UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended June 30, 2024

OR

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

For the transition period from         to       

Commission file number: 814-01154

AUDAX CREDIT BDC INC.

(Exact name of registrant as specified in its charter)

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

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

(212) 703-2700

(Registrant’s telephone number, including area code)

Not Applicable

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

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

None.

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

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

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

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

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

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

The registrant had 45,266,061 shares of common stock, par value $0.001 per share, outstanding as of August 13, 2024.

AUDAX CREDIT BDC INC.

TABLE OF CONTENTS

PART I.	FINANCIAL INFORMATION:
Item 1.	Financial Statements
	Statements of Assets and Liabilities as of June 30, 2024 (unaudited) and December 31, 2023	2
	Statements of Operations for the three and six months ended June 30, 2024 (unaudited) and 2023 (unaudited)	3
	Statements of Changes in Net Assets for the six months ended June 30, 2024 (unaudited) and 2023 (unaudited)	4
	Statements of Cash Flows for the six months ended June 30, 2024 (unaudited) and 2023 (unaudited)	5
	Schedules of Investments as of June 30, 2024 (unaudited) and December 31, 2023	6
	Notes to Financial Statements (unaudited)	29
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	52
	Overview	53
	Results of Operations	54
	Financial Condition, Liquidity and Capital Resources	56
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	64
Item 4.	Controls and Procedures	64
PART II.	OTHER INFORMATION:
Item 1.	Legal Proceedings	65
Item 1A.	Risk Factors	65
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	65
Item 3.	Defaults Upon Senior Securities	65
Item 4.	Mine Safety Disclosures	65
Item 5.	Other Information	65
Item 6.	Exhibits	66
SIGNATURES		67

Audax Credit BDC Inc.

Statements of Assets and Liabilities

June 30, 2024 and December 31, 2023

(Expressed in U.S. Dollars)

	June 30, 2024		December 31, 2023
	(unaudited)
Assets
Investments, at fair value
Non-Control/Non-Affiliate investments (Cost of $388,369,643 and $390,471,358, respectively)	$	382,936,269	$	387,194,568
Cash and cash equivalents		37,692,055		20,940,279
Interest receivable		3,411,512		2,502,835
Receivable from investments sold		—		2,801,365
Receivable from bank loan repayment		299,380		25,710
Other assets		120,000		—
Total Assets	$	424,459,216	$	413,464,757
Liabilities
Payable for investments purchased	$	9,254,494	$	2,455,000
Fees due to investment advisor, net of waivers(a)		1,194,689		1,283,932
Fee due to administrator(a)		66,250		66,250
Accrued expenses and other liabilities		395,496		575,297
Total Liabilities	$	10,910,929	$	4,380,479
Commitments and contingencies(b)
Net Assets
Common stock, $0.001 par value per share, 100,000,000 shares authorized, 45,266,061 and 44,518,989 shares issued and outstanding, respectively	$	45,266	$	44,519
Capital in excess of par value		427,275,493		420,442,206
Total distributable loss		(13,772,472)		(11,402,447)
Total Net Assets	$	413,548,287	$	409,084,278
Net Asset Value per Share of Common Stock at End of Period	$	9.14	$	9.19
Shares Outstanding		45,266,061		44,518,989

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

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

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

2

Audax Credit BDC Inc.

Statements of Operations

(Expressed in U.S. Dollars)

(unaudited)

	Three Months Ended		Three Months Ended		Six Months Ended		Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Investment Income
Interest income
Non-Control/Non-Affiliate	$	10,360,776	$	10,560,582	$	20,945,171	$	20,571,873
Other		156,767		61,029		242,627		125,578
Total interest income		10,517,543		10,621,611		21,187,798		20,697,451
Other income
Non-Control/Non-Affiliate		34,807		8,618		43,952		71,253
Total income		10,552,350		10,630,229		21,231,750		20,768,704
Expenses
Base management fee(a)	$	1,063,358	$	1,083,977	$	2,097,346	$	2,192,831
Incentive fee(a)		1,405,539		1,414,286		2,849,851		2,747,391
Interest expense(b)		—		191,028		—		418,681
Professional fees		216,642		113,271		355,927		211,907
Directors’ fees		78,000		63,750		147,000		127,500
Administrative fee(a)		66,250		66,250		132,500		132,500
Other expenses		130,740		63,468		235,425		138,234
Expenses before waivers from investment adviser and administrator		2,960,529		2,996,030		5,818,049		5,969,044
Base management fee waivers(a)		(372,175)		(379,392)		(734,071)		(767,491)
Incentive fee waivers(a)		(902,033)		(888,767)		(1,792,623)		(1,778,063)
Total expenses, net of waivers		1,686,321		1,727,871		3,291,355		3,423,490
Net Investment Income		8,866,029		8,902,358		17,940,395		17,345,214
Realized and Unrealized (Loss) Gain on Investments
Net realized gain (loss) on investments		102,406		(113,252)		(213,441)		(157,246)
Net change in unrealized depreciation on investments		(1,564,099)		(1,244,159)		(2,156,584)		(1,800,886)
Net realized and unrealized loss on investments		(1,461,693)		(1,357,411)		(2,370,025)		(1,958,132)
Net Increase in Net Assets Resulting from Operations	$	7,404,336	$	7,544,947	$	15,570,370	$	15,387,082
Basic and Diluted per Share of Common Stock:
Net investment income	$	0.19	$	0.20	$	0.40	$	0.39
Net increase in net assets resulting from operations	$	0.16	$	0.17	$	0.34	$	0.35
Weighted average shares of common stock outstanding basic and diluted		46,247,677		43,561,927		45,383,333		44,486,065

^(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)

	Six Months Ended		Six Months Ended
	June 30, 2024		June 30, 2023
Operations
Net investment income	$	17,940,395	$	17,345,214
Net realized loss on investments		(213,441)		(157,246)
Net change in unrealized depreciation on investments		(2,156,584)		(1,800,886)
Net increase in net assets resulting from operations		15,570,370		15,387,082
Distributions:
Distributions of ordinary income to common stockholders(a)		(17,940,395)		(17,345,214)
Return of capital to common stockholders(a)		(166,027)		(349,990)
Total distributions		(18,106,422)		(17,695,204)
Capital Share Transactions:
Issuance of common stock		37,000,000		—
Repurchases of common stock(a)		(30,000,000)		(30,000,000)
Reinvestment of common stock		61		58
Net decrease in net assets from capital share transactions		7,000,061		(29,999,942)
Net Increase (Decrease) in Net Assets		4,464,009		(32,308,064)
Net Assets, Beginning of Period		409,084,278		428,477,678
Net Assets, End of Period	$	413,548,287	$	396,169,614

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

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

4

Audax Credit BDC Inc.

Statements of Cash Flows

(Expressed in U.S. Dollars)

(unaudited)

	Six Months Ended		Six Months Ended
	June 30, 2024		June 30, 2023
Cash flows from operating activities:
Net increase in net assets resulting from operations	$	15,570,370	$	15,387,082
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Net realized loss on investments		213,441		157,246
Net change in unrealized depreciation on investments		2,156,584		1,800,886
Accretion of original issue discount interest and payment-in-kind interest		(624,432)		(471,053)
Decrease in receivable from investments sold		2,801,365		2,504,501
(Increase) decrease in interest receivable		(908,677)		137,216
Increase in receivable from bank loan repayment		(273,670)		(5,054)
Increase in other assets		(120,000)		(112,500)
(Decrease) in accrued expenses and other liabilities		(179,801)		(377,553)
(Decrease) increase in fees due to investment advisor(a)		(89,243)		92,795
Increase in payable for investments purchased		6,799,494		3,647,234
Investment activity:
Investments purchased		(59,133,001)		(24,046,897)
Proceeds from investments sold		12,461,995		30,203,132
Repayment of bank loans		49,183,712		22,522,185
Total investment activity		2,512,706		28,678,420
Net cash provided by operating activities		27,858,137		51,439,220
Cash flows from financing activities:
Issuance of shares of common stock		37,000,000		—
Repurchases of shares of common stock		(30,000,000)		(30,000,000)
Distributions paid to common stockholders		(18,106,361)		(17,695,146)
Repayments of short-term borrowings(b)		—		(5,783,740)
Net cash used in financing activities		(11,106,361)		(53,478,886)
Net increase (decrease) in cash and cash equivalents		16,751,776		(2,039,666)
Cash and cash equivalents:
Cash and cash equivalents, beginning of period		20,940,279		15,923,163
Cash and cash equivalents, end of period	$	37,692,055	$	13,883,497
Supplemental cash flow information
Interest paid on short-term financing	$	—	$	527,226
Supplemental non-cash information
Issuance of common shares in connection with dividend reinvestment plan	$	61	$	58
Payment-in-kind (“PIK”) interest income	$	207,149	$	121,564

^(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 June 30, 2024

(Expressed in U.S. Dollars)

(unaudited)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (˄)	Spread			Interest Rate		Acquisition Date	Maturity Date	Par/Shares		Amortized Cost		Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS - (99.1%) (g) (h) (i):
Services: Business
LegalShield	(k)	Senior Secured Initial Term Loan (First Lien)	S+		3.75	%	9.07	%	12/7/2021	12/15/2028	$	4,398,750	$	4,368,714	$	4,401,492
Vortex	(j)	Unitranche Initial Term Loan	S+		6.00	%	11.32	%	9/1/2023	9/4/2029		4,212,189		4,140,125		4,212,189
Industrial Services Group	(j)	Unitranche Initial Term Loan	S+		5.75	%	11.07	%	12/7/2022	12/7/2028		4,136,895		4,046,050		4,136,895
InnovateMR	(j)	Unitranche Initial Term Loan	S+		6.00	%	11.32	%	12/16/2021	1/20/2028		4,141,119		4,094,272		4,094,862
CoAdvantage	(k)	Senior Secured 2023 1L Refinancing Term Loan (First Lien)	S+		5.50	%	10.82	%	8/2/2023	8/2/2029		3,821,125		3,821,125		3,846,918
Discovery Education		Unitranche Initial Term Loan (First Lien)	S+		5.75	%	11.07	%	3/25/2022	4/9/2029		3,749,073		3,699,254		3,627,229
Amplix		Unitranche First Amendment Term Loan	S+		6.25	%	11.57	%	10/19/2023	10/18/2029		3,484,011		3,390,478		3,484,011
Golden Source	(j)	Senior Secured Delayed Draw Term Loan	S+		5.25	%	10.57	%	3/25/2022	5/12/2028		3,395,074		3,326,028		3,395,074
Eliassen		Unitranche Initial Term Loan	S+		5.50	%	10.82	%	3/31/2022	4/14/2028		3,432,694		3,390,870		3,381,204
Kept Companies		Senior Secured Term Loan (2024)	S+		5.25	%	10.57	%	4/30/2024	4/30/2029		3,080,044		3,026,524		3,056,944
CoolSys	(k)	Senior Secured Closing Date Initial Term Loan	S+		4.75	%	10.07	%	8/4/2021	8/11/2028		2,986,075		2,965,850		2,953,736
The Facilities Group		Unitranche Initial Term Loan	S+		5.75	%	11.07	%	12/10/2021	11/30/2027		2,949,102		2,927,627		2,926,984
Veregy	(k)	Senior Secured Initial Term Loan	S+		6.00	%	11.32	%	11/2/2020	11/3/2027		2,427,071		2,395,771		2,428,155
Duff & Phelps	(k)	Senior Secured Initial Dollar Term Loan (First Lien)	S+		3.75	%	9.07	%	3/6/2020	4/9/2027		2,400,000		2,390,490		2,401,776
Mediaocean	(k)	Senior Secured Initial Term Loan	S+		3.50	%	8.82	%	12/9/2021	12/15/2028		1,955,000		1,941,705		1,953,534
Liberty Group	(j)	Unitranche Initial Term Loan	S+		5.75	%	11.07	%	6/6/2022	6/15/2028		1,915,795		1,886,564		1,915,795
InnovateMR	(j)	Unitranche First Amendment Term Loan	S+		6.50	%	11.82	%	12/23/2022	1/20/2028		1,832,782		1,788,083		1,832,782
VC3	(j)	Senior Secured Delayed Draw Term Loan D	S+		5.00	%	10.32	%	9/16/2022	3/12/2027		1,746,979		1,706,446		1,746,979
Paradigm Outcomes	(k)	Senior Secured Initial Term Loan	S+		4.25	%	9.57	%	4/2/2024	5/6/2031		1,500,000		1,492,500		1,506,683
Vistage		Senior Secured Initial Term Loan	S+		4.75	%	10.07	%	7/18/2022	7/13/2029		1,479,968		1,456,680		1,472,569
Insight Global		Unitranche Closing Date Term Loan	S+		6.00	%	11.32	%	9/22/2021	9/22/2028		1,458,750		1,438,262		1,447,809
Addison Group	(k)	Senior Secured Initial Term Loan	S+		4.00	%	9.32	%	1/19/2022	12/29/2028		1,441,964		1,439,410		1,440,162
Heartland		Senior Secured Initial Term Loan	S+		5.75	%	11.07	%	12/1/2023	12/12/2029		1,070,315		1,048,687		1,062,288
Health Management Associates		Senior Secured Term Loan A	S+		6.25	%	11.57	%	3/31/2023	3/30/2029		1,060,622		1,031,420		1,057,970
Colibri	(k)	Senior Secured First Amendment Incremental Term Loan	S+		5.00	%	10.32	%	11/9/2023	3/12/2029		995,000		972,139		1,000,079
TRC Companies	(k)	Senior Secured Initial Term Loan (First Lien)	S+		3.75	%	9.07	%	11/19/2021	12/8/2028		977,502		974,202		980,801
eResearch	(k)	Senior Secured Tranche B-1 Term Loan (First Lien)	S+		4.00	%	9.32	%	12/1/2020	2/4/2027		964,830		964,830		970,687
WIRB-Copernicus Group	(k)	Senior Secured 2024 Refinancing Term Loan	S+		3.50	%	8.82	%	12/13/2019	1/8/2027		960,000		956,160		961,800
Secretariat International		Senior Secured Initial Term Loan (First Lien)	S+		4.75	%	10.07	%	12/16/2021	12/29/2028		960,947		957,494		956,143
trustaff	(k)	Senior Secured Initial Term Loan (First Lien)	S+		3.75	%	9.07	%	12/9/2021	3/6/2028		972,362		970,794		883,332
Divisions Maintenance Group		Senior Secured Term B Loan	S+		4.75	%	10.07	%	5/21/2021	5/27/2028		900,788		895,204		882,772
Diversified		Senior Secured Initial Term Loan	S+		6.25	%	11.57	%	4/19/2019	3/20/2026		854,937		848,430		844,250
Allied Benefit Systems		Senior Secured Initial Term Loan	S+		5.25	%	10.57	%	10/20/2023	10/31/2030		842,888		829,918		842,888
Ahead	(k)	Senior Secured 2024 Incremental Term Loan (First Lien)	S+		4.25	%	9.57	%	2/1/2024	2/1/2031		500,000		498,790		502,268
HireRight	(k)	Senior Secured 2023 Incremental Term Loan (First Lien)	S+		4.00	%	9.32	%	3/25/2024	9/27/2030		498,744		493,922		497,746
S&P Engineering Solutions		Senior Secured Initial Term Loan	S+		6.75	%	12.07	%	3/31/2023	5/2/2030		496,250		483,500		496,250
Service Logic		Senior Secured Closing Date Initial Term Loan (First Lien)	S+		4.00	%	9.32	%	2/8/2024	10/29/2027		497,429		497,537		491,211
System One		Senior Secured 2024 Refinancing Term Loan	S+		3.75	%	9.07	%	1/28/2021	3/2/2028		485,000		483,637		478,938
Golden Source	(j)	Senior Secured Revolving Loan	S+		5.25	%	10.57	%	8/22/2022	5/12/2028		422,535		413,146		422,535
Vensure Employer Services	(k)	Senior Secured 2023 Delayed Draw Term B Loan	S+		5.25	%	10.57	%	12/7/2023	4/1/2027		337,639		336,394		337,639
OSG Billing Services		Senior Secured Last-Out Term Loan	S+		6.25	%	11.57	%	11/30/2023	11/30/2028		312,562		312,562		310,217
Industrial Services Group	(j)	Senior Secured Revolving Loan	S+		5.75	%	11.07	%	12/7/2022	12/7/2028		287,619		270,476		287,619
Discovery Education		Senior Secured Revolving Credit Loan (First Lien)	S+		5.75	%	11.07	%	3/25/2022	4/9/2029		230,769		226,731		223,269
OSG Billing Services		Senior Secured First-Out Term Loan	S+		8.00	%	13.32	%	11/30/2023	5/30/2028		219,341		209,666		217,696
Vortex	(j)	Senior Secured Revolving Loan	S+		6.00	%	11.32	%	9/1/2023	9/4/2029		72,783		38,267		72,783
Heartland		Senior Secured Revolving Credit Loan	S+		5.75	%	11.07	%	12/1/2023	12/12/2029		51,724		47,586		51,336
Liberty Group	(j)	Senior Secured Revolving Loan	S+		5.75	%	11.07	%	6/6/2022	12/15/2028		45,455		40,909		45,455
VC3	(j)	Senior Secured Revolving Credit	S+		5.00	%	10.32	%	7/21/2022	3/12/2027		30,769		28,077		30,769
S&P Engineering Solutions		Senior Secured Revolving Credit Loan	S+		6.75	%	12.07	%	3/31/2023	5/2/2029		—		(1,471)		—
Health Management Associates		Senior Secured Revolving Loan	S+		6.25	%	11.57	%	3/31/2023	3/30/2029		—		(2,131)		—
Kept Companies		Senior Secured Revolver	S+		5.25	%	10.57	%	4/30/2024	4/30/2029		—		(7,131)		—
Amplix		Senior Secured Revolving Credit Loan	S+		6.25	%	11.57	%	10/19/2023	10/18/2029		—		(8,242)		—
														75,944,331		76,572,523

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

6

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of June 30, 2024

(Expressed in U.S. Dollars)

(unaudited)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (˄)	Spread			Interest Rate		Acquisition Date	Maturity Date	Par/Shares		Amortized Cost		Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS - (99.1%) (g) (h) (i) (Continued):
Healthcare & Pharmaceuticals
American Vision Partners	(j)	Unitranche Initial Term Loan	S+		6.00	%	11.32	%	9/22/2021	9/30/2027	$	4,873,401	$	4,820,411	$	4,857,333
Minds + Assembly	(j)	Unitranche Initial Term Loan	S+		5.75	%	11.07	%	5/3/2023	5/3/2029		4,058,385		3,964,632		4,058,385
Radiology Partners	(k)	Senior Secured Term B Loan	S+		3.50%, 1.50	% PIK	8.82	%	6/28/2018	1/31/2029		3,742,195		3,817,315		3,558,827
OrthoNebraska	(j)	Unitranche Term Loan	S+		6.50	%	11.82	%	7/31/2023	7/31/2028		3,360,476		3,259,221		3,360,476
PharMedQuest	(j)	Unitranche Term A Loan	S+		5.50	%	10.82	%	11/6/2019	11/6/2025		3,265,898		3,267,508		3,265,898
InterMed	(j)	Unitranche Initial Term Loan	S+		6.50	%	11.82	%	12/22/2022	12/24/2029		2,993,521		2,921,340		2,961,503
RevHealth	(j)	Unitranche Initial Term Loan	S+		5.75	%	11.07	%	7/22/2022	7/21/2028		4,205,908		4,143,119		2,946,067
Advancing Eyecare		Senior Secured Initial Term Loan	S+		5.75	%	11.07	%	5/27/2022	6/13/2029		2,493,585		2,440,708		2,244,227
InHealth Medical Alliance	(o)	Unitranche Initial Term Loan	S+		7.00	% PIK	5.32	%	6/25/2021	6/28/2028		3,594,124		3,571,822		2,012,710
TEAM Services	(k)	Senior Secured Incremental Term Loan (First Lien)	S+		5.25	%	10.57	%	6/28/2024	12/20/2027		2,000,000		1,960,000		1,960,000
Gastro Health		Senior Secured Initial Term Loan (First Lien)	S+		4.50	%	9.82	%	7/2/2021	7/3/2028		1,946,047		1,938,590		1,882,800
Advanced Diabetes Supply		Senior Secured First Incremental Term Loan	S+		5.00	%	10.32	%	7/13/2021	12/30/2027		1,825,622		1,814,017		1,821,058
Therapy Brands		Senior Secured Initial Term Loan (First Lien)	S+		4.00	%	9.32	%	5/12/2021	5/18/2028		1,834,959		1,829,022		1,802,847
Upstream Rehabilitation	(k)	Senior Secured August 2021 Incremental Term Loan (First Lien)	S+		4.25	%	9.57	%	10/24/2019	11/20/2026		1,921,813		1,920,164		1,749,532
Blue Cloud		Senior Secured Closing Date Term Loan	S+		5.00	%	10.32	%	12/13/2021	1/21/2028		1,675,150		1,658,553		1,658,399
U.S. Foot and Ankle Specialists		Senior Secured Term Loan	S+		5.50	%	10.82	%	4/17/2024	9/15/2026		1,593,750		1,571,156		1,581,797
Mission Vet Partners	(k)	Senior Secured 2024 New Term Loan	S+		3.75	%	9.07	%	6/11/2024	4/27/2028		1,462,500		1,452,409		1,465,242
Forefront	(k)	Senior Secured Term B-1 Loan	S+		5.50	%	10.82	%	12/14/2023	3/30/2029		1,496,250		1,464,806		1,453,547
Quantum Health		Senior Secured Amendment No. 1 Refinancing Term Loan (First Lien)	S+		4.25	%	9.57	%	12/18/2020	12/22/2027		1,455,000		1,442,800		1,451,363
nThrive	(k)	Senior Secured Initial Loan (Second Lien)	S+		6.75	%	12.07	%	11/19/2021	12/17/2029		2,000,000		1,980,468		1,383,340
Symplr	(k)	Senior Secured Initial Term Loan (First Lien)	S+		4.50	%	9.82	%	11/23/2020	12/22/2027		1,451,250		1,439,035		1,363,399
Ivy Rehab		Senior Secured Initial Term Loan (First Lien)	S+		5.00	%	10.32	%	3/11/2022	4/23/2029		1,305,012		1,285,750		1,282,175
Micro Merchant Systems		Unitranche Initial Term Loan	S+		4.75	%	10.07	%	3/2/2022	12/14/2027		1,207,824		1,198,173		1,201,785
Solis Mammography		Senior Secured Initial Term Loan (First Lien)	S+		4.50	%	9.82	%	4/1/2021	4/17/2028		1,053,689		1,047,661		1,048,420
Press Ganey	(k)	Senior Secured Initial Term Loan (2024) (First Lien)	S+		3.50	%	8.82	%	4/24/2024	4/30/2031		1,000,000		990,000		1,000,520
PharMedQuest		Unitranche Fifth Amendment Incremental Term Loan	S+		5.50	%	10.82	%	10/27/2023	11/6/2025		995,000		983,753		995,000
Solis Mammography		Senior Secured Initial Term Loan (Second Lien)	S+		8.00	%	13.32	%	4/1/2021	4/16/2029		1,000,000		990,158		995,000
Cirtec Medical		Senior Secured (USD) Initial Term Loan	S+		5.00	%	10.32	%	1/30/2023	1/30/2029		987,500		961,423		982,563
Epic Staffing Group		Senior Secured Initial Term Loan	S+		6.00	%	11.32	%	6/27/2022	6/28/2029		982,093		934,665		972,272
Wedgewood		Senior Secured Initial Term Loan	S+		4.25	%	9.57	%	2/24/2021	3/31/2028		972,500		966,255		961,559
MB2 Dental		Unitranche Initial Term Loan	S+		6.00	%	11.32	%	2/5/2024	2/13/2031		962,828		952,818		960,420
Forefront	(k)	Senior Secured Closing Date Term Loan	S+		4.25	%	9.57	%	3/23/2022	3/30/2029		980,298		967,662		952,320
nThrive	(k)	Senior Secured Initial Term Loan (First Lien)	S+		4.00	%	9.32	%	11/19/2021	12/18/2028		977,500		974,598		800,328
ImageFirst		Senior Secured 2024 Refinancing Term Loan	S+		4.25	%	9.57	%	4/26/2021	4/27/2028		595,643		593,814		591,176
MyEyeDr	(k)	Senior Secured Eigth Amendment Refinancing Term Loan (First Lien)	S+		4.00	%	9.32	%	4/15/2024	4/15/2031		514,577		514,577		515,014
Western Dental		Senior Secured Second-Out Term Loan (Tranche B)	S+		1.00%, 6.25	% PIK	6.32	%	6/14/2024	8/18/2028		497,391		394,637		497,391
TEAM Services		Senior Secured Term Loan (First Lien)	S+		5.00	%	10.32	%	1/25/2024	12/20/2027		497,429		495,077		496,186
MedRisk	(k)	Senior Secured Initial Term Loan (First Lien)	S+		3.75	%	9.07	%	4/1/2021	5/10/2028		486,250		483,146		488,227
Confluent Health		Senior Secured Amendment No. 1 Term Loan	S+		7.50	%	12.82	%	4/11/2023	11/30/2028		493,750		465,588		482,641
AccentCare		Senior Secured Tranche B Term Loan	S+		4.00	%	9.32	%	6/15/2021	9/20/2028		485,063		485,063		469,298
InterMed	(j)	Senior Secured Revolving Loan	S+		6.50	%	11.82	%	12/22/2022	12/22/2028		464,363		442,765		459,396
RMP & MedA/Rx		Senior Secured Term Loan	S+		4.75	%	10.07	%	3/22/2021	2/6/2025		377,041		376,051		367,615
RMP & MedA/Rx		Senior Secured Term Loan (First Lien)	S+		4.75	%	10.07	%	2/27/2017	2/6/2025		321,058		321,060		313,032
UDG	(l)	Senior Secured Initial Dollar Term Loan (First Lien)	S+		4.25	%	9.57	%	8/6/2021	8/19/2028		315,938		314,126		312,778
Solis Mammography		Senior Secured 2024 Incremental Term Loan	S+		4.50	%	9.82	%	3/23/2024	4/17/2028		200,000		197,170		199,000
AccentCare		Senior Secured Tranche A Term Loan	S+		5.50	%	10.82	%	2/5/2024	6/20/2028		119,820		116,006		115,926
Western Dental	(k)	Senior Secured First-Out Term Loan (Tranche A-1)	S+		6.50	%	11.82	%	6/18/2024	5/18/2028		93,735		88,379		88,379
Ivy Rehab		Senior Secured Revolving Credit Loan (First Lien)	S+		4.75	%	10.07	%	3/11/2022	4/21/2028		67,003		63,636		65,831
MB2 Dental		Senior Secured Revolving Loan	S+		6.00	%	11.32	%	2/5/2024	2/13/2031		14,706		14,706		14,669
OrthoNebraska	(j)	Senior Secured Revolving Loan	S+		6.50	%	11.82	%	7/31/2023	7/31/2028		—		(13,724)		—
Minds + Assembly	(j)	Senior Secured Revolving Loan	S+		5.75	%	11.07	%	5/3/2023	5/3/2029		—		(18,789)		—
														70,263,300		66,467,671

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

7

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of June 30, 2024

(Expressed in U.S. Dollars)

(unaudited)

Portfolio Investments (a) (b) (c) (d) (e) (f)	Footnote Reference	Investment Type	Index (˄)	Spread			Interest Rate		Acquisition Date	Maturity Date	Par/Shares		Amortized Cost		Market Value
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued):
Banking, Finance, Insurance & Real Estate
Cerity Partners		Unitranche Initial Term Loan	S+		5.25	%	10.57	%	7/28/2022	7/28/2029	$	4,589,606	$	4,530,985	$	4,589,606
Cherry Bekaert	(j)	Unitranche Term B Loan	S+		5.50	%	10.82	%	6/13/2022	6/30/2028		4,179,909		4,098,430		4,179,909
Alera		Unitranche 2022 Incremental Term Loan	S+		6.50	%	11.82	%	8/31/2022	10/2/2028		3,937,833		3,873,605		3,927,989
Confluence		Senior Secured Initial Term Loan (First Lien)	S+		3.75	%	9.07	%	7/22/2021	7/31/2028		3,900,000		3,885,341		3,664,050
Ascensus	(k)	Senior Secured Initial Term Loan (First Lien)	S+		3.50	%	8.82	%	11/17/2021	8/2/2028		2,851,304		2,842,754		2,857,006
OneDigital	(k)	Senior Secured 2021 Term Loan Retired 07/02/2024	S+		4.25	%	9.57	%	5/8/2024	11/16/2027		2,744,885		2,741,135		2,744,885
Prime Pensions	(j)	Unitranche Initial Term Loan	S+		5.25	%	10.57	%	2/20/2024	2/26/2030		2,470,000		2,401,429		2,420,600
EPIC Insurance		Unitranche Closing Date Term Loan	S+		5.25	%	10.57	%	8/27/2021	9/29/2028		2,357,552		2,329,601		2,339,871
Kestra Financial	(k)	Senior Secured Restatement Term Loan	S+		4.00	%	9.32	%	3/19/2024	3/22/2031		2,000,000		1,995,106		2,009,750
Beta+		Senior Secured Initial Term Loan	S+		5.75	%	11.07	%	6/24/2022	7/2/2029		1,965,000		1,866,171		1,935,525
Orion	(k)	Senior Secured 2021 Refinancing Term Loan (First Lien)	S+		3.75	%	9.07	%	8/4/2020	9/24/2027		1,447,621		1,439,423		1,446,977
SIAA	(j)	Unitranche Initial Term Loan	S+		6.25	%	11.57	%	4/21/2021	4/28/2028		1,143,131		1,129,549		1,143,131
Osaic	(j)(k)	Senior Secured Term B-3 Loan	S+		4.00	%	9.32	%	8/16/2023	8/17/2028		1,011,142		1,002,450		1,015,506
Community Brands	(k)	Unitranche Initial Term Loan	S+		5.50	%	10.82	%	2/23/2022	2/24/2028		977,500		962,286		977,500
Steward Partners		Senior Secured Closing Date Term B Loan	S+		5.50	%	10.82	%	12/8/2023	10/14/2028		979,877		956,783		974,977
EdgeCo		Senior Secured Third Amendment Term Loan (First Lien)	S+		4.75	%	10.07	%	3/29/2022	6/1/2026		973,151		958,511		970,718
LERETA		Senior Secured Initial Term Loan	S+		5.25	%	10.57	%	7/27/2021	7/30/2028		972,500		965,934		923,875
Cherry Bekaert		Unitranche Amendment No. 1 Term Loan	S+		5.50	%	10.82	%	10/11/2023	6/30/2028		722,746		709,590		722,746
AssetMark	(k)	Senior Secured Term Loan B	S+		3.00	%	8.32	%	6/3/2024	6/3/2031		500,000		498,750		498,750
Integro	(m)	Senior Secured 2022 Refinancing Term Loan (First Lien)	S+		12.25	% PIK	5.32	%	10/9/2015	10/30/2024		232,125		233,227		232,125
Beta+		Senior Secured Revolving Credit Loan	S+		4.50	%	9.82	%	6/24/2022	7/1/2027		124,330		118,114		122,465
EPIC Insurance		Senior Secured Revolving Loan	S+		5.25	%	10.57	%	8/27/2021	9/29/2028		29,895		29,625		29,670
Steward Partners		Senior Secured Revolving Loan	S+		5.50	%	10.82	%	12/20/2023	10/14/2028		—		(5,389)		—
Prime Pensions	(j)	Senior Secured Revolving Credit	S+		5.25	%	10.57	%	2/20/2024	2/26/2030		—		(7,619)		—
														39,555,791		39,727,631
Capital Equipment
Tank Holding		Unitranche Initial Term Loan	S+		5.75	%	11.07	%	3/25/2022	3/31/2028		3,920,000		3,865,497		3,890,600
Plaskolite	(k)	Senior Secured 2021-1 Refinancing Term Loan (First Lien)	S+		4.00	%	9.32	%	12/12/2018	12/15/2025		3,782,925		3,765,328		3,694,423
Flow Control Group	(k)	Senior Secured Initial Term Loan (First Lien)	S+		3.75	%	9.07	%	3/17/2021	3/31/2028		3,635,690		3,633,968		3,640,689
Excelitas		Unitranche Closing Date Euro Term Loan	S+		5.25	%	11.07	%	6/15/2022	8/12/2029		2,925,022		2,964,066		2,895,772
Burke Porter Group		Senior Secured Closing Date Term Loan	S+		6.00	%	11.32	%	9/30/2022	7/29/2029		2,298,333		2,248,153		2,246,621
Shaw		Senior Secured Initial Senior Term Facility	S+		6.00	%	11.32	%	9/30/2023	8/28/2029		1,782,766		1,748,606		1,764,938
Radwell		Unitranche Initial Term Loan	S+		5.50	%	10.82	%	3/11/2022	4/1/2029		1,609,741		1,591,447		1,597,668
Hobbs & Associates		Senior Secured Third Amendment Term Loan	S+		5.00	%	10.32	%	3/15/2024	4/11/2029		1,413,333		1,391,824		1,413,333
MW Industries		Senior Secured Initial Term Loan	S+		7.00	%	12.32	%	3/31/2023	3/31/2030		945,910		921,718		936,451
Therm-O-Disc		Senior Secured Initial Term Loan (First Lien)	S+		6.00	%	11.32	%	5/26/2022	5/31/2029		982,500		923,612		884,250
TriMark		Senior Secured Initial Tranche B Loan	S+		5.25	% PIK	5.32	%	1/16/2024	6/30/2029		635,399		635,399		542,869
Ohio Transmission		Unitranche Term Loan	S+		5.50	%	10.82	%	12/12/2023	12/19/2030		527,007		515,124		524,372
Chromalloy	(k)	Senior Secured Term Loan	S+		3.75	%	9.07	%	3/22/2024	3/27/2031		500,000		495,062		502,125
Associated Springs		Senior Secured Initial Term Loan	S+		6.00	%	11.32	%	3/7/2024	4/4/2030		500,000		487,800		500,000
CIRCOR		Senior Secured Initial Term Loan	S+		6.00	%	11.32	%	9/30/2023	10/18/2030		498,750