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 September 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 52,502,906 shares of common stock, par value $0.001 per share, outstanding as of November 13, 2024.

AUDAX CREDIT BDC INC.

TABLE OF CONTENTS

PART I.	FINANCIAL INFORMATION:
Item 1.	Financial Statements
	Statements of Assets and Liabilities as of September 30, 2024 (unaudited) and December 31, 2023	2
	Statements of Operations for the three and nine months ended September 30, 2024 (unaudited) and 2023 (unaudited)	3
	Statements of Changes in Net Assets for the nine months ended September 30, 2024 (unaudited) and 2023 (unaudited)	4
	Statements of Cash Flows for the nine months ended September 30, 2024 (unaudited) and 2023 (unaudited)	5
	Schedules of Investments as of September 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	51
	Overview	52
	Results of Operations	53
	Financial Condition, Liquidity and Capital Resources	55
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	63
Item 4.	Controls and Procedures	63
PART II.	OTHER INFORMATION:
Item 1.	Legal Proceedings	64
Item 1A.	Risk Factors	64
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	64
Item 3.	Defaults Upon Senior Securities	64
Item 4.	Mine Safety Disclosures	64
Item 5.	Other Information	64
Item 6.	Exhibits	65
SIGNATURES		66

Audax Credit BDC Inc.

Statements of Assets and Liabilities

September 30, 2024 and December 31, 2023

(Expressed in U.S. Dollars)

	September 30, 2024		December 31, 2023
	(unaudited)
Assets
Investments, at fair value
Non-Control/Non-Affiliate investments (Cost of $402,390,620 and $390,471,358, respectively)	$	395,592,598	$	387,194,568
Cash and cash equivalents		21,068,881		20,940,279
Interest receivable		2,832,092		2,502,835
Receivable from investments sold		2,553,878		2,801,365
Receivable from bank loan repayment		152,705		25,710
Other assets		60,000		—
Total Assets	$	422,260,154	$	413,464,757
Liabilities
Payable for investments purchased	$	7,768,063	$	2,455,000
Fees due to investment advisor, net of waivers(a)		1,253,023		1,283,932
Fee due to administrator(a)		66,250		66,250
Accrued expenses and other liabilities		565,445		575,297
Total Liabilities	$	9,652,781	$	4,380,479
Commitments and contingencies(b)
Net Assets
Common stock, $0.001 par value per share, 100,000,000 shares authorized, 45,266,064 and 44,518,989 shares issued and outstanding, respectively	$	45,266	$	44,519
Capital in excess of par value		427,441,550		420,442,206
Total distributable loss		(14,879,443)		(11,402,447)
Total Net Assets	$	412,607,373	$	409,084,278
Net Asset Value per Share of Common Stock at End of Period	$	9.12	$	9.19
Shares Outstanding		45,266,064		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		Nine Months Ended		Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Investment Income
Interest income
Non-Control/Non-Affiliate	$	10,673,020	$	10,798,191	$	31,618,189	$	31,370,065
Other		89,706		87,639		332,334		213,217
Total interest income		10,762,726		10,885,830		31,950,523		31,583,282
Other income
Non-Control/Non-Affiliate		66,642		121,841		110,594		193,094
Total income		10,829,368		11,007,671		32,061,117		31,776,376
Expenses
Base management fee(a)	$	1,061,088	$	1,022,684	$	3,158,434	$	3,215,515
Incentive fee(a)		1,465,399		1,487,402		4,315,250		4,234,793
Interest expense(b)		—		27,390		—		446,070
Professional fees		147,656		190,921		503,583		402,827
Directors’ fees		69,000		63,750		216,000		191,250
Administrative fee(a)		66,250		66,250		198,750		198,750
Other expenses		88,118		79,267		323,544		217,501
Expenses before waivers from investment adviser and administrator		2,897,511		2,937,664		8,715,561		8,906,706
Base management fee waivers(a)		(371,381)		(357,939)		(1,105,452)		(1,125,430)
Incentive fee waivers(a)		(902,083)		(893,033)		(2,694,707)		(2,671,096)
Total expenses, net of waivers		1,624,047		1,686,692		4,915,402		5,110,180
Net Investment Income		9,205,321		9,320,979		27,145,715		26,666,196
Realized and Unrealized (Loss) Gain on Investments
Net realized loss on investments		(181,064)		(22,470)		(394,505)		(179,719)
Net change in unrealized (depreciation) appreciation on investments		(1,364,648)		934,462		(3,521,232)		(866,424)
Net realized and unrealized (loss) gain on investments		(1,545,712)		911,992		(3,915,737)		(1,046,143)
Net Increase in Net Assets Resulting from Operations	$	7,659,609	$	10,232,971	$	23,229,978	$	25,620,053
Basic and Diluted per Share of Common Stock:
Net investment income	$	0.20	$	0.21	$	0.60	$	0.60
Net increase in net assets resulting from operations	$	0.17	$	0.23	$	0.51	$	0.57
Weighted average shares of common stock outstanding basic and diluted		45,266,061		45,150,215		45,343,957		44,710,583

^(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)

	Nine Months Ended		Nine Months Ended
	September 30, 2024		September 30, 2023
Operations
Net investment income	$	27,145,715	$	26,666,196
Net realized loss on investments		(394,505)		(179,719)
Net change in unrealized depreciation on investments		(3,521,232)		(866,424)
Net increase in net assets resulting from operations		23,229,978		25,620,053
Distributions:
Distributions of ordinary income to common stockholders(a)		(26,706,974)		(17,695,204)
Total distributions		(26,706,974)		(17,695,204)
Capital Share Transactions:
Issuance of common stock		37,000,000		30,000,000
Repurchases of common stock(a)		(30,000,000)		(47,515,735)
Reinvestment of common stock		91		58
Net decrease in net assets from capital share transactions		7,000,091		(17,515,677)
Net Increase (Decrease) in Net Assets		3,523,095		(9,590,828)
Net Assets, Beginning of Period		409,084,278		428,477,678
Net Assets, End of Period	$	412,607,373	$	418,886,850

(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)

	Nine Months Ended		Nine Months Ended
	September 30, 2024		September 30, 2023
Cash flows from operating activities:
Net increase in net assets resulting from operations	$	23,229,978	$	25,620,053
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Net realized loss on investments		394,505		179,719
Net change in unrealized depreciation on investments		3,521,232		866,424
Accretion of original issue discount interest and payment-in-kind interest		(1,138,332)		(693,623)
Decrease in receivable from investments sold		247,487		4,415,431
(Increase) decrease in interest receivable		(329,257)		578
(Increase) decrease in receivable from bank loan repayment		(126,995)		33,651
Increase in other assets		(60,000)		(56,250)
Decrease in accrued expenses and other liabilities		(9,852)		(263,496)
(Decrease) increase in fees due to investment advisor(a)		(30,909)		121,805
Increase in payable for investments purchased		5,313,063		2,241,489
Investment activity:
Investments purchased		(91,535,770)		(42,408,257)
Proceeds from investments sold		15,229,825		34,263,233
Repayment of bank loans		65,130,510		37,397,666
Total investment activity		(11,175,435)		29,252,642
Net cash provided by operating activities		19,835,485		61,718,423
Cash flows from financing activities:
Issuance of shares of common stock		37,000,000		30,000,000
Repurchases of shares of common stock		(30,000,000)		(47,515,735)
Distributions paid to common stockholders		(26,706,883)		(17,695,146)
Repayments of short-term borrowings(b)		—		(13,178,611)
Net cash used in financing activities		(19,706,883)		(48,389,492)
Net increase in cash and cash equivalents		128,602		13,328,931
Cash and cash equivalents:
Cash and cash equivalents, beginning of period		20,940,279		15,923,163
Cash and cash equivalents, end of period	$	21,068,881	$	29,252,094
Supplemental cash flow information
Interest paid on short-term financing	$	—	$	578,108
Supplemental non-cash information
Issuance of common shares in connection with dividend reinvestment plan	$	91	$	58
Payment-in-kind (“PIK”) interest income	$	501,279	$	157,370

^(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 September 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 - (94.3%) (g) (h) (i):
Services: Business
LegalShield	(k)	Senior Secured Initial Term Loan (First Lien)	S+		3.75	%	8.34	%	12/7/2021	12/15/2028	$	4,387,500	$	4,359,043	$	4,389,682
Vortex	(j)	Unitranche Initial Term Loan	S+		5.00	%	9.59	%	9/1/2023	9/4/2029		4,245,761		4,176,664		4,245,761
Industrial Services Group	(j)	Unitranche Initial Term Loan	S+		5.75	%	10.34	%	12/7/2022	12/7/2028		4,126,419		4,040,077		4,126,419
InnovateMR	(j)	Unitranche Initial Term Loan	S+		6.00	%	10.59	%	12/16/2021	1/20/2028		4,130,501		4,086,700		4,115,320
CoAdvantage		Senior Secured 2023 1L Refinancing Term Loan (First Lien)	S+		5.50	%	10.09	%	8/2/2023	8/2/2029		3,811,500		3,811,500		3,782,914
Amplix		Unitranche First Amendment Term Loan	S+		6.25	%	10.84	%	10/19/2023	10/18/2029		3,739,875		3,649,313		3,739,875
Golden Source		Unitranche Initial Term Loan	S+		5.50	%	10.09	%	3/25/2022	5/12/2028		3,385,186		3,316,140		3,385,186
Eliassen		Unitranche Initial Term Loan	S+		5.75	%	10.34	%	3/31/2022	4/14/2028		3,423,963		3,384,682		3,372,603
Discovery Education		Unitranche Initial Term Loan (First Lien)	S+		5.75	%	10.34	%	3/25/2022	4/9/2029		3,739,534		3,692,003		3,178,604
Kept Companies		Senior Secured Term Loan	S+		5.25	%	9.84	%	4/30/2024	4/30/2029		3,143,790		3,092,698		3,128,071
CoolSys	(k)	Senior Secured Closing Date Initial Term Loan	S+		4.75	%	9.34	%	8/4/2021	8/11/2028		2,978,418		2,959,334		2,948,593
The Facilities Group		Unitranche Initial Term Loan	S+		5.75	%	10.34	%	12/10/2021	11/30/2027		2,941,558		2,921,529		2,919,497
Veregy		Senior Secured Initial Term Loan	S+		6.00	%	10.59	%	11/2/2020	11/3/2027		2,421,528		2,392,382		2,409,421
Epiq	(k)	Senior Secured Initial Term Loan (First Lien)	S+		4.75	%	9.34	%	7/17/2024	4/26/2029		1,994,911		1,989,911		2,005,245
Mediaocean	(k)	Senior Secured Initial Term Loan	S+		3.50	%	8.09	%	12/9/2021	12/15/2028		1,950,000		1,937,409		1,952,028
Liberty Group	(j)	Unitranche Initial Term Loan	S+		5.75	%	10.34	%	6/6/2022	6/15/2028		1,910,909		1,883,366		1,910,909
VC3	(j)	Senior Secured Delayed Draw Term Loan D	S+		5.00	%	9.59	%	9/16/2022	3/12/2027		1,895,795		1,857,156		1,895,795
InnovateMR	(j)	Unitranche First Amendment Term Loan	S+		6.50	%	11.09	%	12/23/2022	1/20/2028		1,832,782		1,790,958		1,832,782
Duff & Phelps	(k)	Senior Secured Initial Dollar Term Loan (First Lien)	S+		3.75	%	8.34	%	3/6/2020	4/9/2027		1,730,009		1,723,129		1,697,243
Vensure	(k)	Senior Secured Initial Term Loan	S+		5.00	%	9.59	%	9/23/2024	9/27/2031		1,557,740		1,539,951		1,542,162
Paradigm Outcomes	(k)	Senior Secured Initial Term Loan	S+		4.25	%	8.84	%	4/2/2024	5/6/2031		1,496,250		1,489,017		1,507,008
Argano	(k)	Senior Secured Initial Term Loan	S+		5.75	%	10.34	%	9/13/2024	9/15/2029		1,500,000		1,470,000		1,470,000
Vistage		Senior Secured Initial Term Loan	S+		4.75	%	9.34	%	7/18/2022	7/13/2029		1,476,203		1,453,939		1,461,441
Insight Global		Unitranche Closing Date Term Loan	S+		6.00	%	10.59	%	9/22/2021	9/22/2028		1,455,000		1,435,604		1,444,088
Addison Group	(k)	Senior Secured Initial Term Loan	S+		4.00	%	8.59	%	1/19/2022	12/29/2028		1,438,214		1,435,793		1,407,652
Heartland		Senior Secured Initial Term Loan	S+		5.25	%	9.84	%	12/1/2023	12/12/2029		1,079,833		1,058,953		1,067,685
Health Management Associates		Senior Secured Term Loan A	S+		6.25	%	10.84	%	3/31/2023	3/30/2029		1,060,622		1,032,769		1,057,970
Colibri	(k)	Senior Secured First Amendment Incremental Term Loan	S+		5.00	%	9.59	%	11/9/2023	3/12/2029		992,500		970,726		995,507
Allied Benefit Systems		Senior Secured Initial Term Loan	S+		5.25	%	9.84	%	10/20/2023	10/31/2030		994,962		981,273		994,962
Aprio		Senior Secured Initial Term Loan	S+		4.75	%	9.34	%	8/1/2024	8/1/2031		1,000,000		985,829		992,500
TRC Companies	(k)	Senior Secured Initial Term Loan (First Lien)	S+		3.75	%	8.34	%	11/19/2021	12/8/2028		975,002		971,877		975,768
eResearch	(k)	Senior Secured Tranche B-1 Term Loan (First Lien)	S+		4.00	%	8.59	%	12/1/2020	2/4/2027		962,318		962,318		967,562
WIRB-Copernicus Group	(k)	Senior Secured 2024 Refinancing Term Loan	S+		3.50	%	8.09	%	12/13/2019	1/8/2027		957,500		954,028		958,797
Secretariat International		Senior Secured Initial Term Loan (First Lien)	S+		4.75	%	9.34	%	12/16/2021	12/29/2028		958,487		955,211		953,694
Divisions Maintenance Group	(k)	Senior Secured Term B Loan	S+		4.75	%	9.34	%	5/21/2021	5/27/2028		900,788		895,542		898,536
trustaff		Senior Secured Initial Term Loan (First Lien)	S+		4.25	%	8.84	%	12/9/2021	3/6/2028		969,849		968,382		876,501
Ahead	(k)	Senior Secured Term B-3 Loan (First Lien)	S+		3.50	%	8.09	%	8/2/2024	2/1/2031		498,750		497,540		500,054
Geosyntec	(k)	Senior Secured Initial Term Loan	S+		3.75	%	8.34	%	7/24/2024	7/31/2031		500,000		497,500		497,786
Perficient	(k)	Senior Secured Closing Date Term Loan	S+		3.50	%	8.09	%	8/2/2024	10/1/2031		500,000		497,500		497,500
HireRight	(k)	Senior Secured 2024 Incremental Term Loan (First Lien)	S+		4.00	%	8.59	%	3/25/2024	9/27/2030		498,741		492,961		496,247
S&P Engineering Solutions		Senior Secured Initial Term Loan	S+		5.00	%	9.59	%	3/31/2023	5/2/2030		495,000		482,707		493,763
Service Logic		Senior Secured Relevant Term Loan	S+		3.50	%	8.09	%	2/8/2024	10/30/2027		496,186		496,348		490,604
System One		Senior Secured 2024 Refinancing Term Loan	S+		3.75	%	8.34	%	1/28/2021	3/2/2028		483,750		482,475		478,308
Industrial Services Group	(j)	Senior Secured Revolving Loan	S+		5.75	%	10.34	%	12/7/2022	12/7/2028		363,810		346,667		363,810
Golden Source		Senior Secured Revolving Loan	S+		5.50	%	10.09	%	3/25/2022	5/12/2028		347,418		338,028		347,418
OSG Billing Services		Senior Secured Last-Out Term Loan	S+		6.25	%	10.84	%	11/30/2023	11/30/2028		312,562		312,562		310,999
OSG Billing Services		Senior Secured First-Out Term Loan	S+		8.00	%	12.59	%	11/30/2023	5/30/2028		219,341		209,666		218,244
Discovery Education		Senior Secured Revolving Credit Loan (First Lien)	S+		5.75	%	10.34	%	3/25/2022	4/9/2029		230,769		226,731		196,154
Liberty Group	(j)	Senior Secured Revolving Loan	S+		5.75	%	10.34	%	6/6/2022	12/15/2028		79,545		75,000		79,545
Aprio		Senior Secured Revolving Loan	S+		4.75	%	9.34	%	8/1/2024	8/1/2031		79,898		79,399		79,299
VC3	(j)	Senior Secured Revolving Credit	S+		5.00	%	9.59	%	7/21/2022	3/12/2027		76,923		74,231		76,923
Vortex	(j)	Senior Secured Revolving Loan	S+		5.00	%	9.59	%	9/1/2023	9/4/2029		72,783		38,267		72,783
Heartland		Senior Secured Revolving Credit Loan	S+		5.25	%	9.84	%	12/1/2023	12/12/2029		39,655		35,517		39,209
Health Management Associates		Senior Secured Revolving Loan	S+		6.25	%	10.84	%	3/31/2023	3/30/2029		10,657		8,526		10,631
S&P Engineering Solutions		Senior Secured Revolving Credit Loan	S+		5.00	%	9.59	%	3/31/2023	5/2/2029		—		(1,471)		—
Kept Companies		Senior Secured Revolving Loan	S+		5.25	%	9.84	%	4/30/2024	4/30/2029		—		(7,131)		—
Amplix		Senior Secured Revolving Credit Loan	S+		6.25	%	10.84	%	10/19/2023	10/18/2029		—		(8,242)		—
														81,799,987		81,857,058

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

6

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of September 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 - (94.3%) (g) (h) (i) (Continued):
Healthcare & Pharmaceuticals
American Vision Partners	(j)	Unitranche Initial Term Loan	S+		6.00	%	10.59	%	9/22/2021	9/30/2027	$	4,860,901	$	4,811,692	$	4,860,901
Minds + Assembly	(j)	Unitranche Initial Term Loan	S+		5.75	%	10.34	%	5/3/2023	5/3/2029		4,048,137		3,958,609		4,048,137
Radiology Partners	(k)	Senior Secured Term B Loan	S+		3.50%, 1.50	% PIK	9.59	%	6/28/2018	1/31/2029		3,761,315		3,818,330		3,695,510
OrthoNebraska	(j)	Unitranche Term Loan	S+		6.50	%	11.09	%	7/31/2023	7/31/2028		3,352,242		3,258,164		3,352,242
PharMedQuest	(j)	Unitranche Term A Loan	S+		5.25	%	9.84	%	11/6/2019	11/6/2025		3,263,398		3,263,857		3,263,398
InterMed	(j)	Unitranche Initial Term Loan	S+		6.50	%	11.09	%	12/22/2022	12/24/2029		2,985,961		2,916,604		2,985,961
RevHealth	(j)	Unitranche Initial Term Loan	S+		5.75	%	10.34	%	7/22/2022	7/21/2028		4,195,206		4,135,929		2,947,114
Advancing Eyecare		Senior Secured Initial Term Loan	S+		5.75	%	10.34	%	5/27/2022	6/13/2029		2,487,240		2,436,709		2,193,435
TEAM Services		Senior Secured Incremental Term Loan (First Lien)	S+		5.25	%	9.84	%	6/28/2024	12/20/2027		2,000,000		1,961,765		2,000,000
Gastro Health		Senior Secured Initial Term Loan (First Lien)	S+		4.50	%	9.09	%	7/2/2021	7/3/2028		1,941,044		1,934,023		1,887,665
InHealth Medical Alliance	(o)	Unitranche Initial Term Loan	S+		7.00	% PIK	11.59	%	6/25/2021	6/28/2028		3,594,124		3,573,089		1,868,945
Advanced Diabetes Supply		Senior Secured First Incremental Term Loan	S+		5.00	%	9.59	%	7/13/2021	12/30/2027		1,820,953		1,810,132		1,820,953
Therapy Brands		Senior Secured Initial Term Loan (First Lien)	S+		4.00	%	8.59	%	5/12/2021	5/18/2028		1,830,242		1,824,667		1,793,637
U.S. Foot and Ankle Specialists		Senior Secured Term Loan	S+		5.75	%	10.34	%	4/17/2024	9/15/2026		1,726,551		1,706,156		1,713,602
Upstream Rehabilitation	(k)	Senior Secured August 2021 Incremental Term Loan (First Lien)	S+		4.25	%	8.84	%	10/24/2019	11/20/2026		1,916,859		1,915,377		1,668,732
Blue Cloud		Senior Secured Closing Date Term Loan	S+		4.75	%	9.34	%	12/13/2021	1/21/2028		1,670,875		1,655,364		1,658,343
MedRisk	(k)	Senior Secured Initial Term Loan (First Lien)	S+		3.75	%	8.34	%	4/1/2021	5/10/2028		1,482,429		1,477,016		1,484,282
Mission Vet Partners	(k)	Senior Secured 2024 New Term Loan	S+		3.75	%	8.34	%	6/11/2024	4/27/2028		1,458,844		1,448,753		1,460,820
Quantum Health		Senior Secured Amendment No. 1 Refinancing Term Loan (First Lien)	S+		4.25	%	8.84	%	12/18/2020	12/22/2027		1,451,250		1,439,878		1,451,250
Forefront	(k)	Senior Secured Term B-1 Loan	S+		5.50	%	10.09	%	12/14/2023	3/30/2029		1,492,500		1,462,457		1,426,136
Symplr	(k)	Senior Secured Initial Term Loan (First Lien)	S+		4.50	%	9.09	%	11/23/2020	12/22/2027		1,447,500		1,436,113		1,325,910
nThrive		Senior Secured Initial Loan (Second Lien)	S+		6.75	%	11.34	%	11/19/2021	12/17/2029		2,000,000		1,981,236		1,300,000
Ivy Rehab		Senior Secured Initial Term Loan (First Lien)	S+		5.00	%	9.59	%	3/11/2022	4/23/2029		1,298,378		1,276,282		1,278,903
Micro Merchant Systems		Unitranche Initial Term Loan	S+		4.75	%	9.34	%	3/2/2022	12/14/2027		1,204,745		1,195,717		1,201,734
Solis Mammography		Senior Secured Initial Term Loan (First Lien)	S+		4.50	%	9.09	%	4/1/2021	4/17/2028		1,050,980		1,045,323		1,048,353
MB2 Dental		Unitranche Initial Term Loan	S+		6.00	%	10.59	%	2/5/2024	2/13/2031		1,013,890		1,003,661		1,011,356
Press Ganey	(k)	Senior Secured Initial Term Loan (2024) (First Lien)	S+		3.50	%	8.09	%	4/24/2024	4/30/2031		1,000,000		990,357		999,020
Solis Mammography		Senior Secured Initial Term Loan (Second Lien)	S+		8.00	%	12.59	%	4/1/2021	4/16/2029		1,000,000		990,595		997,500
PharMedQuest		Unitranche Fifth Amendment Incremental Term Loan	S+		5.25	%	9.84	%	10/27/2023	11/6/2025		990,000		980,667		990,000
Cirtec Medical		Senior Secured U.S. Dollar Term Loan	S+		5.00	%	9.59	%	1/30/2023	1/30/2029		985,000		960,184		980,075
Epic Staffing Group		Senior Secured Initial Term Loan	S+		6.00	%	10.59	%	6/27/2022	6/28/2029		979,593		934,045		964,899
NSM	(j)(k)	Senior Secured Amendment No. 6 Incremental Term Loan	S+		5.25	%	9.84	%	8/5/2024	5/14/2029		955,000		952,613		958,610
Wedgewood		Senior Secured Initial Term Loan	S+		4.25	%	8.84	%	2/24/2021	3/31/2028		970,000		964,146		957,875
Forefront	(k)	Senior Secured Closing Date Term Loan	S+		4.25	%	8.84	%	3/23/2022	3/30/2029		977,797		965,776		934,320
nThrive		Senior Secured Initial Term Loan (First Lien)	S+		4.00	%	8.59	%	11/19/2021	12/18/2028		975,000		972,250		780,000
ImageFirst		Senior Secured 2024 Refinancing Term Loan	S+		4.25	%	8.84	%	4/26/2021	4/27/2028		594,147		592,429		591,176
MyEyeDr	(k)	Senior Secured Eighth Amendment Refinancing Term Loan (First Lien)	S+		4.00	%	8.59	%	4/15/2024	4/15/2031		514,577		514,577		515,974
Cirtec Medical	(j)	Senior Secured Amendment No. 1 Incremental Term Loan	S+		5.00	%	9.59	%	7/2/2024	1/30/2029		498,750		492,361		496,256
Paradigm Oral Health	(j)(k)	Senior Secured Initial Term Loan	S+		4.75	%	9.34	%	9/30/2024	11/16/2028		495,238		472,762		492,762
TEAM Services	(k)	Senior Secured Term Loan (First Lien)	S+		5.00	%	9.59	%	1/25/2024	12/20/2027		496,144		493,941		491,555
Confluent Health		Senior Secured Amendment No. 1 Term Loan	S+		7.50	%	12.09	%	4/11/2023	11/30/2028		492,500		465,694		481,419
AccentCare		Senior Secured Tranche B Term Loan	S+		4.00	%	8.59	%	6/15/2021	9/20/2028		483,844		483,844		468,119
InterMed	(j)	Senior Secured Revolving Loan	S+		6.50	%	11.09	%	12/22/2022	12/22/2028		464,363		442,765		464,363
TEAM Services	(j)(k)	Senior Secured Term Loan (Second Lien)	S+		9.00	%	13.59	%	1/5/2024	12/18/2028		410,000		407,950		407,950
RMP & MedA/Rx		Senior Secured Term Loan	S+		4.75	%	9.34	%	3/22/2021	2/6/2026		377,041		376,500		364,787
Western Dental		Senior Secured Second-Out Term Loan (Tranche B)	S+		1.00%, 6.25	% PIK	11.84	%	6/14/2024	8/18/2028		505,508		402,754		328,580
RMP & MedA/Rx		Senior Secured Term Loan (First Lien)	S+		4.75	%	9.34	%	2/27/2017	2/6/2026		321,058		321,059		310,624
UDG	(l)	Senior Secured Initial Dollar Term Loan (First Lien)	S+		4.25	%	8.84	%	8/6/2021	8/19/2028		315,938		314,242		310,409
Solis Mammography		Senior Secured 2024 Incremental Term Loan	S+		4.50	%	9.09	%	3/23/2024	4/17/2028		199,000		196,344		198,503
AccentCare		Senior Secured Tranche A Term Loan	S+		5.50	%	10.09	%	2/5/2024	6/20/2028		119,820		116,006		116,525
Western Dental		Senior Secured First-Out Term Loan (Tranche A-1)	S+		6.50	%	11.09	%	6/18/2024	5/18/2028		93,501		88,301		93,501
RevHealth	(j)	Senior Secured Revolving Loan	S+		5.75	%	10.34	%	7/22/2022	7/21/2028		102,740		102,740		72,174
Ivy Rehab		Senior Secured Revolving Credit Loan (First Lien)	S+		4.75	%	9.34	%	3/11/2022	4/21/2028		55,219		51,852		54,391
OrthoNebraska	(j)	Senior Secured Revolving Loan	S+		6.50	%	11.09	%	7/31/2023	7/31/2028		—		(13,724)		—
Minds + Assembly	(j)	Senior Secured Revolving Loan	S+		5.75	%	10.34	%	5/3/2023	5/3/2029		—		(18,789)		—
														73,761,144		69,568,686

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

7

Audax Credit BDC Inc.

Schedule of Investments (Continued)

As of September 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	%	9.84	%	7/28/2022	7/28/2029	$	4,566,308	$	4,510,249	$	4,566,308
Cherry Bekaert	(j)	Unitranche Term B Loan	S+		5.25	%	9.84	%	6/13/2022	6/30/2028		4,406,463		4,327,190		4,406,463
Alera		Unitranche 2022 Incremental Term Loan	S+		5.25	%	9.84	%	8/31/2022	10/2/2028		3,927,833		3,866,966		3,918,014
Confluence		Senior Secured Initial Term Loan (First Lien)	S+		3.75	%	8.34	%	7/22/2021	7/31/2028		3,890,000		3,876,193		3,544,763
Ascensus	(k)	Senior Secured Initial Term Loan (First Lien)	S+		3.50	%	8.09	%	11/17/2021	8/2/2028		2,843,804		2,835,753		2,847,373
Prime Pensions	(j)	Unitranche Initial Term Loan	S+		5.25	%	9.84	%	2/20/2024	2/26/2030		2,700,000		2,629,067		2,700,000
EPIC Insurance		Unitranche Refinancing Tranche B Term Loan	S+		4.50	%	9.09	%	8/27/2021	9/29/2028		2,115,833		2,092,017		2,099,964
Kestra Financial	(k)	Senior Secured Restatement Term Loan	S+		4.00	%	8.59	%	3/19/2024	3/22/2031		1,995,000		1,990,269		2,003,100
Beta+		Senior Secured Initial Term Loan	S+		5.75	%	10.34	%	6/24/2022	7/2/2029		1,960,000		1,865,520		1,920,800
Orion	(k)	Senior Secured 2021 Refinancing Term Loan (First Lien)	S+		3.75	%	8.34	%	8/4/2020	9/24/2027		1,443,881		1,436,288		1,443,679
EdgeCo		Senior Secured Third Amendment Term Loan (First Lien)	S+		4.75	%	9.34	%	3/29/2022	6/1/2026		1,231,092		1,218,280		1,228,014
SIAA	(j)	Unitranche Initial Term Loan	S+		6.25	%	10.84	%	4/21/2021	4/28/2028		1,140,192		1,127,415		1,140,192
Osaic	(j)(k)	Senior Secured Term B-3 Loan	S+		4.00	%	8.59	%	8/16/2023	8/17/2028		1,008,615		1,000,412		998,997
Steward Partners		Senior Secured Closing Date Term B Loan	S+		5.50	%	10.09	%	12/8/2023	10/14/2028		977,417		955,537		972,530
LERETA		Senior Secured Initial Term Loan	S+		5.25	%	9.84	%	7/27/2021	7/30/2028		970,000		963,804		931,200
OneDigital	(k)	Senior Secured Closing Date Term Loan (First Lien)	S+		3.25	%	7.84	%	6/13/2024	7/2/2031		748,125		744,375		743,139
Cherry Bekaert		Unitranche Amendment No. 1 Term Loan	S+		5.25	%	9.84	%	10/11/2023	6/30/2028		720,926		708,487		720,926
AssetMark	(k)	Senior Secured Initial Term Loan	S+		3.00	%	7.59	%	6/3/2024	9/5/2031		500,000		498,063		494,765
Integro	(m)	Senior Secured 2022 Refinancing Term Loan (First Lien)	S+		12.25	% PIK	16.84	%	10/9/2015	10/30/2024		258,377		258,931		258,377
Beta+		Senior Secured Revolving Credit Loan	S+		4.50	%	9.09	%	6/24/2022	7/1/2027		132,619		126,403		129,966
EPIC Insurance		Senior Secured Refinancing Revolving Loan	S+		4.50	%	9.09	%	8/27/2021	9/29/2028		57,139		56,870		56,711
Steward Partners		Senior Secured Revolving Loan	S+		5.50	%	10.09	%	12/20/2023	10/14/2028		—		(5,389)		—
Prime Pensions	(j)	Senior Secured Revolving Credit	S+		5.25	%	9.84	%	2/20/2024