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INVESTMENTS IT Services Lighthouse Investment Type Sr. Secured First Lien Index S+ Spread 5.00% Interest Rate 9.26% Acquisition Date 10/10/2024 Maturity Date 4/30/20272025-01-012025-09-300002033362ck0002033362:PartnersCapitalMember2025-07-012025-09-300002033362Portfolio Investments APCF Equity, LLC COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENT Trading Companies & Distributors Industrial Service Group Investment Type Class A Units Acquisition Date 10/10/20242025-09-300002033362Portfolio Investments Audax Private Credit Subsidiary, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Internet Software & Services Power Digital Investment Type Revolving Credit Facility Index S+ Spread 5.50% Interest Rate 9.78% Acquisition Date 10/10/2024 Maturity Date 3/10/20282025-09-300002033362us-gaap:ShortTermDebtMember2024-12-310002033362Magna Legal Services Revolving Credit Facility Maturity 11/22/20292025-09-300002033362Portfolio Investments Audax Private Credit Subsidiary, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Software PKWARE Investment Type Revolving Credit Facility Index S+ Spread 4.50% Interest Rate 8.50% Acquisition Date 6/2/2025 Maturity Date 6/3/20302025-01-012025-09-300002033362Portfolio Investments APCF SPV I, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Internet Software & Services Power Digital Investment Type Delayed Draw Term Loan Index S+ Spread 5.75% Interest Rate 10.34% Acquisition Date 10/10/2024 Maturity Date 3/10/20282024-12-310002033362Portfolio Investments APCF SPV I, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS FMG Suite FMG Suite Investment Type Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.91% Acquisition Date 9/9/2025 Maturity Date 9/9/20322025-01-012025-09-300002033362ck0002033362:EnergyEquipmentServicesMemberck0002033362:APCFSPVILLCMemberck0002033362:SeniorSecuredLoansMember2024-12-310002033362ck0002033362:AnalysisOfTrendInLeverageMemberck0002033362:MeasurementInputModifiedMarketYieldMemberck0002033362:SrSecuredFirstLienMember2025-09-300002033362Portfolio Investments APCF SPV I, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Diversified Consumer Services Ned Stevens Investment Type Sr. Secured First Lien Index S+ Spread 5.50%-6.50% Interest Rate 10.84% Acquisition Date 10/10/2024 Maturity Date 11/1/20292024-01-012024-12-310002033362Portfolio Investments Audax Private Credit Subsidiary, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Software Unison Global Investment Type Delayed Draw Term Loan Index S+ Spread 5.00% Interest Rate 9.37% Acquisition Date 10/10/2024 Maturity Date 9/19/20282024-12-310002033362Portfolio Investments Audax Private Credit Subsidiary, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Health Care Technology Med Tech Solutions Investment Type Revolving Credit Facility Index S+ Spread 5.25% Interest Rate 9.41% Acquisition Date 6/3/2025 Maturity Date 6/3/20322025-01-012025-09-300002033362srt:WeightedAverageMemberus-gaap:ValuationTechniqueMatrixPricingMemberck0002033362:MeasurementInputDebtServiceCoverageMemberck0002033362:SrSecuredFirstLienMember2025-09-300002033362Portfolio Investments APCF SPV I, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Financial Services Cherry Bekaert Investment Type Sr. Secured First Lien Index S+ Spread 5.25% Interest Rate 9.41% Acquisition Date 10/10/2024 Maturity Date 6/30/20282025-09-300002033362Portfolio Investments Audax Private Credit Subsidiary, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Health Care Providers & Services Hilco Vision Investment Type Sr. Secured First Lien Index S+ Spread 6.00% (3.00% Cash + 3.00% PIK) Interest Rate 10.50% Acquisition Date 10/10/2024 Maturity Date 9/6/20252024-12-310002033362Portfolio Investments APCF SPV I, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS IT Services Goldensource Investment Type Sr. Secured First Lien Index S+ Spread 5.25% Interest Rate 9.92% Acquisition Date 10/10/2024 Maturity Date 5/12/20282024-01-012024-12-310002033362Portfolio Investments APCF SPV I, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Engineering National Trench Safety Investment Type Sr. Secured First Lien Index S+ Spread 5.50% Interest Rate 9.93% Acquisition Date 10/10/2024 Maturity Date 12/3/20262024-01-012024-12-310002033362Portfolio Investments APCF SPV I, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Commercial Services & Supplies Eagle Fire Investment Type Sr. Secured First Lien Index S+ Spread 4.50% Interest Rate 8.82% Acquisition Date 7/15/2025 Maturity Date 7/15/20322025-09-300002033362Portfolio Investments APCF SPV I, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Engineering Gallo Mechanical Investment Type Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 9.06% Acquisition Date 7/31/2025 Maturity Date 8/2/20322025-09-300002033362Portfolio Investments APCF Equity, LLC COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENT Trading Companies & Distributors Industrial Service Group Investment Type Class A-1 Units Acquisition Date 3/10/20252025-01-012025-09-300002033362Portfolio Investments APCF SPV I, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Engineering Cumming Group Investment Type Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.91% Acquisition Date 10/10/2024 Maturity Date 11/16/20272025-01-012025-09-300002033362ck0002033362:AudaxPrivateCreditSubsidiaryLLCMemberck0002033362:DiversifiedConsumerServicesMemberck0002033362:CommonAndPreferredEquityMember2025-09-300002033362us-gaap:CommercialAndIndustrialSectorMemberck0002033362:CommonAndPreferredEquityMember2025-09-300002033362Med Tech Solutions Delayed Draw Term Loan Maturity 6/3/20322024-12-310002033362Portfolio Investments APCF SPV I, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Financial Services AmpliFi Investment Type Sr. Secured First Lien Index S+ Spread 5.00% Interest Rate 9.16% Acquisition Date 10/10/2024 Maturity Date 4/23/20302025-09-300002033362Embark Delayed Draw Term Loan Maturity 9/2/20322025-01-012025-09-300002033362Portfolio Investments APCF SPV I, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Insurance SIAA (Alliance Holdings) Investment Type Sr. Secured First Lien Index S+ Spread 6.25% - 6.75% Interest Rate 10.74% Acquisition Date 10/10/2024 Maturity Date 4/28/20282024-01-012024-12-310002033362ck0002033362:ApcfEquityLLCMemberck0002033362:TradingCompaniesDistributorsMemberck0002033362:CommonAndPreferredEquityMember2024-12-310002033362Portfolio Investments APCF SPV I, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Engineering RailPros Investment Type Sr. Secured First Lien Index S+ Spread 4.50% Interest Rate 8.70% Acquisition Date 5/22/2025 Maturity Date 5/24/20322025-09-300002033362ck0002033362:APCFSPVILLCMemberck0002033362:SeniorSecuredLoansMemberck0002033362:SoftwareMember2024-12-310002033362ck0002033362:AudaxPrivateCreditSubsidiaryLLCMemberck0002033362:InvestmentNon-AffiliatedIssuerNoncontrolledMember2024-12-310002033362ck0002033362:SrSecuredFirstLienMemberck0002033362:MediaMember2024-12-310002033362Portfolio Investments APCF SPV I, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Life Sciences Tools & Services TCP Analytical Investment Type Sr. Secured First Lien Index S+ Spread 5.00% Interest Rate 9.20% Acquisition Date 6/17/2025 Maturity Date 3/12/20312025-09-300002033362Portfolio investments Audax Private Credit Subsidiary, LLC COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Food Products Florida Food Products Investment Type Common Units Acquisition Date 10/10/20242025-09-300002033362us-gaap:ConsumerSectorMemberck0002033362:CommonAndPreferredEquityMember2025-09-300002033362Precision Concepts Delayed Draw Term Loan Maturity 8/2/20322024-12-310002033362Portfolio Investments APCF SPV I, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Capital Markets Steward Partners Investment Type Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.91% Acquisition Date 6/13/2025 Maturity Date 10/14/20282025-09-300002033362ck0002033362:APCFSPVILLCMemberck0002033362:DiversifiedConsumerServicesMemberck0002033362:SeniorSecuredLoansMember2024-12-310002033362Portfolio Investments APCF SPV I, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Hotels, Restaurants & Leisure Taymax Group Investment Type Delayed Draw Term Loan Loan Index S+ Spread 5.18% Interest Rate 9.45% Acquisition Date 10/10/2024 Maturity Date 7/31/20262025-01-012025-09-300002033362Portfolio Investments APCF SPV I, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Construction & Engineering A1 Garage Door Service Investment Type Sr. Secured First Lien Index S+ Spread 4.75% Interest Rate 9.11% Acquisition Date 10/10/2024 Maturity Date 12/22/20282024-01-012024-12-310002033362HR Green Delayed Draw Term Loan Maturity 1/28/20302025-01-012025-09-300002033362Portfolio Investments APCF SPV I, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Apex Service Partners Investment Type Delayed Draw Term Loan Index S+ Spread 5.00% Interest Rate 9.00% Acquisition Date 4/29/2025 Maturity Date 10/24/20302025-01-012025-09-300002033362Portfolio Investments APCF SPV I, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Health Care Technology Med Tech Solutions Investment Type Sr. Secured First Lien Index S+ Spread 5.25% Interest Rate 9.41% Acquisition Date 6/3/2025 Maturity Date 6/3/20322025-09-300002033362ck0002033362:AudaxPrivateCreditFundLLCMemberck0002033362:HealthCareTechnologyMemberck0002033362:CommonAndPreferredEquityMember2025-09-300002033362Portfolio investments Audax Private Credit Subsidiary, LLC COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Aerospace & Defense Blue Raven Solutions Investment Type Class A Units Acquisition Date 10/10/20242025-01-012025-09-300002033362Portfolio Investments Audax Private Credit Subsidiary, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Commercial Services & Supplies SavATree Investment Type Delayed Draw Term Loan Index S+ Spread 5.00% Interest Rate 9.33% Acquisition Date 10/10/2024 Maturity Date 6/6/20312024-01-012024-12-310002033362GoldenSource Revolving Credit Facility Maturity 5/12/20282025-01-012025-09-300002033362us-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310002033362Portfolio Investments Audax Private Credit Fund, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Health Care Technology Med Tech Solutions Investment Type Class A Units Acquisition Date 6/3/20252025-09-300002033362Cherry Bekaert Revolving Credit Facility Maturity 6/30/20282025-09-300002033362ck0002033362:AudaxPrivateCreditFundLLCMemberck0002033362:ContainersPackagingMemberck0002033362:SeniorSecuredLoansMember2025-09-300002033362Portfolio investments Audax Private Credit Subsidiary, LLC COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Health Care Equipment & Supplies USMed-Equip Investment Type Common Units Acquisition Date 10/10/20242025-09-300002033362Capital Consultants Management Corporation Delayed Draw Term Loan Maturity 11/3/2031 One2024-12-310002033362Portfolio Investments APCF Equity, LLC COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Financial Services Merchant Industry & Valor PayTech Investment Type Class A Units Acquisition Date 9/19/20252025-09-300002033362ck0002033362:CommonAndPreferredEquityMember2025-01-012025-09-300002033362ck0002033362:AudaxPrivateCreditFundLLCMemberck0002033362:InvestmentNon-AffiliatedIssuerNoncontrolledMemberck0002033362:CommonAndPreferredEquityMember2025-09-300002033362ck0002033362:CommonAndPreferredEquityMemberus-gaap:TechnologySectorMember2025-09-300002033362Portfolio Investments APCF SPV I, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Financial Services Merchant Industry & Valor PayTech Investment Type Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.77% Acquisition Date 9/19/2025 Maturity Date 9/19/20312025-01-012025-09-300002033362ck0002033362:APCFSPVILLCMemberck0002033362:ContainersPackagingMemberck0002033362:SeniorSecuredLoansMember2024-12-310002033362Portfolio Investments APCF SPV I, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Containers & Packaging Novvia Group Investment Type Sr. Secured First Lien Index S+ Spread 6.00% Interest Rate 10.46% Acquisition Date 10/10/2024 Maturity Date 12/23/20262024-12-310002033362ck0002033362:AdvisorMember2025-09-300002033362Portfolio Investments APCF SPV I, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Commercial Services & Supplies Eagle Fire Investment Type Delayed Draw Term Loan Index S+ Spread 4.50% Interest Rate 8.82% Acquisition Date 7/15/2025 Maturity Date 7/15/20322025-01-012025-09-300002033362Portfolio investments Audax Private Credit Subsidiary, LLC COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS Insurance SIAA (Alliance Holdings) Investment Type Common Units Acquisition Date 10/10/20242025-09-300002033362Portfolio Investments Audax Private Credit Subsidiary, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Health Care Equipment & Supplies Visor Buyer, Inc. Investment Type Revolving Credit Facility Index S+ Spread 6.50% Interest Rate 11.09% Acquisition Date 10/10/2024 Maturity Date 12/22/20282024-12-310002033362us-gaap:AerospaceSectorMemberck0002033362:SrSecuredFirstLienMember2025-09-300002033362Portfolio Investments APCF SPV I, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS IT Services GoldenSource Investment Type Sr. Secured First Lien Index S+ Spread 5.00% Interest Rate 9.19% Acquisition Date 10/10/2024 Maturity Date 5/12/20282025-01-012025-09-300002033362ck0002033362:AudaxPrivateCreditSubsidiaryLLCMemberck0002033362:CommonAndPreferredEquityMemberck0002033362:ITServicesMember2024-12-310002033362ck0002033362:APCFSPVILLCMemberck0002033362:SeniorSecuredLoansMemberck0002033362:FoodProductsMember2025-09-300002033362us-gaap:ConstructionSectorMemberck0002033362:SrSecuredFirstLienMember2024-12-310002033362ck0002033362:SrSecuredFirstLienMemberck0002033362:HotelsRestaurantsLeisureMember2025-09-300002033362Novvia Group Delayed Draw Term Loan Maturity 1/31/20322024-12-310002033362ck0002033362:SrSecuredFirstLienMemberck0002033362:MediaMember2025-09-300002033362Aprio Delayed Draw Term Loan Maturity 8/1/20312025-01-012025-09-300002033362Portfolio Investments APCF SPV I, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Health Care Providers & Services Riccobene Associates Family Dentistry Investment Type Delayed Draw Term Loan Index S+ Spread 4.75% Interest Rate 8.89% Acquisition Date 6/6/2025 Maturity Date 10/31/20302025-09-300002033362ck0002033362:SrSecuredFirstLienMemberck0002033362:InternetSoftwareServicesMember2024-12-310002033362ck0002033362:AudaxPrivateCreditSubsidiaryLLCMemberck0002033362:SeniorSecuredLoansMemberck0002033362:ConstructionEngineeringMember2025-09-300002033362ck0002033362:SrSecuredFirstLienMemberus-gaap:ContainerAndPackagingSectorMember2025-09-300002033362Portfolio Investments APCF SPV I, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Trading Companies & Distributors Industrial Service Group Investment Type Delayed Draw Term Loan Index S+ Spread 5.75% Interest Rate 10.34% Acquisition Date 10/10/2024 Maturity Date 12/7/20282024-01-012024-12-310002033362Portfolio Investments APCF SPV I, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Diversified Consumer Services Ned Stevens Investment Type Sr. Secured First Lien Index S+ Spread 5.00% Interest Rate 9.00% Acquisition Date 10/10/2024 Maturity Date 11/1/20292025-09-300002033362Portfolio Investments APCF SPV I, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Diversified Consumer Services Heritage Partners Investment Type Delayed Draw Term Loan Index S+ Spread 5.75% Interest Rate 10.26% Acquisition Date 10/10/2024 Maturity Date 12/22/20262024-12-310002033362Portfolio Investments Audax Private Credit Subsidiary, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Health Care Equipment & Supplies USMed-Equip Investment Type Revolving Credit Facility Index S+ Spread 5.75% Interest Rate 10.49% Acquisition Date 10/10/2024 Maturity Date 11/24/20262024-01-012024-12-310002033362Portfolio Investments APCF SPV I, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Diversified Consumer Services RotoCo Investment Type Delayed Draw Term Loan Index S+ Spread 5.50% Interest Rate 9.96% Acquisition Date 10/10/2024 Maturity Date 6/30/20282024-12-310002033362us-gaap:ValuationTechniqueMatrixPricingMemberck0002033362:MeasurementInputSeniorLeverageMemberck0002033362:SrSecuredFirstLienMember2025-09-300002033362Industrial Service Group Revolving Credit Facility Maturity 12/7/20282024-12-310002033362us-gaap:TechnologySectorMemberck0002033362:CommonAndPreferredEquityMember2024-12-310002033362Portfolio Investments APCF SPV I, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Commercial Services & Supplies Russell Landscape Group Investment Type Sr. Secured First Lien Index S+ Spread 5.50% Interest Rate 9.67% Acquisition Date 10/10/2024 Maturity Date 4/11/20302025-09-300002033362Riccobene Associates Family Dentistry Revolving Credit Facility Maturity 10/31/20302025-01-012025-09-300002033362Portfolio Investments APCF SPV I, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Internet Software & Services Power Digital Investment Type Delayed Draw Term Loan Index S+ Spread 5.75% Interest Rate 10.34% Acquisition Date 10/10/2024 Maturity Date 3/10/20282024-01-012024-12-310002033362Portfolio Investments APCF SPV I, LLC SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS Levata Investment Type Delayed Draw Term Loan Index S+ Spread 5.00% Interest Rate 9.00% Acquisition Date 8/20/2025 Maturity Date 8/20/20272025-01-012025-09-300002033362AIA Contract Documents Revolving Credit Facility Maturity 10/30/20262025-01-012025-09-300002033362AGS Health Revolving Credit Facility Maturity 8/2/20322025-01-012025-09-30ck0002033362:Itemxbrli:purexbrli:sharesiso4217:USD
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
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☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2025
OR
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☐ |
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: 814-01861
Audax Private Credit Fund, LLC
(Exact Name of Registrant as Specified in its Charter)
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Delaware |
99-4488204 |
( State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer
Identification No.) |
320 Park Avenue New York, NY |
10022 |
(Address of principal executive offices) |
(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 (§232.405 of this chapter) 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 12b-2 of the Exchange Act.
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Large accelerated filer |
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Accelerated filer |
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Non-accelerated filer |
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☒ |
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Smaller reporting company |
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Emerging growth company |
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☒ |
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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 ☒
As of November 12, 2025, the registrant had 16,649,329 shares of limited liability company interests, $0.001 par value per share (the “Shares”), outstanding.
Audax Private Credit Fund, LLC
Consolidated Statements of Assets and Liabilities
September 30, 2025 and December 31, 2024
(Expressed in U.S. Dollars)
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September 30, 2025 |
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(unaudited) |
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December 31, 2024 |
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Assets |
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Investments at fair value: |
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Non-controlled/non-affiliated investments (cost of $749,963,934 and $646,031,655,
respectively) |
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$ |
747,176,144 |
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$ |
650,974,766 |
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Cash and cash equivalents |
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37,907,054 |
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31,592,264 |
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Interest receivable |
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6,190,274 |
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2,399,856 |
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Prepaid investments |
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4,950,000 |
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— |
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Receivable for loan repayment |
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127,054 |
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181,269 |
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Receivable from affiliates |
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48,030 |
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306,938 |
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Escrow receivable |
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11,159 |
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— |
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Due from Administrator (Note 4) |
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— |
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398,305 |
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Total assets |
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$ |
796,409,715 |
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$ |
685,853,398 |
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Liabilities |
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Borrowings under leverage facility (net of deferred financing costs of $4,435,423 and
$2,416,667, respectively) (Note 8) |
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$ |
361,731,161 |
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$ |
340,592,475 |
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Distributions due to shareholders |
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6,326,745 |
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— |
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Interest payable |
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5,755,568 |
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3,503,024 |
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Payable to Adviser (Note 4) |
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1,393,609 |
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— |
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Incentive fee payable (Note 4) |
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950,388 |
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— |
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Deferred tax liability |
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811,214 |
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— |
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Accounts payable and accrued expenses |
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599,229 |
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190,492 |
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Payable for investments purchased |
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184,102 |
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186,020 |
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Payable to Administrator (Note 4) |
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— |
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1,087,203 |
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Total liabilities |
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377,752,016 |
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345,559,214 |
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Commitments and Contingencies (Note 8) |
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Net Assets |
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Shares, $0.001 par value per share, unlimited shares authorized, 16,649,329
and 0 shares issued and outstanding, respectively |
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16,649 |
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— |
|
Capital in excess of par value |
|
|
|
417,017,862 |
|
|
|
326,284,899 |
|
Total distributable earnings |
|
|
|
1,623,188 |
|
|
|
14,009,285 |
|
Total Net Assets |
|
|
$ |
418,657,699 |
|
|
$ |
340,294,184 |
|
Net Asset Value per Share at End of Period |
|
|
$ |
25.15 |
|
|
N/A |
|
The accompanying notes are an integral part of these consolidated financial statements.
Audax Private Credit Fund, LLC
Consolidated Statements of Operations
For the three and nine months ended September 30, 2025
(Expressed in U.S. Dollars)
(unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2025 |
|
|
Nine Months Ended
September 30, 2025 |
|
|
Investment income |
|
|
|
|
|
|
Non-controlled/non-affiliated investments: |
|
|
|
|
|
|
Interest income |
$ |
15,472,394 |
|
|
$ |
45,379,829 |
|
|
Dividend income |
|
302,688 |
|
|
|
610,544 |
|
|
Total investment income |
|
15,775,082 |
|
|
|
45,990,373 |
|
|
Expenses |
|
|
|
|
|
|
Interest expense and credit facility fees |
|
5,755,568 |
|
|
|
16,994,075 |
|
|
Management fee (Note 4) |
|
1,257,231 |
|
|
|
3,390,299 |
|
|
Incentive fee (Note 4) |
|
950,388 |
|
|
|
1,767,693 |
|
|
Organizational expenses |
|
378,636 |
|
|
|
2,808,018 |
|
|
Professional fees |
|
215,837 |
|
|
|
458,996 |
|
|
Amortization of deferred financing costs |
|
125,000 |
|
|
|
375,000 |
|
|
Directors' fees |
|
72,500 |
|
|
|
145,000 |
|
|
Administration fees (Note 4) |
|
— |
|
|
|
185,996 |
|
|
Other expenses |
|
207,968 |
|
|
|
565,342 |
|
|
Total operating expenses |
|
8,963,128 |
|
|
|
26,690,419 |
|
|
|
|
|
|
|
|
|
Expense support reimbursement |
|
537,873 |
|
|
|
537,873 |
|
|
Expense support |
|
(378,636 |
) |
|
|
(2,808,018 |
) |
|
Management fee waiver (Note 4) |
|
— |
|
|
|
(973,233 |
) |
|
Net expenses |
|
9,122,365 |
|
|
|
23,447,041 |
|
|
|
|
|
|
|
|
|
Net investment income |
|
6,652,717 |
|
|
|
22,543,332 |
|
|
|
|
|
|
|
|
|
Realized and unrealized gains (losses) on investments |
|
|
|
|
|
|
Net realized gains (losses): |
|
|
|
|
|
|
Non-controlled/non-affiliated investments |
|
358,193 |
|
|
|
1,245,400 |
|
|
Net realized gain |
|
358,193 |
|
|
|
1,245,400 |
|
|
Net change in unrealized appreciation (depreciation): |
|
|
|
|
|
|
Non-controlled/non-affiliated investments |
|
389,049 |
|
|
|
(7,730,901 |
) |
|
Net change in deferred taxes |
|
7,124 |
|
|
|
(811,214 |
) |
|
Total net change in unrealized appreciation (depreciation) on investments |
|
396,173 |
|
|
|
(8,542,115 |
) |
|
Net realized and unrealized gains (losses) on investments |
|
754,366 |
|
|
|
(7,296,715 |
) |
|
Realized and unrealized gains (losses) on foreign currency: |
|
|
|
|
|
|
Net realized loss on foreign currency |
|
(1,617 |
) |
|
|
(5,651 |
) |
|
Net change in unrealized loss on foreign currency |
|
(15,379 |
) |
|
|
(13,861 |
) |
|
Net realized and unrealized losses on foreign currency |
|
(16,996 |
) |
|
|
(19,512 |
) |
|
Net increase in net assets resulting from operations |
$ |
7,390,087 |
|
|
$ |
15,227,105 |
|
|
The Fund commenced operations on October 10, 2024, thus there is no Consolidated Statements of Operations presented for the three and nine months ended September 30, 2024.
The accompanying notes are an integral part of these consolidated financial statements.
Audax Private Credit Fund, LLC
Consolidated Statement of Changes in Net Assets
For the nine months ended September 30, 2025
(Expressed in U.S. Dollars)
(unaudited)
|
|
|
|
|
Nine Months Ended
September 30, 2025 |
|
Net assets at beginning of period |
$ |
340,294,184 |
|
Operations: |
|
|
Net investment income |
|
22,543,332 |
|
Net realized gains on investments and foreign currency |
|
1,239,749 |
|
Net change in unrealized depreciation on investments and foreign currency |
|
(7,744,762 |
) |
Net change in deferred taxes |
|
(811,214 |
) |
Net increase in net assets from operations |
|
15,227,105 |
|
Distributions to Shareholders: |
|
|
Distributions from distributable earnings |
|
(13,863,590 |
) |
Net decrease resulting from shareholder distributions |
|
(13,863,590 |
) |
Capital share transactions: |
|
|
Capital contributions |
|
77,000,000 |
|
Net increase in net assets from capital transactions |
|
77,000,000 |
|
Net increase in net assets for the period |
|
78,363,515 |
|
Net assets at end of period |
$ |
418,657,699 |
|
The Fund commenced operations on October 10, 2024, thus there is no Consolidated Statement of Change in Net Assets presented for the nine months ended September 30, 2024.
The accompanying notes are an integral part of these consolidated financial statements.
Audax Private Credit Fund, LLC
Consolidated Statement of Cash Flows
For the nine months ended September 30, 2025
(Expressed in U.S. Dollars)
(unaudited)
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2025 |
|
|
Cash flows from operating activities: |
|
|
|
|
Net increase in net assets resulting from operations |
|
$ |
15,227,105 |
|
|
Adjustments to reconcile net increase in partners' capital resulting |
|
|
|
|
from operations used in operating activities: |
|
|
|
|
Net realized gain |
|
|
(1,245,400 |
) |
|
Net change in unrealized depreciation on investments |
|
|
7,730,901 |
|
|
Non-cash interest income, including payment in-kind and original issue discount
accretion |
|
|
(2,393,799 |
) |
|
Amortization of financing costs |
|
|
375,000 |
|
|
Increase in interest receivable |
|
|
(3,790,418 |
) |
|
Increase in prepaid investments |
|
|
(4,950,000 |
) |
|
Decrease in receivable for loan repayment |
|
|
54,215 |
|
|
Increase in escrow receivable |
|
|
(11,159 |
) |
|
Decrease in receivable from affiliates |
|
|
258,908 |
|
|
Decrease in due from Administrator (Note 4) |
|
|
398,305 |
|
|
Increase in interest payable |
|
|
2,252,544 |
|
|
Increase in payable to Adviser (Note 4) |
|
|
1,393,609 |
|
|
Increase in incentive fee payable (Note 4) |
|
|
950,388 |
|
|
Increase in deferred tax liability |
|
|
811,214 |
|
|
Increase in accounts payable and accrued expenses |
|
|
408,737 |
|
|
Decrease in payable for investments purchased |
|
|
(1,918 |
) |
|
Decrease in payable to Administrator (Note 4) |
|
|
(1,087,203 |
) |
|
Investment activity: |
|
|
|
|
Purchase of investments |
|
|
(220,851,003 |
) |
|
Borrowings on revolving credit facilities |
|
|
(26,907,873 |
) |
|
Proceeds from disposition and repayments of investments |
|
|
117,531,116 |
|
|
Repayments on revolving credit facilities |
|
|
29,934,680 |
|
|
Net investment activity |
|
|
(100,293,080 |
) |
|
Net cash used in operating activities |
|
|
(83,912,051 |
) |
|
Cash flows from financing activities: |
|
|
|
|
Proceeds from capital contributions |
|
|
181,391,083 |
|
|
Return of capital called |
|
|
(104,391,083 |
) |
|
Distributions paid |
|
|
(7,536,845 |
) |
|
Payments of financing costs |
|
|
(2,393,756 |
) |
|
Borrowings under leverage facility |
|
|
135,977,442 |
|
|
Repayments for leverage facility |
|
|
(112,820,000 |
) |
|
Short-term borrowings |
|
|
8,955,802 |
|
|
Short-term repayments |
|
|
(8,955,802 |
) |
|
Net cash provided by financing activities |
|
|
90,226,841 |
|
|
Net change in cash and cash equivalents |
|
|
6,314,790 |
|
|
Cash and cash equivalents: |
|
|
|
|
Cash and cash equivalents, beginning of period |
|
|
31,592,264 |
|
|
Cash and cash equivalents, end of period |
|
$ |
37,907,054 |
|
|
Supplemental and non-cash information: |
|
|
|
|
Initial conversion to unitized LLC |
|
$ |
340,034,511 |
|
|
Payment-in-kind ("PIK") interest income |
|
$ |
2,071,797 |
|
|
Interest paid pursuant to the leverage facility |
|
$ |
13,971,674 |
|
|
Interest paid on short-term borrowings |
|
$ |
166,372 |
|
|
The Fund commenced operations on October 10, 2024, thus there is no Consolidated Statement of Cash Flows presented for the nine months ended September 30, 2024.
The accompanying notes are an integral part of these consolidated financial statements.
Audax Private Credit Fund, LLC
Consolidated Schedule of Investments
September 30, 2025
(Expressed in U.S. Dollars)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio investments (a) (b) (c) (d) (e) |
|
Footnote
Reference |
|
Investment
Type |
|
Index (^) |
|
Spread |
|
Interest
Rate |
|
Acquisition
Date |
|
Maturity
Date |
|
Par / Shares |
|
|
Cost of
Investment |
|
|
Fair Value of
Investment |
|
APCF SPV I, LLC (f) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (l) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace & Defense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blue Raven Solutions |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
8.00% |
|
12.46% |
|
10/10/2024 |
|
12/21/2026 |
|
|
10,675,534 |
|
|
$ |
10,675,527 |
|
|
$ |
10,675,534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
10,675,527 |
|
|
$ |
10,675,534 |
|
Air Freight & Logistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Magnate |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
5.50% |
|
9.50% |
|
2/19/2025 |
|
12/29/2028 |
|
|
4,962,500 |
|
|
|
4,874,689 |
|
|
|
4,875,656 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,874,689 |
|
|
$ |
4,875,656 |
|
Automobile Components |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Innovative XCessories & Services |
|
(g)(k) |
|
Sr. Secured First Lien |
|
S+ |
|
5.50% |
|
9.66% |
|
9/17/2025 |
|
9/5/2029 |
|
|
3,990,000 |
|
|
|
3,911,093 |
|
|
|
3,986,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,911,093 |
|
|
$ |
3,986,688 |
|
Building Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leaf Home |
|
(g)(k) |
|
Sr. Secured First Lien |
|
S+ |
|
5.25% |
|
9.41% |
|
9/4/2025 |
|
9/4/2031 |
|
|
9,250,000 |
|
|
|
9,113,343 |
|
|
|
9,111,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9,113,343 |
|
|
$ |
9,111,250 |
|
Capital Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cerity Partners |
|
|
|
Sr. Secured First Lien |
|
S+ |
|
5.25% |
|
9.45% |
|
10/10/2024 |
|
7/30/2029 |
|
|
23,911,336 |
|
|
|
23,911,336 |
|
|
|
23,911,336 |
|
Cerity Partners |
|
|
|
Delayed Draw Term Loan |
|
S+ |
|
5.25% |
|
9.45% |
|
10/10/2024 |
|
7/30/2029 |
|
|
983,128 |
|
|
|
983,128 |
|
|
|
983,128 |
|
Steward Partners |
|
(g)(h) |
|
Delayed Draw Term Loan |
|
S+ |
|
4.75% |
|
8.91% |
|
6/13/2025 |
|
10/14/2028 |
|
|
722,083 |
|
|
|
668,766 |
|
|
|
718,473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
25,563,230 |
|
|
$ |
25,612,937 |
|
Chemicals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shrieve |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
6.00% |
|
10.16% |
|
6/18/2025 |
|
10/30/2030 |
|
|
2,992,500 |
|
|
|
2,949,113 |
|
|
|
2,977,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,949,113 |
|
|
$ |
2,977,538 |
|
Commercial Services & Supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Consultants Management Corporation |
|
(g)(h) |
|
Delayed Draw Term Loan |
|
S+ |
|
5.00% |
|
9.20% |
|
7/8/2025 |
|
11/3/2031 |
|
|
4,535,832 |
|
|
|
4,480,121 |
|
|
|
4,535,832 |
|
Eagle Fire |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
4.50% |
|
8.82% |
|
7/15/2025 |
|
7/15/2032 |
|
|
3,500,000 |
|
|
|
3,466,366 |
|
|
|
3,473,750 |
|
Eagle Fire |
|
(g)(h) |
|
Delayed Draw Term Loan |
|
S+ |
|
4.50% |
|
8.82% |
|
7/15/2025 |
|
7/15/2032 |
|
|
— |
|
|
|
(9,800 |
) |
|
|
— |
|
O6 Environmental |
|
(g)(k) |
|
Sr. Secured First Lien |
|
S+ |
|
4.75% |
|
9.07% |
|
8/5/2025 |
|
8/5/2032 |
|
|
6,074,325 |
|
|
|
6,013,899 |
|
|
|
6,004,787 |
|
O6 Environmental |
|
(g)(h)(k) |
|
Delayed Draw Term Loan |
|
S+ |
|
4.75% |
|
9.07% |
|
8/5/2025 |
|
8/5/2032 |
|
|
— |
|
|
|
(9,112 |
) |
|
|
— |
|
Russell Landscape Group |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
5.50% |
|
9.67% |
|
10/10/2024 |
|
4/11/2030 |
|
|
4,267,573 |
|
|
|
4,174,027 |
|
|
|
4,267,573 |
|
Russell Landscape Group |
|
(g) |
|
Delayed Draw Term Loan |
|
S+ |
|
5.50% |
|
9.67% |
|
10/10/2024 |
|
4/11/2030 |
|
|
2,125,004 |
|
|
|
2,103,528 |
|
|
|
2,125,004 |
|
SavATree |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
5.00% |
|
9.00% |
|
10/10/2024 |
|
6/6/2031 |
|
|
10,837,640 |
|
|
|
10,730,808 |
|
|
|
10,837,640 |
|
SavATree |
|
(g)(h) |
|
Delayed Draw Term Loan |
|
S+ |
|
5.00% |
|
9.00% |
|
10/10/2024 |
|
6/6/2031 |
|
|
46,750 |
|
|
|
19,485 |
|
|
|
46,750 |
|
ScentAir |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
5.25% |
|
9.60% |
|
10/10/2024 |
|
1/26/2026 |
|
|
11,727,867 |
|
|
|
11,724,543 |
|
|
|
11,727,867 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
42,693,865 |
|
|
$ |
43,019,203 |
|
The accompanying notes are an integral part of these consolidated financial statements.
Audax Private Credit Fund, LLC
Consolidated Schedule of Investments (continued)
September 30, 2025
(Expressed in U.S. Dollars)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio investments (a) (b) (c) (d) (e) |
|
Footnote
Reference |
|
Investment
Type |
|
Index (^) |
|
Spread |
|
Interest
Rate |
|
Acquisition
Date |
|
Maturity
Date |
|
Par / Shares |
|
|
Cost of
Investment |
|
|
Fair Value of
Investment |
|
APCF SPV I, LLC (f) (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (l) (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction & Engineering |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A1 Garage Door Service |
|
|
|
Sr. Secured First Lien |
|
S+ |
|
4.50% |
|
8.66% |
|
10/10/2024 |
|
12/22/2028 |
|
|
4,717,352 |
|
|
|
4,717,352 |
|
|
|
4,717,352 |
|
A1 Garage Door Service |
|
|
|
Delayed Draw Term Loan |
|
S+ |
|
4.50% |
|
8.66% |
|
10/10/2024 |
|
12/22/2028 |
|
|
1,648,359 |
|
|
|
1,648,359 |
|
|
|
1,648,359 |
|
Cumming Group |
|
|
|
Sr. Secured First Lien |
|
S+ |
|
4.75% |
|
8.91% |
|
10/10/2024 |
|
11/16/2027 |
|
|
23,087,448 |
|
|
|
23,087,448 |
|
|
|
23,087,448 |
|
Cumming Group |
|
(g)(h) |
|
Delayed Draw Term Loan |
|
S+ |
|
4.75% |
|
8.91% |
|
10/10/2024 |
|
11/16/2027 |
|
|
3,375,247 |
|
|
|
3,368,962 |
|
|
|
3,375,247 |
|
Gallo Mechanical |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
4.75% |
|
9.06% |
|
7/31/2025 |
|
8/2/2032 |
|
|
8,204,015 |
|
|
|
8,083,041 |
|
|
|
8,142,485 |
|
Gallo Mechanical |
|
(g)(h) |
|
Delayed Draw Term Loan |
|
S+ |
|
4.75% |
|
9.06% |
|
7/31/2025 |
|
8/2/2032 |
|
|
— |
|
|
|
(8,585 |
) |
|
|
— |
|
HR Green |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
5.50% |
|
9.81% |
|
10/10/2024 |
|
1/28/2030 |
|
|
5,713,607 |
|
|
|
5,611,137 |
|
|
|
5,713,607 |
|
National Trench Safety |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
5.50% |
|
9.60% |
|
10/10/2024 |
|
12/3/2028 |
|
|
18,725,346 |
|
|
|
18,572,917 |
|
|
|
18,725,346 |
|
RailPros |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
4.50% |
|
8.70% |
|
5/22/2025 |
|
5/24/2032 |
|
|
4,105,263 |
|
|
|
4,065,439 |
|
|
|
4,074,474 |
|
RailPros |
|
(g)(h) |
|
Delayed Draw Term Loan |
|
S+ |
|
4.50% |
|
8.70% |
|
5/22/2025 |
|
5/24/2032 |
|
|
— |
|
|
|
(5,999 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
69,140,071 |
|
|
$ |
69,484,318 |
|
Containers & Packaging |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Novvia Group |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
5.25% |
|
9.25% |
|
6/13/2025 |
|
1/31/2032 |
|
|
11,682,420 |
|
|
|
11,596,864 |
|
|
|
11,682,420 |
|
Novvia Group |
|
(g)(h) |
|
Delayed Draw Term Loan |
|
S+ |
|
5.25% |
|
9.25% |
|
6/13/2025 |
|
1/31/2032 |
|
|
825,153 |
|
|
|
818,247 |
|
|
|
825,153 |
|
Precision Concepts |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
4.75% |
|
8.95% |
|
7/31/2025 |
|
8/2/2032 |
|
|
2,957,105 |
|
|
|
2,927,855 |
|
|
|
2,934,927 |
|
Precision Concepts |
|
(g)(h) |
|
Delayed Draw Term Loan |
|
S+ |
|
4.75% |
|
8.95% |
|
7/31/2025 |
|
8/2/2032 |
|
|
— |
|
|
|
(4,979 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
15,337,987 |
|
|
$ |
15,442,500 |
|
Diversified Consumer Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heritage Partners |
|
(g)(j) |
|
Sr. Secured First Lien |
|
AFR |
|
0.00% |
|
3.94% PIK |
|
10/10/2024 |
|
12/22/2026 |
|
|
13,125,161 |
|
|
|
12,783,688 |
|
|
|
7,573,179 |
|
Heritage Partners |
|
(g)(j) |
|
Delayed Draw Term Loan |
|
AFR |
|
0.00% |
|
3.94% PIK |
|
10/10/2024 |
|
12/22/2026 |
|
|
6,181,543 |
|
|
|
6,020,720 |
|
|
|
3,566,732 |
|
Kalkomey |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
5.00% |
|
9.00% |
|
10/10/2024 |
|
6/18/2031 |
|
|
17,006,959 |
|
|
|
16,724,611 |
|
|
|
17,006,959 |
|
Ned Stevens |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
5.00% |
|
9.00% |
|
10/10/2024 |
|
11/1/2029 |
|
|
15,237,791 |
|
|
|
15,235,921 |
|
|
|
15,237,791 |
|
RotoCo |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
5.50% |
|
9.65% |
|
10/10/2024 |
|
6/30/2028 |
|
|
12,953,661 |
|
|
|
12,924,807 |
|
|
|
9,749,977 |
|
RotoCo |
|
(g) |
|
Delayed Draw Term Loan |
|
S+ |
|
5.50% |
|
9.65% |
|
10/10/2024 |
|
6/30/2028 |
|
|
41,284 |
|
|
|
41,186 |
|
|
|
31,074 |
|
Southeast Lineman Training Center |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
5.25% |
|
9.25% |
|
8/18/2025 |
|
1/3/2030 |
|
|
6,000,000 |
|
|
|
5,912,574 |
|
|
|
6,000,000 |
|
Southeast Lineman Training Center |
|
(g)(h) |
|
Delayed Draw Term Loan |
|
S+ |
|
5.25% |
|
9.25% |
|
8/18/2025 |
|
1/3/2030 |
|
|
— |
|
|
|
(73,080 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
69,570,427 |
|
|
$ |
59,165,712 |
|
Energy Equipment & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allied Power Group |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
5.00% |
|
9.00% |
|
10/10/2024 |
|
5/16/2030 |
|
|
7,115,003 |
|
|
|
6,970,337 |
|
|
|
7,115,003 |
|
Allied Power Group |
|
(g) |
|
Delayed Draw Term Loan |
|
S+ |
|
5.00% |
|
9.00% |
|
10/10/2024 |
|
5/16/2030 |
|
|
1,497,303 |
|
|
|
1,483,107 |
|
|
|
1,497,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
8,453,444 |
|
|
$ |
8,612,306 |
|
The accompanying notes are an integral part of these consolidated financial statements.
Audax Private Credit Fund, LLC
Consolidated Schedule of Investments (continued)
September 30, 2025
(Expressed in U.S. Dollars)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio investments (a) (b) (c) (d) (e) |
|
Footnote
Reference |
|
Investment
Type |
|
Index (^) |
|
Spread |
|
Interest
Rate |
|
Acquisition
Date |
|
Maturity
Date |
|
Par / Shares |
|
|
Cost of
Investment |
|
|
Fair Value of
Investment |
|
APCF SPV I, LLC (f) (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (l) (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AmpliFi |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
5.00% |
|
9.16% |
|
10/10/2024 |
|
4/23/2030 |
|
|
8,297,335 |
|
|
|
8,121,666 |
|
|
|
8,297,335 |
|
Aprio |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
4.75% |
|
8.75% |
|
4/25/2025 |
|
8/1/2031 |
|
|
2,716,667 |
|
|
|
2,690,273 |
|
|
|
2,689,500 |
|
Aprio |
|
(g)(h) |
|
Delayed Draw Term Loan |
|
S+ |
|
4.75% |
|
8.75% |
|
4/25/2025 |
|
8/1/2031 |
|
|
451,614 |
|
|
|
440,233 |
|
|
|
447,098 |
|
Ascend Partner Services |
|
(g)(h) |
|
Delayed Draw Term Loan |
|
S+ |
|
4.50% |
|
8.54% |
|
8/7/2025 |
|
8/11/2031 |
|
|
1,531,429 |
|
|
|
1,484,814 |
|
|
|
1,512,286 |
|
Cherry Bekaert |
|
|
|
Sr. Secured First Lien |
|
S+ |
|
5.25% |
|
9.41% |
|
10/10/2024 |
|
6/30/2028 |
|
|
12,463,247 |
|
|
|
12,463,247 |
|
|
|
12,463,247 |
|
Cherry Bekaert |
|
(g) |
|
Delayed Draw Term Loan |
|
S+ |
|
5.25% |
|
9.41% |
|
10/10/2024 |
|
6/30/2028 |
|
|
6,391,398 |
|
|
|
6,387,492 |
|
|
|
6,391,398 |
|
Embark |
|
(g)(k) |
|
Sr. Secured First Lien |
|
S+ |
|
4.50% |
|
8.67% |
|
9/2/2025 |
|
9/2/2032 |
|
|
4,500,000 |
|
|
|
4,455,461 |
|
|
|
4,428,768 |
|
Embark |
|
(g)(h)(k) |
|
Delayed Draw Term Loan |
|
S+ |
|
4.50% |
|
8.67% |
|
9/2/2025 |
|
9/2/2032 |
|
|
— |
|
|
|
(17,792 |
) |
|
|
— |
|
Merchant Industry & Valor PayTech |
|
(g)(k) |
|
Sr. Secured First Lien |
|
S+ |
|
4.75% |
|
8.77% |
|
9/19/2025 |
|
9/19/2031 |
|
|
2,596,936 |
|
|
|
2,571,088 |
|
|
|
2,558,083 |
|
Merchant Industry & Valor PayTech |
|
(g)(h)(k) |
|
Delayed Draw Term Loan |
|
S+ |
|
4.75% |
|
8.77% |
|
9/19/2025 |
|
9/19/2031 |
|
|
— |
|
|
|
(8,031 |
) |
|
|
— |
|
Prime Pensions |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
4.75% |
|
8.95% |
|
10/10/2024 |
|
2/26/2030 |
|
|
6,703,965 |
|
|
|
6,627,675 |
|
|
|
6,703,965 |
|
Prime Pensions |
|
(g)(h) |
|
Delayed Draw Term Loan |
|
S+ |
|
4.75% |
|
8.95% |
|
10/10/2024 |
|
2/26/2030 |
|
|
1,344,248 |
|
|
|
1,330,454 |
|
|
|
1,344,248 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
46,546,580 |
|
|
$ |
46,835,928 |
|
Food Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hometown Food Company |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
4.50% |
|
8.75% |
|
6/9/2025 |
|
6/30/2030 |
|
|
2,925,679 |
|
|
|
2,902,638 |
|
|
|
2,918,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,902,638 |
|
|
$ |
2,918,365 |
|
Health Care Equipment & Supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Antylia Scientific |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
4.00% |
|
8.29% |
|
7/21/2025 |
|
5/27/2032 |
|
|
4,000,000 |
|
|
|
3,902,833 |
|
|
|
3,980,000 |
|
USMed-Equip |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
5.75% |
|
10.21% |
|
10/10/2024 |
|
5/24/2029 |
|
|
19,713,015 |
|
|
|
19,629,915 |
|
|
|
19,713,015 |
|
Visor Buyer, Inc. |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
6.50% |
|
10.79% |
|
10/10/2024 |
|
12/24/2029 |
|
|
6,058,940 |
|
|
|
6,005,036 |
|
|
|
5,398,270 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
29,537,784 |
|
|
$ |
29,091,285 |
|
Health Care Providers & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APT Healtcare |
|
(g)(k) |
|
Sr. Secured First Lien |
|
S+ |
|
5.00% |
|
9.00% |
|
9/30/2025 |
|
9/30/2030 |
|
|
7,777,778 |
|
|
|
7,680,556 |
|
|
|
7,659,722 |
|
APT Healtcare |
|
(g)(h)(k) |
|
Delayed Draw Term Loan |
|
S+ |
|
5.00% |
|
9.00% |
|
9/30/2025 |
|
9/30/2030 |
|
|
— |
|
|
|
(6,944 |
) |
|
|
— |
|
Clearway Pain Solutions |
|
(g)(k) |
|
Sr. Secured First Lien |
|
S+ |
|
5.50% |
|
9.76% |
|
9/22/2025 |
|
8/30/2030 |
|
|
4,309,167 |
|
|
|
4,241,992 |
|
|
|
4,244,529 |
|
Clearway Pain Solutions |
|
(g)(h)(k) |
|
Delayed Draw Term Loan |
|
S+ |
|
5.50% |
|
9.76% |
|
9/22/2025 |
|
8/31/2030 |
|
|
— |
|
|
|
(21,503 |
) |
|
|
— |
|
MDpanel |
|
|
|
Sr. Secured First Lien |
|
S+ |
|
6.50% |
|
10.77% |
|
10/10/2024 |
|
8/2/2029 |
|
|
5,867,375 |
|
|
|
5,867,375 |
|
|
|
5,867,375 |
|
MDpanel |
|
(g) |
|
Delayed Draw Term Loan |
|
S+ |
|
6.50% |
|
10.77% |
|
10/10/2024 |
|
8/2/2029 |
|
|
1,050,013 |
|
|
|
1,047,778 |
|
|
|
1,050,013 |
|
National Seating & Mobility |
|
(k) |
|
Sr. Secured First Lien |
|
S+ |
|
4.75% |
|
8.85% |
|
7/17/2025 |
|
5/14/2029 |
|
|
1,990,000 |
|
|
|
1,990,000 |
|
|
|
2,012,706 |
|
Patterson Companies |
|
(g)(k) |
|
Sr. Secured First Lien |
|
S+ |
|
4.50% |
|
8.82% |
|
8/13/2025 |
|
4/16/2032 |
|
|
10,000,000 |
|
|
|
9,013,580 |
|
|
|
8,998,450 |
|
Riccobene Associates Family Dentistry |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
4.75% |
|
8.89% |
|
6/6/2025 |
|
10/31/2030 |
|
|
8,274,952 |
|
|
|
8,176,376 |
|
|
|
8,274,952 |
|
Riccobene Associates Family Dentistry |
|
(g)(h) |
|
Delayed Draw Term Loan |
|
S+ |
|
4.75% |
|
8.89% |
|
6/6/2025 |
|
10/31/2030 |
|
|
788,480 |
|
|
|
766,875 |
|
|
|
788,480 |
|
Sequel Ortho (fka OrthoNebraska) |
|
|
|
Sr. Secured First Lien |
|
S+ |
|
6.50% |
|
10.60% |
|
10/10/2024 |
|
7/31/2028 |
|
|
4,784,103 |
|
|
|
4,784,103 |
|
|
|
4,784,103 |
|
Summit Spine & Joint Centers |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
4.75% |
|
8.91% |
|
6/13/2025 |
|
3/25/2031 |
|
|
12,526,085 |
|
|
|
12,343,319 |
|
|
|
12,526,085 |
|
Summit Spine & Joint Centers |
|
(g)(h) |
|
Delayed Draw Term Loan |
|
S+ |
|
4.75% |
|
8.91% |
|
6/13/2025 |
|
3/25/2031 |
|
|
— |
|
|
|
(22,726 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
55,860,781 |
|
|
$ |
56,206,415 |
|
The accompanying notes are an integral part of these consolidated financial statements.
Audax Private Credit Fund, LLC
Consolidated Schedule of Investments (continued)
September 30, 2025
(Expressed in U.S. Dollars)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio investments (a) (b) (c) (d) (e) |
|
Footnote
Reference |
|
Investment
Type |
|
Index (^) |
|
Spread |
|
Interest
Rate |
|
Acquisition
Date |
|
Maturity
Date |
|
Par / Shares |
|
|
Cost of
Investment |
|
|
Fair Value of
Investment |
|
APCF SPV I, LLC (f) (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (l) (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care Technology |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AGS Health |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
4.50% |
|
8.70% |
|
7/31/2025 |
|
8/2/2032 |
|
|
5,113,500 |
|
|
|
5,100,851 |
|
|
|
5,075,149 |
|
AGS Health |
|
(g)(h) |
|
Delayed Draw Term Loan |
|
S+ |
|
4.50% |
|
8.70% |
|
7/31/2025 |
|
8/2/2032 |
|
|
— |
|
|
|
(2,147 |
) |
|
|
— |
|
Med Tech Solutions |
|
(g)(k) |
|
Sr. Secured First Lien |
|
S+ |
|
5.25% |
|
9.41% |
|
6/3/2025 |
|
6/3/2032 |
|
|
5,838,841 |
|
|
|
5,740,987 |
|
|
|
5,766,725 |
|
Med Tech Solutions |
|
(g)(h)(k) |
|
Delayed Draw Term Loan |
|
S+ |
|
5.25% |
|
9.41% |
|
6/3/2025 |
|
6/3/2032 |
|
|
— |
|
|
|
(25,773 |
) |
|
|
— |
|
VaxCare |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
4.50% |
|
8.79% |
|
6/16/2025 |
|
6/17/2032 |
|
|
3,333,333 |
|
|
|
3,301,014 |
|
|
|
3,308,333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
14,114,932 |
|
|
$ |
14,150,207 |
|
Hotels, Restaurants & Leisure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taymax Group |
|
|
|
Sr. Secured First Lien |
|
S+ |
|
5.18% |
|
9.45% |
|
10/10/2024 |
|
7/31/2026 |
|
|
14,449,151 |
|
|
|
14,449,151 |
|
|
|
14,449,151 |
|
Taymax Group |
|
|
|
Delayed Draw Term Loan |
|
S+ |
|
5.18% |
|
9.45% |
|
10/10/2024 |
|
7/31/2026 |
|
|
8,039,303 |
|
|
|
8,039,303 |
|
|
|
8,039,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
22,488,454 |
|
|
$ |
22,488,454 |
|
Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SIAA (Alliance Holdings) |
|
|
|
Sr. Secured First Lien |
|
S+ |
|
4.75% |
|
8.75% |
|
10/10/2024 |
|
4/30/2030 |
|
|
25,074,013 |
|
|
|
25,074,013 |
|
|
|
25,074,013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
25,074,013 |
|
|
$ |
25,074,013 |
|
Internet Software & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dun & Bradstreet |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
5.50% |
|
9.67% |
|
8/26/2025 |
|
8/26/2032 |
|
|
5,000,000 |
|
|
|
4,950,008 |
|
|
|
4,962,500 |
|
Power Digital |
|
|
|
Sr. Secured First Lien |
|
S+ |
|
5.50% |
|
9.78% |
|
10/10/2024 |
|
3/10/2028 |
|
|
11,183,276 |
|
|
|
11,183,276 |
|
|
|
11,183,276 |
|
Power Digital |
|
|
|
Delayed Draw Term Loan |
|
S+ |
|
5.50% |
|
9.78% |
|
10/10/2024 |
|
3/10/2028 |
|
|
642,192 |
|
|
|
642,192 |
|
|
|
642,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
16,775,476 |
|
|
$ |
16,787,968 |
|
IT Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GoldenSource |
|
|
|
Sr. Secured First Lien |
|
S+ |
|
5.00% |
|
9.19% |
|
10/10/2024 |
|
5/12/2028 |
|
|
8,142,639 |
|
|
|
8,142,639 |
|
|
|
8,142,639 |
|
Lighthouse |
|
|
|
Sr. Secured First Lien |
|
S+ |
|
5.00% |
|
9.26% |
|
10/10/2024 |
|
4/30/2027 |
|
|
21,320,825 |
|
|
|
21,320,825 |
|
|
|
21,320,825 |
|
VC3 |
|
(g)(h) |
|
Delayed Draw Term Loan |
|
S+ |
|
5.00% |
|
9.26% |
|
9/19/2025 |
|
3/12/2029 |
|
|
— |
|
|
|
(130,090 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
29,333,374 |
|
|
$ |
29,463,464 |
|
Leisure Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PlayPower |
|
|
|
Sr. Secured First Lien |
|
S+ |
|
5.25% |
|
9.25% |
|
7/25/2025 |
|
8/28/2030 |
|
|
1,496,222 |
|
|
|
1,496,222 |
|
|
|
1,488,741 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,496,222 |
|
|
$ |
1,488,741 |
|
Life Sciences Tools & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TCP Analytical |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
5.00% |
|
9.20% |
|
6/17/2025 |
|
3/12/2031 |
|
|
8,977,500 |
|
|
|
8,868,982 |
|
|
|
8,977,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
8,868,982 |
|
|
$ |
8,977,500 |
|
Machinery |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tank Holdings |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
5.82% |
|
10.09% |
|
2/6/2025 |
|
3/31/2028 |
|
|
6,369,339 |
|
|
|
6,286,094 |
|
|
|
6,321,569 |
|
Tank Holdings |
|
(g) |
|
Delayed Draw Term Loan |
|
S+ |
|
5.82% |
|
10.09% |
|
2/6/2025 |
|
3/31/2028 |
|
|
610,248 |
|
|
|
599,031 |
|
|
|
605,671 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
6,885,125 |
|
|
$ |
6,927,240 |
|
The accompanying notes are an integral part of these consolidated financial statements.
Audax Private Credit Fund, LLC
Consolidated Schedule of Investments (continued)
September 30, 2025
(Expressed in U.S. Dollars)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio investments (a) (b) (c) (d) (e) |
|
Footnote
Reference |
|
Investment
Type |
|
Index (^) |
|
Spread |
|
Interest
Rate |
|
Acquisition
Date |
|
Maturity
Date |
|
Par / Shares |
|
|
Cost of
Investment |
|
|
Fair Value of
Investment |
|
APCF SPV I, LLC (f) (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (l) (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Media |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allyant |
|
(g)(i) |
|
Sr. Secured First Lien |
|
S+ |
|
6.00% |
|
10.15% |
|
10/10/2024 |
|
10/30/2026 |
|
|
22,956,714 |
|
|
|
22,930,454 |
|
|
|
22,956,714 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
22,930,454 |
|
|
$ |
22,956,714 |
|
Professional Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foundation Source |
|
|
|
Sr. Secured First Lien |
|
S+ |
|
5.00% |
|
9.00% |
|
10/10/2024 |
|
9/6/2030 |
|
|
13,502,495 |
|
|
|
13,502,495 |
|
|
|
13,502,495 |
|
Foundation Source |
|
(g) |
|
Delayed Draw Term Loan |
|
S+ |
|
5.00% |
|
9.00% |
|
|
|
9/6/2030 |
|
|
4,251,826 |
|
|
|
4,227,507 |
|
|
|
4,251,826 |
|
Magna Legal Services |
|
|
|
Sr. Secured First Lien |
|
S+ |
|
5.00% |
|
9.31% |
|
10/10/2024 |
|
11/22/2029 |
|
|
13,773,921 |
|
|
|
13,773,921 |
|
|
|
13,773,921 |
|
Magna Legal Services |
|
|
|
Delayed Draw Term Loan |
|
S+ |
|
5.00% |
|
9.31% |
|
10/10/2024 |
|
11/22/2029 |
|
|
3,856,072 |
|
|
|
3,856,072 |
|
|
|
3,856,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
35,359,995 |
|
|
$ |
35,384,314 |
|
Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AIA Contract Documents |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
4.75% |
|
8.75% |
|
7/2/2025 |
|
7/2/2031 |
|
|
5,090,908 |
|
|
|
5,017,008 |
|
|
|
5,065,454 |
|
FMG Suite |
|
(g)(k) |
|
Sr. Secured First Lien |
|
S+ |
|
4.75% |
|
8.91% |
|
9/9/2025 |
|
9/9/2032 |
|
|
6,283,019 |
|
|
|
6,220,999 |
|
|
|
6,202,471 |
|
FMG Suite |
|
(g)(h)(k) |
|
Delayed Draw Term Loan |
|
S+ |
|
4.75% |
|
8.91% |
|
9/9/2025 |
|
9/9/2032 |
|
|
— |
|
|
|
(8,423 |
) |
|
|
— |
|
PKWARE |
|
(g)(k) |
|
Sr. Secured First Lien |
|
S+ |
|
4.50% |
|
8.50% |
|
6/2/2025 |
|
6/3/2030 |
|
|
12,560,241 |
|
|
|
12,413,984 |
|
|
|
12,430,983 |
|
Tribute Technology |
|
|
|
Sr. Secured First Lien |
|
S+ |
|
6.30% |
|
10.47% |
|
10/10/2024 |
|
10/30/2028 |
|
|
15,052,870 |
|
|
|
15,052,870 |
|
|
|
15,052,870 |
|
Tribute Technology |
|
|
|
Delayed Draw Term Loan |
|
S+ |
|
6.30% |
|
10.47% |
|
10/10/2024 |
|
10/30/2028 |
|
|
3,374,337 |
|
|
|
3,374,337 |
|
|
|
3,374,337 |
|
Unison Global |
|
|
|
Sr. Secured First Lien |
|
S+ |
|
5.00% |
|
9.14% |
|
10/10/2024 |
|
9/19/2028 |
|
|
14,811,897 |
|
|
|
14,811,897 |
|
|
|
14,811,897 |
|
Unison Global |
|
(g)(h) |
|
Delayed Draw Term Loan |
|
S+ |
|
5.00% |
|
9.14% |
|
10/10/2024 |
|
9/19/2028 |
|
|
609,250 |
|
|
|
606,988 |
|
|
|
609,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
57,489,660 |
|
|
$ |
57,547,262 |
|
Trading Companies & Distributors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Apex Service Partners |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
5.00% |
|
9.00% |
|
4/29/2025 |
|
10/24/2030 |
|
|
1,903,994 |
|
|
|
1,885,419 |
|
|
|
1,899,234 |
|
Apex Service Partners |
|
(g)(h) |
|
Delayed Draw Term Loan |
|
S+ |
|
5.00% |
|
9.00% |
|
4/29/2025 |
|
10/24/2030 |
|
|
3,168,609 |
|
|
|
3,127,495 |
|
|
|
3,160,688 |
|
Industrial Service Group |
|
|
|
Sr. Secured First Lien |
|
S+ |
|
5.75% |
|
10.06% |
|
10/10/2024 |
|
12/7/2028 |
|
|
7,013,477 |
|
|
|
7,013,477 |
|
|
|
7,013,477 |
|
Industrial Service Group |
|
|
|
Delayed Draw Term Loan |
|
S+ |
|
5.75% |
|
10.06% |
|
10/10/2024 |
|
12/7/2028 |
|
|
3,651,882 |
|
|
|
3,651,882 |
|
|
|
3,651,882 |
|
Levata |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
5.00% |
|
9.00% |
|
8/20/2025 |
|
12/21/2027 |
|
|
4,883,312 |
|
|
|
4,835,873 |
|
|
|
4,858,895 |
|
Levata |
|
(g)(h) |
|
Delayed Draw Term Loan |
|
S+ |
|
5.00% |
|
9.00% |
|
8/20/2025 |
|
8/20/2027 |
|
|
— |
|
|
|
(5,271 |
) |
|
|
— |
|
R.F. Fager |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
5.00% |
|
9.27% |
|
5/22/2025 |
|
3/4/2030 |
|
|
1,733,867 |
|
|
|
1,707,859 |
|
|
|
1,720,863 |
|
R.F. Fager |
|
(g)(h) |
|
Delayed Draw Term Loan |
|
S+ |
|
5.00% |
|
9.27% |
|
5/22/2025 |
|
3/4/2030 |
|
|
257,491 |
|
|
|
250,376 |
|
|
|
255,560 |
|
SupplyHouse |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
4.00% |
|
8.31% |
|
7/1/2025 |
|
7/1/2032 |
|
|
3,750,000 |
|
|
|
3,731,250 |
|
|
|
3,721,875 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
26,198,360 |
|
|
$ |
26,282,474 |
|
|
|
|
|
|
|
|
|
Total APCF SPV I, LLC |
|
|
|
|
$ |
664,145,619 |
|
|
$ |
655,543,986 |
|
The accompanying notes are an integral part of these consolidated financial statements.
Audax Private Credit Fund, LLC
Consolidated Schedule of Investments (continued)
September 30, 2025
(Expressed in U.S. Dollars)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio investments (a) (b) (c) (d) (e) |
|
Footnote
Reference |
|
Investment
Type |
|
Index (^) |
|
Spread |
|
Interest
Rate |
|
Acquisition
Date |
|
Maturity
Date |
|
Par / Shares |
|
|
Cost of
Investment |
|
|
Fair Value of
Investment |
|
Audax Private Credit Subsidiary, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (l) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cerity Partners |
|
(h) |
|
Revolving Credit Facility |
|
S+ |
|
5.25% |
|
9.45% |
|
10/10/2024 |
|
7/30/2029 |
|
|
184,102 |
|
|
|
184,102 |
|
|
|
184,102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
184,102 |
|
|
$ |
184,102 |
|
Commercial Services & Supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Russell Landscape Group |
|
(g)(h) |
|
Revolving Credit Facility |
|
S+ |
|
5.50% |
|
9.67% |
|
10/10/2024 |
|
4/11/2030 |
|
|
359,420 |
|
|
|
354,893 |
|
|
|
359,420 |
|
SavATree |
|
(g)(h) |
|
Revolving Credit Facility |
|
S+ |
|
5.00% |
|
9.00% |
|
10/10/2024 |
|
6/6/2031 |
|
|
71,746 |
|
|
|
70,588 |
|
|
|
71,746 |
|
SavATree |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
5.00% |
|
9.00% |
|
10/10/2024 |
|
6/6/2031 |
|
|
3,268,837 |
|
|
|
3,268,078 |
|
|
|
3,268,837 |
|
ScentAir |
|
|
|
Revolving Credit Facility |
|
S+ |
|
5.25% |
|
9.60% |
|
10/10/2024 |
|
1/26/2026 |
|
|
1,565,413 |
|
|
|
1,565,413 |
|
|
|
1,565,413 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
5,258,972 |
|
|
$ |
5,265,416 |
|
Construction & Engineering |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumming Group |
|
(h) |
|
Revolving Credit Facility |
|
S+ |
|
4.75% |
|
8.91% |
|
10/10/2024 |
|
11/16/2027 |
|
|
26,245 |
|
|
|
26,245 |
|
|
|
26,245 |
|
National Trench Safety |
|
(g)(h) |
|
Revolving Credit Facility |
|
S+ |
|
5.50% |
|
9.60% |
|
10/10/2024 |
|
12/3/2028 |
|
|
851,592 |
|
|
|
838,775 |
|
|
|
851,592 |
|
RailPros |
|
(g)(h) |
|
Revolving Credit Facility |
|
S+ |
|
4.50% |
|
8.70% |
|
5/22/2025 |
|
5/24/2032 |
|
|
— |
|
|
|
(6,284 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
858,736 |
|
|
$ |
877,837 |
|
Diversified Consumer Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heritage Partners |
|
(g)(h)(j) |
|
Revolving Credit Facility |
|
AFR |
|
0.00% |
|
3.94% PIK |
|
10/10/2024 |
|
12/22/2026 |
|
|
2,525,827 |
|
|
|
2,495,870 |
|
|
|
1,457,395 |
|
Ned Stevens |
|
(g) |
|
Sr. Secured First Lien |
|
S+ |
|
5.00% |
|
9.00% |
|
10/10/2024 |
|
11/1/2029 |
|
|
2,868,985 |
|
|
|
2,867,084 |
|
|
|
2,868,985 |
|
Ned Stevens |
|
(h) |
|
Revolving Credit Facility |
|
S+ |
|
5.00% |
|
9.00% |
|
10/10/2024 |
|
11/1/2028 |
|
|
256,427 |
|
|
|
256,427 |
|
|
|
256,427 |
|
RotoCo |
|
(g) |
|
Revolving Credit Facility |
|
S+ |
|
5.50% |
|
9.65% |
|
10/10/2024 |
|
6/30/2028 |
|
|
2,061,450 |
|
|
|
2,058,758 |
|
|
|
1,551,614 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
7,678,139 |
|
|
$ |
6,134,421 |
|
Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cherry Bekaert |
|
(h) |
|
Revolving Credit Facility |
|
S+ |
|
5.25% |
|
9.41% |
|
10/10/2024 |
|
6/30/2028 |
|
|
843,916 |
|
|
|
843,916 |
|
|
|
843,916 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
843,916 |
|
|
$ |
843,916 |
|
Health Care Equipment & Supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
USMed-Equip |
|
(g)(h) |
|
Revolving Credit Facility |
|
S+ |
|
5.75% |
|
10.21% |
|
10/10/2024 |
|
5/24/2029 |
|
|
— |
|
|
|
(6,320 |
) |
|
|
— |
|
Visor Buyer, Inc. |
|
(g) |
|
Revolving Credit Facility |
|
S+ |
|
6.50% |
|
10.79% |
|
10/10/2024 |
|
12/24/2029 |
|
|
1,770,973 |
|
|
|
1,762,498 |
|
|
|
1,577,865 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,756,178 |
|
|
$ |
1,577,865 |
|
Health Care Providers & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hilco Vision |
|
(j) |
|
Sr. Secured First Lien |
|
S+ |
|
6.00% PIK |
|
10.00% |
|
10/10/2024 |
|
4/21/2030 |
|
|
5,832,447 |
|
|
|
5,832,447 |
|
|
|
5,184,750 |
|
Hilco Vision |
|
(h)(j) |
|
Revolving Credit Facility |
|
S+ |
|
6.00% PIK |
|
10.00% |
|
10/10/2024 |
|
4/21/2030 |
|
|
942,599 |
|
|
|
942,599 |
|
|
|
837,923 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
6,775,046 |
|
|
$ |
6,022,673 |
|
Hotels, Restaurants & Leisure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taymax Group |
|
(h) |
|
Revolving Credit Facility |
|
S+ |
|
5.18% |
|
9.45% |
|
10/10/2024 |
|
7/31/2026 |
|
|
294,039 |
|
|
|
294,039 |
|
|
|
294,039 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
294,039 |
|
|
$ |
294,039 |
|
The accompanying notes are an integral part of these consolidated financial statements.
Audax Private Credit Fund, LLC
Consolidated Schedule of Investments (continued)
September 30, 2025
(Expressed in U.S. Dollars)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio investments (a) (b) (c) (d) (e) |
|
Footnote
Reference |
|
Investment
Type |
|
Index (^) |
|
Spread |
|
Interest
Rate |
|
Acquisition
Date |
|
Maturity
Date |
|
Par / Shares |
|
|
Cost of
Investment |
|
|
Fair Value of
Investment |
|
Audax Private Credit Subsidiary, LLC (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (l) (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Internet Software & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Power Digital |
|
(h) |
|
Revolving Credit Facility |
|
S+ |
|
5.50% |
|
9.78% |
|
10/10/2024 |
|
3/10/2028 |
|
|
409,668 |
|
|
|
409,668 |
|
|
|
409,668 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
409,668 |
|
|
$ |
409,668 |
|
IT Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GoldenSource |
|
(h) |
|
Revolving Credit Facility |
|
S+ |
|
5.00% |
|
9.19% |
|
10/10/2024 |
|
5/12/2028 |
|
|
1,178,801 |
|
|
|
1,178,801 |
|
|
|
1,178,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,178,801 |
|
|
$ |
1,178,801 |
|
Professional Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dwellworks |
|
(g)(j) |
|
Sr. Secured First Lien |
|
S+ |
|
6.50% PIK |
|
12.65% |
|
10/10/2024 |
|
3/31/2027 |
|
|
10,438,717 |
|
|
|
7,380,215 |
|
|
|
8,974,677 |
|
Dwellworks (Tranche B-1) |
|
(g)(j) |
|
Sr. Secured First Lien |
|
Fixed 18.00% |
|
20.00% PIK |
|
20.00% |
|
10/10/2024 |
|
3/31/2027 |
|
|
5,568,956 |
|
|
|
3,973,959 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
11,354,174 |
|
|
$ |
8,974,677 |
|
Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tribute Technology |
|
(g)(h) |
|
Revolving Credit Facility |
|
S+ |
|
6.30% |
|
10.47% |
|
10/10/2024 |
|
10/30/2028 |
|
|
1,131,285 |
|
|
|
1,131,275 |
|
|
|
1,131,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,131,275 |
|
|
$ |
1,131,285 |
|
Trading Companies & Distributors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Service Group |
|
(h) |
|
Revolving Credit Facility |
|
S+ |
|
5.75% |
|
10.06% |
|
10/10/2024 |
|
12/7/2028 |
|
|
676,417 |
|
|
|
676,417 |
|
|
|
676,417 |
|
R.F. Fager |
|
(g)(h) |
|
Revolving Credit Facility |
|
S+ |
|
5.00% |
|
9.27% |
|
5/22/2025 |
|
3/4/2030 |
|
|
113,884 |
|
|
|
108,079 |
|
|
|
113,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
784,496 |
|
|
$ |
789,446 |
|
COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace & Defense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blue Raven Solutions |
|
(j) |
|
Class A Units |
|
|
|
|
|
|
|
10/10/2024 |
|
|
|
|
1,374,300 |
|
|
|
— |
|
|
|
2,811,563 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
2,811,563 |
|
Commercial Services & Supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ScentAir |
|
(j) |
|
Class A Units |
|
|
|
|
|
|
|
10/10/2024 |
|
|
|
|
858,937 |
|
|
|
806,166 |
|
|
|
897,239 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
806,166 |
|
|
$ |
897,239 |
|
Construction & Engineering |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A1 Garage Door Service |
|
(j) |
|
Class A Common Units |
|
|
|
|
|
|
|
10/10/2024 |
|
|
|
|
781 |
|
|
|
1,368,519 |
|
|
|
1,988,713 |
|
National Trench Safety |
|
(j) |
|
Preferred Units |
|
|
|
|
|
|
|
4/3/2025 |
|
|
|
|
3,266 |
|
|
|
357,207 |
|
|
|
385,278 |
|
National Trench Safety |
|
(j) |
|
Common Units |
|
|
|
|
|
|
|
10/10/2024 |
|
|
|
|
7,161 |
|
|
|
642,983 |
|
|
|
742,267 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,368,709 |
|
|
$ |
3,116,258 |
|
Consumer Staples Distribution & Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Avita Pharmacy |
|
|
|
Class A Common Units |
|
|
|
|
|
|
|
10/10/2024 |
|
|
|
|
1,273,295 |
|
|
|
471,761 |
|
|
|
3,715,707 |
|
Avita Pharmacy |
|
|
|
Preferred Units |
|
|
|
|
|
|
|
10/10/2024 |
|
|
|
|
1,187,627 |
|
|
|
864,846 |
|
|
|
586,684 |
|
Avita Pharmacy |
|
|
|
Junior Preferred Units |
|
|
|
|
|
|
|
10/10/2024 |
|
|
|
|
22,654 |
|
|
|
27,131 |
|
|
|
29,960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,363,738 |
|
|
$ |
4,332,351 |
|
The accompanying notes are an integral part of these consolidated financial statements.
Audax Private Credit Fund, LLC
Consolidated Schedule of Investments (continued)
September 30, 2025
(Expressed in U.S. Dollars)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio investments (a) (b) (c) (d) (e) |
|
Footnote Reference |
|
Investment Type |
|
Index (^) |
|
Spread |
|
Interest
Rate |
|
Acquisition
Date |
|
Maturity
Date |
|
Par / Shares |
|
|
Cost of Investment |
|
|
Fair Value of Investment |
|
Audax Private Credit Subsidiary, LLC (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Consumer Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ned Stevens |
|
(j) |
|
Class A Capital Units |
|
|
|
|
|
|
|
10/10/2024 |
|
|
|
|
1,737 |
|
|
|
1,902,090 |
|
|
|
2,088,266 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,902,090 |
|
|
$ |
2,088,266 |
|
Energy Equipment & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allied Power Group |
|
(j) |
|
Class A Units |
|
|
|
|
|
|
|
10/10/2024 |
|
|
|
|
400,281 |
|
|
|
400,282 |
|
|
|
944,352 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
400,282 |
|
|
$ |
944,352 |
|
Food Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Florida Food Products |
|
(j) |
|
Common Units |
|
|
|
|
|
|
|
10/10/2024 |
|
|
|
|
1,536,658 |
|
|
|
1,530,282 |
|
|
|
696,508 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,530,282 |
|
|
$ |
696,508 |
|
Health Care Equipment & Supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
USMed-Equip |
|
(j) |
|
Common Units |
|
|
|
|
|
|
|
10/10/2024 |
|
|
|
|
13,738 |
|
|
|
1,010,898 |
|
|
|
985,154 |
|
Visor Buyer, Inc. |
|
(j) |
|
Class A Preferred Units |
|
|
|
|
|
|
|
10/10/2024 |
|
|
|
|
5,699 |
|
|
|
291,352 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,302,250 |
|
|
$ |
985,154 |
|
Health Care Providers & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hilco Vision |
|
(j) |
|
Class A Common Stock |
|
|
|
|
|
|
|
10/10/2024 |
|
|
|
|
4,496 |
|
|
|
1,988,337 |
|
|
|
— |
|
MDpanel |
|
(j) |
|
Class A Units |
|
|
|
|
|
|
|
10/10/2024 |
|
|
|
|
764,074 |
|
|
|
735,554 |
|
|
|
534,557 |
|
Shearwater Health |
|
|
|
Class A Common Stock |
|
|
|
|
|
|
|
10/10/2024 |
|
|
|
|
687 |
|
|
|
1,839,961 |
|
|
|
1,671,322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,563,852 |
|
|
$ |
2,205,879 |
|
Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SIAA (Alliance Holdings) |
|
(j) |
|
Common Units |
|
|
|
|
|
|
|
10/10/2024 |
|
|
|
|
7,635 |
|
|
|
1,162,945 |
|
|
|
1,655,405 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,162,945 |
|
|
$ |
1,655,405 |
|
Internet Software & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Power Digital |
|
(j) |
|
Class L Common Units |
|
|
|
|
|
|
|
10/10/2024 |
|
|
|
|
81,934 |
|
|
|
852,220 |
|
|
|
1,071,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
852,220 |
|
|
$ |
1,071,443 |
|
IT Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GoldenSource |
|
(j) |
|
Class A Membership Interests |
|
|
|
|
|
|
|
10/10/2024 |
|
|
|
|
327,445 |
|
|
|
441,589 |
|
|
|
581,293 |
|
Lighthouse |
|
(j) |
|
LP Interest |
|
|
|
|
|
|
|
10/10/2024 |
|
|
|
|
3,519 |
|
|
|
7,453,218 |
|
|
|
10,859,731 |
|
Voyatek |
|
(j) |
|
Class C LP Units |
|
|
|
|
|
|
|
10/10/2024 |
|
|
|
|
1,337 |
|
|
|
404,004 |
|
|
|
419,107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
8,298,811 |
|
|
$ |
11,860,131 |
|
Media |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allyant |
|
(i)(j) |
|
Common Shares |
|
|
|
|
|
|
|
10/10/2024 |
|
|
|
|
5 |
|
|
|
1,533,996 |
|
|
|
913,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,533,996 |
|
|
$ |
913,285 |
|
The accompanying notes are an integral part of these consolidated financial statements.
Audax Private Credit Fund, LLC
Consolidated Schedule of Investments (continued)
September 30, 2025
(Expressed in U.S. Dollars)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio investments (a) (b) (c) (d) (e) |
|
Footnote
Reference |
|
Investment
Type |
|
Index (^) |
|
Spread |
|
Interest
Rate |
|
Acquisition
Date |
|
Maturity
Date |
|
Par / Shares |
|
|
Cost of
Investment |
|
|
Fair Value of
Investment |
|
Audax Private Credit Subsidiary, LLC (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS (continued) |
|
|
|
|
|
|
|
|
|
|
|
Professional Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dwellworks |
|
(j) |
|
Preferred Units |
|
|
|
|
|
|
|
10/10/2024 |
|
|
|
|
984,915 |
|
|
|
— |
|
|
|
— |
|
Foundation Source |
|
(j) |
|
Class A LP Interests |
|
|
|
|
|
|
|
10/10/2024 |
|
|
|
|
1,824 |
|
|
|
2,003 |
|
|
|
2,707 |
|
Foundation Source |
|
(j) |
|
Class B LP Interests |
|
|
|
|
|
|
|
10/10/2024 |
|
|
|
|
1,822,812 |
|
|
|
2,002,691 |
|
|
|
2,704,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,004,694 |
|
|
$ |
2,707,403 |
|
Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PracticeTek |
|
(j) |
|
LP Interests |
|
|
|
|
|
|
|
10/10/2024 |
|
|
|
|
1,441,373 |
|
|
|
1,799,832 |
|
|
|
1,666,562 |
|
Tribute Technology |
|
(j) |
|
Class A-1 Units |
|
|
|
|
|
|
|
10/10/2024 |
|
|
|
|
1,570 |
|
|
|
1,241,560 |
|
|
|
1,116,264 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,041,392 |
|
|
$ |
2,782,826 |
|
|
|
|
|
|
|
|
|
Total Audax Private Credit Subsidiary, LLC |
|
|
|
|
$ |
69,638,969 |
|
|
$ |
72,752,209 |
|
Audax Private Credit Fund, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
SENIOR SECURED LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (l) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Building Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|