000    50,000    49,375 
CPS, Senior Secured Revolving Credit Loan, 10.52% (LIBOR + 5.75%), maturity 6/1/28 (i)  5/18/2022   -    (714)   - 
Ivy Rehab, Senior Secured Revolving Credit Loan (First Lien), 9.34% (SOFR + 4.75%), maturity 4/21/28  3/11/2022   -    (3,367)   - 
InterMed, Senior Secured Revolving Loan, 11.09% (SOFR + 6.50%), maturity 12/24/28 (i) (j)  12/22/2022   -    (21,598)   - 
                   
Services: Business                  
LegalShield, Senior Secured Initial Term Loan (First Lien), 8.52% (LIBOR + 3.75%), maturity 12/15/28 (j)  12/7/2021   4,466,250    4,426,965    4,305,152 
InnovateMR, Unitranche Initial Term Loan, 10.27% (LIBOR + 5.50%), maturity 1/20/28 (i)  12/16/2021   4,200,101    4,134,245    4,200,101 
CoAdvantage, Senior Secured Initial Term Loan (First Lien), 9.77% (LIBOR + 5.00%), maturity 9/23/25 (l)  9/26/2019   3,870,000    3,849,940    3,870,000 
RevSpring, Senior Secured Initial Term Loan (First Lien), 8.77% (LIBOR + 4.00%), maturity 10/11/25 (l)  10/5/2018   3,840,000    3,837,742    3,840,000 
Eliassen, Unitranche Initial Term Loan, 10.34% (SOFR + 5.75%), maturity 4/7/28  3/31/2022   3,361,944    3,309,152    3,345,135 
Veritext, Senior Secured Initial Term Loan (First Lien), 8.27% (LIBOR + 3.50%), maturity 8/1/25 (j)  8/14/2018   3,079,058    3,064,961    3,079,058 
Discovery Education, Unitranche Initial Term Loan (First Lien), 10.34% (SOFR + 5.75%), maturity 4/6/29  3/25/2022   2,992,500    2,945,651    2,970,056 
Fleetwash, Senior Secured Incremental Term Loan, 9.34% (SOFR + 4.75%), maturity 10/1/24  9/25/2018   2,873,288    2,863,535    2,851,738 
The Facilities Group, Unitranche Initial Term Loan, 10.52% (LIBOR + 5.75%), maturity 11/30/27  12/10/2021   2,726,358    2,700,991    2,705,911 
Industrial Services Group, Unitranche First Lien Term Loan, 10.84% (SOFR + 6.25%), maturity 12/7/28 (i)  12/7/2022   2,761,905    2,657,619    2,640,476 
CoolSys, Senior Secured Closing Date Initial Term Loan, 9.52% (LIBOR + 4.75%), maturity 8/11/28  8/4/2021   2,564,375    2,538,048    2,513,088 
Service Logic, Senior Secured Closing Date Initial Term Loan (First Lien), 8.77% (LIBOR + 4.00%), maturity 10/29/27  10/23/2020   2,535,569    2,516,126    2,510,213 
Duff & Phelps, Senior Secured Initial Dollar Term Loan (First Lien), 8.34% (SOFR + 3.75%), maturity 4/9/27 (j)  3/6/2020   2,437,500    2,422,596    2,282,499 
TRC Companies, Senior Secured Initial Term Loan (Second Lien), 11.52% (LIBOR + 6.75%), maturity 12/7/29  11/19/2021   2,000,000    1,980,000    1,980,000 
Liberty Group, Unitranche Initial Term Loan, 10.34% (SOFR + 5.75%), maturity 6/9/28 (i)  6/6/2022   1,945,114    1,906,873    1,919,735 
Veregy, Senior Secured Initial Term Loan, 10.77% (LIBOR + 6.00%), maturity 11/3/27  11/2/2020   1,960,000    1,916,318    1,911,000 
InnovateMR, Senior Secured First Amendment Term Loan, 10.09% (SOFR + 5.50%), maturity 1/20/28 (i)  12/23/2022   1,891,019    1,832,654    1,891,019 
ECi Software, Senior Secured Initial Term Loan (First Lien), 8.52% (LIBOR + 3.75%), maturity 11/9/27 (j)  9/17/2020   1,960,000    1,953,585    1,886,500 
Mediaocean, Senior Secured Initial Term Loan, 8.27% (LIBOR + 3.50%), maturity 12/15/28 (j)  12/9/2021   1,985,000    1,967,596    1,822,726 
Insight Global, Unitranche Closing Date Term Loan, 10.77% (LIBOR + 6.00%), maturity 9/22/28  9/22/2021   1,481,250    1,454,671    1,481,250 
Addison Group, Senior Secured Initial Term Loan, 8.84% (SOFR + 4.25%), maturity 12/29/28  1/19/2022   1,488,750    1,485,425    1,477,584 

 

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

 

11

 

 

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of December 31, 2022

(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)                  
OSG Billing Services, Senior Secured Amended and Restated Term A Loan, 10.09% (SOFR + 5.50%) 1.50% PIK, maturity 6/26/26  8/31/2022  $1,442,041   $1,440,308   $1,355,519 
First Advantage, Senior Secured Term B-1 Loan (First Lien), 7.52% (LIBOR + 2.75%), maturity 1/31/27 (j)  1/23/2020   1,100,312    1,091,680    1,082,432 
Veritext, Senior Secured Initial Term Loan (Second Lien), 11.52% (LIBOR + 6.75%), maturity 7/31/26 (j)  8/14/2018   1,000,000    997,283    1,000,000 
Vistage, Senior Secured Initial Term Loan, 9.84% (SOFR + 5.25%), maturity 7/13/29  7/18/2022   997,500    971,265    992,513 
trustaff, Senior Secured Initial Term Loan (First Lien), 8.52% (LIBOR + 3.75%), maturity 3/6/28  12/9/2021   987,437    985,293    987,437 
TRC Companies, Senior Secured Initial Term Loan (First Lien), 8.52% (LIBOR + 3.75%), maturity 12/8/28  11/19/2021   992,513    988,187    985,069 
Divisions Maintenance Group, Senior Secured Term B Loan, 9.52% (LIBOR + 4.75%), maturity 5/27/28  5/21/2021   987,500    979,366    985,031 
Secretariat International, Senior Secured Initial Term Loan (First Lien), 9.52% (LIBOR + 4.75%), maturity 12/29/28  12/16/2021   975,711    971,287    965,953 
WIRB-Copernicus Group, Senior Secured Initial Term Loan (First Lien), 8.77% (LIBOR + 4.00%), maturity 1/8/27  12/13/2019   975,000    968,894    965,250 
Diversified, Senior Secured Initial Term Loan, 9.59% (SOFR + 5.00%), maturity 12/23/23  4/19/2019   899,347    897,624    870,118 
eResearch, Senior Secured Initial Term Loan (First Lien), 9.27% (LIBOR + 4.50%), maturity 2/4/27 (j)  12/1/2020   979,906    979,906    867,520 
VC3, Unitranche, 9.84% (SOFR + 5.25%), maturity 3/12/27 (i)  9/16/2022   742,423    694,346    702,569 
Therma Holdings, Senior Secured Initial Term Loan (2021), 8.52% (LIBOR + 3.75%), maturity 12/16/27 (j)  12/11/2020   590,428    588,526    560,541 
System One, Senior Secured Initial Term Loan, 8.59% (SOFR + 4.00%), maturity 3/2/28  1/28/2021   492,500    490,627    490,038 
Insight Global, Senior Secured Revolving Loan, 10.77% (LIBOR + 6.00%), maturity 9/22/27  9/23/2021   53,671    53,671    53,671 
VC3, Senior Secured Revolving Credit, 9.84% (SOFR + 5.25%), maturity 3/12/27 (i)  7/21/2022   -    (2,692)   - 
Discovery Education, Senior Secured Revolving Credit Loan (First Lien), 10.34% (SOFR + 5.75%), maturity 4/7/28  3/25/2022   -    (4,038)   - 
Liberty Group, Senior Secured Revolving Loan, 10.34% (SOFR + 5.75%), maturity 6/9/28 (i)  6/6/2022   -    (4,545)   - 
Industrial Services Group, Senior Secured Revolver, 10.84% (SOFR + 6.25%), maturity 12/7/28 (i)  12/7/2022   -    (17,143)   - 
                   
High Tech Industries                  
Qlik, Senior Secured 2021 Refinancing Term Loan, 8.77% (LIBOR + 4.00%), maturity 4/26/24 (j) (l)  3/29/2019   3,861,200    3,852,597    3,776,254 
Golden Source, Unitranche Initial Term Loan, 10.09% (SOFR + 5.50%), maturity 5/12/28 (i)  3/25/2022   3,454,402    3,380,910    3,341,463 
Netsmart, Senior Secured Initial Term Loan (First Lien), 8.77% (LIBOR + 4.00%), maturity 10/1/27 (j)  9/29/2020   3,438,750    3,427,753    3,320,543 
Jaggaer, Senior Secured Initial Term Loan (First Lien), 8.34% (SOFR + 3.75%), maturity 8/14/26 (j)  8/9/2019   3,059,478    3,056,395    2,980,314 
Infogroup, Senior Secured Term Loan (First Lien), 9.77% (LIBOR + 5.00%), maturity 4/3/23 (j)  3/28/2017   2,829,862    2,826,938    2,829,862 
Planview, Senior Secured Closing Date Term Loan (First Lien), 8.77% (LIBOR + 4.00%), maturity 12/17/27  12/11/2020   2,605,701    2,583,676    2,504,958 
Idera, Senior Secured Term B-1 Loan (First Lien), 8.52% (LIBOR + 3.75%), maturity 3/2/28 (j)  6/27/2017   2,573,127    2,573,136    2,433,214 
Ivanti Software, Senior Secured 2021 Specified Refinancing Term Loan (First Lien), 9.02% (LIBOR + 4.25%), maturity 12/1/27 (j)  11/20/2020   2,962,613    2,931,550    2,359,291 
PracticeTek, Unitranche Initial Term Loan, 11.02% (LIBOR + 6.25%), maturity 11/23/27 (i)  11/22/2021   2,382,968    2,329,122    2,299,688 
Precisely, Senior Secured Third Amendment Term Loan (First Lien), 8.77% (LIBOR + 4.00%), maturity 4/24/28  3/19/2021   2,468,750    2,457,445    2,299,440 
Flexera, Senior Secured Term B-1 Loan (First Lien), 8.52% (LIBOR + 3.75%), maturity 3/3/28 (j)  2/16/2020   2,358,160    2,358,160    2,268,998 
Barracuda, Senior Secured Initial Term Loan (Second Lien), 11.59% (SOFR + 7.00%), maturity 5/31/30  5/17/2022   2,000,000    1,940,000    1,977,500 
QuickBase, Senior Secured Term Loan (First Lien), 8.77% (LIBOR + 4.00%), maturity 4/2/26  3/29/2019   1,930,000    1,925,451    1,905,875 
Sophos, Senior Secured Dollar Tranche Term Loan (First Lien), 8.27% (LIBOR + 3.50%), maturity 3/5/27 (j) (n)  1/16/2020   1,950,024    1,877,853    1,895,706 
Intermedia, Senior Secured New Term Loan (First Lien), 10.77% (LIBOR + 6.00%), maturity 7/21/25  7/13/2018   1,920,000    1,913,976    1,881,600 
HelpSystems, Senior Secured Term Loan, 8.59% (SOFR + 4.00%), maturity 11/19/26  12/19/2019   1,969,727    1,963,923    1,870,502 
Bomgar, Senior Secured Initial Term Loan (First Lien), 8.77% (LIBOR + 4.00%), maturity 4/18/25  5/25/2018   1,610,595    1,615,029    1,598,516 
OEConnection, Senior Secured Initial Term Loan, 8.77% (LIBOR + 4.00%), maturity 9/25/26  9/24/2019   1,592,260    1,588,315    1,584,299 
Digital Room, Senior Secured Closing Date Term Loan (First Lien), 10.02% (LIBOR + 5.25%), maturity 12/21/28  12/16/2021   1,488,750    1,475,605    1,473,863 
SmartBear, Senior Secured Initial Term Loan (First Lien), 9.02% (LIBOR + 4.25%), maturity 3/3/28  11/20/2020   985,000    976,981    980,075 
WellSky, Senior Secured Incremental Term B-1 Loan (First Lien), 10.34% (SOFR + 5.75%), maturity 3/10/28  8/16/2022   997,500    968,858    975,056 
ORBCOMM, Senior Secured Closing Date Term Loan (First Lien), 9.02% (LIBOR + 4.25%), maturity 9/1/28  6/17/2021   987,500    983,149    955,406 
Imperva, Senior Secured Term Loan, 8.77% (LIBOR + 4.00%), maturity 1/12/26  9/23/2020   975,981    970,223    949,142 
Infoblox, Senior Secured Initial Term Loan (First Lien), 8.34% (SOFR + 3.75%), maturity 12/1/27 (j)  10/7/2020   985,000    981,549    913,095 
Cloudera, Senior Secured Initial Term Loan (First Lien), 8.52% (LIBOR + 3.75%), maturity 10/8/28  8/10/2021   496,250    491,967    492,528 
Barracuda, Senior Secured Initial Term Loan (First Lien), 9.09% (SOFR + 4.50%), maturity 5/31/29 (j)  5/17/2022   500,000    485,490    483,055 
DigiCert, Senior Secured Initial Term Loan (First Lien), 8.59% (SOFR + 4.00%), maturity 10/16/26 (j)  3/13/2020   486,250    469,111    470,795 
PracticeTek, Senior Secured Revolving Loan, 11.02% (LIBOR + 6.25%), maturity 11/23/27 (i)  11/22/2021   -    (7,156)   - 
Golden Source, Senior Secured Revolving Loan, 10.09% (SOFR + 5.50%), maturity 5/12/28 (i)  8/22/2022   -    (9,390)   - 
                   
Containers, Packaging & Glass                  
InMark, Unitranche Incremental Term Loan, 10.59% (SOFR + 6.00%), maturity 12/23/26 (i)  12/10/2021   6,419,952    6,305,403    6,419,952 
Transcendia, Senior Secured 2017 Refinancing Term Loan (First Lien), 8.27% (LIBOR + 3.50%), maturity 5/30/24  5/11/2017   3,318,093    3,313,837    3,226,846 
Brook & Whittle, Senior Secured Initial Term Loan (First Lien), 8.59% (SOFR + 4.00%), maturity 12/14/28  12/9/2021   3,131,265    3,107,930    3,131,265 
Anchor Packaging, Senior Secured Initial Term Loan (First Lien), 8.77% (LIBOR + 4.00%), maturity 7/18/26  7/17/2019   2,490,744    2,482,832    2,490,744 
PCI, Senior Secured Term B Loan (First Lien), 8.27% (LIBOR + 3.50%), maturity 11/30/27 (j)  9/25/2020   2,443,938    2,436,928    2,323,928 
Paragon Films, Senior Secured Closing Date Term Loan (First Lien), 9.77% (LIBOR + 5.00%), maturity 12/16/28  12/15/2021   1,985,000    1,966,087    1,975,075 
Intertape Polymer, Senior Secured Initial Term Loan (First Lien), 9.34% (SOFR + 4.75%), maturity 6/28/28 (o)  6/15/2022   1,995,000    1,921,340    1,899,699 
Resource Label Group, Senior Secured Closing Date Initial Term Loan (First Lien), 8.77% (LIBOR + 4.00%), maturity 7/7/28  7/2/2021   1,860,949    1,852,924    1,860,949 
TricorBraun, Senior Secured Closing Date Initial Term Loan (First Lien), 8.02% (LIBOR + 3.25%), maturity 3/3/28 (j)  1/29/2021   1,810,382    1,802,881    1,731,648 
Potters Industries, Senior Secured Initial Term Loan, 8.77% (LIBOR + 4.00%), maturity 12/14/27  11/19/2020   1,473,750    1,463,413    1,462,697 
Technimark, Senior Secured Initial Term Loan (First Lien), 8.52% (LIBOR + 3.75%), maturity 7/7/28  6/30/2021   1,477,500    1,471,343    1,444,256 
Tekni-Plex, Senior Secured Tranche B-3 Initial Term Loan, 8.77% (LIBOR + 4.00%), maturity 9/15/28 (j)  7/29/2021   1,128,183    1,125,889    1,086,079 
Lacerta, Senior Secured Term Loan, 10.27% (LIBOR + 5.50%), maturity 12/30/26  2/8/2021   980,000    971,686    970,200 
Novolex, Senior Secured Term B Loan (First Lien), 8.84% (SOFR + 4.25%), maturity 4/13/29 (j)  3/30/2022   995,000    972,844    950,101 
Pregis, Senior Secured Initial Term Loan (First Lien), 8.34% (SOFR + 3.75%), maturity 7/31/26 (j)  7/25/2019   970,000    968,670    945,386 
Applied Adhesives, Senior Secured Term A Loan, 9.52% (LIBOR + 4.75%), maturity 3/12/27  3/12/2021   593,430    588,737    591,946 
Five Star Packaging, Senior Secured Initial Term Loan (First Lien), 8.84% (SOFR + 4.25%), maturity 5/5/29  4/27/2022   498,750    491,854    495,009 
Pregis, Senior Secured Third Amendment Refinancing Term Loan (First Lien), 8.52% (LIBOR + 3.75%), maturity 7/31/26  12/9/2020   493,750    492,024    492,516 
Golden West Packaging, Senior Secured Initial Term Loan, 10.02% (LIBOR + 5.25%), maturity 12/1/27  11/29/2021   490,625    486,330    489,398 
Applied Adhesives, Senior Secured Revolving Loan, 9.52% (LIBOR + 4.75%), maturity 3/12/27  3/12/2021   -    (616)   - 

 

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

 

12

 

 

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of December 31, 2022

(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):                  
                   
Banking, Finance, Insurance & Real Estate                  
Cerity Partners, Senior Secured Initial Term Loan, 10.34% (SOFR + 5.75%), maturity 7/27/29 (i)  7/28/2022  $4,647,849   $4,574,823   $4,570,390 
Confluence, Senior Secured Initial Term Loan (First Lien), 8.34% (SOFR + 3.75%), maturity 7/31/28  7/22/2021   3,960,000    3,941,319    3,915,450 
Cherry Bekaert, Unitranche Term B Loan, 10.09% (SOFR + 5.50%), maturity 6/30/28 (i)  6/13/2022   3,550,571    3,464,800    3,479,035 
Ascensus, Senior Secured Initial Term Loan (First Lien), 8.27% (LIBOR + 3.50%), maturity 8/2/28  11/17/2021   2,977,500    2,965,493    2,917,950 
Alera, Unitranche 2022 Incremental Term Loan, 11.09% (SOFR + 6.50%), maturity 9/30/28  8/31/2022   2,819,600    2,740,779    2,798,453 
EPIC Insurance, Unitranche Closing Date Term Loan, 10.02% (LIBOR + 5.25%), maturity 9/29/28  8/27/2021   2,371,834    2,338,982    2,359,975 
American Beacon Advisors, Senior Secured Tranche D Term Loan (Second Lien), 12.77% (LIBOR + 8.00%), maturity 4/30/25  10/31/2017   2,117,133    2,121,970    2,093,316 
Beta+, Senior Secured Initial Term Loan, 9.84% (SOFR + 5.25%), maturity 7/1/29  6/24/2022   1,995,000    1,956,752    1,985,025 
Kestra Financial, Senior Secured Initial Term Loan, 8.84% (SOFR + 4.25%), maturity 6/3/26  4/29/2019   1,935,000    1,924,606    1,920,488 
Orion, Senior Secured 2021 Refinancing Term Loan (First Lien), 8.52% (LIBOR + 3.75%), maturity 9/24/27  8/4/2020   1,470,065    1,458,041    1,393,806 
SIAA, Unitranche Initial Term Loan, 11.02% (LIBOR + 6.25%), maturity 4/28/28  4/21/2021   1,160,762    1,142,944    1,140,125 
Advisor Group, Senior Secured Term B-1 Loan, 9.27% (LIBOR + 4.50%), maturity 7/31/26 (j)  1/31/2020   1,018,929    1,018,969    998,780 
Community Brands, Senior Secured Initial Term Loan, 10.34% (SOFR + 5.75%), maturity 2/24/28  2/23/2022   992,500    972,300    982,575 
LERETA, Senior Secured Initial Term Loan, 10.02% (LIBOR + 5.25%), maturity 7/30/28  7/27/2021   987,500    978,810    972,688 
Sedgwick Claims, Senior Secured Initial Term Loan, 8.02% (LIBOR + 3.25%), maturity 12/31/25 (j)  2/12/2020   484,848    484,476    472,424 
EdgeCo, Senior Secured Third Amendment Term Loan (First Lien), 9.52% (LIBOR + 4.75%), maturity 6/1/26  3/29/2022   297,750    275,745    295,517 
Integro, Senior Secured 2022 Refinancing Term Loan (First Lien), 12.25% (Fixed) 12.25% PIK, maturity 5/8/23 (n)  10/9/2015   228,698    232,323    228,698 
Cherry Bekaert, Senior Secured Revolving Credit Loan, 10.09% (SOFR + 5.50%), maturity 6/30/28 (i)  8/1/2022   184,942    184,942    181,215 
EPIC Insurance, Senior Secured Revolving Loan, 10.02% (LIBOR + 5.25%), maturity 9/30/27  8/27/2021   -    (269)   - 
Beta+, Senior Secured Revolving Credit Loan, 9.84% (SOFR + 5.25%), maturity 7/1/27  6/24/2022   -    (6,216)   - 
                   
Capital Equipment                  
FloWorks, Senior Secured Initial Term Loan (First Lien), 10.34% (SOFR + 5.75%), maturity 12/27/28 (j)  3/1/2022   3,980,000    3,856,250    3,980,000 
Tank Holding, Unitranche Initial Term Loan, 10.59% (SOFR + 6.00%), maturity 3/31/28 (m)  3/25/2022   3,980,000    3,907,511    3,970,050 
Plaskolite, Senior Secured 2021-1 Refinancing Term Loan (First Lien), 8.77% (LIBOR + 4.00%), maturity 12/15/25  12/12/2018   3,841,575    3,807,287    3,624,046 
Excelitas, Senior Secured Closing Date Euro Term Loan, 10.52% (Other + 5.75%), maturity 8/12/29  6/15/2022   2,969,565    3,013,358    2,947,293 
Burke Porter Group, Unitranche Closing Date Term Loan, 10.59% (SOFR + 6.00%), maturity 7/29/29 (i)  9/30/2022   2,333,333    2,271,028    2,310,000 
MW Industries, Senior Secured 2018 New Term Loan (First Lien), 8.52% (LIBOR + 3.75%), maturity 9/30/24 (j)  4/20/2018   2,037,048    2,037,048    2,037,048 
Flow Control Group, Senior Secured Initial Term Loan (First Lien), 8.52% (LIBOR + 3.75%), maturity 3/31/28 (j)  3/17/2021   1,666,204    1,663,888    1,588,626 
Radwell, Unitranche Initial Term Loan, 10.34% (SOFR + 5.75%), maturity 4/1/29  3/11/2022   1,492,500    1,469,422    1,492,500 
Edward Don, Senior Secured Initial Term Loan, 9.02% (LIBOR + 4.25%), maturity 7/2/25  6/26/2018   1,370,943    1,369,445    1,350,378 
Therm-O-Disc, Senior Secured Initial Term Loan (First Lien), 10.59% (SOFR + 6.00%), maturity 5/31/29  5/26/2022   997,500    923,600    992,513 
Cleaver Brooks, Senior Secured Initial Term Loan, 10.34% (SOFR + 5.75%), maturity 7/31/28  7/18/2022   993,750    974,648    988,781 
TriMark, Senior Secured Second Amendment Tranche B Loan (Super Senior Priority), 8.27% (LIBOR + 3.50%), maturity 8/28/24  1/31/2022   963,589    963,589    684,148 
Culligan, Senior Secured 2022 Refinancing Term B Loan, 8.52% (LIBOR + 3.75%), maturity 7/31/28 (j)  6/17/2021   559,688    556,920    528,555 
Infinite Electronics, Senior Secured Initial Term Loan (First Lien), 8.02% (LIBOR + 3.25%), maturity 3/2/28  2/24/2021   492,500    491,568    491,269 
Duravant, Senior Secured Incremental Amendment No. 5 Term Loan (First Lien), 8.52% (LIBOR + 3.75%), maturity 5/19/28 (j)  3/5/2020   487,500    487,500    472,799 
SPX Flow, Senior Secured Term Loan, 9.09% (SOFR + 4.50%), maturity 4/5/29 (j)  3/18/2022   498,750    478,053    467,134 
Burke Porter Group, Senior Secured Revolving Credit Loan, 10.59% (SOFR + 6.00%), maturity 7/29/28 (i)  8/11/2022   54,991    44,586    54,441 
Tank Holding, Senior Secured Revolving Credit Loan, 10.59% (SOFR + 6.00%), maturity 3/31/28  3/25/2022   24,615    21,662    24,554 
Cleaver Brooks, Senior Secured Revolving Loan, 10.34% (SOFR + 5.75%), maturity 7/31/28  7/21/2022   15,385    12,923    15,308 
Radwell, Senior Secured Revolving Loan, 10.34% (SOFR + 5.75%), maturity 4/1/28  3/11/2022   -    (1,200)   - 
                   
Aerospace & Defense                  
HDT Global, Senior Secured Initial Term Loan, 10.52% (LIBOR + 5.75%), maturity 7/8/27  6/30/2021   3,237,500    3,146,132    3,132,281 
StandardAero, Senior Secured 2020 Term B-1 Loan, 8.27% (LIBOR + 3.50%), maturity 4/6/26 (j)  1/24/2019   3,237,691    3,233,062    3,094,520 
CPI International, Senior Secured Initial Term Loan, 10.09% (SOFR + 5.50%), maturity 10/6/29  5/18/2022   3,000,000    2,933,703    2,977,500 
Amentum, Senior Secured Tranche 3 Term Loan (First Lien), 8.59% (SOFR + 4.00%), maturity 2/15/29  2/10/2022   1,990,000    1,980,482    1,990,000 
Consolidated Precision Products, Senior Secured Initial Term Loan (Second Lien), 12.52% (LIBOR + 7.75%), maturity 4/30/26  5/10/2018   2,000,000    2,005,563    1,920,000 
Whitcraft, Unitranche Initial Term Loan, 10.77% (LIBOR + 6.00%), maturity 4/3/23  3/6/2020   1,942,344    1,936,382    1,864,650 
StandardAero, Senior Secured 2020 Term B-2 Loan, 8.27% (LIBOR + 3.50%), maturity 4/6/26 (j)  1/24/2019   1,740,694    1,738,206    1,663,720 
Tronair, Senior Secured Initial Term Loan (First Lien), 10.52% (LIBOR + 5.75%) PIK, maturity 9/8/23  9/30/2016   1,344,845    1,343,776    1,291,051 
Peraton, Senior Secured Term B Loan (First Lien), 8.52% (LIBOR + 3.75%), maturity 2/1/28 (j)  2/23/2021   964,612    960,887    943,714 
API Technologies, Senior Secured Initial Term Loan (First Lien), 9.02% (LIBOR + 4.25%), maturity 5/9/26  1/15/2020   969,849    951,105    872,864 
BlueHalo, Unitranche Initial Term Loan, 10.77% (LIBOR + 6.00%), maturity 10/31/25  11/17/2021   494,014    487,514    488,457 
Novaria Group, Senior Secured Initial Term Loan, 10.09% (SOFR + 5.50%), maturity 1/27/27  1/24/2020   481,818    478,783    477,000 
Consolidated Precision Products, Senior Secured Initial Term Loan (First Lien), 8.52% (LIBOR + 3.75%), maturity 4/30/25  7/18/2019   483,082    481,741    463,759 
BlueHalo, Senior Secured Revolving Loan, 10.77% (LIBOR + 6.00%), maturity 10/31/25  11/17/2021   91,486    89,997    90,456 
                   
Chemicals, Plastics & Rubber                  
DuBois Chemicals, Senior Secured Term Loan (Second Lien) - 2019, 13.27% (LIBOR + 8.50%), maturity 9/30/27  10/8/2019   3,000,000    2,981,878    2,985,000 
Vertellus, Senior Secured Initial Term Loan, 10.34% (SOFR + 5.75%), maturity 12/22/27  12/18/2020   2,962,613    2,902,499    2,910,767 
Spectrum Plastics, Senior Secured Closing Date Term Loan (First Lien), 8.02% (LIBOR + 3.25%), maturity 1/31/25  1/26/2018   2,600,325    2,604,902    2,574,322 
Unifrax, Senior Secured USD Term Loan (First Lien), 8.52% (LIBOR + 3.75%), maturity 12/12/25 (j)  11/5/2018   2,401,203    2,382,882    2,142,329 
Boyd Corp, Senior Secured Initial Loan (Second Lien), 11.52% (LIBOR + 6.75%), maturity 9/6/26  8/16/2018   2,000,000    2,001,368    1,995,000 
USALCO, Unitranche Term Loan A, 10.77% (LIBOR + 6.00%), maturity 10/19/27  10/26/2021   1,980,000    1,962,805    1,960,200 
DuBois Chemicals, Senior Secured Term Loan B (First Lien), 9.27% (LIBOR + 4.50%), maturity 9/30/26  10/8/2019   1,759,343    1,734,161    1,746,148 
Vantage Specialty Chemicals, Senior Secured Closing Date Term Loan (First Lien), 8.27% (LIBOR + 3.50%), maturity 10/28/24 (j)  11/30/2018   957,179    950,212    936,958 
Ascensus Specialties, Senior Secured Initial Term Loan, 9.02% (LIBOR + 4.25%), maturity 6/30/28  12/3/2021   493,722    485,722    488,785 
Boyd Corp, Senior Secured Initial Term Loan (First Lien), 8.27% (LIBOR + 3.50%), maturity 9/6/25  11/7/2018   487,277    469,149    486,059 
Polytek, Senior Secured Term Loan, 10.34% (SOFR + 5.75%), maturity 9/20/24  12/23/2020   490,119    485,649    465,613 
USALCO, Senior Secured Revolving Loan, 10.77% (LIBOR + 6.00%), maturity 10/19/26  10/26/2021   137,097    133,871    135,726 
Vertellus, Senior Secured Revolving Credit Loan, 10.34% (SOFR + 5.75%), maturity 12/22/25  12/18/2020   -    (10,130)   - 

 

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

 

13

 

 

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of December 31, 2022

(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):                  
                   
Transportation: Cargo                  
Evans Network, Senior Secured Initial Term Loan (First Lien), 9.02% (LIBOR + 4.25%), maturity 8/19/28  8/6/2021  $3,636,735   $3,601,783   $3,636,735 
Capstone Logistics, Senior Secured Closing Date Term Loan (First Lien), 9.52% (LIBOR + 4.75%), maturity 11/12/27  11/12/2020   2,095,641    2,079,357    2,095,641 
AIT Worldwide Logistics, Senior Secured Initial Term Loan (First Lien), 9.52% (LIBOR + 4.75%), maturity 4/6/28  12/9/2021   1,975,000    1,970,660    1,897,545 
St. George Logistics, Senior Secured Initial Term Loan, 10.59% (SOFR + 6.00%), maturity 3/24/26  4/28/2022   1,492,500    1,471,706    1,492,500 
Worldwide Express, Senior Secured Initial Term Loan (First Lien), 8.77% (LIBOR + 4.00%), maturity 7/26/28 (j)  7/23/2021   1,485,000    1,475,223    1,363,831 
FLS Transportation, Senior Secured Term B Loan, 10.02% (LIBOR + 5.25%), maturity 12/15/28  4/14/2022   1,217,391    1,206,381    1,217,391 
Omni Logistics, Senior Secured Initial Term Loan (First Lien), 9.77% (LIBOR + 5.00%), maturity 12/30/26  11/24/2021   1,148,217    1,137,659    1,136,735 
Magnate, Senior Secured Initial Term Loan (First Lien), 10.27% (LIBOR + 5.50%), maturity 12/29/28  3/11/2022   954,107    936,858    954,107 
Odyssey Logistics, Senior Secured New Term Loan (First Lien), 8.77% (LIBOR + 4.00%), maturity 10/12/24 (j)  11/20/2018   4,191    4,183    4,110 
FLS Transportation, Senior Secured Revolving Credit Loan, 10.02% (LIBOR + 5.25%), maturity 12/17/27  4/14/2022   -    (889)   - 
Omni Logistics, Senior Secured Revolving Credit Loan (First Lien), 9.77% (LIBOR + 5.00%), maturity 12/30/25  11/24/2021   -    (1,119)   - 
                   
Services: Consumer                  
Ned Stevens, Senior Secured Initial Term Loan, 11.34% (SOFR + 6.75%), maturity 11/1/29 (i)  11/1/2022   3,553,922    3,422,937    3,411,765 
A Place For Mom, Senior Secured Term Loan, 9.27% (LIBOR + 4.50%), maturity 2/10/26  7/28/2017   2,208,078    2,208,116    2,163,917 
Smart Start, Senior Secured Term B Loan (Second Lien), 12.52% (LIBOR + 7.75%), maturity 12/16/29  12/10/2021   2,000,000    1,967,924    1,975,000 
Smart Start, Senior Secured Term B Loan (First Lien), 9.27% (LIBOR + 4.50%), maturity 12/16/28  12/10/2021   1,980,000    1,967,493    1,957,725 
FullBloom, Senior Secured Initial Term Loan (First Lien), 8.84% (SOFR + 4.25%), maturity 12/15/28  12/10/2021   1,492,500    1,479,301    1,477,575 
Teaching Strategies, Senior Secured Initial Term Loan (First Lien), 8.34% (SOFR + 3.75%), maturity 8/31/28  8/19/2021   990,000    980,710    982,575 
Spring Education, Senior Secured Initial Term Loan (First Lien), 8.77% (LIBOR + 4.00%), maturity 7/30/25 (j)  7/26/2018   957,500    956,472    937,838 
Aegis Sciences, Senior Secured Initial Term Loan (2018) (First Lien), 10.27% (LIBOR + 5.50%), maturity 5/9/25  5/4/2018   605,234    602,154    605,234 
Ned Stevens, Senior Secured Revolving Loan, 11.34% (SOFR + 6.75%), maturity 11/1/29 (i)  11/1/2022   -    (10,154)   - 
                   
Beverage, Food & Tobacco                  
Bettcher Industries, Senior Secured Initial Term Loan (Second Lien), 11.84% (SOFR + 7.25%), maturity 12/14/29  12/13/2021   2,500,000    2,477,592    2,450,000 
Sovos Brands, Senior Secured Initial Term Loan (First Lien), 8.27% (LIBOR + 3.50%), maturity 6/8/28  6/8/2021   2,033,001    2,033,001    2,033,001 
Bettcher Industries, Senior Secured Initial Term Loan (First Lien), 8.59% (SOFR + 4.00%), maturity 12/14/28  12/13/2021   1,985,000    1,965,440    1,945,300 
Hissho Sushi, Unitranche Term Loan, 10.59% (SOFR + 6.00%), maturity 5/18/28 (i)  4/7/2022   1,847,857    1,811,445    1,835,156 
Dessert Holdings, Senior Secured Initial Term Loan (First Lien), 8.77% (LIBOR + 4.00%), maturity 6/9/28  6/7/2021   1,761,792    1,750,148    1,735,365 
Monogram Foods, Senior Secured Initial Term Loan, 8.77% (LIBOR + 4.00%), maturity 8/28/28  8/13/2021   990,000    981,323    965,250 
Hissho Sushi, Senior Secured Revolving Credit Loan, 10.59% (SOFR + 6.00%), maturity 5/18/28 (i)  4/7/2022   28,571    27,905    28,375 
                   
Automotive                  
BBB Industries, Senior Secured Initial Term Loan (First Lien), 9.84% (SOFR + 5.25%), maturity 7/31/29  6/30/2022   3,000,000